UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 11- K

 

(Mark One)

 

ý                           ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2004

 

or

 

o                           TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

 

For the transition period from               to

 

Commission file number 1-18378

 

A.        Full title of the plan and the address of the plan, if different from that of the issuer named below:

 

AVENTIS PHARMACEUTICALS SAVINGS PLAN

 

300 Somerset Corporate Boulevard

Bridgewater, NJ 08807-0912

 

B.         Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

SANOFI-AVENTIS

 

174 AVENUE DE FRANCE

Paris, France 75013

 

 



 

Aventis Pharmaceuticals

Savings Plan

Financial Statements and Supplemental Schedule

December 31, 2004 and 2003

 



 

Aventis Pharmaceuticals

Savings Plan

Index

December 31, 2004 and 2003

 

 

 

Page(s)

 

 

 

Report of Independent Registered Public Accounting Firm

 

1

 

 

 

Financial Statements

 

 

 

 

 

Statements of Net Assets Available for Benefits

 

2-3

 

 

 

Statements of Changes in Net Assets Available for Benefits

 

4-5

 

 

 

Notes to Financial Statements

 

6-12

 

 

 

Supplemental Schedule*

 

 

 

 

 

H - Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2004

 

13

 


* Other schedules required by section 2520.103-10 are omitted because they are not applicable.

 



 

Report of Independent Registered Public Accounting Firm

 

 

To the Participants and Administrator of
Aventis Pharmaceuticals Savings Plan

 

 

In our opinion, the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the Aventis Pharmaceuticals Savings Plan (the “Plan”) at December 31, 2004 and 2003, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule, Schedule of Assets (Held at End of Year) is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

 

 

Florham Park, New Jersey

June 20, 2005

 

1



 

Aventis Pharmaceuticals

Savings Plan

Statement of Net Assets Available for Benefits

December 31, 2004

 

 

 

Nonparticipant-
Directed

 

Participant-
Directed

 

Total

 

Assets

 

 

 

 

 

 

 

Investments,

 

 

 

 

 

 

 

At fair value

 

 

 

 

 

 

 

Investment in Master Trust

 

$

 

$

376,304,699

 

$

376,304,699

 

Mutual funds

 

 

760,009,765

 

760,009,765

 

Common and commingled trusts

 

 

267,624,640

 

267,624,640

 

At contract value

 

 

 

 

 

 

 

Participant loans

 

 

20,381,224

 

20,381,224

 

 

 

 

1,424,320,328

 

1,424,320,328

 

 

 

 

 

 

 

 

 

Income receivable

 

 

90,470

 

90,470

 

Contributions receivable – employee

 

 

1,874,642

 

1,874,642

 

Contributions receivable – employer

 

10,772,585

 

50,670,503

 

61,443,088

 

 

 

10,772,585

 

52,635,615

 

63,408,200

 

 

 

 

 

 

 

 

 

Cash

 

 

40

 

40

 

 

 

 

 

 

 

 

 

Total assets

 

10,772,585

 

1,476,955,983

 

1,487,728,568

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Bonds payable (note 6)

 

10,378,630

 

 

10,378,630

 

Accrued expenses

 

 

234,117

 

234,117

 

Accrued interest payable

 

393,955

 

 

393,955

 

 

 

 

 

 

 

 

 

Total liabilities

 

10,772,585

 

234,117

 

11,006,702

 

Net assets available for benefits

 

$

 

$

1,476,721,866

 

$

1,476,721,866

 

 

See accompanying notes to financial statements.

 

2



 

Aventis Pharmaceuticals

Savings Plan

Statement of Net Assets Available for Benefits

December 31, 2003

 

 

 

Nonparticipant-
Directed

 

Participant-
Directed

 

Total

 

Assets

 

 

 

 

 

 

 

Investments,

 

 

 

 

 

 

 

At fair value

 

 

 

 

 

 

 

Investment in Master Trust

 

$

 

$

347,834,321

 

$

347,834,321

 

Mutual funds

 

 

666,404,868

 

666,404,868

 

Common and commingled trusts

 

 

224,353,630

 

224,353,630

 

Money market account

 

296

 

 

296

 

At contract value

 

 

 

 

 

 

 

Participant loans

 

 

19,460,712

 

19,460,712

 

 

 

296

 

1,258,053,531

 

1,258,053,827

 

 

