B.27. Management of capital
In order to maintain or adjust the capital structure, Sanofi can adjust the amount of dividends paid to shareholders, repurchase its own shares, issue new shares, or issue securities giving access to its capital.
The following objectives are defined under the terms of Sanofi’s share repurchase programs:
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the implementation of any stock option plan giving entitlement to purchase shares in the Sanofi parent company; |
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the allotment or sale of shares to employees under statutory profit sharing schemes and employee savings plans; |
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the consideration-free allotment of shares (i.e. restricted share plans); |
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the cancellation of some or all of the repurchased shares; |
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market-making in the secondary market by an investment services provider under a liquidity contract in compliance with the ethical code recognized by the Autorité des marchés financiers (AMF); |
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the delivery of shares on the exercise of rights attached to securities giving access to the capital by redemption, conversion, exchange, presentation of a warrant or any other means; |
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the delivery of shares (in exchange, as payment, or otherwise) in connection with mergers and acquisitions; |
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the execution by an investment services provider of purchases, sales or transfers by any means, in particular via off-market trading; or |
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any other purpose that is or may in the future be authorized under the applicable laws and regulations. |
Sanofi is not subject to any constraints on equity capital imposed by third parties.
Total equity includes Equity attributable to equity holders of Sanofi and Equity attributable to non-controlling interests, as shown in the consolidated balance sheet.
Sanofi defines “Debt, net of cash and cash equivalents” as (i) the sum of short-term debt, long-term debt and interest rate derivatives and currency derivatives used to hedge debt, minus (ii) the sum of cash and cash equivalents and interest rate derivatives and currency derivatives used to hedge cash and cash equivalents.