_424 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements Note 31. NOTES TO THE STATEMENT OF CASH FLOWS Cash flows are presented in detail in the table below: (in € millions) 2023 2022 Investment grants recognized in profit or loss (12) (12) Change in employee benefit obligations (35) (28) Change in litigation and other provisions 10 (13) Restructuring costs (188) (181) Other 7 - Other operating income and expenses (cash) and changes in provisions (218) (234) Interest and other financial expenses paid (407) (378) Interest and other financial income received 194 37 Dividends received 20 18 Interest and other financial income and expenses received and paid, net (193) (323) Change in inventories 775 (1,055) Change in trade receivables and advances 254 (746) Change in trade payables and advances (231) 48 Change in trade payables under reverse factoring agreements (45) (39) Change in other receivables and payables 232 (285) Change in working capital, net of impairment 985 (2,077) Purchases of intangible assets (note 13) (232) (222) Purchases of PP&E (note 14) (2,004) (1,919) Government grants received 6 6 Change in capital expenditure payables (38) 94 Purchases of intangible assets and PP&E (2,268) (2,041) Increase in other non-current financial assets (303) (26) Decrease in other non-current financial assets 273 14 Net cash flows from cash management financial assets - 150 Net cash flows from borrowing collaterals 14 17 Net cash flows from other current financial assets (27) (15) Cash flows relating to other financial assets (43) 140 Increase in non-current financial liabilities 23 67 Decrease in non-current financial liabilities (33) (168) Repayment of lease liabilities (279) (268) Net cash flows from current financial liabilities (1,134) (575) Derivatives (32) (7) Cash flows relating to financial liabilities (1,455) (951) Details of non-cash transactions: New leases (note 14) 363 198 New emission allowances granted 14 13 Change in payment commitments for non-consolidated equity investments (2) 28
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