 

 

 

 

 

 

 

Income receivable

 

 

2,398,148

 

2,398,148

 

Contributions receivable – employee

 

 

1,759,956

 

1,759,956

 

Contributions receivable – employer

 

20,786,816

 

46,933,702

 

67,720,518

 

 

 

20,786,816

 

51,091,806

 

71,878,622

 

 

 

 

 

 

 

 

 

Cash

 

 

11

 

11

 

 

 

 

 

 

 

 

 

Total assets

 

20,787,112

 

1,309,145,348

 

1,329,932,460

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Bonds payable (note 6)

 

20,026,923

 

 

20,026,923

 

Accrued expenses

 

 

13,101

 

13,101

 

Accrued interest payable

 

760,189

 

 

760,189

 

 

 

 

 

 

 

 

 

Total liabilities

 

20,787,112

 

13,101

 

20,800,213

 

Net assets available for benefits

 

$

 

$

1,309,132,247

 

$

1,309,132,247

 

 

See accompanying notes to financial statements.

 

3



 

Aventis Pharmaceuticals

Savings Plan

Statement of Changes in Net Assets Available for Benefits

Year Ended December 31, 2004

 

 

 

Nonparticipant-
Directed

 

Participant-
Directed

 

Total

 

Additions

 

 

 

 

 

 

 

Contributions

 

 

 

 

 

 

 

Employee

 

$

 

$

71,896,010

 

$

71,896,010

 

Employer

 

11,106,513

 

78,908,348

 

90,014,861

 

Investment Income

 

 

 

 

 

 

 

Interest and dividends

 

 

34,115,246

 

34,115,246

 

Net appreciation in the fair value of investments (note 3)

 

 

61,567,080

 

61,567,080

 

Net appreciation in the fair value of investments in Master Trust
(note 4)

 

 

46,354,103

 

46,354,103

 

Transfers from other plans

 

 

4,611,410

 

4,611,410

 

Total additions

 

11,106,513

 

297,452,197

 

308,558,710

 

 

 

 

 

 

 

 

 

Deductions

 

 

 

 

 

 

 

Bond principle payment (Note 6)

 

(9,648,293

)

 

(9,648,293

)

Distributions

 

 

(14,637,044

)

(14,637,044

)

Transfers to other plans

 

 

(114,869,775

)

(114,869,775

)

Interest expense (Note 6)

 

(1,458,220

)

 

(1,458,220

)

Fees and expenses

 

 

(355,759

)

(355,759

)

Total deductions

 

(11,106,513

)

(129,862,578

)

(140,969,091

)

Increase in net assets available for benefits

 

 

167,589,619

 

167,589,619

 

 

 

 

 

 

 

 

 

Net assets available for benefits

 

 

 

 

 

 

 

Beginning of year

 

 

1,309,132,247

 

1,309,132,247

 

End of year

 

$

 

$

1,476,721,866

 

$

1,476,721,866

 

 

See accompanying notes to financial statements.

 

4



 

Aventis Pharmaceuticals

Savings Plan

Statement of Changes in Net Assets Available for Benefits

Year Ended December 31, 2003

 

 

 

Nonparticipant-
Directed

 

Participant-
Directed

 

Total

 

Additions

 

 

 

 

 

 

 

Contributions

 

 

 

 

 

 

 

Employee

 

$

 

$

66,425,961

 

$

66,425,961

 

Employer

 

11,294,729

 

73,517,690

 

84,812,419

 

Investment Income

 

 

 

 

 

 

 

Interest and dividends

 

296

 

13,376,587

 

13,376,883

 

Net appreciation in the fair value of investments (note 3)

 

 

170,498,060

 

170,498,060

 

Net appreciation in the fair value of investments in Master Trust (note 4)

 

 

32,680,160

 

32,680,160

 

Transfers from other plans

 

 

3,380,451

 

3,380,451

 

Total additions

 

11,295,025

 

359,878,909

 

371,173,934

 

 

 

 

 

 

 

 

 

Deductions

 

 

 

 

 

 

 

Bond principle payment (Note 6)

 

(8,992,686

)

 

(8,992,686

)

Distributions

 

 

(81,058,267

)

(81,058,267

)

Interest expense (Note 6)

 

(2,302,339

)

 

(2,302,339

)

Fees and expenses

 

 

(247,962

)

(247,962

)

Total deductions

 

(11,295,025

)

(81,306,229

)

(92,601,254

)

Increase in net assets available for benefits

 

 

278,572,680

 

278,572,680

 

 

 

 

 

 

 

 

 

Net assets available for benefits

 

 

 

 

 

 

 

Beginning of year

 

 

1,030,559,567

 

1,030,559,567

 

End of year

 

$

 

$

1,309,132,247

 

$

1,309,132,247

 

 

See accompanying notes to financial statements.

