Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 190

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 190
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 flow,” a non-IFRS measure, for the year ended December 31, 2023 was € 7,409 million, this compares with the 2022 figure of € 7,579 million. For details of the arrangements in place to manage our liquidity needs for current operations as of December 31, 2023, refer to Note 17.1.(b) to our consolidated financial statements, included at Item 18. of this annual report. “Free cash flow” is a non-IFRS financial indicator which is reviewed by our management, and which we believe provides useful information to measure the net cash generated from our operations that is available for strategic investments (1) (net of divestments (1) ), for debt repayment, and for payments to shareholders. “ Free cash flow” comprises cash flows generated from our continuing operations; it is calculated from our “Business net income” (2) after adding back (in the case of expenses and losses) or deducting (in the case of income and gains) the following items: depreciation, amortization and impairment, share of undistributed earnings from investments accounted for using the equity method, gains & losses on disposals, net change in provisions including pensions and other post-employment benefits, deferred taxes, share-based payment expense and other non-cash items. It also includes net changes in working capital, capital expenditures and other asset acquisitions (3) net of disposal proceeds (3) , and payments related to restructuring and similar items. “Free cash flow” is not defined by IFRS, and is not a substitute for Net cash provided by operating activities as reported under IFRS. Management recognizes that the term “Free cash flow” may be interpreted differently by other companies and under different circumstances.

| SANOFIFORM 20-F2024 | 89 |

| PART I                                               |
| ITEM 5. Operating and Financial Review and Prospects |

The table below sets forth a reconciliation between Net cash provided by continuing operating activities and “Free cash flow”:

| (€ million)                                                                                                            |   2024 | 2023(d) | 2022(d) |
| Net cash provided by/(used in) operating activities (IFRS)                                                             |  9,081 |  10,258 |  10,526 |
| Net cash provided by/(used in) operating activities (IFRS) of the discontinued Opellabusiness                          |   -474 |    -987 |    -888 |
| Acquisitions