Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Statement | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Registrant Name | Grifols SA |
Entity File Number | 001-35193 |
Entity Incorporation, State or Country Code | U3 |
Contact Personnel Email Address | david.bell@grifols.com |
Entity Address, Address Line One | Avinguda de la Generalitat, 152-158 |
Entity Address, Address Line Two | Parc de Negocis Can Sant Joan |
Entity Address, Address Line Three | Sant Cugat del Vallès |
Entity Address, City or Town | Barcelona |
Entity Address, Country | ES |
Entity Address, Postal Zip Code | 08174 |
Title of 12(b) Security | American Depositary Shares |
Trading Symbol | GRFS |
Security Exchange Name | NASDAQ |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001438569 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
ICFR Auditor Attestation Flag | true |
Auditor Name | KPMG Auditores, S.L. |
Auditor Firm ID | 1027 |
Auditor Location | Barcelona, Spain |
Business Contact | |
Statement | |
Contact Personnel Name | David Ian Bell |
Entity Address, Address Line One | Grifols Shared Services North America, Inc. |
Entity Address, Address Line Two | 2410 Lillyvale Ave |
Entity Address, City or Town | Los Angeles |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 90032 |
City Area Code | 34 |
Local Phone Number | 93 571 02 21 |
Class A, Ordinary shares | |
Statement | |
Entity Common Stock, Shares Outstanding | 426,129,798 |
Class B, Preference shares | |
Statement | |
Entity Common Stock, Shares Outstanding | 261,425,110 |
Consolidated Balance Sheet
Consolidated Balance Sheet - EUR (€) | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Goodwill | € 7,011,909,000 | € 6,228,901,000 |
Other intangible assets | 2,949,147,000 | 1,636,950,000 |
Rights of use | 897,552,000 | 795,657,000 |
Property, plant and equipment | 3,270,937,000 | 2,547,497,000 |
Investment in equity-accounted investees | 1,955,177,000 | 1,999,776,000 |
Non-current financial assets | ||
Non-current financial assets measured at fair value | 38,570,000 | 4,106,000 |
Non-current financial assets at amortized cost | 582,175,000 | 358,161,000 |
Total non-current financial assets | 620,745,000 | 362,267,000 |
Deferred tax assets | 174,923,000 | 152,507,000 |
Total non-current assets | 16,880,390,000 | 13,723,555,000 |
Current assets | ||
Inventories | 3,201,357,000 | 2,259,354,000 |
Non-current assets held for sale | 4,969,000 | |
Current contract assets | 35,154,000 | 1,939,000 |
Trade and other receivables | ||
Trade receivables | 608,688,000 | 432,197,000 |
Other receivables | 73,181,000 | 55,063,000 |
Current income tax assets | 56,782,000 | 12,448,000 |
Total trade and other receivables | 738,651,000 | 499,708,000 |
Other current financial assets | ||
Current financial assets measured at fair value | 12,629,000 | 3,238,000 |
Current financial assets at amortized cost | 31,034,000 | 2,026,469,000 |
Total current financial assets | 43,663,000 | 2,029,707,000 |
Other current assets | 81,814,000 | 64,079,000 |
Cash and cash equivalents | 547,979,000 | 655,493,000 |
Total current assets | 4,653,587,000 | 5,510,280,000 |
Total Assets | 21,533,977,000 | 19,233,835,000 |
Equity and liabilities | ||
Share capital | 119,603,705 | 119,603,705 |
Share premium | 910,728,000 | 910,728,000 |
Reserves | 4,326,436,000 | 4,133,388,000 |
Treasury stock | (162,220,000) | (164,189,000) |
Profit for the year attributable to the Parent | 208,279,000 | 188,726,000 |
Total equity | 5,402,827,000 | 5,188,257,000 |
Cash Flow hedges | (438,000) | 3,130,000 |
Other comprehensive Income | (8,084,000) | (869,000) |
Translation differences | 735,633,000 | 333,091,000 |
Other comprehensive expenses | 727,111,000 | 335,352,000 |
Equity attributable to the Parent | 6,129,938,000 | 5,523,609,000 |
Non-controlling interests | 2,327,606,000 | 1,793,489,000 |
Total equity | 8,457,544,000 | 7,317,098,000 |
Non-current liabilities | ||
Grants | 15,123,000 | 15,036,000 |
Provisions | 110,063,000 | 24,122,000 |
Non-current financial liabilities | 9,960,562,000 | 7,768,950,000 |
Other non-current liabilities | 15,000 | 333,000 |
Deferred tax liabilities | 1,034,823,000 | 633,984,000 |
Total non-current liabilities | 11,120,586,000 | 8,442,425,000 |
Provisions | 56,339,000 | 31,407,000 |
Current financial liabilities | 795,686,000 | 2,438,291,000 |
Trade and Other Payables | ||
Suppliers | 731,918,000 | 628,992,000 |
Other payables | 114,730,000 | 151,834,000 |
Current income tax liabilities | 15,687,000 | 4,516,000 |
Total trade and other payables | 862,335,000 | 785,342,000 |
Other current liabilities | 241,487,000 | 219,272,000 |
Total current liabilities | 1,955,847,000 | 3,474,312,000 |
Total Liabilities | 13,076,433,000 | 11,916,737,000 |
Total equity and liabilities | € 21,533,977,000 | € 19,233,835,000 |
Consolidated Statements of Prof
Consolidated Statements of Profit and Loss - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Continuing Operations | |||
Net revenue | € 6,063,967 | € 4,933,118 | € 5,340,038 |
Cost of sales | (3,832,437) | (2,970,522) | (3,084,873) |
Gross Margin | 2,231,530 | 1,962,596 | 2,255,165 |
Research and development | (361,140) | (354,881) | (294,216) |
Selling, general and administration expenses | (1,190,423) | (1,061,508) | (985,616) |
Operating Expenses | (1,551,563) | (1,416,389) | (1,279,832) |
Other Income | 22,235 | 16,302 | 0 |
Profit of equity accounted investees with similar activity to that of the Group | 103,478 | 32,555 | 20,799 |
Operating Result | 805,680 | 595,064 | 996,132 |
Finance income | 33,859 | 11,551 | 8,021 |
Finance costs | (496,524) | (277,994) | (249,639) |
Change in fair value of financial instruments | 11,999 | 246 | 55,703 |
Impairment of financial assets at amortized cost | 0 | 0 | 0 |
Exchange differences | 7,725 | (11,602) | 8,246 |
Finance result | (442,941) | (277,799) | (177,669) |
Profit/(loss) of equity accounted investees | (1,482) | 33,188 | 60,166 |
Profit before income tax from continuing operations | 361,257 | 350,453 | 878,629 |
Income tax expense | (90,111) | (85,126) | (169,639) |
Profit after income tax from continuing operations | 271,146 | 265,327 | 708,990 |
Consolidated profit for the year | 271,146 | 265,327 | 708,990 |
Profit attributable to the Parent | 208,279 | 188,726 | 618,546 |
Profit attributable to non-controlling interest | € 62,867 | € 76,601 | € 90,444 |
Basic earnings per share (Euros) | € 0.31 | € 0.28 | € 0.90 |
Diluted earnings per share (Euros) | € 0.31 | € 0.28 | € 0.90 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Comprehensive Income | |||
Consolidated profit for the year | € 271,146 | € 265,327 | € 708,990 |
Items for reclassification to profit or loss | |||
Translation differences | 469,551 | 811,683 | (747,221) |
Equity accounted investees / Translation differences | 30,771 | (95,939) | 21,916 |
Cash flow hedges - effective portion of changes in fair value | 40,052 | 5,306 | 0 |
Cash flow hedges - amounts taken to profit or loss | (44,809) | (1,133) | 0 |
Tax effect | 1,189 | (1,043) | 0 |
Other | (7,215) | 286 | (252) |
Other comprehensive income for the year, after tax | 489,539 | 719,160 | (725,557) |
Total comprehensive income for the year | 760,685 | 984,487 | (16,567) |
Total comprehensive income attributable to the Parent | 600,038 | 797,762 | 1,408 |
Total comprehensive income attributable to non-controlling interests | € 160,647 | € 186,725 | € (17,975) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Profit before tax | € 361,257 | € 350,453 | € 878,629 |
Adjustments for: | 780,436 | 574,493 | 409,766 |
Amortization and depreciation | 407,864 | 359,767 | 321,533 |
Other adjustments: | 372,572 | 214,726 | 88,233 |
(Profit) / losses on equity accounted investments | (101,996) | (65,744) | (80,965) |
Impairment of assets and net provision charges | 69,982 | 64,091 | (17,148) |
(Profit) / losses on disposal of fixed assets | (1,731) | 1,196 | 1,067 |
Government grants taken to income | (16,440) | (5,608) | (1,683) |
Finance cost / (income) | 445,027 | 246,189 | 170,535 |
Other adjustments | (22,270) | (25,398) | 16,427 |
Change in operating assets and liabilities | (609,219) | (140,908) | 106,283 |
Change in inventories | (600,245) | (157,474) | 164,631 |
Change in trade and other receivables | (80,170) | (16,806) | (35,429) |
Change in current financial assets and other current assets | (9,010) | (7,075) | (20,600) |
Change in current trade and other payables | 80,206 | 40,447 | (2,319) |
Other cash flows used in operating activities | (543,341) | (187,063) | (284,342) |
Interest paid | (350,387) | (155,120) | (155,788) |
Interest received | 4,054 | 407 | 3,773 |
Income tax paid | (196,436) | (30,595) | (131,510) |
Other paid | (572) | (1,755) | (817) |
Net cash from/ used in operating activities | (10,867) | 596,975 | 1,110,336 |
Cash flows from investing activities | |||
Payments for investments | (2,073,480) | (876,678) | (858,387) |
Group companies, associates and business units | (1,533,264) | (519,128) | (468,589) |
Property, plant and equipment and intangible assets | (375,560) | (315,088) | (362,560) |
Property, plant and equipment | (266,491) | (247,373) | (280,154) |
Intangible assets | (109,069) | (67,715) | (82,406) |
Other financial assets | (164,656) | (42,462) | (27,238) |
Proceeds from the sale of investments | 94,657 | 22,529 | 272 |
Group companies, associates and business units | 91,373 | 20,399 | |
Property, plant and equipment | 3,284 | 639 | 272 |
Other financial assets | 1,491 | ||
Net cash used in investing activities | (1,978,823) | (854,149) | (858,115) |
Cash flows from financing activities | |||
Proceeds from and payments for equity instruments | (3,459) | (125,703) | |
Payments for treasury stock | (3,459) | (125,703) | |
Proceeds from and payments for financial liability instruments | (177,372) | 2,746,380 | (243,373) |
Issue | 1,134,168 | 3,324,399 | 108,541 |
Redemption and repayment | (1,207,253) | (495,327) | (272,877) |
Lease payments | (104,287) | (82,692) | (79,037) |
Dividends and interest on other equity instruments | 10,125 | (247,498) | (103,075) |
Dividends paid | (592) | (258,946) | (113,230) |
Dividends received | 10,717 | 11,448 | 10,155 |
Other cash flows used in financing activities | (2,787) | (75,500) | (7,953) |
Financing costs included in the amortized cost of the debt | (78,165) | (9,227) | |
Other amounts from / (used in) financing activities | (2,787) | 2,665 | 1,274 |
Net cash from/(used in) financing activities | (173,493) | 2,297,679 | (354,401) |
Effect of exchange rate fluctuations on cash | 35,551 | 55,459 | (60,155) |
Net increase / (decrease) in cash and cash equivalents | (2,127,632) | 2,095,964 | (162,335) |
Cash and cash equivalents at beginning of the year | 2,675,611 | 579,647 | 741,982 |
Cash and cash equivalents at year end | € 547,979 | € 2,675,611 | € 579,647 |
Statement of Changes in Consoli
Statement of Changes in Consolidated Equity € in Thousands, ¥ in Thousands | Equity attributable to parent EUR (€) | Share capital EUR (€) | Share premium. EUR (€) | Reserves EUR (€) | Profit attributable to parent EUR (€) | Interim dividend EUR (€) | Treasury stock [Member] EUR (€) | Translation differences EUR (€) | Other comprehensive incomes EUR (€) | Cash flow hedges EUR (€) | Non-controlling interests EUR (€) | Non-controlling interests CNY (¥) | EUR (€) |
Balance at beginning of the year at Dec. 31, 2019 | € 4,822,119 | € 119,604 | € 910,728 | € 3,009,599 | € 625,146 | € (136,828) | € (49,584) | € 344,357 | € (903) | € 2,023,649 | € 6,845,768 | ||
Translation differences | (616,886) | (616,886) | (108,419) | (725,305) | |||||||||
Other comprehensive income | (252) | (252) | (252) | ||||||||||
Other comprehensive income / (expense) for the year | (617,138) | (616,886) | (252) | (108,419) | (725,557) | ||||||||
Profit/(loss) for the year | 618,546 | 618,546 | 90,444 | 708,990 | |||||||||
Total comprehensive income for the year | 1,408 | 618,546 | (616,886) | (252) | (17,975) | (16,567) | |||||||
Net change in treasury stock | 5,850 | 5,850 | 5,850 | ||||||||||
Acquisition / Divestment of non-controlling interests | 405,698 | 405,698 | (405,698) | ||||||||||
Other changes | (13,453) | (13,453) | 11,687 | (1,766) | |||||||||
Distribution of prior year profit, Reserves | 488,318 | (488,318) | |||||||||||
Distribution of prior year profit, Dividends | (113,230) | (113,230) | (113,230) | ||||||||||
Distribution of prior year profit, Interim dividend | (136,828) | 136,828 | |||||||||||
Operations with shareholders or owners | 284,865 | 767,333 | (625,146) | € 136,828 | 5,850 | (394,011) | (109,146) | ||||||
Balance at end of the year at Dec. 31, 2020 | 5,108,392 | 119,604 | 910,728 | 3,776,932 | 618,546 | (43,734) | (272,529) | (1,155) | 1,611,663 | ¥ 1,611,663 | 6,720,055 | ||
Translation differences | 605,620 | 605,620 | 110,124 | 715,744 | |||||||||
Cash flow hedges | 3,130 | € 3,130 | 3,130 | ||||||||||
Other comprehensive income | 286 | 286 | 286 | ||||||||||
Other comprehensive income / (expense) for the year | 609,036 | 605,620 | 286 | 3,130 | 110,124 | 719,160 | |||||||
Profit/(loss) for the year | 188,726 | 188,726 | 76,601 | 265,327 | |||||||||
Total comprehensive income for the year | 797,762 | 188,726 | 605,620 | 286 | 3,130 | 186,725 | 984,487 | ||||||
Net change in treasury stock | (120,455) | (120,455) | (120,455) | ||||||||||
Acquisition / Divestment of non-controlling interests | (1,611) | (1,611) | 1,522 | (89) | |||||||||
Other changes | (8,036) | (8,036) | 82 | (7,954) | |||||||||
Distribution of prior year profit, Reserves | 618,546 | (618,546) | |||||||||||
Distribution of prior year profit, Dividends | (252,443) | (252,443) | (6,503) | (258,946) | |||||||||
Operations with shareholders or owners | (382,545) | 356,456 | (618,546) | (120,455) | (4,899) | (387,444) | |||||||
Balance at end of the year at Dec. 31, 2021 | 5,523,609 | 119,604 | 910,728 | 4,133,388 | 188,726 | (164,189) | 333,091 | (869) | 3,130 | 1,793,489 | ¥ 1,793,489 | 7,317,098 | |
Translation differences | 402,542 | 402,542 | 97,780 | 500,322 | |||||||||
Cash flow hedges | (3,568) | (3,568) | (3,568) | ||||||||||
Other comprehensive income | (7,215) | (7,215) | (7,215) | ||||||||||
Other comprehensive income / (expense) for the year | 391,759 | 402,542 | (7,215) | (3,568) | 97,780 | 489,539 | |||||||
Profit/(loss) for the year | 208,279 | 208,279 | 62,867 | 271,146 | |||||||||
Total comprehensive income for the year | 600,038 | 208,279 | 402,542 | (7,215) | (3,568) | 160,647 | 760,685 | ||||||
Net change in treasury stock | 1,969 | 1,969 | 1,969 | ||||||||||
Acquisition / Divestment of non-controlling interests | 373,468 | 373,468 | |||||||||||
Other changes | 4,322 | 4,322 | 2 | 4,324 | |||||||||
Distribution of prior year profit, Reserves | 188,726 | (188,726) | |||||||||||
Operations with shareholders or owners | 6,291 | 193,048 | (188,726) | 1,969 | 373,470 | 379,761 | |||||||
Balance at end of the year at Dec. 31, 2022 | € 6,129,938 | € 119,604 | € 910,728 | € 4,326,436 | € 208,279 | € (162,220) | € 735,633 | € (8,084) | € (438) | € 2,327,606 | € 8,457,544 |
Nature, Principal Activities an
Nature, Principal Activities and Subsidiaries | 12 Months Ended |
Dec. 31, 2022 | |
Nature, Principal Activities and Subsidiaries | |
Nature, Principal Activities and Subsidiaries | (1) Nature, Principal Activities and Subsidiaries Grifols, S.A. (hereinafter the Company) was incorporated with limited liability under Spanish law on 22 June 1987. Its registered and tax offices are in Jesús i Maria, 6, 08022, Barcelona. The Company’s statutory activity consists of providing corporate and business administrative, management and control services, as well as investing in assets and property. Its principal activity involves rendering administrative, management and control services to its subsidiaries. On 17 May 2006 the Company completed its flotation on the Spanish securities market, which was conducted through the public offering of 71,000,000 ordinary shares of Euros 0.50 par value each and a share premium of Euros 3.90 per share. The total capital increase (including the share premium) amounted to Euros 312.4 million, equivalent to a price of Euros 4.40 per share. The Company’s shares were floated on the Spanish stock exchange IBEX-35 index on 2 January 2008. All of the Company’s shares are listed on the Barcelona, Madrid, Valencia and Bilbao securities markets and on the Spanish Automated Quotation System (SIBE/Continuous Market). On 2 June 2011, Class B non-voting shares (ADRs) were listed on the NASDAQ (USA) and on the Spanish Automated Quotation System (SIBE/Continuous Market). Grifols, S.A. is the Parent of the subsidiaries listed in Appendix I of this note to the consolidated financial statements. Grifols, S.A. and subsidiaries (hereinafter the Group) act on an integrated basis and under common management and their principal activity is the procurement, manufacture, preparation and sale of therapeutic products, especially hemoderivatives. The main factory locations of the Group’s Spanish companies are in Parets del Vallés (Barcelona) and Torres de Cotilla (Murcia), while the US companies are located in Los Angeles (California), Clayton (North Carolina), Emeryville (California), and San Diego (California). |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2022 | |
Basis of Presentation | |
Basis of Presentation | (2) Basis of Presentation The consolidated financial statements have been prepared on the basis of the accounting records of Grifols, S.A. and of the Group companies. The consolidated financial statements for 2022 have been prepared under International Financial Reporting Standards as issued by the International Accounting Standard Board (IFRS-IASB) which for Grifols Group purposes, are identical to the standards as endorsed by the International Financial Reporting Standards as adopted by the European Union (IFRS-EU) to present fairly the consolidated equity and consolidated financial position of Grifols, S.A. and subsidiaries at 31 December 2022, as well as the consolidated results from their operations, consolidated cash flows and consolidated changes in equity for the year then ended. At their meeting held on 13 April 2023 the Board of Directors of Grifols, S.A. authorized for issue the 2022 consolidated financial statements. The consolidated financial statements are presented in thousands of Euros, which is the functional and presentation currency of the Parent. These consolidated financial statements for 2022 show comparative figures for 2021 and voluntarily show figures for 2020 from the consolidated statement of profit and loss, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows and their corresponding notes thereto. For the purposes of comparing the consolidated statement of profit and loss for 2022, 2021 and 2020 and the consolidated balance sheet for 2022 and 2021, the effects of the application new standards described in note 2 must be taken into account. The Group adopted IFRS-EU for the first time on 1 January 2004 and has been preparing its financial statements under International Financial Reporting Standards, as adopted by the European Union (IFRS-EU) as required by Spanish capital market regulations governing the presentation of financial statements by companies whose debt or own equity instruments are listed on a regulated market. In accordance with the provision of section 357 of the Irish Companies Act 2014, the Company has irrevocably guaranteed all liabilities of an Irish subsidiary undertaking, Grifols Worldwide Operations Limited (Ireland) (see Appendix I), for the financial year ended 31 December 2022 as referred to in subsection 1(b) of that Act, for the purposes of enabling Grifols Worldwide Operations Limited to claim exemption from the requirement to file their own financial statements in Ireland. (a) Relevant accounting estimates, assumptions and judgments used when applying accounting principles The preparation of the consolidated financial statements in conformity with IFRS-IASB requires management to make judgments, estimates and assumptions that affect the application of Group accounting policies. The following notes include a summary of the relevant accounting estimates and judgments used to apply accounting policies which have the most significant effect on the amounts recognized in the consolidated financial statements. ● Determination of the fair value of assets, liabilities and contingent liabilities in relation to business combinations. The fair value methods used by the Group are detailed in note 3 ● Assumptions used to test non-current assets and goodwill for impairment. Relevant cash generating units are tested annually for impairment. These are based on risk-adjusted future cash flows discounted using appropriate interest rates. The key assumptions used are specified in note 6. Assumptions relating to risk-adjusted future cash flows and discount rates are based on business forecasts and are therefore inherently subjective. Future events could cause a change in business forecasts, with a consequent adverse effect on the future results of the Group. To the extent considered a reasonably possible change in key assumptions could result in an impairment of goodwill, a sensitivity analysis has been disclosed to show the effect of changes to these assumptions and the effect of the cash generating unit (CGU) on the recoverable amount. ● Evaluation of the capitalization of development costs (see note 4(d)). The key assumption is related to the estimation of sufficient future economic benefits of the projects. ● The calculation of the income tax expense requires tax legislation interpretations in the jurisdictions where Grifols operates. The decision as to whether the tax authority will accept a given uncertain tax treatment and the expected outcome of outstanding litigation requires significant estimates and judgements. Likewise, Grifols recognizes deferred tax assets, mainly from tax credits and rights to deduct to the extent that it is probable that sufficient taxable income will be available against which temporary differences can be utilized, based on management assumptions regarding amount and payments of future taxable profits (see notes 4(q) and 27). ● Determination of chargebacks made to certain customers in the United States (see note 4 (p)). No changes have been made to prior year judgments relating to existing uncertainties. The Group is also exposed to interest rate and currency risks. Refer to sensitivity analysis in note 29. (b) Basis of consolidation Appendix I shows details of the percentages of direct or indirect ownership of subsidiaries by the Company at 31 December 2022, 2021 and 2020, as well as the consolidation method used in each case for preparation of the accompanying consolidated financial statements. Subsidiaries in which the Company directly or indirectly owns the majority of equity or voting rights have been fully consolidated. Associates in which the Company owns between 20% and 50% of share capital and over which it has no control but does have significant influence, have been accounted for under the equity method. Although the Group holds 49% of the shares with voting rights of Grifols Malaysia Sdn Bhd, it controls the majority of the economic and voting rights of Grifols Malaysia Sdn Bhd through a contract with the other shareholder and a pledge on its shares. As a consequence, it has been fully consolidated. Grifols (Thailand) Ltd. has two classes of shares and it grants the majority of voting rights to the class of shares held by the Group. As a consequence, it has been fully consolidated. Changes in associates and jointly controlled entities are detailed in note 10. Changes in subsidiaries In 2022: ● Albimmune, S.L. On 13 January 2022, Grifols, through its wholly owned subsidiary Grifols Innovation and New Technologies Limited, Inc., reached an agreement to acquire 51% of the shares of Albimmune, S.L. for a total amount of Euros 3,000. ● VCN Biosciences, S.L. On 10 March 2022, Grifols, together with the other shareholders, reached an agreement to sell one hundred As a result of this divestment, the Group has recognized income of Euros 7,557 thousand in the statement of profit and. ● Biomat USA, Inc. Effective 1 April 2022, Biomat USA Inc. and Talecris Plasma Resources, Inc. entered into a merger agreement, and the resulting company was Biomat USA, Inc. ● Biotest AG and Grifols Biotest Holdings GmbH On 25 April 2022, and once all regulatory approvals had been obtained, Grifols completed the acquisition of 70.18% of the share capital of Biotest AG and the entire share capital of Tiancheng (Germany) Pharmaceutical Holdings AG, whose current corporate name is Grifols Biotest Holdings GmbH, for Euros 1,460,853 thousand (see note 3). ● Access Biologicals Inc. On 15 June 2022, Grifols, through its wholly owned subsidiary Chiquito Acquisition Corp., reached an agreement to acquire all the shares of Access Biologicals LLC, exercising the call option for the remaining 51% for a total of US Dollars 142 million (see note 3 and 10). ● Grifols México, S.A. de C.V. Effective 15 December 2022, Grifols México, S.A. de C.V. and Logística Grifols, S.A. de C.V. entered into a merger agreement, and the resulting company was Grifols México, S.A. de C.V. In 2021: ● Grifols Pyrenees Research Center, SL Grifols, through its wholly-owned subsidiary Grifols Innovation and New Technologies Limited (“GIANT”), owns 80% of the company Grifols Pyrenees Research Center, SL, which was created to develop and manage a new research center specializing in immunology, which will enhance the knowledge of the human immune system and develop new immunological therapies. The contribution made by the Group amounted to Euros 2 thousand. The remaining 20% belongs to the Government of Andorra, through its economic promotion office Andorra Desenvolupament i Inversió. ● Gigagen, Inc. On 8 March 2021, Grifols, through its wholly owned subsidiary Grifols Innovation and New Technologies Limited (“GIANT”), reached an agreement to acquire all of the shares of Gigagen, Inc. for a total consideration of US Dollars 90.5 million. With the acquisition of 100% of the shareholding, Grifols obtained control over Gigagen and, therefore, it is considered a group company and started to be consolidated under the full integration method. Until that date, the previous shareholding of 43.96% was accounted for by the equity method. The difference between the fair value of the previous shareholding and the value recognized in books was Euros 34,525 thousand (US Dollars 41,758 thousand), recognizing a gain for this amount “Profit/Loss of equity accounted investees” in the statement of profit and loss (see note 3). ● Prometic Plasma Resources, Inc. On 31 December 2021, Grifols, through its wholly owned subsidiary Grifols Canada Therapeutics Inc., reached an agreement to acquire all of the shares of Prometic Plasma Resources Inc. for a total consideration of US Dollars 8,805 thousand (see note 3). ● Grifols Escrow Issuer, S.A. On August 26, 2021, Grifols, S.A. acquired all of the shares of Grifols Escrow Issuer, S.A. for a total consideration of US Dollars 60 thousand. ● Araclon Biotech, SL In October 2021 Araclon Biotech, S.L carried out a share capital increases of Euros 10 million. After the latter capital increase Grifols’ interest rises to 75.85%. ● Haema Plasma Kft. On 1 February 2021, Scranton Plasma B.V. acquired 100% of the shares of Haema Plasma Kft. (see note 3 (b)). The following companies were incorporated during 2021 and were included in the consolidated Grifols Group. ● Grifols Middle East&Africa, LLC ● Grifols Bio North America, LLC ● Biomat Holdco, LLC ● Biomat Newco, Corp In 2020: ● Grifols Diagnostic Solutions, Inc. On 30 March 2020, Grifols closed a share exchange agreement with Shanghai RAAS Blood Products Co. Ltd. (hereinafter SRAAS), through which Grifols delivered 90 shares of its US subsidiary Grifols Diagnostic Solutions Inc. (hereinafter GDS) (representing 45% of the economic rights and 40% of the voting rights), and in exchange received 1,766 million SRAAS shares (representing 26.2% of the share capital). Thus, Grifols became the largest shareholder of SRAAS, while maintaining operational, political and economic control of GDS (see note 10). ● Plasmavita Healthcare GmbH On 14 April 2020, Grifols made a contribution of Euros 10 million in cash that was recognized as a shareholder contribution in Plasmavita. The equity shares of 50% has remained unaffected after the contribution. However, in assessing the existence of control due to the new shareholders’ agreement signed on this date, it can be concluded that Grifols has control over Plasmavita and, therefore, it is considered part of the group and it has been fully consolidated (see note 3). ● Alkahest, Inc. On 2 September 2020, the Group reached an agreement with the shareholders of Alkahest Inc. (“Alkahest”) to acquire 57.55% of Alkahest’s shares for a total price of US Dollars 146 million, on a debt free basis (see note 3). ● Green Cross On 20 July 2020, Grifols executed share purchase arrangements with the South Korean-based GC Pharma (Group) (“GC Pharma”) and other investors for the purchase of a plasma fractionation facility and two purification facilities located in the city of Montreal, Canada, (the “Factories”) and 11 plasma collection centers located in the United States (“the “Donation Centers”), for a total price of Euros 387,917 thousands (US Dollars 457,160 thousand), on a debt free basis. Grifols will not require supplementary financing for this transaction. On 1 October 2020, the transaction was closed (see note 3). ● VCN Biosciences, S.L. On 2 December 2020, VCN Biosciences, S.L. carried out a share capital increase of Euros 5 million. Consequently, the Group interest rises from 81.34% to 86.83%. (c) Amendments to IFRS in 2022, 2021 and 2020 In accordance with IFRS, the following should be noted in connection with the scope of application of IFRS and the preparation of these consolidated financial statements of the Group. Effective in 2020 Mandatory application for annual periods beginning on or after: Standards EU effective date IASB effective date IAS 1 Definition of Material (issued on 31 October 2018) 1 January 2020 1 January 2020 Various Amendments to Reference to the Conceptual Framework in IFRS Standards (issued on 29 March 2018) 1 January 2020 1 January 2020 IFRS 3 Amendment to IFRS 3 Business Combination (issued on 22 October 2018) 1 January 2020 1 January 2020 IFRS 9 IAS 39 Interest rate Benchmark Reform (issued on 26 September 2019) 1 January 2020 1 January 2020 IFRS 7 IFRS 16 Covid 19 - Related Rent concessions (issued on 28 May 2020) 1 June 2020 1 June 2020 Effective in 2021 Mandatory application for annual periods beginning on or after Standards EU effective date IASB effective date IFRS 4 Amendments to IFRS 4 Insurance Contracts – deferral of IFRS 9 (issued on 25 June 2020) 1 January 2021 1 January 2021 Various Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2 (issued on 27 August 2020) 1 January 2021 1 January 2021 IFRS 16 Amendment to IFRS 16 Leases Covid 19-Related Rent Concessions beyond 30 June 2021 (issued on 31 March 2021) 1 April 2021 1 April 2021 Effective in 2022 The following standards published by the IASB and the IFRS Interpretations Committee and adopted by the European Union for application in Europe came into force in 2022 and, therefore, have been taken into account in the preparation of these consolidated financial statements: Mandatory application for annual periods beginning on or after: Standards EU effective date IASB effective date Amendments issued 14 May 2020 to: – IFRS 3 Business Combinations: references to the Conceptual Framework; Various – IAS 16 Property, Plant and Equipment: Proceeds before Intended Use; 1 January 2022 1 January 2022 – IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contracts — Cost of Fulfilling a Contract ; and – Annual Improvements to IFRSs 2018-2020: IFRS 1, IFRS 9, IFRS 16 and IAS 41. The application of these standards and interpretations has had no significant impact on these consolidated financial statements. Standards issued but not effective in 2022 At the date these consolidated financial statements were authorized for issue, the following IFRS and amendments have been published by the European Union but their application is not mandatory until the future periods indicated below: Mandatory application for annual periods beginning on or after: Standards EU effective date IASB effective date IAS 1 Amendments to IAS 1 Presentation of Financial Statements: - Classification of Liabilities as Current or Non-current Date (issued on 23 January 2020); - Classification of Liabilities as Current or Non-current - Deferral of Effective Date (issued on 15 July 2020); and - Non-current Liabilities with Covenants (issued on 31 October 2022) pending 1 January 2024 IFRS 16 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on 22 September 2022) pending 1 January 2024 IFRS 17 Insurance Contracts (issued on 18 May 2017); including 1 January 2023 1 January 2023 IAS 8 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estitmates (issued on 12 February 2021) 1 January 2023 1 January 2023 IAS 1 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (issued on 12 February 2021) 1 January 2023 1 January 2023 IAS 12 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (issued on 7 May 2021) 1 January 2023 1 January 2023 IFRS 17 Amendments to IFRS 17 Isurance contracts: Initial Application of IFRS 17 and IFRS 9 - Comparative Information (issued on 9 December 2021) 1 January 2023 1 January 2023 The Group has not applied any of these standards or interpretations in advance of their effective date. The application of these standards and interpretations has had no significant impact on these consolidated financial statements. |
Business Combinations and Dives
Business Combinations and Divestments | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations and Divestments | |
Business Combinations and Divestments | (3) Business Combinations and Divestments 2022 a) Prometic Plasma Resources, Inc. On 31 December 2021, Grifols, through its wholly owned subsidiary Grifols Canada Therapeutics, Inc., acquired all the shares of Prometic Plasma Resources Inc. for a total of Canadian Dollars 11,127 thousand (Euros 7,757 thousand). Aggregate details of the cost of the business combination, the provisional fair value of the net assets acquired and the goodwill at the acquisition date are shown below: Reference Thousands of Euros Canadian Dollars Cost of the business combination Consideration paid 7,757 11,127 Total consideration paid 7,757 11,127 Fair value of net assets acquired 4,933 7,075 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) Note 6 2,824 4,052 The amounts determined at the acquisition date of the assets, liabilities and contingent liabilities acquired are as follows: Fair Value Thousands of Canadian Thousands of Euros Dollars Other Intangible Assets 551 791 Rights of Use 238 341 Property, plant and equipment 36 51 Inventories 71 102 Trade and other reeceivables 4,603 6,602 Other current assets 9 13 Cash and cash equivalents 32 46 Total Assets 5,540 7,946 Non-current financial liabilities (32) (46) Current financial liabilities (264) (379) Trade and other payables (311) (446) Total Liabilities (607) (871) Total net assets acquired 4,933 7,075 The resulting goodwill has been allocated to the Biopharma segment and includes the donor database, licenses and workforce. b) Haema Plasma Kft. On 1 February 2021, Scranton Plasma B.V. acquired 100% of the shares of Haema Plasma Kft. Scranton is a shareholder of Grifols. On 1 February 2021 the Group signed a call option on the shares of Haema Plasma kft, exercisable by the Group only 12 months after signing and with an expiry of 48 months from the date on which the option becomes exercisable. The option price was set at thirteen times EBITDA minus net debt. The Group has potential voting rights arising from the option to purchase the shareholding and these are substantive, based on: ● A call option for Grifols which gives it the irrevocable and exclusive right (not an obligation) to acquire the Haema Plasma Kft shareholding at any time after 1 February 2022. ● Grifols is committed to providing support services in the business of collecting, processing and distributing plasma from the donation centres. There is also a Plasma Supply Agreement whereby the plasma produced by these entities will be used almost entirely to cover Grifols’ needs. There is no sales exclusivity. ● There are no shareholder agreements that provide for relevant decisions to be approved in a manner other than by majority vote. The above are indicators of the power that Grifols acquires over this entity, considering that the call option is likely to be exercised and Grifols will have the financial capacity to carry it out. Consequently, at the time the option becomes exercisable, the option empowers Grifols, even though it has not yet been exercised, and Haema Plasma Kft. is therefore included in Grifols’ consolidated financial statements from 2022. Aggregate details of the cost of the business combination, the provisional fair value of the net assets acquired and the provisional goodwill at the acquisition date are shown below: Thousands of Thousands of Reference Euros Hungarian Forint Call option price 16,948 6,228,796 Total consideration 16,948 6,228,796 Fair value of net assets acquired 2,209 812,371 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) Note 6 14,739 5,416,425 The provisional amounts determined at the date of consolidation of the assets, liabilities and contingent liabilities acquired are as follows: Fair Value Thousands of Hungarian Thousands of Euros Forint Other Intangible assets 37 13,620 Rights of Use 3,421 1,257,286 Property, plant and equipment 1,301 478,222 Other non-current assets 302 110,810 Deferred tax assets 13 4,742 Inventories 2,784 1,022,926 Trade and other receivables 357 131,821 Other current assets 252 92,769 Cash and cash equivalents 3,343 1,228,356 Total Assets 11,810 4,340,552 Provisions (169) (61,946) Non-current financial liabilities (2,517) (925,074) Current financial liabilities (4,281) (1,573,216) Trade and other payables (2,100) (771,861) Other current liabilities (534) (196,084) Total Liabilities and contingent liabilities (9,601) (3,528,181) Total net assets acquired 2,209 812,371 The resulting goodwill has been allocated to the Biopharma segment and includes the donor database, licences and workforce. c) VCN Biosciences, S.L. On 10 March 2022, Grifols, together with the other shareholders, reached an agreement to sell one hundred percent of the issued and outstanding shares of VCN Bioscience, S.L. for US Dollars 7,700 thousand. As a result of this divestment, the Group has recognized an income of Euros 7,557 thousand under “other income” in the statement of profit and loss. VCN’s net assets were derecognised from the consolidated group as of the indicated date. d) Biotest AG On 25 April 2022, and once all regulatory approvals were obtained, Grifols completed the acquisition of 70.18% of the share capital of Biotest AG for Euros 1,460,853 thousand. The transaction was structured as follows: ● Grifols acquired the entire share capital of Tiancheng (Germany) Pharmaceutical Holdings AG for Euros 1,090,518 thousand. This amount included a loan from Tiancheng (Germany) Pharmaceutical Holdings AG, whose current corporate name is Grifols Biotest Holdings GmbH, to Biotest AG of Euros 317,876 thousand. The Biotest shares were valued at Euros 43.00 per ordinary share ( 17,783,776 shares) and Euros 37.00 per preference share ( 214,581 shares). ● At the same time as the transaction, Grifols closed the voluntary takeover bid to all shareholders, which involved the payment of 370,335 thousand of euros for 1,435,657 ordinary shares at 43.00 euros per share and 8,340,577 preference shares at 37.00 euros per share. The investment in Biotest will significantly strengthen Grifols’ capabilities, including its scientific and technical capabilities, helping to strengthen the availability of plasma medicines, its commercial presence and its R&D pipeline. With the opening of 2 new centers, Biotest now has 28 plasma donation centers in Europe. Aggregate details of the cost of the business combination, the provisional fair value of the net assets acquired and the provisional goodwill at the acquisition date are shown below: Reference Thousands of Euros Cost of the business combination Consideration paid 1,460,853 Total consideration paid 1,460,853 Fair value of net assets acquired 1,157,229 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) Note 6 303,624 The resulting goodwill has been allocated to the Biopharma segment. The provisional amounts determined at the date of consolidation of the assets, liabilities and contingent liabilities acquired are as follows: Fair Value Thousands of Euros Other Intangible Assets 1,172,582 Rights of Use 25,256 Property, plant and equipment 545,667 Other non-current assets 13,969 Deferred Tax Assets 9,109 Inventories 259,316 Contract Assets 35,319 Trade and other receivables 88,249 Other current assets 25,644 Cash and cash equivalents 94,662 Total assets 2,269,773 Non-controlling interests (356,386) Non-current provisions (120,298) Non-current financial liabilities (182,761) Other non-current liabilities (9) Deferred tax liabilities (347,192) Current Provisions (18,239) Current financial liabilities (35,052) Trade and other payables (40,489) Other current liabilities (12,118) Total Liabilities and contingent liabilities (1,112,544) Total net assets acquired 1,157,229 As part of the purchase price allocation, the company has determined that identifiable intangible assets are the research and development projects in progress, the current product portfolio as well as certain distribution agreements. The fair value of intangible assets has been estimated using an income approach and the projected cash flows have been discounted using rates between 8.6% and 11%. The cash flows have been based on estimates used to establish the transaction price and the discount rates applied have been compared with reference to the implied rate of return of the transaction model and the weighted average cost of capital. The fair value of research and development projects in progress involving plasma therapies (Fibrinogen, IgM and IgG) has been estimated in accordance with an income approach based on the Multiple-Period Excess Earnings Method for the application of which the results of such projects have been adjusted for the probability of success according to the clinical phase of the project at the date of the transaction. The current product portfolio comprises regulatory approvals, trademarks, patient relationships and physician relationships related to products currently marketed by Biotest. The distribution agreements identified as intangible assets relate to the distribution of certain products in different geographic regions. In both cases, the fair value has been determined using the Multiple-Period Excess Earnings Method. Research and development projects in progress, the current product portfolio and distribution agreements are amortized on a straight-line basis over an average period of 20, 30 and 7.5 years, respectively. If the acquisition had taken place as of January 1, 2022, the revenue would have changed by Euros 154,846 thousand and the group result by Euros (15,434) thousand. The Group has recognized under operating expenses in the consolidated statement of profit and loss an amount of Euros 23,600 thousand of transaction costs. e) Access Biologicals Inc. On 15 June 2022, Grifols, through its wholly owned subsidiary Chiquito Acquisition Corp., reached an agreement to acquire all the shares of Access Biologicals LLC, exercising the call option for the remaining 51% for a total of US Dollars 142 Access Biologicals’ core business is the collection and manufacture of an extensive portfolio of biological products. Combined with a closed materials sourcing process, it provides support services for different markets such as in-vitro diagnostics, biopharmaceuticals, cell culture and diagnostic research and development. Aggregate details of the cost of the business combination, the provisional fair value of the net assets acquired and the provisional goodwill at the acquisition date are shown below: Thousands of US Reference Thousands of Euros Dollars Cost of the business combination First share purchase 48,218 51,010 Second share purchase (present value) 134,742 142,544 Total consideration paid 182,960 193,554 Gain on the previously held investment 72,984 77,209 Accumulated gain for equity method before acquisition date 8,256 8,735 Step-up of the previously held investment 81,240 85,944 Fair value of net assets acquired (83,366) (88,193) Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) Note 6 180,834 191,305 The provisional amounts determined at the date of consolidation of the assets, liabilities and contingent liabilities acquired are as follows: Fair Value Thousands of Thousands of US Euros Dollars Other Intangible Assets 82,080 86,832 Property, plant and equipment 2,589 2,739 Other non-current assets 75 79 Inventories 16,836 17,811 Trade and other receivables 7,522 7,958 Other current assets 1,529 1,618 Cash and cash equivalents 2,987 3,160 Total Assets 113,618 120,197 Trade and other payables (7,249) (7,669) Deferred tax liabilities (22,981) (24,312) Other non-current liabilities (22) (23) Total Liabilities and contingent liabilities (30,252) (32,004) Total net assets acquired 83,366 88,193 The resulting provisional goodwill has been allocated to the Bio-Supplies segment. As part of the purchase price allocation, the Company has determined that identifiable intangible assets are customer relationships. Customer relationships have been valued using the Multiple-Period Excess Earnings Method, for the application of which a discount rate of 8.1% has been considered and a decline rate resulting in an average useful life of 14 years. The cash flows have been based on estimates used to establish the transaction price and the discount rate applied has been compared with reference to the implied rate of return of the transaction model and the weighted average cost of capital. The excess of the purchase price over the estimated fair value of the net assets acquired has been recorded as goodwill. The factors contributing to its recognition have been the acquired workforce as well as the expected benefits from the combination of the Group’s activities. If the acquisition had taken place as of January 1, 2022, the revenue would have changed by Euros 4,402 thousand and the group result by Euros 1,819 thousand. The Group has recognized under operating expenses in the consolidated statement of profit and loss an amount of Euros 486 thousand of transaction costs. f) Goetech, LLC In July 2022, Grifols closed an agreement to sell in cash substantially all of the assets of its subsidiary Goetech LLC, whose trade name is MedKeeper, for a US Dollars 91,635 thousand Enterprise Value (Euros 90,002 thousand). MedKeeper develops and markets innovative mobile and cloud-based IT applications aimed at helping hospital pharmacies boost productivity, process safety and compliance. As a consequence of this divestment, the Group has recognized an income of Euros 23,106 thousand in the profit and loss account. Goetech’s net assets were derecognized from the consolidated group as of the indicated date. 2021 ● Gigagen, Inc. On 8 March 2021, Grifols, through its wholly owned subsidiary Grifols Innovation and New Technologies Limited (“GIANT”), reached an agreement to acquire all of the shares of Gigagen, Inc. for a total consideration of US Dollars 90.5 million. GigaGen is a U.S. biotechnology company specializing in the discovery and early development of recombinant biotherapeutic drugs. GigaGen’s research focuses on the discovery of new biological treatments based on antibodies derived from millions of donor-derived immune system cells. With the acquisition of 100% of the shareholding, Grifols obtained control over Gigagen and, therefore, it was considered a group company and is consolidated under the full consolidation method. Until that date, the previous shareholding of 43.96% was accounted for using the equity method. The difference between the fair value of the previous shareholding and the value recognized in books was Euros 34,525 thousand (US Dollars 41,758 thousand), recognizing a profit for this amount under “Profit/(loss) of equity accounted investees “ in the statement of profit and loss. From the total amount agreed, as of 31 December 2021, an amount of Euros 38,201 thousand was paid in cash and Euros 36,591 thousand were payable. This amount was presented under “Current financial liabilities” in the balance sheet and it was paid in March 2022. The Group recognized an amount of Euros 404 thousand of transaction costs under operating expenses in the consolidated statement of profit and loss. Aggregate details of the cost of the business combination, the fair value of the net assets acquired and the goodwill at the acquisition date are shown below: Thousands of Thousands of Reference Euros US Dollars Consideration paid First share purchase 38,201 46,203 Second share purchase (present value) 35,227 42,608 Total consideration paid 73,428 88,811 Fair value of the previous investment in the company 50,792 61,434 Fair value of net assets acquired 18,760 22,691 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) Note 6 105,460 127,554 The amounts determined at the acquisition date of the assets, liabilities and contingent liabilities acquired are as follows: Fair value Thousands of Thousands of Reference Euros US Dollars Development costs in progress Note 7 24,027 29,061 Property, plant and equipment Note 7 1,168 1,413 Non-current financial assets 151 183 Trade and other receivables 56 68 Other current assets 2,368 2,864 Cash and cash equivalents 12,389 14,985 Total assets 40,159 48,574 Non-current liabilities (17,792) (21,520) Current liabilities (3,607) (4,363) Total liabilities and contingent liabilities (21,399) (25,883) Total net assets identified 18,760 22,691 The fair value of the R&D projects in progress was estimated based on market approach of comparable transactions. The resulting goodwill was allocated to the others segment and includes the specialized R&D workforce and the portfolio of future early stage products. The acquired business generated consolidated results for the Group during the period from the acquisition date to year-end in the amount of Euros 4,350 thousand. If the acquisition had occurred as of 1 January 2021, the Group’s net revenues and results would not have changed significantly. ● BPL Plasma, Inc. On 28 February 2021, Biomat USA, Inc. the Group’s American subsidiary, acquired 25 plasma donation centers in the United States from BPL Plasma, Inc. a subsidiary of Bio Products Laboratory Holdings Limited, for US Dollars 385 million. The transaction received the necessary regulatory approvals and was financed with its own resources, without issuing debt. Grifols will obtain approximately one million liters of plasma per year from these centers. The Group recognized transaction costs of Euros 2,764 thousand in operating expenses in the consolidated statement of profit and loss. Aggregate details of the cost of the business combination, the definitive fair value of the net assets acquired and the definitive goodwill at the acquisition date are shown below: Reference Thousands of Euros Thousands of US Dollars Consideration paid First payment made 9,921 12,000 Cash paid at the transaction closing date 308,016 372,548 Total consideration paid 317,937 384,548 Fair value of net assets acquired 15,039 18,190 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) Note 6 302,898 366,358 The amounts determined at the acquisition date of the assets, liabilities and contingent liabilities acquired are as follows: Fair value Reference Thousands of Euros Thousands of US Dollars Property, plant and equipment Note 9 14,406 17,424 Non-current financial assets 85 103 Inventories 557 674 Total assets 15,048 18,201 Current liabilities (9) (11) Total liabilities and contingent liabilities (9) (11) Total net assets identified 15,039 18,190 The resulting goodwill was allocated to the Biopharma segment and included the donor database, licenses and workforce. ● Acquisition of plasma centers from Kedplasma, LLC. On 31 March 2021, Biomat USA, Inc., the Group’s American subsidiary, acquired 7 plasma donation centers in the United States from the company Kedplasma, LLC for US Dollars 55.2 million. All the centers acquired are licensed by the U.S. Food and Drug Administration (FDA) and the European authorities. Grifols will have immediate access to the plasma obtained at these centers, which obtain approximately 240,000 liters of plasma per year. The transaction received the necessary regulatory approvals and was financed with equity without issuing debt. The Group recognized transaction costs of Euros 625 thousand in operating expenses in the consolidated statement of profit and loss. Aggregate details of the cost of the business combination, the definitive fair value of the net assets acquired and the definitive goodwill at the acquisition date are shown below: Reference Thousands of Euros Thousands of US Dollars Consideration paid 45,638 55,200 Total consideration paid 45,638 55,200 Fair value of net assets acquired 2,692 3,256 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) Note 6 42,946 51,944 The amounts determined at the acquisition date of the assets, liabilities and contingent liabilities acquired are as follows: Fair value Reference Thousands of Euros Thousands of US Dollars Property, plant and equipment Note 9 2,448 2,961 Inventories 244 295 Total assets 2,692 3,256 Total net assets identified 2,692 3,256 The resulting goodwill was allocated to the Biopharma segment and included the donor database, licenses and workforce. ● Prometic Plasma Resources, Inc. On 31 December 2021, Grifols, through its wholly owned subsidiary Grifols Canada Therapeutics Inc., acquired all of the shares of Prometic Plasma Resources Inc. for a total consideration of US Dollars 8,805 thousand (see note 2). The purchase price has been assigned provisionally to Goodwill in the consolidated balance sheet, considering that the initial accounting has not been completed at the end of the reporting period. 2020 (a) In November 2017, Grifols established Plasmavita Healthcare GmbH (hereinafter Plasmavita), a joint venture between Grifols (50%) and two other partners (50%) for the construction and operation of 10 plasma donor centers in Germany. On 14 April 2020, Grifols made a contribution of Euros 10 million in cash that was recognized as a shareholder contribution in Plasmavita. The equity share of 50% has remained unchanged after the contribution. However, in assessing the existence of control due to new shareholder agreement signed on this date, the following was concluded: - Grifols has a casting vote for any decision, determination and approval, with respect to the annual budget of Plasmavita and the distribution of dividends. Grifols has the power to make key business decisions. - Grifols is involved in the decision-making related to exposure or rights to variable returns from the investee. - Grifols has the casting vote to distribute dividends. Considering the above, it was concluded that Grifols has control over Plasmavita and, therefore, it is considered part of the group and it has been fully consolidated. Details of the aggregate business combination cost, the fair value of the net assets acquired and the goodwill at the acquisition date are provided below: Reference Thousands of Euros Consideration paid Cash paid 10,000 Total consideration paid 10,000 Fair value of the previous investment in the business 10,674 Fair value of net assets acquired 21,374 Non-controlling interests (10,687) Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) Note 6 9,987 The amounts determined at the date of acquisition of assets, liabilities and contingent liabilities acquired are as follows: Fair Value Reference Thousands of Euros Intangible assets Note 7 177 Rights of use Note 8 7,856 Property, plant and equipment Note 9 6,506 Investment in group companies 9,548 Non-current financial assets 5,017 Inventories 1,114 Trade and other receivables 811 Other current assets 333 Cash and cash equivalents 359 Total assets 31,721 Deferred tax liabilities (1,364) Other non-current liabilites (7,575) Current liabilities (1,408) Total liabilities and contingent liabilities (10,347) Total net assets acquired 21,374 The resulting goodwill was allocated to the Biopharma segment, and it included the donor data base, licenses and workforce. If the acquisition had taken place on 1 January 2020, the net amount of the Group´s revenue and profit would not have differed significantly. The revenue and consolidated profit generated by Plasmavita between the acquisition date and 31 December 2020 are not significant for the Group. The difference between the fair value of the previous investment and the book value amounted to Euros 5,357 thousand and has been recognized as income under “Profit/(loss) of equity accounted investees with similar activity to that of the Group” in the consolidated statement of profit and loss. The minority interest’s share of the contribution made amounts to Euros 5 million and has been recognized as a loss under the same line item. (b) On 2 September 2020, Grifols signed an agreement to acquire all the shares of Alkahest Inc. (“Alkahest”) for a total amount of Euros 123,425 thousand (US Dollars 146,000 thousand), which was subject to approval by regulatory authorities. As part of the agreement, the Group had: ● Grifols has a casting vote for any decision, determination and approval, with respect to the annual budget of Alkahest and the distribution of dividends. Grifols has the power to decide on key business decisions. ● Grifols is involved in the decision-making related to exposure or rights to variable returns from the investee. Considering the above, it was concluded that Grifols has control over Alkahest and, therefore, it is considered part of the group and it has been fully consolidated. Until that date, the previous 42.45% stake in Alkahest was recorded using the equity method. The difference between the fair value of the previous investment and the book value amounted to Euros 86,743 thousand (US Dollars 102,552 thousand) and has been recognized as income under “Profit/(loss) of equity accounted investees” in the consolidated statement of profit and loss. On 15 October 2020, and as a result of the aforementioned share purchase agreement, Grifols proceeded to acquire 57.55% of the capital of Alkahest. After the transaction, the Group owns 100% of the company’s share capital. Given that Grifols already had control of Alkahest, the transaction has been recorded as an agreement with the non-controlling interest, which has meant the recognition of a liability at amortized cost of Euros 121,149 thousand (US Dollars 143,706 thousand) and a decrease in “Non- controlling interests” in the amount of Euros 121,486 thousand (US Dollars 143,307 thousand), net of recorded losses and “Other reserves “in the amount of Euros 337 thousand (US Dollars 399 thousand). At 31 December 2020, the amount payable totaled Euros 100,492 thousand and was presented under the line item “Current financial liabilities”. This amount was settled on 1 February 2021(see note 20). Details of the aggregate business combination cost, the fair value of the net assets acquired and the goodwill at the acquisition date are provided below: Thousands of US Thousands of Euros Dollars Cost of the business combination First repurchase of non-controlling interests 18,797 22,235 Second repurchase of non-controlling interests (present value) 104,628 123,765 Total business combination cost 123,425 146,000 Fair value of the previous investment in the business 91,023 107,671 Fair value of net assets acquired 140,076 165,696 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) 74,372 87,975 The amounts determined at the date of acquisition of assets, liabilities and contingent liabilities acquired are as follows: Fair Value Thousands of Thousands of Euros US Dollars Other Intangible Assets 265,617 314,198 Property, plant and equipement 4,970 5,879 Other non-current assets 178 210 Trade and other receivables 2,552 3,019 Other current assets 1,609 1,904 Cash and cash equivalents 7,563 8,946 Total assets 282,489 334,156 Non-current financial liabilities (42,269) (50,000) Deferred tax liabilities (74,372) (87,975) Other non-current liabilities (19,644) (23,237) Trade and other payables (1,863) (2,204) Other current liabilities (4,265) (5,044) Total Liabilities (142,413) (168,460) Fair value of net assets acquired 140,076 165,696 The resulting goodwill was allocated to the Others segment and it mainly includes the workforce. The fair value of research and clinical development projects in progress that include products for neurodegenerative disorders, neuromuscular and ophthalmologic diseases have been estimated according to an income approach based on risk-adjusted discounted free cash flows. Had the acquisition taken place on 1 January 2020, the net amount of the Group´s revenue would not have changed significantly, and the net profit would have decreased by Euros 30,045 thousand. The profit of Alkahest between the acquisition date and 31 December 2020 amounted to Euros (12,317) thousand. The amount of net revenue has not changed significantly. (c) Green Cross On 20 July 2020, Grifols signed share purchase arrangements with the South Korean based GC Pharma Group and other investors for the acquisition of a plasma fractionation facility and two purification facilities located in the city of Montreal, Canada, and 11 plasma collection centers located in the United States, for a total consideration of Euros 387,917 thousand (US Dollars 457,160 thousand), on a debt free basis. On 1 October 2020, the transaction was closed. The consideration was paid with Grifols’ own cash resources, and at the close of the Transaction certain equity, working capital and cash targets were guaranteed. The factories are currently in the process of obtaining the required licenses and regulatory approvals from the competent health authorities for the manufacturing of plasma-derived products. When licensed and approved, Grifols will become the only commercial manufacturer of plasma products in Canada, with a fractionation capacity of 1.5 M liters. Grifols plans to be ready to manufacture IVIG and Albumin at the factories to be able to supply the Canadian market starting in 2023. The collection centers achieved a collection volume of 350,000 liters of plasma in 2019. Upon the execution of the Transaction, and by means of a plasma supply agreement, the Group has also committed to supplying certain output of plasma arising out of the collection centers to GC Pharma for a 24-month period. Details of the aggregate business combination cost, the fair value of the net assets acquired and the goodwill at the acquisition date are provided below: Thousands of US Thousands of Euros Dollars Consideration paid Cash paid 387,917 457,160 Total consideration paid 387,917 457,160 Fair value of net assets acquired 194,227 228,897 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) 193,690 228,263 The amounts determined at the date of acquisition of assets, liabilities and contingent liabilities are as follows: Fair Value Thousands of Euros Thousands of US Dollars Other Intangible Assets 2,877 3,390 Rights of Use 11,642 13,720 Property, plant and equipement 158,148 186,377 Deferred tax assets 33,081 38,986 Other non current assets 122 144 Inventories 2,999 3,534 Trade and other receivables 3,484 4,106 Other current assets 943 1,111 Cash and cash equivalents 6,053 7,133 Total assets 219,349 258,501 Non-current financial liabilities (13,150) (15,497) Current financial liabilities (797) (939) Trade and other payables (11,175) (13,168) Total Liabilities (25,122) (29,604) Fair value of net assets acquired 194,227 228,897 The resulting goodwill was allocated to the Bioscience segment, and it includes the donor data base, current licenses and future authorizations and workforce Had the acquisition taken place on 1 January 2020, the net amount of the Group´s revenue would have increased by Euros 31,197 thousand and the net profit would have decreased by Euros 32,423 thousand. The revenue and profit of Green Cross between the acquisition date and 31 December 2020 amounted to Euros 4,625 thousand and Euros (5,023) thousand respectively. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies | |
