MICHELIN - 2008 ANNUAL REPORT

The contractual amounts of the non currency derivative financial instruments are set forth by currency in the tables below.
(in EUR million) 31 December 2008 31 December 2007
EUR USD THB Total EUR USD Total
Interest-rate derivatives 284 1,002 244 1,530 220 204 424
Other derivatives – – – – 4 28 32
Total 284 1,002 244 1,530 224 232 456
17 Investments in associates and joint ventures
The investments in associates and joint ventures of EUR 65 million (2007: EUR 62 million) include essentially MC Projects B.V. in the Netherlands and the SIPH Group in France.
The associates and joint ventures’ financial statements include the following amounts:
(in EUR million) 2008 2007
Assets
Liabilities
Net sales
Net income
433
186
777
33
409
168
873
53
18 Deferred tax assets and liabilities
The amounts of the deferred tax in the balance sheet are:
(in EUR million) 31 December 2008 31 December 2007
Deferred tax assets
Deferred tax liabilities
896
(39)
926
(61)
Net deferred tax assets 857 865
112 2008 Consolidated Financial Statements of Michelin Group