 

5



 

Aventis Pharmaceuticals

Savings Plan

Notes to Financial Statements

December 31, 2004 and 2003

 

1.                            Summary of Significant Plan Provisions

 

The following description of the Aventis Pharmaceuticals Savings Plan (hereafter referred to as the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

 

Plan Description

The Plan is a defined contribution plan that covers substantially all associates of Aventis Inc. (the “Company”) and Aventis Pharmaceuticals Inc. as they meet the prescribed eligibility requirements. All associates are eligible to participate in the Plan beginning on the first day of employment. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

 

On April 25, 2004, sanofi-synthélabo SA (Sanofi), a publicly listed company headquartered in Paris, France made an offer of shares and cash in exchange for all of the shares of the Company’s ultimate parent, Aventis SA (Aventis). Aventis’ Management Board and the Supervisory Board recommended this offer to Aventis shareholders. On August 20, 2004, Aventis S.A., merged with sanofi-synthelabo to form sanofi-aventis.

 

Master Trust

Effective January 1, 2001, Aventis Pharmaceuticals Inc., Hoescht Marion Roussel Puerto Rico, Inc. (subsequently known as Aventis Pharmaceuticals Puerto Rico, Inc.) and T. Rowe Price Trust Company (the “Trustee”) entered into a Master Trust Agreement (“Master Trust”) to serve as a funding vehicle for certain commingled assets of the Plan and the Aventis Pharmaceuticals Puerto Rico Savings Plan (the “PR Plan”). Accordingly, certain assets of the Plan are maintained, for investment purposes only, on a commingled basis with the assets of the PR Plan in the Master Trust. Neither plan has any interest in the specific assets of the Master Trust, but maintain beneficial interests in such assets. The portion of assets, net earnings, gains and/or losses and administrative expenses allocable to each plan is based upon the relationship of the plan’s beneficial interest in the Master Trust to the total beneficial interest of all plans in the Master Trust. (Note 4)

 

Trustee and Recordkeeper

The T. Rowe Price Trust Company is the Plan’s trustee. The Trustee is party to the Master Trust agreement discussed above which governs and maintains the Plan’s commingled assets, as well as a general trust agreement for all other Plan assets. T. Rowe Price Group Inc. is the Plan’s recordkeeper. (Note 8)

 

Plan Administration

The Aventis Pharmaceuticals Savings Investment Committee (the “Committee”), as appointed by the Company’s Board of Directors, is responsible for the general administration of the Plan. The Company also maintains a trust fund as a part of the Plan to hold the assets of the Plan. The Board of Directors has appointed a Trustee with responsibility for the administration of the Trust Agreement and the management of the assets. The Trustee also administers the payment of interest and principal on the bonds, which are reimbursed to the Trustee through contributions, as determined by the Plan.

 

6



 

Participant Accounts

Each participant’s account is credited with the participant’s contribution and allocations of a) the Company’s contribution and b) Plan earnings, and charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances.

 

Contributions

The Plan provides that participants may make elective deferral contributions, which allows participants to save up to 20% of their eligible pay in whole percentage (up to the allowable IRS annual maximum – $13,000 for 2004) on a pre-tax basis, pursuant to Code Section 401(k). In addition, changes have been made during 2004 to permit “catch-up” contributions (of not more than $3,000 in 2004) for participants age 50 and over.

 

The Plan provides for a matching contribution in an amount that is equal to the lesser of 4% of such participant’s eligible compensation for the Plan year or 100% of the participant’s plan contribution. An additional discretionary matching contribution of up to 2% of eligible compensation may be awarded each year by the Board. To the extent that the required employer matching contribution exceeds the debt service requirements, the Company makes additional cash contributions to the Plan. The Plan also provides that the Company may make an annual performance sharing contribution of up to 6% of the eligible compensation allocated to qualified participants as of the end of the Plan year, as determined by the Board of Directors.

