_396 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements Note 15. NON-CURRENT FINANCIAL ASSETS AND OTHER NON-CURRENT ASSETS The carrying amount of the non-current financial assets and other non-current assets is analyzed in the table below: (in € millions) December 31, 2023 December 31, 2022 Equity investments (note 15.1) 412 387 Loans and deposits (note 15.2) 540 229 Solesis preferred shares 250 249 Derivative instruments (note 16.1) 83 55 Pension plan surpluses (note 27.1) 305 231 Other 15 10 NON-CURRENT FINANCIAL ASSETS AND OTHER NON-CURRENT ASSETS 1,605 1,161 15.1 Equity investments Unconsolidated equity investments consist primarily of a portfolio of shares in unlisted companies (note 33.4). Movements in the portfolio during the year are presented in the table below: (in € millions) 2023 2022 At January 1 387 279 Translation adjustments (5) 5 Acquisitions 28 46 Disposals - - Changes in scope of consolidation - - Fair value changes 2 57 AT DECEMBER 31 412 387 15.2 Loans and deposits The carrying amount of loans and deposits is analyzed in the table below: (in € millions) December 31, 2023 December 31, 2022 Gross loans and deposits 618 274 Impairment (78) (45) TOTAL 540 229 Loans and deposits mainly include loans to companies accounted for by the equity method and various loans to customers, pension funds and employees. The increase in loans and deposits at December 31, 2023 primarily reflected a €254 million loan to the UK pension fund as part of the asset buyback project under the current plan.
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