Financial performance 2024 consolidated financial statements 05 Note 5 SEGMENT REPORTING 5.1 Financial information by reporting segment ACCOUNTING POLICIES Operating segments are reported in a manner consistent with the internal reporting provided to the Group's Managers. The Managers regularly examine segment operating income to assess segment performance and have therefore been identified as the chief operating decision makers of the Group. Segment information is presented according to the following three operating segments: l Automotive, Two-wheel and related distribution; l Road transportation and related distribution; l Specialty businesses and related distribution. The specialty businesses and related distribution segment combines the specialty tires (Mining, Beyond-road and Aircraft tires) and Polymer Composite Solutions segments (formerly High-Tech Materials). These businesses have been combined in a single segment in recognition of their similar economic characteristics and shared qualitative criteria. Operating segment performance is measured primarily on the basis of sales and segment operating income, according to the same measurement principles used in the consolidated income statement. Segment assets consist of property, plant and equipment, rightof-use assets, goodwill, other intangible assets, finished product inventories and trade receivables. Corporate intangible assets and property, plant and equipment are allocated to each segment in proportion to the amount of their directly attributed assets. The amounts provided to the Group's management in respect of operating segment assets are measured in a manner consistent with the consolidated financial statements. Capital expenditure consists of additions of property, plant and equipment and intangible assets. No liabilities are allocated to the segments in the internal reports provided to the Group's Managers. Segment information is as follows: (in € millions) 2024 2023 (restated)(1) Automotive, Two-wheel and related distribution Road transportat ion and related distribution Specialty businesses and related distribution Total Automotive, Two-wheel and related distribution Road transportat ion and related distribution Specialty businesses and related distribution Total PROFIT AND LOSS INFORMATION Sales 14,667 6,599 5,927 27,193 14,859 6,941 6,543 28,343 Depreciation and amortization 1,078 482 423 1,983 1,024 484 409 1,968 Segment operating income 1,917 597 864 3,378 1,968 474 1,130 3,572 As a percentage of sales 13.1% 9.0% 14.6% 12.4% 13.2% 6.8% 17.3% 12.6% SEGMENT ASSETS Goodwill, other intangible assets, PP&E and right-of-use assets 9,040 3,852 6,040 18,932 8,422 3,918 5,779 18,118 Finished product inventories 1,761 829 907 3,497 1,656 817 864 3,337 Trade receivables 1,848 992 755 3,595 1,922 1,092 835 3,850 Segment assets 12,649 5,673 7,702 26,024 12,000 5,827 7,478 25,305 OTHER INFORMATION Capital expenditure 1,294 535 353 2,182 1,272 577 387 2,236 (1) In the following review, 2023 data have been restated to reflect changes in the scope of the reporting segments in 2024. These changes mainly concerned the Two-wheel tire business, which is now consolidated in the Automotive, Two-wheel and related distribution segment, in alignment with the internal reporting process. 368 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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