05 Financial performance Report of the Managers 5.1.3 CONSOLIDATED INCOME STATEMENT REVIEW (in € millions, except per share data) 2024 2023 2024/2023 2024 (as a % of sales) 2023 (as a % of sales) Sales 27,193 28,343 -4.1% Cost of sales (19,445) (20,395) -4.7% 71.5% 72.0% GROSS INCOME 7,748 7,948 -2.5% 28.5% 28.0% Sales and marketing expenses (1,204) (1,210) -0.5% 4.4% 4.3% Research and development expenses (786) (756) +4.0% 2.9% 2.7% General and administrative expenses (2,290) (2,336) -2.0% 8.4% 8.2% Segment other income and expenses (90) (74) +21.6% 0.3% 0.3% SEGMENT OPERATING INCOME 3,378 3,572 -5.4% 12.4% 12.6% Other operating income and expenses (747) (920) -18.8% 2.7% 3.2% OPERATING INCOME 2,631 2,652 -0.8% 9.7% 9.4% Cost of net debt (77) (198) -61.1% 0.3% 0.7% Other financial income and expenses 19 2 +850.0% 0.1% 0.0% Net interest on employee benefit obligations (88) (94) -6.4% 0.3% 0.3% Share of profit/(loss) from equity-accounted companies (40) 128 -131.3% 0.1% 0.5% INCOME BEFORE TAXES 2,445 2,490 -1.8% 9.0% 8.8% Income tax (555) (507) +9.5% 2.0% 1.8% NET INCOME 1,890 1,983 -4.7% 7.0% 7.0% n Attributable to the shareholders of the Company 1,884 1,983 -5.0% 6.9% 7.0% n Attributable to the non-controlling interests 6 0 +100% EARNINGS PER SHARE (in €) n Basic 2.65 2.77 -4.4% n Diluted 2.62 2.75 -4.8% 331 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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