Financial performance Report of the Managers 05 5.1.14 FIVE-YEAR SUMMARY OF CONSOLIDATED KEY FIGURES AND RATIOS (in € millions) 2024 2023 2022 2021 2020 Sales 27,193 28,343 28,590 23,795 20,469 % change -4.1% -0.9% +20.2% +16.3% -15.2% Total employee benefit costs 7,622 7,401 6,950 6,445 5,996 As a % of sales 28.0% 26.1% 24.3% 27.1% 29.3% Number of full-time equivalent employees at period-end 123,500 125,000 124,900 118,400 117,500 Research and development expenses 786 756 698 682 646 As a % of sales 2.9% 2.7% 2.4% 2.9% 3.2% SEGMENT EBITDA(1) 5,361 5,489 5,262 4,700 3,631 Segment operating income 3,378 3,572 3,396 2,966 1,878 Segment operating margin 12.4% 12.6% 11.9% 12.5% 9.2% Operating income 2,631 2,652 3,021 2,777 1,403 Operating margin 9.7% 9.4% 10.6% 11.7% 6.9% Cost of net debt 77 198 239 192 242 Other financial income and expenses 19 2 (22) (4) (14) Income before taxes 2,445 2,490 2,656 2,471 979 Income tax 555 507 647 626 354 Effective tax rate 22.7% 20.4% 24.4% 25.3% 36.2% Net income 1,890 1,983 2,009 1,845 625 As a % of sales 7.0% 7.0% 7.0% 7.8% 3.1% Dividends 961 893 803 410 357 Net cash from operating activities 4,336 5,287 1,931 2,906 3,366 As a % of sales 15.9% 18.7% 6.8% 12.2% 16.4% Gross purchases of intangible assets and PP&E 2,182 2,236 2,141 1,705 1,221 As a % of sales 8.0% 7.9% 7.5% 7.2% 6.0% Net debt(1) 3,112 3,281 4,320 2,789 3,531 Total equity 18,634 17,958 17,116 14,971 12,631 Gearing 16.7% 18.3% 25.2% 18.6% 28.0% Net debt(1) divided by segment EBITDA(1) 0.58 0.60 0.82 0.59 0.97 Segment operating income/net interest expense(2) 43.8 20.8 11.5 13.7 7.9 Free cash flow(3) 2,225 2,343 (180) 1,357 2,004 ROE(4) 10.3% 11.3% 12.5% 13.4% 4.8% Operating ROCE(5) 10.5% 11.4% 10.8% 10.3% 6.0% PER-SHARE DATA* (in €) Net assets per share(6) 26.4 25.1 24.0 20.9 17.7 Basic earnings per share 2.65 2.77 2.81 2.58 0.88 Diluted earnings per share 2.62 2.75 2.79 2.56 3.51 Price-earnings ratio(7) 12.0 11.7 9.3 14.0 29.8 Dividend per share(8) 1.38 1.35 1.25 1.125 0.575 Payout ratio(9) 52% 49% 44% 44% 65% Yield(10) 4.3% 4.2% 4.8% 3.1% 2.2% (1) As defined in note 2.6 to the consolidated financial statements. (2) Net interest expense: interest financing expenses less interest income from cash and equivalents. (3) Free cash flow: net cash from operating activities less net cash used in investing activities (adjusted for net cash flows relating to cash management financial assets and borrowing collaterals), as defined in section 5.1.5. (4) ROE: as from 2022, return on equity is defined as net income divided by average equity for the year (calculated as the average of year-end equity and prior year-end equity) instead of net income divided by equity at December 31. The 2020 and 2021 figures have been restated for comparison purposes. (5) Operating ROCE: based on the method in use since 2021 as explained in section 5.1.6. 2020 ROCE has been remeasured using this method. (6) Net assets per share: net assets divided by the number of shares outstanding at period-end. (7) Price-earnings ratio: share price at period-end divided by basic earnings per share. (8) Dividend subject to approval by the Annual Shareholders Meeting on May 16, 2025. (9) Payout ratio: dividend divided by net income. (10) Yield: dividend per share divided by the December 31 share price. ** The 2020 and 2021 per-share data have been restated to reflect the four-for-one stock split on June 16, 2022. 354 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
RkJQdWJsaXNoZXIy NzMxNTcx