Significant Accounting Policies | (4) Significant Accounting Policies (a) Consolidation Dependents Subsidiaries are considered to be those over which the Group exercises control. A subsidiary is controlled when, due to its involvement in it, it is exposed, or has the right, to variable returns and has the capacity to influence such returns through the power it exercises over it. The income, expenses and cash flows of subsidiaries are included in the consolidated financial statements from the date of acquisition, which is the date on which the Group effectively obtains control of the subsidiaries. Subsidiaries are excluded from consolidation from the date on which control is lost. Transactions and balances with Group companies and unrealized gains or losses have been eliminated in consolidation. The accounting policies of the subsidiaries have been adapted to the Group’s accounting policies for transactions and other events that, being similar, have occurred in similar circumstances. The financial statements of the subsidiaries used in the consolidation process are as of the same reporting date and for the same period as those of the Parent Company. Appendix I includes information on the subsidiaries included in the Group’s consolidation. Business combinations The acquisition method is used to account for the acquisition of subsidiaries in a business combination. The acquisition date is the date on which the Group obtains control of the acquired business. The acquisition cost of a subsidiary is determined at the acquisition date and comprises (i) the fair values of assets delivered, (ii) liabilities incurred or assumed, (iii) equity instruments issued, (iv) the fair value of any asset or liability resulting from a contingent consideration arrangement and (v) the fair value of any previous interest in the subsidiary. Any disbursement that is not part of the exchange for the acquired business is excluded. Acquisition-related costs are expensed as incurred. The Group recognizes identifiable assets acquired and liabilities and contingent liabilities assumed at fair value at the acquisition date. Assets held for sale, liabilities for employee compensation, transactions with payments based on equity instruments, deferred tax assets and liabilities and right-of-use assets and liabilities and lease liabilities are excluded from the application of this criterion. The excess of the consideration transferred, the amount of any non-controlling interest in the acquired subsidiary and the acquisition-date fair value of any previous interest in the acquired subsidiary over the fair value of the identifiable net assets is recorded as goodwill. If these amounts are less than the fair value of the identifiable net assets of the acquired subsidiary, the difference is recognized in profit or loss as a bargain purchase. When settlement of any part of the cash consideration is deferred, amounts payable in the future are discounted to their present value at the date of exchange. Contingent consideration is classified as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured at fair value with changes in fair value recognized in profit or loss. When the business combination could only be determined on a provisional basis, the identifiable net assets are initially recorded at their provisional values, recognizing the adjustments made during the measurement period as if they had been known at the acquisition date, restating comparative figures for the previous year, if applicable. The adjustments to the provisional values only incorporate information relating to facts and circumstances that existed at the acquisition date and which, had they been known, would have affected the amounts recognized at that date. The measurement period should not exceed twelve months from the date of acquisition. If the business combination is carried out in stages, the acquisition-date carrying amount of the previously held equity interest of the acquiree is remeasured at its acquisition-date fair value, with any resulting gain or loss recognized in profit or loss. Non-controlling interests Non-controlling interests in subsidiaries are recorded at the acquisition date at their percentage of interest in the fair value of the identifiable net assets, without considering potential voting rights. In addition, the profit or loss for the year and each component of other comprehensive income allocated to the non-controlling interest is allocated in proportion to its percentage of ownership. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit and loss, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated balance sheet, respectively. The increase and reduction of non-controlling interests in a subsidiary while maintaining control is recognized as an equity transaction in reserves. Associated Associated entities are those over which the Group exercises significant influence, understood as the capacity to intervene in financial and operating decisions, without the existence of control or joint control. Investments in associates are initially recognized at acquisition cost, including costs directly attributable to the acquisition and any active or passive contingent consideration that depends on future events or the fulfillment of certain conditions. Subsequently, investments in associates are accounted for by the equity method from the date on which significant influence is exercised until the date on which the Company can no longer justify the existence of significant influence. The excess between the cost of the investment and the Group’s share of the fair values of the identifiable net assets is recorded as goodwill, which is included in the carrying amount of the investment. The shortfall, once the amounts of the cost of the investment and the identification and valuation of the net assets of the associate have been evaluated, is recorded as income in the determination of the investor’s share in the results of the associate for the year in which it was acquired. The accounting policies of the associated companies have been subject to time and valuation homogenization in the same terms as those referred to in the subsidiaries. The Group’s share in the profits or losses of associates obtained from the date of acquisition is recorded as an increase or decrease in the value of the investments with a credit or debit to “ Profit/(loss) of equity accounted investees “. Likewise, the Group’s share in the other comprehensive income of associates obtained since the acquisition date is recorded as an increase or decrease in the value of the investments in associates, with the balancing entry by nature being recognized in other comprehensive income. Dividend distributions are recorded as decreases in the value of investments. To determine the Group’s share of profits or losses, including impairment losses recognized by associates, income or expenses arising from the acquisition method are considered. When the Group’s share of losses on an equity accounted investment equals or exceeds its interest in the entity, the Group does not recognize additional losses unless it has incurred obligations or made payments on behalf of the other entity. The Group’s share in the profits or losses of associates and changes in equity is determined on the basis of the ownership interest at year-end, without considering the possible exercise or conversion of potential voting rights. However, the Group’s share is determined considering the possible exercise of potential voting rights and other derivative financial instruments that, in substance, grant current access to the economic benefits associated with ownership interests, i.e. the right to participate in future dividends and changes in the value of associates. After applying the equity method, the Group assesses whether there is objective evidence of impairment of the net investment in the associate. The impairment calculation is determined by comparing the carrying amount of the net investment in the associate with its recoverable amount, where recoverable amount is the higher of value in use or fair value less costs of disposal. In this regard, the value in use is calculated based on the Group’s share of the present value of the estimated cash flows from ordinary activities and the amounts that could result from the final disposal of the associate. The recoverable amount of the investment in an associate is assessed in relation to each associate (see note 10), unless it does not constitute a cash-generating unit (CGU). Impairment losses are not allocated to goodwill or other assets implicit in the investment in associates arising from the application of the acquisition method. In subsequent years, reversals of the value of investments are recognized against income, to the extent that there is an increase in the recoverable value. Impairment losses are presented separately from the Group’s share in the results of associates. Appendix I includes information on subsidiaries and associates included in the Group’s consolidation. Joint agreements Joint arrangements are those in which there is a contractual agreement to share control over an economic activity, so that decisions on the relevant activities require the unanimous consent of the Group and the other operators. Investments in joint arrangements are classified as joint operations or joint ventures, depending on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. Interests in joint ventures are accounted for by the equity method, after initially being recognized at cost in the consolidated balance sheet. (b) Transactions in foreign currencies are translated to the functional currency using the average exchange rate of the previous month provided that it does not differ significantly from the exchange rate at the date of the transaction. Foreign currency gains and losses resulting from the settlement of these transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at closing exchange rates are recognized in profit or loss except when there are qualified cash flow hedges and qualified net investment hedges that are deferred to equity. The effect of exchange rate changes on cash and cash equivalents denominated in foreign currencies is presented separately in the statement of cash flows as “Effect of exchange rate changes on cash”. The translation of foreign operations whose functional currency is not that of a hyperinflationary country has been made by applying the following criteria: ● Assets and liabilities, including goodwill and adjustments to net assets arising from the acquisition of businesses, are translated at the closing exchange rate at each balance sheet date; ● Revenues and expenses are translated at the average exchange rate of the previous month, as an approximation of the exchange rate at the date of the transaction; ● Translation differences resulting from the application of the above criteria are recognized in other comprehensive income. (c) After initial recognition, goodwill is recorded at cost, less any accumulated impairment loss, which is not reversible. Goodwill is not amortized, but is tested for impairment on an annual basis or more frequently in the event that events indicative of a potential loss in the value of the asset have been identified. For these purposes, goodwill resulting from business combinations is allocated to each of the cash generating units (CGUs) or groups of CGUs that are expected to benefit from the synergies of the combination and the criteria referred to in note 6 are applied. CGUs or groups of CGUs are identified at the lowest level that goodwill is controlled for the purpose of internal management (Note 6). (d) Intangible assets are recorded at cost (acquisition or development) or at fair value when acquired in a business combination, less accumulated amortization and any accumulated impairment losses. Any expenses incurred during the research phase of projects are recognized as an expense when incurred. Costs related to development activities for internally generated intangible assets are capitalized to the extent that: ● The Group has technical studies that justify the viability of the production process; ● There is a commitment by the Group to complete production of the asset so that it is in a condition for sale or internal use; ● The asset will generate sufficient economic benefits; ● The Group has the technical and financial resources to complete the development of the asset and has developed budget control and analytical accounting systems that make it possible to monitor the budgeted costs, the modifications introduced and the costs actually charged to the various projects. These development costs are recorded as income under the heading “self-constructed non-current assets” in the consolidated statement of profit and loss when they are capitalized. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. The Group amortizes its intangible assets with finite useful lives by distributing the cost of the assets on a straight-line basis according to the following criteria: Amortisation method Rates Development expenses Straight line 10% Concessions, patents, licenses, trademarks and similar Straight line 4% Computer software Straight line 33% Currently marketed products Straight line 3% Intangible assets with indefinite useful lives are not subject to amortization but are tested for impairment at least once a year. The Group reviews the useful lives of intangible assets at the end of each year. Changes in the initially established criteria are recognized as a change in estimate. (e) Property, plant and equipment are stated at cost, less accumulated depreciation and, if applicable, accumulated impairment losses. Cost includes, among other items, direct labor costs used in the construction of the asset and a portion of the costs indirectly attributable to the asset. These two items are recorded as income under the heading “Self-constructed non-current assets” in the consolidated statement of profit and loss, when capitalized. Finance costs incurred that are directly attributable to the acquisition or construction of the asset until the asset is ready for use also form part of the cost. Likewise, expansion or improvement costs are included as an increase in the value of the asset when they represent an increase in its capacity or an extension of its useful life. However, maintenance costs are recognized in income when incurred. Depreciation of property, plant and equipment is provided on a straight-line basis over the estimated useful lives of the assets, less their residual value. Depreciation of property, plant and equipment is determined by applying the following criteria: Depreciation method Rates Buildings Straight line 1%-3 % Other property, technical equipment and machinery Straight line 4%-10 % Other property, plant and equipment Straight line 7%-33 % The Group reviews the residual value, useful life and depreciation method of property, plant and equipment at the end of each reporting period. Changes in the initially established criteria are recognized as a change in estimate. (f) Leases Lessee The determination of whether a contract is or contains a lease is based on an analysis of the contractual arrangement and requires an assessment of whether the lessee has the right to control the use of the identified asset and to obtain all of the economic benefits from the use of the asset throughout the lease term. The lease term is the non-cancelable period considering the initial term of each contract unless the Group has a unilateral extension or termination option and there is reasonable certainty that such option will be exercised in which case the corresponding extension or early termination term will be considered. In lease contracts where the Group acts as lessee, it is recognized at the lease commencement date (i.e. the date on which the underlying asset is available for use): ● A liability for the present value of the installments to be paid over the lease term, using the incremental borrowing or implicit interest rate as the discount rate when expressly indicated in the contract and, ● A right-of-use asset representing the right to use the underlying leased asset during the term of the lease. Lease liabilities include fixed lease payments less any incentives, as well as variable payments that depend on an index or interest rate known at the date of inception of the lease. Also included is the exercise price of the purchase option when the lessee is reasonably certain of exercising it. After initial recognition, the liability is increased by the interest on the lease liability and reduced by the payments made. The liability is also remeasured if there are changes in the amounts payable and the lease terms. Payments included in the lease payments corresponding to maintenance, electricity, water, gas, security, cleaning, among others, are not part of the lease liability and are recognized as an expense. The incremental borrowing rate is determined taking into account: (i) geographic areas, (ii) financial term, (iii) lease term, (iv) risk-free rate as reference rate and (v) financial spread. Rights-of-use assets are measured at cost, less accumulated amortization and impairment losses (if any) and adjusted as a result of the remeasurement of the lease liability. Cost includes the amount of the initial valuation of the lease liability, as well as any amounts previously paid to the lessor prior to or at the commencement date of the lease less any incentives received by the lessor and estimated costs to decommission the leased asset. Amortization of rights of use is provided on a straight-line basis over the shorter of the estimated useful life of the asset or the lease term. The Group applies the exception to recognition for those contracts where the lease term is 12 months or less or where the value of the leased asset (individually) when new, is less than US Dollars 5,000 or its equivalent in another currency. Consequently, in these cases, the amounts accrued will be recognized as an expense during the lease term. Lessor When the Group acts as lessor, it classifies contracts between operating and finance leases. Leases in which the Group acts as lessor while retaining a significant portion of the risks and rewards incidental to ownership of the leased asset are treated as operating leases. Otherwise, the lease is treated as a finance lease. (g) Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested for impairment annually, or more frequently in the event of events or changes in circumstances that indicate that they may be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. When the recoverable amount is less than the carrying amount of the asset, an impairment loss is recognized in the consolidated statement of profit and loss for the difference between both amounts. The recoverable amount is the higher of an asset’s fair value less costs of disposal and the estimated value in use based on discounted future cash flows expected to arise from the use of the asset. The estimate of value in use considers expectations about possible variations in the amount or timing of cash flows, the time value of money, the price to be paid for bearing the uncertainty related to the asset and other factors that affect the valuation of future cash flows related to the asset. For the purpose of assessing impairment losses, assets are grouped at the lowest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows of other assets or groups of assets (cash-generating units). Impairment losses on non-financial assets (other than goodwill) are reviewed for possible reversal at the end of each reporting period. Losses related to the impairment of CGUs are initially allocated to reduce, if applicable, the value of goodwill attributed to the CGU and then to the other assets of the CGU, pro rata based on the carrying amount of each asset, with the limit for each asset being the higher of its fair value less costs of disposal, its value in use and zero. Impairment losses related to goodwill are not reversible. (h) Financial assets Ranking The classification of financial assets is determined based on the characteristics of the contractual cash flows of those assets and the business model that represents how the financial assets are managed to achieve a particular business objective. In determining whether the cash flows are obtained through the receipt of contractual cash flows from the assets, consideration is given to the frequency, value and timing of sales in prior periods, the reasons for those sales and expectations regarding future sales activity. This information provides indicative data on how the Group’s stated objective regarding the management of financial assets is achieved and, more specifically, how cash flows are obtained. Therefore, financial assets are classified according to the following valuation categories based on the business model and are only reclassified when, and only when their business model for managing them changes: a) In general, the following are included in this category: i) Trade receivables: arising from the sale of goods or the rendering of services for trade transactions with deferred payment, and ii) Receivables from non-trade operations: these arise from loans or credits granted by the Group whose collections are of a determined or determinable amount. b) c) Initial measurement Financial assets are recorded, in general terms, initially at the fair value of the consideration given plus directly attributable transaction costs. However, transaction costs directly attributable to assets recorded at fair value through profit or loss are recognized in the statement of profit and loss for the year. Trade accounts receivable are initially recognized at the amount of the consideration that is unconditional, unless they contain significant financial components, in which case they are recognized at fair value. Subsequent measurement Financial assets at amortized cost are recorded by applying this valuation criterion, charging to the statement of profit and loss the interest accrued by applying the effective interest rate method. Financial assets included in the fair value category through other comprehensive income are recorded at fair value, without deducting any transaction costs that may be incurred in their disposal. Changes in fair value are recorded directly in equity until the financial asset is derecognized or impaired, at which time the amount so recognized is taken to the statement of profit and loss. Financial assets at fair value through profit or loss are measured at fair value and the result of changes in fair value is recorded in the statement of profit and loss. Disposals of financial assets Financial assets are derecognized when the rights to receive cash flows related to them have expired or have been transferred and the Group has substantially transferred the risks and rewards of ownership. Impairment The Group assesses, on a prospective basis, the expected credit losses associated with its debt instruments carried at amortized cost and at fair value through other comprehensive income The methodology applied for impairment depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9 which requires expected losses to be recorded from the initial recognition of the receivables, so that the Group determines expected credit losses as a probability-weighted estimate of such losses over the expected life of the financial instrument. The practical solution used is the use of a provisioning matrix based on segmentation into homogeneous asset groups, applying historical information on default rates for these groups and applying reasonable information on future economic conditions. Default rates are calculated based on current default experience over the past year, as it is a very dynamic market, and are adjusted for differences between current and historical economic conditions and considering projected information, which is reasonably available. Financial liabilities Financial liabilities assumed or incurred by the Group are classified in the following measurement categories: (a) These liabilities are initially measured at the fair value of the consideration received, adjusted for directly attributable transaction costs. Any difference between the amount received and its repayment value is recognized in the consolidated statement of profit and loss during the repayment period of the debt, applying the effective interest rate method. (b) Liability derivative financial instruments are measured at fair value, following the same criteria as those corresponding to financial assets at fair value through profit or loss described in the preceding section. The Group derecognizes financial liabilities when the obligations that generated them are extinguished. Assets and liabilities are presented separately in the balance sheet and are only presented at their net amount when the Group has the enforceable right to offset the recognized amounts and, in addition, intends to settle the amounts on a net basis or to realize the asset and settle the liability simultaneously. Equity instruments The Group holds financial assets, mainly equity instruments, which are measured at fair value. When Group management has opted to present gains and losses in the fair value of equity investments in other comprehensive income, after initial recognition, the equity instruments are measured at fair value, recognizing the gain or loss in other comprehensive income. Amounts recognized in other comprehensive income are not reclassified to profit or loss, but are reclassified to reserves when the instruments are derecognized. Dividends from such investments continue to be recognized in profit or loss as other income when the Group’s right to receive payments is established. (i) Financial derivatives are recognized at fair value at the date of the contract and at each year-end. The method for recognizing the gain or loss depends on whether the derivative is classified as a hedging instrument, and if so, the nature of the hedged asset. For accounting purposes, they are classified as follows: (i) Derivatives qualifying for cash flow hedge accounting Hedging effectiveness Hedge effectiveness is determined at the inception of the hedging relationship, and through periodic prospective effectiveness assessments to ensure that there is an economic relationship between the hedged item and the hedging instrument. In derivatives such as the euro/dollar cross-currency swap, the Group uses the hypothetical derivative method to assess effectiveness. This hypothetical derivative is constructed without the inclusion of credit risk and currency spread. Under the hypothetical derivative method, the cumulative change in the fair value of the actual currency swap, excluding the effect of the currency spread, will be compared to the cumulative change in the fair value of the hypothetical swap. Therefore, the hypothetical derivative is constructed as a cross-currency swap with fixed euro payment, fixed U.S. dollar receipt without the inclusion of credit risk and foreign currency spread and with a fair value of zero at the date of designation. Recognition At the inception of the hedging relationship, the Group documents the economic relationship between the hedging instruments and the hedged items, including whether changes in cash flows of the hedging instruments are expected to offset changes in cash flows of the hedged items. The Group documents its risk management objective and strategy for undertaking its hedging transactions. The effective portion of changes in the fair value of derivatives designated and classified as cash flow hedges is recognized in equity under “Cash flow hedge reserve”. In the case of cross-currency swaps, the currency spread of the hedging relationship is excluded and treated as hedging costs in equity. The gain or loss corresponding to the ineffective portion is recognized immediately in profit or loss for the year under the heading “Change in fair value of financial instruments”. Amounts accumulated in the hedging reserve included in shareholders’ equity are transferred to profit or loss when the hedged item affects profit or loss or when ineffectiveness is identified. The fair value of derivatives designated as hedges is detailed in note 29. Movements in the hedging reserve included in shareholders’ equity are shown in note 16 (c). (ii) Derivatives that do not qualify for hedge accounting When derivatives do not meet the criteria for hedge accounting, they are classified as “held for trading”. Changes in fair value are recognized immediately in the consolidated statement of profit and loss. (j) The acquisition of treasury stock is recorded at acquisition cost, reducing equity until the time of disposal. Gains or losses on the disposal of treasury stock are recorded under “Reserves” in the consolidated balance sheet. Transaction costs related to own equity instruments, net of taxes, are recorded as a reduction of equity. (k) Inventories are stated at the lower of weighted average cost or net realizable value. Net realizable value is the estimated selling price in the normal course of business, less the estimated costs to complete production and those necessary to make the sale. For raw materials and other supplies it is the replacement cost. The cost includes direct materials, direct labor and an appropriate proportion of indirect variable and fixed costs, the latter being allocated on the basis of the normal working capacity of the means of production. The cost of plasma stocks includes the amount delivered to donors, or the amount invoiced by the seller when purchased from third parties, as well as the cost of products and devices used in the collection process, and rental and storage costs. The costs of purchased inventories are determined after deducting discounts and rebates when it is probable that the conditions determining their concession will be met. Indirect costs such as management and administrative overheads are recognized as expenses in the period in which they are incurred. Any previously recognized inventory impairment adjustment is reversed against income under “Cost of sales” when the circumstances that caused the impairment no longer exist or when there is clear evidence of an increase in the net realizable value as a result of a change in economic circumstances. The reversal of the write-down is limited to the lower of cost and the new net realizable value of inventories. (l) Cash and cash equivalents include cash on hand, demand deposits with banks, other short-term highly liquid investments with an original maturity of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. (m) Government grants are recognized when there is reasonable assurance that the conditions attached to the grant will be met and that the grant will be collected. Non-refundable capital grants are recorded on the liability side of the consolidated balance sheet at the original amount granted and are recognized in the consolidated statement of profit and loss as the related assets financed are depreciated. Grants received as compensation for expenses or losses already incurred or for the purpose of providing immediate financial support not related to future expenses are credited to the consolidated statement of profit and loss. Financial liabilities that incorporate implicit aid in the form of the application of below-market interest rates are recognized initially at fair value. The difference between this value, adjusted where appropriate for the costs of issuing the financial liability and the amount received, is recorded as a government grant based on the nature of the grant. (n) (i) Defined contribution plans The Group records the contributions to be made to defined contribution plans as they accrue. The amount of accrued contr |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting | |
Segment Reporting | (5) Segment Reporting In accordance with IFRS 8 “Operating Segments”, financial information for operating segments is reported in the accompanying Appendix II, which forms an integral part of this note to the consolidated financial statements. Group companies are divided into four areas: companies from the industrial area, companies from the commercial area, companies from the services area and companies from the research area. Within each of these areas, activities are organized based on the nature of the products and services manufactured and marketed. Assets, liabilities, income and expenses for segments include directly and reliably attributable items. Items which are not attributed to segments by the Group are: ● Balance sheet: equity, cash and cash equivalents and loans and borrowings. ● Statement of profit and loss: finance result and income tax. (a) Operating segments The operating segments defined by the steering committee are as follows: ● Biopharma (formerly Bioscience): concentrates all activities related to products derived from human plasma for therapeutic use. ● Diagnostic: including the marketing of diagnostic testing equipment, reagents and other equipment, manufactured by Group or other companies. ● Bio Supplies: this groups together transactions related to biological products for non-therapeutic use. The part relating to sales of plasma to third parties has been reclassified from Bio Supplies to Other. ● Others: includes the provision of manufacturing services to third parties, plasma sales to third parties and research activities. It also includes pharmaceutical products manufactured by the Group and intended for hospital pharmacies, as well as the marketing of products that complement the Group’s own products. Details of sales by groups of products for 2022, 2021 and 2020 are as follows: Thousands of Euros 31/12/2022 31/12/2021 (*) 31/12/2020 (*) Biopharma Haemoderivatives 5,005,382 3,814,983 4,242,502 Diagnostic Transfusional medicine 640,604 712,238 714,164 Other diagnostic 21,740 23,625 27,630 Bio supplies 146,076 115,811 133,221 Others 250,165 266,461 222,521 Total 6,063,967 4,933,118 5,340,038 * As a consequence of the review of transactions and balances allocations by segments, the comparative figures for the fiscal year 2021 and 2020 have been adjusted accordingly. At 31 December 2022, 97.6% of the income from the sale of goods and services has been recognized at a certain point-in-time (97.4% in 2021 and 97.5% in 2020). The Group has concluded that hemoderivative products are sufficiently alike to be considered as a whole for the following reasons: ● All these products are human plasma derivatives and are manufactured in a similar way. ● The customers and methods used to distribute these products are similar. ● All these products are subject to the same regulations regarding production and the same regulatory environment. (b) Geographical information is grouped into four areas: ● United States of America and Canada ● Spain ● Rest of the European Union ● Rest of the world The definition of these four segments is mainly due to the geographical level that Group management sets to manage its revenue as they respond to specific economic scenarios. The main framework of the Group is consistent with this geographical segment grouping, including the monitoring of its commercial operations and its information systems. The financial information reported for geographical areas is based on sales to third parties in these markets as well as the location of assets. (c) In 2022, no customer has accounted for more than 10% of the Group’s gross revenues, and nor was the case in 2021. In 2020, 10.38% of the Group’s gross revenues corresponded to revenues from a |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill | |
Goodwill | (6) Goodwill Details of and movement in this caption of the consolidated balance sheet at 31 December 2022 were as follows: Thousands of Euros Balance at Business Translation Balance at Segment Reference 31/12/2021 Combination Disposals Transfers differences 31/12/2022 Net value Grifols UK.Ltd. (UK) Biopharma 8,185 — — — (438) 7,747 Grifols Italia.S.p.A. (Italy) Biopharma 6,118 — — — — 6,118 Biomat USA, Inc.(USA) Biopharma 676,321 — — 175,920 47,707 899,948 Grifols Australia Pty Ltd. (Australia) / Medion Diagnostics AG (Switzerland) Diagnostic 9,752 — — — 107 9,859 Grifols Therapeutics, Inc. (USA) Biopharma 1,962,024 — — — 121,408 2,083,432 Progenika Biopharma, S.A. (Spain) Diagnostic 40,516 — — — — 40,516 Grifols Diagnostic (Novartis & Hologic) (USA, Spain and Hong Kong) Diagnostic 2,565,493 — — — 157,292 2,722,785 Kiro Grifols S.L. (Spain) Others 24,376 — — — — 24,376 Goetech LLC (USA) Others Note 3 59,590 — (63,798) — 4,208 — Haema AG (Germany) Biopharma 190,014 — — — — 190,014 BPC Plasma, Inc. (formerly Biotest Pharma Corp; USA) Biopharma 151,584 — — — 9,380 160,964 Interstate Blood Bank, Inc. (USA) Biopharma 171,184 — — (175,920) 4,736 — Plasmavita Healthcare GmbH (Germany) Biopharma 9,987 — — — — 9,987 Alkahest, Inc (USA) Others 77,675 — — — 4,806 82,481 Grifols Canada Therapeutics, Inc (formerly Green Cross Biotherapeutics, Inc.) (Canada) Biopharma 155,755 — — — (980) 154,775 GigaGen, Inc (USA) Others 112,621 — — — 6,969 119,590 Prometic Plasma Resources, Inc. (Canada) Biopharma Note 3 7,706 (4,894) — — (10) 2,802 Haema Plasma Kft. (Hungary) Biopharma Note 3 — 14,739 — — (1,210) 13,529 Grifols Biotest Holdings GmbH / Biotest AG (Germany) Biopharma Note 3 — 303,624 — — — 303,624 Access Biologicals, LLC (USA) Bio Supplies Note 3 — 180,834 — — (1,472) 179,362 6,228,901 494,303 (63,798) — 352,503 7,011,909 (See note 3) Details of and movement in this caption of the consolidated balance sheet at 31 December 2021 are as follows: Thousands of Euros Balance at Business Translation Balance at Segment Reference 31/12/2020 Combination Transfers differences 31/12/2021 Net value Grifols UK.Ltd. (UK) Biopharma 7,674 — — 511 8,185 Grifols Italia.S.p.A. (Italy) Biopharma 6,118 — — — 6,118 Biomat USA, Inc.(USA) Biopharma 234,791 345,844 51,364 44,322 676,321 Grifols Australia Pty Ltd. (Australia) / Medion Diagnostics AG (Switzerland) Diagnostic 9,538 — — 214 9,752 Grifols Therapeutics, Inc. (USA) Biopharma 1,816,404 — — 145,620 1,962,024 Araclon Biotech, S.L. (Spain) Diagnostic 6,000 (6,000) — — — Progenika Biopharma, S.A. (Spain) Diagnostic 40,516 — — — 40,516 Grifols Diagnostic (Novartis & Hologic) (USA, Spain and Hong Kong) Diagnostic 2,376,978 — — 188,515 2,565,493 Kiro Grifols S.L. (Spain) Others 24,376 — — — 24,376 Goetech LLC (USA) Others 55,167 — — 4,423 59,590 Haema AG (Germany) Biopharma 190,014 — — — 190,014 BPC Plasma, Inc. (formerly Biotest Pharma Corp; USA) Biopharma 140,334 — — 11,250 151,584 Interstate Blood Bank, Inc. (USA) Biopharma 158,479 — — 12,705 171,184 Plasmavita Healthcare GmbH (Germany) Biopharma 9,987 — — — 9,987 Alkahest, Inc (USA) Others 71,910 — — 5,765 77,675 Grifols Canada Therapeutics, Inc (formerly Green Cross Biotherapeutics, Inc.) (Canada) Biopharma Note 3 134,569 16,667 — 12,225 163,461 GCAM, Inc (formerly Green Cross America Inc.) (USA) Biopharma 49,416 — (51,364) 1,948 — GigaGen, Inc (USA) Biopharma Note 3 — 105,460 — 7,161 112,621 5,332,271 461,971 0 434,659 6,228,901 Impairment testing: CGUs correspond to the reporting segments except for the Others segment which corresponds to Kiro Grifols and GigaGen as separated GGU. As a result of the acquisition of Talecris in 2011, and for impairment testing purposes, the Group combines the CGUs allocated to the Biopharma segment, grouping them together at segment level, because substantial synergies were expected to arise on the acquisition of Talecris, and due to the vertical integration of the business and the lack of an independent organized market for the products. Because the synergies benefit the Biopharma segment globally they cannot be allocated to individual CGUs. The Biopharma segment represents the lowest level to which goodwill is allocated and is subject to control by Group management for internal control purposes. As a result of the acquisition of Novartis’ Diagnostic business unit in 2014, the Group decided to combine Araclon, Progenika, Australia and Hologic’s share of NAT donor screening unit acquisition into a single CGU for the Diagnostic business as the acquisition is supporting not only the vertically integration business but also cross-selling opportunities. In addition, for management purposes, the Group’s management is focused on the business more than geographical areas or individual companies. The Hospital division is no longer a reportable segment since it does not meet any of the quantitative thresholds described in IFRS 8 Operating Segments. The segment information included in the Hospital CGU in previous years is currently grouped into an Others segment. In addition, due to the acquisition of the remaining 51% stake in Access Biologicals, a new CGU for the Bio Supplies business has been identified (see note 3). The CGUs established by Grifols management are: ● Biopharma ● Diagnostic ● Bio Supplies ● Kiro Grifols ● GigaGen The recoverable amount of the Biopharma CGU and Bio Supplies CGU has been calculated based on its value in use calculated as the present value of the five-year future cash flows discounted at a discount rate considering the related inherent risk. The recoverable amount of the Diagnostic CGU has been calculated based on its fair value less costs to sell calculated as the present value of future cash flows approved by Management discounted at a discount rate considering the inherent risk.. Due to the reorganization to boost the business units, a long term strategic plan has been approved in order to transform the Diagnostic business unit by investments which will lead to a beyond five year growth. Consequently, management has estimated future cash flows for the period 2023-2033. The recoverable amount of the Kiro Grifols CGU has been calculated based on its fair value less costs to sell calculated as the present value of the five-year cash flows discounted at a discount rate considering the related inherent risk. For the calculation of the recoverable amount, management has considered: ● Gross margin based on historical performance and actual situation ● Development prospects in the international market ● Current investments ● Investments which will imply a significant growth of the production capacity for those cases whose fair value has been considered Cash flows estimated as of the year in which stable growth in the CGU has been reached are extrapolated using the estimated growth rates indicated below. Perpetual growth rates are consistent with the forecasts included in industry reports. The recoverable amount of the GigaGen CGU has been determined based on the fair value less costs to sell, calculated as the present value of the future cash flows mainly of a research and development project that have been approved by management, adjusted by the probability of success and discounted at a discount rate that includes their inherent risk. Cash flows have been estimated taking into consideration a useful life of 20 years from the product launch and their reduction as of the sixth year. The key assumptions used in calculating impairment testing of the CGUs for 2021 were as follows: Perpetual Growth rate Pre-tax discount rate Bioscience 2.0 % 9.0 % Diagnostic 2.0 % 9.3 % The key assumptions used in calculating impairment testing of the CGUs for 2022 have been as follows: Perpetual Growth rate Pre-tax discount rate Biopharma 1.9 % 10.9 % Diagnostic 1.9 % 9.7 % Bio Supplies 1.9 % 10.9 % Kiro Grifols 1.5 % 11.6 % GigaGen N/A 19.6 % Additionally, the following key assumptions have been used for the GigaGen CGU impairment testing: Sink rate Success rate GigaGen 5.0 % 20.0 % Likewise, for the impairment test of the Diagnostic CGU, the sales of Blood Typing Solution (BTS) and those of the Clinical Diagnostic have been considered as key assumptions. The discount rate used reflects specific risks relating to the CGUs and the countries in which they operate. The main assumptions used for determining the discount rate are as follows: ● Risk free rate: normalized government bonds at 10 years ● Market risk premium: premium based on market research ● Unlevered beta: average market beta ● Debt to equity ratio: average market ratio In 2021, the reasonably possible changes considered for the CGUs impairment testing were a variation in the discount rate, as well as in the estimated perpetual growth rate, , with independent movements of each other, as follows: Perpetual Growth rate Pre-tax discount rate Bioscience +/- 50 bps +/- 50 bps Diagnostic +/- 50 bps +/- 50 bps In 2022, and according to the current economic context, the reasonably possible changes considered for the CGUs impairment testing are a variation in the discount rate, as well as in the estimated perpetual growth rate, with independent movements of each other, as follows: Perpetual Growth rate Pre-tax discount rate Biopharma +/- 50 bps +/- 50 bps Diagnostic +/- 50 bps +/- 50 bps Bio Supplies +/- 50 bps +/- 50 bps Kiro Grifols +/- 50 bps +/- 50 bps GigaGen No aplica +/- 100 bps Additionally, for the impairment test of the Diagnostic CGU, two scenarios of sensitivity to variations in the sales of the Blood Typing Solutions (BTS) business line and the Clinical Diagnostics (CDx) business line have also been considered. In the first case, sales projections were estimated to be approximately 10% lower than initially projected, on average, each year. In the second case, a projection has been estimated so that Clinical Diagnostics sales from 2029 onwards represent on average 80% of the initially estimated sales. In addition, the following reasonably possible changes have been considered for the GigaGen CGU impairment testing with independent movements of each other: Sink rate Success rate GigaGen +/- 100 bps +/- 100 bps The reasonably possible changes in key assumptions considered by management in the calculation of the recoverable amount of the Biopharma, Bio Supplies, Kiro Grifols and GigaGen CGU’s would not cause the carrying amount to exceed its recoverable amount. The reasonably possible changes in key assumptions considered by management in the calculation of the Diagnostic CGU recoverable amount would cause the carrying amount to exceed its recoverable amount as follows: % of asset value Perpetual Growth rate -1 % Pre-tax discount rate -4 % Sensitivity to BTS sales -1 % Sensitivity to CDx sales -4 % At 31 December 2022 Grifols’ stock market capitalization totals Euros 6,636 million (Euros 9,834 million at 31 December 2021). |
Other Intangible Assets
Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Other Intangible Assets | |
Other Intangible Assets | (7) Other Intangible Assets Details of other intangible assets and movement during the years ended 31 December 2022 and 2021 are included in Appendix III, which forms an integral part of these notes to the consolidated financial statements. Intangible assets acquired from Talecris mainly include currently marketed products. Identifiable intangible assets correspond to Gamunex and have been recognized at fair value at the acquisition date of Talecris and classified as currently marketed products. Intangible assets recognized comprise the rights on the Gamunex product, its commercialization and distribution license, trademark, as well as relations with hospitals. Each of these components is closely linked and fully complementary, are subject to similar risks and have a similar regulatory approval process. Intangible assets acquired from Progenika mainly include currently marketed products. Identifiable intangible assets correspond to blood, immunology and cardiovascular genotyping. These assets have been recognized at fair value at the acquisition date of Progenika and classified as currently marketed products. The cost and accumulated amortization of currently marketed products acquired from Talecris and Progenika at 31 December 2022 was as follows: Thousands of Euros Balance at Translation Balance at 31/12/2021 Additions differences 31/12/2022 Cost of currently marketed products - Gamunex 1,059,509 — 65,561 1,125,070 Cost of currently marketed products - Progenika 23,792 — — 23,792 Accumulated amortisation of currently marketed products - Gamunex (373,772) (37,833) (22,798) (434,403) Accumulated amortisation of currently marketed products - Progenika (21,012) (2,379) — (23,391) Carrying amount of currently marketed products 688,517 (40,212) (22,798) 691,068 The cost and accumulated amortization of currently marketed products acquired from Talecris, Progenika and Gigagen at 31 December 2021 was as follows: Thousands of Euros Balance at Translation Balance at 31/12/2020 Additions differences 31/12/2021 Cost of currently marketed products - Gamunex 980,873 — 78,636 1,059,509 Cost of currently marketed products - Progenika 23,792 — — 23,792 Accumulated amortisation of currently marketed products - Gamunex (313,335) (33,610) (26,827) (373,772) Accumulated amortisation of currently marketed products - Progenika (18,633) (2,379) — (21,012) Carrying amount of currently marketed products 672,697 (35,989) 51,809 688,517 The estimated useful life of the currently marketed products acquired from Talecris is considered limited, has been estimated at 30 years on the basis of the expected life cycle of the product (Gamunex) and is amortized on a straight-line basis. At 31 December 2022 the residual useful life of currently marketed products is 18 years and 5 months (19 years and 5 months at 31 December 2021). The estimated useful life of the currently marketed products acquired from Progenika is considered limited, has been estimated at 10 years on the basis of the expected life cycle of the product and is amortized on a straight-line basis. At 31 December 2022 the residual useful life of currently marketed products acquired from Progenika is 2 months (1 year and 2 months at 31 December 2021). (a) Self — constructed intangible assets At 31 December 2022 the Group has recognized Euros 37,214 thousand as self-constructed intangible assets (Euros 34,034 thousand at 31 December 2021). (b) Purchase commitments At 31 December 2022 the Group has intangible asset purchase commitments amounting to Euros 69 thousand (Euros 431 thousand at 31 December 2021). (c) Intangible assets with indefinite useful lives and other intangibles in progress At 31 December 2022 the Group recognizes plasma center licenses with indefinite useful lives under intangible assets for a carrying amount of Euros 31,054 thousand (Euros 29,394 thousand at 31 December 2021). The Group has also an amount of Euros 486,364 thousand as development costs in progress (Euros 432,534 thousand at 31 December 2021). (d) Results on disposal of intangible assets The total losses on disposals and sale of intangible assets amounts to Euros 1,082 thousand in 2022 (losses of Euros 30 thousand in 2021). (e) Impairment testing Indefinite-lived intangible assets have been allocated to the cash-generating unit (CGU) of the Biopharma segment. These assets have been tested for impairment together with goodwill (see note 6). Impairment testing has been analyzed for each of the intangible assets in progress by calculating its recoverable amount based on their fair value. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Leases | (8) Leases Details of leases in the consolidated balance sheet at 31 December 2022 and 2021 are as follows: Right-of-use assets Thousands of Euros 31/12/2022 31/12/2021 Land and buildings 885,050 782,125 Machinery 3,017 5,283 Computer equipment 1,026 2,044 Vehicles 8,459 6,205 897,552 795,657 Lease liabilities Thousands of Euros 31/12/2022 31/12/2021 Non-current 914,588 825,157 Current 102,356 48,567 1,016,944 873,724 The composition of lease liabilities as of 31 December 2022 and 2021 is shown below. Undiscounted future payments classified on a maturity basis are presented together with the effect of the financial discount: Thousands of Euros 31/12/2022 31/12/2021 Maturity: Within one year 102,356 85,972 In the second year 97,823 82,923 In the third to fifth years 270,876 224,378 After the fifth year 996,655 872,926 1,467,710 1,266,199 Discounting effect 450,766 392,475 Total lease liabilities 1,016,944 873,724 Details by maturity of lease liabilities are shown under “Liquidity risk” in note 29. At 31 December 2022, the Group has recognized an amount of Euros 141,973 thousand related to additions of right-of- use assets (Euros 133,442 thousand at 31 December 2021). Movement at 31 December 2022 and 2021 is included in Appendix IV, which forms an integral part of these notes to the consolidated financial statements. At 31 December 2022 and 2021, the amounts recognized in the consolidated statement of profit and loss related to lease agreements are: Right-of-use depreciation Thousands of Euros 31/12/2022 31/12/2021 Buildings 72,214 57,901 Machinery 1,983 2,120 Computer equipment 1,432 2,269 Vehicles 4,869 4,430 80,498 66,720 Thousands of Euros Reference 31/12/2022 31/12/2021 Finance lease expenses Note 26 45,198 35,786 45,198 35,786 Thousands of Euros 31/12/2022 31/12/2021 Expenses related to short-term contracts 1,739 3,106 Expenses related to low-value contracts 13,435 13,404 Other operating lease expenses 23,820 16,435 38,994 32,945 At 31 December 2022, the Group has paid a total of Euros 104,287 thousand related to lease contracts (Euros 82,692 thousand at 31 December 2021). The total amount recognized in the balance sheet corresponds to lease contracts in which the Group is the lessee. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment | |
Property, Plant and Equipment | (9) Property, Plant and Equipment Details of property, plant and equipment and movement in the consolidated balance sheet at 31 December 2022 and 2021 are included in Appendix V, which forms an integral part of this note to the consolidated financial statements. Property, plant and development under construction at 31 December 2022 and 2021 mainly comprise investments made to extend the companies’ equipment and to increase their productive capacity. In 2022, the Group has capitalized interests for a total amount of Euros 25,184 thousand (Euros 18,636 thousand in 2021) (see note 26). a) Insurance Group policy is to contract sufficient insurance coverage for the risk of damage to property, plant and equipment. At 31 December 2022 the Group has a combined insurance policy for all Group companies, which more than adequately covers the carrying amount of all the Group’s assets. b) Losses on disposal of property, plant and equipment Total losses incurred on disposals of property, plant and equipment for 2022 amount to Euros 6,817 thousand (losses of Euros 2,720 thousand in 2021). c) Self - constructed property, plant and equipment At 31 December 2022 the Group has recognized Euros 87,656 thousand as self -constructed property, plant and equipment (Euros 87,885 thousand at 31 December 2021). d) Purchase commitments At 31 December 2022 the Group has property, plant and equipment purchase commitments amounting to Euros 41,680 thousand (Euros 40,596 thousand at 31 December 2021). e) Impairment testing As a result of the reorganization of the USA donor center network, an impairment for some tangible assets allocated to the relocated donor centers has been recognized for a total amount of Euros 5.7 million as an expense in the consolidated statement of profit and loss for 2022. As a result of the discontinuation of the Blood Collection Systems activity, an impairment for some of the tangible assets allocated to this business activity was recognized for a total amount of Euros 11.5 million as an expense in the consolidated statement of profit and loss for 2021. Impairment testing for the tangible assets has been analyzed by calculating its recoverable amount based on their fair value. f) Transfers At 31 December 2022, transfers include the reclassification of Euros 5,159 thousand to “non-current assets held for sale” related to agreement that the Group has reached for the sale of the installations owned by Grifols Brasil, Lda. |
Equity-Accounted Investees
Equity-Accounted Investees | 12 Months Ended |
Dec. 31, 2022 | |
Equity-Accounted Investees | |
Equity-Accounted Investees | (10) Equity-Accounted Investees Details of this caption in the consolidated balance sheet at 31 December 2022 and 2021 are as follows: Thousands of Euros Thousands of Euros % ownership 31/12/2022 % ownership 31/12/2021 Access Biologicals LLC 100.00 % — 49.00 % 53,264 Shanghai RAAS Blood Products Co., Ltd. 26.20 % 1,910,428 26.20 % 1,909,596 Grifols Egypt Plasma Derivatives 49.00 % 36,111 49.00 % 31,847 BioDarou P.J.S. Co. 49.00 % 5,051 0.00 % — Total equity accounted investees with similar activity to that of the Group 1,951,590 1,994,707 Albajuna Therapeutics, S.L 49.00 % 622 49.00 % 1,910 Mecwins, S.A. 24.59 % 2,965 24.99 % 3,159 Total of the rest of equity accounted investees 3,587 5,069 Total equity-accounted investees 1,955,177 1,999,776 Movement in the investments in equity-accounted investees for the year ended 31 December 2022 is as follows: Thousands of Euros 2022 Equity accounted investees with similar activity to that of the Group Rest of equity accounted investees Shanghai Access RAAS Blood Grifols Egypt Albajuna Biologicals Products Co., Plasma BioDarou P.J.S. Therapeutics, Mecwins, LLC Ltd. Derivatives Co. Total S.L S.A. Total Total Balance at 1 January 53,264 1,909,596 31,847 — 1,994,707 1,910 3,159 5,069 1,999,776 Acquisitions — — — 4,534 4,534 — — — 4,534 Transfers (129,459) — — — (129,459) — — — (129,459) Share of profit / (losses) 76,895 26,680 865 (962) 103,478 (1,288) (194) (1,482) 101,996 Share of other comprehensive income / translation differences 3,028 (18,859) (16,419) 1,479 (30,771) — — — (30,771) Collected dividends (3,728) (6,989) — — (10,717) — — — (10,717) Others — — 19,818 — 19,818 — — — 19,818 Balance at 31 December — 1,910,428 36,111 5,051 1,951,590 622 2,965 3,587 1,955,177 Movement in the investments in equity-accounted investees for the year ended 31 December 2021 is as follows: Thousands of Euros 2021 Equity accounted investees with similar activity to that of the Group Rest of equity accounted investees Shanghai RAAS Grifols Egypt Albajuna Access Blood Products Plasma Therapeutics, Biologicals LLC Co., Ltd. Derivatives Total S.L GigaGen, Inc. Mecwins, S.A. Total Total Balance at 1 January 46,782 1,800,578 — 1,847,360 3,378 15,677 2,605 21,660 1,869,020 Acquisitions — — 30,454 30,454 — — 860 860 31,314 Transfers — — — — — (50,794) — (50,794) (50,794) Share of profit / (losses) 8,298 24,835 (578) 32,555 (1,463) 34,957 (306) 33,188 65,743 Share of other comprehensive income / translation differences 3,929 89,886 1,971 95,786 (5) 160 — 155 95,941 Collected dividends (5,745) (5,703) — (11,448) — — — — (11,448) Balance at 31 December 53,264 1,909,596 31,847 1,994,707 1,910 — 3,159 5,069 1,999,776 Movement in the investments in equity-accounted investees for the year ended 31 December 2020 is as follows: Thousands of Euros 2020 Equity accounted investees with similar activity to that of the Group Rest of equity accounted investees Shanghai Access RAAS Blood Albajuna Biologicals Plasmavita Products Co., Therapeutics, Medcom LLC Healthcare Ltd. Total Alkahest, Inc. S.L GigaGen, Inc. Mecwins, S.A. Advance, S.A Total Total Balance at 1 January 49,922 10,368 — 60,290 14,708 5,228 23,997 2,338 7,912 54,183 114,473 Acquisitions — — 1,807,351 1,807,351 — — — — — — 1,807,351 Transfers — (10,674) — (10,674) (91,023) — — — — (91,023) (101,697) Share of profit / (losses) 8,962 306 11,531 20,799 76,414 (1,878) (6,725) 267 — 68,078 88,877 Share of other comprehensive income / translation differences (4,160) — (16,090) (20,250) (99) 28 (1,595) — — (1,666) (21,916) Impairment losses — — — — — — — — (7,912) (7,912) (7,912) Collected dividends (7,942) — (2,214) (10,156) — — — — — — (10,156) Balance at 31 December 46,782 — 1,800,578 1,847,360 — 3,378 15,677 2,605 — 21,660 1,869,020 The main movements of the equity-accounted investees with similar activity to that of the Group are explained below: Grifols Egypt for Plasma Derivatives (S.A.E.) On 29 July 2021, a cooperation agreement was signed with the National Service Projects Organization (NSPO) to help build a platform to bring self-sufficiency in plasma-derived medicines to Egypt. The Company made a first contribution of US Dollars 36,750 thousand (equivalent to Euros 30,454 thousand at the date of integration), and in exchange received GEPD shares representing 49% of its share capital, which amounts to US Dollars 300 million. The Company has undertaken to make the contributions for the outstanding amount corresponding to its interest as the capital requirements are approved. As a result, the Group made a further capital contribution of US Dollars 22 million during 2022, equivalent to 49% of the total capital contribution made (US dollars 45 million). Shanghai RAAS Blood Products Co. Ltd. In March 2019, Grifols entered into a share exchange agreement with Shanghai RAAS Blood Products Co. Ltd. (hereinafter SRAAS), through which Grifols would deliver 90 shares of its US subsidiary Grifols Diagnostic Solutions Inc. (hereinafter GDS) (representing 45% of the economic rights and 40% of the voting rights), and in exchange would receive 1,766 million of SRAAS shares (representing 26.2% of the share capital). After receiving all relevant authorizations, at 31 December 2019, Grifols delivered 90 shares of its subsidiary GDS in exchange for a contractual right to receive equity instruments in an associate (equivalent to 1,766 million of SRAAS shares), because at that date no shares of SRAAS were received. As a consequence, at 31 December 31 2019, SRAAS was the minority shareholder owning 45% of GDS. Grifols recorded the aforementioned contractual right for the fair value of the GDS shares delivered and subsequently, the right was measured based on its fair value through profit or loss. On 30 March 2020, the share exchange agreement was closed and Grifols received SRAAS shares corresponding to 26.2% of its share capital. Therefore, Grifols became the largest shareholder of SRAAS, while maintaining operational, voting and economic control of GDS. Consequently, the consolidated balance sheet at 31 December 2020, did not longer show any financial asset related to the contractual right, but the interest in SRAAS was recorded as an investment in an associate company because the Group exercises significant influence in accordance with the criteria established in IAS 28 – Investment in Associates and Joint Ventures. SRAAS’ equity-accounted investment was recognized at the value of the shares at the closing date of the transaction. The difference between the contractual right value recognized at 31 December 2019 and SRAAS quoted value at 30 March 2020 was Euros 56,526 thousand which was recognized as Change in fair value of financial instruments in the consolidated statement of profit and loss (see note 26). The impact on the consolidated statement of profit and loss related to the equity method result was included in the Operating Result under “Profit/(loss) of equity accounted investees with similar activity to that of the Group”, since SRAAS is a company dedicated to the plasma product sector. The transaction costs were recognized as part of the investment value and totaled Euros 34,088 thousand. As of 31 December 2022, the quoted value of SRAAS shares was CNY 6.34. As a result of the prolonged decline in the fair value of the associate Shanghai RAAS (hereinafter referred to as SRAAS) below its cost, there is an indication of impairment. 31/12/2022 31/12/2021 Date of acquisition SRAAS Share price CNY 6.34 CNY 6.80 CNY 7.91 The recoverable amount of the investment in SRAAS has been determined based on its value in use calculated as the present value of future cash flows discounted at a discount rate that reflects the inherent risk. Management has determined the gross margin based on past performance and the current situation, ongoing investments and its expectations of market development without considering new business. Cash flows have been estimated over 14 years since SRAAS operates in an emerging market where current investments are estimated to result in long-term growth beyond 5 years. Cash flows from the fourth year onwards are extrapolated for a further 10 years using growth rates that reduce the fourth year growth rate to the long-term growth rate shown below to better reflect medium-term growth estimates. Perpetual growth rates are consistent with forecasts included in industry and country reports. The key assumptions used to perform the impairment test of the investment in SRAAS for 2022 are as follows: Perpetual Growth rate Pre-tax discount rate SRAAS 3.3 % 9.2 % The discount rates used reflect the specific risks related to SRAAS and the country where it operates. The main assumptions used to determine the discount rate are as follows: ● Risk-free rate: Standardized 10-year government bonds. ● Market risk premium: Premium based on market studies. ● Unleveraged beta: Average beta of the market. ● Debt-to-equity ratio: market average ratio. In the actual economic context, the reasonably possible changes considered for SRAAS are a variation in the discount rate, as well as in the estimated perpetual growth rate, with independent movements of each other, as follows: Perpetual Growth rate Pre-tax discount rate SRAAS +/- 50 bps +/- 50 bps Reasonably possible changes in key assumptions considered by management in calculating the recoverable amount of SRAAS would cause the carrying amount to exceed its recoverable amount as follows: Pre-tax discount rate +50 bps SRAAS -2 % Plasmavita Healthcare GmbH In 2017, Grifols established PLASMAVITA GmbH, a joint venture between Grifols (50%) and two European partners (50%). On 14 April 2020, Grifols made a contribution of Euros 10 million in cash that was recognized as a shareholder contribution in Plasmavita. The equity share of 50% remained unchanged after the contribution. However, in assessing the existence of control due to the new shareholder agreement signed on that date, it was concluded that Grifols has control over Plasmavita and, therefore, it was considered part of the group and it has been fully consolidated (see note 3). Access Biologicals LLC. On 12 January 2017, the group announced the acquisition of 49% of the voting rights in Access Biologicals LLC, a company based in San Diego, California, USA, for the amount of US Dollars 51 million. Grifols entered into an option agreement to purchase the remaining 51% voting rights in five years, in 2022. Grifols also signed a supply agreement to sell biological products not meant for therapeutic use to Access Biologicals. The principal business activity of Access Biologicals is the collection and manufacturing of an extensive portfolio of biological products. Combined with closed-loop material sourcing, it provides critical support for various markets such as in-vitro diagnostic manufacturing, biopharmaceutical, cell culture and diagnostic research & development. On 15 June 2022, Grifols, through its wholly-owned subsidiary Chiquito Acquisition Corp., reached an agreement to acquire all the shares of Access Biologicals LLC, exercising the call option for the remaining 51%, for a total of US Dollars 142 BioDarou P.J.S. Co On 25 April 25 2022, and after obtaining all regulatory approvals, Grifols closed the acquisition of 70.18% of the share capital of Biotest AG for Euros 1,460,853 thousand (see note 3). Biotest AG is the parent company of a consolidated group of companies, which includes a joint venture investment corresponding to a 49% interest held by Biotest Pharma GmbH in BioDarou P.J.S. Co, whose registered office is in Tehran, Iran, and which is accounted for using the equity method. The company’s goal is to collect plasma, process it into immunoglobulins, factors and human albumin through Biotest AG and then sell the finished products in Iran. The main movements for the rest of the equity-accounted investees are explained below: Alkahest, Inc. On 2 September 2020, Grifols signed an agreement to acquire all the shares of Alkahest Inc. (“Alkahest”) for a total amount of Euros 123,425 thousand (US Dollars 146,000 thousand), which was subject to approval by regulatory authorities. Likewise, as a result of agreements between shareholders, Grifols obtained control of Alkahest on 2 September 2020. Until that date, the previous 42.45% stake in Alkahest was equity accounted. The difference between the fair value of the previous stake and the book value was Euros 86,743 thousand (US Dollars 102,552 thousand), recognizing a profit for such amount under “Profit/(loss) of equity accounted investees” in the statement of profit and loss. As from this date, Alkahest was incorporated into the Group’s consolidation perimeter by the full consolidation method. Medcom Advance, S.A. In February 2019, the Group completed the acquisition of 45% of the shares in Medcom Advance, S.A. for an amount of Euros 8,602 thousand. Medcom Advance, S.A. is a company dedicated to research and development with a view to create proprietary patents using nanotechnology. The company was equity-accounted. At 31 December 2021 and 2022, this investment is fully impaired. Mecwins, S.A. On 22 October 2018 Grifols allocated Euros 2 million to the capital increase of Mecwins through Progenika Biopharma, reaching 24.99% of the total capital. Mecwins is a spin-off of the Institute of Micro and Nanotechnology of the Center for Scientific Research (CSIC), specialized in the development of innovative nanotechnological analysis tools for the diagnosis and prognosis of diseases. Mecwins has developed ultrasensitive optical reading immunoassay technology from nanosensors for the detection of protein biomarkers in blood. This technology has potential applications in fields such as oncology, cardiovascular and infectious diseases. The injection of capital, in which CRB Inverbio also participated with an additional Euros 2 million, will enable Mecwins to start developing pre-commercial prototypes of this technology and for Grifols to position itself in the field of nanotechnology applied to diagnosis. GigaGen Inc. On 5 July 2017, Grifols through its 100% subsidiary Grifols Innovation and New Technologies Limited (“GIANT”) acquired a 43.96% shareholding in GigaGen, Inc., a company based in San Francisco (USA) for the amount of US Dollars 35 million. GIANT and GigaGen entered into a Research and Collaboration Agreement whereby in exchange of a collaboration fee of US Dollars 15 million in the aggregate, GigaGen will commit to carry out research activities to develop recombinant polyclonal immunoglobulin therapies derived from human B cells for the treatment of human diseases. On 8 March 2021, Grifols, through its wholly owned subsidiary Grifols Innovation and New Technologies Limited (“GIANT”), reached an agreement to acquire all of the shares of Gigagen, Inc. for a total amount of US Dollars 90.5 million. With the acquisition of the 100% stake, Grifols obtains control over Gigagen and, therefore, becomes a group company and is consolidated under the full consolidation method (see note 3). The most recent financial statements available of the main equity-accounted investments of Grifols are as follows: Balance sheet Thousands of Euros Thousands of Euros 31/12/2022 31/12/2021 Access SRAAS SRAAS Biologicals Non-current assets 3,028,641 2,877,382 2,707 Current assets 648,415 549,977 23,287 Cash and cash equivalents 430,655 401,117 3,790 Non-current liabilities (2,645) (3,313) (36) Non-current financial liabilities (292) (453) — Current liabilities (193,289) (191,133) (3,615) Current financial liabilities — — (2,649) Net assets 3,911,485 3,633,577 23,484 P&L: Thousands of Euros Thousands of Euros 31/12/2022 31/12/2021 Access SRAAS SRAAS Biologicals Net revenue 700,831 395,812 45,689 Profit for the year 227,000 181,395 17,380 As previously mentioned, on 15 June 2022, Grifols acquired all of Access Biologicals LLC shares and is therefore considered a group company. Consequently, the company’s financial statements for 2022 are no longer detailed. |
