5 _385 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements Segment reporting assets are reconciled to total Group assets as follows: (in € millions) December 31, 2023 December 31, 2022 Total segment assets 25,305 25,372 Non-current financial assets and other non-current assets 1,605 1,161 Investments in equity-accounted companies 871 1,102 Deferred tax assets 932 630 Other net inventories (raw materials and supplies, work in progress) 2,110 2,530 Current financial assets 512 652 Other current assets 1,345 1,315 Cash and cash equivalents 2,515 2,584 TOTAL GROUP ASSETS 35,195 35,346 Information by region breaks down as follows: (in € millions) 2023 2022 Europe North America Other Total Europe North America Other Total Sales 9,891 11,098 7,354 28,343 10,140 10,920 7,530 28,590 Goodwill, other intangible assets, PP&E and right-of-use assets 7,776 5,563 4,779 18,118 7,194 5,331 4,854 17,379 Capital expenditure 1,118 659 459 2,236 1,046 685 410 2,141 Europe includes the Western and Eastern European countries. North America includes Mexico. Asian, South American, Middle‑Eastern, Oceanic and African countries are included in Other. The Group sales information is based on the location of the customer. Sales generated in France amounted to €2,502 million (2022: €2,484 million). The goodwill, intangible assets and PP&E located in France amounted to €3,200 million (2022: €2,564 million). In 2023 and 2022, approximately 80% of North American sales were generated in the United States. No single external customer accounted for 10% or more of the Group’s sales in 2023 and 2022. Note 6. EXPENSES BY NATURE The following segment operating costs are allocated by function to the appropriate expense headings in the income statement: (in € millions) 2023 2022 Raw materials and consumables used and changes in finished product inventories (10,684) (10,815) Employee benefit costs (7,397) (6,938) Transportation of goods (1,485) (2,056) Depreciation and amortization(1) (1,917) (1,866) Other expenses (3,288) (3,519) EXPENSES BY NATURE (24,771) (25,194) (1) Excluding amortization of trademarks and customer relationships acquired through business combinations.
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