05 Financial performance Report of the Managers Net income came to €1,890 million for the year, or 7.0% of sales, compared with €1,983 million in 2023, also 7.0% of sales. The €93 million decline reflected the following factors: n favorable factors: l the €173 million decrease in other operating expenses unallocated to the operating segments, corresponding primarily to a decline in provisions for restructuring over the year; l the €121 million reduction in the cost of net debt; n unfavorable factors: l the €194 million decrease in segment operating income; l the €168 million reduction in profit from equity-accounted companies compared with 2023, when this item was boosted by disposal gains realized by two joint ventures, TBC (sale of retail operations) and Symbio (sale of a one-third equity stake); l the €48 million increase in income tax expense. 5.1.4 CONSOLIDATED BALANCE SHEET REVIEW Methodological note: translation adjustments in the balance sheet primarily stem from the translation into euros of prior-year assets and liabilities at the closing exchange rate. Assets (in € millions) December 31, 2024 December 31, 2023 Total change Translation adjustments Movement Goodwill 2,829 2,982 -153 +66 -219 Intangible assets 2,120 1,794 +326 +28 +297 Property, plant and equipment 12,750 12,260 +490 +281 +209 Right-of-use assets 1,232 1,082 +150 +29 +121 Non-current financial assets and other non-current assets 1151 1,605 -454 +38 -492 Investments in equity-accounted companies 849 871 -22 +33 -55 Deferred tax assets 1,081 932 +149 +11 +138 Non-current assets 22,013 21,526 +487 +488 -1 Inventories 5,699 5,447 +252 +103 +149 Trade receivables 3,595 3,850 -255 +45 -299 Current financial assets 544 512 +32 +4 +29 Other current assets 1,564 1,345 +219 +29 +189 Cash and cash equivalents 3,936 2,515 +1,421 -9 +1,430 Current assets 15,339 13,669 +1,670 +171 +1,498 TOTAL ASSETS 37,352 35,195 +2,157 +658 +1,497 339 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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