Financial performance Financial statements 05 4.5 Untaxed reserves Substantially all untaxed reserves correspond to reinvested capital gains qualifying for rollover relief under the former Article 40 of the French General Tax Code (Code général des impôts). 4.6 Conversion of foreign currencies Revenues and expenses in foreign currencies are converted at the transaction date exchange rate. Foreign currency receivables and payables are converted at the year-end exchange rate. In accordance with regulation ANC 2015-05 dated July 2, 2015, separate accounting treatments are applied to commercial transactions in foreign currencies and financial transactions in foreign currencies: n exchange gains and losses on commercial transactions are included in operating income and expenses; n exchange gains and losses on financial transactions are included in financial income and expenses. 4.7 Derivative instruments 4.7.1 Currency derivatives at fair value through profit or loss Forward foreign exchange contracts that are outstanding at the balance sheet date are marked to market in the balance sheet. 4.7.2 Currency derivatives qualifying for hedge accounting Losses and gains arising from remeasurement at fair value of currency derivatives qualified as hedges are recorded in the balance sheet under conversion losses or conversion gains, to offset the gain or loss on the hedged item. 4.8 Income tax Income tax in the income statement includes current taxes due by the tax group, tax credits, fiscal integration gains and Pillar Two tax. 4.9 Other financial liabilities Other financial liabilities are stated at their nominal value. Debt issuance costs are recorded in deferred charges and amortized on a straight-line basis. 4.10 Revenue Revenue is mainly made up of the proceeds generated from: - royalties on trademarks and technology licensed by CGEM, - management services, and development and process engineering work carried out by other Michelin subsidiaries, subcontractors of the Company. Note 5 INTANGIBLE ASSETS (in € thousands) December 31, 2023 Additions/ increases Disposals/ decreases December 31, 2024 Brands, patents and other rights 427,379 427,379 Total cost 427,379 427,379 Brands, patents and other rights (307,863) (1,277) (309,140) AMORTIZATION (307,863) (1,277) (309,140) TOTAL 119,516 (1,277) - 118,239 448 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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