Financial performance 2024 consolidated financial statements 05 The Group may enter into multi-year agreements with customers, which include a commitment regarding its capacity to supply the products, in exchange for a specific amount of consideration. This is to be paid in advance of fulfillment of the obligations to supply the products, which will be spread over the duration of the contract. As such, this commitment is considered to be linked to the supply of the products and will be recognized as revenue as and when the supply obligations are fulfilled. When the payment is received, a contract liability is recognized and split between the line items "Provisions and other non-current liabilities" and "Provisions and other current liabilities" in the consolidated statement of financial position, depending on the date the performance obligations are fulfilled. Information by region breaks down as follows: (in € millions) 2024 2023 Europe North America Other Total Europe North America Other Total Sales 9,782 10,493 6,918 27,193 9,891 11,098 7,354 28,343 Europe includes the countries of Western and Central Europe and Central Asia. North America includes Mexico. Asian, South American, Middle‑Eastern, Oceanic and African countries are included in Other. The Group sales information is based on the location of the customer. Sales generated in France amounted to €2,572 million in 2024 (2023: €2,502 million). Goodwill, intangible assets and PP&E located in France amounted to €2,850 million in 2024 (2023: €3,200 million). Sales generated in the United States totaled €8,827 million in 2024 (2023: €9,396 million). Goodwill, intangible assets and PP&E located in the United States represented €3,897 million at December 31, 2024 (December 31, 2023: €3,649 million). No single external customer accounted for 10% or more of the Group's sales in 2024 and 2023. In 2024, 97.2% of consolidated sales were recognized when control of the goods or services was transferred to the customer (2023: 97.3%), representing a total of €26,431 million (2023: €27,565 million). They mainly include sales of tires for the original equipment market or the replacement market and sales of Fenner conveyor belts. In 2024, the amount recognized in sales for performance obligations satisfied over time stood at €762 million, representing 2.8% of total sales for the year (2023: €778 million and 2.7%). This amount corresponds for the most part to revenue derived from commercial fleet tire management contracts and contracts for the supply of telematics services. 5.3 Other information by region Information by region breaks down as follows: (in € millions) 2024 2023 Sales Europe North America Other Total Europe North America Other 28,343 Goodwill, other intangible assets, PP&E and right-of-use assets 8,062 6,096 4,774 18,932 7,776 5,563 4,779 18,118 Capital expenditure 1,110 629 443 2,182 1,118 659 459 2,236 370 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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