Financial Assets
Financial Assets | 12 Months Ended |
Dec. 31, 2022 | |
Financial Assets | |
Financial Assets | (11) Financial Assets Details of non-current financial assets on the consolidated balance sheet at 31 December 2022 and 2021 are as follows: Thousands of Euros Reference 31/12/2022 31/12/2021 Financial investments in listed shares 11,540 2,038 Non-current derivatives Note 29 27,030 2,068 Total Non-current financial assets measured at fair value 38,570 4,106 Non-current guarantee deposits 9,277 7,763 Other non-current financial assets (a) 476,361 261,294 Non-current loans to related parties Note 30 96,537 89,104 Total Non-current financial assets measured at amortized cost 582,175 358,161 Details of current financial assets on the consolidated balance sheet at 31 December 2022 and 2021 are as follows: Thousands of Euros Reference 31/12/2022 31/12/2021 Current derivatives Note 29 12,629 3,238 Total Non-current financial assets measured at fair value 12,629 3,238 Thousands of Euros Reference 31/12/2022 31/12/2021 Deposits and guarantees 359 561 Other current financial assets (a) 30,627 2,025,869 Current loans to third parties 48 39 Total other current financial assets measured at amortized cost 31,034 2,026,469 (a) Other non-current and current financial assets Details of other non-current and current financial assets are as follows: Thousands of Euros Reference 31/12/2022 31/12/2021 Other financial assets with related parties Note 30 318,890 220,947 Other financial assets with third parties 188,098 2,066,216 Total other non-current and current financial assets 506,988 2,287,163 In 2021 Grifols closed a collaboration agreement with the U.S. firm ImmunoTek Bio Centers, LLC, specialized in the opening and construction of plasma centers, to open 21 plasma centers in the United States. At 31 December 2022, the Group has made advanced payments related to this project for an amount of Euros 124.1 million (Euros 42.3 million). At 31 December 2021 “Other financial assets with third parties” was mainly composed of the cash received from the new bond issue, which has been used in 2022 to acquire the existing share capital of Tiancheng (Germany) Pharmaceutical Holdings AG, whose current corporate name is Grifols Biotest Holdings GmbH, owner of approximately 90% of Biotest ordinary shares and 1% of Biotest preferred shares (see note 15 and 20). |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories. | |
Inventories | (12) Inventories Details of inventories at 31 December 2022 and 2021 are as follows: Thousands of Euros 31/12/2022 31/12/2021 Goods for resale 138,909 137,887 Raw materials and supplies 1,064,776 657,060 Work in progress and semi-finished goods 1,331,644 721,088 Finished goods 666,028 743,319 3,201,357 2,259,354 Movement in the inventory provision was as follows: Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 Balance at 1 January 158,724 122,613 104,251 Net charge for the year (66,647) 28,092 42,255 Cancellations for the year (12,155) (269) (189) Translation differences 4,818 8,288 (23,704) Balance at 31 December 84,740 158,724 122,613 As a result of the discontinuation of the Blood Collection Systems activity, an impairment of some inventory was recognized for a total amount of Euros 5 million as an expense in the consolidated statement of profit and loss for 2021. |
Contract assets
Contract assets | 12 Months Ended |
Dec. 31, 2022 | |
Contract assets | |
Contract assets | (13) Contract assets Contract assets from contract fractionation relate to contingent claims for the complete fulfilment of contractual obligations from contract fractionation agreements entered into by Biotest AG. The resulting performance obligations are generally fulfilled by Biotest over a period of up to 12 months. Receivables from this business, which usually have a due date of between 90 and 120 days, are recognized when the right to receive the consideration becomes unconditional. This is the case when the biological drugs produced from the blood plasma provided by the customer are delivered to the customer. These are service transactions that are valued at the corresponding costs of sales incurred plus profit margin, if it can be estimated. Details of contract assets at 31 December 2022 and 2021 are as follows: Thousands of Euros 31/12/2022 31/12/2021 Contract assets (gross) 35,467 1,939 Allowances for expected credit losses (313) — Contract assets (net) 35,154 1,939 Default risks are accounted for by making value adjustments to the contract assets. The allowance for expected credit losses is calculated as the difference between the nominal amount of the contract assets and the estimated recoverable amount. An independent expert has examined the portfolio of contract assets that do not show any concrete indications of impairment in individual cases. Movement in allowance for expected credit losses corresponding to contract assets is included in note 29. |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and Other Receivables | |
Trade and Other Receivables | (14) Trade and Other Receivables Details at 31 December 2022 and 2021 are as follows: Thousands of Euros Reference 31/12/2022 31/12/2021 Trade receivables 478,597 324,442 Receivables from Note 30 162,382 131,764 Impairment losses Note 29 (i) (32,291) (24,009) Trade receivables 608,688 432,197 Other receivables Note 29 (i) 10,050 11,014 Personnel 770 654 Advance payments Note 29 (i) 19,033 6,210 Taxation authorities, VAT 38,719 35,389 Other public entities 4,609 1,796 Other receivables 73,181 55,063 Current income tax assets 56,782 12,448 Total trade and other receivables 738,651 499,708 Other receivables During 2022, 2021 and 2020 the Grifols Group has sold receivables without recourse to some financial institutions (factors), to which the risks and benefits inherent to the ownership of the assigned credits are substantially transferred. Also, the control over the assigned credits, understood as the factor’s ability to sell them to an unrelated third party, unilaterally and without restrictions, has been transferred to the factor. The main conditions of these contracts include the advanced collection of the assigned credits that vary between 70% and 100% of the nominal amount and a percentage of insolvency risk coverage on the factor side that varies between 90% and 100% of the nominal of the assigned credits. These contracts have been considered as without recourse factoring and the amount advanced by the factors has been derecognized from the balance sheet. Likewise, in financial years 2022 and 2021, some receivables assignment contracts were signed with a financial institution, in which Grifols retains the risks and benefits inherent to the ownership of the assigned credits. These contracts have been considered as with resource and the assigned amount remains in the consolidated balance sheet at 31 December 2022 and a short-term debt has been recognized for an amount equal to the consideration received from the factor for the assignment. The amount recognized is Euros 16,546 thousand at 31 December 2022 (Euros 23,450 thousand at 31 December 2021). Total receivables without recourse sold to financial institutions through the aforementioned contracts in 2022 amount to Euros 3,174,308 thousand (Euros 2,975,343 thousand in 2021 and Euros 2,735,973 thousand in 2020). The financial cost of credit rights sold for the Group totals Euros 18,201 thousand which has been recognized under finance costs in the consolidated statement of profit and loss for 2022 (Euros 10,292 thousand in 2021 and Euros 10,964 thousand in 2020) (see note 26). Details of balances with related parties are shown in note 30. The volume of invoices sold without recourse to various financial institutions which, based on their due date would not have been collected at 31 December 2022, totals Euros 445,185 thousand (Euros 317,054 thousand at December, 2021). |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents | |
Cash and Cash Equivalents | (15) Cash and Cash Equivalents Details of this caption of the consolidated balance sheet at 31 December 2022 and 2021 are as follows: Thousands of Euros 31/12/2022 31/12/2021 Current deposits 5 — Cash in hand and at banks 547,974 655,493 Total cash and cash equivalents recognized in the balance sheet 547,979 655,493 Restricted cash — 2,020,118 Total cash and cash equivalents recognized in the statement of cash flows 547,979 2,675,611 As mentioned in note 20, during 2021 the Group issued a bond in two tranches for amounts of Euros 1,400 million and US Dollars 705 million. These funds were held in an escrow account and were released once the transaction with Tiancheng (Germany) Pharmaceutical Holdings AG, whose current corporate name is Grifols Biotest Holdings GmbH, became effective. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity | |
Equity | (16) Equity Details of consolidated equity and movement are shown in the consolidated statement of changes in equity. (a) Share capital At 31 December 2022 and 2021, the Company’s share capital amounts to Euros 119,603,705 and comprises: ● Class A shares: 426,129,798 ordinary shares of Euros 0.25 par value each, subscribed and fully paid and of the same class and series. ● Class B shares: 261,425,110 non-voting preference shares of 0.05 Euros par value each, of the same class and series, and with the preferential rights set forth in the Company’s by-laws. The main characteristics of the Class B shares are as follows: ● Each Class B share entitles its holder to receive a minimum annual preferred dividend out of the distributable profits at the end of each year equal to Euros 0.01 per Class B share provided that the aggregate preferred dividend does not exceed the distributable profits of that year and, subject, according to the commercial law, to the approval of the distribution of dividends by the Company’s shareholders. This preferred dividend is not cumulative if sufficient distributable profits are not obtained in the period. ● Each Class B share is entitled to receive, in addition to the above-mentioned preferred dividend, the same dividends and other distributions as for one Grifols ordinary share. ● Each Class B share entitles the holder to its redemption under certain circumstances, if a takeover bid for all or part of the shares in the Company has been made, except if holders of Class B shares have been entitled to participate in the bid on the same terms as holders of Class A shares. The redemption terms and conditions reflected in the Company’s by-laws limit the amount that may be redeemed, requiring that sufficient distributable reserves be available, and limit the percentage of shares to be redeemed in line with the ordinary shares to which the bid is addressed. ● In the event the Company were to be wound up and liquidated, each Class B share entitles the holder to receive, before any amounts are paid to holders of ordinary shares, an amount equal to the sum of (i) the par value of the Class B share, and (ii) the share premium paid for the Class B share when it was subscribed. In addition to the Class B liquidation preference amount, each holder is entitled to receive the same liquidation amount that is paid for each ordinary share. These shares are freely transferable. Since 23 July 2012 the ADSs (American Depositary Shares) representing Grifols’ Class B shares (non-voting shares) have had an exchange ratio of 1:1 in relation to Class B shares, ie.1 ADS represents 1 Class B share. The previous rate was 2 ADS per Class B share. The Company’s knowledge of its shareholders is based on information provided voluntarily or in compliance with applicable legislation. According to the information available to the Company, there are no interests representing more than 10% of the Company’s total capital at 31 December 2022 and 2021. At 31 December 2022 and 2021, the number of outstanding shares is equal to the total number of Company shares, less treasury stock. Movement in outstanding shares during 2022 is as follows: Reference Class A shares Class B shares Balance at 1 January 2022 422,185,368 256,354,580 (Acquisition) / disposal of treasury stock Note 16 (d) — (129,254) Balance at 31 December 2022 422,185,368 256,225,326 Movement in outstanding shares during 2021 is as follows: Reference Class A shares Class B shares Balance at 1 January 2021 426,129,798 258,412,946 (Acquisition) / disposal of treasury stock Note 16 (d) (3,944,430) (2,058,366) Balance at 31 December 2021 422,185,368 256,354,580 (b) Share premium Movement in the share premium is described in the consolidated statement of changes in equity, which forms an integral part of this note to the consolidated financial statements. (c) Reserves The drawdown of accumulated gains is subject to legislation applicable to each of the Group companies. At 31 December 2022, Euros 18.908 thousand equivalent to the carrying amount of development costs pending amortization of certain Spanish companies (Euros 29,486 thousand at 31 December 2021) are, in accordance with applicable legislation, a distribution limitation until these development costs have been amortized. The movement in this caption of the consolidated balance sheet during the years ended at 31 December 2022, 2021 and 2020 is reflected in the consolidated statement of changes in equity, the most significant movements being detailed below: On 30 March 2020, the share exchange agreement was closed and Grifols received SRAAS shares corresponding to 26.2% of its share capital. Therefore, Grifols became the largest shareholder of SRAAS, while maintaining operational, voting and economic control of GDS (see notes 10 and 18). This transaction generated an impact of Euros 408 million on reserves. Legal reserve Companies in Spain are obliged to transfer 10% of each year’s profits to a legal reserve until this reserve reaches an amount equal to 20% of share capital. This reserve is not distributable to shareholders and may only be used to offset losses if no other reserves are available. Under certain conditions it may be used to increase share capital provided that the balance left on the reserve is at least equal to 10% of the nominal value of the total share capital after the increase. At 31 December 2022 and 2021 the legal reserve of the Parent amounts to Euros 23,921 thousand which corresponds to 20% of the share capital. Distribution of the legal reserves of Spanish companies is subject to the same restrictions as those of the Company and at 31 December 2022 and 2021 the balance of the legal reserve of other Spanish companies amounts to Euros 2,066 thousand. Other foreign Group companies have a legal reserve amounting to Euros 4,137 thousand at 31 December 2022 (Euros 3,805 thousand at 31 December 2021). Hedging reserve The hedging reserve includes the cash flow hedge reserve and the costs of hedging reserve, see note 4(i) for details. The cash flow hedge reserve is used to recognise the effective portion of gains or losses on derivatives that are designated and qualify as cash flow hedges, as described in note 29. The group defers the changes in the forward element of forward contracts and the time value of option contracts in the costs of hedging reserve. (d) Treasury stock The Parent held Class A and B treasury stock equivalent to 1.3% of its capital at 31 December 2022 (1.3% of its capital in Class A and B treasury stock at 31 December 2021). Treasury stock Class A Movement in Class A treasury stock during the year ended 31 December 2022 is as follows: No. of Class A shares Thousands of Euros Balance at 1 January 2022 3,944,430 89,959 Disposal Class A shares — — Balance at 31 December 2022 3,944,430 89,959 Movement in Class A treasury stock during the year ended 31 December 2021 is as follows: No. of Class A shares Thousands of Euros Balance at 1 January 2021 — — Disposal Class A shares — — Acquisition Class A shares 3,944,430 89,959 Balance at 31 December 2021 3,944,430 89,959 At the meeting held on 11 March 2021, the Board of Directors agreed to implement a program to buy back Grifols’ treasury stock for the purpose of using it as consideration in possible future acquisitions. This Buyback Program began on 12 March 2021 and has been in force until 14 June 2021 and its execution was entrusted to an independent bank. Treasury stock Class B Movement in Class B treasury stock during 2022 was as follows: No. of Class B shares Thousands of Euros Balance at 1 January 2022 5,070,530 74,230 Disposal Class B shares (370,746) (5,428) Acquisition Class B shares 500,000 3,459 Balance at 31 December 2022 5,199,784 72,261 Movement in Class B treasury stock during 2021 is as follows: No. of Class B shares Thousands of Euros Balance at 1 January 2021 3,012,164 43,734 Disposal Class B shares (361,530) (5,248) Acquisition Class B shares 2,419,896 35,744 Balance at 31 December 2021 5,070,530 74,230 In March 2022, the Group delivered 370,746 treasury stocks (Class B shares) to eligible employees as compensation under the Restricted Share Unit Retention Plan. In March 2021, the Group delivered 361,530 treasury stocks (Class B shares) to eligible employees as compensation under the Restricted Share Unit Retention Plan. (e) Distribution of profit and dividends The profits of Grifols, S.A. and subsidiaries will be distributed as agreed by respective shareholders at their general meetings. The proposed distribution of profit of the Parent Grifols, S.A. for the years ended 31 December 2022, and the distribution of profit approved for 2021, presented at the general meeting held on 10 June 2022, is as follows: Thousands of Euros 31/12/2022 31/12/2021 Voluntary reserve (266,296) (140,728) Profit of the Parent (266,296) (140,728) The distribution of profit corresponding to the year ended 31 December 2022 and 2021 are presented in the statement of changes in consolidated equity. During 2022 no dividend has been paid. The following dividends were paid in 2021: 31/12/2021 % of par value Euros per share Thousands of Euros Ordinary shares 146 % 0.36 154,005 Non-voting shares 729 % 0.36 93,515 Non-voting shares (preferred dividend) 20 % 0.01 2,614 Total dividends paid 250,134 At the general meeting held on 21 May 2021 the shareholders of Grifols S.A. approved the distribution of a preferred dividend of Euros 0.01 for every Class B non-voting share, together with the approval of an ordinary dividend of Euros 0.36 for Class A and Class B share charged to voluntary reserves of the Company for an amount of Euros 247,520 thousand. During 2022 and 2021 no interim dividend has been paid. (f) Restricted Share Unit Retention Plan The Group has set up a Restricted Share Unit Retention Plan (hereinafter RSU Plan) for certain employees (see note 28). This commitment will be settled using equity instruments and the cumulative accrual amounts to Euros 7,304 thousand at 31 December 2022 (Euros 9,838 thousand at 31 December 2021). |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share | |
Earnings Per Share | (17) Earnings Per Share (a) Basic Earnings per share The calculation of basic earnings per share is based on the profit for the year attributable to the shareholders of the Parent divided by the weighted average number of ordinary shares in circulation throughout the year, excluding treasury stock. Details of the calculation of basic earnings per share are as follows: Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 Profit for the year attributable to shareholders of the Parent (Thousands of Euros) 208,279 188,726 618,546 Weighted average number of ordinary shares outstanding 679,805,142 681,556,937 685,515,740 Basic earnings per share (Euros per share) 0.31 0.28 0.90 The weighted average number of ordinary shares outstanding (basic) is as follows: Number of shares 31/12/2022 31/12/2021 31/12/2020 Issued shares outstanding at 1 January 679,598,330 685,601,126 685,198,238 Effect of shares issued — — — Effect of treasury stock 206,812 (4,044,189) 317,502 Weighted average number of ordinary shares outstanding (basic) at 31 December 679,805,142 681,556,937 685,515,740 (b) Diluted Earnings per share Diluted earnings per share are calculated by dividing profit for the year attributable to shareholders of the Parent by the weighted average number of ordinary shares in circulation considering the diluting effects of potential ordinary shares. The RSU Plan granted by the Group and payable in shares, assumes the existence of dilutive potential shares. Diluted earnings per share have been calculated as follows: Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 Profit for the year attributable to shareholders of the Parent (Thousands of Euros) 208,279 188,726 618,546 Weighted average number of ordinary shares outstanding (diluted) 679,292,729 681,404,922 685,142,749 Diluted earnings per share (Euros per share) 0.31 0.28 0.90 The weighted average number of ordinary shares outstanding diluted has been calculated as follows: Number of shares 31/12/2022 31/12/2021 31/12/2020 Ordinary shares outstanding at 1 January 679,598,330 685,601,126 685,198,238 Shares committed under RSU plan (512,413) (152,015) (372,991) Effect of shares issued — — — Effect of treasury stock 206,812 (4,044,189) 317,502 Weighted average number of ordinary shares outstanding (diluted) at 31 December 679,292,729 681,404,922 685,142,749 |
Non-Controlling Interests
Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2022 | |
Non-Controlling Interests | |
Non-Controlling Interests | (18) Non-Controlling Interests Details of non-controlling interests and movement at 31 December 2022 are as follows: Thousands of Euros Business combinations / Balance at Perimeter Other Translation Balance at Reference 31/12/2021 Additions additions movements differences 31/12/2022 Grifols (Thailand) Pte Ltd 4,417 282 — (23) 103 4,779 Grifols Malaysia Sdn Bhd 3,059 593 — — 11 3,663 Araclon Biotech, S.A. 240 (833) — — — (593) VCN Bioscience, S.L 97 0 — (97) — 0 Kiro Grifols, S.L. 284 (312) — 3 — (25) Haema AG 233,542 (4,858) — — — 228,684 BPC Plasma, Inc 305,276 30,086 — — 19,140 354,502 Grifols Diagnostics Solutions Inc. 1,234,850 46,719 — 111 71,994 1,353,674 Plasmavita Healthcare 11,724 (1,590) — — — 10,134 Haema Plasma Kft — (4,074) 17,080 — (1,067) 11,939 G Pyrenees Research Cntr — (7) 1 — — (6) Albimmune SL — (742) 1 — — (741) Biotest AG Note 3 — (2,397) 356,386 8 7,599 361,596 1,793,489 62,867 373,468 2 97,780 2,327,606 On 25 April 2022, the Group acquired 70.18% of the shares in Biotest AG. Consequently, the information relating to Biotest, AG corresponds to the period from 1 May to 31 December 2022. Details of non-controlling interests and movement at 31 December 2021 are as follows: Thousands of Euros Business combinations / Balance at Perimeter Translation Balance at 31/12/2020 Additions additions Dividends paid differences 31/12/2021 Grifols (Thailand) Pte Ltd 4,338 218 — — (139) 4,417 Grifols Malaysia Sdn Bhd 2,923 810 (843) — 169 3,059 Araclon Biotech, S.A. (1,088) (1,119) 2,447 — — 240 VCN Bioscience, S.L 316 (219) — — — 97 Kiro Grifols , S.L. 598 (314) — — — 284 Haema AG 231,284 2,258 — — — 233,542 BPC Plasma, Inc (formerly Biotest US Corporation) 274,995 8,014 — — 22,267 305,276 Grifols Diagnostic Solutions, Inc. 1,087,632 65,894 — (6,503) 87,827 1,234,850 Plasmavita Healthcare 10,665 1,059 — — — 11,724 1,611,663 76,601 1,604 (6,503) 110,124 1,793,489 At 31 December 2022 and 2021, the main items of the statement of financial positions of the most significant non-controlling interests are as follows: Thousands of Euros Thousands of Euros 31/12/2022 31/12/2021 BPC Plasma, Biotest, AG Grupo GDS Haema AG BPC Plasma, Inc Grupo GDS Haema AG Inc Non-current assets 585,282 4,175,839 126,051 345,906 3,796,855 121,309 263,921 Current assets 619,513 286,153 40,308 30,242 291,371 57,985 74,206 Total Assets 1,204,795 4,461,992 166,359 376,148 4,088,226 179,294 338,127 Non-current liabilities 701,613 292,416 19,673 54,131 278,620 27,137 53,715 Current liabilities 130,193 93,474 72,675 60,638 91,299 84,117 83,592 Total Liabilities 831,806 385,890 92,348 114,769 369,919 111,254 137,307 Total equity 372,989 4,076,102 74,011 261,379 3,718,307 68,040 200,820 Profit/(loss) for the year (16,036) 140,678 5,972 48,132 198,416 8,100 34,333 Detail of cash flows of the most significant non-controlling interests is as follows: Thousands of Euros 31/12/2022 31/12/2021 Biotest, AG GDS Group GDS Group Net cash flows from operating activities (39,881) 220,566 274,202 Net cash flows from investing activities (29,358) (222,612) (247,441) Net cash flows from financing activities 91,219 1,914 (26,682) 21,980 (132) 79 |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2022 | |
Provisions | |
Provisions | (19) Provisions Details of provisions at 31 December 2022 and 2021 are as follows: Thousands of Euros 31/12/2022 31/12/2021 Provisions for pensions and similar obligations (a) 94,071 6,717 Other provisions 15,992 17,405 Non-current provisions 110,063 24,122 Trade provisions 56,339 31,407 Current provisions 56,339 31,407 The movement in non-current and current provisions is as follows: Thousands of Euros Reference 31/12/2022 31/12/2021 31/12/2020 Opening balance 55,529 38,446 61,139 Business combinations Note 3 138,476 32 954 Net charges 12,588 15,664 414 Net reversal — — (21,998) Net cancellations (9,091) (794) (422) Transfers (33,575) (673) 468 Translation differences 2,475 2,854 (2,109) Closing balance 166,402 55,529 38,446 (a) Pension plan At 31 December 2022, 2021 and 2020, the balance of provisions for pensions and similar mainly includes a provisions made by the Biotest Group in relation to retirement benefit obligations and foreign personal commitments with employment. Benefits are based on the employee’s length of service and salary. Retirement benefit obligations relate mainly to employees of the Group’s German companies. Similar obligations are foreign obligations payable in a lump sum on retirement and obligations of the Biotest pension savings plan. These plans are voluntary pension plans not subject to statutory or legal obligations. The amount of the pension obligations is mainly dependent on interest rate movements and the life expectancy of the participants. Assets of Euros 5,676 thousand were held by a trustee, company of the group, in financial year 2022 under a contractual trust arrangement (CTA) as external insolvency insurance for portions of the occupational pension scheme. Since the transferred funds qualify as plan assets in accordance with IAS 19, provisions for pensions and similar obligations were netted with the transferred assets. As a result, provisions for pensions and similar obligations were reduced accordingly. At 31 December 2022, the net defined benefit liability of the Biotest Group comprises the following: Thousands of Euros 31/12/2022 From pension plans 80,445 From similar obligations 11,046 Net present value of defined benefit obligations 91,491 For pension plans (4,222) For similar obligations (1,454) Fair value of plan assets (5,676) From pension plans 76,223 From similar obligations 9,592 Net defined benefit liability 85,815 The costs for the defined benefit plans consist of the following components: Thousands of Euros 31/12/2022 Current service cost 3,517 Net interest expenses 766 Total expenses recognised in profit and loss 4,283 Actuarial losses due to experience adjustments 1,294 Actuarial gains due to changes in financial assumptions (34,754) Actuarial gains from changes in demographic assumptions (6) Return on plan assets (excluding amounts included in net interest expense) 755 Revaluation recognised directly in other comprehensive income (32,711) Defined benefit costs (28,428) In financial year 2022, actuarial gains of Euros 32,711 thousand are recognised in other comprehensive income. Of this amount, Euros 34,754 thousand resulted from changes in actuarial assumptions, which is mainly due to the increase in the actuarial interest rate in the main plans in Germany from 1.1% to 3.9%. The following table shows the reconciliation of the net present value of the defined benefit obligation (DBO): Thousands of Euros 31/12/2022 Net present value of defined benefit obligation at 1 May 122,880 Current service cost 3,517 Interest expense 816 Expenses recognised in the statement of profit and loss 4,333 Actuarial losses due to experience adjustments 1,294 Actuarial gains due to changes in financial assumptions (34,754) Actuarial gains from changes in demographic assumptions (6) Revaluation recognised directly in other comprehensive income (33,466) Pension benefits paid (2,256) Net present value of defined benefit obligations at 31 December 91,491 The following table shows the reconciliation of the fair value of plan assets: Thousands of Euros 31/12/2022 Fair value of plan assets as of 1 May 4,560 Interest income 50 Income recognised in the consolidated statement of income 50 Return on plan assets (excluding amounts included in net interest expenses) (755) Revaluations recognised directly in the statement of comprehensive income (755) Contribution by the employer 1,821 Payments from plan assets — Fair value of plan assets as of 31 December 5,676 The following payments are expected to be made in subsequent years based on the current pension obligations of the Biotest group: Thousands of Euros 31/12/2022 In the next 12 months 4,394 Between 2 and 5 years 21,629 Between 5 and 10 years 31,124 After 10 years 112,888 Total expected payments 170,035 The weighted average term of the defined benefit plans is 11.7 years as of 31 December 2022. Plan assets of the Biotest group were invested in the following asset classes as of the reporting date: Thousands of Euros 31/12/2022 Cash and cash equivalents 187 Financial investment 1,000 Fund shares 4,489 Fair value of plan assets 5,676 The plan assets transferred to Biotest Vorsorge Trust e.V are invested in accordance with defined investment principles, whereby the maturity or termination option of the financial instruments must always be selected in such a way that the association can meet its payment obligations. In accordance with the investment principles, the assets can be invested in Euro time deposits as well as domestic government bonds, mortgage bonds or fund units in money market funds or corporate bonds, all in Euro. Loans can also be issued to the Biotest Group companies against the corresponding guarantees. A minimum rating of A- is required for all financial instruments. The expected contributions to plan assets amount to Euros 1,896 thousand. Of the provisions for pensions and similar obligations in the Biotest group, Euros 90,783 thousand relate to pension plans. The calculation of the pension plans is based on the following actuarial assumptions: 31/12/2022 Discount rate 3.9 % Expected return on plan assets 1.1 % Rate of increase for wages and salaries 3.4 % Rate of interest for pensions 2.2 % Employee turnover rate 3.0 % Actuarial assumptions are mainly based on historical empirical values with the exception of the discount rate. The calculation was based on the published Heubeck 2018 G mortality tables. Under IAS 19.145, the effect of any possible changes to parameters for the underlying assumptions used to calculate the pension obligations must be disclosed in the sensitivity analysis. Only changes that are realistically expected to occur in the following financial year are to be considered. The actuarial rate of interest, salary trend, pension trend and life expectancy are regarded as material assumptions. These parameters are shown in the following overview together with information on the parameter changes and their impact on the net present value calculation as of 31 December 2022. Thousands of Euros Impact on the Parameter change pension obligation Rate of interest Increase by 50 basis points (4,906) Rate of interest Decrease by 50 basis points 5,414 Salary trend Increase by 50 basis points 171 Salary trend Decrease by 50 basis points (166) Pension trend Increase by 100 basis points 6,227 Pension trend Decrease by 100 basis points (5,310) Life expectancy Increase by one year 2,916 An amount of Euros 11,844 thousand was recognized as expense for defined contribution plans and is broken down as follows: Thousands of Euros 31/12/2022 Defined contribution plans of the Company 134 Employer contributions to statutory pension scheme 11,710 11,844 |
Financial Liabilities
Financial Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Financial Liabilities | |
Financial Liabilities | (20) Financial Liabilities This note provides information on the contractual conditions of the Group’s financial liabilities, which are measured at amortized cost, except for the financial derivatives that are valued at fair value. For further information on exposure to interest rate risk, currency risk and liquidity risk and the fair values of financial liabilities, please refer to note 29. Details at 31 December 2022 and 2021 are as follows: Thousands of Euros Financial liabilities Reference 31/12/2022 31/12/2021 Non-current bonds (a) 4,638,444 2,577,465 Senior secured debt (b) 3,419,058 3,296,025 Other loans (b) 336,530 480,836 Other non-current financial liabilities (c) 887,707 838,826 Non-current financial derivatives Note 29 4,003 — Non-current lease liabilities Note 8 914,588 825,157 Loan transaction costs (239,768) (249,359) Total non-current financial liabilities 9,960,562 7,768,950 Current bonds (a) 150,512 2,270,474 Senior secured debt (b) 8,904 — Other loans (b) 477,065 165,139 Other current financial liabilities (c) 113,680 43,234 Current financial derivatives Note 29 733 875 Current lease liabilities Note 8 102,356 48,567 Loan transaction costs (57,564) (89,998) Total current financial liabilities 795,686 2,438,291 (a) Senior Notes Detail of Senior Notes at 31 December 2022 are as follows: Thousands of Euros Issue date Company Nominal value Currency Annual coupon Maturity 18/04/2017 Grifols, S.A. 1,000,000 Euros 3.20 % 2025 Unsecured senior notes 05/10/2021 Grifols Escrow Issuer S.A. 1,400,000 Euros 3.875 % 2028 05/10/2021 Grifols Escrow Issuer S.A. 705,000 US dollar 4.750 % 2028 Secured senior notes 15/11/2019 Grifols, S.A. 770,000 Euros 2.25 % 2027 15/11/2019 Grifols, S.A. 905,000 Euros 1.625 % 2025 The bonds issued by Grifols, S.A. in 2017 and 2019 were admitted to listing on the Irish Stock Exchange on the same issue date. On 5 October 2021, Grifols Escrow Issuer, S.A. closed the issuance of a senior unsecured corporate bond (Senior Unsecured Notes) in two tranches for amounts of Euros 1,400 million and US Dollars 705 million. Both tranches mature in 2028, accrue an annual coupon of 3.875% and 4.750%, respectively and are listed on the Irish Stock Exchange. The proceeds from the bonds were used to finance the Euros 1,100 million acquisition of the entire share capital of Tiancheng (Germany) Pharmaceutical Holdings AG, whose current corporate name is Grifols Biotest Holdings GmbH, which holds 89.88% of the ordinary shares of Biotest AG and 1.08% of the preferred shares. In addition, the proceeds will also be used to finance the voluntary public offering for the remaining ordinary and preferred shares of Biotest AG. Details of movement in the Senior Notes at 31 December 2022 are as follows: Thousands of Euros Opening outstanding balance Exchange Closing outstanding 01/01/2022 Cancellation differences balance 31/12/22 Senior unsecured corporate notes 2017 1,000,000 — — 1,000,000 Senior secured corporate notes 2019 1,675,000 (97,535) — 1,577,465 Senior unsecured corporate notes Euros 2021 1,400,000 — — 1,400,000 Senior unsecured corporate notes US Dollars 2021 622,462 — 38,517 660,979 4,697,462 (97,535) 38,517 4,638,444 On 2 December 2021, Grifols, S.A. announced a repurchase offer for the same price plus unpaid accrued interests of the mentioned bonds, up to the equivalent in Euros of US Dollars 110,317 thousand. The agreement with the bondholders was closed in January 2022. Details of movement in the Senior Notes at 31 December 2021 are as follows: Thousands of Euros Opening Closing outstanding balance Exchange outstanding balance 01/01/21 Issue differences 31/12/21 Senior unsecured corporate notes 2017 1,000,000 — — 1,000,000 Senior secured corporate notes 2019 1,675,000 — — 1,675,000 Senior unsecured corporate notes Euros 2021 — 1,400,000 — 1,400,000 Senior unsecured corporate notes US Dollars 2021 — 598,970 23,492 622,462 2,675,000 1,998,970 23,492 4,697,462 At 31 December 2022 and 2021 the current obligations caption includes the issue of bearer promissory notes to Group employees, as follows: Thousands of Euros 31/12/2022 31/12/2021 Issue date 04/05/2022 04/05/2021 Maturity date 04/05/2023 04/05/2022 Nominal amount of promissory notes (Euros) 3,000 3,000 Interest rate 3.00 % 2.50 % Promissory Notes subscribed 12,054 119,325 Buy-backs or redemptions (1,938) (1,740) Interest pending accrual (1,176) (975) (b) Loans and borrowings Details of loans and borrowings at 31 December 2022 and 2021 are as follows: Thousands of Euros 31/12/2022 31/12/2021 Amount Carrying Amount Carrying Credit Currency Interest rate Date awarded Maturity date extended amount extended amount Senior debt - Tranche B Euros Euribor + 2.25% 15/11/2019 15/11/2027 1,360,000 1,255,285 1,360,000 1,258,554 Senior debt - Tranche B US Dollars Libor + 2.00% 15/11/2019 15/11/2027 2,343,896 2,163,773 2,227,171 2,037,471 Total senior debt 3,703,896 3,419,058 3,587,171 3,296,025 EIB Loan Euros 2.40% 20/11/2015 20/11/2025 100,000 21,250 100,000 31,875 EIB Loan Euros 2.02% 22/12/2017 22/12/2027 85,000 42,500 85,000 53,125 EIB Loan Euros 2.15% 25/09/2018 25/09/2028 85,000 53,125 85,000 63,750 Total EIB Loan 270,000 116,875 270,000 148,750 Revolving Credit US Dollars Libor + 1.5% 15/11/2019 15/11/2025 937,559 — 882,924 330,000 Total Revolving Credit 937,559 — 882,924 330,000 Other non-current loans Euros 1.76% - Euribor+ 6.70% 235,000 219,655 10,000 2,086 Loan transaction costs — (163,476) — (197,703) Non-current loans and borrowings 5,146,455 3,592,112 4,750,095 3,579,158 Thousands of Euros 31/12/2022 31/12/2021 Credit Currency Interest rate Date awarded Maturity date Amount extended Carrying amount Amount extended Carrying amount Senior debt - Tranche B Euros Euribor + 2.25% 15/11/2019 15/11/2027 (*) 3,269 (*) — Senior debt - Tranche B US Dollars Libor + 2.00% 15/11/2019 15/11/2027 (*) 5,635 (*) — Total senior debt — 8,904 — — EIB Loan Euros 2.40% 20/11/2015 20/11/2025 (*) 10,625 (*) 10,625 EIB Loan Euros 2.02% 22/12/2017 22/12/2027 (*) 21,250 (*) 21,250 Total EIB Loan — 31,875 — 31,875 Other current loans 0.10% - 3.75% 481,163 445,190 211,901 133,265 Loan transaction costs — (36,559) — (37,245) Current loans and borrowings 481,163 449,410 211,901 127,895 (*) See amount granted under non-current debt Current loans and borrowings include accrued interest amounting to Euros 12,592 thousand at 31 December 2022 (Euros 7,682 thousand at 31 December 2021). Between 2015 and 2018, the Group arranged three long-term loans with the European Investment Bank totaling Euros 270,000 thousand (divided into two Senior Secured debt The Senior Secured debt consists of an eight-year loan divided into two tranches: US Tranche B and Tranche B in Euros. The terms and conditions of both tranches are as follows: ◾ US Dollar Tranche B: ● Original principal amount of US Dollars 2,500 million. ● Applicable margin of 200 basis points (bp) pegged to US Libor . ● Quasi-bullet repayment structure. ● Maturity in 2027. ◾ Tranche B in Euros: ● Original principal amount of Euros 1,360 million. ● Applicable margin of 225 basis points (bp) pegged to Euribor . ● Quasi-bullet repayment structure. ● Maturity in 2027. Details of Tranche B by maturity at 31 December 2022 are as follows: US Tranche B Tranche B in Euros Principal in Thousands Principal in Principal in Thousands of Currency of US Dollars Thousands of Euros Currency Euros Maturity 2023 US Dollars 6,015 5,635 Euros 3,269 2024 US Dollars 24,058 22,557 Euros 13,076 2025 US Dollars 24,058 22,557 Euros 13,076 2026 US Dollars 24,058 22,557 Euros 13,076 2027 US Dollars 2,235,700 2,096,101 Euros 1,216,058 Total US Dollars 2,313,889 2,169,407 Euros 1,258,555 The borrowers of the total Senior secured debt are Grifols, S.A. and Grifols Worldwide Operations USA, Inc. At 31 December 2021, the Group redeemed in advance an amount of Euros 74,246 thousand from Tranche B in Euros and Euros 124,798 thousand from Tranche B in US Dollars, using part of the amount received from GIC (sovereign wealth fund in Singapore). Revolving credit facility On 7 May 2020, the Group concluded the upsize of the multi-currency revolving credit facility from US Dollars 500 million to US Dollars 1,000 million with maturity in 2025 and an applicable margin of 150 basis points (bp) pegged to US Libor. Movement in the Revolving Credit Facility is as follows: Thousands of Euros 31/12/2022 31/12/2021 Drawn opening balance 330,000 — Drawdowns 591,537 829,636 Repayments (916,958) (525,979) Translation differences (4,579) 26,343 Drawn closing balance — 330,000 The costs of refinancing the revolving credit facility in 2020 amounted to Euros 9.3 million. Guarantors The Notes, the Senior Term Loans and the Revolving Loans are secured by Grifols, S.A. and certain significant subsidiaries of Grifols, S.A., which together with Grifols, S.A., represent, in the aggregate, at least 60% of the consolidated EBITDA of the Group. The Notes are guaranteed on a senior secured basis by subsidiaries of Grifols, S.A. that are guarantors and co-borrower under the New Credit Facilities. The guarantors are Grifols Worldwide Operations Limited, Grifols Biologicals Inc., Grifols Shared Services North America, Inc., Grifols Therapeutics, Inc., Instituto Grifols, S.A., Grifols Worldwide Operations USA, Inc., Grifols USA, Llc. and Grifols International, S.A. (c) Other financial liabilities Details of other financial liabilities at 31 December 2022 and 2021 are as follows: Thousands of Euros Other financial liabilities Reference 31/12/2022 31/12/2021 Non-current debt with GIC (sovereign wealth fund in Singapore) (i) 833,664 829,937 Non-current preferential loans 4,943 7,029 Other non-current financial liabilities (iii) 49,100 1,860 Total other non-current financial liabilities 887,707 838,826 Current debt with GIC (sovereign wealth fund in Singapore) (i) 86,284 — Current preferential loans 1,633 2,607 Outstanding payments of acquisitions (ii) — 39,075 Other current financial liabilities (iii) 25,763 1,552 Total other current financial liabilities 113,680 43,234 (i) Debt with GIC – Singapore sovereign wealth fund In November 2021 approval was received from the pertinent authorities to close the agreement with GIC (Sovereign Fund of Singapore), announced in June 2021, whereby the Group received an amount of US Dollars 990 million in exchange for 10 ordinary Class B shares in Biomat USA and 9 ordinary Class B shares in a new sub-holding, Biomat Newco, created for this purpose. The main terms and conditions of the agreement with GIC were: ● The distribution of annual preferential dividends to GIC equivalent to US Dollar 4,168 thousand per share, following majority approval of the Board of Directors of Biomat USA and Biomat Newco; ● The redemption right with respect to Class B stock for US Dollars 52,105 thousand per share, is subject to unilateral approval of the Class B stockholders (with one share annually redeemable starting as of 31 December 2022). At 31 December 2022 no shares have been redeemed. ● From 1 December 2036, holders of Class B shares of Biomat USA will have the right to request Biomat USA to redeem up to the total of the Class B shares they hold at a value of US Dollars 52,105,263.16 per share. Class B shareholders of Biomat Newco will have the same right with respect to Biomat Newco. ● In the event that the dividends or the annual redemption at Biomat USA or Biomat NewCo, where applicable, is not approved, is partially paid, or is otherwise not paid, GIC holds the right to obtain in exchange thereof an undetermined number of shares among the following alternatives (i) an additional number of shares in Biomat USA, in lieu of the non-payment occurred at Biomat USA, (ii) an additional number of shares in Biomat NewCo, in lieu of the non-payment occurred at Biomat NewCo; or (iii) a number of ADRs of Grifols, S.A. in lieu of either (i) or (ii). ● Grifols holds the right to redeem all of the Class B stock from the fifth year onwards; ● In the event of liquidation of Biomat USA and Biomat Newco, GIC shall have the right to the preferential liquidation of US Dollars 52,105 thousand per share, but shall not have any rights over the liquidation of net assets of these companies. Current debt with GIC includes Euros 37,432 thousand of accrued interests plus Euros 48,852 thousand related to the share redemption right. Grifols did not have the discretional right to avoid payment in cash and therefore, the instrument was recorded as a financial liability at 31 December 2022 and at 31 December 2021. The Group does not lose control of Biomat USA and continues overseeing all aspects of the Biomat Group’s administration and operations. (ii) Outstanding payments of acquisitions At 31 December 2021, the balance corresponded to the outstanding amount payable relating to the Gigagen, Inc. acquisition (see note 3). (iii) Other non-current and current financial liabilities At 31 December 2022, “other non-current financial liabilities” include mainly an unsecured long-term loan in the amount of Euros 44.3 million and a repayment obligation arising from a supply contract amounting to Euros 5.9 million, both corresponding to Biotest, AG, a company acquired by the Group on 25 April 2022 (see note 3). At 31 December 2022, “other current financial liabilities” include mainly distributor commission liabilities of Euros 15.5 million corresponding to Biotest, AG, a company acquired by the Group on 25 April 2022 (see note 3). Details of the maturity of other financial liabilities are as follows: Thousands of Euros 31/12/2022 31/12/2021 Maturity at: Up to one year 113,680 43,234 Two years 54,506 88,144 Three years 50,086 88,947 Four years 50,408 89,027 Five years 49,483 88,871 Over five years 683,224 483,837 1,001,387 882,060 (d) Changes in liabilities derived from financing activities Thousands of Euros Senior Secured debt & Other Finance lease Other financial Reference Bonds loans liabilities liabilities Total Carrying amount at 1 January 2020 2,677,202 3,687,739 740,690 101,749 7,207,380 New financing 116,352 — — — 116,352 Refunds (105,564) (66,047) (79,037) (22,681) (273,329) Interest accrued 81,880 124,840 35,084 2,073 243,877 Other movements — (10,468) 88,867 4,837 83,236 Interest paid/received (60,355) (95,433) — — (155,788) Business combinations Note 3 — — — 34,778 34,778 Foreign exchange differences — (172,246) (52,105) (5,443) (229,794) Balance at 31 December 2020 2,709,515 3,468,385 733,499 115,313 7,026,712 New financing 2,126,979 329,555 — 829,937 3,286,471 Refunds (114,480) (266,659) (82,692) (3,507) (467,338) Interest accrued 100,948 130,327 35,786 2,165 269,226 Other movements (33,920) 5,445 135,697 729 107,951 Interest paid/received (64,031) (91,089) — — (155,120) Business combinations Note 3 — — — (64,749) (64,749) Foreign exchange differences 18,523 131,084 51,434 3,047 204,088 Balance at December 31, 2021 4,743,534 3,707,048 873,724 882,935 10,207,241 New financing 112,557 990,537 — 16,448 1,119,542 Refunds (217,058) (944,386) (104,287) (15,685) (1,281,416) Interest accrued 176,317 206,901 43,640 84,586 511,444 Other movements 744 (744) 123,792 — 123,792 Interest paid/received (150,595) (156,461) — (43,331) (350,387) Business combinations Note 3 (1,804) 121,597 30,290 31,016 181,099 Foreign exchange differences 27,965 117,029 49,785 50,154 244,933 Balance at 31 December 2022 4,691,660 4,041,521 1,016,944 1,006,123 10,756,248 |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and Other Payables | |
Trade and Other Payables | (21) Trade and Other Payables Details are as follows: Thousands of Euros 31/12/2022 31/12/2021 Suppliers 731,918 628,992 VAT payable 11,133 13,011 Taxation authorities, withholdings payable 7,986 7,267 Social security payable 23,627 39,191 Other public entities 71,984 92,365 Other payables 114,730 151,834 Current income tax liabilities 15,687 4,516 862,335 785,342 Suppliers Details of balances with related parties are shown in note 30. The Group’s exposure to currency risk and liquidity risk associated with trade and other payables is described in note 29. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Other Current Liabilities | |
Other Current Liabilities | (22) Other Current Liabilities Details at 31 December are as follows: Thousands of Euros 31/12/2022 31/12/2021 Salaries payable 199,584 175,710 Other payables 4,069 23 Deferred income 27,642 32,970 Advances received 10,192 10,569 Other current 241,487 219,272 At 31 December 2022, and 31 December 2021, the advances received are contract liabilities relate to unperformed performance obligations for which Grifols has received a consideration from the customer. |
Net Revenues
Net Revenues | 12 Months Ended |
Dec. 31, 2022 | |
Net Revenues | |
Net Revenues | (23) Net Revenues Net revenues are mainly generated from the sale of goods. The distribution of net consolidated revenues for 2022, 2021 and 2020 by segment is as follows: Thousands of Euros 31/12/2022 31/12/2021 (*) 31/12/2020 (*) Biopharma 5,005,382 3,814,983 4,242,502 Diagnostic 671,292 779,108 775,889 Bio supplies 146,076 115,811 133,221 Others 250,165 266,461 222,521 Intersegments (8,948) (43,245) (34,095) 6,063,967 4,933,118 5,340,038 * As a consequence of the review of transactions and balances allocations by segments, the comparative figures for the fiscal year 2021 and 2020 have been adjusted accordingly. The geographical distribution of net consolidated revenues is as follows: Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 USA and Canada 3,855,607 3,154,549 3,599,746 Spain 320,631 362,407 339,169 European Union 711,579 544,042 495,323 Rest of the world 1,176,150 872,120 905,800 Consolidated 6,063,967 4,933,118 5,340,038 Details of discounts and other reductions in gross income are as follows: Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 Gross sales 7,720,463 6,234,277 6,806,005 Chargebacks (1,402,218) (1,101,896) (1,247,153) Cash discounts (76,547) (60,019) (68,912) Volume rebates (66,280) (49,043) (57,858) Medicare and Medicaid (64,438) (53,440) (61,089) Other discounts (47,013) (36,761) (30,955) Net sales 6,063,967 4,933,118 5,340,038 Movement in discounts and other reductions in gross income during 2022 is as follows: Thousands of Euros Cash Volume Medicare / Other Chargebacks discounts rebates Medicaid discounts Total Balance at 31 December 2021 159,846 5,701 21,246 25,614 10,585 222,992 Current estimate related to sales made in current and previous periods 1,402,218 76,547 66,280 64,438 47,013 1,656,496 (1) (Actual returns or credits in current period related to sales made in current period) (1,196,670) (69,960) (43,494) (43,332) (28,818) (1,382,274) (2) (Actual returns or credits in current period related to sales made in prior periods) (109,726) (6,442) (21,501) (21,271) (2,935) (161,875) (3) Translation differences 8,845 338 1,034 1,587 138 11,942 Balance at 31 December 2022 264,513 6,184 23,565 27,036 25,983 347,281 (1) Net impact in income statement: estimate for the current year plus prior years’ adjustments. Adjustments made during the year corresponding to prior years’ estimates have not been significant. (2) Amounts credited and posted against provisions for current period (3) Amounts credited and posted against provisions for prior period Movement in discounts and other reductions to gross income during 2021 was as follows: Thousands of Euros Cash Volume Medicare / Other Chargebacks discounts rebates Medicaid discounts Total Balance at 31 December 2020 190,869 6,795 29,670 28,451 11,763 267,548 Current estimate related to sales made in current and previous periods 1,101,896 60,019 49,043 53,440 36,761 1,301,159 (1) (Actual returns or credits in current period related to sales made in current period) (1,080,304) (54,554) (29,617) (42,890) (27,036) (1,234,401) (2) (Actual returns or credits in current period related to sales made in prior periods) (65,681) (6,964) (29,304) (15,422) (11,057) (128,428) (3) Translation differences 13,066 405 1,454 2,035 154 17,114 Balance at 31 December 2021 159,846 5,701 21,246 25,614 10,585 222,992 Movement in discounts and other reductions to gross income during 2020 was as follows: Thousands of Euros Cash Volume Medicare / Other Chargebacks discounts rebates Medicaid discounts Total Balance at 31 December 2019 90,488 5,897 28,705 18,911 15,071 159,072 Current estimate related to sales made in current and previous periods 1,247,153 68,912 57,858 61,089 30,955 1,465,967 (1) (Actual returns or credits in current period related to sales made in current period) (1,033,053) (61,387) (27,798) (34,564) (30,509) (1,187,311) (2) (Actual returns or credits in current period related to sales made in prior periods) (97,504) (6,030) (26,481) (14,526) (3,615) (148,156) (3) Translation differences (16,215) (597) (2,614) (2,459) (139) (22,024) Balance at 31 December 2020 190,869 6,795 29,670 28,451 11,763 267,548 |
Personnel Expenses
Personnel Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Personnel Expenses | |
Personnel Expenses | (24) Personnel Expenses Details of personnel expenses by function are as follows: Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 Cost of sales 1,343,991 999,347 1,058,132 Research and development 159,766 138,629 110,682 Selling, general & administration expenses 472,413 401,390 383,851 1,976,170 1,539,366 1,552,665 Details by nature are as follows: Thousands of Euros Reference 31/12/2022 31/12/2021 31/12/2020 Wages and salaries 1,600,617 1,231,812 1,234,761 Contributions to pension plans Note 28 40,994 31,757 33,226 Other social charges 33,506 27,387 27,462 Social Security 301,053 248,410 257,216 1,976,170 1,539,366 1,552,665 |
Expenses by Nature
Expenses by Nature | 12 Months Ended |
Dec. 31, 2022 | |
Expenses by Nature | |
Expenses by Nature | (25) Expenses by Nature (a) Amortization and depreciation Expenses for the amortization and depreciation of intangible assets, right of use assets and property, plant and equipment, incurred during 2022, 2021 and 2020 classified by functions are as follows: Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 Cost of sales 275,512 211,676 198,310 Research and development 44,295 55,311 32,814 Selling, general & administration expenses 88,057 92,780 90,409 407,864 359,767 321,533 (b) Other operating income and expenses Other operating income and expenses incurred during 2022, 2021 and 2020 by function are as follows: Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 Cost of sales 682,636 535,058 500,415 Research and development 164,229 165,884 156,994 Selling, general & administration expenses 579,067 532,056 499,218 1,425,932 1,232,998 1,156,627 Details by nature are as follows: Thousands of Euros Reference 31/12/2022 31/12/2021 31/12/2020 Changes in trade provisions 8,743 4,844 (14,059) Professional services 305,215 258,371 265,539 Commissions 40,397 28,671 27,147 Supplies and auxiliary materials 251,120 197,893 187,370 Operating leases Note 8 38,994 32,945 28,176 Freight 190,692 148,797 137,466 Repair and maintenance expenses 218,971 150,308 147,039 Advertising 90,652 71,280 55,073 Insurance 46,090 38,724 30,776 Royalties 13,646 48,446 40,634 Travel expenses 49,356 30,334 23,005 External services 83,296 74,858 71,240 R&D Expenses 94,903 106,873 101,410 Gains on disposal of assets (22,236) — — Other 16,093 40,654 55,811 Other operating income&expenses 1,425,932 1,232,998 1,156,627 |
Finance Result
Finance Result | 12 Months Ended |
Dec. 31, 2022 | |
Finance Result | |
Finance Result | (26) Finance Result Details are as follows: Thousands of Euros Reference 31/12/2022 31/12/2021 31/12/2020 Finance income 33,859 11,551 8,021 Finance costs from Senior Unsecured Notes (181,149) (104,944) (85,182) Finance costs from senior debt Note 20 (b) (161,466) (111,719) (119,140) Finance costs from other financial liabilities (81,914) — — Finance costs from sale of receivables Note 14 (18,201) (10,292) (10,964) Capitalized interest Note 9 25,184 18,636 16,606 Finance lease expenses Note 8 (45,198) (35,786) (35,205) Other finance costs (33,780) (33,889) (15,754) Finance costs (496,524) (277,994) (249,639) Change in fair value of financial instruments 11,999 246 55,703 Exchange differences 7,725 (11,602) 8,246 Finance result (442,941) (277,799) (177,669) The finance costs from other financial liabilities heading for 2022 includes finance costs related to the interest on the funds received by GIC amounting 81,914 thousand (see note 20 (c)). During 2022 the Group has capitalized interest at a rate of between 4.43% and 5.44% based on the financing received (between 3.71% and 4.15% during 2021). “Change in fair value of financial instruments” at 31 December 2020 includes the difference between the contractual right value recognized at 31 December 2019 and the quoted value of SRAAS at 30 March 2020 for an amount of Euros 56,526 thousand (see note 10). |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2022 | |
Taxation | |
