Financial performance Financial statements 05 5.3.5 STATEMENT OF CHANGES IN EQUITY (in € thousands and € per share) 2024 2023 NET INCOME Accounting profit Total: Net income/(loss) 1,216,874 272,053 Per share: Net income/(loss) 1.72 0.38 RECOMMENDED TOTAL DIVIDEND PAYOUT 973,931(1) 965,194 Recommended dividend per share 1.38(1) 1.35 (1) Subject to approval by shareholders at the Annual Meeting on May 16, 2025. STATEMENT OF CHANGES IN EQUITY (in € thousands) 2024 2023 A) 1. Equity at prior year-end before dividends 7,185,894 7,808,429 2. Dividend approved by the Annual Shareholders Meeting (964,466) (894,459) B) Equity at January 1, 2024 after dividends 6,221,428 6,913,970 C) Movements for the year: 1. Change in capital (4,605) 420 2. Change in paid-in capital in excess of par (375,922) (129) 3. Change in reserves and retained earnings(1) (467) (420) 4. Net income 1,216,874 272,053 D) Equity at December 31, 2024 before dividends 7,057,308 7,185,894 E) TOTAL CHANGES IN EQUITY DURING THE YEAR (835,880) 271,924 F) of which changes due to changes in Group structure 0 0 G) TOTAL CHANGES IN EQUITY DURING THE YEAR EXCLUDING CHANGES IN GROUP STRUCTURE (835,880) 271,924 (1) Excluding appropriation of net income. 5.3.6 APPROPRIATION OF 2024 NET INCOME (in € thousands) AMOUNT TO BE APPROPRIATED Retained earnings brought forward from prior year 1,193,231 Net income 1,216,874 RECOMMENDED APPROPRIATIONS Dividend 973931(1) Statutory share of income attributed to the General Partners 3,071 Retained earnings 1,433,103 AVAILABLE AT DECEMBER 31 2,410,105 2,410,105 (1) Subject to approval by shareholders at the Annual Meeting on May 16, 2025. 462 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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