05 Financial performance Report of the Managers 5.1.5 CONSOLIDATED CASH FLOW STATEMENT REVIEW 5.1.5 a) Cash flows from operating activities (in € millions) 2024 2023 Change Segment EBITDA 5,361 5,489 -128 Change in net inventories -165 +775 -940 Change in net trade receivables +236 +254 -18 Change in net trade payables +121 -276 +397 Restructuring cash costs -246 -188 -58 Other changes in provisions 0 -30 +30 Interest and other financial income and expenses received and paid, net -42 -193 +151 Income tax paid -806 -776 -30 Other -123 +232 -355 NET CASH FROM OPERATING ACTIVITIES 4,336 5,287 -951 At €5,361 million, or 19.7% of sales, segment EBITDA improved by 0.3 points year-on-year as a percentage of sales, but edged back €128 million in absolute value, primarily due to the €194 million contraction in segment operating income over the year. Cash flows from operating activities came to €4,336 million, down €951 million from the prior year’s all-time high. In addition to the contraction in EBITDA, the year-on-year decline was attributable to: n a €561 million decrease from the reduction in trade working capital, mainly due to the impact of inflation on the value of inventory, despite its decline in volume; n a €355 million decrease from the change in other receivables and payables; n a €151 million increase from the reduction in net interest paid; n a €30 million decrease from the increase in income tax paid. Restructuring-related outlays rose by €58 million over the year. 5.1.5 b) Capital expenditure (in € millions) 2024 2023 Change 2024 (as a % of sales) 2023 (as a % of sales) Additions to intangible assets and PP&E 2,182 2,236 -54 8.0% 7.9% Investment grants received and change in capital expenditure payables 68 32 +36 0.3% 0.1% Proceeds from sales of intangible assets and PP&E (35) (47) +12 (0.1)% (0.2)% NET ADDITIONS TO INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT 2,215 2,221 -6 8.1% 7.8% 345 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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