The net change in deferred taxes (assets and liabilities) can be analysed as follows:
| € millions | |
|---|---|
| Balance of deferred tax assets at 31 December 2021 |
Balance of deferred tax assets at 31 December 2021 696.5 |
| Balance of deferred tax liabilities at 31 December 2021 |
Balance of deferred tax liabilities at 31 December 2021 (810.3) |
| Income statement impact |
Income statement impact
96.5 |
| Translation differences |
Translation differences
(17.0) |
| Other effects(1) |
Other effects (1)
(70.3) |
| Balance of deferred tax assets at 31 December 2022 |
Balance of deferred tax assets at 31 December 2022 801.1 |
| Balance of deferred tax liabilities at 31 December 2022 |
Balance of deferred tax liabilities at 31 December 2022 (905.6) |
| Income statement impact |
Income statement impact
95.3 |
| Translation differences |
Translation differences
(20.3) |
| Other effects(1) |
Other effects (1)
104.2 |
| Balance of deferred tax assets at 31 December 2023 |
Balance of deferred tax assets at 31 December 2023 921.3 |
| Balance of deferred tax liabilities at 31 December 2023 |
Balance of deferred tax liabilities at 31 December 2023 (846.6) |
| Income statement impact |
Income statement impact
37.4 |
| Translation differences |
Translation differences
(16.0) |
| Other effects(1) |
Other effects (1)
(87.3) |
| BALANCE OF DEFERRED TAX ASSETS AT 31 DECEMBER 2024 |
BALANCE OF DEFERRED TAX ASSETS AT 31 DECEMBER 2024 973.3 |
| BALANCE OF DEFERRED TAX LIABILITIES AT 31 DECEMBER 2024 |
BALANCE OF DEFERRED TAX LIABILITIES AT 31 DECEMBER 2024 (964.6) |
Deferred tax assets and liabilities recorded in the balance sheet may be broken down as follows:
| 31.12.2024 | 31.12.2023 | 31.12.2022 | ||||
|---|---|---|---|---|---|---|
| € millions | Deferred tax assets | Deferred tax liabilities | Deferred tax assets | Deferred tax liabilities | Deferred tax assets | Deferred tax liabilities |
| Temporary differences | 952.2 | 634.2 | 899.2 | 530.8 | 777.7 | 589.5 |
| Deferred tax liabilities on revaluation of Sanofi | 330.4 | 315.8 | 316.1 | |||
| Tax credits and tax loss carry-forwards | 21.1 | 22.1 | 23.4 | |||
| DEFERRED TAX TOTAL | 973.3 | 964.6 | 921.3 | 846.6 | 801.1 | 905.6 |
Deferred tax assets on temporary differences mainly relate to:
| € millions | 2024 | 2023 | 2022 |
|---|---|---|---|
| Provisions for pensions and early retirement |
Provisions for pensions and early retirement 2024 63.1 |
Provisions for pensions and early retirement 2023 73.2 |
Provisions for pensions and early retirement 2022 20.9 |
| Provisions for liabilities and charges |
Provisions for liabilities and charges 2024 236.2 |
Provisions for liabilities and charges 2023 194.5 |
Provisions for liabilities and charges 2022 192.7 |
| Intra-group margin included in inventories |
Intra-group margin included in inventories 2024 312.4 |
Intra-group margin included in inventories 2023 273.6 |
Intra-group margin included in inventories 2022 235.8 |
Deferred tax liabilities on temporary differences mainly include intangible assets acquired under business combinations other than non-tax-deductible goodwill.
Deferred tax assets whose recovery is not considered probable are not recorded in the financial statements; such assets amount to €21.8 million at 31 December 2024 compared with €16.3 million at 31 December 2023 and €20.4 million at 31 December 2022.