Taxation | Grifols, S.A. is authorized to file consolidated tax returns in Spain with Grifols Movaco, S.A., Laboratorios Grifols, S.A., Instituto Grifols, S.A., Biomat, S.A., Grifols Viajes, S.A., Grifols International, S.A., Grifols Engineering, S.A., Gripdan Invest, S.L., Araclon Biotech, Aigües Minerals de Vilajuiga, S.A. and VCN Biosciences, S.L. Grifols, S.A., in its capacity as Parent, is responsible for the filing and settlement of the consolidated tax return. Under prevailing tax law, Spanish companies pay 25% tax, which may be reduced by certain deductions. The North American company Grifols Shared Services North America, Inc. is also authorized to file consolidated tax returns in the USA with Grifols Biologicals Inc., Grifols USA, LLC., Biomat USA, Inc., Grifols Therapeutics Inc., Talecris Plasma Resources, Inc, Interstate Blood Bank, Inc. and Goetech, LLC.. The profits of the companies domiciled in the USA, determined in accordance with prevailing tax legislation, are subject to tax of approximately 22% of taxable income, which may be reduced by certain deductions. Grifols assesses the effect of uncertain tax treatments and recognizes the effect of the uncertainty on taxable earnings. At 31 of December 2022 and 2021, the potential obligations deriving from tax claims are properly covered. There are no lawsuits or uncertain tax treatments that are individually material. Law 38/2022 has incorporated a temporary measure with effect for tax periods beginning in 2023, limiting the amount of the individual tax losses of each of the entities comprising the tax group for corporate income tax purposes by 50%. Under the terms in which this measure has been approved, it will have an impact on the use of tax loss carryforwards by the consolidated tax group Grifols S.A. The group is currently evaluating the impact of this measure and the alternatives that may mitigate this effect, although it is not possible to quantify this impact at this time. The Pilar 2 Law proposes to establish a worldwide minimum taxation of 15% in Corporate Income Tax (IS) for those companies with a turnover of more than 750 M€. The group is currently evaluating the impact of this measure; however it is not expected to have a significant impact on its consolidated financial statements. (a) Reconciliation of accounting and taxable income Details of the income tax expense and income tax related to profit for the year are as follows: Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 Profit before income tax from continuing operations 361,257 350,453 878,629 Tax at 25% 90,313 87,613 219,657 Permanent differences (30,796) 2,503 (7,181) Effect of different tax rates 9,953 (8,720) (30,686) Tax credits (deductions) 3,667 (14,998) (14,980) Prior year income tax expense 12,685 18,908 517 Other income tax expenses/(income) 4,289 (180) 2,312 Total income tax expense 90,111 85,126 169,639 Deferred tax (15,138) 17,754 43,138 Current tax 105,249 67,372 126,501 Total income tax expense 90,111 85,126 169,639 The effect of the different tax rates is basically due to a change of country mix in profits (b) Deferred tax assets and liabilities Details of deferred tax assets and liabilities are as follows: Tax effect 31/12/2022 31/12/2021 31/12/2020 Assets Provisions 20,511 8,387 3,942 Inventories 67,557 47,908 59,129 Tax credits (deductions) 33,921 26,425 57,896 Tax loss carryforwards 58,159 51,750 53,063 Other 6,197 19,993 11,004 Subtotal, assets 186,345 154,463 185,034 Goodwill (3,063) (2,106) (30,040) Fixed assets, amortisation and depreciation (16) 3,151 (3,011) Intangible assets (1,349) (3,001) (2,062) Other (6,994) — — Subtotal, net liabilities (11,422) (1,956) (35,113) Deferred assets, net 174,923 152,507 149,921 Liabilities Goodwill (337,948) (272,596) (215,907) Intangible assets (669,316) (288,819) (270,145) Fixed assets (92,811) (86,899) (78,325) Debt cancellation costs (50,666) (61,543) (66,720) Subtotal, liabilities (1,150,741) (709,857) (631,097) Tax loss carryforwards 2,993 2,160 12,024 Tax credits (deductions) 14,578 — — Inventories 652 5,532 1,673 Provisions 70,206 37,671 36,663 Other 27,489 30,510 23,924 Subtotal, net assets 115,918 75,873 74,284 Net deferred Liabilities (1,034,823) (633,984) (556,813) Movement in deferred tax assets and liabilities is as follows: Thousands of Euros Deferred tax assets and liabilities 31/12/2022 31/12/2021 31/12/2020 Balance at 1 January (481,477) (406,892) (340,803) Movements during the year 15,138 (17,754) (43,138) Business combination (note 3) (361,051) (16,400) (47,988) Translation differences (32,510) (40,431) 25,037 Balance at 31 December (859,900) (481,477) (406,892) The Spanish companies have opted to apply accelerated depreciation to certain additions to property, plant and equipment, which has resulted in the corresponding deferred tax liability. The remaining assets and liabilities recognized in 2022, 2021 and 2020 were recognized in the statement of profit and loss. Estimated net deferred tax assets to be reversed in a period of less than 12 months amount to Euros 112,274 thousand at 31 December 2022 (Euros 57,183 thousand at 31 December 2021). The majority of the tax deductions pending application from Spanish companies related mainly to research and development, mature in 18 years. Likewise, the Group estimates that practically the entire amount will be applied in five years. Tax loss carryforwards pending to be offset derived from the US companies are available for 20 years from their date of origin whilst tax losses carryforwards pending to be offset from Spanish companies registered in the Basque Country are available for 15 years and there is no maturity date for other remaining Spanish companies. The Group estimates that of the total amount of tax credits for tax losses recognized in the balance sheet at 31 December 2022 for an amount of Euros 61,152 thousand, approximately Euros 48,453 thousand will be recovered in a period of less than 5 years. The Group has not recognized as deferred tax assets the tax effect of the unused tax loss carryforwards of Group companies, which amount to Euros 121,486 thousand (Euros 123,407 thousand at 31 December 2021). The amount of unrecognized deferred tax liabilities associated with investments in subsidiaries amounted to Euros 78,947 thousand as of 31 December 2022 (Euros 52,119 thousand as of 31 December 2021). The commitments from Spanish companies from the reversal of deferred tax related to provisions of investments in subsidiaries are not significant. (c) Years open to inspection Under prevailing legislation, taxes cannot be considered to be definitively settled until the returns filed have been inspected by the taxation authorities, or the prescription period has elapsed. The main tax audits currently open in the Group are as follows: ● Certain companies of the Group domiciled in Spain were subject to an inspection by the Spanish State Tax Administration Agency in relation to Corporate Income Tax for the years 2014, 2015 and 2016 and Value Added Tax for the years 2015 and 2016. As a result of said procedure, the State Tax Administration Agency issued assessments containing the results of the inspection, where it is indicated that the treatment of certain transactions and computations mainly related to Transfer Pricing should be adjusted, taking into consideration different interpretations related to the allocation of taxable bases between different jurisdictions. With respect to Corporate Income Tax, the deductibility of certain expenses for the computation of the tax payable has been questioned. These assessments were signed in conformity by the Group on 8 November 2021. It should be noted that no penalties were imposed on any of the Group companies for any of the taxes subject to verification. The results of the inspection did not have a significant impact on the Group’s consolidated financial statements, and the differences determined by the State Tax Administration Agency were recorded as part of the current tax included under the heading “Current tax liabilities” in the Consolidated Balance Sheet as of 31 December 2021. If the result of the procedure is considered to be replicable to years not reviewed and open to inspection, the Group estimated that it was not necessary to record provisions in the consolidated financial statements mainly because the number of transactions that gave rise to the aforementioned assessments has significantly decreased since the years in which they were inspected. Likewise, having adjusted the allocation of taxable income in accordance with the aforementioned assessments for the purposes of their consideration for the determination of Transfer Pricing, the Group now has a legal right to recover certain amounts from the corresponding Administration, in accordance with the provisions of the European Convention on International Commercial Arbitration with respect to international double taxation. The minimum amount to be recovered, upon which its realization is virtually certain, was recorded as a non-current receivable included in the caption “other payable” as of 31 December 2021. ● Grifols Shared Services North America, Inc. and subsidiaries: In 2020 notification of an inspection was received relating to the State Income Tax for the fiscal years 2017 and 2018. ● Certain Group companies domiciled in Spain were notified in July 2022 of the inspection by the Spanish State Tax Administration Agency in relation to Corporation Tax for the years 2017 to 2019 and Value Added Tax, personal income tax, non-resident income and capital income for the years 2018 and 2019. Group management does not expect any significant liability to derive from these inspections. Based on its experience of the different tax inspections in the different jurisdictions in which Grifols operates, the Group considers it unlikely that there will be a scenario of discrepancy with the taxation authorities that will require significant adjustments to be made to the tax result or to the asset and/or liability balances relating to corporate income tax. |
Other Commitments with Third Pa
Other Commitments with Third Parties and Other Contingent Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Other Commitments with Third Parties and Other Contingent Liabilities | |
Other Commitments with Third Parties and Other Contingent Liabilities | (28) Other Commitments with Third Parties and Other Contingent Liabilities (a) Guarantees The Group has no significant guarantees extended to third parties. (b) Guarantees committed with third parties The Group has no significant guarantees extended to third parties, except for those described in note 20. (c) Obligations with personnel The Group’s annual contribution to defined contribution pension plans of Spanish Group companies for 2022 has amounted to Euros 1,033 thousand (Euros 948 thousand for 2021). In successive years this contribution will be defined through labor negotiations. In the event that control is taken of the Company, the Group has agreements with 45 employees/directors whereby they can unilaterally rescind their employment contracts with the Company and are entitled to termination benefits ranging from two The Group has contracts with six executives entitling them to termination benefits ranging from one Restricted Share Unit Retention Plan For the annual bonus, the Group established a Restricted Share Unit Retention Plan (RSU Plan), for eligible employees. Under this plan, employees can choose to receive up to 50% of their yearly bonus in non-voting Class B ordinary shares (Grifols Class B Shares) or Grifols American Depositary Shares (Grifols ADS), and the Group will match this with an additional 50% of the employee’s choice of RSUs. Grifols Class B Shares and Grifols ADS are valued at grant date. These RSU’s will have a vesting period of 2 years and 1 day If an eligible employee leaves the Company or is terminated before the vesting period, he/she will not be entitled to the additional RSU’s. At 31 December 2022, the Group has settled the RSU plan of 2019 for an amount of Euros 9,381 thousand (Euros 7,782 thousand at 31 December 2021 corresponding to the RSU plan of 2018). This commitment is treated as equity instrument and the amount totals Euros 7,304 thousand at 31 December 2022 (Euros 9,838 thousand at 31 December 2021). Savings plan and profit-sharing plan The Group has a defined contribution plan (savings plan), which qualifies as a deferred salary arrangement under Section 401 (k) of the Internal Revenue Code (IRC). Once eligible, employees may elect to contribute a portion of their salaries to the savings plan, subject to certain limitations. The Group matches 100% of the first 4% of employee contributions and 50% of the next 2%. Group and employee contributions are fully vested when contributed. The total cost of matching contributions to the savings plan was US Dollars 34.1 million in 2022 (US Dollars 31.8 million in 2021). Other plans The Group has a defined benefit pension plan for certain former Talecris Biotherapeutics, GmbH employees in Germany as required by statutory law. The pension cost relating to this plan is not material for the periods presented. (d) Purchase commitments Details of the Group’s raw material purchase commitments at 31 December 2022 are as follows: Thousands of Euros 2023 409,984 2024 413,283 2025 352,805 2026 230,625 2027 219,034 More than 5 years 281,951 (e) Judicial procedures and arbitration Details of legal proceedings in which the Company or Group companies are involved are as follows: ● ABBOTT LABORATORIES v. GRIFOLS DIAGNOSTIC SOLUTIONS INC., GRIFOLS WORLDWIDE OPERATIONS LIMITED AND NOVARTIS VACCINES AND DIAGNOSTICS, INC. Served: 8 October 2019 US District Court, Northern District of Illinois Patent Infringement, Civil Action No. 1:19-cv-6587 Abbott Laboratories (“Abbott”), GDS, GWWO and Novartis Vaccines and Diagnostics, Inc. are in dispute over unpaid royalties payable by Abbott to GDS and Ortho-Clinical Diagnostics (“Ortho”) under an HIV License and Option agreement dated 16 August 2019 (the “HIV License”). On 12 September 2019, GDS and Ortho filed Notice of Arbitration. On 3 October 2019, Abbott terminated the HIV License and filed for Declaratory Relief seeking to invalidate the licensed patent. GDS filed a Motion to Dismiss and to commence the arbitration proceeding, however the Court agreed to keep all motions filed and referred the parties to magistrate in order to convene a conference to reach a binding settlement agreement. The parties attended the agreed conference on 5 February, presided over by the magistrate selected by the District Judge. No satisfactory settlement was reached. On March 16, 2020, Grifols and Ortho filed an answer and counterclaim to the litigation, while simultaneously pursuing arbitration for the pre-termination amount owed by Abbott. The arbitration hearing was 15-16 June 2020. Grifols/Ortho were awarded US Dollars 4 Million. NEXT ACTION: Expert Discovery was concluded on 14 October 2022, and the parties filed dispositive motions, including a motion for summary judgement by Abbott and an opposition filed by GDS, the Court has yet to rule on the motion for summary judgement filed by Abbott. GDS and Ortho contend that the patent is valid and they believe that Abbott will be unsuccessful in its Declaratory Relief action and Motion for Summary Judgment in attempting to invalidate the patent. ● SIEMENS HEALTHCARE DIAGNOSTICS, INC. v. ORTHO-CLINICAL DIAGNOSTICS, INC., GRIFOLS DIAGNOSTIC SOLUTIONS INC. Served: 10 November 2020 Contract Dispute Siemens initiated dispute resolution against Ortho and GDS under the Supply Agreement alleging overpayments after an audit by Siemens. OUTCOME: Decision by the Panel issued on 27 September 2022. The Panel denied all claims by Siemens except for the cost of an audit, which resulted in a payment to Siemens in the amount of US Dollars 171,000. ● RAMIREZ-VIVAR, ALFONSO v. GRIFOLS DIAGNOSTIC SOLUTIONS, INC. Served: 11 March 2021 Superior Court, CA County of Alameda Case No.: RG21089519 Wage & Hour Class Action Plaintiff claiming violation of CA wage & hour statutes. NEXT STEP: The Hearing on the class certification motion was heard on 28 October 2022. Court recently granted class certification to a very limited portion of the class relating to only two of the ten claims alleged in the class action lawsuit. Defense counsel has reviewed the claims and provided an analysis of exposure and discuss options pertaining to defense and potential mediation. Plaintiff’s counsel has requested mediation and GDS is cautiously optimistic that a settlement is possible in the coming weeks/months. CLASS POTENTIAL: Approximately 300 GDS employees in California for payroll/wage & hour violations per pay period for 4 years. ● BRIAN VAUGHAN, JASON DARNELL, FEBBIE MINNIEFIELD, and ADRIEL VEGA, individually and on behalf of others similarly situated v. BIOMAT USA, INC., TALECRIS PLASMA RESOURCES, INC., and INTERSTATE BLOOD BANK, INC. Served: 22 June 2020 Circuit Court of Cook County Case No. 2020CH04519 Removed to Federal Court 17 July 2020, Northern District of Illinois, Case No. 20-cv-4241 Illinois Biometric Information Privacy Act Former donors allege violations of IL Biometric Information Privacy Act in a putative class action. Plaintiffs donated plasma at one of Defendants’ Illinois-based plasma donation centers. They were required to scan at least one fingerprint to donate plasma to track their identity. Plaintiffs allege that Defendants failed to comply with the BIPA’s requirements when they collected their fingerprint data. Specifically, they allege that Defendants violated the BIPA by (i) failing to develop a publicly data-retention policy and guidelines for permanently destroying biometric data, and (b) collecting, using, and storing their donors’ biometric data without obtaining informed written consent. Defendants, for their part, deny Plaintiffs’ allegations, that they have violated the BIPA, they are subject to the BIPA, or that any biometric data of donors were disclosed to any unauthorized third parties. Defendants had many defenses including the federal preemption, arguments to be made to defeat class certification, and most relevant is that Class Members signed a consent form authorizing the use of fingerprinting as biometric authentication of their identity as part of the automated screening process. NEXT ACTION: The Parties have settled this class action in the amount of $16,750,000. At the time of this settlement, discovery was beginning. The Group has properly accrued a total amount of US Dollars 6 million, and the remainder will be funded by the insurer. The Parties agreed to settle this litigation now without any admission or determination of liability or the strength of the Parties’ claims and defenses, in order to avoid further risk and expenses to Plaintiffs and the Defendants. The Parties have signed a settlement agreement and the Plaintiffs have now filed a Motion for Preliminary Approval of Class Action Settlement, and the request for a Final Approval Hearing is pending with the Court. When approved by the Court, the Parties will provide notice to the class and proceed with the settlement procedures. CLASS MEMBERS: The settlement class is 66,822 individuals. ● CERUS CORPORATION v. LABORATORIOS GRIFOLS, S.A. Cerus Corporation (“Cerus”) and Laboratorios Grifols, S.A. (“Grifols”) entered into a Manufacturing and Supply Agreement executed in 2016, pursuant to which Grifols was to manufacture and supply to Cerus processing and filters sets to be used by Cerus in its own product (the “Agreement”). As a result of Grifols’ decision to discontinue the manufacturing, sale and support of its blood bag product business worldwide, Grifols was unable to comply with the Agreement. In December 2021, Cerus filed a notice of arbitration in the UK pursuant to the terms of the Agreement alleging wrongful termination of the Agreement by Grifols. Furthermore, in January 2022, Cerus filed injunctive measures with the Courts of Rubí (Barcelona) requiring the suspension of the closure of Grifols’ blood bags production facility until the arbitration proceedings is finalized. NEXT ACTION: At the end of February 2023, the Parties agreed to further suspend the proceedings which was granted until 31 August 2023. The companies are continuing to apply efforts to amicably solve technical vicissitudes in order to continue with their commercial relationship (manufacturing and supply agreement) on satisfactory terms for both parties. ● THE STATE CO. FOR MARKETING DRUGS AND MEDICAL APPLIANCES IN IRAQ (KIMADIA) v. LABORATORIOS GRIFOLS, S.A. The State Co. for Marketing Drugs and Medical Appliances in Iraq (“KIMADIA”) awarded a tender for the supply of blood bags to Laboratorios Grifols, S.A. (“Grifols”). Grifols, through Hali/Tiba (its agent in Iraq), informed KIMADIA on Grifols’ inability to supply the blood bags pursuant to the tender awarded, due to its decision to discontinue the manufacturing, sale and support of its blood bag product business. The tender documents set forth a list of penalties and compensations in case the awardee is unable to supply the products to KIMADIA. Further, Hali/Tiba also claims Grifols a compensation for the services performed in relation to the tender. NEXT ACTION: Grifols has received verbal information that KIMADIA has been able to have sourced alternative product for an agreeable pricing and that discussions among Hali/Tiba and KIMADIA have not continue on the topic of possible sanctions. However, Grifols is still waiting to obtain written confirmation on the latter or assurance that its possible claim has expired. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments | |
Financial Instruments | (29) Financial Instruments (a) Below is a breakdown of the financial instruments by nature, category and fair value. The Group does not provide details of the fair value of certain financial instruments as their carrying amount is very similar to their fair value because of its short term. Thousands of Euros 31/12/2022 Carrying amount Fair Value Financial assets Financial Financial Other at amortised Financial assets assets at FV liabilities at financial costs at FVTPL through OCI Hedges amortised costs liabilities Total Level 1 Level 2 Level 3 Total Non-current financial assets — 7 11,533 — — — 11,540 7 — 11,533 11,540 Derivative instruments — — — 39,659 — — 39,659 — 39,659 — 39,659 Trade receivables — — 236,076 — — — 236,076 — 236,076 — 236,076 Financial assets measured at fair value — 7 247,609 39,659 — — 287,275 Non-current financial assets 582,175 — — — — — 582,175 Other current financial assets 31,034 — — — — — 31,034 Trade and other receivables 445,793 — — — — — 445,793 Cash and cash equivalents 547,979 — — — — — 547,979 Financial assets not measured at fair value 1,606,981 — — — — — 1,606,981 Derivatives instruments — (4,736) — — — (4,736) — (4,736) — (4,736) Financial liabilities measured at fair value — (4,736) — — — — (4,736) Senior Unsecured & Secured Notes — — — — (4,572,720) — (4,572,720) (4,122,656) — — (4,122,656) Promissory Notes — — — — (118,940) — (118,940) Senior secured debt — — — — (3,227,926) — (3,227,926) — (3,286,662) — (3,286,662) Other bank loans — — — — (813,595) — (813,595) Lease liabilities — — — — (1,016,944) — (1,016,944) Other financial liabilities — — — — (1,001,387) — (1,001,387) Other non-current debts — — — — — (15) (15) Trade and other payables — — — — (846,648) — (846,648) Other current liabilities — — — — — (241,487) (241,487) Financial liabilities not measured at fair value — — — — (11,598,160) (241,502) (11,839,662) 1,606,981 (4,729) 247,609 39,659 (11,598,160) (241,502) (9,950,142) Thousands of Euros 31/12/2021 Carrying amount Fair Value Financial assets Financial Financial Financial Other at amortised assests at assets at FV liabilities at financial costs FVTPL through OCI Hedges amortised costs liabilities Total Level 1 Level 2 Level 3 Total Non-current financial assets — 7 2,031 — — — 2,038 7 — 2,031 2,038 Derivative instruments — — — 5,306 — — 5,306 — 5,306 — 5,306 Trade receivables — — 216,433 — — — 216,433 — 216,433 — 216,433 Financial assets measured at fair value — 7 218,464 5,306 — — 223,777 — Non-current financial assets 358,161 — — — — — 358,161 Other current financial assets 2,026,469 — — — — — 2,026,469 Trade and other receivables 270,827 — — — — — 270,827 Cash and cash equivalents 655,493 — — — — — 655,493 Financial assets not measured at fair value 3,310,950 — — — — — 3,310,950 Derivatives instruments — (875) — — — (875) — (875) — (875) Financial liabilities measured at fair value — (875) — — — — (875) Senior Unsecured & Secured Notes — — — — (4,626,919) — (4,626,919) (4,697,328) — — (4,697,328) Promissory Notes — — — — (116,610) — (116,610) Senior secured debt — — — — (3,061,078) — (3,061,078) — (3,262,901) — (3,262,901) Other bank loans — — — — (645,975) — (645,975) Lease liabilities — — — — (873,724) — (873,724) Other financial liabilities — — — — (882,060) — (882,060) Other non-current debts — — — — — (333) (333) Trade and other payables — — — — (780,826) — (780,826) Other current liabilities — — — — — (219,272) (219,272) Financial liabilities not measured at fair value — — — — (10,987,192) (219,605) (11,206,797) 3,310,950 (868) 218,464 5,306 (10,987,192) (219,605) (7,672,945) (b) Measurement of fair value In order to determine the fair value of financial assets or liabilities, the Group uses the following hierarchy based on the relevance of the variables used: ● Level 1: estimations based on quoted prices of the instrument. ● Level 2: estimations based on significant observable variables coming directly from the market. ● Level 3: estimations based on valuation techniques other than observable variables in the market, mainly discounted cash flows. (c) Financial risk management This item provides information on the Group’s exposure to risk associated with the use of financial instruments, the Group’s objectives and procedures to measure and mitigate this risk, and the Group’s capital management strategy. The Group is exposed to the following risks: ● Credit risk ● Liquidity risk ● Market risk: includes interest rate risk, currency risk and other price risks. The Group’s risk management policies are established to identify and analyze the risks faced by the Group, define appropriate risk limits and controls and to control risks and comply with limits. Risk management policies and procedures are reviewed regularly so that they reflect changes in market conditions and the Group’s activities. The Group’s management procedures and rules are designed to create a strict and constructive control environment in which all employees understand their duties and obligations. The Group’s Audit Committee supervises how management controls compliance with the Group’s risk management procedures and policies and reviews whether the risk management policy is suitable considering the risks to which the Group is exposed. This committee is assisted by Internal Audit which acts as supervisor. Internal Audit performs regular and ad hoc reviews of the risk management controls and procedures and reports its findings to the Audit Committee. (i) Credit risk Credit risk is the risk to which the Group is exposed in the event that a customer or counterparty to a financial instrument fails to discharge a contractual obligation, and mainly results from trade receivables and the Group’s investments in financial assets. Trade receivables The Group does not predict any significant insolvency risks as a result of delays in receiving payment from some European countries due to their current economic situation. The main risk in these countries is that of late payments, which is mitigated through the possibility of claiming interest as foreseen by prevailing legislation. No significant bad debt or late payment issues have been detected for sales to private entities. The Group recognizes impairment based on its best estimate of the expected losses on trade and other receivables. The main impairment losses recognized are due to specific losses relating to individually identified risks. At year end, these impairment losses are immaterial. Concentration of credit risk For trade receivables the Group uses the simplified approach, estimating lifetime expected credit losses, while for all other financial assets the Group uses the general approach for calculating expected credit losses. In both cases, due to the customers’ credit rating, as well as the internal classification systems currently in place for new customers and considering that collection periods are mostly under 30 days, there is no significant impact for the Group. Exposure to credit risk The carrying amount of financial assets represents the maximum exposure to credit risk. At 31 December 2022 and 2021 the maximum level of exposure to credit risk is as follows: Thousands of Euros Carrying amount Reference 31/12/2022 31/12/2021 Non-current financial assets Nota 11 620,745 362,267 Other current financial assets Nota 11 43,663 2,029,707 Contractual assets Nota 13 35,154 1,939 Trade receivables Nota 14 608,688 432,197 Other receivables Nota 14 29,083 17,224 Cash and cash equivalents Nota 15 547,979 655,493 1,885,312 3,498,827 The maximum level of exposure to risk associated with receivables and contractual assets at 31 December 2022 and 2021, by geographical area, is as follows. Thousands of Euros Carrying amount 31/12/2022 31/12/2021 Spain 53,145 62,108 EU countries 69,003 40,897 United States of America 139,721 110,624 Other European countries 16,030 25,163 Other regions 395,026 212,568 672,925 451,360 Impairment losses A breakdown of the trade and other receivables and contractual assets net of the impairment losses by ageing at 31 December 2022 is as follows: Thousands of Euros Total net third Total gross carrying party trade ECL Rate amount Provision receivables Not matured 0.19 % 550,131 (48) 550,083 Past due 0-30 days 0.19 % 44,779 (425) 44,354 Past due 31-60 days 0.62 % 16,000 (163) 15,837 Past due 61-90 days 2.03 % 6,029 (133) 5,896 Past due 91-180 days 3.01 % 17,407 (295) 17,112 Past due 181-365 days 8.52 % 10,747 (187) 10,560 More than one year 100.00 % 9,994 (9,994) — — Customers with objective evidence of impairment 21,046 (21,046) — 676,133 (32,291) 643,842 A breakdown of the trade and other receivables and contractual assets net of the impairment losses by ageing as of 31 December 2021 is as follows: Thousands of Euros Total net third Total gross carrying party trade ECL Rate amount Provision receivables Not matured 0.19 % 364,538 (445) 364,093 Past due 0-30 days 0.19 % 32,623 (51) 32,572 Past due 31-60 days 0.62 % 14,144 (79) 14,065 Past due 61-90 days 2.03 % 6,556 (133) 6,423 Past due 91-180 days 3.01 % 11,000 (311) 10,689 Past due 181-365 days 8.52 % 6,543 (249) 6,294 More than one year 100.00 % 3,911 (3,911) — Customers with objective evidence of impairment 18,830 (18,830) — 458,145 (24,009) 434,136 Unimpaired receivables that are past due mainly relate to public entities. Movement in the bad debt provision was as follows: Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 Opening balance 24,009 22,985 22,291 Net charges for the year 14,074 6,471 2,436 Net cancellations for the year (6,949) (6,269) (124) Transfers 53 — (29) Translation differences 1,104 822 (1,589) Closing balance 32,291 24,009 22,985 (ii) Liquidity risk Liquidity risk is the risk that the Group cannot meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure where possible, that it always has sufficient liquidity to settle its obligations at the maturity date, both in normal conditions and in times of tension, to avoid incurring unacceptable losses or tarnishing the Group’s reputation. The Group manages liquidity risk on a prudent basis, based on availability of cash and sufficient committed unused long-term credit facilities, enabling the Group to implement its business plans and carry out operations using stable and secure sources of financing. At 31 December 2022 the Group has total cash and cash equivalents of Euros 547,979 thousand (Euros 655,493 thousand at 31 December 2021). The Group also has approximately Euros 987,340 thousand in unused credit facilities (Euros 621,989 thousand at 31 December 2021), including Euros 937,559 thousand on the revolving credit facility (Euros 534,429 thousand at 31 December 2021). The Group is able to provide sufficient liquidity to fund its current obligations based on cash flows from operations combined with cash balances and availability of unused credit lines, and it is committed to maintaining elevated and adequate levels of liquidity through internally generated cash flows, and a decrease in dividend payments in the medium term. Additionally, currently the Group does not generate significant cash in any country that might have restrictions on the repatriation of funds. As in previous years, the Group continues with its quarterly program for optimization of working capital, which is mainly based on contracts to sell receivables without recourse. The main contractual obligations existing at the end of the fiscal year comprise mainly long-term financial debt obligations with capital repayments and interest payments (see note 20). Details of the contractual maturity dates of financial liabilities including committed interest calculated using interest rate forward curves are as follows: Thousands of Euros Carrying amount at Contractual 6 months 6 - 12 1-2 2 - 5 More than Carrying amount Reference 31/12/22 flows or less months years years 5 years Financial liabilities Bank loans Note 20 4,041,522 5,193,051 527,770 148,914 488,105 4,028,262 — Other financial liabilities Note 20 1,001,387 1,685,824 169,278 18,656 124,822 441,933 931,135 Bonds and other marketable securities Note 20 4,691,659 5,468,068 190,453 75,951 147,903 5,053,761 — Lease liabilities Note 20 1,016,944 1,016,944 51,088 51,268 57,695 218,384 638,509 Payable to suppliers Note 21 731,918 731,918 731,675 243 — — — Other current liabilities Note 22 14,261 14,262 11,364 2,898 — — — Financial derivatives Note 29 (d) 4,736 4,736 733 — 12 3,991 — Total 11,502,427 14,114,803 1,682,361 297,930 818,537 9,746,331 1,569,644 Thousands of Euros Carrying amount at Contractual 6 months 6 - 12 1-2 2 - 5 More than Carrying amount Reference 31/12/21 flows or less months years years 5 years Financial liabilities Bank loans Note 20 3,707,053 4,309,621 476,397 78,524 102,070 3,641,777 10,853 Other financial liabilities Note 20 882,060 1,294,873 41,934 1,300 164,718 448,161 638,760 Bonds and other marketable securities Note 20 4,743,529 5,663,320 2,215,138 170,572 48,538 3,145,255 83,817 Lease liabilities Note 20 873,724 873,723 24,640 23,927 47,595 184,032 593,529 Payable to suppliers Note 21 628,992 628,992 622,091 6,901 — — — Other current liabilities Note 22 43,562 43,562 42,387 1,175 — — — Financial derivatives Note 29 (d) 875 875 875 — — — — Total 10,879,795 12,814,966 3,423,462 282,399 362,921 7,419,225 1,326,959 (iii) Currency risk The Group operates internationally and is therefore exposed to currency risk when operating with foreign currencies, especially with regard to the US Dollar. Currency risk is associated with future commercial transactions, recognized assets and liabilities, and net investments in foreign operations. The Group holds significant investments in foreign operations, the net assets of which are exposed to currency risk. The conversion risk affecting net assets of the Group’s foreign operations in US Dollars is mitigated primarily through borrowings in this foreign currency. The Group’s main exposure to currency risk is with regard to the US Dollar, which is used in a significant percentage of transactions in foreign functional currencies. The financing obtained in Euros represents 60% of the total debt of the Group and amounts to Euros 5,563 million at 31 December 2022 (69% and Euros 5,962 million at 31 December 2021). As mentioned in note 20, part of the US dollar debt of the Group is covered by a currency swap to hedge the exposure to the associated currency risk. The Group applies the cost of hedging method. This method enables the Group to exclude the currency basis spread from the designated hedging instrument and, subject to certain requirements, changes in their fair value attributable to this component are recognized in other comprehensive income. Details of the Group’s exposure to currency risk is as follows: Thousands of Euros 31/12/2022 Euros (*) US Dollars (**) Trade receivables 2,116 58,331 Receivables from Group companies 132,645 11,542 Loans to Group companies 4,548,142 33 Cash and cash equivalents 11,154 1,989 Trade payables (17,297) (20,870) Payables to Group companies (77,367) (29,277) Loans from Group companies (4,414,879) — Bank loans (31,875) — Balance sheet exposure 152,639 21,748 (*) Balances in Euros in subsidiaries with US Dollars functional currency (**) Balances in US Dollars in subsidiaries with Euros functional currency Thousands of Euros 31/12/2021 Euros (*) US Dollars (**) Trade receivables 2,023 14,800 Receivables from Group companies 141,285 7,101 Loans to Group companies 464,789 21 Cash and cash equivalents 25,766 82 Trade payables (27,098) (23,349) Payables to Group companies (62,930) (6,480) Loans from Group companies (11,495) (3) Bank loans (372,500) — Balance sheet exposure 159,840 (7,828) (*) Balances in Euros in subsidiaries with US Dollars functional currency (**) Balances in US Dollars in subsidiaries with Euros functional currency The most significant exchange rates applied at 2022 and 2021 year ends are as follows: Closing exchange rate Euros 31/12/2022 31/12/2021 US Dollars 1.0666 1.1326 A sensitivity analysis for foreign exchange fluctuations is as follows: Had the US Dollar strengthened by 10% against the Euro at 31 December 2022, equity would have increased by Euros 892,806 thousand (Euros 812,285 thousand at 31 December 2021) and profit due to foreign exchange differences would have increased by Euros 17,439 thousand (increase of Euros 15,201 thousand at 31 December 2021). This analysis assumes that all other variables are held constant, especially that interest rates remain constant. A 10% weakening of the US Dollar against the Euro at 31 December 2022 and 2021 would have had the opposite effect for the amounts shown above, all other variables being held constant. The Group uses hedge accounting to partially hedge the currency risk exposure (See note 29 (d)). (iv) Interest rate risk The Group’s interest rate risks arise from current and non-current borrowings. Borrowings at variable interest rates expose the Group to cash flow interest rate risks. Fixed-rate borrowings expose the Group to fair value interest rate risk. The objective of the management of interest rate risk is to achieve a balance in the structure of the debt, keeping part of the external resources issued at a fixed rate and covering part of the variable rate debt through hedges. A significant part of the financing obtained accrues interest at fixed rates, representing 63% of the total debt of the Group at 31 December 2022 (58% at 31 December 2021). It mainly includes corporate senior notes, European Investment Bank loans, as well as the agreement with GIC (Sovereign Fund of Singapore) (see note 20). Variable-rate debt represents 37% of the total debt at 31 December 2022 (42% at 31 December 2021) and includes mainly the senior secured debt (see note 20 (b)). To date, the profile of interest on interest-bearing financial instruments is as follows: Thousands of Euros 31/12/2022 31/12/2021 Fixed-interest financial instruments Financial liabilities (5,835,492) (4,878,087) (5,835,492) (4,878,087) Variable-interest financial instruments Financial liabilities (3,486,460) (3,296,025) (3,486,460) (3,296,025) (9,321,952) (8,174,112) Had the interest rate been 100 basis points higher at 31 December 2022, the interest expense would have increased by Euros 34,688 thousand (Euros 35,449 thousand at 31 December 2021). As the Group does not have any hedging derivatives in place, the net effect on cash interest payments would have increased by the same amount. (v) Market price risk Price risk affecting raw materials is mitigated by the vertical integration of the hemoderivatives business in a highly concentrated sector. (d) Financial derivatives At 31 December 2022 and 2021 the Group has recognized the following derivatives: Thousands of Euros Notional Notional amount at amount at Value at Value at Financial derivatives Currency 31/12/2022 31/12/2021 31/12/22 31/12/21 Maturity Cross currency interest rate swap US Dollar 500,000,000 500,000,000 35,296 5,306 15/10/2024 Cross currency interest rate swap US Dollar 205,000,000 — 3,216 — 15/10/2024 Foreign exchange rate forward Swiss Franc 5,500,000 — 71 — 28/02/2023 Foreign exchange rate forward Canadian dollar 4,416,667 — 165 — 2023 and 2024 Foreign exchange rate forward Pound Sterling 27,100,000 — 805 — 2023 Foreign exchange rate forward US Dollar 23,720,000 — 104 — 2023 Embedded derivative Euro 160,000,000 — 2 — 2024 Total assets (note 11) 39,659 5,306 Cross currency interest rate swap US Dollar 205,000,000 — (3,990) — 15/10/2024 Foreign exchange rate forward Canadian dollar — 51,000,000 — (875) 25/07/2022 Foreign exchange rate forward US Dollar 60,000,000 — (594) — 30/01/2023 Foreign exchange rate forward Canadian dollar 8,000,001 — (145) — 2024 and 2025 Foreign exchange rate forward US Dollar 15,300,000 — (6) — 2023 Embedded derivative Euro 65,000,000 — (1) — 2024 Total liabilities (note 20) (4,736) (875) (i) Hedging derivative financial instruments On 5 October 2021, the Group subscribed three cross currency interest-rate swaps with an aggregate value of US Dollars 500 million to hedge part of the Euro equivalent value of the US Dollar unsecured notes issued in October 2021. It is a fixed-to-fixed USD/EUR cross currency swap with the following characteristics: - The Group receives a loan of Euros 431.6 million at a nominal interest rate of 3.78%. - The Group grants a US Dollars 500 million loan at a nominal interest rate of 4.75%. On 28 June 2022, the Group subscribed one cross currency interest-rate swap of US Dollars 205 million to hedge the remaining part of the Euro equivalent value of the US Dollar unsecured notes issued in October 2021. It is a fixed-to-fixed USD/EUR cross currency swap with the following characteristics: - The Group receives a Euros 194 million loan at a nominal interest rate of 3.1046%. - The Group grants a US Dollars 205 million loan at a nominal interest rate of 4.75%. The derivative complies with the criteria required for hedge accounting. See further details in notes 4 (i). The movement in derivative financial instruments is as follows: Thousands of Euros 31/12/2022 31/12/2021 Initial balance 4,431 — Business combination (1,255) — Changes in fair value recognized in equity (4,757) 3,130 Transfer to profit or loss 12,552 1,895 Transfer to profit or loss - translation differences 32,954 3 Tax effect 6,170 — Collections / Payments (15,172) (597) Ending balance 34,923 4,431 (ii) Derivative financial instruments at fair value through profit and loss The Group has subscribed various foreign exchange forwards to partially hedge the foreign currency value of intercompany loan. Since the Group chooses not to apply hedge accounting criteria, gains or losses resulting from changes in the fair value of derivatives are taken directly to “Change in fair value of financial instruments” in the consolidated statement of profit and loss. At 31 December 2022, the Group has recognized a net finance cost of Euros 2,407 thousand (Euros 280 thousand of net finance cost at 31 December 2021). (e) Capital management The directors’ policy is to maintain a solid capital base in order to ensure investor, creditor and market confidence and sustain future business development. The board of directors defines and proposes the level of dividends paid to shareholders. The capital structure is periodically reviewed through the preparation of strategic plans focused mainly on a sequential improvement of EBITDA (Earnings before interests, tax, amortization and depreciation), generation of operating cash and discipline in the allocation of capital; with the objective and commitment to reduce the leverage ratio. In accordance with the senior secured debt contract, the Group is subject to compliance with some covenants. At 31 December 2022 and 2021, the Group complies with the covenants in the contract. The credit rating of the Group is as follows: September 2022 December 2021 September 2021 Moody’s Investors Corporate rating B1 B1 Senior secured debt Ba3 Ba3 Senior Unsecured debt B3 B3 Perspective Negative Negative Standard & Poor’s Corporate rating B+ BB- Senior secured debt BB- BB Senior Unsecured debt B- B Perspective Stable Negative Fitch Ratings Corporate rating BB- BB- Senior secured debt BB+ BB+ Senior Unsecured debt B+ B+ Perspective Stable Stable The Parent held Class B treasury stock equivalent to 1.33% of its capital at 31 December 2022 (1.31% at 31 December 2021). |
Balances and Transactions with
Balances and Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Balances and Transactions with Related Parties | |
Balances and Transactions with Related Parties | (30) Balances and Transactions with Related Parties Details of balances with related parties are as follows: Thousands of Euros Carrying amount Reference 31/12/2022 31/12/2021 Receivables from associates and joint ventures 14 162,382 131,764 Current contract assets from associates and joint ventures 3,880 — Trade payables associates and joint ventures (91) (3) Loans to other related parties 96,537 89,104 Other financial assets with other related parties 11 318,890 220,947 Debts with key management personnel (5,534) (6,644) Payables to other related parties (4,810) (3,824) 571,254 431,344 Payables are included in trade and other payables (see note 21). “Other financial assets with other related parties” mainly includes a loan with a related party with maturity 2024 and an interest rate of 3.75% (see note 11). (a) Group transactions with related parties Group transactions with related parties during 2022 are as follows: Thousands of Euros Associates & joint Key management Other related Board of directors ventures personnel parties of the Company Net sales 339,170 — — — Purchases (9) — — — Other service expenses (34) — (4,343) — Remuneration — (13,891) — (5,316) Payments for rights of use — — (6,300) — Purchase of property, plant and equipment — — 3,464 — Dividends paid/received 10,717 — — — 349,844 (13,891) (7,179) (5,316) Group transactions with related parties during 2021 were as follows: Thousands of Euros Associates & joint Key management Other related Board of directors ventures personnel parties of the Company Net sales 220,808 — — — Purchases (613) — — — Other service expenses (2,709) — (3,963) — Remuneration — (15,136) — (4,417) Payments for rights of use — — (5,332) — Purchase of property, plant and equipment — — 7,326 — Finance income 2 — — — Dividends paid/received 2,636 — — — 220,124 (15,136) (1,969) (4,417) Group transactions with related parties during 2020 were as follows: Thousands of Euros Associates & joint Key management Other related Board of directors ventures personnel parties of the Company Net sales 10,522 — — — Purchases (459) — — — Other service expenses (15,010) — (10,344) — Remuneration — (17,164) — (4,966) Payments for rights of use — — (5,137) — Purchase of property, plant and equipment — — (13,500) — Finance income 783 — — — Dividends paid/received 10,156 — — — 5,992 (17,164) (28,981) (4,966) Every year the Group contributes 0.7% of its profits before tax to a non-profit organization. “Other service expenses” include contributions to non-profit organizations totaling Euros 3,833 thousand in 2022 (Euros 3,963 thousand in 2021 and Euros 10,344 thousand in 2020). On 28 December 2018, the Group sold BPC Plasma, Inc and Haema, AG to Scranton Enterprises B.V (shareholder of Grifols) for US Dollars 538,014 thousand (see note 3). For the payment of the mentioned amount of the sale, Scranton signed a loan contract dated 28 December 2018 for an amount of US Dollars 95,000 thousand (Euros 82,969 thousand) with Grifols Worldwide Operations Limited. The compensation is 2%+EURIBOR and due on 28 December 2025. Directors representing shareholders´ interests have received remuneration of Euros 965 thousand in 2022 (Euros 965 thousand in 2021). The Group has not extended any advances or loans to the members of the board of directors or key management personnel nor has it assumed any guarantee commitments on their behalf. It has also not assumed any pension or life insurance obligations on behalf of former or current members of the board of directors or key management personnel. In addition, certain Company directors and key management personnel have termination benefit commitments (see note 28). (b) Conflicts of interest concerning the directors The Company’s directors and their related parties have not entered into any conflict of interest that should have been reported in accordance with article 229 of the revised Spanish Companies Act. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent events | |
Subsequent events | (31) Subsequent events On 15 February 2023, the Group announced a comprehensive operational improvement plan with significant cost savings. The plan includes the optimization of plasma costs and operations, streamlining corporate functions, and enhancing other efficiencies across the organization. It also includes a workforce optimization to be implemented in 2023 that will affect approximately 8% of the company’s employees, primarily in the U.S. plasma operations. The Group estimates one-time restructuring charge of approximately Euros 140 million to be accrued in the first quarter of 2023. |
Appendix I
Appendix I | 12 Months Ended |
Dec. 31, 2022 | |
Appendix I | |
Appendix I | Acquisition / 12/31/2022 12/31/2021 12/31/2020 Registered Incorporation % shares % shares % shares Name Offices Office date Activity Statutory Activity Direct Indirect Direct Indirect Direct Indirect Fully Consolidated Companies Diagnostic Grifols, S.A. Spain Polígono Levante 1987 Industrial Development and manufacture of diagnostic equipment, instruments and reagents. — 100.000 % — 100.000 % — 100.000 % Instituto Grifols, S.A. Spain Polígono Levante 1987 Industrial Plasma fractioning and the manufacture of haemoderivative pharmaceutical products. 99.998 % 0.002 % 99.998 % 0.002 % 99.998 % 0.002 % Laboratorios Grifols, S.A. Spain Polígono Levante 1989 Industrial Production of glass- and plastic-packaged parenteral solutions, parenteral and enteral nutrition products 100.000 % — 98.600 % 1.400 % 98.600 % 1.400 % Biomat, S.A. Spain Polígono Levante 1991 Industrial Analysis and certification of the quality of plasma used by Instituto Grifols, S.A. It also provides transfusion centres with plasma virus inactivation services (I.P.T.H). 99.900 % 0.100 % 99.900 % 0.100 % 99.900 % 0.100 % Grifols Engineering, S.A. Spain Polígono Levante 2000 Industrial Design and development of the Group’s 99.950 % 0.050 % 99.950 % 0.050 % 99.950 % 0.050 % 08150 Parets del Vallès manufacturing installations and part of the equipment and machinery used at these premises. The company also renders engineering services to external companies. Biomat USA, Inc. United States 2410 Lillyvale Avenue 2002 Industrial Procuring human plasma. — 100.000 % — 100.000 % — 100.000 % Grifols Biologicals, LLC. United States 5555 Valley Boulevard 2003 Industrial Plasma fractioning and the production of haemoderivatives. — 100.000 % — 100.000 % — 100.000 % Grifols Australia Pty Ltd. Australia Unit 5/80 Fairbank 2009 Industrial Distribution of pharmaceutical products and the development and manufacture of reagents for 100.000 % — 100.000 % — 100.000 % — Medion Grifols Diagnostic AG Switzerland Bonnstrasse,9 2009 Industrial Development and manufacturing activities in the area of biotechnology and diagnostics. — 100.000 % — 100.000 % — 100.000 % Grifols Therapeutics, LLC. United States 4101 Research Commons 2011 Industrial Plasma fractioning and the production of haemoderivatives. — 100.000 % — 100.000 % — 100.000 % Talecris Plasma Resources, Inc. (merged with Biomat USA, Inc.) United States 4101 Research Commons 2011 Industrial Procurement of human plasma. — — — 100.000 % — 100.000 % Grifols Worldwide Operations Limited Grange Castle Business Park, 2012 Industrial Packaging, labelling, storage, distribution, 100.000 % — 100.000 % — 100.000 % — Dublin 22, manufacture and development of pharmaceutical products Progenika Biopharma, S.A. Parque Tecnológico de Vizcaya, 2013 Industrial Development, production and commercialisation of biotechnological solutions. 91.875 % 8.125 % 91.880 % 8.120 % 91.880 % 8.120 % Grifols Diagnostics Solutions, Inc. 4560 Horton Street 2013 Industrial Manufacture and sale of blood testing products — 55.000 % — 55.000 % — 55.000 % Grifols Worldwide Operations USA Inc. 13111 Temple Avenue, City of 2014 Industrial Manufacture, warehousing, and logistical support for biological products. — 100.000 % — 100.000 % — 100.000 % Grifols Asia Pacific Pte, Ltd Singapore 501 Orchard Road nº20-01 2003 Commercial Distribution and sale of medical and pharmaceutical products. 100.000 % — 100.000 % — 100.000 % — Grifols Movaco, S.A. Polígono Levante 1987 Commercial Distribution and sale of reagents, chemical products and other pharmaceutical specialities, and of medical and surgical materials, equipment and instruments for use by laboratories and health centres. 99.999 % 0.001 % 99.999 % 0.001 % 99.999 % 0.001 % Grifols Portugal Productos Farmacéuticos e Hospitalares, Lda. Portugal Rua de Sao Sebastiao,2 1988 Commercial Import, export and commercialisation of pharmaceutical and hospital equipment and 0.010 % 99.990 % 0.010 % 99.990 % 0.010 % 99.990 % products, particularly Grifols products. Grifols Chile, S.A. Chile Avda. Americo Vespucio, 2242 1990 Commercial Development of pharmaceutical businesses, which can involve the import, production, commercialisation and export of related products. 99.000 % — 99.000 % — 99.000 % — Grifols USA, LLC. United States 2410 Lillyvale Avenue 1990 Commercial Distribution and marketing of company products. — 100.000 % — 100.000 % — 100.000 % Grifols Argentina, S.A. Argentina Bartolomé Mitre 3690/3790, 1991 Commercial Clinical and biological research. Preparation of reagents and therapeutic and diet products. Manufacture and commercialisation of other pharmaceutical specialities. 95.010 % 4.990 % 95.010 % 4.990 % 95.010 % 4.990 % Grifols s.r.o. Czech Republic Calle Zitna,2 1992 Commercial Purchase, sale and distribution of chemical-pharmaceutical products, including human plasma. 100.000 % — 100.000 % — 100.000 % — Grifols (Thailand) Ltd Thailand 191 Silom Complex Building, 2003 Commercial Import, export and distribution of pharmaceutical products. — 48.000 % — 48.000 % — 48.000 % Grifols Malaysia Sdn Bhd Malaysia Level 18, The Gardens North 2003 Commercial Distribution and sale of pharmaceutical products. — 49.000 % — 49.000 % — 30.000 % Grifols International, S.A. Spain Polígono Levante 1997 Commercial Coordination of the marketing, sales and logistics 99.998 % 0.002 % 99.998 % 0.002 % 99.998 % 0.002 % 08150 Parets del Vallès (Barcelona) Spain for all the Group’s subsidiaries operating in other Grifols Italia S.p.A Italy Via Carducci, 62d 1997 Commercial Purchase, sale and distribution of chemical-pharmaceutical products. 100.000 % — 100.000 % — 100.000 % — Grifols UK Ltd. United Kingdom Gregory Rowcliffe & Milners, 1 1997 Commercial Distribution and sale of therapeutic and other pharmaceutical products, especially haemoderivatives. 100.000 % — 100.000 % — 100.000 % — Grifols Brasil, Lda. Brazil Rua Umuarama, 263 1998 Commercial Import and export, preparation, distribution and sale of pharmaceutical and chemical products for 100.000 % — 100.000 % — 100.000 % — Grifols France, S.A.R.L. France Arteparc, Rue de la Belle du Canet, 1999 Commercial Commercialisation of chemical and healthcare products. 99.990 % 0.010 % 99.990 % 0.010 % 99.990 % 0.010 % Grifols Polska Sp.z.o.o. Poland Grzybowska 87 street00-844 2003 Commercial Distribution and sale of pharmaceutical, cosmetic and other products. 100.000 % — 100.000 % — 100.000 % — Logística Grifols, S.A. de C.V. (merged with Grifols M é Mexico Calle Eugenio Cuzin, nº 909-913 2008 Commercial Manufacture and commercialisation of pharmaceutical products for human and veterinary use. — — 99.990 % 0.010 % 99.990 % 0.010 % Grifols México, S.A. de C.V. Mexico Calle Eugenio Cuzin, nº 909-913 1993 Commercial Production, manufacture, adaptation, conditioning, sale and purchase, commissioning, representation 100.000 % — 99.980 % 0.020 % 99.980 % 0.020 % Grifols Nordic, AB Sweden Sveavägen 166 2010 Commercial Research and development, production and marketing of pharmaceutical products, medical devices and 100.000 % — 100.000 % — 100.000 % — Grifols Colombia, Ltda Colombia Carrera 7 No. 71 52 Torre B piso 2010 Commercial Sale, commercialisation and distribution of medicines, pharmaceutical (including but not limited to 99.990 % 0.010 % 99.990 % 0.010 % 99.990 % 0.010 % Grifols Deutschland GmbH Germany Lyoner Strasse 15, D- 2011 Commercial Procurement of the official permits and necessary approval for the production, commercialisation and 100.000 % — 100.000 % — 100.000 % — Grifols Canada, Ltd. Canada 5060 Spectrum Way, Suite 405 2011 Commercial Distribution and sale of biotechnological products. 100.000 % — — 100.000 % — 100.000 % Grifols Pharmaceutical Technology (Shanghai) Co., Ltd. Unit 901-902, Tower 2, No. 2013 Commercial Pharmaceutical consultancy services (except for diagnosis), technical and logistical consultancy 100.000 % — 100.000 % — 100.000 % — Grifols Switzerland AG Steinengraben, 5 2013 Commercial Research, development, import and export and commercialisation of pharmaceutical products, devices — — — — 100.000 % — and diagnostic instruments. Grifols (H.K.), Limited Units 1505-7 BerKshire House, 2014 Commercial Distribution and sale of diagnostic products. — 100.000 % — 100.000 % — 100.000 % Grifols Japan K.K. Hilton Plaza West Office Tower, 19th floor. 2-2, Umeda 2-chome, Kita-ku Osaka-shi Japón Hilton Plaza West Office Tower, 2014 Commercial Research, development, import and export and commercialisation of pharmaceutical products, devices 100.000 % — 100.000 % — 100.000 % — Grifols India Healthcare Private Ltd Regus Business Centre 2014 Commercial Distribution and sale of pharmaceutical products. 99.984 % 0.016 % 99.984 % 0.016 % 99.984 % 0.016 % Grifols Diagnostics Equipment Taiwan Limited 8F., No.367, Fuxing N. RD., 2016 Commercial Distribution and sale of diagnostic products. 100.000 % — 100.000 % — 100.000 % — Grifols Viajes, S.A. Spain Can Guasch, 2 1995 Services Travel agency exclusively serving Group companies. 99.900 % 0.100 % 99.900 % 0.100 % 99.900 % 0.100 % Squadron Reinsurance Designated Activity Company Ireland The Metropolitan Building, 3rd 2003 Services Reinsurance of Group companies’ insurance policies. — 100.000 % — 100.000 % — 100.000 % Grifols Shared Services North America, Inc. United States 2410 Lillivale Avenue 2011 Services Support services for the collection, manufacture, sale and distribution of plasma derivatives and related 100.000 % — 100.000 % — 100.000 % — Gripdan Invest, S.L Avenida Diagonal 477 Barcelona, 2015 Services Rental of industrial buildings 100.000 % — 100.000 % — 100.000 % — Araclon Biotech, S.L. Spain Paseo de Sagasta, 17 2º izqda. 2012 Research Creation and commercialisation of a blood diagnosis kit for the detection of Alzheimer's and — 75.850 % — 75.850 % — 75.100 % VCN Bioscience, S.L. Avenida de la Generalitat 152 2012 Research Research and development of therapeutic approaches for tumours for which there is currently no — — — 86.830 % — 86.830 % Grifols Innovation and New Technologies Limited Grange Castle Business Park, 2016 Research Biotechnology research and development — 100.000 % — 100.000 % — 100.000 % Kiro Grifols S.L Spain Polígono Bainuetxe, 5, 2º planta, Aretxabaleta, Guipúzcoa 2014 Research Development of machines and equipment to automate and control key points of hospital processes, and hospital pharmacy processes. 90.000 % — 90.000 % — 90.000 % — Chiquito Acquisition Corp. 2711 Centerville Road Suite 400, Wilmington, Delaware, New Castle County, United States 2017 Corporate Engage in any lawful act or activity for which a corporation may be organized under the General Corporation Law of the State of Delaware, as amended from time to time (the "DGCL"). — 100.000 % — 100.000 % — 100.000 % Aigües Minerals de Vilajuiga, S.A. Carrer Sant Sebastià, 2, 17493 Vilajuïga, Girona Carrer Sant Sebastià, 2, 17493 Vilajuïga, Girona, Spain 2017 Industrial Collection and use of mineral-medicinal waters and obtaining of 99.990 % 0.010 % 99.990 % 0.010 % 99.990 % 0.010 % all necessary administrative concessions for the optimum and widest use of these. Goetech LLC (D/B/A Medkeeper) 7600 Grandview Avenue, Suite 210, Arvada, CO 80002, United States 2018 Industrial Development and distribution of web and mobile-based platforms for hospital pharmacies — 100.000 % — 100.000 % — 100.000 % Interstate Blood Bank, Inc. 5700 Pleasantville Road 2016 Industrial Procurement of human plasma. — 100.000 % — 100.000 % — 100.000 % Haema, AG LandsteinerstraBe 1, 04103 Leipzig - Germany 2018 Industrial Procurement of human plasma. — — — — — — BPC Plasma, Inc (formerly Biotest Pharma Corp) 901 Yamato Rd., Suite 101, Boca Raton FL 33431 - USA 2018 Industrial Procurement of human plasma. — — — — — — Alkahest, Inc. 3500 South DuPont Hwy, Dover, County of Kent Estados Unidos 3500 South DuPont Hwy, 2015 Research Development of novel plasma-based products for the treatment of cognitive decline in aging and disorders of the central nervous system (CNS). — 100.000 % — 100.000 % — 42.450 % Plasmavita Healthcare GmbH Colmarer Strasse 22, 60528 Frankfurt am Main - Germany Colmarer Strasse 22, 60528 Frankfurt am Main - Germany 2018 Industrial Procurement of human plasma. — 50.000 % — 50.000 % — 50.000 % Plasmavita Healthcare II GmbH Garnisongasse 4/12, 1090 Vienna, Austria Garnisongasse 4/12, 1090 Vienna, Austria 2019 Industrial Procurement of human plasma. — 50.000 % — 50.000 % — 50.000 % Grifols Canada Therapeutics Inc. (formerly Green Cross Biotherapeutics; Inc) 2911 Avenue Marie Curie, Arrondissement de Saint-Laurent, Quebec 2020 Industrial Conducting business in Pharmceuticals and Medicines Industry 0.020 % 99.980 % 100.000 % — — 100.000 % GCAM, Inc. (merged with Biomat USA, Inc.) 1561 E Orangethorpe Ave #205, Fullerton, CA 92831 2020 Industrial Engage in any lawful act or activity for which corporations may be organized under the General — — — — — 100.000 % Corporation Law of Delaware and engaging in any and all activities necessary or incidental to the foregoing. Grifols Laboratory Solutions, Inc Corporation Trust Center, 1209, Orange Street, Wilmington, New Castle Country, Delaware, 19801 2020 Services Engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of Delaware — 100.000 % — 100.000 % — 100.000 % Grifols Korea Co., Ltd. 302 Teheran-ro, Gangnam-gu, Seoul (Yeoksam-dong) 2020 Commercial Import, export of diagnostic in vitro products and solutions. 100.000 % — 100.000 % — 100.000 % — Grifols Middle East & Africa LLC Office No. 534, 5th floor, NamaaBuilding No.155, Ramses Extension Street, Al Hay Al Sades, Nasr City, Cairo 2021 Services Providing consultation (except for those stipulated in Article 27 of the Capital Market Law and its executive regulations) and carry out those commercial activities that are permitted by the law. 99.990 % 0.010 % 99.990 % 0.010 % — — GigaGen Inc. 407 Cabot Road 2017 Industrial Engage in any lawful act or activity for which corporations may be organized under General Corporation Law. — 100.000 % — 100.000 % — 43.960 % Grifols Pyrenees Research Center, S.L. C/ Prat de la Creu, 68-76, Planta 3ª, Edifici Administratiu del Comú d'Andorra la Vella 2021 Industrial Constitution, development and management of operations of a research and development center in all areas of immnology, dedicated to find possible solutions — 80.000 % — 80.000 % — — for therapeutic applications. Grifols Bio North America LLC 251 Little Falls Drive, Wilmington, New Castle County, 19808, Delaware 2021 Industrial Engage in any lawful business permitted by the Act or the laws of any jurisdiction in which the Company may do business. — 100.000 % — 100.000 % — — Biomat Holdco, LLC. 251 Little Falls Drive, Wilmington, New Castle County, Delaware, 19808 2021 Services Engage in any lawful act or activity for which corporations may be organized under General Corporation Law of Delaware. — 100.000 % — 100.000 % — — Biomat Newco, Corp. 251 Little Falls Drive, Wilmington, New Castle County, Delaware, 19808 2021 Services Engage in any lawful act or activity for which corporations may be organized under General Corporation Law of Delaware. — 100.000 % — 100.000 % — — Grifols Escrow Issuer, S.A. Parque Empresarial Can Sant Joan, Avda de la Generalitat, 152-156, Sant Cugat del Vallès, 08174, Barcelona 2021 Services Administration, management and control services for companies and businesses, as well as investment in property, as well as providing advisory services of any investee entities or group companies. 100.000 % — 100.000 % — — — Prometic Plasma Resources, Inc. 531 Boul. Des Prairies, Building 15 Laval, Quebec H7V 1B7 2021 Industrial Procurement of human plasma. — 100.000 % 100.000 % — — — Access Biologicals, LLC 955, Park Center Drive, Vista, CA 92801, USA 2017 Industrial Manufacture of biological products such as specific serum and plasma reagents that are used by — 100.000 % — 49.000 % — 49.000 % biotechnological and biopharmaceutical companies for in-vitro diagnosis, cell culture and research and development in the field of diagnostics. Access Biologicals IC-DISC, Inc. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — 100.000 % — 49.000 % — 49.000 % Access Cell Culture, LLC. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — 100.000 % — 49.000 % — 49.000 % Access Plasma, LLC. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma- — 100.000 % — 49.000 % — 49.000 % derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. Albimmune, S.L. Parque Empresarial Can Sant Joan, Avda de la Generalitat, 152-156, Sant Cugat del Vallès, 08174, Barcelona España 2022 Research The purpose of the company is the research, development and exploitation of a project on the application of the use of albumin as a medicine — 51.000 % — — — — Biotest, AG Landsteinerstr. 5, D-63303 Dreieich, Germany 2022 Industrial Development, manufacture and distribution of biological, chemical, pharmaceutical, human and veterinary medical, cosmetic and dietary products as well as containers, devices, machines and accessories for medical, pharmaceutical and analytical purposes, as well as research in these fields. Furthermore the activity (especially research development, production and distribution) in the field of plant protection and plant breeding, 24.700 % 45.480 % — — — — the field of testing and purification of soil, water and air and in the field of products, materials and techniques used in space. Biotest Austria, GmbH Einsiedlergasse 58, A-1050, Vienna, Austria 2022 Industrial Distribution of pharmaceutical products. — 70.180 % — — — — Biotest Italia, S.R.L. Via Leonardo da Vinci 43, I-20090 Trezzano sul Naviglio MI, Italia 2022 Industrial Distribution of pharmaceutical products. — 70.180 % — — — — Biotest (UK) Ltd. 17 High Street, B31 2UQ Longbridge Birmingham, United Kingdom 2022 Industrial Distribution of pharmaceutical products. — 70.180 % — — — — Biotest (Schweiz) AG Schützenstrasse 17, CH-5102 Rupperswil, Switzerland 2022 Industrial Distribution of pharmaceutical products. — 70.180 % — — — — Biotest Hungaria Kft Torbágy utca 15/ A, Törökbálint 2045, Hungary 2022 Industrial Procurement of human plasma. — 70.180 % — — — — Biotest Farmacêutica LTDA Rua José Ramos Guimarães, 49 A Centro, 12955-000, Bom Jesus dos Perdões – SP, Brasil 2022 Industrial Distribution of pharmaceutical products. — 70.180 % — — — — Biotest Hellas M.E.P.E. 45 Michalakopoulou Str., 11528 Athens, Greece 2022 Research Research and development of solutions in the Biopharma area. — 70.180 % — — — — Biotest France SAS 45/47 rue d'Hauteville, 75010 Paris, France 2022 Servicios The purpose of the company is to act as an agent and support the group companies. — 70.180 % — — — — Biotest Pharmaceuticals Ilaç Pazarlama Anonim Sirketi Nishstanbul, Cobançesme Mahallesi, 34197 Bahçeliever, Istanbul, Turkey 2022 Research Research and development of solutions in the Biopharma area. — 70.180 % — — — — Biotest Medical, S.L.U. C/ Frederic Mompou, nº 5, 6º 3ª A, 08960 Sant Just Desvern, Barcelona, Spain 2022 Industrial Distribution of pharmaceutical products. — 70.180 % — — — — Biotest Pharma, GmbH Landsteinerstr. 5, D-63303 Dreieich, Germany 2022 Industrial Carry out the development and production activities in the Biopharma area. — 70.180 % — — — — BioDarou PLC Sarparast St., Italia St. Felestin Ave, 1416653163 Tehran, Iran 2022 Industrial Procurement of human plasma. — 70.180 % — — — — Biotest Grundstücksverwaltungs GmbH Landsteinerstr. 5, D-63303 Dreieich, Germany 2022 Servicios Management of own assets. — 70.180 % — — — — Plasma Service Europe GmbH Landsteinerstr. 5, D-63303 Dreieich, Germany 2022 Industrial Procurement of human plasma. — 70.180 % — — — — Cara Plasma s.r.o. Jungmannova 745/24 - Nové Město, 110 00 Praha 1 , Czech Republic 2022 Industrial Procurement of human plasma. — 70.180 % — — — — Plazmaszolgálat Kft Torbágy utca 15/ A, Törökbálint 2045, Hungary 2022 Industrial Procurement of human plasma. — 70.180 % — — — — Grifols Biotest Holdings GmbH Colmarer Str. 22, 60528 Frankfurt am Main, Germany 2022 Services Management of own assets as well as the acquisition, sale, holding and management of shares in other companies in Germany and abroad in the company's own name and on its own account (not third parties), in particular in Biotest AG with registered offices in Dreiech. 100.000 % — — — — — Equity-accounted investees Aradigm Corporation 3929 Point Eden Way 2013 Research Development and commercialisation of drugs delivered by inhalation for the prevention and treatment of severe respiratory diseases. — — — 35.130 % — 35.130 % Mecwins, S.L. Avenida Fernandos Casas Novoa, 37 2013 Research Research and production of nanotechnological, biotechnological — 24.590 % — 24.990 % — 24.990 % and chemical solutions. Albajuna Therapeutics, S.L Hospital Germans Trias i Pujol, carretera de Canyet, s/n, Badalona 2016 Research Development and manufacture of therapeutic antibodies against HIV. — 49.000 % — 49.000 % — 49.000 % Singulex, Inc. 4041 Forest Park Avenue St. Louis, Missouri 2016 Research Development of the Single Molecule Counting (SMC™) technology for clinical diagnostic and scientific discovery. — — — 19.330 % — 19.330 % Access Biologicals, LLC. (becomes part of the group) 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — — — 49.000 % — 49.000 % Access Biologicals IC-DISC, Inc. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in — — — 49.000 % — 49.000 % the diagnostic field. Access Cell Culture, LLC. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — — — 49.000 % — 49.000 % Access Plasma, LLC. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — — — 49.000 % — 49.000 % GigaGen Inc. 407 Cabot Road 2017 Industrial Engage in any lawful act or activity for which corporations may be organized under General Corporation Law. — — — — — 43.960 % Medcom Advance, S.A Av. Roma, 35 Entresuelo 1, 08018 Barcelona; Spain 2019 Research Research and development of nanotechnological solutions. — 45.000 % — 45.000 % — 45.000 % Shanghai RAAS Blood Products Co. Ltd. 2009 Wangyuan Road, Fengxian District, Shanghai 2020 Industrial Introducing advanced and applicable technologies, instruments and scientific management systems for manufacturing and diagnosis of blood products, in order to raise the production capacity and enhance quality standards of blood products to the international level. 26.200 % — 26.200 % — 26.200 % — Grifols Egypt for Plasma Derivatives (S.A.E.) Tolip El Narges Hotel, Teseen Streett, Fifth Settlement, Cairo 2021 Industrial Establish and operate a plasma fractionation plant, regardless of whether the plasma is collected locally or imported, as well as its filling and packaging. 49.000 % — 49.000 % — — — This appendix is part of note 2 from the consolidated financial statements. |
