5 _363 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements Note 1. GENERAL INFORMATION Compagnie Générale des Établissements Michelin (CGEM or the “Company”) and its subsidiaries (together “the Group”) design, manufacture and market tires throughout the world. The Group also provides its customers with tire- and vehicle-related services and solutions, mobility experiences and expertise in high-tech materials. The Company is a partnership limited by shares (société en commandite par actions) incorporated in Clermont-Ferrand (France). The Company is listed on Euronext Paris (Eurolist Compartment A). After a review by the Supervisory Board, these consolidated financial statements were authorized for issue by the Managing Chairman on February 12, 2024. Except as otherwise stated, all amounts are presented in millions of euros (in € millions). Note 2. BASIS OF PREPARATION 2.1 Statement of compliance The consolidated financial statements: ● have been prepared in accordance with the International Financial Reporting Standards (IFRS) adopted by the European Union as of the reporting date and applicable to the period then ended; ● also comply with the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB); and ● have been prepared using the historical cost convention, with the exception of unconsolidated equity investments and financial assets and liabilities (including derivatives), which are measured at fair value through profit and loss or other comprehensive income. 2.2 Accounting policies The accounting policies applied in the preparation of the Group's consolidated financial statements are set out in note 3 “Accounting policies”. Aside from the exceptions described in section 2.3 below, these policies have been consistently applied to all the years presented. 2.3 New standards, amendments to existing standards and interpretations effective from January 1, 2023 in the European Union The following new standards and amendments to IFRSs are effective from January 1, 2023; they have no material impact for the Group: IFRS 17 – Insurance Contracts – Recognition, Measurement and Presentation The new standard, including the amendments published in June 2020 and December 2021, specifies the principles relating to the recognition, measurement, presentation and disclosure of insurance contracts. It replaces IFRS 4 and was adopted by the European Union on November 19, 2021. This standard has no material impact on the Group’s consolidated financial statements. Amendment to IAS 1 – Disclosure of Accounting Policies This amendment adopted by the European Union on March 2, 2022 requires entities to disclose their accounting policy information only if it is material. Information about accounting policies applied to non-material transactions and events is itself non-material and is not required to be disclosed. Amendment to IAS 8 – Definition of Accounting Estimates This amendment is designed to help entities distinguish between a change in accounting policies and a change in accounting estimates by introducing a new definition of accounting estimates. Accounting estimates are monetary amounts in financial statements that are subject to measurement uncertainty. The amendment is effective for annual periods beginning on or after January 1, 2023.
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