These adjustments have no cash impact for the Group
Strong cash flow from operating activities in the first half of 2009
Operating cash flow before changes in working capital totaled euro 5,365 million for the first half of 2009, compared with euro 3,932 million for the comparable period of 2008.
Working capital needs increased by euro 987 million during the first half, against an increase of euro 690 million for the comparable period of 2008.
Net cash generated by operating activities, after capital expenditure (euro 824 million of which intangible rights of euro 108 million, primarily the buyout of product rights in the United States), totaled euro 3,554 million, enabling sanofi-aventis to finance the euro 2,872 million dividend payout (versus euro 2,702 million in the first half of 2008) and to partially fund the acquisitions made during the period. These acquisitions comprised the purchase of equity interests (euro 2,582 million, inclusive of acquired debt), primarily in Zentiva, Medley, Kendrick and BiPar. Consequently, net debt stood at euro 3,705 million at June 30, 2009, compared with euro 1,780 million at December 31, 2008, an increase of euro 1,925 million.
The sanofi-aventis transformation program
Since the start of the year, we have been engaged in a wide-ranging transformation program designed to meet the challenges facing the pharmaceutical industry, make us a global, diversified healthcare leader, and deliver sustainable growth. Our transformation program has made particularly good progress in the year to date, across each of the three key themes:
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