 

There are certain defined limitations on the amount of contributions that may be credited to a participant’s account and the annual amount of the Company contribution is limited to the maximum deductible for federal income tax purposes.

 

Vesting

All participants are 100% vested at all times in all portion of their accounts balances including employer and employee contributed amounts. Forfeitures, if any, are used to offset future employer contributions.

 

Distributions

Plan participants who leave the Company as a result of termination, retirement, or death may choose one or a combination of the following distribution methods: receive the entire amount of their account balance in one lump-sum payment; or receive the distribution in the form of annual installments over the lesser of five years or the life expectancy of the participant and the participant’s beneficiary. If a participant dies, the participant’s designated beneficiary will receive the payments.

 

Rollover Contributions

Plan participants may make a direct or indirect rollover contribution to the Plan from a former employer’s tax qualified plan. Participants can also rollover IRA distributions (excluding minimum required distributions and nondeductible contributions).

 

Loans

Plan participants may borrow from $1,000 up to the lesser of 50% of the value of their account or $50,000 minus their highest outstanding loan balance in the preceding 12 months, subject to limitation described in the Plan. Loans bear interest at a rate commensurable with the prevailing market rate, as determined by the Plan Administrator, and the loan is payable in semimonthly

 

7



 

installments generally over a term of up to five years, or extended terms for the purchase of a primary residence.

 

Administrative Expense

Expenses incurred to administer the Plan, including Trustee, recordkeeper, and investment advisory fees, are paid by the Plan. The Company pays all other expenses of the Plan, if any.

 

2.                            Summary of Significant Accounting Policies

 

Basis of Accounting

The accompanying financial statements have been prepared on the accrual basis of accounting.

 

Valuation of Investments and Income Recognition

Valuation of certain investments in the Plan that are held in the Master Trust represents the Plan’s allocable portion of such investments.

 

Investments in mutual funds and money market accounts are stated at fair value as determined by the Trustee, principally through the use of quoted market prices. Participant loans are valued at cost, which approximates fair value. Securities transactions are recorded on the trade-date (the day the order to buy or sell is executed). Dividend income is recorded on the ex-dividend date.

 

Investment contracts are stated at contract value, which is contributions plus interest minus benefit payments and expenses, which approximates fair value. The Aventis Stable Value Fund, which is included in the Master Trust, invests primarily in investment contracts issued by high-quality insurance companies and banks as rated by T. Rowe Price Associates, Inc. (the advisor to the trust’s sponsor). These are interest bearing contracts in which the principal and interest are guaranteed by the issuing companies. The contracts are considered fully benefit-responsive and therefore are recorded at contract value, which approximates fair market value. Each contract is subject to early termination penalties that may be significant. The average crediting rate for the investment contracts was 4.78% and 5.51% and the average yield was 4.11% and 5.53% during 2004 and 2003, respectively.

 

Risks and Uncertainties

The Plan provides for various investment options representing varied combinations of stocks, bonds, fixed income securities, mutual funds and other investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risk. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term would materially affect participants’ account balances and the amounts reported in the statement of net assets available for benefits.

 

Use of Estimates

The Plan Administrator has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with generally accepted accounting principles. Actual results could differ from those estimates.

 

8



 

Benefit Payments

Benefits are recorded when paid.

 

3.                            Investments

 

The following table presents the fair value of investments that represent 5% or more of the net assets available for benefits at December 31, 2004 and 2003:

 

 

 

2004

 

2003

 

 

 

 

 

 

 

Master Trust

 

 

 

 

 

 

 

 

 

 

 

Aventis Pharmaceuticals Savings Plan and Aventis

 

 

 

 

 

Pharmaceuticals Puerto Rico Savings Plan Master Trust

 

$

376,304,699

 

$

347,834,321

 

 

 

 

 

 

 

Mutual Funds

 

 

 

 

 

T.Rowe Price Wellington LG Cap Research Fund

 

236,460,554

 

223,571,265

 

T.Rowe Price Pimco Total Return Fund

 

126,482,123

 

123,437,089

 

T.Rowe Price Small Cap Stock Fund

 

198,198,155

 

158,388,826

 

T.Rowe Price Science & Technology, Inc.

