Michelin couv courteGB

4.3. Reconciliation of balance sheet at December 31, 2004
Strategy • Fundamentals • Businesses • Résultats Earnings
International Financial Accounting Standards
SUMMARY OF ASSETS Note French GAAP balance IFRS balance sheet
sheet IFRS presentation
NON-CURRENT ASSETS
Intangible assets and property, plant and equipment 1 6,197 6,181
Investments 2 1,003 443
Deferred tax assets 3 848 1,304
8,048 7,928
CURRENT ASSETS
Inventories and customer receivables 6,316 6,336
Investments held for sale and derivative financial instruments 149 155
Cash and cash equivalents 1,655 1,655
8,120 8,146
TOTAL ASSETS 16,168 16,074
SUMMARY OF LIABILITIES AND SHAREHOLDERS’ EQUITY Note French GAAP balance IFRS balance sheet
sheet IFRS presentation
SHAREHOLDERS’ EQUITY AND MINORITY INTERESTS
Shareholders’ equity – Group share 4,602 3,477
Shareholders’ equity – Minority interests 75 69
4 4,677 3,546
LONG-TERM FINANCIAL DEBT
Long-term financial debt and derivative financial instruments 5 2,993 3,054
Provisions and other long-term debt 6 3,197 4,009
6,190 7,063
SHORT-TERM DEBT
Short-term debt and derivative financial instruments 5 1,816 1,896
Trade payables and other short-term liabilities 7 3,485 3,569
5,301 5,465
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 16,168 16,074
Note 1 Value
Intangible assets and property, plant and equipment under French GAAP 6,197
Elimination of goodwill amortization 35
Impairment of Cash Generating Units (143)
Fixed assets related to finance leases 73
Other adjustments 19
Intangible assets and property, plant and equipment under IFRS 6,181
Note 2 Value
Investments under French GAAP 1,003
Elimination of assets in respect of employee benefits due to actuarial gains and losses (537)
Restatement of the Shareholders’ equity of a joint venture pursuant to IFRS application (17)
Other adjustments (6)
Investments under IFRS 443
100•101