Appendix II
Appendix II | 12 Months Ended |
Dec. 31, 2022 | |
Appendix II | |
Appendix II | APPENDIX II GRIFOLS, S.A. AND SUBSIDIARIES Operating Segments for the years ended 31 December 2022, 2021 and 2020 (Expressed in thousands of Euros) Biopharma Diagnostic Bio Supplies Others Intersegments Consolidated 2022 2021 (*) 2020 (*) 2022 2021 (*) 2020 (*) 2022 2021 (*) 2020 (*) 2022 2021 (*) 2020 (*) 2022 2021 (*) 2020 (*) 2022 2021 (*) 2020 (*) Revenues from external customers 5,005,382 3,814,983 4,242,502 671,292 779,108 775,889 146,076 115,811 133,221 250,165 266,461 222,521 (8,948) (43,245) (34,095) 6,063,967 4,933,118 5,340,038 Total operating income 5,005,382 3,814,983 4,242,502 671,292 779,108 775,889 146,076 115,811 133,221 250,165 266,461 222,521 (8,948) (43,245) (34,095) 6,063,967 4,933,118 5,340,038 Profit/(Loss) for the segment 791,339 681,925 967,415 129,968 152,948 215,793 114,397 39,901 36,142 (46,809) (83,482) (43,960) 35,419 (10,896) 4,428 1,024,314 780,396 1,179,818 Unallocated expenses (218,634) (185,332) (183,686) Operating profit/(loss) 805,680 595,064 996,132 Finance result (442,941) (277,799) (177,669) Share of profit/(loss) of equity- accounted investee — — — — — — — — — (1,482) 33,188 60,166 — — — (1,482) 33,188 60,166 Income tax expense (90,111) (85,126) (169,639) Profit for the year after tax 271,146 265,327 708,990 Segment assets 13,187,651 9,467,378 7,975,667 3,681,632 3,513,991 3,371,125 341,876 47,446 251,551 766,139 827,371 641,341 (6,997) (39,963) (26,773) 17,970,301 13,816,223 12,212,911 Equity-accounted investments 41,162 31,847 — — — — — 53,264 46,782 1,914,015 1,914,665 1,822,238 — — — 1,955,177 1,999,776 1,869,020 Unallocated assets — — — — — — — — — — — — — — — 1,608,499 3,417,836 1,192,845 Total assets 21,533,977 19,233,835 15,274,776 Segment liabilities 2,317,191 1,521,634 1,222,664 425,693 397,869 372,461 43,264 27,596 120,787 222,565 199,095 153,513 — — — 3,008,713 2,146,194 1,869,425 Unallocated liabilities — — — — — — — — — — — — — — — 10,067,720 9,770,543 6,685,296 Total liabilities 13,076,433 11,916,737 8,554,721 Other information: Allocated amortisation and depreciation 294,156 228,114 201,087 64,682 88,557 63,053 5,759 2,948 21,846 20,367 19,043 15,263 — — — 384,964 338,662 301,249 Unallocated amortisation and depreciation — — — — — — — — — — — — — — — 22,900 21,105 20,284 Allocated expenses that do not require cash payments (71,964) 26,051 38,955 13,639 4,446 (21,335) 120 73 3 (206) 3,349 (2,448) — — — (58,411) 33,919 15,175 Unallocated expenses that do not require cash — — — — — — — — — — — — — — — (10,770) 4,991 4,924 Allocated additions for the year of property, plant & 402,672 349,890 289,062 49,890 19,991 34,516 98 13,836 10,915 30,192 28,597 12,698 — — — 482,852 412,314 347,191 Unallocated additions for the year of property, plant — — — — — — — — — — — — — — — 59,866 55,380 107,178 This appendix forms an integral part of note 5 to the consolidated financial statements. APPENDIX II GRIFOLS, S.A. AND SUBSIDIARIES Reporting by geographical area for the years ended 31 December 2021, 2020 and 2019 (Expressed in thousands of Euros) Spain Rest of European Union USA + Canada Rest of World Consolidated 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 Net Revenue 320,631 362,407 339,169 711,579 544,042 495,323 3,855,607 3,154,549 3,599,746 1,176,150 872,120 905,800 6,063,967 4,933,118 5,340,038 Assets by geographical area 1,156,068 1,092,435 1,117,647 6,600,264 5,393,407 2,927,198 11,561,068 10,525,140 9,138,360 2,216,577 2,222,853 2,091,571 21,533,977 19,233,835 15,274,776 Other information: Additions for the year of property, plant & equipment, intangible assets and rights of use 60,503 71,022 93,787 107,030 91,388 92,873 363,034 295,526 253,442 12,151 9,758 14,267 542,718 467,694 454,369 This appendix forms an integral part of note 6 to the consolidated financial statements. |
Appendix III
Appendix III | 12 Months Ended |
Dec. 31, 2022 | |
Appendix III | |
Appendix III | APPENDIX III GRIFOLS, S.A. AND SUBSIDIARIES Changes in Other Intangible Assets for the year ended 31 December 2022 (Expressed in thousands of Euros) (Free translation from the original in Spanish. In the event of any discrepancy, the Spanish-language version prevails) Balance at Business Translation Balance at 12/31/2021 Additions combinations Transfers Disposals differences 12/31/2022 Development costs 801,606 39,835 943,857 — (3,372) 40,159 1,822,085 Concessions, patents, licenses brands & similar 244,558 36,612 3,762 97 (3,907) 11,036 292,158 Computer software 330,491 31,299 50 1,881 (34,429) 11,699 340,991 Currently marketed products 1,083,301 — — — — 65,561 1,148,862 Other intangible assets 156,009 1,323 307,927 (55) (77,825) 12,418 399,797 Total cost of intangible assets 2,615,965 109,069 1,255,596 1,923 (119,533) 140,873 4,003,893 Accum. amort. of development costs (168,366) (28,160) — — 663 (3,581) (199,444) Accum. amort of concessions, patents, licenses, brands & similar (64,176) (12,321) (332) — 2,200 (2,702) (77,331) Accum. amort. of computer software (200,291) (30,357) (12) 140 16,813 (6,598) (220,305) Accum. amort. of currently marketed products (394,784) (40,212) — — — (22,798) (457,794) Accum. amort. of other intangible assets (81,298) (12,603) — — 799 (4,687) (97,789) Total accum. amort intangible assets (908,915) (123,653) (344) 140 20,475 (40,366) (1,052,663) Impairment of other intangible assets (70,100) (638) — 79 76,302 (7,726) (2,083) Carrying amount of intangible assets 1,636,950 (15,222) 1,255,252 2,142 (22,756) 92,781 2,949,147 (See note 3) This appendix forms an integral part of note 7 to the consolidated financial statements. APPENDIX III GRIFOLS, S.A. AND SUBSIDIARIES Changes in Other Intangible Assets for the year ended 31 December 2021 (Expressed in thousands of Euros) (Free translation from the original in Spanish. In the event of any discrepancy, the Spanish-language version prevails) Balance at Business Translation Balance at 31/12/2020 Additions combinations Transfers Disposals differences 31/12/2021 Development costs 701,390 34,671 24,027 — (5,679) 47,197 801,606 Concessions, patents, licenses brands & similar 228,023 57 — — — 16,478 244,558 Computer software 279,651 33,516 — 3,315 (208) 14,217 330,491 Currently marketed products 1,004,665 — — — — 78,636 1,083,301 Other intangible assets 156,644 — — — (12,146) 11,511 156,009 Total cost of intangible assets 2,370,373 68,244 24,027 3,315 (18,033) 168,039 2,615,965 Accum. amort. of development costs (125,875) (44,612) — (60) 5,679 (3,498) (168,366) Accum. amort of concessions, patents, licenses, brands & similar (51,197) (9,909) — — — (3,070) (64,176) Accum. amort. of computer software (167,124) (25,474) — (101) 178 (7,770) (200,291) Accum. amort. of currently marketed products (331,968) (35,989) — — — (26,827) (394,784) Accum. amort. of other intangible assets (71,430) (4,265) — — — (5,603) (81,298) Total accum. amort intangible assets (747,594) (120,249) 0 (161) 5,857 (46,768) (908,915) Impairment of other intangible assets (65,129) (73) — — — (4,898) (70,100) Carrying amount of intangible assets 1,557,650 (52,078) 24,027 3,154 (12,176) 116,373 1,636,950 (See note 3) This appendix forms an integral part of note 7 to the consolidated financial statements. |
Appendix IV
Appendix IV | 12 Months Ended |
Dec. 31, 2022 | |
APPENDIX IV | |
APPENDIX IV | APPENDIX IV GRIFOLS, S.A. AND SUBSIDIARIES Movement in Rights of Use for the year ended 31 December 2022 (Expressed in thousands of Euros) Balance at Business Translation Balance at 12/31/2021 Additions combinations Transfers Disposals differences 12/31/2022 Land and buildings 941,955 130,475 27,620 (455) (35,924) 50,983 1,114,654 Machinery 9,076 5,055 347 (1,189) (6,849) 224 6,664 Computer equipment 8,519 278 263 (568) (1,848) 175 6,819 Vehicles 15,760 6,165 1,279 (10) (2,527) 291 20,958 Total cost of rights of use 975,310 141,973 29,509 (2,222) (47,148) 51,673 1,149,095 Accum. depr. of land and buildings (159,831) (72,214) (359) 106 9,782 (7,088) (229,604) Accum. depr. of machinery (3,792) (1,983) (236) 894 1,361 109 (3,647) Accum. depr. of computer equipment (6,475) (1,432) — 573 1,719 (178) (5,793) Accum. depr. of vehicles (9,555) (4,869) — 4 2,157 (236) (12,499) Total accum. Depr. of rights of use (179,653) (80,498) (595) 1,577 15,019 (7,393) (251,543) Carrying amount of rights of use 795,657 61,475 28,914 (645) (32,129) 44,280 897,552 This appendix forms an integral part of note 8 to the consolidated financial statements. APPENDIX IV GRIFOLS, S.A. AND SUBSIDIARIES Movement in Rights of Use for the year ended 31 December 2021 (Expressed in thousands of Euros) Balance at Business Translation Balance at 12/31/2020 Additions combinations Transfers Disposals differences 12/31/2021 Land and buildings 759,120 125,112 4,611 3,337 (3,603) 53,378 941,955 Machinery 5,907 3,412 — (495) (89) 341 9,076 Computer equipment 8,228 641 — (629) (7) 286 8,519 Vehicles 14,152 4,277 — (407) (2,887) 625 15,760 Total cost of rights of use 787,407 133,442 4,611 1,806 (6,586) 54,630 975,310 Accum. depr. of land and buildings (94,118) (57,901) — (3,337) 3,605 (8,080) (159,831) Accum. depr. of machinery (2,236) (2,120) — 587 87 (110) (3,792) Accum. depr. of computer equipment (4,640) (2,269) — 629 7 (202) (6,475) Accum. depr. of vehicles (7,717) (4,430) — 407 2,581 (396) (9,555) Total accum. depr. of rights of use (108,711) (66,720) — (1,714) 6,280 (8,788) (179,653) Carrying amount of rights of use 678,696 66,722 4,611 92 (306) 45,842 795,657 This appendix forms an integral part of note 8 to the consolidated financial statements. |
Appendix V
Appendix V | 12 Months Ended |
Dec. 31, 2022 | |
Appendix V | |
Appendix V | APPENDIX V GRIFOLS, S.A. AND SUBSIDIARIES Movement in Property, Plant and Equipment for the year ended 31 December 2022 (Expressed in thousands of Euros) Balances at Business Translation Balances at 31/12/2021 Additions combination Transfers Disposals differences 31/12/2022 Cost: Land and buildings 860,447 4,636 236,732 11,374 (864) 43,081 1,155,406 Plant and machinery 2,527,744 50,025 316,946 115,070 (50,958) 110,196 3,069,023 Fixed Assets under construction 763,787 237,015 — (147,240) — 24,853 878,415 4,151,978 291,676 553,678 (20,796) (51,822) 178,130 5,102,844 Accumulated depreciation: Buildings (148,082) (27,757) — 1,553 57 (7,108) (181,337) Plant and machinery (1,442,434) (175,956) (4,044) 3,201 41,061 (59,834) (1,638,006) (1,590,516) (203,713) (4,044) 4,754 41,118 (66,942) (1,819,343) Impairment of other property, plant and equipment (13,965) (7,396) — 9,383 340 (926) (12,564) Carrying amount 2,547,497 80,567 549,634 (6,659) (10,364) 110,262 3,270,937 (See note 3) This appendix forms an integral part of note 9 to the consolidated financial statements. APPENDIX V GRIFOLS, S.A. AND SUBSIDIARIES Movement in Property, Plant and Equipment for the year ended 31 December 2021 (Expressed in thousands of Euros) Balances at Business Translation Balances at 12/31/2020 Additions combination Transfers Disposals differences 31/12/2021 Cost: Land and buildings 780,180 3,361 660 24,830 (123) 51,539 860,447 Plant and machinery 2,200,429 42,747 10,381 171,894 (24,960) 127,253 2,527,744 Fixed Assets under construction 704,582 219,900 (7,300) (199,943) — 46,548 763,787 3,685,191 266,008 3,741 (3,219) (25,083) 225,340 4,151,978 Accumulated depreciation: Buildings (122,948) (19,388) — 2,583 123 (8,452) (148,082) Plant and machinery (1,235,483) (153,408) — (2,609) 18,808 (69,742) (1,442,434) (1,358,431) (172,796) — (26) 18,931 (78,194) (1,590,516) Impairment of other property, plant and equipment (2,653) (11,246) — — — (66) (13,965) Carrying amount 2,324,107 81,966 3,741 (3,245) (6,152) 147,080 2,547,497 (See note 3) This appendix forms an integral part of note 9 to the consolidated financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies | |
Consolidation | (a) Consolidation Dependents Subsidiaries are considered to be those over which the Group exercises control. A subsidiary is controlled when, due to its involvement in it, it is exposed, or has the right, to variable returns and has the capacity to influence such returns through the power it exercises over it. The income, expenses and cash flows of subsidiaries are included in the consolidated financial statements from the date of acquisition, which is the date on which the Group effectively obtains control of the subsidiaries. Subsidiaries are excluded from consolidation from the date on which control is lost. Transactions and balances with Group companies and unrealized gains or losses have been eliminated in consolidation. The accounting policies of the subsidiaries have been adapted to the Group’s accounting policies for transactions and other events that, being similar, have occurred in similar circumstances. The financial statements of the subsidiaries used in the consolidation process are as of the same reporting date and for the same period as those of the Parent Company. Appendix I includes information on the subsidiaries included in the Group’s consolidation. Business combinations The acquisition method is used to account for the acquisition of subsidiaries in a business combination. The acquisition date is the date on which the Group obtains control of the acquired business. The acquisition cost of a subsidiary is determined at the acquisition date and comprises (i) the fair values of assets delivered, (ii) liabilities incurred or assumed, (iii) equity instruments issued, (iv) the fair value of any asset or liability resulting from a contingent consideration arrangement and (v) the fair value of any previous interest in the subsidiary. Any disbursement that is not part of the exchange for the acquired business is excluded. Acquisition-related costs are expensed as incurred. The Group recognizes identifiable assets acquired and liabilities and contingent liabilities assumed at fair value at the acquisition date. Assets held for sale, liabilities for employee compensation, transactions with payments based on equity instruments, deferred tax assets and liabilities and right-of-use assets and liabilities and lease liabilities are excluded from the application of this criterion. The excess of the consideration transferred, the amount of any non-controlling interest in the acquired subsidiary and the acquisition-date fair value of any previous interest in the acquired subsidiary over the fair value of the identifiable net assets is recorded as goodwill. If these amounts are less than the fair value of the identifiable net assets of the acquired subsidiary, the difference is recognized in profit or loss as a bargain purchase. When settlement of any part of the cash consideration is deferred, amounts payable in the future are discounted to their present value at the date of exchange. Contingent consideration is classified as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured at fair value with changes in fair value recognized in profit or loss. When the business combination could only be determined on a provisional basis, the identifiable net assets are initially recorded at their provisional values, recognizing the adjustments made during the measurement period as if they had been known at the acquisition date, restating comparative figures for the previous year, if applicable. The adjustments to the provisional values only incorporate information relating to facts and circumstances that existed at the acquisition date and which, had they been known, would have affected the amounts recognized at that date. The measurement period should not exceed twelve months from the date of acquisition. If the business combination is carried out in stages, the acquisition-date carrying amount of the previously held equity interest of the acquiree is remeasured at its acquisition-date fair value, with any resulting gain or loss recognized in profit or loss. Non-controlling interests Non-controlling interests in subsidiaries are recorded at the acquisition date at their percentage of interest in the fair value of the identifiable net assets, without considering potential voting rights. In addition, the profit or loss for the year and each component of other comprehensive income allocated to the non-controlling interest is allocated in proportion to its percentage of ownership. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit and loss, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated balance sheet, respectively. The increase and reduction of non-controlling interests in a subsidiary while maintaining control is recognized as an equity transaction in reserves. Associated Associated entities are those over which the Group exercises significant influence, understood as the capacity to intervene in financial and operating decisions, without the existence of control or joint control. Investments in associates are initially recognized at acquisition cost, including costs directly attributable to the acquisition and any active or passive contingent consideration that depends on future events or the fulfillment of certain conditions. Subsequently, investments in associates are accounted for by the equity method from the date on which significant influence is exercised until the date on which the Company can no longer justify the existence of significant influence. The excess between the cost of the investment and the Group’s share of the fair values of the identifiable net assets is recorded as goodwill, which is included in the carrying amount of the investment. The shortfall, once the amounts of the cost of the investment and the identification and valuation of the net assets of the associate have been evaluated, is recorded as income in the determination of the investor’s share in the results of the associate for the year in which it was acquired. The accounting policies of the associated companies have been subject to time and valuation homogenization in the same terms as those referred to in the subsidiaries. The Group’s share in the profits or losses of associates obtained from the date of acquisition is recorded as an increase or decrease in the value of the investments with a credit or debit to “ Profit/(loss) of equity accounted investees “. Likewise, the Group’s share in the other comprehensive income of associates obtained since the acquisition date is recorded as an increase or decrease in the value of the investments in associates, with the balancing entry by nature being recognized in other comprehensive income. Dividend distributions are recorded as decreases in the value of investments. To determine the Group’s share of profits or losses, including impairment losses recognized by associates, income or expenses arising from the acquisition method are considered. When the Group’s share of losses on an equity accounted investment equals or exceeds its interest in the entity, the Group does not recognize additional losses unless it has incurred obligations or made payments on behalf of the other entity. The Group’s share in the profits or losses of associates and changes in equity is determined on the basis of the ownership interest at year-end, without considering the possible exercise or conversion of potential voting rights. However, the Group’s share is determined considering the possible exercise of potential voting rights and other derivative financial instruments that, in substance, grant current access to the economic benefits associated with ownership interests, i.e. the right to participate in future dividends and changes in the value of associates. After applying the equity method, the Group assesses whether there is objective evidence of impairment of the net investment in the associate. The impairment calculation is determined by comparing the carrying amount of the net investment in the associate with its recoverable amount, where recoverable amount is the higher of value in use or fair value less costs of disposal. In this regard, the value in use is calculated based on the Group’s share of the present value of the estimated cash flows from ordinary activities and the amounts that could result from the final disposal of the associate. The recoverable amount of the investment in an associate is assessed in relation to each associate (see note 10), unless it does not constitute a cash-generating unit (CGU). Impairment losses are not allocated to goodwill or other assets implicit in the investment in associates arising from the application of the acquisition method. In subsequent years, reversals of the value of investments are recognized against income, to the extent that there is an increase in the recoverable value. Impairment losses are presented separately from the Group’s share in the results of associates. Appendix I includes information on subsidiaries and associates included in the Group’s consolidation. Joint agreements Joint arrangements are those in which there is a contractual agreement to share control over an economic activity, so that decisions on the relevant activities require the unanimous consent of the Group and the other operators. Investments in joint arrangements are classified as joint operations or joint ventures, depending on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. Interests in joint ventures are accounted for by the equity method, after initially being recognized at cost in the consolidated balance sheet. |
Transactions and balances in foreign currencies | (b) Transactions in foreign currencies are translated to the functional currency using the average exchange rate of the previous month provided that it does not differ significantly from the exchange rate at the date of the transaction. Foreign currency gains and losses resulting from the settlement of these transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at closing exchange rates are recognized in profit or loss except when there are qualified cash flow hedges and qualified net investment hedges that are deferred to equity. The effect of exchange rate changes on cash and cash equivalents denominated in foreign currencies is presented separately in the statement of cash flows as “Effect of exchange rate changes on cash”. The translation of foreign operations whose functional currency is not that of a hyperinflationary country has been made by applying the following criteria: ● Assets and liabilities, including goodwill and adjustments to net assets arising from the acquisition of businesses, are translated at the closing exchange rate at each balance sheet date; ● Revenues and expenses are translated at the average exchange rate of the previous month, as an approximation of the exchange rate at the date of the transaction; ● Translation differences resulting from the application of the above criteria are recognized in other comprehensive income. |
Goodwill | (c) After initial recognition, goodwill is recorded at cost, less any accumulated impairment loss, which is not reversible. Goodwill is not amortized, but is tested for impairment on an annual basis or more frequently in the event that events indicative of a potential loss in the value of the asset have been identified. For these purposes, goodwill resulting from business combinations is allocated to each of the cash generating units (CGUs) or groups of CGUs that are expected to benefit from the synergies of the combination and the criteria referred to in note 6 are applied. CGUs or groups of CGUs are identified at the lowest level that goodwill is controlled for the purpose of internal management (Note 6). |
Intangible assets | (d) Intangible assets are recorded at cost (acquisition or development) or at fair value when acquired in a business combination, less accumulated amortization and any accumulated impairment losses. Any expenses incurred during the research phase of projects are recognized as an expense when incurred. Costs related to development activities for internally generated intangible assets are capitalized to the extent that: ● The Group has technical studies that justify the viability of the production process; ● There is a commitment by the Group to complete production of the asset so that it is in a condition for sale or internal use; ● The asset will generate sufficient economic benefits; ● The Group has the technical and financial resources to complete the development of the asset and has developed budget control and analytical accounting systems that make it possible to monitor the budgeted costs, the modifications introduced and the costs actually charged to the various projects. These development costs are recorded as income under the heading “self-constructed non-current assets” in the consolidated statement of profit and loss when they are capitalized. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. The Group amortizes its intangible assets with finite useful lives by distributing the cost of the assets on a straight-line basis according to the following criteria: Amortisation method Rates Development expenses Straight line 10% Concessions, patents, licenses, trademarks and similar Straight line 4% Computer software Straight line 33% Currently marketed products Straight line 3% Intangible assets with indefinite useful lives are not subject to amortization but are tested for impairment at least once a year. The Group reviews the useful lives of intangible assets at the end of each year. Changes in the initially established criteria are recognized as a change in estimate. |
Property, plant and equipment | (e) Property, plant and equipment are stated at cost, less accumulated depreciation and, if applicable, accumulated impairment losses. Cost includes, among other items, direct labor costs used in the construction of the asset and a portion of the costs indirectly attributable to the asset. These two items are recorded as income under the heading “Self-constructed non-current assets” in the consolidated statement of profit and loss, when capitalized. Finance costs incurred that are directly attributable to the acquisition or construction of the asset until the asset is ready for use also form part of the cost. Likewise, expansion or improvement costs are included as an increase in the value of the asset when they represent an increase in its capacity or an extension of its useful life. However, maintenance costs are recognized in income when incurred. Depreciation of property, plant and equipment is provided on a straight-line basis over the estimated useful lives of the assets, less their residual value. Depreciation of property, plant and equipment is determined by applying the following criteria: Depreciation method Rates Buildings Straight line 1%-3 % Other property, technical equipment and machinery Straight line 4%-10 % Other property, plant and equipment Straight line 7%-33 % The Group reviews the residual value, useful life and depreciation method of property, plant and equipment at the end of each reporting period. Changes in the initially established criteria are recognized as a change in estimate. |
Leases | (f) Leases Lessee The determination of whether a contract is or contains a lease is based on an analysis of the contractual arrangement and requires an assessment of whether the lessee has the right to control the use of the identified asset and to obtain all of the economic benefits from the use of the asset throughout the lease term. The lease term is the non-cancelable period considering the initial term of each contract unless the Group has a unilateral extension or termination option and there is reasonable certainty that such option will be exercised in which case the corresponding extension or early termination term will be considered. In lease contracts where the Group acts as lessee, it is recognized at the lease commencement date (i.e. the date on which the underlying asset is available for use): ● A liability for the present value of the installments to be paid over the lease term, using the incremental borrowing or implicit interest rate as the discount rate when expressly indicated in the contract and, ● A right-of-use asset representing the right to use the underlying leased asset during the term of the lease. Lease liabilities include fixed lease payments less any incentives, as well as variable payments that depend on an index or interest rate known at the date of inception of the lease. Also included is the exercise price of the purchase option when the lessee is reasonably certain of exercising it. After initial recognition, the liability is increased by the interest on the lease liability and reduced by the payments made. The liability is also remeasured if there are changes in the amounts payable and the lease terms. Payments included in the lease payments corresponding to maintenance, electricity, water, gas, security, cleaning, among others, are not part of the lease liability and are recognized as an expense. The incremental borrowing rate is determined taking into account: (i) geographic areas, (ii) financial term, (iii) lease term, (iv) risk-free rate as reference rate and (v) financial spread. Rights-of-use assets are measured at cost, less accumulated amortization and impairment losses (if any) and adjusted as a result of the remeasurement of the lease liability. Cost includes the amount of the initial valuation of the lease liability, as well as any amounts previously paid to the lessor prior to or at the commencement date of the lease less any incentives received by the lessor and estimated costs to decommission the leased asset. Amortization of rights of use is provided on a straight-line basis over the shorter of the estimated useful life of the asset or the lease term. The Group applies the exception to recognition for those contracts where the lease term is 12 months or less or where the value of the leased asset (individually) when new, is less than US Dollars 5,000 or its equivalent in another currency. Consequently, in these cases, the amounts accrued will be recognized as an expense during the lease term. Lessor When the Group acts as lessor, it classifies contracts between operating and finance leases. Leases in which the Group acts as lessor while retaining a significant portion of the risks and rewards incidental to ownership of the leased asset are treated as operating leases. Otherwise, the lease is treated as a finance lease. |
Impairment of non-financial assets | (g) Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested for impairment annually, or more frequently in the event of events or changes in circumstances that indicate that they may be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. When the recoverable amount is less than the carrying amount of the asset, an impairment loss is recognized in the consolidated statement of profit and loss for the difference between both amounts. The recoverable amount is the higher of an asset’s fair value less costs of disposal and the estimated value in use based on discounted future cash flows expected to arise from the use of the asset. The estimate of value in use considers expectations about possible variations in the amount or timing of cash flows, the time value of money, the price to be paid for bearing the uncertainty related to the asset and other factors that affect the valuation of future cash flows related to the asset. For the purpose of assessing impairment losses, assets are grouped at the lowest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows of other assets or groups of assets (cash-generating units). Impairment losses on non-financial assets (other than goodwill) are reviewed for possible reversal at the end of each reporting period. Losses related to the impairment of CGUs are initially allocated to reduce, if applicable, the value of goodwill attributed to the CGU and then to the other assets of the CGU, pro rata based on the carrying amount of each asset, with the limit for each asset being the higher of its fair value less costs of disposal, its value in use and zero. Impairment losses related to goodwill are not reversible. |
Financial instruments | (h) Financial assets Ranking The classification of financial assets is determined based on the characteristics of the contractual cash flows of those assets and the business model that represents how the financial assets are managed to achieve a particular business objective. In determining whether the cash flows are obtained through the receipt of contractual cash flows from the assets, consideration is given to the frequency, value and timing of sales in prior periods, the reasons for those sales and expectations regarding future sales activity. This information provides indicative data on how the Group’s stated objective regarding the management of financial assets is achieved and, more specifically, how cash flows are obtained. Therefore, financial assets are classified according to the following valuation categories based on the business model and are only reclassified when, and only when their business model for managing them changes: a) In general, the following are included in this category: i) Trade receivables: arising from the sale of goods or the rendering of services for trade transactions with deferred payment, and ii) Receivables from non-trade operations: these arise from loans or credits granted by the Group whose collections are of a determined or determinable amount. b) c) Initial measurement Financial assets are recorded, in general terms, initially at the fair value of the consideration given plus directly attributable transaction costs. However, transaction costs directly attributable to assets recorded at fair value through profit or loss are recognized in the statement of profit and loss for the year. Trade accounts receivable are initially recognized at the amount of the consideration that is unconditional, unless they contain significant financial components, in which case they are recognized at fair value. Subsequent measurement Financial assets at amortized cost are recorded by applying this valuation criterion, charging to the statement of profit and loss the interest accrued by applying the effective interest rate method. Financial assets included in the fair value category through other comprehensive income are recorded at fair value, without deducting any transaction costs that may be incurred in their disposal. Changes in fair value are recorded directly in equity until the financial asset is derecognized or impaired, at which time the amount so recognized is taken to the statement of profit and loss. Financial assets at fair value through profit or loss are measured at fair value and the result of changes in fair value is recorded in the statement of profit and loss. Disposals of financial assets Financial assets are derecognized when the rights to receive cash flows related to them have expired or have been transferred and the Group has substantially transferred the risks and rewards of ownership. Impairment The Group assesses, on a prospective basis, the expected credit losses associated with its debt instruments carried at amortized cost and at fair value through other comprehensive income The methodology applied for impairment depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9 which requires expected losses to be recorded from the initial recognition of the receivables, so that the Group determines expected credit losses as a probability-weighted estimate of such losses over the expected life of the financial instrument. The practical solution used is the use of a provisioning matrix based on segmentation into homogeneous asset groups, applying historical information on default rates for these groups and applying reasonable information on future economic conditions. Default rates are calculated based on current default experience over the past year, as it is a very dynamic market, and are adjusted for differences between current and historical economic conditions and considering projected information, which is reasonably available. Financial liabilities Financial liabilities assumed or incurred by the Group are classified in the following measurement categories: (a) These liabilities are initially measured at the fair value of the consideration received, adjusted for directly attributable transaction costs. Any difference between the amount received and its repayment value is recognized in the consolidated statement of profit and loss during the repayment period of the debt, applying the effective interest rate method. (b) Liability derivative financial instruments are measured at fair value, following the same criteria as those corresponding to financial assets at fair value through profit or loss described in the preceding section. The Group derecognizes financial liabilities when the obligations that generated them are extinguished. Assets and liabilities are presented separately in the balance sheet and are only presented at their net amount when the Group has the enforceable right to offset the recognized amounts and, in addition, intends to settle the amounts on a net basis or to realize the asset and settle the liability simultaneously. Equity instruments The Group holds financial assets, mainly equity instruments, which are measured at fair value. When Group management has opted to present gains and losses in the fair value of equity investments in other comprehensive income, after initial recognition, the equity instruments are measured at fair value, recognizing the gain or loss in other comprehensive income. Amounts recognized in other comprehensive income are not reclassified to profit or loss, but are reclassified to reserves when the instruments are derecognized. Dividends from such investments continue to be recognized in profit or loss as other income when the Group’s right to receive payments is established. |
Derivative financial instruments and hedging activities | (i) Financial derivatives are recognized at fair value at the date of the contract and at each year-end. The method for recognizing the gain or loss depends on whether the derivative is classified as a hedging instrument, and if so, the nature of the hedged asset. For accounting purposes, they are classified as follows: (i) Derivatives qualifying for cash flow hedge accounting Hedging effectiveness Hedge effectiveness is determined at the inception of the hedging relationship, and through periodic prospective effectiveness assessments to ensure that there is an economic relationship between the hedged item and the hedging instrument. In derivatives such as the euro/dollar cross-currency swap, the Group uses the hypothetical derivative method to assess effectiveness. This hypothetical derivative is constructed without the inclusion of credit risk and currency spread. Under the hypothetical derivative method, the cumulative change in the fair value of the actual currency swap, excluding the effect of the currency spread, will be compared to the cumulative change in the fair value of the hypothetical swap. Therefore, the hypothetical derivative is constructed as a cross-currency swap with fixed euro payment, fixed U.S. dollar receipt without the inclusion of credit risk and foreign currency spread and with a fair value of zero at the date of designation. Recognition At the inception of the hedging relationship, the Group documents the economic relationship between the hedging instruments and the hedged items, including whether changes in cash flows of the hedging instruments are expected to offset changes in cash flows of the hedged items. The Group documents its risk management objective and strategy for undertaking its hedging transactions. The effective portion of changes in the fair value of derivatives designated and classified as cash flow hedges is recognized in equity under “Cash flow hedge reserve”. In the case of cross-currency swaps, the currency spread of the hedging relationship is excluded and treated as hedging costs in equity. The gain or loss corresponding to the ineffective portion is recognized immediately in profit or loss for the year under the heading “Change in fair value of financial instruments”. Amounts accumulated in the hedging reserve included in shareholders’ equity are transferred to profit or loss when the hedged item affects profit or loss or when ineffectiveness is identified. The fair value of derivatives designated as hedges is detailed in note 29. Movements in the hedging reserve included in shareholders’ equity are shown in note 16 (c). (ii) Derivatives that do not qualify for hedge accounting When derivatives do not meet the criteria for hedge accounting, they are classified as “held for trading”. Changes in fair value are recognized immediately in the consolidated statement of profit and loss. |
Own equity instruments | (j) The acquisition of treasury stock is recorded at acquisition cost, reducing equity until the time of disposal. Gains or losses on the disposal of treasury stock are recorded under “Reserves” in the consolidated balance sheet. Transaction costs related to own equity instruments, net of taxes, are recorded as a reduction of equity. |
Inventories | (k) Inventories are stated at the lower of weighted average cost or net realizable value. Net realizable value is the estimated selling price in the normal course of business, less the estimated costs to complete production and those necessary to make the sale. For raw materials and other supplies it is the replacement cost. The cost includes direct materials, direct labor and an appropriate proportion of indirect variable and fixed costs, the latter being allocated on the basis of the normal working capacity of the means of production. The cost of plasma stocks includes the amount delivered to donors, or the amount invoiced by the seller when purchased from third parties, as well as the cost of products and devices used in the collection process, and rental and storage costs. The costs of purchased inventories are determined after deducting discounts and rebates when it is probable that the conditions determining their concession will be met. Indirect costs such as management and administrative overheads are recognized as expenses in the period in which they are incurred. Any previously recognized inventory impairment adjustment is reversed against income under “Cost of sales” when the circumstances that caused the impairment no longer exist or when there is clear evidence of an increase in the net realizable value as a result of a change in economic circumstances. The reversal of the write-down is limited to the lower of cost and the new net realizable value of inventories. |
Cash and cash equivalents | (l) Cash and cash equivalents include cash on hand, demand deposits with banks, other short-term highly liquid investments with an original maturity of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. |
Government grants | (m) Government grants are recognized when there is reasonable assurance that the conditions attached to the grant will be met and that the grant will be collected. Non-refundable capital grants are recorded on the liability side of the consolidated balance sheet at the original amount granted and are recognized in the consolidated statement of profit and loss as the related assets financed are depreciated. Grants received as compensation for expenses or losses already incurred or for the purpose of providing immediate financial support not related to future expenses are credited to the consolidated statement of profit and loss. Financial liabilities that incorporate implicit aid in the form of the application of below-market interest rates are recognized initially at fair value. The difference between this value, adjusted where appropriate for the costs of issuing the financial liability and the amount received, is recorded as a government grant based on the nature of the grant. |
Employee benefits | (n) (i) Defined contribution plans The Group records the contributions to be made to defined contribution plans as they accrue. The amount of accrued contributions is recorded under “Personnel expenses” in the consolidated statement of profit and loss in the year to which the contribution relates. (ii) Defined benefit plans The liability recognized corresponds to the present value of the obligation at the consolidated balance sheet date less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the obligation is determined by discounting the estimated future cash flows at interest rates of bonds denominated in the currency in which the benefits will be paid and with maturities similar to those of the related obligations. Actuarial gains and losses arising from changes in actuarial assumptions or differences between assumptions and reality are recognized in equity under “Other comprehensive income”. Past service costs are recognized in the consolidated statement of profit and loss under “Personnel expenses”. (iii) Termination benefits Termination benefits are recognized on the earlier of the following dates: (a) when the Group can no longer withdraw the offer or (b) when the Group recognizes costs of a restructuring within the scope of IAS 37 and this results in the payment of termination benefits. (iv) Short-term employee benefits The Group recognizes the expected cost of short-term compensation in the form of paid leave whose rights accrue as employees render the services that entitle them to receive it. If the leave is not accrued, the expense is recognized as the leave is taken. The Group recognizes the expected cost of profit sharing or employee incentive plans when there is a present legal or constructive obligation as a result of past events and a reliable estimate can be made of the value of the obligation. (v) Share-based payments The Group grants share-based payments to certain employees who are rendering services to the company. The fair value of services received is estimated by estimating the fair value of the shares granted at the grant date. Since the equity instruments granted become vested when the employees complete a certain period of service, the services received are recognized during the vesting period in the statement of profit and loss as an expense for the year with a corresponding credit to equity. The amount recognized corresponds to the amount that will be settled once the agreed conditions are met and will not be reviewed or revalued during the vesting period, as the commitment is settled in shares. If an employee resigns from his/her position before the end of the vesting period, he/she will only receive the agreed incentive in shares, being the Company’s choice its settlement in cash or through equity instruments. |
Provisions | (o) Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not recognized for future operating losses. The amount of the provision corresponds to the best estimate at the closing date of the disbursements required to settle the present obligation, after taking into account the risks and uncertainties related to the provision and, when significant, the financial effect of discounting, provided that the disbursements to be made in each period can be reliably determined. |
Revenue recognition | (p) Revenue from the sale of goods or services is recognized at an amount that reflects the consideration the Group expects to be entitled to receive in exchange for transferring goods or services to a customer, at the time the customer obtains control of the goods or services rendered, i.e. when the customer has the ability to direct the use of the goods or services. The consideration committed in a contract with a customer may include fixed amounts, variable amounts, or both. The amount of consideration may vary due to discounts, rebates, incentives, performance bonuses, penalties or other similar items. Contingent consideration is only included in the transaction price when it is highly probable that the amount of revenue recognized will not be subject to significant future reversals. Revenue is presented net of value added tax and any other amounts or taxes, which in substance correspond to amounts received on behalf of third parties. (i) Revenue from the sale of goods is recognized when the Group satisfies the performance obligation by transferring the committed goods to the customer. An asset is transferred when the customer obtains control of that asset. In assessing the satisfaction of the performance obligation, the Group considers the following indicators of the transfer of control, which include, but are not limited to, the following: ● The Group has a present right to payment for the asset. ● The customer has the legal right to the asset ● The Group has transferred the physical possession of the asset ● Customer has the significant risks and rewards of asset ownership ● The customer has accepted the asset The nature of the assets that the Group undertakes to transfer are mainly: sale of goods, sale of equipment, toll contracts, maintenance and technical service contracts, training, licenses, royalties and know-how and engineering contracts, among others. In determining the transaction price, it is assumed that the goods and/or services are transferred in accordance with the terms of the contract. The consideration committed to a customer may include fixed amounts, variable amounts, or both. The price should be estimated taking into account the effect of variable consideration (as applicable) for returns, chargebacks/volume discounts or other incentives, provided that the same is highly probable. The Group participates in state Medicaid programs in the United States. Provision for Medicaid rebates is recorded at the time the sale is recorded in an amount equal to the estimated Medicaid rebate claims attributable to such sale. The Group determines the estimate of the accrual for Medicaid rebates primarily based on historical Medicaid rebate experience, legal interpretations of applicable laws related to the Medicaid program and any new information regarding changes in Medicaid program guidelines and regulations that could affect the amount of the rebates. The Group considers pending Medicaid claims, Medicaid payments, and inventory levels in the distribution channel and adjusts the provision periodically to reflect actual experience. Although rebate payments typically occur with a lag of one to two quarters, adjustments for actual experience have not been material. As is standard industry practice, certain customers have entered into contracts with the Group for purchases that are eligible for a price discount based on a minimum purchase quantity, volume discounts or cash discounts. These discounts are accounted for as a reduction in sales and accounts receivable in the same month in which the sales are invoiced based on a combination of the customer’s actual purchase data and historical experience when the customer’s actual purchase data is later known. In the United States, the Group enters into agreements with certain customers to establish contractual prices for products, which these entities purchase from the authorized wholesaler or distributor (collectively, “wholesalers”) of their choice. Accordingly, when these entities purchase the products from the wholesalers at the contractual price which is lower than the price charged by the Group to the wholesaler, the Group provides the wholesaler with a credit known as a chargeback. The Group accounts for the accrual of chargebacks at the time of sale. The allowance account for chargebacks is based on the Group’s estimate of the wholesaler’s inventory levels and the expected direct sale of the products by the wholesalers at the contract price based on past chargeback history and other factors. The Group periodically monitors factors influencing the provision for rebates and applies adjustments when it believes that actual rebates may differ from the established allowance accounts. These adjustments occur over a relatively short period of time. As these refunds are typically settled within 30 to 45 days of sale, adjustments for actual amounts have not been material. The amount at closing for the remaining discounts is settled in the following year within 90 to 180 days depending on the type of provision. (ii) Provision of services Revenue from the rendering of services is recognized by reference to the stage of completion of the transaction at the reporting date when the outcome of the transaction can be estimated reliably. This circumstance occurs when the amount of revenue, the stage of completion, costs already incurred and costs to be incurred can be reliably measured and it is probable that the economic benefits derived from the rendering of the service will be received. In the case of services rendered for which the final result cannot be reliably estimated, revenue is recognized only up to the limit of the recognized expenses that are recoverable. |
Income tax | (q) The income tax expense or tax credit for the year comprises both current tax and deferred tax. Current tax is the amount payable on the taxable income for the current year based on the applicable tax rate for each jurisdiction. It is calculated on the basis of the laws enacted or about to be enacted at the balance sheet date in the countries where subsidiaries and associates operate and generate taxable income. The Group periodically evaluates the positions taken in tax returns with respect to situations where the applicable tax regulations are subject to interpretation and establishes provisions, if necessary, based on the amounts expected to be paid to the tax authorities, the provision for which is included in taxable income (loss). Deferred taxes are recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. It is determined using tax rates (and laws) enacted or about to be enacted at the balance sheet date that are expected to apply when the related deferred tax asset is realized or the deferred tax liability is settled. Deferred taxes are not recognized if they arise from the initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable income. Deferred tax assets and liabilities are also not recognized for temporary differences between the carrying amount and tax base of investments in foreign operations when the company is able to control the date on which the temporary differences will reverse and it is probable that the temporary differences will not reverse in the foreseeable future. Likewise, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Lastly, deferred tax assets are only recognized if it is probable that sufficient future taxable profit will be available against which they can be utilized. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and liabilities are offset when the entity has a legally enforceable right to offset and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Current or deferred income tax is recognized in profit or loss, unless it arises from a transaction or economic event that has been recognized in other comprehensive income or directly in equity. In such cases, the tax is also recognized in other comprehensive income or directly in equity, respectively. The Group periodically evaluates the positions taken in tax returns with respect to situations where the applicable tax regulations are subject to interpretation and establishes provisions, if necessary, based on the amounts expected to be paid to the tax authorities, the provision for which is included in taxable income (loss). |
Segment reporting | (r) An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the Group’s chief operating decision maker in order to decide on the resources to be allocated to the segment, evaluate its performance and for which discrete financial information is available. |
Environment | (s) The Group carries out operations whose main purpose is to prevent, reduce or repair damage to the environment as a result of its activities. Items of property, plant and equipment acquired for the purpose of being used on a lasting basis in its activity and whose main purpose is the minimization of environmental impact and the protection and improvement of the environment, including the reduction or elimination of future pollution from the Group’s operations, are recognized as assets through the application of measurement, presentation and disclosure criteria consistent with those mentioned in note 4(e). |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Basis of Presentation | |
