Michelin couv courteGB

Note 3 Value
Deferred tax assets under French GAAP 848
On actuarial gains and losses booked to Shareholders’ equity 378
On impairment of Cash Generating Units 43
On finance leases 26
Other adjustments 9
Deferred tax assets under IFRS 1,304
Note 4 Value
Shareholders’ equity under French GAAP
On opening balance as at January 1, 2004 (see 4.1):
4,677
- employee benefits (1,155)
- impairment of assets (96)
- finance leases (42)
- other adjustments
Differences arising during the financial year 2004:
(27)
- difference between net income under IFRS and net income under French GAAP 126
- translation differences related to exchange rates 58
- other adjustments 5
Shareholders’ equity under IFRS 3,546
Note 5 Value
Long-term financial debt (2,993) and short-term financial debt (1,816) under French GAAP 4,809
Financial debt on finance leases 141
Long-term financial debt (3,054) and short-term financial debt (1,896) under IFRS 4,940
Note 6 Value
Provisions and other long-term debt under French GAAP 3,197
Liabilities in respect of employee benefits due to actuarial gains and losses 892
Potential capital loss on disposal of companies in the Wheel business (value as under French GAAP) (108)
Other adjustments 28
Provisions and other long-term debt under IFRS 4,009
Note 7 Value
Trade payables and other short-term liabilities under French GAAP 3,485
Potential capital loss on disposal of companies in the Wheel business (value as under IFRS) 64
Payroll liabilities 27
Adjustments to accrued interest and rental payments on finance leases (7)
Trade payables and other short-term liabilities under IFRS 3,569