Financial performance 2024 consolidated financial statements 05 The fair value of non-current financial liabilities, calculated in accordance with the accounting policy described in note 17.3, is presented in the table below: (in € millions) December 31, 2024 December 31, 2023 Bonds 4,361 4,122 Loans from financial institutions and other 59 77 Lease liabilities 855 665 Derivative instruments 37 4 FAIR VALUE OF NON-CURRENT FINANCIAL LIABILITIES 5,312 4,868 Changes in financial liabilities and derivatives are detailed by flow in the table below: (in € millions) At January 1, 2024 Cash flows from financial liabilities Non-cash movements At December 31, 2024 Conversions Other Bonds, loans from financial institutions and other 4,668 978 - (749) 4,897 Lease liabilities 738 - 19 115 872 Derivative instruments 4 34 - (1) 37 Non-current financial liabilities 5,410 1,012 19 (635) 5,806 Bonds, loans from financial institutions and other 575 (153) 173 747 1,342 Lease liabilities 241 (270) 5 282 258 Derivative instruments 16 11 - 6 33 Current financial liabilities 832 (412) 178 1,035 1,633 TOTAL FINANCIAL LIABILITIES 6,242 600 197 399 7,438 Derivatives recognized as assets (118) 55 3 - (60) Net impact in the consolidated statement of cash flows 655 9.3.1 Bonds and commercial paper The table below provides detailed information about the bonds and commercial paper issued by the Group: (in € millions) December 31, 2024 December 31, 2023 Current Non-current Current Non-current Bonds repayable by Compagnie Générale des Établissements Michelin n nominal value of €302 million n issued in September 2015 and September 2016 and due in September 2045 n nominal interest rate of 3.25% n effective interest rate of 3.02% - 313 - 313 Bonds repayable by Compagnie Générale des Établissements Michelin n nominal value of €500 million n issued in October 2020 and due in November 2040 n nominal interest rate of 0.625% n effective interest rate of 0.68% - 496 - 496 Bonds repayable by Compagnie Générale des Établissements Michelin n nominal value of €750 million n issued in August 2018 and due in September 2038 n nominal interest rate of 2.50% n effective interest rate of 2.56% - 745 - 744 392 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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