Financial performance Financial statements 05 Income statement (in € thousands) Note 2024 2023 Revenue (royalties) 13 1,797,318 1,790,853 Other revenue 20,627 10,308 Exchange gains 152,906 170,713 Revenue 1,970,851 1,971,874 External charges 14 (1,617,315) (1,506,991) Taxes other than on income (30,760) (1,272) Payroll costs (2,712) (3,502) Depreciation and amortization 5 (2,803) (46,070) Other expenses (1,652) (1,341) Exchange losses (155,234) (169,828) Operating expenses (1,810,476) (1,729,004) NET OPERATING INCOME 160,375 242,870 Dividends from subsidiaries and affiliates 20 1,059,819 82,028 Interest income 114,484 126,223 Provision reversals 6 - Exchange gains 1,198 4,540 Financial income 1,175,501 212,791 Amortization and provision expense 6 (39,892) (82,547) Interest expense (101,950) (95,682) Exchange losses (312) (1,403) Financial expense (142,154) (179,632) NET FINANCIAL INCOME 1,033,347 33,159 INCOME BEFORE NON-RECURRING ITEMS AND TAX 1,193,722 276,029 Non-recurring income 6 195,548 2,475,763 Non-recurring expenses 6 (195,958) (2,460,627) NET NON-RECURRING INCOME/(EXPENSE) (410) 15,136 Income tax 15 23,562 (19,112) NET INCOME 1,216,874 272,053 444 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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