The impact of any reduced tax rates existing in certain countries in addition to the normal tax rates is included on the line Impact of tax rate differences.
The net change in deferred taxes (assets and liabilities) can be analysed as follows:
|
€ millions |
|
|---|---|
|
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)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 in equity and the deferred tax effect of the acquisition of Aēsop. |
Other effects (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 in equity and the deferred tax effect of the acquisition of Aēsop.
-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)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 in equity and the deferred tax effect of the acquisition of Aēsop. |
Other effects (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 in equity and the deferred tax effect of the acquisition of Aēsop.
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 |
(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 in equity and the deferred tax effect of the acquisition of Aēsop.
Deferred tax assets and liabilities recorded in the balance sheet may be broken down as follows:
| 31.12.2023 | 31.12.2022 | 31.12.2021 | ||||
|---|---|---|---|---|---|---|
|
€ millions |
Deferred tax assets | Deferred tax liabilities | Deferred tax assets | Deferred tax liabilities | Deferred tax assets | Deferred tax liabilities |
|
Temporary differences |
899.2 |
530.8 |
777.7 |
589.5 |
672.3 |
498.8 |
|
Deferred tax liabilities on revaluation of Sanofi |
315.8 |
316.1 |
311.5 |
|||
|
Tax credits and tax loss carry-forwards |
22.1 |
23.4 |
24.2 |
|||
| DEFERRED TAX TOTAL | 921.3 | 846.6 | 801.1 | 905.6 | 696.5 | 810.3 |
Deferred tax assets on temporary differences mainly relate to provisions for pensions and early retirement (€73.2 million, €20.9 million and €93.6 million respectively at the end of 2023, 2022 and 2021) and provisions for liabilities and charges (€194.5 million, €192.7 million and €115.9 million at the end of 2023, 2022 and 2021) and intra-group margin included in inventories (€273.6 million, €235.8 million and €192.2 million respectively at the end of 2023, 2022 and 2021).
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 €16.3 million at 31 December 2023 compared with €20.4 million at 31 December 2022 and €16.4 million at 31 December 2021.
