Investors - Ensuring sustainable growth
Investors - Ensuring sustainable growth

Investors

Ensuring sustainable growth

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Cash flow

The following tables present simplified consolidated cash flows. Detailed tables with consolidated cash flow statements are available in the latest annual reports on Form 20-F and half-year financial reports.
 

Net debt in Q2 2014

In the first half of 2014, net cash generated by operating activities increased 33.1% to €2,390 million after increase in working capital (€552 million) and capital expenditures (€529 million). This amount covered:

  • part of a share repurchase (€1,010 million) partially offset by proceeds from the issuance of new shares (€240 million),
  • dividend paid by Sanofi (€3,676 million),
  • acquisitions and partnerships net of disposals (€1,608 million of which €1,050 million was related to Regeneron and €530 million was related to Alnylam)
  • and restructuring costs (€382 million).

As a consequence, net debt increased from €6,043 million at December 31, 2013 to €10,194 million at the end of June 2014 (amount net of €4,306 million cash and cash equivalents).

 

Net debt in Q1 2014

In the first quarter of 2014, net cash generated by operating activities was €1,396 million after changes in working capital (-€29 million) and capital expenditures (€279 million) but before restructuring costs. This amount largely covered:

  • restructuring costs (€244 million),
  • the repurchase of shares (€355 million),
  • acquisitions and partnerships (€1,556 million of which €954 million related to Regeneron and €530 million related to Alnylam).

As a consequence, net debt increased from €6,043 million at December 31, 2013 to €6,697 million at the end of March 2014 (amount net of €6,458 million cash and cash equivalents).

 

Change in net debt 2013 / 2012

In 2013, net cash generated by operating activities was €7,655 million after changes in working capital (€124 million). This amount covered :

  • part of a share repurchase (€1,641 million) partially offset by proceeds from the issuance of new shares (€1,004 million),
  • dividend paid by Sanofi (€3,638 million),
  • capital expenditures (€1,198 million),
  • acquisitions and partnerships net of disposals (€151 million)
  • and restructuring costs (€659 million).

Net debt decreased to €6,043 million at December 31, 2013
(net of €8,257 million cash and cash equivalents).

It was €7,719 million at December 31, 2012 and €8,788 million at September 30, 2013.

 

Change in net debt 2012 / 2011

Change in net debt 2012 / 2011
Millions of eurosFY 2012FY 2011
Business net income8,1798,795
Depreciation, amortization and impairment of property, plant and equipment and intangible assets1,2781,156
Net gains and losses on disposals of non-current assets, net of tax(86)(52)
Other non cash items(58)579
Operating cash flow before changes in working capital19,31310,478
Changes in working capital1(536)(476)
Acquisitions of property, plant and equipment and software(1,402)(1,644)
Free cash flow17,3758,358
Acquisitions of intangibles, excluding software(210)(138)
Acquisitions of investments, including assumed debt2(328)(14,079)
Restructuring costs paid(791)(707)
Proceeds from disposals of property, plant and equipment, intangibles, and other non-current assets, net of tax358359
Issuance of Sanofi shares64570
Dividends paid to Sanofi shareholders(3,487)(1,372)
Acquisition of treasury shares(823)(1,074)
Disposals of treasury shares, net of tax13
Other items3400(702)
Change in net debt3,140(9,282)
  1. Excluding restructuring costs
  2. In 2011: (13,528) M€ related to Genzyme acquisition
  3. of which : foreign exchange effect on net debt +281M€ in 2012 and (754) M€ in 2011
 
 

Further information on consolidated statements of cash flows is available in the Annual report on Form 20-F 2012:

 

Change in net debt 2011 / 2010

Change in net debt 2011 / 2010
Millions of eurosFY 2011FY 2010
Business net income8,7959,215
Depreciation, amortization and impairment of property, plant and equipment and intangibles1,1561,080
Net gain/loss on disposals of non-current assets, net of tax(52)(111)
Other non cash items579550
Operating cash flow before changes in working capital*10,47810,734
Changes in working capital*(476)57
Acquisitions of property, plant and equipment and software(1,644)(1,349)
Free cash flow*8,3589,442
Acquisitions of intangibles, excluding software(138)(313)
Acquisitions of investments, including assumed debt**(14,079)(2,121)
Restructuring costs paid(707)(892)
Proceeds from disposals of property, plant and equipment, intangibles, and other non-current assets (net of tax)359111
Issuance of Sanofi shares7018
Dividends paid to Sanofi shareholders(1,372)(3,131)
Acquisition of treasury shares(1,074)(321)
Disposals of treasury shares, net of tax357
Other items***(702)(299)
Change in net debt((9,282)(2,551)

* Excluding restructuring costs.
** In 2011: (€13,528 million) related to Genzyme acquisition
*** In 2011: of which foreign exchange effect on net debt (€754 million)

 

2011 key figures

  • Cash flow from operations: €10,002 million
  • Capital expenditure: €1,644 million
  • Sanofi dividend: €1,372 million
  • Restructuring costs: €707 million
  • Acquisitions and partnerships: €14,079 million
  • Repurchase of own shares: €1,074 million
  • Net debt at December 31, 2011: €10,859 million
    (debt of €14,983 million, net of €4,124 million cash and cash equivalents) 
 

Further information on consolidated statements of cash flows is available in the Annual report on Form 20-F 2011:

 

Change in net debt 2010 / 2009

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Change in net debt 2010 / 2009
€ million20102009
Business net income9,2158,629
Net income from the held-for-exchange Merial business(418)(241)
Net dividends from the held-for-exchange Merial business497179
Depreciation, amortization and impairment of property, plant and equipment and intangibles1,003964
Net gain/loss on disposals of non-current assets, net of tax(111)(25)
Other items548668
Operating cash flow before changes in working capital*10,73410,174
Changes in working capital*(57)(1,283)
Acquisitions of property, plant and equipment and software(1,261)(1,460)
Free cash flow*9,4167,431
Acquisitions of intangibles, excluding software(312)(325)
Acquisitions of investments, including assumed debt(2 121)(6 334)
Restructuring costs paid(892)(376)
Proceeds from disposals of property, plant and equipment, intangibles, and other non-current assets (net of tax)10685
Issuance of sanofi-aventis shares18142
Dividends paid to sanofi-aventis shareholders(3,131)(2,872)
Acquisition of treasury shares(321)
Disposals of treasury shares, net of tax5726
Other items(269)(103)
Change in net debt**2,551(2,326)

2010 key figures

  • Cash flow from operations: €10,677 million
  • Capital expenditure: €1,261 million
  • Sanofi-aventis dividend: €3,131 million
  • Restructuring costs: €892 million
  • Acquisitions: €2,121 million
  • Alliances: €312 million
  • Repurchase of own shares: €321 million
  • Net debt at December 31, 2010: €1,577 million
    (debt of €8,042 million, net cash of €6,465 million)
 

Further information on consolidated statements of cash flows is available in the Annual report on Form 20-F 2010:

 

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