Cash flow

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• 2009
• First nine months of 2009
• Simplified consolidated cash flow statement for the first half of 2009
• First quarter 2009
• Simplified consolidated cash flows statement 2006-2007-2008

2009

• Cash flow from operations: €8,515 million
• Capital expenditure: €1,460 million
• Dividend: €2,872 million
• Acquisitions: €6,334 million
• Alliances: €325 million
• Net debt at December 31, 2009: €4,135 million (debt of €8,827 million, net cash of €4,692 million)

Simplified consolidated cash flow statement

€ million	2009	2008
Adjusted net income	7,844	7,068
Net income from the held-for-exchange Merial business	(241)	(170)
Net dividends from the held-for-exchange Merial business	179	116
Depreciation, amortization and impairment of property, plant and equipment and intangibles	1,351	1,195
Net gain/loss on disposals of non-current assets, net of tax	(25)	(45)
Other items	254	360
Operating cash flow before changes in working capital	9,362	8,524
Changes in working capital	(847)	(1)
Net cash provided by operating activities	8,515	8,523
Acquisitions of property, plant and equipment and intangibles	(1,785)	(1,606)
Acquisitions of investments, including assumed debt	(6 334)	(667)
Proceeds from disposals of property, plant and equipment and intangibles (net of tax), and other items	66	119
Net cash used in investing activities	(8,053)	(2,154)
Issuance of sanofi-aventis shares	142	51
Proceeds from sale of own shares on exercise of stock options	26	6
Repurchase of own shares	-	(1,227)
Dividends	(2,878)	(2,708)
Other items	(107)	(41)
Change in net debt	(2,355)	2,450

First nine months of 2009

• Cash flow from operations: €6,834 million
• Capital expenditure: €1,038 million
• Dividend: €2,872 million
• Acquisitions: €5,963 million
• Alliances: €223 million
• Net debt at September 30, 2009: €5,042 million (debt of €7,363 million, net cash of €2,321 million)

Simplified consolidated cash flow statement for the first half of 2009

€ million	H1 2009	H1 2008
Adjusted net income	3,838	3,468
Depreciation, amortization and impairment of property, plant & equipment and intangibles	555	592
Gain/loss on disposals of non-current assets, net of tax	(13)	(33)
Unrealized gains and losses	366	(415)
Other items	619	320
Operating cash flow before changes in working capital	5,365	3,932
Changes in working capital	(987)	(690)
Net cash provided by operating activities	4,378	3,242
Acquisitions of property, plant & equipment and intangibles	(824)	(796)
Acquisitions of investments, including acquired debt	(2,582)	(2)
Proceeds from disposals of property, plant & equipment and intangibles (net of tax), and other items	15	106
Net cash used in investing activities	(3,391)	(692)
Issuance of sanofi-aventis shares	2	17
Proceeds from sale of own shares on exercise of stock options	1	4
Repurchase of own shares	-	(1,225)
Dividends	(2,877)	(2,706)
Other items	(38)	(3)
Change in net debt*	(1,925)	(1,363)

Net debt at June 30, 2009: €3,705 million

* short-term and long-term debt, less cash and equivalents

Further information on consolidated statements of cash flows are available on page 7 of the:

• Half-year financial report 2009

First quarter 2009

• Cash flow from operations: €2,755 million
• Capital expenditure: €392 million
• Acquisitions: €1,851 million
• Free cash flow: €544 million
• Net debt at March 31, 2009: €1,236 million

Simplified consolidated cash flows statement 2006-2007-2008

€ million	2008	2007	2006
Adjusted net income	7,068	7,110	7,040
Depreciation, amortization and impairment of property, plant & equipment and intangibles	1,200	1,095	1,296
Net gain/loss on disposals of non-current assets, net of tax	(45)	(64)	(558)
Other items and impact of restructuring costs*, net of tax	303	(224)	(168)
Operating cash flow before changes in working capital	8,526	7,917	7,610
Changes in working capital	(1)	(811)	(1 006)
Net cash provided by operating activities	8,525	7,106	6,604
Acquisitions of property, plant & equipment and intangibles	(1,606)	(1,610)	(1,454)
Acquisitions of investments in consolidated undertakings, net of cash acquired, and available-for-sale financial assets	(667)	(435)	(513)
Proceeds from disposals of property, plant & equipment, intangibles and other non-current assets, net of tax, and other items	119	329	1 177
Net cash used in investing activities	(2,154)	(1,716)	(790)
Issuance of sanofi-aventis shares	51	271	307
Disposals of treasury shares, net of tax	6	23	50
Repurchase of own shares	(1,227)	(1,806)	-
Dividends	(2,708)	(2,373)	(2,050)
Other items	(43)	56	14
Net debt**	1,780	4,230	5,791
Change in net debt**	2,450	1,561	4,135

* associated with the acquisition of Aventis
** short-term and long-term debt, less cash and equivalents

Further information:

• Annual report on Form 20-F 2008: Consolidated statements of cash flows