05 Financial performance Financial statements Recognition Plan In November 2024, the Group granted 518,378 free share rights to employees, with a four-year vesting period ending in November 2028 and no lock-up period. The shares will vest automatically at the end of the period provided that the employees concerned are still employed by the Group at that date. As the allocation per employee does not exceed 250 shares, they are not subject to any performance conditions. The share grants and performance share plans have the following characteristics: Grant date Vesting date Lock-up period Number of share grants or performance share rights outstanding December 31, 2024 Number of share grants or performance share rights outstanding December 31, 2023 France Other countries France Other countries 2020 2024 2024 None None 948,984 2020 2022 N/A None N/A - 2021 2025 2025 None None 739,796 1,228,236 2022 2026 2026 None None 1,816,589 1,869,607 2023 2027 2027 None None 2,634,989 2,679,985 2023 2027 2027 None None 559,663 577,018 2024 2028 2028 None None 2,589,138 - 2024 2028 2028 None None 518,378 - NUMBER OF SHARE GRANTS OR PERFORMANCE SHARE RIGHTS OUTSTANDING 8,858,553 7,303,830 Note 17 MARKET RISKS AND DERIVATIVE FINANCIAL INSTRUMENTS 17.1 Interest rate risk The Company does not hold any interest rate instruments. 17.2 Currency risk At December 31, 2024, the Company held a number of receivables and payables denominated in foreign currencies, corresponding to proceeds not yet received for royalties and services, and invoices not yet paid for purchased services, with a total net book value of €194 million. These receivables and payables have been converted into euros at the year-end exchange rate. The policy is to hedge currency risk through forward foreign currency contracts. The forwards are measured at fair value through profit or loss. 17.3 Equity risk The Company holds shares in subsidiaries and affiliates and other equity interests that are measured at value in use. 453 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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