Schedule of amendments to IFRS | Effective in 2020 Mandatory application for annual periods beginning on or after: Standards EU effective date IASB effective date IAS 1 Definition of Material (issued on 31 October 2018) 1 January 2020 1 January 2020 Various Amendments to Reference to the Conceptual Framework in IFRS Standards (issued on 29 March 2018) 1 January 2020 1 January 2020 IFRS 3 Amendment to IFRS 3 Business Combination (issued on 22 October 2018) 1 January 2020 1 January 2020 IFRS 9 IAS 39 Interest rate Benchmark Reform (issued on 26 September 2019) 1 January 2020 1 January 2020 IFRS 7 IFRS 16 Covid 19 - Related Rent concessions (issued on 28 May 2020) 1 June 2020 1 June 2020 Effective in 2021 Mandatory application for annual periods beginning on or after Standards EU effective date IASB effective date IFRS 4 Amendments to IFRS 4 Insurance Contracts – deferral of IFRS 9 (issued on 25 June 2020) 1 January 2021 1 January 2021 Various Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2 (issued on 27 August 2020) 1 January 2021 1 January 2021 IFRS 16 Amendment to IFRS 16 Leases Covid 19-Related Rent Concessions beyond 30 June 2021 (issued on 31 March 2021) 1 April 2021 1 April 2021 Effective in 2022 The following standards published by the IASB and the IFRS Interpretations Committee and adopted by the European Union for application in Europe came into force in 2022 and, therefore, have been taken into account in the preparation of these consolidated financial statements: Mandatory application for annual periods beginning on or after: Standards EU effective date IASB effective date Amendments issued 14 May 2020 to: – IFRS 3 Business Combinations: references to the Conceptual Framework; Various – IAS 16 Property, Plant and Equipment: Proceeds before Intended Use; 1 January 2022 1 January 2022 – IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contracts — Cost of Fulfilling a Contract ; and – Annual Improvements to IFRSs 2018-2020: IFRS 1, IFRS 9, IFRS 16 and IAS 41. The application of these standards and interpretations has had no significant impact on these consolidated financial statements. |
Schedule of standards issued but not effective | Standards issued but not effective in 2022 At the date these consolidated financial statements were authorized for issue, the following IFRS and amendments have been published by the European Union but their application is not mandatory until the future periods indicated below: Mandatory application for annual periods beginning on or after: Standards EU effective date IASB effective date IAS 1 Amendments to IAS 1 Presentation of Financial Statements: - Classification of Liabilities as Current or Non-current Date (issued on 23 January 2020); - Classification of Liabilities as Current or Non-current - Deferral of Effective Date (issued on 15 July 2020); and - Non-current Liabilities with Covenants (issued on 31 October 2022) pending 1 January 2024 IFRS 16 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on 22 September 2022) pending 1 January 2024 IFRS 17 Insurance Contracts (issued on 18 May 2017); including 1 January 2023 1 January 2023 IAS 8 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estitmates (issued on 12 February 2021) 1 January 2023 1 January 2023 IAS 1 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (issued on 12 February 2021) 1 January 2023 1 January 2023 IAS 12 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (issued on 7 May 2021) 1 January 2023 1 January 2023 IFRS 17 Amendments to IFRS 17 Isurance contracts: Initial Application of IFRS 17 and IFRS 9 - Comparative Information (issued on 9 December 2021) 1 January 2023 1 January 2023 |
Business Combinations and Div_2
Business Combinations and Divestments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Prometic Plasma Resources, Inc. | |
Business Combinations and Divestments | |
Disclosure of detailed information about business combination | Reference Thousands of Euros Canadian Dollars Cost of the business combination Consideration paid 7,757 11,127 Total consideration paid 7,757 11,127 Fair value of net assets acquired 4,933 7,075 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) Note 6 2,824 4,052 |
Schedule of fair value assets, liabilities and contingent liabilities recognised on acquisition date | Fair Value Thousands of Canadian Thousands of Euros Dollars Other Intangible Assets 551 791 Rights of Use 238 341 Property, plant and equipment 36 51 Inventories 71 102 Trade and other reeceivables 4,603 6,602 Other current assets 9 13 Cash and cash equivalents 32 46 Total Assets 5,540 7,946 Non-current financial liabilities (32) (46) Current financial liabilities (264) (379) Trade and other payables (311) (446) Total Liabilities (607) (871) Total net assets acquired 4,933 7,075 |
Haema Plasma Kft. | |
Business Combinations and Divestments | |
Disclosure of detailed information about business combination | Thousands of Thousands of Reference Euros Hungarian Forint Call option price 16,948 6,228,796 Total consideration 16,948 6,228,796 Fair value of net assets acquired 2,209 812,371 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) Note 6 14,739 5,416,425 |
Schedule of fair value assets, liabilities and contingent liabilities recognised on acquisition date | Fair Value Thousands of Hungarian Thousands of Euros Forint Other Intangible assets 37 13,620 Rights of Use 3,421 1,257,286 Property, plant and equipment 1,301 478,222 Other non-current assets 302 110,810 Deferred tax assets 13 4,742 Inventories 2,784 1,022,926 Trade and other receivables 357 131,821 Other current assets 252 92,769 Cash and cash equivalents 3,343 1,228,356 Total Assets 11,810 4,340,552 Provisions (169) (61,946) Non-current financial liabilities (2,517) (925,074) Current financial liabilities (4,281) (1,573,216) Trade and other payables (2,100) (771,861) Other current liabilities (534) (196,084) Total Liabilities and contingent liabilities (9,601) (3,528,181) Total net assets acquired 2,209 812,371 |
Biotest AG | |
Business Combinations and Divestments | |
Disclosure of detailed information about business combination | Reference Thousands of Euros Cost of the business combination Consideration paid 1,460,853 Total consideration paid 1,460,853 Fair value of net assets acquired 1,157,229 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) Note 6 303,624 |
Schedule of fair value assets, liabilities and contingent liabilities recognised on acquisition date | Fair Value Thousands of Euros Other Intangible Assets 1,172,582 Rights of Use 25,256 Property, plant and equipment 545,667 Other non-current assets 13,969 Deferred Tax Assets 9,109 Inventories 259,316 Contract Assets 35,319 Trade and other receivables 88,249 Other current assets 25,644 Cash and cash equivalents 94,662 Total assets 2,269,773 Non-controlling interests (356,386) Non-current provisions (120,298) Non-current financial liabilities (182,761) Other non-current liabilities (9) Deferred tax liabilities (347,192) Current Provisions (18,239) Current financial liabilities (35,052) Trade and other payables (40,489) Other current liabilities (12,118) Total Liabilities and contingent liabilities (1,112,544) Total net assets acquired 1,157,229 |
Access Biologicals Inc. | |
Business Combinations and Divestments | |
Disclosure of detailed information about business combination | Thousands of US Reference Thousands of Euros Dollars Cost of the business combination First share purchase 48,218 51,010 Second share purchase (present value) 134,742 142,544 Total consideration paid 182,960 193,554 Gain on the previously held investment 72,984 77,209 Accumulated gain for equity method before acquisition date 8,256 8,735 Step-up of the previously held investment 81,240 85,944 Fair value of net assets acquired (83,366) (88,193) Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) Note 6 180,834 191,305 |
Schedule of fair value assets, liabilities and contingent liabilities recognised on acquisition date | Fair Value Thousands of Thousands of US Euros Dollars Other Intangible Assets 82,080 86,832 Property, plant and equipment 2,589 2,739 Other non-current assets 75 79 Inventories 16,836 17,811 Trade and other receivables 7,522 7,958 Other current assets 1,529 1,618 Cash and cash equivalents 2,987 3,160 Total Assets 113,618 120,197 Trade and other payables (7,249) (7,669) Deferred tax liabilities (22,981) (24,312) Other non-current liabilities (22) (23) Total Liabilities and contingent liabilities (30,252) (32,004) Total net assets acquired 83,366 88,193 |
Gigagen, Inc. | |
Business Combinations and Divestments | |
Disclosure of detailed information about business combination | Thousands of Thousands of Reference Euros US Dollars Consideration paid First share purchase 38,201 46,203 Second share purchase (present value) 35,227 42,608 Total consideration paid 73,428 88,811 Fair value of the previous investment in the company 50,792 61,434 Fair value of net assets acquired 18,760 22,691 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) Note 6 105,460 127,554 |
Schedule of fair value assets, liabilities and contingent liabilities recognised on acquisition date | Fair value Thousands of Thousands of Reference Euros US Dollars Development costs in progress Note 7 24,027 29,061 Property, plant and equipment Note 7 1,168 1,413 Non-current financial assets 151 183 Trade and other receivables 56 68 Other current assets 2,368 2,864 Cash and cash equivalents 12,389 14,985 Total assets 40,159 48,574 Non-current liabilities (17,792) (21,520) Current liabilities (3,607) (4,363) Total liabilities and contingent liabilities (21,399) (25,883) Total net assets identified 18,760 22,691 |
BPL Plasma, Inc. | |
Business Combinations and Divestments | |
Disclosure of detailed information about business combination | Reference Thousands of Euros Thousands of US Dollars Consideration paid First payment made 9,921 12,000 Cash paid at the transaction closing date 308,016 372,548 Total consideration paid 317,937 384,548 Fair value of net assets acquired 15,039 18,190 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) Note 6 302,898 366,358 |
Schedule of fair value assets, liabilities and contingent liabilities recognised on acquisition date | Fair value Reference Thousands of Euros Thousands of US Dollars Property, plant and equipment Note 9 14,406 17,424 Non-current financial assets 85 103 Inventories 557 674 Total assets 15,048 18,201 Current liabilities (9) (11) Total liabilities and contingent liabilities (9) (11) Total net assets identified 15,039 18,190 |
Acquisition of plasma centers from Kedplasma, LLC. | |
Business Combinations and Divestments | |
Disclosure of detailed information about business combination | Reference Thousands of Euros Thousands of US Dollars Consideration paid 45,638 55,200 Total consideration paid 45,638 55,200 Fair value of net assets acquired 2,692 3,256 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) Note 6 42,946 51,944 |
Schedule of fair value assets, liabilities and contingent liabilities recognised on acquisition date | Fair value Reference Thousands of Euros Thousands of US Dollars Property, plant and equipment Note 9 2,448 2,961 Inventories 244 295 Total assets 2,692 3,256 Total net assets identified 2,692 3,256 |
Plasmavita | |
Business Combinations and Divestments | |
Disclosure of detailed information about business combination | Reference Thousands of Euros Consideration paid Cash paid 10,000 Total consideration paid 10,000 Fair value of the previous investment in the business 10,674 Fair value of net assets acquired 21,374 Non-controlling interests (10,687) Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) Note 6 9,987 |
Schedule of fair value assets, liabilities and contingent liabilities recognised on acquisition date | Fair Value Reference Thousands of Euros Intangible assets Note 7 177 Rights of use Note 8 7,856 Property, plant and equipment Note 9 6,506 Investment in group companies 9,548 Non-current financial assets 5,017 Inventories 1,114 Trade and other receivables 811 Other current assets 333 Cash and cash equivalents 359 Total assets 31,721 Deferred tax liabilities (1,364) Other non-current liabilites (7,575) Current liabilities (1,408) Total liabilities and contingent liabilities (10,347) Total net assets acquired 21,374 |
Alkahest, Inc. | |
Business Combinations and Divestments | |
Disclosure of detailed information about business combination | Thousands of US Thousands of Euros Dollars Cost of the business combination First repurchase of non-controlling interests 18,797 22,235 Second repurchase of non-controlling interests (present value) 104,628 123,765 Total business combination cost 123,425 146,000 Fair value of the previous investment in the business 91,023 107,671 Fair value of net assets acquired 140,076 165,696 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) 74,372 87,975 |
Schedule of fair value assets, liabilities and contingent liabilities recognised on acquisition date | Fair Value Thousands of Thousands of Euros US Dollars Other Intangible Assets 265,617 314,198 Property, plant and equipement 4,970 5,879 Other non-current assets 178 210 Trade and other receivables 2,552 3,019 Other current assets 1,609 1,904 Cash and cash equivalents 7,563 8,946 Total assets 282,489 334,156 Non-current financial liabilities (42,269) (50,000) Deferred tax liabilities (74,372) (87,975) Other non-current liabilities (19,644) (23,237) Trade and other payables (1,863) (2,204) Other current liabilities (4,265) (5,044) Total Liabilities (142,413) (168,460) Fair value of net assets acquired 140,076 165,696 |
Green Cross | |
Business Combinations and Divestments | |
Disclosure of detailed information about business combination | Thousands of US Thousands of Euros Dollars Consideration paid Cash paid 387,917 457,160 Total consideration paid 387,917 457,160 Fair value of net assets acquired 194,227 228,897 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) 193,690 228,263 |
Schedule of fair value assets, liabilities and contingent liabilities recognised on acquisition date | Fair Value Thousands of Euros Thousands of US Dollars Other Intangible Assets 2,877 3,390 Rights of Use 11,642 13,720 Property, plant and equipement 158,148 186,377 Deferred tax assets 33,081 38,986 Other non current assets 122 144 Inventories 2,999 3,534 Trade and other receivables 3,484 4,106 Other current assets 943 1,111 Cash and cash equivalents 6,053 7,133 Total assets 219,349 258,501 Non-current financial liabilities (13,150) (15,497) Current financial liabilities (797) (939) Trade and other payables (11,175) (13,168) Total Liabilities (25,122) (29,604) Fair value of net assets acquired 194,227 228,897 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies | |
Schedule of intangible assets amortization rates | Amortisation method Rates Development expenses Straight line 10% Concessions, patents, licenses, trademarks and similar Straight line 4% Computer software Straight line 33% Currently marketed products Straight line 3% |
Schedule of property, plant and equipment depreciation rates. | Depreciation method Rates Buildings Straight line 1%-3 % Other property, technical equipment and machinery Straight line 4%-10 % Other property, plant and equipment Straight line 7%-33 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting | |
Schedule of details of net sales by groups of products | Details of sales by groups of products for 2022, 2021 and 2020 are as follows: Thousands of Euros 31/12/2022 31/12/2021 (*) 31/12/2020 (*) Biopharma Haemoderivatives 5,005,382 3,814,983 4,242,502 Diagnostic Transfusional medicine 640,604 712,238 714,164 Other diagnostic 21,740 23,625 27,630 Bio supplies 146,076 115,811 133,221 Others 250,165 266,461 222,521 Total 6,063,967 4,933,118 5,340,038 * As a consequence of the review of transactions and balances allocations by segments, the comparative figures for the fiscal year 2021 and 2020 have been adjusted accordingly. |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill | |
Schedule of details of and movement in goodwill | Details of and movement in this caption of the consolidated balance sheet at 31 December 2022 were as follows: Thousands of Euros Balance at Business Translation Balance at Segment Reference 31/12/2021 Combination Disposals Transfers differences 31/12/2022 Net value Grifols UK.Ltd. (UK) Biopharma 8,185 — — — (438) 7,747 Grifols Italia.S.p.A. (Italy) Biopharma 6,118 — — — — 6,118 Biomat USA, Inc.(USA) Biopharma 676,321 — — 175,920 47,707 899,948 Grifols Australia Pty Ltd. (Australia) / Medion Diagnostics AG (Switzerland) Diagnostic 9,752 — — — 107 9,859 Grifols Therapeutics, Inc. (USA) Biopharma 1,962,024 — — — 121,408 2,083,432 Progenika Biopharma, S.A. (Spain) Diagnostic 40,516 — — — — 40,516 Grifols Diagnostic (Novartis & Hologic) (USA, Spain and Hong Kong) Diagnostic 2,565,493 — — — 157,292 2,722,785 Kiro Grifols S.L. (Spain) Others 24,376 — — — — 24,376 Goetech LLC (USA) Others Note 3 59,590 — (63,798) — 4,208 — Haema AG (Germany) Biopharma 190,014 — — — — 190,014 BPC Plasma, Inc. (formerly Biotest Pharma Corp; USA) Biopharma 151,584 — — — 9,380 160,964 Interstate Blood Bank, Inc. (USA) Biopharma 171,184 — — (175,920) 4,736 — Plasmavita Healthcare GmbH (Germany) Biopharma 9,987 — — — — 9,987 Alkahest, Inc (USA) Others 77,675 — — — 4,806 82,481 Grifols Canada Therapeutics, Inc (formerly Green Cross Biotherapeutics, Inc.) (Canada) Biopharma 155,755 — — — (980) 154,775 GigaGen, Inc (USA) Others 112,621 — — — 6,969 119,590 Prometic Plasma Resources, Inc. (Canada) Biopharma Note 3 7,706 (4,894) — — (10) 2,802 Haema Plasma Kft. (Hungary) Biopharma Note 3 — 14,739 — — (1,210) 13,529 Grifols Biotest Holdings GmbH / Biotest AG (Germany) Biopharma Note 3 — 303,624 — — — 303,624 Access Biologicals, LLC (USA) Bio Supplies Note 3 — 180,834 — — (1,472) 179,362 6,228,901 494,303 (63,798) — 352,503 7,011,909 (See note 3) Details of and movement in this caption of the consolidated balance sheet at 31 December 2021 are as follows: Thousands of Euros Balance at Business Translation Balance at Segment Reference 31/12/2020 Combination Transfers differences 31/12/2021 Net value Grifols UK.Ltd. (UK) Biopharma 7,674 — — 511 8,185 Grifols Italia.S.p.A. (Italy) Biopharma 6,118 — — — 6,118 Biomat USA, Inc.(USA) Biopharma 234,791 345,844 51,364 44,322 676,321 Grifols Australia Pty Ltd. (Australia) / Medion Diagnostics AG (Switzerland) Diagnostic 9,538 — — 214 9,752 Grifols Therapeutics, Inc. (USA) Biopharma 1,816,404 — — 145,620 1,962,024 Araclon Biotech, S.L. (Spain) Diagnostic 6,000 (6,000) — — — Progenika Biopharma, S.A. (Spain) Diagnostic 40,516 — — — 40,516 Grifols Diagnostic (Novartis & Hologic) (USA, Spain and Hong Kong) Diagnostic 2,376,978 — — 188,515 2,565,493 Kiro Grifols S.L. (Spain) Others 24,376 — — — 24,376 Goetech LLC (USA) Others 55,167 — — 4,423 59,590 Haema AG (Germany) Biopharma 190,014 — — — 190,014 BPC Plasma, Inc. (formerly Biotest Pharma Corp; USA) Biopharma 140,334 — — 11,250 151,584 Interstate Blood Bank, Inc. (USA) Biopharma 158,479 — — 12,705 171,184 Plasmavita Healthcare GmbH (Germany) Biopharma 9,987 — — — 9,987 Alkahest, Inc (USA) Others 71,910 — — 5,765 77,675 Grifols Canada Therapeutics, Inc (formerly Green Cross Biotherapeutics, Inc.) (Canada) Biopharma Note 3 134,569 16,667 — 12,225 163,461 GCAM, Inc (formerly Green Cross America Inc.) (USA) Biopharma 49,416 — (51,364) 1,948 — GigaGen, Inc (USA) Biopharma Note 3 — 105,460 — 7,161 112,621 5,332,271 461,971 0 434,659 6,228,901 |
Schedule of key assumptions used in calculating impairment of CGUs | The key assumptions used in calculating impairment testing of the CGUs for 2021 were as follows: Perpetual Growth rate Pre-tax discount rate Bioscience 2.0 % 9.0 % Diagnostic 2.0 % 9.3 % The key assumptions used in calculating impairment testing of the CGUs for 2022 have been as follows: Perpetual Growth rate Pre-tax discount rate Biopharma 1.9 % 10.9 % Diagnostic 1.9 % 9.7 % Bio Supplies 1.9 % 10.9 % Kiro Grifols 1.5 % 11.6 % GigaGen N/A 19.6 % Sink rate Success rate GigaGen 5.0 % 20.0 % |
Schedule of reasonably possible changes in key assumptions considered in the calculation of the CGUs' recoverable amount | In 2021, the reasonably possible changes considered for the CGUs impairment testing were a variation in the discount rate, as well as in the estimated perpetual growth rate, , with independent movements of each other, as follows: Perpetual Growth rate Pre-tax discount rate Bioscience +/- 50 bps +/- 50 bps Diagnostic +/- 50 bps +/- 50 bps |
Schedule the reasonably possible changes considered for the CGUs impairment testing are a variation in the discount rate | In 2022, and according to the current economic context, the reasonably possible changes considered for the CGUs impairment testing are a variation in the discount rate, as well as in the estimated perpetual growth rate, with independent movements of each other, as follows: Perpetual Growth rate Pre-tax discount rate Biopharma +/- 50 bps +/- 50 bps Diagnostic +/- 50 bps +/- 50 bps Bio Supplies +/- 50 bps +/- 50 bps Kiro Grifols +/- 50 bps +/- 50 bps GigaGen No aplica +/- 100 bps Sink rate Success rate GigaGen +/- 100 bps +/- 100 bps |
Schedule of reasonably possible changes in key assumptions considered by management in the calculation of the Diagnostic CGU recoverable amount would cause the carrying amount to exceed its recoverable amount | % of asset value Perpetual Growth rate -1 % Pre-tax discount rate -4 % Sensitivity to BTS sales -1 % Sensitivity to CDx sales -4 % |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Intangible Assets | |
Schedule of cost and accumulated amortization of currently marketed products | The cost and accumulated amortization of currently marketed products acquired from Talecris and Progenika at 31 December 2022 was as follows: Thousands of Euros Balance at Translation Balance at 31/12/2021 Additions differences 31/12/2022 Cost of currently marketed products - Gamunex 1,059,509 — 65,561 1,125,070 Cost of currently marketed products - Progenika 23,792 — — 23,792 Accumulated amortisation of currently marketed products - Gamunex (373,772) (37,833) (22,798) (434,403) Accumulated amortisation of currently marketed products - Progenika (21,012) (2,379) — (23,391) Carrying amount of currently marketed products 688,517 (40,212) (22,798) 691,068 The cost and accumulated amortization of currently marketed products acquired from Talecris, Progenika and Gigagen at 31 December 2021 was as follows: Thousands of Euros Balance at Translation Balance at 31/12/2020 Additions differences 31/12/2021 Cost of currently marketed products - Gamunex 980,873 — 78,636 1,059,509 Cost of currently marketed products - Progenika 23,792 — — 23,792 Accumulated amortisation of currently marketed products - Gamunex (313,335) (33,610) (26,827) (373,772) Accumulated amortisation of currently marketed products - Progenika (18,633) (2,379) — (21,012) Carrying amount of currently marketed products 672,697 (35,989) 51,809 688,517 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Schedule of details of leases in the consolidated balance sheet | Right-of-use assets Thousands of Euros 31/12/2022 31/12/2021 Land and buildings 885,050 782,125 Machinery 3,017 5,283 Computer equipment 1,026 2,044 Vehicles 8,459 6,205 897,552 795,657 Lease liabilities Thousands of Euros 31/12/2022 31/12/2021 Non-current 914,588 825,157 Current 102,356 48,567 1,016,944 873,724 |
Schedule of undiscounted future payments classified on a maturity basis are presented together with the effect of the financial discount | Thousands of Euros 31/12/2022 31/12/2021 Maturity: Within one year 102,356 85,972 In the second year 97,823 82,923 In the third to fifth years 270,876 224,378 After the fifth year 996,655 872,926 1,467,710 1,266,199 Discounting effect 450,766 392,475 Total lease liabilities 1,016,944 873,724 |
Schedule of amounts recognized in the consolidated statement of profit and loss related to lease agreements | Right-of-use depreciation Thousands of Euros 31/12/2022 31/12/2021 Buildings 72,214 57,901 Machinery 1,983 2,120 Computer equipment 1,432 2,269 Vehicles 4,869 4,430 80,498 66,720 Thousands of Euros Reference 31/12/2022 31/12/2021 Finance lease expenses Note 26 45,198 35,786 45,198 35,786 Thousands of Euros 31/12/2022 31/12/2021 Expenses related to short-term contracts 1,739 3,106 Expenses related to low-value contracts 13,435 13,404 Other operating lease expenses 23,820 16,435 38,994 32,945 |
Equity-Accounted Investees (Tab
Equity-Accounted Investees (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity-Accounted Investees | |
Schedule of details of equity accounted investees | Thousands of Euros Thousands of Euros % ownership 31/12/2022 % ownership 31/12/2021 Access Biologicals LLC 100.00 % — 49.00 % 53,264 Shanghai RAAS Blood Products Co., Ltd. 26.20 % 1,910,428 26.20 % 1,909,596 Grifols Egypt Plasma Derivatives 49.00 % 36,111 49.00 % 31,847 BioDarou P.J.S. Co. 49.00 % 5,051 0.00 % — Total equity accounted investees with similar activity to that of the Group 1,951,590 1,994,707 Albajuna Therapeutics, S.L 49.00 % 622 49.00 % 1,910 Mecwins, S.A. 24.59 % 2,965 24.99 % 3,159 Total of the rest of equity accounted investees 3,587 5,069 Total equity-accounted investees 1,955,177 1,999,776 |
Schedule of movement in investments in equity-accounted investees | Thousands of Euros 2022 Equity accounted investees with similar activity to that of the Group Rest of equity accounted investees Shanghai Access RAAS Blood Grifols Egypt Albajuna Biologicals Products Co., Plasma BioDarou P.J.S. Therapeutics, Mecwins, LLC Ltd. Derivatives Co. Total S.L S.A. Total Total Balance at 1 January 53,264 1,909,596 31,847 — 1,994,707 1,910 3,159 5,069 1,999,776 Acquisitions — — — 4,534 4,534 — — — 4,534 Transfers (129,459) — — — (129,459) — — — (129,459) Share of profit / (losses) 76,895 26,680 865 (962) 103,478 (1,288) (194) (1,482) 101,996 Share of other comprehensive income / translation differences 3,028 (18,859) (16,419) 1,479 (30,771) — — — (30,771) Collected dividends (3,728) (6,989) — — (10,717) — — — (10,717) Others — — 19,818 — 19,818 — — — 19,818 Balance at 31 December — 1,910,428 36,111 5,051 1,951,590 622 2,965 3,587 1,955,177 Thousands of Euros 2021 Equity accounted investees with similar activity to that of the Group Rest of equity accounted investees Shanghai RAAS Grifols Egypt Albajuna Access Blood Products Plasma Therapeutics, Biologicals LLC Co., Ltd. Derivatives Total S.L GigaGen, Inc. Mecwins, S.A. Total Total Balance at 1 January 46,782 1,800,578 — 1,847,360 3,378 15,677 2,605 21,660 1,869,020 Acquisitions — — 30,454 30,454 — — 860 860 31,314 Transfers — — — — — (50,794) — (50,794) (50,794) Share of profit / (losses) 8,298 24,835 (578) 32,555 (1,463) 34,957 (306) 33,188 65,743 Share of other comprehensive income / translation differences 3,929 89,886 1,971 95,786 (5) 160 — 155 95,941 Collected dividends (5,745) (5,703) — (11,448) — — — — (11,448) Balance at 31 December 53,264 1,909,596 31,847 1,994,707 1,910 — 3,159 5,069 1,999,776 Thousands of Euros 2020 Equity accounted investees with similar activity to that of the Group Rest of equity accounted investees Shanghai Access RAAS Blood Albajuna Biologicals Plasmavita Products Co., Therapeutics, Medcom LLC Healthcare Ltd. Total Alkahest, Inc. S.L GigaGen, Inc. Mecwins, S.A. Advance, S.A Total Total Balance at 1 January 49,922 10,368 — 60,290 14,708 5,228 23,997 2,338 7,912 54,183 114,473 Acquisitions — — 1,807,351 1,807,351 — — — — — — 1,807,351 Transfers — (10,674) — (10,674) (91,023) — — — — (91,023) (101,697) Share of profit / (losses) 8,962 306 11,531 20,799 76,414 (1,878) (6,725) 267 — 68,078 88,877 Share of other comprehensive income / translation differences (4,160) — (16,090) (20,250) (99) 28 (1,595) — — (1,666) (21,916) Impairment losses — — — — — — — — (7,912) (7,912) (7,912) Collected dividends (7,942) — (2,214) (10,156) — — — — — — (10,156) Balance at 31 December 46,782 — 1,800,578 1,847,360 — 3,378 15,677 2,605 — 21,660 1,869,020 |
Schedule of share price | 31/12/2022 31/12/2021 Date of acquisition SRAAS Share price CNY 6.34 CNY 6.80 CNY 7.91 |
Schedule of key assumptions used to perform the impairment test of the investment in SRAAS | Perpetual Growth rate Pre-tax discount rate SRAAS 3.3 % 9.2 % |
Schedule of reasonably possible changes considered for SRAAS | Perpetual Growth rate Pre-tax discount rate SRAAS +/- 50 bps +/- 50 bps |
Schedule of reasonably possible changes in key assumptions considered by management in calculating the recoverable amount of SRAAS would cause the carrying amount to exceed its recoverable amount | Pre-tax discount rate +50 bps SRAAS -2 % |
Schedule of last financial statements available for the main equity-accounted investments of Grifols | Thousands of Euros Thousands of Euros 31/12/2022 31/12/2021 Access SRAAS SRAAS Biologicals Non-current assets 3,028,641 2,877,382 2,707 Current assets 648,415 549,977 23,287 Cash and cash equivalents 430,655 401,117 3,790 Non-current liabilities (2,645) (3,313) (36) Non-current financial liabilities (292) (453) — Current liabilities (193,289) (191,133) (3,615) Current financial liabilities — — (2,649) Net assets 3,911,485 3,633,577 23,484 P&L: Thousands of Euros Thousands of Euros 31/12/2022 31/12/2021 Access SRAAS SRAAS Biologicals Net revenue 700,831 395,812 45,689 Profit for the year 227,000 181,395 17,380 |
Financial Assets (Tables)
Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Assets | |
Schedule of non-current financial assets | Thousands of Euros Reference 31/12/2022 31/12/2021 Financial investments in listed shares 11,540 2,038 Non-current derivatives Note 29 27,030 2,068 Total Non-current financial assets measured at fair value 38,570 4,106 Non-current guarantee deposits 9,277 7,763 Other non-current financial assets (a) 476,361 261,294 Non-current loans to related parties Note 30 96,537 89,104 Total Non-current financial assets measured at amortized cost 582,175 358,161 |
Schedule of other current financial assets | Thousands of Euros Reference 31/12/2022 31/12/2021 Current derivatives Note 29 12,629 3,238 Total Non-current financial assets measured at fair value 12,629 3,238 Thousands of Euros Reference 31/12/2022 31/12/2021 Deposits and guarantees 359 561 Other current financial assets (a) 30,627 2,025,869 Current loans to third parties 48 39 Total other current financial assets measured at amortized cost 31,034 2,026,469 |
Schedule of other non-current and current financial assets | Thousands of Euros Reference 31/12/2022 31/12/2021 Other financial assets with related parties Note 30 318,890 220,947 Other financial assets with third parties 188,098 2,066,216 Total other non-current and current financial assets 506,988 2,287,163 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories. | |
Schedule of inventories | Thousands of Euros 31/12/2022 31/12/2021 Goods for resale 138,909 137,887 Raw materials and supplies 1,064,776 657,060 Work in progress and semi-finished goods 1,331,644 721,088 Finished goods 666,028 743,319 3,201,357 2,259,354 |
Schedule of movement in inventory provision | Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 Balance at 1 January 158,724 122,613 104,251 Net charge for the year (66,647) 28,092 42,255 Cancellations for the year (12,155) (269) (189) Translation differences 4,818 8,288 (23,704) Balance at 31 December 84,740 158,724 122,613 |
Contract assets (Tables)
Contract assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Contract assets | |
Schedule of detailed information about contract assets | Thousands of Euros 31/12/2022 31/12/2021 Contract assets (gross) 35,467 1,939 Allowances for expected credit losses (313) — Contract assets (net) 35,154 1,939 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and Other Receivables | |
Schedule of trade and other receivables | Thousands of Euros Reference 31/12/2022 31/12/2021 Trade receivables 478,597 324,442 Receivables from Note 30 162,382 131,764 Impairment losses Note 29 (i) (32,291) (24,009) Trade receivables 608,688 432,197 Other receivables Note 29 (i) 10,050 11,014 Personnel 770 654 Advance payments Note 29 (i) 19,033 6,210 Taxation authorities, VAT 38,719 35,389 Other public entities 4,609 1,796 Other receivables 73,181 55,063 Current income tax assets 56,782 12,448 Total trade and other receivables 738,651 499,708 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents | |
Schedule of cash and cash equivalents | Thousands of Euros 31/12/2022 31/12/2021 Current deposits 5 — Cash in hand and at banks 547,974 655,493 Total cash and cash equivalents recognized in the balance sheet 547,979 655,493 Restricted cash — 2,020,118 Total cash and cash equivalents recognized in the statement of cash flows 547,979 2,675,611 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity | |
Movement in treasury stock | Movement in Class A treasury stock during the year ended 31 December 2022 is as follows: No. of Class A shares Thousands of Euros Balance at 1 January 2022 3,944,430 89,959 Disposal Class A shares — — Balance at 31 December 2022 3,944,430 89,959 Movement in Class A treasury stock during the year ended 31 December 2021 is as follows: No. of Class A shares Thousands of Euros Balance at 1 January 2021 — — Disposal Class A shares — — Acquisition Class A shares 3,944,430 89,959 Balance at 31 December 2021 3,944,430 89,959 Treasury stock Class B Movement in Class B treasury stock during 2022 was as follows: No. of Class B shares Thousands of Euros Balance at 1 January 2022 5,070,530 74,230 Disposal Class B shares (370,746) (5,428) Acquisition Class B shares 500,000 3,459 Balance at 31 December 2022 5,199,784 72,261 Movement in Class B treasury stock during 2021 is as follows: No. of Class B shares Thousands of Euros Balance at 1 January 2021 3,012,164 43,734 Disposal Class B shares (361,530) (5,248) Acquisition Class B shares 2,419,896 35,744 Balance at 31 December 2021 5,070,530 74,230 |
Share capital | |
Equity | |
Movement in outstanding shares | Movement in outstanding shares during 2022 is as follows: Reference Class A shares Class B shares Balance at 1 January 2022 422,185,368 256,354,580 (Acquisition) / disposal of treasury stock Note 16 (d) — (129,254) Balance at 31 December 2022 422,185,368 256,225,326 Movement in outstanding shares during 2021 is as follows: Reference Class A shares Class B shares Balance at 1 January 2021 426,129,798 258,412,946 (Acquisition) / disposal of treasury stock Note 16 (d) (3,944,430) (2,058,366) Balance at 31 December 2021 422,185,368 256,354,580 |
Disclosure of distribution of profit including dividends | The proposed distribution of profit of the Parent Grifols, S.A. for the years ended 31 December 2022, and the distribution of profit approved for 2021, presented at the general meeting held on 10 June 2022, is as follows: Thousands of Euros 31/12/2022 31/12/2021 Voluntary reserve (266,296) (140,728) Profit of the Parent (266,296) (140,728) The distribution of profit corresponding to the year ended 31 December 2022 and 2021 are presented in the statement of changes in consolidated equity. During 2022 no dividend has been paid. The following dividends were paid in 2021: 31/12/2021 % of par value Euros per share Thousands of Euros Ordinary shares 146 % 0.36 154,005 Non-voting shares 729 % 0.36 93,515 Non-voting shares (preferred dividend) 20 % 0.01 2,614 Total dividends paid 250,134 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share | |
Schedule of earnings per share | Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 Profit for the year attributable to shareholders of the Parent (Thousands of Euros) 208,279 188,726 618,546 Weighted average number of ordinary shares outstanding 679,805,142 681,556,937 685,515,740 Basic earnings per share (Euros per share) 0.31 0.28 0.90 Number of shares 31/12/2022 31/12/2021 31/12/2020 Issued shares outstanding at 1 January 679,598,330 685,601,126 685,198,238 Effect of shares issued — — — Effect of treasury stock 206,812 (4,044,189) 317,502 Weighted average number of ordinary shares outstanding (basic) at 31 December 679,805,142 681,556,937 685,515,740 Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 Profit for the year attributable to shareholders of the Parent (Thousands of Euros) 208,279 188,726 618,546 Weighted average number of ordinary shares outstanding (diluted) 679,292,729 681,404,922 685,142,749 Diluted earnings per share (Euros per share) 0.31 0.28 0.90 Number of shares 31/12/2022 31/12/2021 31/12/2020 Ordinary shares outstanding at 1 January 679,598,330 685,601,126 685,198,238 Shares committed under RSU plan (512,413) (152,015) (372,991) Effect of shares issued — — — Effect of treasury stock 206,812 (4,044,189) 317,502 Weighted average number of ordinary shares outstanding (diluted) at 31 December 679,292,729 681,404,922 685,142,749 |
Non-Controlling Interests (Tabl
Non-Controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Non-Controlling Interests | |
Schedule of details of non-controlling interests and movement | Thousands of Euros Business combinations / Balance at Perimeter Other Translation Balance at Reference 31/12/2021 Additions additions movements differences 31/12/2022 Grifols (Thailand) Pte Ltd 4,417 282 — (23) 103 4,779 Grifols Malaysia Sdn Bhd 3,059 593 — — 11 3,663 Araclon Biotech, S.A. 240 (833) — — — (593) VCN Bioscience, S.L 97 0 — (97) — 0 Kiro Grifols, S.L. 284 (312) — 3 — (25) Haema AG 233,542 (4,858) — — — 228,684 BPC Plasma, Inc 305,276 30,086 — — 19,140 354,502 Grifols Diagnostics Solutions Inc. 1,234,850 46,719 — 111 71,994 1,353,674 Plasmavita Healthcare 11,724 (1,590) — — — 10,134 Haema Plasma Kft — (4,074) 17,080 — (1,067) 11,939 G Pyrenees Research Cntr — (7) 1 — — (6) Albimmune SL — (742) 1 — — (741) Biotest AG Note 3 — (2,397) 356,386 8 7,599 361,596 1,793,489 62,867 373,468 2 97,780 2,327,606 Thousands of Euros Business combinations / Balance at Perimeter Translation Balance at 31/12/2020 Additions additions Dividends paid differences 31/12/2021 Grifols (Thailand) Pte Ltd 4,338 218 — — (139) 4,417 Grifols Malaysia Sdn Bhd 2,923 810 (843) — 169 3,059 Araclon Biotech, S.A. (1,088) (1,119) 2,447 — — 240 VCN Bioscience, S.L 316 (219) — — — 97 Kiro Grifols , S.L. 598 (314) — — — 284 Haema AG 231,284 2,258 — — — 233,542 BPC Plasma, Inc (formerly Biotest US Corporation) 274,995 8,014 — — 22,267 305,276 Grifols Diagnostic Solutions, Inc. 1,087,632 65,894 — (6,503) 87,827 1,234,850 Plasmavita Healthcare 10,665 1,059 — — — 11,724 1,611,663 76,601 1,604 (6,503) 110,124 1,793,489 |
Schedule of financial information on the non-controlling interests | Thousands of Euros Thousands of Euros 31/12/2022 31/12/2021 BPC Plasma, Biotest, AG Grupo GDS Haema AG BPC Plasma, Inc Grupo GDS Haema AG Inc Non-current assets 585,282 4,175,839 126,051 345,906 3,796,855 121,309 263,921 Current assets 619,513 286,153 40,308 30,242 291,371 57,985 74,206 Total Assets 1,204,795 4,461,992 166,359 376,148 4,088,226 179,294 338,127 Non-current liabilities 701,613 292,416 19,673 54,131 278,620 27,137 53,715 Current liabilities 130,193 93,474 72,675 60,638 91,299 84,117 83,592 Total Liabilities 831,806 385,890 92,348 114,769 369,919 111,254 137,307 Total equity 372,989 4,076,102 74,011 261,379 3,718,307 68,040 200,820 Profit/(loss) for the year (16,036) 140,678 5,972 48,132 198,416 8,100 34,333 |
Schedule of cash flows of the most significant non-controlling interests | Thousands of Euros 31/12/2022 31/12/2021 Biotest, AG GDS Group GDS Group Net cash flows from operating activities (39,881) 220,566 274,202 Net cash flows from investing activities (29,358) (222,612) (247,441) Net cash flows from financing activities 91,219 1,914 (26,682) 21,980 (132) 79 |
Provision (Tables)
Provision (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Provisions | |
Schedule of details of provisions | Thousands of Euros 31/12/2022 31/12/2021 Provisions for pensions and similar obligations (a) 94,071 6,717 Other provisions 15,992 17,405 Non-current provisions 110,063 24,122 Trade provisions 56,339 31,407 Current provisions 56,339 31,407 |
Schedule of movement in non current and current provisions | Thousands of Euros Reference 31/12/2022 31/12/2021 31/12/2020 Opening balance 55,529 38,446 61,139 Business combinations Note 3 138,476 32 954 Net charges 12,588 15,664 414 Net reversal — — (21,998) Net cancellations (9,091) (794) (422) Transfers (33,575) (673) 468 Translation differences 2,475 2,854 (2,109) Closing balance 166,402 55,529 38,446 |
Schedule of components of net defined benefit liability, costs for the defined benefit plans and reconciliation of the net present value of the defined benefit obligation | Thousands of Euros 31/12/2022 From pension plans 80,445 From similar obligations 11,046 Net present value of defined benefit obligations 91,491 For pension plans (4,222) For similar obligations (1,454) Fair value of plan assets (5,676) From pension plans 76,223 From similar obligations 9,592 Net defined benefit liability 85,815 Thousands of Euros 31/12/2022 Current service cost 3,517 Net interest expenses 766 Total expenses recognised in profit and loss 4,283 Actuarial losses due to experience adjustments 1,294 Actuarial gains due to changes in financial assumptions (34,754) Actuarial gains from changes in demographic assumptions (6) Return on plan assets (excluding amounts included in net interest expense) 755 Revaluation recognised directly in other comprehensive income (32,711) Defined benefit costs (28,428) Thousands of Euros 31/12/2022 Net present value of defined benefit obligation at 1 May 122,880 Current service cost 3,517 Interest expense 816 Expenses recognised in the statement of profit and loss 4,333 Actuarial losses due to experience adjustments 1,294 Actuarial gains due to changes in financial assumptions (34,754) Actuarial gains from changes in demographic assumptions (6) Revaluation recognised directly in other comprehensive income (33,466) Pension benefits paid (2,256) Net present value of defined benefit obligations at 31 December 91,491 |
Schedule of reconciliation of the fair value of plan assets | Thousands of Euros 31/12/2022 Fair value of plan assets as of 1 May 4,560 Interest income 50 Income recognised in the consolidated statement of income 50 Return on plan assets (excluding amounts included in net interest expenses) (755) Revaluations recognised directly in the statement of comprehensive income (755) Contribution by the employer 1,821 Payments from plan assets — Fair value of plan assets as of 31 December 5,676 |
Schedule of expected payment on current and pension obligations | Thousands of Euros 31/12/2022 In the next 12 months 4,394 Between 2 and 5 years 21,629 Between 5 and 10 years 31,124 After 10 years 112,888 Total expected payments 170,035 |
Schedule of asset classes composing fair value of plan assets | Thousands of Euros 31/12/2022 Cash and cash equivalents 187 Financial investment 1,000 Fund shares 4,489 Fair value of plan assets 5,676 |
Schedule of actuarial assumptions used to calculate the pension plan provision | 31/12/2022 Discount rate 3.9 % Expected return on plan assets 1.1 % Rate of increase for wages and salaries 3.4 % Rate of interest for pensions 2.2 % Employee turnover rate 3.0 % |
Schedule of sensibility analysis of parameter change | Thousands of Euros Impact on the Parameter change pension obligation Rate of interest Increase by 50 basis points (4,906) Rate of interest Decrease by 50 basis points 5,414 Salary trend Increase by 50 basis points 171 Salary trend Decrease by 50 basis points (166) Pension trend Increase by 100 basis points 6,227 Pension trend Decrease by 100 basis points (5,310) Life expectancy Increase by one year 2,916 |
Schedule of breakdown of expense for defined contribution plans | Thousands of Euros 31/12/2022 Defined contribution plans of the Company 134 Employer contributions to statutory pension scheme 11,710 11,844 |
Financial Liabilities (Tables)
Financial Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Liabilities | |
Schedule of financial liabilities | Thousands of Euros Financial liabilities Reference 31/12/2022 31/12/2021 Non-current bonds (a) 4,638,444 2,577,465 Senior secured debt (b) 3,419,058 3,296,025 Other loans (b) 336,530 480,836 Other non-current financial liabilities (c) 887,707 838,826 Non-current financial derivatives Note 29 4,003 — Non-current lease liabilities Note 8 914,588 825,157 Loan transaction costs (239,768) (249,359) Total non-current financial liabilities 9,960,562 7,768,950 Current bonds (a) 150,512 2,270,474 Senior secured debt (b) 8,904 — Other loans (b) 477,065 165,139 Other current financial liabilities (c) 113,680 43,234 Current financial derivatives Note 29 733 875 Current lease liabilities Note 8 102,356 48,567 Loan transaction costs (57,564) (89,998) Total current financial liabilities 795,686 2,438,291 |
Schedule of detail of Senior Notes | Detail of Senior Notes at 31 December 2022 are as follows: Thousands of Euros Issue date Company Nominal value Currency Annual coupon Maturity 18/04/2017 Grifols, S.A. 1,000,000 Euros 3.20 % 2025 Unsecured senior notes 05/10/2021 Grifols Escrow Issuer S.A. 1,400,000 Euros 3.875 % 2028 05/10/2021 Grifols Escrow Issuer S.A. 705,000 US dollar 4.750 % 2028 Secured senior notes 15/11/2019 Grifols, S.A. 770,000 Euros 2.25 % 2027 15/11/2019 Grifols, S.A. 905,000 Euros 1.625 % 2025 |
Schedule of details of movement in Senior Notes | Thousands of Euros Opening outstanding balance Exchange Closing outstanding 01/01/2022 Cancellation differences balance 31/12/22 Senior unsecured corporate notes 2017 1,000,000 — — 1,000,000 Senior secured corporate notes 2019 1,675,000 (97,535) — 1,577,465 Senior unsecured corporate notes Euros 2021 1,400,000 — — 1,400,000 Senior unsecured corporate notes US Dollars 2021 622,462 — 38,517 660,979 4,697,462 (97,535) 38,517 4,638,444 Thousands of Euros Opening Closing outstanding balance Exchange outstanding balance 01/01/21 Issue differences 31/12/21 Senior unsecured corporate notes 2017 1,000,000 — — 1,000,000 Senior secured corporate notes 2019 1,675,000 — — 1,675,000 Senior unsecured corporate notes Euros 2021 — 1,400,000 — 1,400,000 Senior unsecured corporate notes US Dollars 2021 — 598,970 23,492 622,462 2,675,000 1,998,970 23,492 4,697,462 |
Schedule of current obligation captions including issue of bearer promissory notes to Group employees | Thousands of Euros 31/12/2022 31/12/2021 Issue date 04/05/2022 04/05/2021 Maturity date 04/05/2023 04/05/2022 Nominal amount of promissory notes (Euros) 3,000 3,000 Interest rate 3.00 % 2.50 % Promissory Notes subscribed 12,054 119,325 Buy-backs or redemptions (1,938) (1,740) Interest pending accrual (1,176) (975) |
Schedule of details of loans and borrowings | Thousands of Euros 31/12/2022 31/12/2021 Amount Carrying Amount Carrying Credit Currency Interest rate Date awarded Maturity date extended amount extended amount Senior debt - Tranche B Euros Euribor + 2.25% 15/11/2019 15/11/2027 1,360,000 1,255,285 1,360,000 1,258,554 Senior debt - Tranche B US Dollars Libor + 2.00% 15/11/2019 15/11/2027 2,343,896 2,163,773 2,227,171 2,037,471 Total senior debt 3,703,896 3,419,058 3,587,171 3,296,025 EIB Loan Euros 2.40% 20/11/2015 20/11/2025 100,000 21,250 100,000 31,875 EIB Loan Euros 2.02% 22/12/2017 22/12/2027 85,000 42,500 85,000 53,125 EIB Loan Euros 2.15% 25/09/2018 25/09/2028 85,000 53,125 85,000 63,750 Total EIB Loan 270,000 116,875 270,000 148,750 Revolving Credit US Dollars Libor + 1.5% 15/11/2019 15/11/2025 937,559 — 882,924 330,000 Total Revolving Credit 937,559 — 882,924 330,000 Other non-current loans Euros 1.76% - Euribor+ 6.70% 235,000 219,655 10,000 2,086 Loan transaction costs — (163,476) — (197,703) Non-current loans and borrowings 5,146,455 3,592,112 4,750,095 3,579,158 Thousands of Euros 31/12/2022 31/12/2021 Credit Currency Interest rate Date awarded Maturity date Amount extended Carrying amount Amount extended Carrying amount Senior debt - Tranche B Euros Euribor + 2.25% 15/11/2019 15/11/2027 (*) 3,269 (*) — Senior debt - Tranche B US Dollars Libor + 2.00% 15/11/2019 15/11/2027 (*) 5,635 (*) — Total senior debt — 8,904 — — EIB Loan Euros 2.40% 20/11/2015 20/11/2025 (*) 10,625 (*) 10,625 EIB Loan Euros 2.02% 22/12/2017 22/12/2027 (*) 21,250 (*) 21,250 Total EIB Loan — 31,875 — 31,875 Other current loans 0.10% - 3.75% 481,163 445,190 211,901 133,265 Loan transaction costs — (36,559) — (37,245) Current loans and borrowings 481,163 449,410 211,901 127,895 (*) See amount granted under non-current debt |
Schedule of senior secured debt by maturity | Details of Tranche B by maturity at 31 December 2022 are as follows: US Tranche B Tranche B in Euros Principal in Thousands Principal in Principal in Thousands of Currency of US Dollars Thousands of Euros Currency Euros Maturity 2023 US Dollars 6,015 5,635 Euros 3,269 2024 US Dollars 24,058 22,557 Euros 13,076 2025 US Dollars 24,058 22,557 Euros 13,076 2026 US Dollars 24,058 22,557 Euros 13,076 2027 US Dollars 2,235,700 2,096,101 Euros 1,216,058 Total US Dollars 2,313,889 2,169,407 Euros 1,258,555 |
Schedule of movement in the revolving credit facility | Thousands of Euros 31/12/2022 31/12/2021 Drawn opening balance 330,000 — Drawdowns 591,537 829,636 Repayments (916,958) (525,979) Translation differences (4,579) 26,343 Drawn closing balance — 330,000 |
Schedule of details of other financial liabilities | Thousands of Euros Other financial liabilities Reference 31/12/2022 31/12/2021 Non-current debt with GIC (sovereign wealth fund in Singapore) (i) 833,664 829,937 Non-current preferential loans 4,943 7,029 Other non-current financial liabilities (iii) 49,100 1,860 Total other non-current financial liabilities 887,707 838,826 Current debt with GIC (sovereign wealth fund in Singapore) (i) 86,284 — Current preferential loans 1,633 2,607 Outstanding payments of acquisitions (ii) — 39,075 Other current financial liabilities (iii) 25,763 1,552 Total other current financial liabilities 113,680 43,234 |
Schedule of details of maturity of other financial liabilities | Thousands of Euros 31/12/2022 31/12/2021 Maturity at: Up to one year 113,680 43,234 Two years 54,506 88,144 Three years 50,086 88,947 Four years 50,408 89,027 Five years 49,483 88,871 Over five years 683,224 483,837 1,001,387 882,060 |
Schedule of changes in liabilities derived from financing activities | Thousands of Euros Senior Secured debt & Other Finance lease Other financial Reference Bonds loans liabilities liabilities Total Carrying amount at 1 January 2020 2,677,202 3,687,739 740,690 101,749 7,207,380 New financing 116,352 — — — 116,352 Refunds (105,564) (66,047) (79,037) (22,681) (273,329) Interest accrued 81,880 124,840 35,084 2,073 243,877 Other movements — (10,468) 88,867 4,837 83,236 Interest paid/received (60,355) (95,433) — — (155,788) Business combinations Note 3 — — — 34,778 34,778 Foreign exchange differences — (172,246) (52,105) (5,443) (229,794) Balance at 31 December 2020 2,709,515 3,468,385 733,499 115,313 7,026,712 New financing 2,126,979 329,555 — 829,937 3,286,471 Refunds (114,480) (266,659) (82,692) (3,507) (467,338) Interest accrued 100,948 130,327 35,786 2,165 269,226 Other movements (33,920) 5,445 135,697 729 107,951 Interest paid/received (64,031) (91,089) — — (155,120) Business combinations Note 3 — — — (64,749) (64,749) Foreign exchange differences 18,523 131,084 51,434 3,047 204,088 Balance at December 31, 2021 4,743,534 3,707,048 873,724 882,935 10,207,241 New financing 112,557 990,537 — 16,448 1,119,542 Refunds (217,058) (944,386) (104,287) (15,685) (1,281,416) Interest accrued 176,317 206,901 43,640 84,586 511,444 Other movements 744 (744) 123,792 — 123,792 Interest paid/received (150,595) (156,461) — (43,331) (350,387) Business combinations Note 3 (1,804) 121,597 30,290 31,016 181,099 Foreign exchange differences 27,965 117,029 49,785 50,154 244,933 Balance at 31 December 2022 4,691,660 4,041,521 1,016,944 1,006,123 10,756,248 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and Other Payables | |
Schedule of trade and other payables | Thousands of Euros 31/12/2022 31/12/2021 Suppliers 731,918 628,992 VAT payable 11,133 13,011 Taxation authorities, withholdings payable 7,986 7,267 Social security payable 23,627 39,191 Other public entities 71,984 92,365 Other payables 114,730 151,834 Current income tax liabilities 15,687 4,516 862,335 785,342 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Current Liabilities | |
Schedule of other current liabilities | Thousands of Euros 31/12/2022 31/12/2021 Salaries payable 199,584 175,710 Other payables 4,069 23 Deferred income 27,642 32,970 Advances received 10,192 10,569 Other current 241,487 219,272 |
Net Revenues (Tables)
Net Revenues (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Net Revenues | |
Schedule of distribution of net consolidated revenues by segment | Thousands of Euros 31/12/2022 31/12/2021 (*) 31/12/2020 (*) Biopharma 5,005,382 3,814,983 4,242,502 Diagnostic 671,292 779,108 775,889 Bio supplies 146,076 115,811 133,221 Others 250,165 266,461 222,521 Intersegments (8,948) (43,245) (34,095) 6,063,967 4,933,118 5,340,038 |
Schedule of geographical distribution of net consolidated revenues | Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 USA and Canada 3,855,607 3,154,549 3,599,746 Spain 320,631 362,407 339,169 European Union 711,579 544,042 495,323 Rest of the world 1,176,150 872,120 905,800 Consolidated 6,063,967 4,933,118 5,340,038 |
Schedule of discounts and other reductions in gross income | Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 Gross sales 7,720,463 6,234,277 6,806,005 Chargebacks (1,402,218) (1,101,896) (1,247,153) Cash discounts (76,547) (60,019) (68,912) Volume rebates (66,280) (49,043) (57,858) Medicare and Medicaid (64,438) (53,440) (61,089) Other discounts (47,013) (36,761) (30,955) Net sales 6,063,967 4,933,118 5,340,038 |
Schedule of movement in discounts and other reductions in gross income | Movement in discounts and other reductions in gross income during 2022 is as follows: Thousands of Euros Cash Volume Medicare / Other Chargebacks discounts rebates Medicaid discounts Total Balance at 31 December 2021 159,846 5,701 21,246 25,614 10,585 222,992 Current estimate related to sales made in current and previous periods 1,402,218 76,547 66,280 64,438 47,013 1,656,496 (1) (Actual returns or credits in current period related to sales made in current period) (1,196,670) (69,960) (43,494) (43,332) (28,818) (1,382,274) (2) (Actual returns or credits in current period related to sales made in prior periods) (109,726) (6,442) (21,501) (21,271) (2,935) (161,875) (3) Translation differences 8,845 338 1,034 1,587 138 11,942 Balance at 31 December 2022 264,513 6,184 23,565 27,036 25,983 347,281 (1) Net impact in income statement: estimate for the current year plus prior years’ adjustments. Adjustments made during the year corresponding to prior years’ estimates have not been significant. (2) Amounts credited and posted against provisions for current period (3) Amounts credited and posted against provisions for prior period Movement in discounts and other reductions to gross income during 2021 was as follows: Thousands of Euros Cash Volume Medicare / Other Chargebacks discounts rebates Medicaid discounts Total Balance at 31 December 2020 190,869 6,795 29,670 28,451 11,763 267,548 Current estimate related to sales made in current and previous periods 1,101,896 60,019 49,043 53,440 36,761 1,301,159 (1) (Actual returns or credits in current period related to sales made in current period) (1,080,304) (54,554) (29,617) (42,890) (27,036) (1,234,401) (2) (Actual returns or credits in current period related to sales made in prior periods) (65,681) (6,964) (29,304) (15,422) (11,057) (128,428) (3) Translation differences 13,066 405 1,454 2,035 154 17,114 Balance at 31 December 2021 159,846 5,701 21,246 25,614 10,585 222,992 Movement in discounts and other reductions to gross income during 2020 was as follows: Thousands of Euros Cash Volume Medicare / Other Chargebacks discounts rebates Medicaid discounts Total Balance at 31 December 2019 90,488 5,897 28,705 18,911 15,071 159,072 Current estimate related to sales made in current and previous periods 1,247,153 68,912 57,858 61,089 30,955 1,465,967 (1) (Actual returns or credits in current period related to sales made in current period) (1,033,053) (61,387) (27,798) (34,564) (30,509) (1,187,311) (2) (Actual returns or credits in current period related to sales made in prior periods) (97,504) (6,030) (26,481) (14,526) (3,615) (148,156) (3) Translation differences (16,215) (597) (2,614) (2,459) (139) (22,024) Balance at 31 December 2020 190,869 6,795 29,670 28,451 11,763 267,548 |
Personnel Expenses (Tables)
Personnel Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Personnel Expenses | |
Schedule of personnel expenses by function | Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 Cost of sales 1,343,991 999,347 1,058,132 Research and development 159,766 138,629 110,682 Selling, general & administration expenses 472,413 401,390 383,851 1,976,170 1,539,366 1,552,665 |
Schedule of personnel expenses by nature | Thousands of Euros Reference 31/12/2022 31/12/2021 31/12/2020 Wages and salaries 1,600,617 1,231,812 1,234,761 Contributions to pension plans Note 28 40,994 31,757 33,226 Other social charges 33,506 27,387 27,462 Social Security 301,053 248,410 257,216 1,976,170 1,539,366 1,552,665 |
Expenses by Nature (Tables)
Expenses by Nature (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Expenses by Nature | |
Schedule of amortization and depreciation expense classified by functions | Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 Cost of sales 275,512 211,676 198,310 Research and development 44,295 55,311 32,814 Selling, general & administration expenses 88,057 92,780 90,409 407,864 359,767 321,533 |
Schedule of other operating income and expenses by function | Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 Cost of sales 682,636 535,058 500,415 Research and development 164,229 165,884 156,994 Selling, general & administration expenses 579,067 532,056 499,218 1,425,932 1,232,998 1,156,627 |
Schedule of other operating income and expenses by nature | Thousands of Euros Reference 31/12/2022 31/12/2021 31/12/2020 Changes in trade provisions 8,743 4,844 (14,059) Professional services 305,215 258,371 265,539 Commissions 40,397 28,671 27,147 Supplies and auxiliary materials 251,120 197,893 187,370 Operating leases Note 8 38,994 32,945 28,176 Freight 190,692 148,797 137,466 Repair and maintenance expenses 218,971 150,308 147,039 Advertising 90,652 71,280 55,073 Insurance 46,090 38,724 30,776 Royalties 13,646 48,446 40,634 Travel expenses 49,356 30,334 23,005 External services 83,296 74,858 71,240 R&D Expenses 94,903 106,873 101,410 Gains on disposal of assets (22,236) — — Other 16,093 40,654 55,811 Other operating income&expenses 1,425,932 1,232,998 1,156,627 |
Finance Result (Tables)
Finance Result (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finance Result | |
Schedule of finance result | Thousands of Euros Reference 31/12/2022 31/12/2021 31/12/2020 Finance income 33,859 11,551 8,021 Finance costs from Senior Unsecured Notes (181,149) (104,944) (85,182) Finance costs from senior debt Note 20 (b) (161,466) (111,719) (119,140) Finance costs from other financial liabilities (81,914) — — Finance costs from sale of receivables Note 14 (18,201) (10,292) (10,964) Capitalized interest Note 9 25,184 18,636 16,606 Finance lease expenses Note 8 (45,198) (35,786) (35,205) Other finance costs (33,780) (33,889) (15,754) Finance costs (496,524) (277,994) (249,639) Change in fair value of financial instruments 11,999 246 55,703 Exchange differences 7,725 (11,602) 8,246 Finance result (442,941) (277,799) (177,669) |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Taxation | |
Schedule of income tax expense and income tax related to profit | Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 Profit before income tax from continuing operations 361,257 350,453 878,629 Tax at 25% 90,313 87,613 219,657 Permanent differences (30,796) 2,503 (7,181) Effect of different tax rates 9,953 (8,720) (30,686) Tax credits (deductions) 3,667 (14,998) (14,980) Prior year income tax expense 12,685 18,908 517 Other income tax expenses/(income) 4,289 (180) 2,312 Total income tax expense 90,111 85,126 169,639 Deferred tax (15,138) 17,754 43,138 Current tax 105,249 67,372 126,501 Total income tax expense 90,111 85,126 169,639 |
Schedule of deferred tax assets and liabilities | Tax effect 31/12/2022 31/12/2021 31/12/2020 Assets Provisions 20,511 8,387 3,942 Inventories 67,557 47,908 59,129 Tax credits (deductions) 33,921 26,425 57,896 Tax loss carryforwards 58,159 51,750 53,063 Other 6,197 19,993 11,004 Subtotal, assets 186,345 154,463 185,034 Goodwill (3,063) (2,106) (30,040) Fixed assets, amortisation and depreciation (16) 3,151 (3,011) Intangible assets (1,349) (3,001) (2,062) Other (6,994) — — Subtotal, net liabilities (11,422) (1,956) (35,113) Deferred assets, net 174,923 152,507 149,921 Liabilities Goodwill (337,948) (272,596) (215,907) Intangible assets (669,316) (288,819) (270,145) Fixed assets (92,811) (86,899) (78,325) Debt cancellation costs (50,666) (61,543) (66,720) Subtotal, liabilities (1,150,741) (709,857) (631,097) Tax loss carryforwards 2,993 2,160 12,024 Tax credits (deductions) 14,578 — — Inventories 652 5,532 1,673 Provisions 70,206 37,671 36,663 Other 27,489 30,510 23,924 Subtotal, net assets 115,918 75,873 74,284 Net deferred Liabilities (1,034,823) (633,984) (556,813) |
Schedule of movement in deferred tax assets and liabilities | Thousands of Euros Deferred tax assets and liabilities 31/12/2022 31/12/2021 31/12/2020 Balance at 1 January (481,477) (406,892) (340,803) Movements during the year 15,138 (17,754) (43,138) Business combination (note 3) (361,051) (16,400) (47,988) Translation differences (32,510) (40,431) 25,037 Balance at 31 December (859,900) (481,477) (406,892) |
Other Commitments with Third _2
Other Commitments with Third Parties and Other Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Commitments with Third Parties and Other Contingent Liabilities | |
Schedule of Group's raw material purchase commitments | Details of the Group’s raw material purchase commitments at 31 December 2022 are as follows: Thousands of Euros 2023 409,984 2024 413,283 2025 352,805 2026 230,625 2027 219,034 More than 5 years 281,951 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments | |
Schedule of financial instruments by nature, category and fair value | Thousands of Euros 31/12/2022 Carrying amount Fair Value Financial assets Financial Financial Other at amortised Financial assets assets at FV liabilities at financial costs at FVTPL through OCI Hedges amortised costs liabilities Total Level 1 Level 2 Level 3 Total Non-current financial assets — 7 11,533 — — — 11,540 7 — 11,533 11,540 Derivative instruments — — — 39,659 — — 39,659 — 39,659 — 39,659 Trade receivables — — 236,076 — — — 236,076 — 236,076 — 236,076 Financial assets measured at fair value — 7 247,609 39,659 — — 287,275 Non-current financial assets 582,175 — — — — — 582,175 Other current financial assets 31,034 — — — — — 31,034 Trade and other receivables 445,793 — — — — — 445,793 Cash and cash equivalents 547,979 — — — — — 547,979 Financial assets not measured at fair value 1,606,981 — — — — — 1,606,981 Derivatives instruments — (4,736) — — — (4,736) — (4,736) — (4,736) Financial liabilities measured at fair value — (4,736) — — — — (4,736) Senior Unsecured & Secured Notes — — — — (4,572,720) — (4,572,720) (4,122,656) — — (4,122,656) Promissory Notes — — — — (118,940) — (118,940) Senior secured debt — — — — (3,227,926) — (3,227,926) — (3,286,662) — (3,286,662) Other bank loans — — — — (813,595) — (813,595) Lease liabilities — — — — (1,016,944) — (1,016,944) Other financial liabilities — — — — (1,001,387) — (1,001,387) Other non-current debts — — — — — (15) (15) Trade and other payables — — — — (846,648) — (846,648) Other current liabilities — — — — — (241,487) (241,487) Financial liabilities not measured at fair value — — — — (11,598,160) (241,502) (11,839,662) 1,606,981 (4,729) 247,609 39,659 (11,598,160) (241,502) (9,950,142) Thousands of Euros 31/12/2021 Carrying amount Fair Value Financial assets Financial Financial Financial Other at amortised assests at assets at FV liabilities at financial costs FVTPL through OCI Hedges amortised costs liabilities Total Level 1 Level 2 Level 3 Total Non-current financial assets — 7 2,031 — — — 2,038 7 — 2,031 2,038 Derivative instruments — — — 5,306 — — 5,306 — 5,306 — 5,306 Trade receivables — — 216,433 — — — 216,433 — 216,433 — 216,433 Financial assets measured at fair value — 7 218,464 5,306 — — 223,777 — Non-current financial assets 358,161 — — — — — 358,161 Other current financial assets 2,026,469 — — — — — 2,026,469 Trade and other receivables 270,827 — — — — — 270,827 Cash and cash equivalents 655,493 — — — — — 655,493 Financial assets not measured at fair value 3,310,950 — — — — — 3,310,950 Derivatives instruments — (875) — — — (875) — (875) — (875) Financial liabilities measured at fair value — (875) — — — — (875) Senior Unsecured & Secured Notes — — — — (4,626,919) — (4,626,919) (4,697,328) — — (4,697,328) Promissory Notes — — — — (116,610) — (116,610) Senior secured debt — — — — (3,061,078) — (3,061,078) — (3,262,901) — (3,262,901) Other bank loans — — — — (645,975) — (645,975) Lease liabilities — — — — (873,724) — (873,724) Other financial liabilities — — — — (882,060) — (882,060) Other non-current debts — — — — — (333) (333) Trade and other payables — — — — (780,826) — (780,826) Other current liabilities — — — — — (219,272) (219,272) Financial liabilities not measured at fair value — — — — (10,987,192) (219,605) (11,206,797) 3,310,950 (868) 218,464 5,306 (10,987,192) (219,605) (7,672,945) |
