The net change in deferred taxes (assets and liabilities) can be analysed as follows:
| € millions | |
|---|---|
| Balance of deferred tax assets at 31 December 2019 |
Balance of deferred tax assets at 31 December 2019 777.3 |
| Balance of deferred tax liabilities at 31 December 2019 |
Balance of deferred tax liabilities at 31 December 2019 -737.7 |
| Income statement impact |
Income statement impact
10.1 |
| Translation differences |
Translation differences
-8.5 |
| Other effects(1) |
Other effects (1)
62.1 |
| Balance of deferred tax assets at 31 December 2020 |
Balance of deferred tax assets at 31 December 2020 809.9 |
| Balance of deferred tax liabilities at 31 December 2020 |
Balance of deferred tax liabilities at 31 December 2020 -706.6 |
| Income statement impact |
Income statement impact
-83.6 |
| Translation differences |
Translation differences
-7.4 |
| Other effects(1) |
Other effects (1)
-126.0 |
| 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 |
(1) Including mainly the deferred tax impact of currency hedging instruments recognised in equity, as well as the tax effect on actuarial gains and losses recognised inequity
Deferred tax assets and liabilities recorded in the balance sheet may be broken down as follows:
| 31.12.2022 | 31.12.2021 | 31.12.2020 | ||||
|---|---|---|---|---|---|---|
| € millions | Deferred tax assets | Deferred tax assets | Deferred tax assets | Deferred tax liabilities | Deferred tax assets | Deferred tax liabilities |
| Temporary differences | 777.7 | 589.5 | 672.3 | 498.8 | 783.3 | 431.4 |
| Deferred tax liabilities on revaluation of Sanofi | 316.1 | 311.5 | 275.2 | |||
| Tax credits and tax loss carry-forwards | 23.4 | 24.2 | 26.6 | |||
| DEFERRED TAX TOTAL | 801.1 | 905.6 | 696.5 | 810.3 | 809.9 | 706.6 |
Deferred tax assets on temporary differences mainly relate to provisions for pensions and early retirement (€20.9 million,€93.6 million and €263.8 million respectively at the end of 2022,2021 and 2020) and provisions for liabilities and charges (€192.7 million, €115.9 million and €135.8 million at the end of 2022, 2021 and 2020).
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 €20.4 million at 31 December 2022 compared with €16.4 million at 31 December 2021 and €14.3 million at 31 December 2020.