 

87,130,142

 

88,242,810

 

 

 

 

 

 

 

Common and Collective Trusts

 

 

 

 

 

T.Rowe Price Retirement Strategy Trust Balance Fund

 

95,326,211

 

82,903,712

 

T.Rowe Price Equity Index Trust Fund

 

138,211,362

 

110,354,108

 

 

During 2004 and 2003, the Plan’s investments (including investments bought, sold, and held during the year) appreciated as follows:

 

 

 

2004

 

2003

 

 

 

 

 

 

 

Mutual Funds

 

$

50,859,895

 

$

127,765,809

 

Common and collective trusts

 

10,707,185

 

42,732,251

 

 

 

$

61,567,080

 

$

170,498,060

 

 

During 2004 and 2003, the Plan’s investments (including investments bought, sold, and held during the year) appreciated as follows:

 

4.                            Master Trust

 

A portion of the Plan’s investments are held in a Master Trust which was established to serve as a funding vehicle for certain commingled assets of the Plan and the PR Plan. Both plans have an undivided interest in the Master Trust. The assets of the Master Trust are held by the Trustee. At December 31, 2004 and 2003, the Plan’s interest in the Master Trust was approximately 98% for both years.

 

9



 

The following table presents the fair value of investments held in the Master Trust as of December 31, 2004 and 2003:

 

 

 

2004

 

2003

 

Investments

 

 

 

 

 

At fair value

 

 

 

 

 

Cash and cash equivalents

 

$

870,778

 

$

757,810

 

Mutual funds

 

13,696,220

 

9,466,732

 

Company stock

 

79,270,454

 

97,895,257

 

At contract value

 

 

 

 

 

Guaranteed insurance contracts

 

291,452,574

 

247,742,852

 

 

 

$

385,290,026

 

$

355,862,651

 

 

The following table presents the investment income for the Master Trust for the year ended December 31, 2004 and 2003:

 

 

 

2004

 

2003

 

 

 

 

 

 

 

Dividends

 

$

1,031,661

 

$

866,969

 

Interests

 

12,699,396

 

13,418,893

 

Net appreciation in fair value of Common Stock

 

33,554,007

 

19,088,348

 

 

 

$

47,285,064

 

$

33,374,210

 

 

5.                            Tax Status

 

The Internal Revenue Service has determined and informed the Company by a letter dated July 31, 2002, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (“IRC”). However, the Plan has been amended since the receipt of the determination letter. The Plan administrator and the Plan’s tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been made. The Plan Administrator is not aware of any activity or transaction that may adversely affect the qualified status of the Plan.

 

6.                            Bonds Payable

 

During 1999, the Plan merged with the Hoechst Marion Roussel Inc. Associate Stock Ownership Plan (the “HMR Plan”) subsequent to the formation of Aventis SA. The Company makes scheduled debt service payments on behalf of the Plan for bonds payable previously recorded within the HMR Plan. The bonds payable and the related receivable due from the Company to repay the remaining principle and any accrued interest to date are recorded within the Statement of Net Assets

 

10



 

Available for Benefits. These payments are recorded as additions (Employer Contributions) and deductions (bond principle payments and interest expense) within the Statement of Changes in Net Assets Available for Benefits. Amounts remitted in excess of the required funding are held within certain investment funds denoted as non-participant directed with the Statement of Net Assets Available for Benefits. The scheduled final principle payment of $10,378,630 is due August 1, 2005. The Plan had accrued interest of 14.05% and 11.50% related to Bond Payable within financial statement for year ended 2004 and 2003.

 

The plan has accrued interest payments related to the bonds payable within the financial statements.

 

7.                            Reconciliation of Financial Statements to Form 5500

 

The following is a reconciliation of net assets available for benefits per the financial statements to the form 5500:

 

 

 

December 31,

 

 

 

2004

 

2003

 

Net assets available for benefits per the financial statements

 

$

1,476,721,866

 

$

1,309,132,247

 

Amounts allocated to withdrawing participants

 

1,253,876

 

(18,700

)

Net assets available of benefits per the Form 5500

 

$

1,477,975,742

 

$

1,309,113,547

 

 

The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500:

 

 

 

December 31,

 

 

 

2004

 

2003

 

Benefits paid to participants per the financial statements

 

$

14,637,044

 

$

81,058,267

 

Add amounts allocated to withdrawing participants at end of year

 

1,253,876

 

18,700

 

Less amounts allocated to withdrawing participants at beginning of year

 

(18,700

)

 

Benefits paid to participants per the Form 5500

 

$

15,872,219

 

$

81,076,967

 

 

11



 

8.                            Related-Party Transactions

 

Certain Plan investments are shares of mutual funds managed by T. Rowe Price Trust Company, the Trustee of the Plan.  T. Rowe Price Group Inc. is the recordkeeper of the Plan. Therefore, these transactions qualify as party-in-interest transactions.