Schedule of financial derivatives | Thousands of Euros Notional Notional amount at amount at Value at Value at Financial derivatives Currency 31/12/2022 31/12/2021 31/12/22 31/12/21 Maturity Cross currency interest rate swap US Dollar 500,000,000 500,000,000 35,296 5,306 15/10/2024 Cross currency interest rate swap US Dollar 205,000,000 — 3,216 — 15/10/2024 Foreign exchange rate forward Swiss Franc 5,500,000 — 71 — 28/02/2023 Foreign exchange rate forward Canadian dollar 4,416,667 — 165 — 2023 and 2024 Foreign exchange rate forward Pound Sterling 27,100,000 — 805 — 2023 Foreign exchange rate forward US Dollar 23,720,000 — 104 — 2023 Embedded derivative Euro 160,000,000 — 2 — 2024 Total assets (note 11) 39,659 5,306 Cross currency interest rate swap US Dollar 205,000,000 — (3,990) — 15/10/2024 Foreign exchange rate forward Canadian dollar — 51,000,000 — (875) 25/07/2022 Foreign exchange rate forward US Dollar 60,000,000 — (594) — 30/01/2023 Foreign exchange rate forward Canadian dollar 8,000,001 — (145) — 2024 and 2025 Foreign exchange rate forward US Dollar 15,300,000 — (6) — 2023 Embedded derivative Euro 65,000,000 — (1) — 2024 Total liabilities (note 20) (4,736) (875) Thousands of Euros 31/12/2022 31/12/2021 Initial balance 4,431 — Business combination (1,255) — Changes in fair value recognized in equity (4,757) 3,130 Transfer to profit or loss 12,552 1,895 Transfer to profit or loss - translation differences 32,954 3 Tax effect 6,170 — Collections / Payments (15,172) (597) Ending balance 34,923 4,431 |
Schedule of exposure to credit risk | Thousands of Euros Carrying amount Reference 31/12/2022 31/12/2021 Non-current financial assets Nota 11 620,745 362,267 Other current financial assets Nota 11 43,663 2,029,707 Contractual assets Nota 13 35,154 1,939 Trade receivables Nota 14 608,688 432,197 Other receivables Nota 14 29,083 17,224 Cash and cash equivalents Nota 15 547,979 655,493 1,885,312 3,498,827 Thousands of Euros Carrying amount 31/12/2022 31/12/2021 Spain 53,145 62,108 EU countries 69,003 40,897 United States of America 139,721 110,624 Other European countries 16,030 25,163 Other regions 395,026 212,568 672,925 451,360 |
Schedule of trade receivables net of the bad debt provision by seniority | A breakdown of the trade and other receivables and contractual assets net of the impairment losses by ageing at 31 December 2022 is as follows: Thousands of Euros Total net third Total gross carrying party trade ECL Rate amount Provision receivables Not matured 0.19 % 550,131 (48) 550,083 Past due 0-30 days 0.19 % 44,779 (425) 44,354 Past due 31-60 days 0.62 % 16,000 (163) 15,837 Past due 61-90 days 2.03 % 6,029 (133) 5,896 Past due 91-180 days 3.01 % 17,407 (295) 17,112 Past due 181-365 days 8.52 % 10,747 (187) 10,560 More than one year 100.00 % 9,994 (9,994) — — Customers with objective evidence of impairment 21,046 (21,046) — 676,133 (32,291) 643,842 A breakdown of the trade and other receivables and contractual assets net of the impairment losses by ageing as of 31 December 2021 is as follows: Thousands of Euros Total net third Total gross carrying party trade ECL Rate amount Provision receivables Not matured 0.19 % 364,538 (445) 364,093 Past due 0-30 days 0.19 % 32,623 (51) 32,572 Past due 31-60 days 0.62 % 14,144 (79) 14,065 Past due 61-90 days 2.03 % 6,556 (133) 6,423 Past due 91-180 days 3.01 % 11,000 (311) 10,689 Past due 181-365 days 8.52 % 6,543 (249) 6,294 More than one year 100.00 % 3,911 (3,911) — Customers with objective evidence of impairment 18,830 (18,830) — 458,145 (24,009) 434,136 |
Schedule of movement in the bad debt provision | Thousands of Euros 31/12/2022 31/12/2021 31/12/2020 Opening balance 24,009 22,985 22,291 Net charges for the year 14,074 6,471 2,436 Net cancellations for the year (6,949) (6,269) (124) Transfers 53 — (29) Translation differences 1,104 822 (1,589) Closing balance 32,291 24,009 22,985 |
Schedule of contractual maturity dates of financial liabilities | Thousands of Euros Carrying amount at Contractual 6 months 6 - 12 1-2 2 - 5 More than Carrying amount Reference 31/12/22 flows or less months years years 5 years Financial liabilities Bank loans Note 20 4,041,522 5,193,051 527,770 148,914 488,105 4,028,262 — Other financial liabilities Note 20 1,001,387 1,685,824 169,278 18,656 124,822 441,933 931,135 Bonds and other marketable securities Note 20 4,691,659 5,468,068 190,453 75,951 147,903 5,053,761 — Lease liabilities Note 20 1,016,944 1,016,944 51,088 51,268 57,695 218,384 638,509 Payable to suppliers Note 21 731,918 731,918 731,675 243 — — — Other current liabilities Note 22 14,261 14,262 11,364 2,898 — — — Financial derivatives Note 29 (d) 4,736 4,736 733 — 12 3,991 — Total 11,502,427 14,114,803 1,682,361 297,930 818,537 9,746,331 1,569,644 Thousands of Euros Carrying amount at Contractual 6 months 6 - 12 1-2 2 - 5 More than Carrying amount Reference 31/12/21 flows or less months years years 5 years Financial liabilities Bank loans Note 20 3,707,053 4,309,621 476,397 78,524 102,070 3,641,777 10,853 Other financial liabilities Note 20 882,060 1,294,873 41,934 1,300 164,718 448,161 638,760 Bonds and other marketable securities Note 20 4,743,529 5,663,320 2,215,138 170,572 48,538 3,145,255 83,817 Lease liabilities Note 20 873,724 873,723 24,640 23,927 47,595 184,032 593,529 Payable to suppliers Note 21 628,992 628,992 622,091 6,901 — — — Other current liabilities Note 22 43,562 43,562 42,387 1,175 — — — Financial derivatives Note 29 (d) 875 875 875 — — — — Total 10,879,795 12,814,966 3,423,462 282,399 362,921 7,419,225 1,326,959 |
Schedule of Group's exposure to currency risk | Thousands of Euros 31/12/2022 Euros (*) US Dollars (**) Trade receivables 2,116 58,331 Receivables from Group companies 132,645 11,542 Loans to Group companies 4,548,142 33 Cash and cash equivalents 11,154 1,989 Trade payables (17,297) (20,870) Payables to Group companies (77,367) (29,277) Loans from Group companies (4,414,879) — Bank loans (31,875) — Balance sheet exposure 152,639 21,748 (*) Balances in Euros in subsidiaries with US Dollars functional currency (**) Balances in US Dollars in subsidiaries with Euros functional currency Thousands of Euros 31/12/2021 Euros (*) US Dollars (**) Trade receivables 2,023 14,800 Receivables from Group companies 141,285 7,101 Loans to Group companies 464,789 21 Cash and cash equivalents 25,766 82 Trade payables (27,098) (23,349) Payables to Group companies (62,930) (6,480) Loans from Group companies (11,495) (3) Bank loans (372,500) — Balance sheet exposure 159,840 (7,828) (*) Balances in Euros in subsidiaries with US Dollars functional currency (**) Balances in US Dollars in subsidiaries with Euros functional currency Closing exchange rate Euros 31/12/2022 31/12/2021 US Dollars 1.0666 1.1326 |
Schedule of profile of interest on interest-bearing financial instruments | Thousands of Euros 31/12/2022 31/12/2021 Fixed-interest financial instruments Financial liabilities (5,835,492) (4,878,087) (5,835,492) (4,878,087) Variable-interest financial instruments Financial liabilities (3,486,460) (3,296,025) (3,486,460) (3,296,025) (9,321,952) (8,174,112) |
Schedule of credit ratings | September 2022 December 2021 September 2021 Moody’s Investors Corporate rating B1 B1 Senior secured debt Ba3 Ba3 Senior Unsecured debt B3 B3 Perspective Negative Negative Standard & Poor’s Corporate rating B+ BB- Senior secured debt BB- BB Senior Unsecured debt B- B Perspective Stable Negative Fitch Ratings Corporate rating BB- BB- Senior secured debt BB+ BB+ Senior Unsecured debt B+ B+ Perspective Stable Stable |
Balances and Transactions wit_2
Balances and Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Balances and Transactions with Related Parties | |
Schedule of details of balances with related parties | Thousands of Euros Carrying amount Reference 31/12/2022 31/12/2021 Receivables from associates and joint ventures 14 162,382 131,764 Current contract assets from associates and joint ventures 3,880 — Trade payables associates and joint ventures (91) (3) Loans to other related parties 96,537 89,104 Other financial assets with other related parties 11 318,890 220,947 Debts with key management personnel (5,534) (6,644) Payables to other related parties (4,810) (3,824) 571,254 431,344 |
Schedule of group transactions with related parties | Group transactions with related parties during 2022 are as follows: Thousands of Euros Associates & joint Key management Other related Board of directors ventures personnel parties of the Company Net sales 339,170 — — — Purchases (9) — — — Other service expenses (34) — (4,343) — Remuneration — (13,891) — (5,316) Payments for rights of use — — (6,300) — Purchase of property, plant and equipment — — 3,464 — Dividends paid/received 10,717 — — — 349,844 (13,891) (7,179) (5,316) Group transactions with related parties during 2021 were as follows: Thousands of Euros Associates & joint Key management Other related Board of directors ventures personnel parties of the Company Net sales 220,808 — — — Purchases (613) — — — Other service expenses (2,709) — (3,963) — Remuneration — (15,136) — (4,417) Payments for rights of use — — (5,332) — Purchase of property, plant and equipment — — 7,326 — Finance income 2 — — — Dividends paid/received 2,636 — — — 220,124 (15,136) (1,969) (4,417) Group transactions with related parties during 2020 were as follows: Thousands of Euros Associates & joint Key management Other related Board of directors ventures personnel parties of the Company Net sales 10,522 — — — Purchases (459) — — — Other service expenses (15,010) — (10,344) — Remuneration — (17,164) — (4,966) Payments for rights of use — — (5,137) — Purchase of property, plant and equipment — — (13,500) — Finance income 783 — — — Dividends paid/received 10,156 — — — 5,992 (17,164) (28,981) (4,966) |
Appendix I (Tables)
Appendix I (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Appendix I | |
Schedule of information on group companies associates and others | Acquisition / 12/31/2022 12/31/2021 12/31/2020 Registered Incorporation % shares % shares % shares Name Offices Office date Activity Statutory Activity Direct Indirect Direct Indirect Direct Indirect Fully Consolidated Companies Diagnostic Grifols, S.A. Spain Polígono Levante 1987 Industrial Development and manufacture of diagnostic equipment, instruments and reagents. — 100.000 % — 100.000 % — 100.000 % Instituto Grifols, S.A. Spain Polígono Levante 1987 Industrial Plasma fractioning and the manufacture of haemoderivative pharmaceutical products. 99.998 % 0.002 % 99.998 % 0.002 % 99.998 % 0.002 % Laboratorios Grifols, S.A. Spain Polígono Levante 1989 Industrial Production of glass- and plastic-packaged parenteral solutions, parenteral and enteral nutrition products 100.000 % — 98.600 % 1.400 % 98.600 % 1.400 % Biomat, S.A. Spain Polígono Levante 1991 Industrial Analysis and certification of the quality of plasma used by Instituto Grifols, S.A. It also provides transfusion centres with plasma virus inactivation services (I.P.T.H). 99.900 % 0.100 % 99.900 % 0.100 % 99.900 % 0.100 % Grifols Engineering, S.A. Spain Polígono Levante 2000 Industrial Design and development of the Group’s 99.950 % 0.050 % 99.950 % 0.050 % 99.950 % 0.050 % 08150 Parets del Vallès manufacturing installations and part of the equipment and machinery used at these premises. The company also renders engineering services to external companies. Biomat USA, Inc. United States 2410 Lillyvale Avenue 2002 Industrial Procuring human plasma. — 100.000 % — 100.000 % — 100.000 % Grifols Biologicals, LLC. United States 5555 Valley Boulevard 2003 Industrial Plasma fractioning and the production of haemoderivatives. — 100.000 % — 100.000 % — 100.000 % Grifols Australia Pty Ltd. Australia Unit 5/80 Fairbank 2009 Industrial Distribution of pharmaceutical products and the development and manufacture of reagents for 100.000 % — 100.000 % — 100.000 % — Medion Grifols Diagnostic AG Switzerland Bonnstrasse,9 2009 Industrial Development and manufacturing activities in the area of biotechnology and diagnostics. — 100.000 % — 100.000 % — 100.000 % Grifols Therapeutics, LLC. United States 4101 Research Commons 2011 Industrial Plasma fractioning and the production of haemoderivatives. — 100.000 % — 100.000 % — 100.000 % Talecris Plasma Resources, Inc. (merged with Biomat USA, Inc.) United States 4101 Research Commons 2011 Industrial Procurement of human plasma. — — — 100.000 % — 100.000 % Grifols Worldwide Operations Limited Grange Castle Business Park, 2012 Industrial Packaging, labelling, storage, distribution, 100.000 % — 100.000 % — 100.000 % — Dublin 22, manufacture and development of pharmaceutical products Progenika Biopharma, S.A. Parque Tecnológico de Vizcaya, 2013 Industrial Development, production and commercialisation of biotechnological solutions. 91.875 % 8.125 % 91.880 % 8.120 % 91.880 % 8.120 % Grifols Diagnostics Solutions, Inc. 4560 Horton Street 2013 Industrial Manufacture and sale of blood testing products — 55.000 % — 55.000 % — 55.000 % Grifols Worldwide Operations USA Inc. 13111 Temple Avenue, City of 2014 Industrial Manufacture, warehousing, and logistical support for biological products. — 100.000 % — 100.000 % — 100.000 % Grifols Asia Pacific Pte, Ltd Singapore 501 Orchard Road nº20-01 2003 Commercial Distribution and sale of medical and pharmaceutical products. 100.000 % — 100.000 % — 100.000 % — Grifols Movaco, S.A. Polígono Levante 1987 Commercial Distribution and sale of reagents, chemical products and other pharmaceutical specialities, and of medical and surgical materials, equipment and instruments for use by laboratories and health centres. 99.999 % 0.001 % 99.999 % 0.001 % 99.999 % 0.001 % Grifols Portugal Productos Farmacéuticos e Hospitalares, Lda. Portugal Rua de Sao Sebastiao,2 1988 Commercial Import, export and commercialisation of pharmaceutical and hospital equipment and 0.010 % 99.990 % 0.010 % 99.990 % 0.010 % 99.990 % products, particularly Grifols products. Grifols Chile, S.A. Chile Avda. Americo Vespucio, 2242 1990 Commercial Development of pharmaceutical businesses, which can involve the import, production, commercialisation and export of related products. 99.000 % — 99.000 % — 99.000 % — Grifols USA, LLC. United States 2410 Lillyvale Avenue 1990 Commercial Distribution and marketing of company products. — 100.000 % — 100.000 % — 100.000 % Grifols Argentina, S.A. Argentina Bartolomé Mitre 3690/3790, 1991 Commercial Clinical and biological research. Preparation of reagents and therapeutic and diet products. Manufacture and commercialisation of other pharmaceutical specialities. 95.010 % 4.990 % 95.010 % 4.990 % 95.010 % 4.990 % Grifols s.r.o. Czech Republic Calle Zitna,2 1992 Commercial Purchase, sale and distribution of chemical-pharmaceutical products, including human plasma. 100.000 % — 100.000 % — 100.000 % — Grifols (Thailand) Ltd Thailand 191 Silom Complex Building, 2003 Commercial Import, export and distribution of pharmaceutical products. — 48.000 % — 48.000 % — 48.000 % Grifols Malaysia Sdn Bhd Malaysia Level 18, The Gardens North 2003 Commercial Distribution and sale of pharmaceutical products. — 49.000 % — 49.000 % — 30.000 % Grifols International, S.A. Spain Polígono Levante 1997 Commercial Coordination of the marketing, sales and logistics 99.998 % 0.002 % 99.998 % 0.002 % 99.998 % 0.002 % 08150 Parets del Vallès (Barcelona) Spain for all the Group’s subsidiaries operating in other Grifols Italia S.p.A Italy Via Carducci, 62d 1997 Commercial Purchase, sale and distribution of chemical-pharmaceutical products. 100.000 % — 100.000 % — 100.000 % — Grifols UK Ltd. United Kingdom Gregory Rowcliffe & Milners, 1 1997 Commercial Distribution and sale of therapeutic and other pharmaceutical products, especially haemoderivatives. 100.000 % — 100.000 % — 100.000 % — Grifols Brasil, Lda. Brazil Rua Umuarama, 263 1998 Commercial Import and export, preparation, distribution and sale of pharmaceutical and chemical products for 100.000 % — 100.000 % — 100.000 % — Grifols France, S.A.R.L. France Arteparc, Rue de la Belle du Canet, 1999 Commercial Commercialisation of chemical and healthcare products. 99.990 % 0.010 % 99.990 % 0.010 % 99.990 % 0.010 % Grifols Polska Sp.z.o.o. Poland Grzybowska 87 street00-844 2003 Commercial Distribution and sale of pharmaceutical, cosmetic and other products. 100.000 % — 100.000 % — 100.000 % — Logística Grifols, S.A. de C.V. (merged with Grifols M é Mexico Calle Eugenio Cuzin, nº 909-913 2008 Commercial Manufacture and commercialisation of pharmaceutical products for human and veterinary use. — — 99.990 % 0.010 % 99.990 % 0.010 % Grifols México, S.A. de C.V. Mexico Calle Eugenio Cuzin, nº 909-913 1993 Commercial Production, manufacture, adaptation, conditioning, sale and purchase, commissioning, representation 100.000 % — 99.980 % 0.020 % 99.980 % 0.020 % Grifols Nordic, AB Sweden Sveavägen 166 2010 Commercial Research and development, production and marketing of pharmaceutical products, medical devices and 100.000 % — 100.000 % — 100.000 % — Grifols Colombia, Ltda Colombia Carrera 7 No. 71 52 Torre B piso 2010 Commercial Sale, commercialisation and distribution of medicines, pharmaceutical (including but not limited to 99.990 % 0.010 % 99.990 % 0.010 % 99.990 % 0.010 % Grifols Deutschland GmbH Germany Lyoner Strasse 15, D- 2011 Commercial Procurement of the official permits and necessary approval for the production, commercialisation and 100.000 % — 100.000 % — 100.000 % — Grifols Canada, Ltd. Canada 5060 Spectrum Way, Suite 405 2011 Commercial Distribution and sale of biotechnological products. 100.000 % — — 100.000 % — 100.000 % Grifols Pharmaceutical Technology (Shanghai) Co., Ltd. Unit 901-902, Tower 2, No. 2013 Commercial Pharmaceutical consultancy services (except for diagnosis), technical and logistical consultancy 100.000 % — 100.000 % — 100.000 % — Grifols Switzerland AG Steinengraben, 5 2013 Commercial Research, development, import and export and commercialisation of pharmaceutical products, devices — — — — 100.000 % — and diagnostic instruments. Grifols (H.K.), Limited Units 1505-7 BerKshire House, 2014 Commercial Distribution and sale of diagnostic products. — 100.000 % — 100.000 % — 100.000 % Grifols Japan K.K. Hilton Plaza West Office Tower, 19th floor. 2-2, Umeda 2-chome, Kita-ku Osaka-shi Japón Hilton Plaza West Office Tower, 2014 Commercial Research, development, import and export and commercialisation of pharmaceutical products, devices 100.000 % — 100.000 % — 100.000 % — Grifols India Healthcare Private Ltd Regus Business Centre 2014 Commercial Distribution and sale of pharmaceutical products. 99.984 % 0.016 % 99.984 % 0.016 % 99.984 % 0.016 % Grifols Diagnostics Equipment Taiwan Limited 8F., No.367, Fuxing N. RD., 2016 Commercial Distribution and sale of diagnostic products. 100.000 % — 100.000 % — 100.000 % — Grifols Viajes, S.A. Spain Can Guasch, 2 1995 Services Travel agency exclusively serving Group companies. 99.900 % 0.100 % 99.900 % 0.100 % 99.900 % 0.100 % Squadron Reinsurance Designated Activity Company Ireland The Metropolitan Building, 3rd 2003 Services Reinsurance of Group companies’ insurance policies. — 100.000 % — 100.000 % — 100.000 % Grifols Shared Services North America, Inc. United States 2410 Lillivale Avenue 2011 Services Support services for the collection, manufacture, sale and distribution of plasma derivatives and related 100.000 % — 100.000 % — 100.000 % — Gripdan Invest, S.L Avenida Diagonal 477 Barcelona, 2015 Services Rental of industrial buildings 100.000 % — 100.000 % — 100.000 % — Araclon Biotech, S.L. Spain Paseo de Sagasta, 17 2º izqda. 2012 Research Creation and commercialisation of a blood diagnosis kit for the detection of Alzheimer's and — 75.850 % — 75.850 % — 75.100 % VCN Bioscience, S.L. Avenida de la Generalitat 152 2012 Research Research and development of therapeutic approaches for tumours for which there is currently no — — — 86.830 % — 86.830 % Grifols Innovation and New Technologies Limited Grange Castle Business Park, 2016 Research Biotechnology research and development — 100.000 % — 100.000 % — 100.000 % Kiro Grifols S.L Spain Polígono Bainuetxe, 5, 2º planta, Aretxabaleta, Guipúzcoa 2014 Research Development of machines and equipment to automate and control key points of hospital processes, and hospital pharmacy processes. 90.000 % — 90.000 % — 90.000 % — Chiquito Acquisition Corp. 2711 Centerville Road Suite 400, Wilmington, Delaware, New Castle County, United States 2017 Corporate Engage in any lawful act or activity for which a corporation may be organized under the General Corporation Law of the State of Delaware, as amended from time to time (the "DGCL"). — 100.000 % — 100.000 % — 100.000 % Aigües Minerals de Vilajuiga, S.A. Carrer Sant Sebastià, 2, 17493 Vilajuïga, Girona Carrer Sant Sebastià, 2, 17493 Vilajuïga, Girona, Spain 2017 Industrial Collection and use of mineral-medicinal waters and obtaining of 99.990 % 0.010 % 99.990 % 0.010 % 99.990 % 0.010 % all necessary administrative concessions for the optimum and widest use of these. Goetech LLC (D/B/A Medkeeper) 7600 Grandview Avenue, Suite 210, Arvada, CO 80002, United States 2018 Industrial Development and distribution of web and mobile-based platforms for hospital pharmacies — 100.000 % — 100.000 % — 100.000 % Interstate Blood Bank, Inc. 5700 Pleasantville Road 2016 Industrial Procurement of human plasma. — 100.000 % — 100.000 % — 100.000 % Haema, AG LandsteinerstraBe 1, 04103 Leipzig - Germany 2018 Industrial Procurement of human plasma. — — — — — — BPC Plasma, Inc (formerly Biotest Pharma Corp) 901 Yamato Rd., Suite 101, Boca Raton FL 33431 - USA 2018 Industrial Procurement of human plasma. — — — — — — Alkahest, Inc. 3500 South DuPont Hwy, Dover, County of Kent Estados Unidos 3500 South DuPont Hwy, 2015 Research Development of novel plasma-based products for the treatment of cognitive decline in aging and disorders of the central nervous system (CNS). — 100.000 % — 100.000 % — 42.450 % Plasmavita Healthcare GmbH Colmarer Strasse 22, 60528 Frankfurt am Main - Germany Colmarer Strasse 22, 60528 Frankfurt am Main - Germany 2018 Industrial Procurement of human plasma. — 50.000 % — 50.000 % — 50.000 % Plasmavita Healthcare II GmbH Garnisongasse 4/12, 1090 Vienna, Austria Garnisongasse 4/12, 1090 Vienna, Austria 2019 Industrial Procurement of human plasma. — 50.000 % — 50.000 % — 50.000 % Grifols Canada Therapeutics Inc. (formerly Green Cross Biotherapeutics; Inc) 2911 Avenue Marie Curie, Arrondissement de Saint-Laurent, Quebec 2020 Industrial Conducting business in Pharmceuticals and Medicines Industry 0.020 % 99.980 % 100.000 % — — 100.000 % GCAM, Inc. (merged with Biomat USA, Inc.) 1561 E Orangethorpe Ave #205, Fullerton, CA 92831 2020 Industrial Engage in any lawful act or activity for which corporations may be organized under the General — — — — — 100.000 % Corporation Law of Delaware and engaging in any and all activities necessary or incidental to the foregoing. Grifols Laboratory Solutions, Inc Corporation Trust Center, 1209, Orange Street, Wilmington, New Castle Country, Delaware, 19801 2020 Services Engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of Delaware — 100.000 % — 100.000 % — 100.000 % Grifols Korea Co., Ltd. 302 Teheran-ro, Gangnam-gu, Seoul (Yeoksam-dong) 2020 Commercial Import, export of diagnostic in vitro products and solutions. 100.000 % — 100.000 % — 100.000 % — Grifols Middle East & Africa LLC Office No. 534, 5th floor, NamaaBuilding No.155, Ramses Extension Street, Al Hay Al Sades, Nasr City, Cairo 2021 Services Providing consultation (except for those stipulated in Article 27 of the Capital Market Law and its executive regulations) and carry out those commercial activities that are permitted by the law. 99.990 % 0.010 % 99.990 % 0.010 % — — GigaGen Inc. 407 Cabot Road 2017 Industrial Engage in any lawful act or activity for which corporations may be organized under General Corporation Law. — 100.000 % — 100.000 % — 43.960 % Grifols Pyrenees Research Center, S.L. C/ Prat de la Creu, 68-76, Planta 3ª, Edifici Administratiu del Comú d'Andorra la Vella 2021 Industrial Constitution, development and management of operations of a research and development center in all areas of immnology, dedicated to find possible solutions — 80.000 % — 80.000 % — — for therapeutic applications. Grifols Bio North America LLC 251 Little Falls Drive, Wilmington, New Castle County, 19808, Delaware 2021 Industrial Engage in any lawful business permitted by the Act or the laws of any jurisdiction in which the Company may do business. — 100.000 % — 100.000 % — — Biomat Holdco, LLC. 251 Little Falls Drive, Wilmington, New Castle County, Delaware, 19808 2021 Services Engage in any lawful act or activity for which corporations may be organized under General Corporation Law of Delaware. — 100.000 % — 100.000 % — — Biomat Newco, Corp. 251 Little Falls Drive, Wilmington, New Castle County, Delaware, 19808 2021 Services Engage in any lawful act or activity for which corporations may be organized under General Corporation Law of Delaware. — 100.000 % — 100.000 % — — Grifols Escrow Issuer, S.A. Parque Empresarial Can Sant Joan, Avda de la Generalitat, 152-156, Sant Cugat del Vallès, 08174, Barcelona 2021 Services Administration, management and control services for companies and businesses, as well as investment in property, as well as providing advisory services of any investee entities or group companies. 100.000 % — 100.000 % — — — Prometic Plasma Resources, Inc. 531 Boul. Des Prairies, Building 15 Laval, Quebec H7V 1B7 2021 Industrial Procurement of human plasma. — 100.000 % 100.000 % — — — Access Biologicals, LLC 955, Park Center Drive, Vista, CA 92801, USA 2017 Industrial Manufacture of biological products such as specific serum and plasma reagents that are used by — 100.000 % — 49.000 % — 49.000 % biotechnological and biopharmaceutical companies for in-vitro diagnosis, cell culture and research and development in the field of diagnostics. Access Biologicals IC-DISC, Inc. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — 100.000 % — 49.000 % — 49.000 % Access Cell Culture, LLC. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — 100.000 % — 49.000 % — 49.000 % Access Plasma, LLC. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma- — 100.000 % — 49.000 % — 49.000 % derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. Albimmune, S.L. Parque Empresarial Can Sant Joan, Avda de la Generalitat, 152-156, Sant Cugat del Vallès, 08174, Barcelona España 2022 Research The purpose of the company is the research, development and exploitation of a project on the application of the use of albumin as a medicine — 51.000 % — — — — Biotest, AG Landsteinerstr. 5, D-63303 Dreieich, Germany 2022 Industrial Development, manufacture and distribution of biological, chemical, pharmaceutical, human and veterinary medical, cosmetic and dietary products as well as containers, devices, machines and accessories for medical, pharmaceutical and analytical purposes, as well as research in these fields. Furthermore the activity (especially research development, production and distribution) in the field of plant protection and plant breeding, 24.700 % 45.480 % — — — — the field of testing and purification of soil, water and air and in the field of products, materials and techniques used in space. Biotest Austria, GmbH Einsiedlergasse 58, A-1050, Vienna, Austria 2022 Industrial Distribution of pharmaceutical products. — 70.180 % — — — — Biotest Italia, S.R.L. Via Leonardo da Vinci 43, I-20090 Trezzano sul Naviglio MI, Italia 2022 Industrial Distribution of pharmaceutical products. — 70.180 % — — — — Biotest (UK) Ltd. 17 High Street, B31 2UQ Longbridge Birmingham, United Kingdom 2022 Industrial Distribution of pharmaceutical products. — 70.180 % — — — — Biotest (Schweiz) AG Schützenstrasse 17, CH-5102 Rupperswil, Switzerland 2022 Industrial Distribution of pharmaceutical products. — 70.180 % — — — — Biotest Hungaria Kft Torbágy utca 15/ A, Törökbálint 2045, Hungary 2022 Industrial Procurement of human plasma. — 70.180 % — — — — Biotest Farmacêutica LTDA Rua José Ramos Guimarães, 49 A Centro, 12955-000, Bom Jesus dos Perdões – SP, Brasil 2022 Industrial Distribution of pharmaceutical products. — 70.180 % — — — — Biotest Hellas M.E.P.E. 45 Michalakopoulou Str., 11528 Athens, Greece 2022 Research Research and development of solutions in the Biopharma area. — 70.180 % — — — — Biotest France SAS 45/47 rue d'Hauteville, 75010 Paris, France 2022 Servicios The purpose of the company is to act as an agent and support the group companies. — 70.180 % — — — — Biotest Pharmaceuticals Ilaç Pazarlama Anonim Sirketi Nishstanbul, Cobançesme Mahallesi, 34197 Bahçeliever, Istanbul, Turkey 2022 Research Research and development of solutions in the Biopharma area. — 70.180 % — — — — Biotest Medical, S.L.U. C/ Frederic Mompou, nº 5, 6º 3ª A, 08960 Sant Just Desvern, Barcelona, Spain 2022 Industrial Distribution of pharmaceutical products. — 70.180 % — — — — Biotest Pharma, GmbH Landsteinerstr. 5, D-63303 Dreieich, Germany 2022 Industrial Carry out the development and production activities in the Biopharma area. — 70.180 % — — — — BioDarou PLC Sarparast St., Italia St. Felestin Ave, 1416653163 Tehran, Iran 2022 Industrial Procurement of human plasma. — 70.180 % — — — — Biotest Grundstücksverwaltungs GmbH Landsteinerstr. 5, D-63303 Dreieich, Germany 2022 Servicios Management of own assets. — 70.180 % — — — — Plasma Service Europe GmbH Landsteinerstr. 5, D-63303 Dreieich, Germany 2022 Industrial Procurement of human plasma. — 70.180 % — — — — Cara Plasma s.r.o. Jungmannova 745/24 - Nové Město, 110 00 Praha 1 , Czech Republic 2022 Industrial Procurement of human plasma. — 70.180 % — — — — Plazmaszolgálat Kft Torbágy utca 15/ A, Törökbálint 2045, Hungary 2022 Industrial Procurement of human plasma. — 70.180 % — — — — Grifols Biotest Holdings GmbH Colmarer Str. 22, 60528 Frankfurt am Main, Germany 2022 Services Management of own assets as well as the acquisition, sale, holding and management of shares in other companies in Germany and abroad in the company's own name and on its own account (not third parties), in particular in Biotest AG with registered offices in Dreiech. 100.000 % — — — — — Equity-accounted investees Aradigm Corporation 3929 Point Eden Way 2013 Research Development and commercialisation of drugs delivered by inhalation for the prevention and treatment of severe respiratory diseases. — — — 35.130 % — 35.130 % Mecwins, S.L. Avenida Fernandos Casas Novoa, 37 2013 Research Research and production of nanotechnological, biotechnological — 24.590 % — 24.990 % — 24.990 % and chemical solutions. Albajuna Therapeutics, S.L Hospital Germans Trias i Pujol, carretera de Canyet, s/n, Badalona 2016 Research Development and manufacture of therapeutic antibodies against HIV. — 49.000 % — 49.000 % — 49.000 % Singulex, Inc. 4041 Forest Park Avenue St. Louis, Missouri 2016 Research Development of the Single Molecule Counting (SMC™) technology for clinical diagnostic and scientific discovery. — — — 19.330 % — 19.330 % Access Biologicals, LLC. (becomes part of the group) 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — — — 49.000 % — 49.000 % Access Biologicals IC-DISC, Inc. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in — — — 49.000 % — 49.000 % the diagnostic field. Access Cell Culture, LLC. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — — — 49.000 % — 49.000 % Access Plasma, LLC. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — — — 49.000 % — 49.000 % GigaGen Inc. 407 Cabot Road 2017 Industrial Engage in any lawful act or activity for which corporations may be organized under General Corporation Law. — — — — — 43.960 % Medcom Advance, S.A Av. Roma, 35 Entresuelo 1, 08018 Barcelona; Spain 2019 Research Research and development of nanotechnological solutions. — 45.000 % — 45.000 % — 45.000 % Shanghai RAAS Blood Products Co. Ltd. 2009 Wangyuan Road, Fengxian District, Shanghai 2020 Industrial Introducing advanced and applicable technologies, instruments and scientific management systems for manufacturing and diagnosis of blood products, in order to raise the production capacity and enhance quality standards of blood products to the international level. 26.200 % — 26.200 % — 26.200 % — Grifols Egypt for Plasma Derivatives (S.A.E.) Tolip El Narges Hotel, Teseen Streett, Fifth Settlement, Cairo 2021 Industrial Establish and operate a plasma fractionation plant, regardless of whether the plasma is collected locally or imported, as well as its filling and packaging. 49.000 % — 49.000 % — — — |
Appendix II (Tables)
Appendix II (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Appendix II | |
Schedule of operating segments | Biopharma Diagnostic Bio Supplies Others Intersegments Consolidated 2022 2021 (*) 2020 (*) 2022 2021 (*) 2020 (*) 2022 2021 (*) 2020 (*) 2022 2021 (*) 2020 (*) 2022 2021 (*) 2020 (*) 2022 2021 (*) 2020 (*) Revenues from external customers 5,005,382 3,814,983 4,242,502 671,292 779,108 775,889 146,076 115,811 133,221 250,165 266,461 222,521 (8,948) (43,245) (34,095) 6,063,967 4,933,118 5,340,038 Total operating income 5,005,382 3,814,983 4,242,502 671,292 779,108 775,889 146,076 115,811 133,221 250,165 266,461 222,521 (8,948) (43,245) (34,095) 6,063,967 4,933,118 5,340,038 Profit/(Loss) for the segment 791,339 681,925 967,415 129,968 152,948 215,793 114,397 39,901 36,142 (46,809) (83,482) (43,960) 35,419 (10,896) 4,428 1,024,314 780,396 1,179,818 Unallocated expenses (218,634) (185,332) (183,686) Operating profit/(loss) 805,680 595,064 996,132 Finance result (442,941) (277,799) (177,669) Share of profit/(loss) of equity- accounted investee — — — — — — — — — (1,482) 33,188 60,166 — — — (1,482) 33,188 60,166 Income tax expense (90,111) (85,126) (169,639) Profit for the year after tax 271,146 265,327 708,990 Segment assets 13,187,651 9,467,378 7,975,667 3,681,632 3,513,991 3,371,125 341,876 47,446 251,551 766,139 827,371 641,341 (6,997) (39,963) (26,773) 17,970,301 13,816,223 12,212,911 Equity-accounted investments 41,162 31,847 — — — — — 53,264 46,782 1,914,015 1,914,665 1,822,238 — — — 1,955,177 1,999,776 1,869,020 Unallocated assets — — — — — — — — — — — — — — — 1,608,499 3,417,836 1,192,845 Total assets 21,533,977 19,233,835 15,274,776 Segment liabilities 2,317,191 1,521,634 1,222,664 425,693 397,869 372,461 43,264 27,596 120,787 222,565 199,095 153,513 — — — 3,008,713 2,146,194 1,869,425 Unallocated liabilities — — — — — — — — — — — — — — — 10,067,720 9,770,543 6,685,296 Total liabilities 13,076,433 11,916,737 8,554,721 Other information: Allocated amortisation and depreciation 294,156 228,114 201,087 64,682 88,557 63,053 5,759 2,948 21,846 20,367 19,043 15,263 — — — 384,964 338,662 301,249 Unallocated amortisation and depreciation — — — — — — — — — — — — — — — 22,900 21,105 20,284 Allocated expenses that do not require cash payments (71,964) 26,051 38,955 13,639 4,446 (21,335) 120 73 3 (206) 3,349 (2,448) — — — (58,411) 33,919 15,175 Unallocated expenses that do not require cash — — — — — — — — — — — — — — — (10,770) 4,991 4,924 Allocated additions for the year of property, plant & 402,672 349,890 289,062 49,890 19,991 34,516 98 13,836 10,915 30,192 28,597 12,698 — — — 482,852 412,314 347,191 Unallocated additions for the year of property, plant — — — — — — — — — — — — — — — 59,866 55,380 107,178 |
Schedule of reporting by geographical area | Spain Rest of European Union USA + Canada Rest of World Consolidated 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 Net Revenue 320,631 362,407 339,169 711,579 544,042 495,323 3,855,607 3,154,549 3,599,746 1,176,150 872,120 905,800 6,063,967 4,933,118 5,340,038 Assets by geographical area 1,156,068 1,092,435 1,117,647 6,600,264 5,393,407 2,927,198 11,561,068 10,525,140 9,138,360 2,216,577 2,222,853 2,091,571 21,533,977 19,233,835 15,274,776 Other information: Additions for the year of property, plant & equipment, intangible assets and rights of use 60,503 71,022 93,787 107,030 91,388 92,873 363,034 295,526 253,442 12,151 9,758 14,267 542,718 467,694 454,369 |
Appendix III (Tables)
Appendix III (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Appendix III | |
Schedule of changes in other intangible assets | Balance at Business Translation Balance at 12/31/2021 Additions combinations Transfers Disposals differences 12/31/2022 Development costs 801,606 39,835 943,857 — (3,372) 40,159 1,822,085 Concessions, patents, licenses brands & similar 244,558 36,612 3,762 97 (3,907) 11,036 292,158 Computer software 330,491 31,299 50 1,881 (34,429) 11,699 340,991 Currently marketed products 1,083,301 — — — — 65,561 1,148,862 Other intangible assets 156,009 1,323 307,927 (55) (77,825) 12,418 399,797 Total cost of intangible assets 2,615,965 109,069 1,255,596 1,923 (119,533) 140,873 4,003,893 Accum. amort. of development costs (168,366) (28,160) — — 663 (3,581) (199,444) Accum. amort of concessions, patents, licenses, brands & similar (64,176) (12,321) (332) — 2,200 (2,702) (77,331) Accum. amort. of computer software (200,291) (30,357) (12) 140 16,813 (6,598) (220,305) Accum. amort. of currently marketed products (394,784) (40,212) — — — (22,798) (457,794) Accum. amort. of other intangible assets (81,298) (12,603) — — 799 (4,687) (97,789) Total accum. amort intangible assets (908,915) (123,653) (344) 140 20,475 (40,366) (1,052,663) Impairment of other intangible assets (70,100) (638) — 79 76,302 (7,726) (2,083) Carrying amount of intangible assets 1,636,950 (15,222) 1,255,252 2,142 (22,756) 92,781 2,949,147 (See note 3) Balance at Business Translation Balance at 31/12/2020 Additions combinations Transfers Disposals differences 31/12/2021 Development costs 701,390 34,671 24,027 — (5,679) 47,197 801,606 Concessions, patents, licenses brands & similar 228,023 57 — — — 16,478 244,558 Computer software 279,651 33,516 — 3,315 (208) 14,217 330,491 Currently marketed products 1,004,665 — — — — 78,636 1,083,301 Other intangible assets 156,644 — — — (12,146) 11,511 156,009 Total cost of intangible assets 2,370,373 68,244 24,027 3,315 (18,033) 168,039 2,615,965 Accum. amort. of development costs (125,875) (44,612) — (60) 5,679 (3,498) (168,366) Accum. amort of concessions, patents, licenses, brands & similar (51,197) (9,909) — — — (3,070) (64,176) Accum. amort. of computer software (167,124) (25,474) — (101) 178 (7,770) (200,291) Accum. amort. of currently marketed products (331,968) (35,989) — — — (26,827) (394,784) Accum. amort. of other intangible assets (71,430) (4,265) — — — (5,603) (81,298) Total accum. amort intangible assets (747,594) (120,249) 0 (161) 5,857 (46,768) (908,915) Impairment of other intangible assets (65,129) (73) — — — (4,898) (70,100) Carrying amount of intangible assets 1,557,650 (52,078) 24,027 3,154 (12,176) 116,373 1,636,950 |
Appendix IV (Tables)
Appendix IV (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
APPENDIX IV | |
Schedule of movement of rights of use | Balance at Business Translation Balance at 12/31/2021 Additions combinations Transfers Disposals differences 12/31/2022 Land and buildings 941,955 130,475 27,620 (455) (35,924) 50,983 1,114,654 Machinery 9,076 5,055 347 (1,189) (6,849) 224 6,664 Computer equipment 8,519 278 263 (568) (1,848) 175 6,819 Vehicles 15,760 6,165 1,279 (10) (2,527) 291 20,958 Total cost of rights of use 975,310 141,973 29,509 (2,222) (47,148) 51,673 1,149,095 Accum. depr. of land and buildings (159,831) (72,214) (359) 106 9,782 (7,088) (229,604) Accum. depr. of machinery (3,792) (1,983) (236) 894 1,361 109 (3,647) Accum. depr. of computer equipment (6,475) (1,432) — 573 1,719 (178) (5,793) Accum. depr. of vehicles (9,555) (4,869) — 4 2,157 (236) (12,499) Total accum. Depr. of rights of use (179,653) (80,498) (595) 1,577 15,019 (7,393) (251,543) Carrying amount of rights of use 795,657 61,475 28,914 (645) (32,129) 44,280 897,552 Balance at Business Translation Balance at 12/31/2020 Additions combinations Transfers Disposals differences 12/31/2021 Land and buildings 759,120 125,112 4,611 3,337 (3,603) 53,378 941,955 Machinery 5,907 3,412 — (495) (89) 341 9,076 Computer equipment 8,228 641 — (629) (7) 286 8,519 Vehicles 14,152 4,277 — (407) (2,887) 625 15,760 Total cost of rights of use 787,407 133,442 4,611 1,806 (6,586) 54,630 975,310 Accum. depr. of land and buildings (94,118) (57,901) — (3,337) 3,605 (8,080) (159,831) Accum. depr. of machinery (2,236) (2,120) — 587 87 (110) (3,792) Accum. depr. of computer equipment (4,640) (2,269) — 629 7 (202) (6,475) Accum. depr. of vehicles (7,717) (4,430) — 407 2,581 (396) (9,555) Total accum. depr. of rights of use (108,711) (66,720) — (1,714) 6,280 (8,788) (179,653) Carrying amount of rights of use 678,696 66,722 4,611 92 (306) 45,842 795,657 |
Appendix V (Tables)
Appendix V (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Appendix V | |
Schedule of movement in property, plant and equipment | Balances at Business Translation Balances at 31/12/2021 Additions combination Transfers Disposals differences 31/12/2022 Cost: Land and buildings 860,447 4,636 236,732 11,374 (864) 43,081 1,155,406 Plant and machinery 2,527,744 50,025 316,946 115,070 (50,958) 110,196 3,069,023 Fixed Assets under construction 763,787 237,015 — (147,240) — 24,853 878,415 4,151,978 291,676 553,678 (20,796) (51,822) 178,130 5,102,844 Accumulated depreciation: Buildings (148,082) (27,757) — 1,553 57 (7,108) (181,337) Plant and machinery (1,442,434) (175,956) (4,044) 3,201 41,061 (59,834) (1,638,006) (1,590,516) (203,713) (4,044) 4,754 41,118 (66,942) (1,819,343) Impairment of other property, plant and equipment (13,965) (7,396) — 9,383 340 (926) (12,564) Carrying amount 2,547,497 80,567 549,634 (6,659) (10,364) 110,262 3,270,937 (See note 3) Balances at Business Translation Balances at 12/31/2020 Additions combination Transfers Disposals differences 31/12/2021 Cost: Land and buildings 780,180 3,361 660 24,830 (123) 51,539 860,447 Plant and machinery 2,200,429 42,747 10,381 171,894 (24,960) 127,253 2,527,744 Fixed Assets under construction 704,582 219,900 (7,300) (199,943) — 46,548 763,787 3,685,191 266,008 3,741 (3,219) (25,083) 225,340 4,151,978 Accumulated depreciation: Buildings (122,948) (19,388) — 2,583 123 (8,452) (148,082) Plant and machinery (1,235,483) (153,408) — (2,609) 18,808 (69,742) (1,442,434) (1,358,431) (172,796) — (26) 18,931 (78,194) (1,590,516) Impairment of other property, plant and equipment (2,653) (11,246) — — — (66) (13,965) Carrying amount 2,324,107 81,966 3,741 (3,245) (6,152) 147,080 2,547,497 (See note 3) |
Nature, Principal Activities _2
Nature, Principal Activities and Subsidiaries (Details) - IPO € / shares in Units, € in Millions | May 17, 2006 EUR (€) € / shares shares |
Nature, principal activities and subsidiaries | |
Number of ordinary shares issued through public offering | shares | 71,000,000 |
Par value (in Euros per share) | € 0.50 |
Share premium | € 3.90 |
Total capital increase (including the share premium) | € | € 312.4 |
Issue price | € 4.40 |
Basis of Presentation (Details)
Basis of Presentation (Details) Ft in Thousands, $ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 10, 2022 EUR (€) | Mar. 08, 2021 EUR (€) | Mar. 08, 2021 USD ($) | Feb. 01, 2021 EUR (€) | Dec. 02, 2020 EUR (€) | Dec. 01, 2020 | Sep. 02, 2020 USD ($) | Apr. 14, 2020 EUR (€) | Mar. 30, 2020 shares | Jul. 05, 2017 | Oct. 31, 2021 EUR (€) | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2017 | Jun. 15, 2022 USD ($) | Apr. 25, 2022 EUR (€) | Mar. 10, 2022 USD ($) | Jan. 13, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CAD ($) | Aug. 26, 2021 USD ($) | Mar. 08, 2021 USD ($) | Feb. 01, 2021 HUF (Ft) | Dec. 31, 2020 EUR (€) | Oct. 01, 2020 EUR (€) Center facility | Oct. 01, 2020 USD ($) Center facility | Jul. 20, 2020 EUR (€) Center facility | Jul. 20, 2020 USD ($) Center facility | Dec. 31, 2019 EUR (€) | Dec. 28, 2018 USD ($) | |
Basis of presentation. | ||||||||||||||||||||||||||||||
Consideration received in shares | shares | 1,766,000,000 | |||||||||||||||||||||||||||||
Other current assets | € 81,814,000 | € 64,079,000 | ||||||||||||||||||||||||||||
Net deferred tax | 859,900,000 | 481,477,000 | € 406,892,000 | € 340,803,000 | ||||||||||||||||||||||||||
Deferred tax assets | 174,923,000 | 152,507,000 | € 149,921,000 | |||||||||||||||||||||||||||
Tax loss carryforwards | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Deferred tax assets | 61,152,000 | |||||||||||||||||||||||||||||
Tax loss carryforwards that will be recovered in less than 5 years | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Deferred tax assets | € 48,453,000 | |||||||||||||||||||||||||||||
Plasmavita Healthcare GmbH (Germany) | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Contribution | € 10,000,000 | |||||||||||||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50% | 50% | ||||||||||||||||||||||||||||
VCN Bioscience S.L | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Percentage of sale of interest | 100% | |||||||||||||||||||||||||||||
Consideration for sale of interest | $ | $ 7,700 | |||||||||||||||||||||||||||||
Income recognized as result of divestment | € 7,557,000 | |||||||||||||||||||||||||||||
Shanghai RAAS Blood Products Co., Ltd. | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Percentage of shareholding | 26.20% | |||||||||||||||||||||||||||||
Shanghai RAAS Blood Products Co., Ltd. | Grifols Diagnostics Solutions Inc [Member] | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Number of shares to be delivered | shares | 90 | |||||||||||||||||||||||||||||
Ownership interest acquired (as a percent) | 40% | |||||||||||||||||||||||||||||
Government of Andorra | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Percentage of shareholding | 20% | |||||||||||||||||||||||||||||
GigaGen Inc. | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Percentage of shareholding | 43.96% | |||||||||||||||||||||||||||||
Difference between the fair value of the previous shareholding and the recognized carrying amount | € 34,525,000 | $ 41,758 | ||||||||||||||||||||||||||||
Green Cross | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
First repurchase of non-controlling interests | € 387,917,000 | $ 457,160 | ||||||||||||||||||||||||||||
Number of purification facilities | facility | 2 | 2 | 2 | 2 | ||||||||||||||||||||||||||
Number of plasma collection centers | Center | 11 | 11 | 11 | 11 | ||||||||||||||||||||||||||
Consideration transferred for acquisition | € 387,917,000 | $ 457,160 | ||||||||||||||||||||||||||||
GigaGen Inc. | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Percentage of shareholding | 100% | 100% | ||||||||||||||||||||||||||||
Total consideration | $ | $ 90,500 | |||||||||||||||||||||||||||||
Ownership interest acquired (as a percent) | 100% | 100% | ||||||||||||||||||||||||||||
Consideration transferred for acquisition | € 73,428,000 | $ 88,811 | ||||||||||||||||||||||||||||
Prometic Plasma Resources, Inc. | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Consideration transferred for acquisition | € 7,757,000 | $ 8,805 | $ 11,127 | |||||||||||||||||||||||||||
Grifols Escrow Issuer, S.A | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Consideration transferred for acquisition | $ | $ 60 | |||||||||||||||||||||||||||||
Biotest AG | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Ownership interest acquired (as a percent) | 70.18% | |||||||||||||||||||||||||||||
Consideration transferred for acquisition | € 1,460,853,000 | |||||||||||||||||||||||||||||
Haema Plasma Kft | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Percentage of interest | 100% | |||||||||||||||||||||||||||||
Consideration transferred for acquisition | € 16,948,000 | Ft 6,228,796 | ||||||||||||||||||||||||||||
Access Biologicals, LLC | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Ownership interest acquired (as a percent) | 51% | 51% | ||||||||||||||||||||||||||||
Consideration transferred for acquisition | $ | $ 142,000 | |||||||||||||||||||||||||||||
Albimmune SL | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Ownership interest acquired (as a percent) | 51% | |||||||||||||||||||||||||||||
Consideration transferred for acquisition | € 3,000 | |||||||||||||||||||||||||||||
Biotest Us Corporation and Haema AG | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Consideration for sale of subsidiary | $ | $ 538,014 | |||||||||||||||||||||||||||||
Alkahest, Inc. (USA) | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Percentage of interest | 57.55% | |||||||||||||||||||||||||||||
Consideration transferred for acquisition | $ | $ 146,000 | |||||||||||||||||||||||||||||
Grifols Malaysia Sdn Bhd | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Percentage of interest | 49% | |||||||||||||||||||||||||||||
Grifols (Thailand) Pte Ltd. | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Number of classes of shares | shares | 2 | |||||||||||||||||||||||||||||
VCN Bioscience S.L | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Percentage of interest | 86.83% | 81.34% | ||||||||||||||||||||||||||||
Share capital increase | € 5,000,000 | |||||||||||||||||||||||||||||
Grifols Diagnostics Solutions Inc [Member] | Shanghai RAAS Blood Products Co., Ltd. | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Economic rights (as a percent) | 45% | |||||||||||||||||||||||||||||
G Pyrenees Research Cntr | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Percentage of interest | 80% | |||||||||||||||||||||||||||||
Contribution made | € 2,000 | |||||||||||||||||||||||||||||
Araclon Biotech S.L | ||||||||||||||||||||||||||||||
Basis of presentation. | ||||||||||||||||||||||||||||||
Percentage of interest | 75.85% | |||||||||||||||||||||||||||||
Share capital increase | € 10,000,000 |
Business Combinations and Div_3
Business Combinations and Divestments - Cost, FV of Assets, Goodwill and Other (Details) € / shares in Units, € in Thousands, Ft in Thousands, $ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Jun. 15, 2022 USD ($) | Jun. 15, 2022 EUR (€) | Apr. 25, 2022 EUR (€) € / shares shares | Mar. 10, 2022 EUR (€) | Jan. 01, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 CAD ($) | Mar. 31, 2021 EUR (€) | Mar. 08, 2021 USD ($) | Mar. 08, 2021 EUR (€) | Feb. 28, 2021 EUR (€) | Feb. 01, 2021 EUR (€) item | Oct. 15, 2020 USD ($) | Oct. 01, 2020 USD ($) Center facility l | Sep. 02, 2020 USD ($) | Sep. 02, 2020 EUR (€) | Jul. 20, 2020 USD ($) Center facility | Apr. 14, 2020 EUR (€) | Jan. 01, 2020 EUR (€) | Jan. 12, 2017 | Jul. 31, 2022 EUR (€) | Nov. 30, 2017 person Center | Dec. 31, 2020 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2022 EUR (€) € / shares | Dec. 31, 2020 EUR (€) l | Jul. 31, 2022 USD ($) | Jul. 31, 2022 EUR (€) | Jun. 15, 2022 EUR (€) | Mar. 10, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) € / shares | Dec. 31, 2021 CAD ($) | Mar. 31, 2021 USD ($) l | Mar. 31, 2021 EUR (€) l | Mar. 08, 2021 EUR (€) | Mar. 07, 2021 | Feb. 28, 2021 USD ($) l | Feb. 28, 2021 EUR (€) l | Feb. 01, 2021 HUF (Ft) item | Oct. 15, 2020 EUR (€) | Oct. 01, 2020 EUR (€) Center facility | Sep. 02, 2020 EUR (€) | Jul. 20, 2020 EUR (€) Center facility | Dec. 31, 2019 EUR (€) | Dec. 28, 2018 USD ($) | |
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Other non-current assets | $ 79 | € 13,969 | € 75 | ||||||||||||||||||||||||||||||||||||||||||||
Fair value of net assets acquired | 88,193 | 1,157,229 | 83,366 | ||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interests | (356,386) | ||||||||||||||||||||||||||||||||||||||||||||||
Development costs in progress | 86,832 | 1,172,582 | 82,080 | ||||||||||||||||||||||||||||||||||||||||||||
Other disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
Investment in equity-accounted investees | € 1,869,020 | € 1,869,020 | € 1,955,177 | € 1,869,020 | € 1,999,776 | € 114,473 | |||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | $ 2,739 | 545,667 | 2,589 | ||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares | |||||||||||||||||||||||||||||||||||||||||||||||
Other disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
Par value (in Euros per share) | € / shares | € 0.25 | € 0.25 | |||||||||||||||||||||||||||||||||||||||||||||
Preference shares | |||||||||||||||||||||||||||||||||||||||||||||||
Other disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
Par value (in Euros per share) | € / shares | € 0.05 | € 0.05 | |||||||||||||||||||||||||||||||||||||||||||||
Biotest AG | |||||||||||||||||||||||||||||||||||||||||||||||
Other disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
Number of new plasma donation centers opened | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of plasma donation centers owned | 28 | ||||||||||||||||||||||||||||||||||||||||||||||
Biotest Us Corporation and Haema AG | |||||||||||||||||||||||||||||||||||||||||||||||
Other disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
Consideration for sale of subsidiary | $ | $ 538,014 | ||||||||||||||||||||||||||||||||||||||||||||||
Access Biologicals Inc. | |||||||||||||||||||||||||||||||||||||||||||||||
Other disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
Percentage of interest | 100% | 100% | |||||||||||||||||||||||||||||||||||||||||||||
Option to purchase remaining voting rights, term (in years) | 5 years | ||||||||||||||||||||||||||||||||||||||||||||||
Goetech, LLC | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Consideration for sale of interest | $ 91,635 | € 90,002 | |||||||||||||||||||||||||||||||||||||||||||||
Income recognized as result of divestment | € 23,106 | ||||||||||||||||||||||||||||||||||||||||||||||
Prometic Plasma Resources, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Consideration paid | € 7,757 | $ 11,127 | |||||||||||||||||||||||||||||||||||||||||||||
Total consideration paid | $ 8,805 | € 7,757 | $ 11,127 | ||||||||||||||||||||||||||||||||||||||||||||
Fair value of net assets acquired | 4,933 | 7,075 | |||||||||||||||||||||||||||||||||||||||||||||
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) | 2,824 | 4,052 | |||||||||||||||||||||||||||||||||||||||||||||
Consideration transferred for acquisition | $ 8,805 | 7,757 | 11,127 | ||||||||||||||||||||||||||||||||||||||||||||
Development costs in progress | 551 | 791 | |||||||||||||||||||||||||||||||||||||||||||||
Other disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | 36 | $ 51 | |||||||||||||||||||||||||||||||||||||||||||||
Haema Plasma Kft. | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Other non-current assets | € 302 | Ft 110,810 | |||||||||||||||||||||||||||||||||||||||||||||
Total consideration paid | 16,948 | 6,228,796 | |||||||||||||||||||||||||||||||||||||||||||||
Fair value of net assets acquired | 2,209 | 812,371 | |||||||||||||||||||||||||||||||||||||||||||||
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) | 14,739 | 5,416,425 | |||||||||||||||||||||||||||||||||||||||||||||
Call option price | 16,948 | 6,228,796 | |||||||||||||||||||||||||||||||||||||||||||||
Consideration transferred for acquisition | 16,948 | 6,228,796 | |||||||||||||||||||||||||||||||||||||||||||||
Development costs in progress | € 37 | Ft 13,620 | |||||||||||||||||||||||||||||||||||||||||||||
Exercisable term of options | 12 months | ||||||||||||||||||||||||||||||||||||||||||||||
Expiration term of options | 48 months | ||||||||||||||||||||||||||||||||||||||||||||||
Number of times of which option price set at EBITDA minus det debt | item | 13 | 13 | |||||||||||||||||||||||||||||||||||||||||||||
Other disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | € 1,301 | Ft 478,222 | |||||||||||||||||||||||||||||||||||||||||||||
Percentage of interest | 100% | ||||||||||||||||||||||||||||||||||||||||||||||
VCN Biosciences, S.L. | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Consideration for sale of interest | $ | $ 7,700 | ||||||||||||||||||||||||||||||||||||||||||||||
Income recognized as result of divestment | € 7,557 | ||||||||||||||||||||||||||||||||||||||||||||||
Biotest AG | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Consideration paid | 1,460,853 | ||||||||||||||||||||||||||||||||||||||||||||||
Total consideration paid | 1,460,853 | ||||||||||||||||||||||||||||||||||||||||||||||
Total consideration transferred to main previous shareholder, acquisition-date fair value | 1,090,518 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans to related party held by acquiree | 317,876 | ||||||||||||||||||||||||||||||||||||||||||||||
Increase in revenue if business combination occurred at beginning of year | € 154,846 | ||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in profit (loss) if business combination occurred at beginning of year | € (15,434) | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value of net assets acquired | 1,157,229 | ||||||||||||||||||||||||||||||||||||||||||||||
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) | 303,624 | ||||||||||||||||||||||||||||||||||||||||||||||
Consideration transferred for acquisition | € 1,460,853 | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of interest acquired | 70.18% | ||||||||||||||||||||||||||||||||||||||||||||||
Transaction costs | € 23,600 | ||||||||||||||||||||||||||||||||||||||||||||||
Other disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest acquired (as a percent) | 70.18% | ||||||||||||||||||||||||||||||||||||||||||||||
Biotest AG | Minimum | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Discount rate applied for projected cash flows | 8.60% | ||||||||||||||||||||||||||||||||||||||||||||||
Biotest AG | Maximum | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Discount rate applied for projected cash flows | 11% | ||||||||||||||||||||||||||||||||||||||||||||||
Biotest AG | Ordinary shares | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Price per share, business combination | € / shares | € 43 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of shares acquired in business combination | shares | 17,783,776 | ||||||||||||||||||||||||||||||||||||||||||||||
Biotest AG | Preference shares | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Price per share, business combination | € / shares | € 37 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of shares acquired in business combination | shares | 214,581 | ||||||||||||||||||||||||||||||||||||||||||||||
Biotest AG | R&D in progress | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization period, intangible assets | 20 years | ||||||||||||||||||||||||||||||||||||||||||||||
Biotest AG | Current Product Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization period, intangible assets | 30 years | ||||||||||||||||||||||||||||||||||||||||||||||
Biotest AG | Distribution Agreements | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization period, intangible assets | 7 years 6 months | ||||||||||||||||||||||||||||||||||||||||||||||
Biotest AG | Grifols Diagnostics Solutions Inc [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Total consideration transferred to other shareholders in voluntary takeover bid, acquisition-date fair value | € 370,335 | ||||||||||||||||||||||||||||||||||||||||||||||
Biotest AG | Grifols Diagnostics Solutions Inc [Member] | Ordinary shares | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Price per share, business combination | € / shares | € 43 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of shares acquired through voluntary takeover bid to all shareholders | shares | 1,435,657 | ||||||||||||||||||||||||||||||||||||||||||||||
Biotest AG | Grifols Diagnostics Solutions Inc [Member] | Preference shares | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Price per share, business combination | € / shares | € 37 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of shares acquired through voluntary takeover bid to all shareholders | shares | 8,340,577 | ||||||||||||||||||||||||||||||||||||||||||||||
Plasmavita Healthcare | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Total consideration paid | € 10,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value of net assets acquired | 21,374 | ||||||||||||||||||||||||||||||||||||||||||||||
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) | 9,987 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value of the previous investment in the company | 10,674 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interests | (10,687) | ||||||||||||||||||||||||||||||||||||||||||||||
Consideration transferred for acquisition | 10,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Payment in cash | 10,000 | ||||||||||||||||||||||||||||||||||||||||||||||
First repurchase of non-controlling interests | 10,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Development costs in progress | 177 | ||||||||||||||||||||||||||||||||||||||||||||||
Other disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
Contribution | 10,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | € 6,506 | ||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in entity, prior to acquisition of remaining shares (as a percent) | 50% | ||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50% | ||||||||||||||||||||||||||||||||||||||||||||||
Number of plasma centers | Center | 10 | ||||||||||||||||||||||||||||||||||||||||||||||
Variation between the fair value of the previous investment and the book value | 5,357 | ||||||||||||||||||||||||||||||||||||||||||||||
Minority interest's share of the contribution made | € 5,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Plasmavita Healthcare | Other partners | |||||||||||||||||||||||||||||||||||||||||||||||
Other disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50% | ||||||||||||||||||||||||||||||||||||||||||||||
Number of partners in joint venture | person | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
Alkahest, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Other non-current assets | $ 210 | € 178 | |||||||||||||||||||||||||||||||||||||||||||||
First share purchase | 22,235 | 18,797 | |||||||||||||||||||||||||||||||||||||||||||||
Total consideration paid | 146,000 | 123,425 | |||||||||||||||||||||||||||||||||||||||||||||
Fair value of net assets acquired | 165,696 | 140,076 | |||||||||||||||||||||||||||||||||||||||||||||
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) | 87,975 | 74,372 | |||||||||||||||||||||||||||||||||||||||||||||
Second repurchase of non-controlling interests (discounted amount) | 123,765 | 104,628 | |||||||||||||||||||||||||||||||||||||||||||||
Fair value of the previous investment in the company | 107,671 | 91,023 | |||||||||||||||||||||||||||||||||||||||||||||
Consideration transferred for acquisition | 146,000 | 123,425 | |||||||||||||||||||||||||||||||||||||||||||||
Percentage of interest acquired | 57.55% | 57.55% | |||||||||||||||||||||||||||||||||||||||||||||
Development costs in progress | 314,198 | 265,617 | |||||||||||||||||||||||||||||||||||||||||||||
Consolidated results | (12,317) | ||||||||||||||||||||||||||||||||||||||||||||||
Other disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | $ 5,879 | € 4,970 | |||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in entity, prior to acquisition of remaining shares (as a percent) | 42.45% | 42.45% | |||||||||||||||||||||||||||||||||||||||||||||
Ownership interest acquired (as a percent) | 57.55% | 57.55% | |||||||||||||||||||||||||||||||||||||||||||||
Percentage of interest | 100% | ||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in combined profit had the acquisition taken place on January 1 | € 30,045 | ||||||||||||||||||||||||||||||||||||||||||||||
Consolidated results | € (12,317) | ||||||||||||||||||||||||||||||||||||||||||||||
Variation between the fair value of the previous investment and the book value | $ 102,552 | € 86,743 | |||||||||||||||||||||||||||||||||||||||||||||
Liabilities recognised at amortized cost | $ 143,706 | € 121,149 | |||||||||||||||||||||||||||||||||||||||||||||
Decrease in non-controlling interests | 143,307 | 121,486 | |||||||||||||||||||||||||||||||||||||||||||||
Other reserves | $ 399 | € 337 | |||||||||||||||||||||||||||||||||||||||||||||
Amounts payable | 100,492 | ||||||||||||||||||||||||||||||||||||||||||||||
Green Cross | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Total consideration paid | $ 457,160 | € 387,917 | |||||||||||||||||||||||||||||||||||||||||||||
Fair value of net assets acquired | $ 228,897 | € 194,227 | |||||||||||||||||||||||||||||||||||||||||||||
