05 Financial performance 2024 consolidated financial statements France The main plan is a mandatory rubber division end-of-service benefit plan. The plan provides for the payment of a lump sum to employees who are present at their retirement date. The normal retirement age is set at 65. The amount of the lump sum corresponds to a number of months of salary based on years of service at the time of retirement. This plan is not pre-funded. The following table analyzes changes in the financial position of the Group's defined benefit plans: (in € millions) 2024 2023 Pension plans Other defined benefit plans Total equity Pension plans Other defined benefit plans Total equity United Kingdom (UK) Europe excludi ng UK North America and Other United Kingdom (UK) Europe excludi ng UK North America and Other Obligations at the beginning of the year 1,786 1,157 3,188 1,423 7,554 1,843 1,084 3,372 1,341 7,640 Translation adjustments 80 - 114 23 217 32 2 (119) (23) (108) Changes in scope of consolidation - - - - - - - - 3 3 Current service cost - 16 2 61 79 - 16 2 52 70 Interest expense 83 36 150 52 321 89 38 163 58 348 Administrative costs and other 4 - 15 - 19 3 - 15 - 18 Plan modifications, curtailments or settlements (1) - - (26) (27) - (17) 4 12 (1) Benefits paid during the year (121) (44) (267) (90) (522) (120) (37) (298) (59) (514) Other items (1) 3 - (3) (1) - 3 - 1 4 Actuarial (gains) or losses (146) (13) (111) (36) (306) (61) 68 49 38 94 Obligations at the end of the year (A) 1,684 1,155 3,091 1,404 7,334 1,786 1,157 3,188 1,423 7,554 Fair value of plan assets at the beginning of the year 2,090 143 2,961 18 5,212 2,074 132 3,168 20 5,394 Translation adjustments 90 - 94 - 184 34 3 (107) - (70) Changes in scope of consolidation - - - - - - - - - - Interest income 97 5 137 1 240 101 4 151 1 257 Contributions paid to the funds - 7 1 8 16 3 8 - - 11 Benefits paid by the plans (121) (5) (263) (25) (414) (120) (1) (296) (1) (418) Other items - 2 1 - 3 - 3 1 (1) 3 Actuarial (gains) or losses (364) 5 (94) - (453) (2) (6) 44 (1) 35 Fair value of plan assets at the end of the year (B) 1,792 157 2,837 2 4,788 2,090 143 2,961 18 5,212 Deficit/(surplus) (A-B) (108) 998 254 1,402 2,546 (304) 1,014 227 1,405 2,342 Deferred items at the beginning of the year - - (76) (3) (79) - - (80) (4) (84) Translation adjustments - - 2 - 2 - - 1 - 1 Unrecognized assets - - (1) 3 2 - - 3 1 4 Deferred items at the end of the year - - (75) - (75) - - (76) (3) (79) NET LIABILITY/(ASSET) AT THE END OF THE YEAR (108) 998 329 1,402 2,621 (304) 1,014 303 1,408 2,421 383 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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