 

The Plan also invests in shares of the Company. The Company is the plan sponsor and, therefore, these transactions qualify as party-in-interest transactions.

 

9.                            Termination of the Plan

 

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and terminate the Plan subject to the provisions of ERISA. Upon such termination of the Plan, the interest of each participant in the trust fund will be distributed to such participant or his or her beneficiary at the time prescribed by the Plan terms and the Internal Revenue Code.

 

12



 

Aventis Pharmaceuticals

Savings Plan

Schedule H, Line 4i

Schedule of Assets (Held at End of Year)

December 31, 2004

 

Identity of Issue, Borrower, Lessor, or Similar Party

 

Description of Investment

 

 

 

Cost

 

Current Value

 

 

 

 

 

 

 

 

 

 

 

 

Mutual Funds

 

 

 

 

 

 

 

 

 

 

Tradelink Investments

 

Mutual Fund

 

 

 

**

 

$

33,143,667

 

*

T.Rowe Price Wellington LG Cap Research Fund

 

Mutual Fund

 

 

 

**

 

236,460,554

 

*

Pimco Total Return Fund

 

Mutual Fund

 

 

 

**

 

126,482,123

 

*

T.Rowe Price International Stock Fund

 

Mutual Fund

 

 

 

**

 

(349

)

*

T.Rowe Price Small Cap Stock Fund

 

Mutual Fund

 

#

 

**

 

198,198,155

 

*

T.Rowe Price Science & Technology, Inc.

 

Mutual Fund

 

 

 

**

 

87,130,142

 

*

Emerging Markt Stock Fund

 

Mutual Fund

 

 

 

**

 

21,681,364

 

*

JP Morgan EAFE Plus Fund

 

Mutual Fund

 

 

 

**

 

56,914,109

 

 

Total Mutual Funds

 

 

 

 

 

 

 

760,009,765

 

 

 

 

 

 

 

 

 

 

 

 

 

Common and commingled trusts

 

 

 

 

 

 

 

 

 

*

T.Rowe Price Capital GRD Emrg Mrkts Equity Fund

 

Commingled trust fund

 

 

 

**

 

 

*

T.Rowe Price Retirement Strategy Trust Cons Gr Fund

 

Common trust

 

 

 

**

 

24,287,277

 

*

T.Rowe Price Retirement Strategy Trust Income+ Fund

 

Common trust

 

 

 

**

 

9,799,790

 

*

T.Rowe Price Retirement Strategy Trust Balance Fund

 

Common trust

 

 

 

**

 

95,326,211

 

*

T.Rowe Price Equity Index Trust Fund

 

Common trust

 

 

 

**

 

138,211,362

 

 

Total Common and Collective Trusts

 

 

 

 

 

 

 

267,624,640

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Accounts

 

 

 

 

 

 

 

 

 

*

Cash

 

Money market account

 

 

 

40

 

40

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

 

 

 

 

 

 

 

 

*

Participant loans

 

Participant loans with varying

 

 

 

 

 

 

 

 

 

 

from 5.25% to 10.5%

 

 

 

 

 

20,381,224

 

 

Total Investments

 

 

 

 

 

 

 

$

1,048,015,669

 

 


*                 Indicates party-in-interest to the Plan.

**   Cost not required for participant directed investments.

 

13



 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan administrator has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

 

AVENTIS PHARMACEUTICALS INC.

 

 

SAVINGS PLAN

 

 

 

 

 

 

Date:

June 24, 2004

 

 

By:

/s/ Liz Donnelly

 

 

 

 

Liz Donnelly, for the

 

 

 

Retirement Plan Administrative

 

 

 

Committee, Plan Administrator

 

14



 

INDEX TO EXHIBIT

 

 

Exhibit No.

 

Exhibit

 

 

 

1

 

Consent of Independent Registered Public Accounting Firm – PricewaterhouseCoopers LLP

 

15