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Sanofi-aventis Announces Second Quarter 2009 Results
Date:7/29/2009

rter of 2008 represented a net after-tax expense of euro 148 million.

In the first half of 2009, selected items represented a net after-tax expense of euro 608 million compared with a net after-tax expense of euro 168 million for the first half of 2008, and comprised:

  • euro 907 million of restructuring costs arising from the Group's adaptation program;
  • euro 20 million of impairment losses arising from the decision to discontinue development of TroVax((R));
  • the euro 319 million tax effect arising on the selected items described above.

Adjustments in the consolidated financial statements to reflect the application of purchase accounting to acquisitions, primarily that of Aventis

The material effects of the application of purchase accounting to acquisitions, primarily that of Aventis, on the consolidated income statement were as follows:

  • A charge of euro 19 million in the second quarter arising from the workdown of inventories of Zentiva and other companies acquired during the period remeasured at fair value.
  • An amortization charge of euro 1,708 million against intangible assets, of which euro 864 million was booked in the second quarter.
  • An impairment loss of euro 8 million charged against the Di-Antalvic asset in the second quarter.
  • Deferred taxes of euro 577 million, of which euro 293 million was booked in the second quarter. These deferred taxes were generated by the amortization charged against intangible assets, the workdown of inventories of acquired companies, and the impairment loss charged against the Di-Antalvic asset.
  • In "Share of profits/losses of associates", a reversal of euro 43 million, of which euro 21 million was booked in the second quarter, relating to the amortization of intangible assets (net of tax).
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SOURCE sanofi-aventis
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