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) | 228,263 | 193,690 | |||||||||||||||||||||||||||||||||||||||||||||
Consideration transferred for acquisition | 457,160 | 387,917 | |||||||||||||||||||||||||||||||||||||||||||||
Payment in cash | 457,160 | 387,917 | |||||||||||||||||||||||||||||||||||||||||||||
First repurchase of non-controlling interests | 457,160 | 387,917 | |||||||||||||||||||||||||||||||||||||||||||||
Consideration payable | $ 457,160 | € 387,917 | |||||||||||||||||||||||||||||||||||||||||||||
Development costs in progress | 3,390 | 2,877 | |||||||||||||||||||||||||||||||||||||||||||||
Consolidated results | (5,023) | ||||||||||||||||||||||||||||||||||||||||||||||
Other disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | $ 186,377 | € 158,148 | |||||||||||||||||||||||||||||||||||||||||||||
Number of purification facilities | facility | 2 | 2 | 2 | 2 | |||||||||||||||||||||||||||||||||||||||||||
Number of plasma collection centers | Center | 11 | 11 | 11 | 11 | |||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in combined revenue had the acquisition taken place on January 1 | 31,197 | ||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in combined profit had the acquisition taken place on January 1 | € 32,423 | ||||||||||||||||||||||||||||||||||||||||||||||
Revenue of acquiree since acquisition date | 4,625 | ||||||||||||||||||||||||||||||||||||||||||||||
Consolidated results | € (5,023) | ||||||||||||||||||||||||||||||||||||||||||||||
Fractionation capacity (in liters) | l | 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Collection volume of plasma achieved by collection centers (in liters) | l | 350,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Period for supply of certain output of plasma | 24 months | ||||||||||||||||||||||||||||||||||||||||||||||
Consideration payable | $ 457,160 | € 387,917 | |||||||||||||||||||||||||||||||||||||||||||||
GigaGen Inc. | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Consideration paid | € 38,201 | ||||||||||||||||||||||||||||||||||||||||||||||
First share purchase | $ 46,203 | € 38,201 | |||||||||||||||||||||||||||||||||||||||||||||
Second share purchase (present value) | 42,608 | 35,227 | |||||||||||||||||||||||||||||||||||||||||||||
Total consideration paid | 88,811 | 73,428 | |||||||||||||||||||||||||||||||||||||||||||||
Fair value of net assets acquired | 22,691 | 18,760 | |||||||||||||||||||||||||||||||||||||||||||||
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) | 127,554 | 105,460 | |||||||||||||||||||||||||||||||||||||||||||||
Total consideration | $ | 90,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value of the previous investment in the company | 61,434 | 50,792 | |||||||||||||||||||||||||||||||||||||||||||||
Consideration transferred for acquisition | $ 88,811 | € 73,428 | |||||||||||||||||||||||||||||||||||||||||||||
Percentage of interest acquired | 100% | 100% | |||||||||||||||||||||||||||||||||||||||||||||
Percentage of shareholding | 100% | 100% | |||||||||||||||||||||||||||||||||||||||||||||
Development costs in progress | $ 29,061 | € 24,027 | |||||||||||||||||||||||||||||||||||||||||||||
Consolidated results | € 4,350 | ||||||||||||||||||||||||||||||||||||||||||||||
Other disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
Percentage of shareholding | 100% | 100% | |||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | $ 1,413 | € 1,168 | |||||||||||||||||||||||||||||||||||||||||||||
Transaction costs | € 404 | ||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in entity, prior to acquisition of remaining shares (as a percent) | 43.96% | ||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest acquired (as a percent) | 100% | 100% | |||||||||||||||||||||||||||||||||||||||||||||
Consolidated results | € 4,350 | ||||||||||||||||||||||||||||||||||||||||||||||
Variation between the fair value of the previous investment and the book value | $ 41,758 | € 34,525 | |||||||||||||||||||||||||||||||||||||||||||||
Amounts payable | € 36,591 | ||||||||||||||||||||||||||||||||||||||||||||||
BPL Plasma, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Total consideration paid | $ 384,548 | € 317,937 | |||||||||||||||||||||||||||||||||||||||||||||
Fair value of net assets acquired | 18,190 | 15,039 | |||||||||||||||||||||||||||||||||||||||||||||
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) | 366,358 | 302,898 | |||||||||||||||||||||||||||||||||||||||||||||
Consideration transferred for acquisition | 384,548 | 317,937 | |||||||||||||||||||||||||||||||||||||||||||||
Payment in cash | 372,548 | 308,016 | |||||||||||||||||||||||||||||||||||||||||||||
First repurchase of non-controlling interests | $ 372,548 | € 308,016 | |||||||||||||||||||||||||||||||||||||||||||||
Number of plasma donation centers acquired | 25 | ||||||||||||||||||||||||||||||||||||||||||||||
Quantity of plasma obtained (in liters) | l | 1,000,000 | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
First payment performed | $ 12,000 | € 9,921 | |||||||||||||||||||||||||||||||||||||||||||||
Other disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | $ 17,424 | € 14,406 | |||||||||||||||||||||||||||||||||||||||||||||
Transaction costs | € 2,764 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of plasma donation centers acquired | 25 | ||||||||||||||||||||||||||||||||||||||||||||||
Quantity of plasma obtained (in liters) | l | 1,000,000 | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Kedplasma, LLC | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Total consideration paid | $ 55,200 | € 45,638 | |||||||||||||||||||||||||||||||||||||||||||||
Fair value of net assets acquired | 3,256 | 2,692 | |||||||||||||||||||||||||||||||||||||||||||||
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) | 51,944 | 42,946 | |||||||||||||||||||||||||||||||||||||||||||||
Consideration transferred for acquisition | 55,200 | 45,638 | |||||||||||||||||||||||||||||||||||||||||||||
Payment in cash | 55,200 | 45,638 | |||||||||||||||||||||||||||||||||||||||||||||
First repurchase of non-controlling interests | $ 55,200 | € 45,638 | |||||||||||||||||||||||||||||||||||||||||||||
Number of plasma donation centers acquired | 7 | ||||||||||||||||||||||||||||||||||||||||||||||
Quantity of plasma obtained (in liters) | l | 240,000 | 240,000 | |||||||||||||||||||||||||||||||||||||||||||||
Other disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | $ 2,961 | € 2,448 | |||||||||||||||||||||||||||||||||||||||||||||
Transaction costs | € 625 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of plasma donation centers acquired | 7 | ||||||||||||||||||||||||||||||||||||||||||||||
Quantity of plasma obtained (in liters) | l | 240,000 | 240,000 | |||||||||||||||||||||||||||||||||||||||||||||
Access Biologicals Inc. | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
First share purchase | $ 51,010 | 48,218 | |||||||||||||||||||||||||||||||||||||||||||||
Second share purchase (present value) | 142,544 | 134,742 | |||||||||||||||||||||||||||||||||||||||||||||
Total consideration paid | $ 193,554 | 182,960 | |||||||||||||||||||||||||||||||||||||||||||||
Amortization period, intangible assets | 14 years | 14 years | |||||||||||||||||||||||||||||||||||||||||||||
Increase in revenue if business combination occurred at beginning of year | € 4,402 | ||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in profit (loss) if business combination occurred at beginning of year | € 1,819 | ||||||||||||||||||||||||||||||||||||||||||||||
Gain on the previously held investment | $ 77,209 | € 72,984 | |||||||||||||||||||||||||||||||||||||||||||||
Accumulated gain for equity method before acquisition date | 8,735 | 8,256 | |||||||||||||||||||||||||||||||||||||||||||||
Step-up of the previously held investment | 85,944 | 81,240 | |||||||||||||||||||||||||||||||||||||||||||||
Fair value of net assets acquired | (88,193) | (83,366) | |||||||||||||||||||||||||||||||||||||||||||||
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) | 191,305 | 180,834 | |||||||||||||||||||||||||||||||||||||||||||||
Consideration transferred for acquisition | $ 193,554 | € 182,960 | |||||||||||||||||||||||||||||||||||||||||||||
Percentage of interest acquired | 51% | 51% | |||||||||||||||||||||||||||||||||||||||||||||
Transaction costs | 486 | ||||||||||||||||||||||||||||||||||||||||||||||
Other disclosures: | |||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest acquired (as a percent) | 51% | 51% | |||||||||||||||||||||||||||||||||||||||||||||
Gain on the previously held investment | $ 77,209 | € 72,984 | |||||||||||||||||||||||||||||||||||||||||||||
Access Biologicals Inc. | Customer-related intangible assets | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestments | |||||||||||||||||||||||||||||||||||||||||||||||
Discount rate applied for projected cash flows | 8.10% | 8.10% |
Business Combinations - Amounts
Business Combinations - Amounts Determined at Acquisition (Details) € in Thousands, Ft in Thousands, $ in Thousands, $ in Thousands | Dec. 31, 2022 EUR (€) | Jun. 15, 2022 EUR (€) | Jun. 15, 2022 USD ($) | Apr. 25, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CAD ($) | Mar. 31, 2021 EUR (€) | Mar. 31, 2021 USD ($) | Mar. 08, 2021 EUR (€) | Mar. 08, 2021 USD ($) | Feb. 28, 2021 EUR (€) | Feb. 28, 2021 USD ($) | Feb. 01, 2021 EUR (€) | Feb. 01, 2021 HUF (Ft) | Dec. 31, 2020 EUR (€) | Oct. 01, 2020 EUR (€) | Oct. 01, 2020 USD ($) | Sep. 02, 2020 EUR (€) | Sep. 02, 2020 USD ($) | Jul. 20, 2020 EUR (€) | Jul. 20, 2020 USD ($) | Apr. 14, 2020 EUR (€) |
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities: | |||||||||||||||||||||||
Other Intangible Assets | € 82,080 | $ 86,832 | € 1,172,582 | ||||||||||||||||||||
Rights of use | 25,256 | ||||||||||||||||||||||
Property, plant and equipment | 2,589 | 2,739 | 545,667 | ||||||||||||||||||||
Other non-current assets | 75 | 79 | 13,969 | ||||||||||||||||||||
Deferred tax assets | 9,109 | ||||||||||||||||||||||
Inventories | 16,836 | 17,811 | 259,316 | ||||||||||||||||||||
Contract Assets | 35,319 | ||||||||||||||||||||||
Trade and other receivables | 7,522 | 7,958 | 88,249 | ||||||||||||||||||||
Other current assets | 1,529 | 1,618 | 25,644 | ||||||||||||||||||||
Total Assets | 113,618 | 120,197 | 2,269,773 | ||||||||||||||||||||
Non-controlling interests | (356,386) | ||||||||||||||||||||||
Non-current provisions | (120,298) | ||||||||||||||||||||||
Non-current financial liabilities | (182,761) | ||||||||||||||||||||||
Other non current liabilities | (22) | (23) | (9) | ||||||||||||||||||||
Current financial liabilities | (35,052) | ||||||||||||||||||||||
Trade and other payables | (7,249) | (7,669) | (40,489) | ||||||||||||||||||||
Other current liabilities | (12,118) | ||||||||||||||||||||||
Total liabilities and contingent liabilities | (30,252) | (32,004) | (1,112,544) | ||||||||||||||||||||
Total net assets acquired | 83,366 | 88,193 | 1,157,229 | ||||||||||||||||||||
Cash and cash equivalents | 2,987 | 3,160 | 94,662 | ||||||||||||||||||||
Current provisions | (18,239) | ||||||||||||||||||||||
Deferred tax liabilites | (22,981) | (24,312) | (347,192) | ||||||||||||||||||||
Total Liabilities | € (13,076,433) | € (11,916,737) | € (8,554,721) | ||||||||||||||||||||
Prometic Plasma Resources, Inc. | |||||||||||||||||||||||
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities: | |||||||||||||||||||||||
Other Intangible Assets | 551 | $ 791 | |||||||||||||||||||||
Rights of use | 238 | 341 | |||||||||||||||||||||
Property, plant and equipment | 36 | 51 | |||||||||||||||||||||
Inventories | 71 | 102 | |||||||||||||||||||||
Trade and other receivables | 4,603 | 6,602 | |||||||||||||||||||||
Other current assets | 9 | 13 | |||||||||||||||||||||
Total Assets | 5,540 | 7,946 | |||||||||||||||||||||
Non-current financial liabilities | (32) | (46) | |||||||||||||||||||||
Current financial liabilities | (264) | (379) | |||||||||||||||||||||
Trade and other payables | (311) | (446) | |||||||||||||||||||||
Total liabilities and contingent liabilities | (607) | (871) | |||||||||||||||||||||
Total net assets acquired | 4,933 | 7,075 | |||||||||||||||||||||
Cash and cash equivalents | 32 | 46 | |||||||||||||||||||||
Goodwill | 2,824 | 4,052 | |||||||||||||||||||||
Consideration transferred for acquisition | € 7,757 | $ 8,805 | $ 11,127 | ||||||||||||||||||||
Haema Plasma Kft | |||||||||||||||||||||||
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities: | |||||||||||||||||||||||
Other Intangible Assets | € 37 | Ft 13,620 | |||||||||||||||||||||
Rights of use | 3,421 | 1,257,286 | |||||||||||||||||||||
Property, plant and equipment | 1,301 | 478,222 | |||||||||||||||||||||
Other non-current assets | 302 | 110,810 | |||||||||||||||||||||
Deferred tax assets | 13 | 4,742 | |||||||||||||||||||||
Inventories | 2,784 | 1,022,926 | |||||||||||||||||||||
Trade and other receivables | 357 | 131,821 | |||||||||||||||||||||
Other current assets | 252 | 92,769 | |||||||||||||||||||||
Total Assets | 11,810 | 4,340,552 | |||||||||||||||||||||
Non-current financial liabilities | (2,517) | (925,074) | |||||||||||||||||||||
Current financial liabilities | (4,281) | (1,573,216) | |||||||||||||||||||||
Trade and other payables | (2,100) | (771,861) | |||||||||||||||||||||
Other current liabilities | (534) | (196,084) | |||||||||||||||||||||
Total liabilities and contingent liabilities | (9,601) | (3,528,181) | |||||||||||||||||||||
Total net assets acquired | 2,209 | 812,371 | |||||||||||||||||||||
Cash and cash equivalents | 3,343 | 1,228,356 | |||||||||||||||||||||
Goodwill | 14,739 | 5,416,425 | |||||||||||||||||||||
Current provisions | (169) | (61,946) | |||||||||||||||||||||
Consideration transferred for acquisition | € 16,948 | Ft 6,228,796 | |||||||||||||||||||||
Biotest AG | |||||||||||||||||||||||
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities: | |||||||||||||||||||||||
Total net assets acquired | 1,157,229 | ||||||||||||||||||||||
Goodwill | 303,624 | ||||||||||||||||||||||
Consideration transferred for acquisition | € 1,460,853 | ||||||||||||||||||||||
Plasmavita Healthcare | |||||||||||||||||||||||
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities: | |||||||||||||||||||||||
Other Intangible Assets | € 177 | ||||||||||||||||||||||
Rights of use | 7,856 | ||||||||||||||||||||||
Property, plant and equipment | 6,506 | ||||||||||||||||||||||
Inventories | 1,114 | ||||||||||||||||||||||
Trade and other receivables | 811 | ||||||||||||||||||||||
Other current assets | 333 | ||||||||||||||||||||||
Total Assets | 31,721 | ||||||||||||||||||||||
Non-controlling interests | (10,687) | ||||||||||||||||||||||
Other non current liabilities | (7,575) | ||||||||||||||||||||||
Total liabilities and contingent liabilities | (10,347) | ||||||||||||||||||||||
Total net assets acquired | 21,374 | ||||||||||||||||||||||
Cash and cash equivalents | 359 | ||||||||||||||||||||||
Investment in group companies | 9,548 | ||||||||||||||||||||||
Non-current financial assets | 5,017 | ||||||||||||||||||||||
Goodwill | 9,987 | ||||||||||||||||||||||
Deferred tax liabilites | (1,364) | ||||||||||||||||||||||
Current liabilities | (1,408) | ||||||||||||||||||||||
Consideration transferred for acquisition | € 10,000 | ||||||||||||||||||||||
Alkahest, Inc. | |||||||||||||||||||||||
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities: | |||||||||||||||||||||||
Other Intangible Assets | € 265,617 | $ 314,198 | |||||||||||||||||||||
Property, plant and equipment | 4,970 | 5,879 | |||||||||||||||||||||
Other non-current assets | 178 | 210 | |||||||||||||||||||||
Trade and other receivables | 2,552 | 3,019 | |||||||||||||||||||||
Other current assets | 1,609 | 1,904 | |||||||||||||||||||||
Total Assets | 282,489 | 334,156 | |||||||||||||||||||||
Non-current financial liabilities | (42,269) | (50,000) | |||||||||||||||||||||
Other non current liabilities | (19,644) | (23,237) | |||||||||||||||||||||
Trade and other payables | (1,863) | (2,204) | |||||||||||||||||||||
Other current liabilities | (4,265) | (5,044) | |||||||||||||||||||||
Total liabilities and contingent liabilities | (142,413) | (168,460) | |||||||||||||||||||||
Total net assets acquired | 140,076 | 165,696 | |||||||||||||||||||||
Cash and cash equivalents | 7,563 | 8,946 | |||||||||||||||||||||
Goodwill | 74,372 | 87,975 | |||||||||||||||||||||
Deferred tax liabilites | (74,372) | (87,975) | |||||||||||||||||||||
Consideration transferred for acquisition | € 123,425 | $ 146,000 | |||||||||||||||||||||
Green Cross | |||||||||||||||||||||||
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities: | |||||||||||||||||||||||
Other Intangible Assets | € 2,877 | $ 3,390 | |||||||||||||||||||||
Rights of use | 11,642 | 13,720 | |||||||||||||||||||||
Property, plant and equipment | 158,148 | 186,377 | |||||||||||||||||||||
Deferred tax assets | 33,081 | 38,986 | |||||||||||||||||||||
Inventories | 2,999 | 3,534 | |||||||||||||||||||||
Trade and other receivables | 3,484 | 4,106 | |||||||||||||||||||||
Other current assets | 943 | 1,111 | |||||||||||||||||||||
Total Assets | 219,349 | 258,501 | |||||||||||||||||||||
Non-current financial liabilities | (13,150) | (15,497) | |||||||||||||||||||||
Current financial liabilities | (797) | (939) | |||||||||||||||||||||
Trade and other payables | (11,175) | (13,168) | |||||||||||||||||||||
Total liabilities and contingent liabilities | (25,122) | (29,604) | |||||||||||||||||||||
Total net assets acquired | 194,227 | 228,897 | |||||||||||||||||||||
Cash and cash equivalents | 6,053 | 7,133 | |||||||||||||||||||||
Non-current assets | 122 | 144 | |||||||||||||||||||||
Goodwill | € 193,690 | $ 228,263 | |||||||||||||||||||||
Consideration transferred for acquisition | € 387,917 | $ 457,160 | |||||||||||||||||||||
BPL Plasma, Inc. | |||||||||||||||||||||||
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities: | |||||||||||||||||||||||
Property, plant and equipment | € 14,406 | $ 17,424 | |||||||||||||||||||||
Inventories | 557 | 674 | |||||||||||||||||||||
Total Assets | 15,048 | 18,201 | |||||||||||||||||||||
Total liabilities and contingent liabilities | (9) | (11) | |||||||||||||||||||||
Total net assets acquired | 15,039 | 18,190 | |||||||||||||||||||||
Non-current financial assets | 85 | 103 | |||||||||||||||||||||
Goodwill | 302,898 | 366,358 | |||||||||||||||||||||
Current liabilities | (9) | (11) | |||||||||||||||||||||
Consideration transferred for acquisition | € 317,937 | $ 384,548 | |||||||||||||||||||||
GigaGen Inc. | |||||||||||||||||||||||
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities: | |||||||||||||||||||||||
Other Intangible Assets | € 24,027 | $ 29,061 | |||||||||||||||||||||
Property, plant and equipment | 1,168 | 1,413 | |||||||||||||||||||||
Trade and other receivables | 56 | 68 | |||||||||||||||||||||
Other current assets | 2,368 | 2,864 | |||||||||||||||||||||
Total Assets | 40,159 | 48,574 | |||||||||||||||||||||
Non-current financial liabilities | (17,792) | (21,520) | |||||||||||||||||||||
Total liabilities and contingent liabilities | (21,399) | (25,883) | |||||||||||||||||||||
Total net assets acquired | 18,760 | 22,691 | |||||||||||||||||||||
Cash and cash equivalents | 12,389 | 14,985 | |||||||||||||||||||||
Non-current financial assets | 151 | 183 | |||||||||||||||||||||
Goodwill | 105,460 | 127,554 | |||||||||||||||||||||
Current liabilities | (3,607) | (4,363) | |||||||||||||||||||||
Consideration transferred for acquisition | € 73,428 | $ 88,811 | |||||||||||||||||||||
Kedplasma, LLC | |||||||||||||||||||||||
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities: | |||||||||||||||||||||||
Property, plant and equipment | € 2,448 | $ 2,961 | |||||||||||||||||||||
Inventories | 244 | 295 | |||||||||||||||||||||
Total Assets | 2,692 | 3,256 | |||||||||||||||||||||
Total net assets acquired | 2,692 | 3,256 | |||||||||||||||||||||
Goodwill | 42,946 | 51,944 | |||||||||||||||||||||
Consideration transferred for acquisition | € 45,638 | $ 55,200 | |||||||||||||||||||||
Access Biologicals Inc. | |||||||||||||||||||||||
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities: | |||||||||||||||||||||||
Total net assets acquired | (83,366) | (88,193) | |||||||||||||||||||||
Goodwill | 180,834 | 191,305 | |||||||||||||||||||||
Consideration transferred for acquisition | € 182,960 | $ 193,554 |
Significant Accounting Polici_4
Significant Accounting Policies - Intangible assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Development costs | |
Other Intangible Assets | |
Amortization rates | 10% |
Computer software | |
Other Intangible Assets | |
Amortization rates | 33% |
Minimum | Concessions, patents, licenses brands & similar | |
Other Intangible Assets | |
Amortization rates | 4% |
Minimum | Currently marketed products | |
Other Intangible Assets | |
Amortization rates | 3% |
Maximum | Concessions, patents, licenses brands & similar | |
Other Intangible Assets | |
Amortization rates | 20% |
Maximum | Currently marketed products | |
Other Intangible Assets | |
Amortization rates | 10% |
Significant Accounting Polici_5
Significant Accounting Policies - Property, plant and equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Buildings | Minimum | |
Property, Plant and Equipment | |
Depreciation rates | 1% |
Buildings | Maximum | |
Property, Plant and Equipment | |
Depreciation rates | 3% |
Other property, technical equipment and machinery | Minimum | |
Property, Plant and Equipment | |
Depreciation rates | 4% |
Other property, technical equipment and machinery | Maximum | |
Property, Plant and Equipment | |
Depreciation rates | 10% |
Other property, plant and equipment | Minimum | |
Property, Plant and Equipment | |
Depreciation rates | 7% |
Other property, plant and equipment | Maximum | |
Property, Plant and Equipment | |
Depreciation rates | 33% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 location area segment | |
Segment Reporting | |
Number of areas Group companies are divided into | area | 4 |
Geographical information | |
Number of geographical areas | location | 4 |
Number of geographical segments | segment | 4 |
Segment Reporting - Net Sales b
Segment Reporting - Net Sales by Groups of Products (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net sales by groups of products | |||
Net revenue | € 6,063,967 | € 4,933,118 | € 5,340,038 |
Haemoderivatives | |||
Net sales by groups of products | |||
Net revenue | 5,005,382 | 3,814,983 | 4,242,502 |
Transfusional medicine | |||
Net sales by groups of products | |||
Net revenue | 640,604 | 712,238 | 714,164 |
Other diagnostic | |||
Net sales by groups of products | |||
Net revenue | 21,740 | 23,625 | 27,630 |
Bio supplies | |||
Net sales by groups of products | |||
Net revenue | 146,076 | 115,811 | 133,221 |
Other Product | |||
Net sales by groups of products | |||
Net revenue | € 250,165 | € 266,461 | € 222,521 |
Segment Reporting - Main Custom
Segment Reporting - Main Customer (Details) - customer | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of major customers | |||
Number of major customers | 0 | 0 | |
Percentage of entity's revenue (as a percent) | 10% | ||
Goods or services recognized at point in time | |||
Disclosure of major customers | |||
Percentage of entity's revenue (as a percent) | 97.60% | 97.40% | 97.50% |
Bioscience | Customer one | |||
Disclosure of major customers | |||
Number of major customers | 1 | ||
Percentage of entity's revenue (as a percent) | 10.38% |
Goodwill - Details of and movem
Goodwill - Details of and movement in goodwill (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill | ||
Goodwill at beginning of the year | € 6,228,901 | € 5,332,271 |
Business combination | 494,303 | 461,971 |
Disposals | (63,798) | |
Transfer | 0 | |
Translation differences | 352,503 | 434,659 |
Goodwill at end of the year | 7,011,909 | 6,228,901 |
Grifols UK Ltd. (UK) | ||
Goodwill | ||
Goodwill at beginning of the year | 8,185 | 7,674 |
Translation differences | (438) | 511 |
Goodwill at end of the year | 7,747 | 8,185 |
Grifols Italia S.p.A. (Italy) | ||
Goodwill | ||
Goodwill at beginning of the year | 6,118 | 6,118 |
Goodwill at end of the year | 6,118 | 6,118 |
Biomat USA, Inc. (USA) | ||
Goodwill | ||
Goodwill at beginning of the year | 676,321 | 234,791 |
Business combination | 345,844 | |
Transfer | 175,920 | 51,364 |
Translation differences | 47,707 | 44,322 |
Goodwill at end of the year | 899,948 | 676,321 |
Grifols Australia Pty Ltd. (Australia) / Medion Diagnostics AG (Switzerland) | ||
Goodwill | ||
Goodwill at beginning of the year | 9,752 | 9,538 |
Translation differences | 107 | 214 |
Goodwill at end of the year | 9,859 | 9,752 |
Grifols Therapeutics, Inc. (USA) | ||
Goodwill | ||
Goodwill at beginning of the year | 1,962,024 | 1,816,404 |
Translation differences | 121,408 | 145,620 |
Goodwill at end of the year | 2,083,432 | 1,962,024 |
Araclon Biotech, S.L. (Spain) | ||
Goodwill | ||
Goodwill at beginning of the year | 6,000 | |
Business combination | (6,000) | |
Progenika Biopharma, S.A. (Spain) | ||
Goodwill | ||
Goodwill at beginning of the year | 40,516 | 40,516 |
Goodwill at end of the year | 40,516 | 40,516 |
Grifols Diagnostic (Novartis & Hologic) (USA, Spain and Hong Kong) | ||
Goodwill | ||
Goodwill at beginning of the year | 2,565,493 | 2,376,978 |
Translation differences | 157,292 | 188,515 |
Goodwill at end of the year | 2,722,785 | 2,565,493 |
Kiro Grifols S.L. (Spain) | ||
Goodwill | ||
Goodwill at beginning of the year | 24,376 | 24,376 |
Goodwill at end of the year | 24,376 | 24,376 |
Goetech, LLC (USA) | ||
Goodwill | ||
Goodwill at beginning of the year | 59,590 | 55,167 |
Disposals | (63,798) | |
Translation differences | 4,208 | 4,423 |
Goodwill at end of the year | 59,590 | |
Haema AG. | ||
Goodwill | ||
Goodwill at beginning of the year | 190,014 | 190,014 |
Goodwill at end of the year | 190,014 | 190,014 |
BPC Plasma, Inc. (formerly Biotest Pharma Corp; USA) | ||
Goodwill | ||
Goodwill at beginning of the year | 151,584 | 140,334 |
Translation differences | 9,380 | 11,250 |
Goodwill at end of the year | 160,964 | 151,584 |
Interstate Blood Bank, Inc. (USA) | ||
Goodwill | ||
Goodwill at beginning of the year | 171,184 | 158,479 |
Transfer | (175,920) | |
Translation differences | 4,736 | 12,705 |
Goodwill at end of the year | 171,184 | |
Plasmavita Healthcare GmbH (Germany) | ||
Goodwill | ||
Goodwill at beginning of the year | 9,987 | 9,987 |
Goodwill at end of the year | 9,987 | |
Alkahest, Inc. (USA) | ||
Goodwill | ||
Goodwill at beginning of the year | 77,675 | 71,910 |
Translation differences | 5,765 | |
Goodwill at end of the year | 77,675 | |
Plasmavita Healthcare GmbH (Alemania) | ||
Goodwill | ||
Goodwill at beginning of the year | 9,987 | |
Goodwill at end of the year | 9,987 | 9,987 |
Alkahest, Inc (EEUU) | ||
Goodwill | ||
Goodwill at beginning of the year | 77,675 | |
Translation differences | 4,806 | |
Goodwill at end of the year | 82,481 | 77,675 |
Grifols Canada Therapeutics Inc. (formerly Green Cross Biotherapeutics; Inc) | ||
Goodwill | ||
Goodwill at beginning of the year | 155,755 | |
Translation differences | (980) | |
Goodwill at end of the year | 154,775 | 155,755 |
GCAM, Inc (formerly Green Cross America Inc.) (USA) | ||
Goodwill | ||
Goodwill at beginning of the year | 49,416 | |
Transfer | (51,364) | |
Translation differences | 1,948 | |
GigaGen, Inc (USA) | ||
Goodwill | ||
Goodwill at beginning of the year | 112,621 | |
Business combination | 105,460 | |
Translation differences | 6,969 | 7,161 |
Goodwill at end of the year | 119,590 | 112,621 |
Prometic Plasma Resources, Inc. | ||
Goodwill | ||
Goodwill at beginning of the year | 7,706 | |
Business combination | (4,894) | |
Translation differences | (10) | |
Goodwill at end of the year | 2,802 | 7,706 |
Haema Plasma Kft. | ||
Goodwill | ||
Business combination | 14,739 | |
Translation differences | (1,210) | |
Goodwill at end of the year | 13,529 | |
Grifols Biotest Holdings GmbH / Biotest AG (Germany) | ||
Goodwill | ||
Business combination | 303,624 | |
Goodwill at end of the year | 303,624 | |
Access Biologicals Inc. | ||
Goodwill | ||
Business combination | 180,834 | |
Translation differences | (1,472) | |
Goodwill at end of the year | 179,362 | |
Grifols Canada Therapeutics Inc. (formerly Green Cross Biotherapeutics; Inc) (including Prometic) | ||
Goodwill | ||
Goodwill at beginning of the year | € 163,461 | 134,569 |
Business combination | 16,667 | |
Translation differences | 12,225 | |
Goodwill at end of the year | € 163,461 |
Goodwill - Impairment testing (
Goodwill - Impairment testing (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Jun. 15, 2022 | Dec. 31, 2021 | |
Goodwill | |||
Term of the government bonds | 10 years | ||
Initially estimated sales | 80% | ||
Stock market capitalization | € 6,636 | € 9,834 | |
Access Biologicals, LLC | |||
Goodwill | |||
Ownership interest acquired (as a percent) | 51% | 51% | |
Bioscience | |||
Goodwill | |||
Perpetual Growth rate | 2% | ||
Pre-tax discount rate | 9% | ||
Biopharma | |||
Goodwill | |||
Perpetual Growth rate | 1.90% | ||
Pre-tax discount rate | 10.90% | ||
Diagnostic | |||
Goodwill | |||
Perpetual Growth rate | 1.90% | 2% | |
Pre-tax discount rate | 9.70% | 9.30% | |
Bio supplies. | |||
Goodwill | |||
Perpetual Growth rate | 1.90% | ||
Pre-tax discount rate | 10.90% | ||
Kiro Grifols | |||
Goodwill | |||
Perpetual Growth rate | 1.50% | ||
Pre-tax discount rate | 11.60% | ||
GigaGen Inc. | |||
Goodwill | |||
Pre-tax discount rate | 19.60% | ||
Sink rate | 5% | ||
Success rate | 20% |
Goodwill - Schedule of reasonab
Goodwill - Schedule of reasonable possible changes (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Bioscience | ||
Goodwill | ||
Reasonably possible change in perpetual growth rate (as a percent) | 0.50% | |
Reasonably possible change in pre-tax discount rate (as a percent) | 0.50% | |
Biopharma | ||
Goodwill | ||
Reasonably possible change in perpetual growth rate (as a percent) | 0.50% | |
Reasonably possible change in pre-tax discount rate (as a percent) | 0.50% | |
Diagnostic | ||
Goodwill | ||
Reasonably possible change in perpetual growth rate (as a percent) | 0.50% | 0.50% |
Reasonably possible change in pre-tax discount rate (as a percent) | 0.50% | 0.50% |
Bio supplies. | ||
Goodwill | ||
Reasonably possible change in perpetual growth rate (as a percent) | 0.50% | |
Reasonably possible change in pre-tax discount rate (as a percent) | 0.50% | |
Kiro Grifols | ||
Goodwill | ||
Reasonably possible change in perpetual growth rate (as a percent) | 0.50% | |
Reasonably possible change in pre-tax discount rate (as a percent) | 0.50% | |
GigaGen | ||
Goodwill | ||
Reasonably possible change in pre-tax discount rate (as a percent) | 1% | |
Reasonably possible change in sink rate (as a percent) | 1 | |
Reasonably possible change in success rate (as a percent) | 1 |
Goodwill - Schedule of reason_2
Goodwill - Schedule of reasonably possible changes in key assumptions considered by management in the calculation of the Diagnostic CGU (Details) - Diagnostic | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill | |
Perpetual Growth rate | (1.00%) |
Pre-tax discount rate | (4.00%) |
Sensitivity to BTS sales | (1.00%) |
Sensitivity to CDx sales | (4.00%) |
Other Intangible Assets - Curre
Other Intangible Assets - Currently marketed products acquired from Talecris and Progenika (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Intangible Assets | ||
Intangible assets at beginning of the year | € 1,636,950 | € 1,557,650 |
Translation differences | 92,781 | 116,373 |
Intangible assets at end of the year | 2,949,147 | 1,636,950 |
Gross carrying amount | ||
Other Intangible Assets | ||
Intangible assets at beginning of the year | 2,615,965 | 2,370,373 |
Translation differences | 140,873 | 168,039 |
Intangible assets at end of the year | 4,003,893 | 2,615,965 |
Accumulated depreciation and amortisation | ||
Other Intangible Assets | ||
Intangible assets at beginning of the year | (908,915) | (747,594) |
Translation differences | (40,366) | (46,768) |
Intangible assets at end of the year | (1,052,663) | (908,915) |
Currently marketed products. | ||
Other Intangible Assets | ||
Intangible assets at beginning of the year | 688,517 | 672,697 |
Additions | (40,212) | (35,989) |
Translation differences | (22,798) | 51,809 |
Intangible assets at end of the year | 691,068 | 688,517 |
Currently marketed products. | Gross carrying amount | ||
Other Intangible Assets | ||
Intangible assets at beginning of the year | 1,083,301 | 1,004,665 |
Translation differences | 65,561 | 78,636 |
Intangible assets at end of the year | 1,148,862 | 1,083,301 |
Currently marketed products. | Accumulated depreciation and amortisation | ||
Other Intangible Assets | ||
Intangible assets at beginning of the year | (394,784) | (331,968) |
Translation differences | (22,798) | (26,827) |
Intangible assets at end of the year | € (457,794) | € (394,784) |
Talecris | Currently marketed products. | ||
Other Intangible Assets | ||
Residual useful life | 18 years 5 months | 19 years 5 months |
Amortization period, intangible assets | 30 years | 30 years |
Talecris | Currently marketed products. | Gross carrying amount | ||
Other Intangible Assets | ||
Intangible assets at beginning of the year | € 1,059,509 | € 980,873 |
Translation differences | 65,561 | 78,636 |
Intangible assets at end of the year | 1,125,070 | 1,059,509 |
Talecris | Currently marketed products. | Accumulated depreciation and amortisation | ||
Other Intangible Assets | ||
Intangible assets at beginning of the year | (373,772) | (313,335) |
Additions | (37,833) | (33,610) |
Translation differences | (22,798) | (26,827) |
Intangible assets at end of the year | € (434,403) | € (373,772) |
Progenika Biopharma, S.A. (Spain) | Currently marketed products. | ||
Other Intangible Assets | ||
Residual useful life | 2 months | 1 year 2 months |
Amortization period, intangible assets | 10 years | 10 years |
Progenika Biopharma, S.A. (Spain) | Currently marketed products. | Gross carrying amount | ||
Other Intangible Assets | ||
Intangible assets at beginning of the year | € 23,792 | € 23,792 |
Intangible assets at end of the year | 23,792 | 23,792 |
Progenika Biopharma, S.A. (Spain) | Currently marketed products. | Accumulated depreciation and amortisation | ||
Other Intangible Assets | ||
Intangible assets at beginning of the year | (21,012) | (18,633) |
Additions | (2,379) | (2,379) |
Intangible assets at end of the year | € (23,391) | € (21,012) |
Other Intangible Assets - Other
Other Intangible Assets - Others (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Intangible Assets | |||
Other intangible assets | € 2,949,147 | € 1,636,950 | € 1,557,650 |
Intangible asset purchase commitments | 69 | 431 | |
Profit (loss) incurred on disposals of intangible assets | 1,082 | 30 | |
Plasma center licenses | |||
Other Intangible Assets | |||
Other intangible assets | 31,054 | 29,394 | |
Development costs in progress | |||
Other Intangible Assets | |||
Other intangible assets | 486,364 | 432,534 | |
Self-constructed | |||
Other Intangible Assets | |||
Other intangible assets | € 37,214 | € 34,034 |
Leases - Details of leases in t
Leases - Details of leases in the consolidated balance sheet (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Leases | |||
Total right-of-use assets | € 897,552 | € 795,657 | € 678,696 |
Lease liabilities | |||
Non-current | 914,588 | 825,157 | |
Current | 102,356 | 48,567 | |
Total lease liabilities | 1,016,944 | 873,724 | |
Land and Buildings | |||
Leases | |||
Total right-of-use assets | 885,050 | 782,125 | |
Machinery | |||
Leases | |||
Total right-of-use assets | 3,017 | 5,283 | |
Computer equipment | |||
Leases | |||
Total right-of-use assets | 1,026 | 2,044 | |
Vehicles | |||
Leases | |||
Total right-of-use assets | € 8,459 | € 6,205 |
Leases - Schedule of undiscount
Leases - Schedule of undiscounted future payments classified on a maturity basis (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis of operating lease payments | ||
Lease liabilities, undiscounted cash flows | € 1,467,710 | € 1,266,199 |
Discounting effect | 450,766 | 392,475 |
Total lease liabilities | 1,016,944 | 873,724 |
Within one year | ||
Disclosure of maturity analysis of operating lease payments | ||
Lease liabilities, undiscounted cash flows | 102,356 | 85,972 |
In the second year | ||
Disclosure of maturity analysis of operating lease payments | ||
Lease liabilities, undiscounted cash flows | 97,823 | 82,923 |
Total lease liabilities | 57,695 | 47,595 |
In the third to fifth years | ||
Disclosure of maturity analysis of operating lease payments | ||
Lease liabilities, undiscounted cash flows | 270,876 | 224,378 |
Total lease liabilities | 218,384 | 184,032 |
After the fifth year | ||
Disclosure of maturity analysis of operating lease payments | ||
Lease liabilities, undiscounted cash flows | 996,655 | 872,926 |
Total lease liabilities | € 638,509 | € 593,529 |
Leases - Maturity of lease liab
Leases - Maturity of lease liabilities detail (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | ||
Additions of right-of-use assets | € 141,973 | € 133,442 |
Leases - Amounts recognized in
Leases - Amounts recognized in the consolidated statement of profit and loss (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases | |||
Right-of-use depreciation | € 80,498 | € 66,720 | |
Finance lease expenses | 45,198 | 35,786 | |
Finance lease expenses | 45,198 | 35,786 | € 35,205 |
Expenses related to short-term contracts | 1,739 | 3,106 | |
Expenses related to low-value contracts | 13,435 | 13,404 | |
Other operating lease expenses | 23,820 | 16,435 | |
Total operating lease expenses | 38,994 | 32,945 | € 28,176 |
Lease payments | 104,287 | 82,692 | |
Buildings | |||
Leases | |||
Right-of-use depreciation | 72,214 | 57,901 | |
Machinery | |||
Leases | |||
Right-of-use depreciation | 1,983 | 2,120 | |
Computer equipment | |||
Leases | |||
Right-of-use depreciation | 1,432 | 2,269 | |
Vehicles | |||
Leases | |||
Right-of-use depreciation | € 4,869 | € 4,430 |
Property, Plant and Equipment -
Property, Plant and Equipment - Activity (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment | |||
Capitalized interests | € 25,184 | € 18,636 | € 16,606 |
Losses on disposals of property, plant and equipment | € 6,817 | € 2,720 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Self Constructed PP&E and Commitments (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment | |||
Property, plant and equipment | € 3,270,937 | € 2,547,497 | € 2,324,107 |
Self-constructed Property, Plant and Equipment | |||
Property, Plant and Equipment | |||
Property, plant and equipment | € 87,656 | € 87,885 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Purchase Commitments (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment | ||
Property, plant and equipment purchase commitments | € 41,680 | € 40,596 |
Property, Plant and Equipment_4
Property, Plant and Equipment - Impairment Testing (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment | ||
Impairment | € 5.7 | € 11.5 |
Property, Plant and Equipment_5
Property, Plant and Equipment - Transfers (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2022 EUR (€) | |
Property, Plant and Equipment | |
Transfers include the reclassification to non-current assets held for sale | € 5,159 |
Equity-Accounted Investees - Ow
Equity-Accounted Investees - Ownership and carrying amount (Details) - EUR (€) € in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Jul. 29, 2021 | Mar. 30, 2020 | Oct. 22, 2018 | Jan. 12, 2017 | Mar. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity-Accounted Investees | |||||||||
Carrying value | € 1,955,177 | € 1,999,776 | € 1,869,020 | € 114,473 | |||||
Total equity accounted investees with similar activity to that of the Group | |||||||||
Equity-Accounted Investees | |||||||||
Carrying value | € 1,951,590 | € 1,994,707 | 1,847,360 | 60,290 | |||||
Access Biologicals Inc. | |||||||||
Equity-Accounted Investees | |||||||||
Ownership interest (as a percent) | 49% | 100% | 49% | ||||||
Carrying value | € 53,264 | ||||||||
Shanghai RAAS Blood Products Co., Ltd. | |||||||||
Equity-Accounted Investees | |||||||||
Ownership interest (as a percent) | 26.20% | 26.20% | 26.20% | 26.20% | |||||
Carrying value | € 1,910,428 | € 1,909,596 | 1,800,578 | ||||||
Grifols Egypt Plasma Derivatives | |||||||||
Equity-Accounted Investees | |||||||||
Ownership interest (as a percent) | 49% | 49% | 49% | ||||||
Carrying value | € 36,111 | € 31,847 | |||||||
BioDarou P.J.S. Co. | |||||||||
Equity-Accounted Investees | |||||||||
Ownership interest (as a percent) | 49% | 0% | |||||||
Carrying value | € 5,051 | ||||||||
Total of the rest of equity accounted investees | |||||||||
Equity-Accounted Investees | |||||||||
Carrying value | € 3,587 | € 5,069 | 21,660 | 54,183 | |||||
Albajuna Therapeutics, S.L. | |||||||||
Equity-Accounted Investees | |||||||||
Ownership interest (as a percent) | 49% | 49% | |||||||
Carrying value | € 622 | € 1,910 | |||||||
Mecwins, S.A | |||||||||
Equity-Accounted Investees | |||||||||
Ownership interest (as a percent) | 24.99% | 24.59% | 24.99% | ||||||
Carrying value | € 2,965 | € 3,159 | € 2,605 | € 2,338 |
Equity-Accounted Investees - Mo
Equity-Accounted Investees - Movement in the investments in equity-accounted investees (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in the investments in equity-accounted investees | |||
Balance at 1 January | € 1,999,776 | € 1,869,020 | € 114,473 |
Acquisitions | 4,534 | 31,314 | 1,807,351 |
Transfers | (129,459) | (50,794) | (101,697) |
Share of profit / (losses) | 101,996 | 65,743 | 88,877 |
Share of other comprehensive income / translation differences | (30,771) | 95,941 | (21,916) |
Impairment losses | (7,912) | ||
Collected dividends | (10,717) | (11,448) | (10,156) |
Others | 19,818 | ||
Balance at 31 December | 1,955,177 | 1,999,776 | 1,869,020 |
Total equity accounted investees with similar activity to that of the Group | |||
Movement in the investments in equity-accounted investees | |||
Balance at 1 January | 1,994,707 | 1,847,360 | 60,290 |
Acquisitions | 4,534 | 30,454 | 1,807,351 |
Transfers | (129,459) | (10,674) | |
Share of profit / (losses) | 103,478 | 32,555 | 20,799 |
Share of other comprehensive income / translation differences | (30,771) | 95,786 | (20,250) |
Collected dividends | (10,717) | (11,448) | (10,156) |
Others | 19,818 | ||
Balance at 31 December | 1,951,590 | 1,994,707 | 1,847,360 |
Access Biologicals, LLC. | |||
Movement in the investments in equity-accounted investees | |||
Balance at 1 January | 53,264 | 46,782 | 49,922 |
Transfers | (129,459) | ||
Share of profit / (losses) | 76,895 | 8,298 | 8,962 |
Share of other comprehensive income / translation differences | 3,028 | 3,929 | (4,160) |
Collected dividends | (3,728) | (5,745) | (7,942) |
Balance at 31 December | 53,264 | 46,782 | |
Plasmavita Healthcare | |||
Movement in the investments in equity-accounted investees | |||
Balance at 1 January | 10,368 | ||
Transfers | (10,674) | ||
Share of profit / (losses) | 306 | ||
Shanghai RAAS Blood Products Co., Ltd. | |||
Movement in the investments in equity-accounted investees | |||
Balance at 1 January | 1,909,596 | 1,800,578 | |
Acquisitions | 1,807,351 | ||
Share of profit / (losses) | 26,680 | 24,835 | 11,531 |
Share of other comprehensive income / translation differences | (18,859) | 89,886 | (16,090) |
Collected dividends | (6,989) | (5,703) | (2,214) |
Balance at 31 December | 1,910,428 | 1,909,596 | 1,800,578 |
Grifols Egypt Plasma Derivatives | |||
Movement in the investments in equity-accounted investees | |||
Balance at 1 January | 31,847 | ||
Acquisitions | 30,454 | ||
Share of profit / (losses) | 865 | (578) | |
Share of other comprehensive income / translation differences | (16,419) | 1,971 | |
Others | 19,818 | ||
Balance at 31 December | 36,111 | 31,847 | |
BioDarour P.J.S. Co. | |||
Movement in the investments in equity-accounted investees | |||
Acquisitions | 4,534 | ||
Share of profit / (losses) | (962) | ||
Share of other comprehensive income / translation differences | 1,479 | ||
Balance at 31 December | 5,051 | ||
Total of the rest of equity accounted investees | |||
Movement in the investments in equity-accounted investees | |||
Balance at 1 January | 5,069 | 21,660 | 54,183 |
Acquisitions | 860 | ||
Transfers | (50,794) | (91,023) | |
Share of profit / (losses) | (1,482) | 33,188 | 68,078 |
Share of other comprehensive income / translation differences | 155 | (1,666) | |
Impairment losses | (7,912) | ||
Balance at 31 December | 3,587 | 5,069 | 21,660 |
Alkahest, Inc. | |||
Movement in the investments in equity-accounted investees | |||
Balance at 1 January | 14,708 | ||
Transfers | (91,023) | ||
Share of profit / (losses) | 76,414 | ||
Share of other comprehensive income / translation differences | (99) | ||
Albajuna Therapeutics, S.L | |||
Movement in the investments in equity-accounted investees | |||
Balance at 1 January | 1,910 | 3,378 | 5,228 |
Share of profit / (losses) | (1,288) | (1,463) | (1,878) |
Share of other comprehensive income / translation differences | (5) | 28 | |
Balance at 31 December | 622 | 1,910 | 3,378 |
GigaGen Inc. | |||
Movement in the investments in equity-accounted investees | |||
Balance at 1 January | 15,677 | 23,997 | |
Transfers | (50,794) | ||
Share of profit / (losses) | 34,957 | (6,725) | |
Share of other comprehensive income / translation differences | 160 | (1,595) | |
Balance at 31 December | 15,677 | ||
Mecwins, S.A | |||
Movement in the investments in equity-accounted investees | |||
Balance at 1 January | 3,159 | 2,605 | 2,338 |
Acquisitions | 860 | ||
Share of profit / (losses) | (194) | (306) | 267 |
Balance at 31 December | € 2,965 | € 3,159 | 2,605 |
Medcom Advance, S.A | |||
Movement in the investments in equity-accounted investees | |||
Balance at 1 January | 7,912 | ||
Impairment losses | € (7,912) |
Equity-Accounted Investees - Gr
Equity-Accounted Investees - Grifols Egypt for Plasma Derivatives (S.A.E.) and Shanghai RAAS Blood Products Co. Ltd (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Jul. 29, 2021 EUR (€) | Jul. 29, 2021 USD ($) | Mar. 30, 2020 EUR (€) | Mar. 31, 2019 shares | Mar. 31, 2020 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2019 shares | Dec. 31, 2022 ¥ / shares | Dec. 31, 2021 ¥ / shares | Mar. 30, 2020 ¥ / shares | |
Disclosure of associates [line items] | |||||||||||||
Share capital | € 119,603,705 | € 119,603,705 | |||||||||||
Change in fair value of financial instruments | € 11,999,000 | € 246,000 | € 55,703,000 | ||||||||||
Term of the government bonds | 10 years | 10 years | |||||||||||
Grifols Egypt Plasma Derivatives | |||||||||||||
Disclosure of associates [line items] | |||||||||||||
Contribution made | € 30,454,000 | $ 36,750 | $ 22,000 | ||||||||||
Percentage of shareholding | 49% | 49% | 49% | 49% | 49% | ||||||||
Share capital | $ | $ 300,000 | ||||||||||||
Contribution from entity as a percentage of total contributions from all shareholders during the year | 49% | 49% | |||||||||||
Total contributions by all shareholders during the period | $ | $ 45,000 | ||||||||||||
Shanghai RAAS Blood Products Co., Ltd. | |||||||||||||
Disclosure of associates [line items] | |||||||||||||
Percentage of shareholding | 26.20% | 26.20% | 26.20% | 26.20% | 26.20% | ||||||||
Number of shares received in exchange for investment | shares | 1,766,000,000 | 1,766,000,000 | |||||||||||
Minority shareholder interest | 45% | ||||||||||||
Change in fair value of financial instruments | € 56,526,000 | € 56,526,000 | |||||||||||
Transaction costs | € 34,088,000 | ||||||||||||
SRAAS Share price | ¥ / shares | ¥ 6.34 | ¥ 6.80 | ¥ 7.91 | ||||||||||
Term of cash flows since SRAAS operates | 14 years | 14 years | |||||||||||
Minimum long-term growth rate for current investments (in years) | 5 years | 5 years | |||||||||||
Further cash flow term after fourth year | 10 years | 10 years | |||||||||||
Perpetual Growth rate | 3.30% | 3.30% | |||||||||||
Pre-tax discount rate | 9.20% | 9.20% | |||||||||||
Perpetual Growth rate | 50% | 50% | |||||||||||
Pre-tax discount rate | 50% | 50% | |||||||||||
Term of the government bonds | 10 years | 10 years | |||||||||||
Pre-tax discount rate + 50 bps | (2.00%) | (2.00%) | |||||||||||
Grifols Diagnostics Solutions Inc [Member] | Shanghai RAAS Blood Products Co., Ltd. | |||||||||||||
Disclosure of associates [line items] | |||||||||||||
Number of subsidiary's shares delivered in exchange for investment | shares | 90 | 90 | |||||||||||
Economic rights (as a percent) | 45% | ||||||||||||
Voting rights (in percent) | 40% |
Equity-Accounted Investees - Pl
Equity-Accounted Investees - Plasmavita Healthcare GmbH (Details) - Plasmavita Healthcare GmbH (Germany) € in Millions | 12 Months Ended | |
Apr. 14, 2020 EUR (€) | Dec. 31, 2017 person | |
Disclosure of joint ventures [line items] | ||
Contribution | € | € 10 | |
Ownership interest in joint venture (as a percent) | 50% | 50% |
Number of partners in joint venture | person | 2 | |
European partners | ||
Disclosure of joint ventures [line items] | ||
Ownership interest in joint venture (as a percent) | 50% |
Equity-Accounted Investees - Ac
Equity-Accounted Investees - Access Biologicals LLC (Details) € in Thousands, $ in Thousands | Jun. 15, 2022 EUR (€) | Jan. 12, 2017 USD ($) | Jun. 15, 2022 USD ($) |
Access Biologicals Inc. | |||
Equity Accounted Investees | |||
Percentage of interest acquired | 51% | 51% | |
Consideration transferred for acquisition | € 182,960 | $ 193,554 | |
Access Biologicals, LLC. | |||
Equity Accounted Investees | |||
Consideration | $ 51,000 | ||
Option to purchase remaining voting rights (as a percent) | 51% | ||
Option to purchase remaining voting rights, term (in years) | 5 years | ||
Percentage of interest | 100% |
Equity-Accounted Investees - Bi
Equity-Accounted Investees - BioDarou P.J.S. Co. (Details) € in Thousands | Apr. 25, 2022 EUR (€) |
BioDarou P.J.S. Co. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in joint venture | 49% |
Biotest AG | |
Disclosure of associates [line items] | |
Percentage of interest acquired | 70.18% |
Consideration transferred for acquisition | € 1,460,853 |
Equity-Accounted Investees - Al
Equity-Accounted Investees - Alkahest, Inc (Details) - Alkahest, Inc. € in Thousands, $ in Thousands | Sep. 02, 2020 EUR (€) | Sep. 02, 2020 USD ($) | Sep. 01, 2020 |
Disclosure of joint ventures [line items] | |||
Consideration | € 123,425 | $ 146,000 | |
Ownership interest (as a percent) | 42.45% | ||
Gain on the previously held investment | € 86,743 | $ 102,552 |
Equity-Accounted Investees - Me
Equity-Accounted Investees - Medcom Advance,S.A. (Details) - Medcom Advance, S.A. € in Thousands | 1 Months Ended |
Feb. 28, 2019 EUR (€) | |
Disclosure of associates [line items] | |
Ownership interest (as a percent) | 45% |
Consideration | € 8,602 |
Equity-Accounted Investees - _2
Equity-Accounted Investees - Mecwins, S.A. (Details) - Mecwins, S.A - EUR (€) € in Millions | 12 Months Ended | ||
Oct. 22, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Accounted Investees | |||
Share capital increase | € 2 | ||
Ownership interest (as a percent) | 24.99% | 24.59% | 24.99% |
CRB Inverbio | |||
Equity Accounted Investees | |||
Share capital increase | € 2 |
Equity-Accounted Investees - Gi
Equity-Accounted Investees - GigaGen Inc (Details) - USD ($) $ in Millions | Mar. 08, 2021 | Jul. 05, 2017 |
GigaGen | ||
Equity Accounted Investees | ||
Consideration transferred, acquisition-date fair value | $ 90.5 | |
GigaGen | ||
Equity Accounted Investees | ||
Ownership interest (as a percent) | 43.96% | |
Consideration | $ 35 | |
Collaboration fee | $ 15 | |
Grifols Innovation and New Technologies Limited | ||
Equity Accounted Investees | ||
Percentage of interest | 100% | |
GigaGen | ||
Equity Accounted Investees | ||
Percentage of interest | 100% |
Equity-Accounted Investees - _3
Equity-Accounted Investees - Most recent financial statements available of the main equity-accounted investments of Grifols (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity Accounted Investees | |||
Non-current assets | € 16,880,390 | € 13,723,555 | |
Cash and cash equivalents | 547,979 | 655,493 | |
Non-current financial liabilities | (9,960,562) | (7,768,950) | |
Current financial liabilities | (795,686) | (2,438,291) | |
Net revenue | 6,063,967 | 4,933,118 | € 5,340,038 |
Profit for the year | 271,146 | 265,327 | € 708,990 |
Shanghai RAAS Blood Products Co., Ltd. | |||
Equity Accounted Investees | |||
Non-current assets | 3,028,641 | 2,877,382 | |
Current assets | 648,415 | 549,977 | |
Cash and cash equivalents | 430,655 | 401,117 | |
Non-current liabilities | (2,645) | (3,313) | |
Non-current financial liabilities | (292) | (453) | |
Current liabilities | (193,289) | (191,133) | |
Net assets | 3,911,485 | 3,633,577 | |
Net revenue | 700,831 | 395,812 | |
Profit for the year | € 227,000 | 181,395 | |
Access Biologicals Inc. | |||
Equity Accounted Investees | |||
Non-current assets | 2,707 | ||
Current assets | 23,287 | ||
Cash and cash equivalents | 3,790 | ||
Non-current liabilities | (36) | ||
Current liabilities | (3,615) | ||
Current financial liabilities | (2,649) | ||
Net assets | 23,484 | ||
Net revenue | 45,689 | ||
Profit for the year | € 17,380 |
Financial Assets - Non current
Financial Assets - Non current financial assets (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Assets | ||
Financial investments in listed shares | € 11,540 | € 2,038 |
Non-current derivatives | 27,030 | 2,068 |
Total Non-current financial assets measured at fair value | 38,570 | 4,106 |
Non-current guarantee deposits | 9,277 | 7,763 |
Other non-current financial assets | 476,361 | 261,294 |
Non-current loans to related parties | 96,537 | 89,104 |
Total Non-current financial assets measured at amortized cost | € 582,175 | € 358,161 |
Financial Assets - Other curren
Financial Assets - Other current financial assets (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Assets | ||
Current derivatives | € 12,629 | € 3,238 |
Total current financial assets measured at fair value | 12,629 | 3,238 |
Deposits and guarantees | 359 | 561 |
Other current financial assets | 30,627 | 2,025,869 |
Current loans to third parties | 48 | 39 |
Total other current financial assets measured at amortized cost | € 31,034 | € 2,026,469 |
Financial Assets - Other non-cu
Financial Assets - Other non-current and current financial assets (Details) € in Thousands | 12 Months Ended | ||
Oct. 05, 2021 | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) item | |
Financial Assets | |||
Other financial assets with related parties | € 318,890 | € 220,947 | |
Other financial assets with third parties | 188,098 | 2,066,216 | |
Total other non-current and current financial assets | 506,988 | € 2,287,163 | |
ImmunoTek Bio Centers, LLC | |||
Financial Assets | |||
Number of plasma centers to be opened | item | 21 | ||
Advance payments | € 124,100 | € 42,300 | |
Tiancheng (Germany) Pharmaceutical Holdings | |||
Financial Assets | |||
Ownership interest in ordinary shares (in percent) | 89.88% | 90% | |
Ownership interest in preferred shares (in percent) | 1.08% | 1% |
Inventories (Details)
Inventories (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Details of inventories | |||
Goods for resale | € 138,909 | € 137,887 | |
Raw materials and supplies | 1,064,776 | 657,060 | |
Work in progress and semi-finished goods | 1,331,644 | 721,088 | |
Finished goods | 666,028 | 743,319 | |
Total inventories | 3,201,357 | 2,259,354 | |
Movement in the inventory provision | |||
Impairment of inventory | 5,000 | ||
Inventory provision | |||
Movement in the inventory provision | |||
Balance at 1 January | 158,724 | 122,613 | € 104,251 |
Net charge for the year | (66,647) | 28,092 | 42,255 |
Cancellations for the year | (12,155) | (269) | (189) |
Translation differences | 4,818 | 8,288 | (23,704) |
Balance at 31 December | € 84,740 | € 158,724 | € 122,613 |
Contract assets (Details)
Contract assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Contract assets | ||
Contract assets | € 35,154 | € 1,939 |
Biotest AG | ||
Contract assets | ||
Performance obligation, Maximum fulfillment period | 12 months | |
Gross | ||
Contract assets | ||
Contract assets | € 35,467 | € 1,939 |
Allowance for expected credit loss | ||
Contract assets | ||
Contract assets | € (313) | |
Minimum | Biotest AG | ||
Contract assets | ||
Receivables due date, Number of days | 90 days | |
Maximum | Biotest AG | ||
Contract assets | ||
Receivables due date, Number of days | 120 days |
Trade and Other Receivables - S
Trade and Other Receivables - Summary (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and Other Receivables | ||||
Trade receivables | € 478,597 | € 324,442 | ||
Receivables from associates | 162,382 | 131,764 | ||
Impairment losses | (32,291) | (24,009) | € (22,985) | € (22,291) |
Trade receivables | 608,688 | 432,197 | ||
Other receivables | 10,050 | 11,014 | ||
Personnel | 770 | 654 | ||
Advance payments | 19,033 | 6,210 | ||
Taxation authorities, VAT recoverable | 38,719 | 35,389 | ||
Other public entities | 4,609 | 1,796 | ||
Other receivables | 73,181 | 55,063 | ||
Current income tax assets | 56,782 | 12,448 | ||
Total trade and other receivables | € 738,651 | € 499,708 |
Trade and Other Receivables - O
Trade and Other Receivables - Other Receivables (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other receivables | |||
Short-term debt recognized for consideration received from the factor for the receivables assignment contracts | € 16,546 | € 23,450 | |
Total receivables sold without recourse to financial institutions | 3,174,308 | 2,975,343 | € 2,735,973 |
Finance costs from sale of receivables | 18,201 | 10,292 | € 10,964 |
Volume of invoices sold without recourse to various financial institutions which would not have been collected | € 445,185 | € 317,054 | |
Minimum | |||
Other receivables | |||
Advanced collection of rate on assigned credits | 70% | 70% | 70% |
Initial payment usually received under some contracts, expressed as a percentage of the nominal amount of receivables | 90% | 90% | 90% |
Maximum | |||
Other receivables | |||
Advanced collection of rate on assigned credits | 100% | 100% | 100% |
Initial payment usually received under some contracts, expressed as a percentage of the nominal amount of receivables | 100% | 100% | 100% |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) € in Thousands, $ in Millions | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) item | Dec. 31, 2021 USD ($) item | Oct. 05, 2021 EUR (€) | Oct. 05, 2021 USD ($) | Dec. 31, 2020 EUR (€) | Dec. 31, 2019 EUR (€) |
Cash and Cash Equivalents | |||||||
Current deposits | € 5 | ||||||
Cash in hand and at banks | 547,974 | € 655,493 | |||||
Total cash and cash equivalents recognized in the balance sheet | 547,979 | 655,493 | |||||
Restricted cash | 2,020,118 | ||||||
Total cash and cash equivalents recognized in the statement of cash flows | 547,979 | € 2,675,611 | € 579,647 | € 741,982 | |||
Number of bonds issued | item | 2 | 2 | |||||
Nominal value | € 4,638,444 | € 4,697,462 | € 2,675,000 | ||||
Senior Unsecured Notes, Tranche one | |||||||
Cash and Cash Equivalents | |||||||
Nominal value | € 1,400,000 | € 1,400,000 | |||||
Senior Unsecured Notes, Tranche two | |||||||
Cash and Cash Equivalents | |||||||
Nominal value | $ | $ 705 | $ 705 |
Equity - Share Capital - Genera
Equity - Share Capital - General Information (Details) - EUR (€) | Dec. 31, 2022 | Dec. 31, 2021 |
Equity | ||
Share capital | € 119,603,705 | € 119,603,705 |
Ordinary shares | ||
Equity | ||
Number of shares issued (in shares) | 426,129,798 | 426,129,798 |
Par value (in Euros per share) | € 0.25 | € 0.25 |
Preference shares | ||
Equity | ||
Number of shares issued (in shares) | 261,425,110 | 261,425,110 |
Par value (in Euros per share) | € 0.05 | € 0.05 |
Equity - Share Capital - Class
Equity - Share Capital - Class B Shares (Details) | Dec. 31, 2022 item € / shares | Dec. 31, 2021 item € / shares | Jul. 23, 2012 | Jul. 22, 2012 |
Equity | ||||
Preference shares, annual preferred dividend, minimum (in Euros per share) | € / shares | € 0.01 | € 0.01 | ||
Exchange ratio | 1 | 2 | ||
Interests representing more than 10% of total capital | item | 0 | 0 | ||
Preference shares | ||||
Equity | ||||
Exchange ratio | 1 |
Equity - Share Capital - Moveme
Equity - Share Capital - Movement in Outstanding Shares (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Ordinary shares | ||
Reconciliation of number of shares outstanding | ||
Number of shares outstanding at beginning of the year | 422,185,368 | 426,129,798 |
(Acquisition) / disposal of treasury stock | (3,944,430) | |
Number of shares outstanding at end of the year | 422,185,368 | 422,185,368 |
Preference shares | ||
Reconciliation of number of shares outstanding | ||
Number of shares outstanding at beginning of the year | 256,354,580 | 258,412,946 |
(Acquisition) / disposal of treasury stock | (129,254) | (2,058,366) |
Number of shares outstanding at end of the year | 256,225,326 | 256,354,580 |
Equity - Reserves - Drawdown of
Equity - Reserves - Drawdown of Accumulated Gains (Details) - EUR (€) | Mar. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 |
Equity | |||
Restricted reserves | € 18,908 | € 29,486,000 | |
GDS Group | |||
Equity | |||
Increase (decrease) in reserves | € 408,000,000 | ||
Shanghai RAAS Blood Products Co., Ltd. | |||
Equity | |||
Proportion of direct ownership interest | 26.20% |
Equity - Reserves - Legal Reser
Equity - Reserves - Legal Reserve (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Equity | ||
Percentage of annual profits to transfer to legal reserve (as a percent) | 10% | |
Percentage of legal reserve in relation to share capital, below which entity must transfer proportion of profit to legal reserve | 20% | 20% |
Nominal value of the total share capital after the increase (as a percent) | 10% | |
Parent legal reserve | € 23,921 | € 23,921 |
Spanish companies other than parent | ||
Equity | ||
Parent legal reserve | 2,066 | 2,066 |
Foreign companies other than Spanish companies and parent | ||
Equity | ||
Parent legal reserve | € 4,137 | € 3,805 |
Equity - Treasury Stock - Tabul
Equity - Treasury Stock - Tabular Disclosure - Shares (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Class B, Preference shares [Member] | ||
Reconciliation of number of shares outstanding | ||
(Acquisition) / disposal of treasury stock | (129,254) | (2,058,366) |
Class A, Ordinary shares [Member] | ||
Reconciliation of number of shares outstanding | ||
(Acquisition) / disposal of treasury stock | (3,944,430) | |
Treasury stock [Member] | Class B, Preference shares [Member] | ||
Reconciliation of number of shares outstanding | ||
Treasury shares, beginning of period | 5,070,530 | 3,012,164 |
Disposal of shares | (370,746) | (361,530) |
Acquisition of shares | 500,000 | 2,419,896 |
Treasury shares, end of period | 5,199,784 | 5,070,530 |
Treasury stock [Member] | Class A, Ordinary shares [Member] | ||
Reconciliation of number of shares outstanding | ||
Treasury shares, beginning of period | 3,944,430 | |
Acquisition of shares | 3,944,430 | |
Treasury shares, end of period | 3,944,430 | 3,944,430 |
Equity - Treasury Stock - Tab_2
Equity - Treasury Stock - Tabular Disclosure - Value (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | |
Equity | |||
Balance at beginning of the year | € (7,317,098) | € (6,720,055) | |
Balance at end of the year | (8,457,544) | (7,317,098) | |
Treasury stock [Member] | |||
Equity | |||
Balance at beginning of the year | 164,189 | 43,734 | |
Balance at end of the year | 162,220 | 164,189 | |
Treasury stock [Member] | Class A, Ordinary shares [Member] | |||
Equity | |||
Balance at beginning of the year | 89,959 | ||
Acquisition of shares | $ | $ 89,959 | ||
Balance at end of the year | 89,959 | 89,959 | $ 89,959 |
Treasury stock [Member] | Class B, Preference shares [Member] | |||
Equity | |||
Balance at beginning of the year | 74,230 | 43,734 | |
Disposal of shares | (5,428) | (5,248) | |
Acquisition of shares | (3,459) | 35,744 | |
Balance at end of the year | € 72,261 | € 74,230 |
Equity - Treasury Stock - Addit
Equity - Treasury Stock - Additional Information (Details) - Treasury stock [Member] - shares | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class B, Preference shares [Member] | ||||
Equity | ||||
Number of shares delivered to eligible employees as a compensation for the Restricted Share Unit Retention Plan | 370,746 | 361,530 | ||
Class B, Preference shares [Member] | Restricted share unit retention plan | ||||
Equity | ||||
Number of shares delivered to eligible employees as a compensation for the Restricted Share Unit Retention Plan | 370,746 | 361,530 | ||
Class A and Class B shares | ||||
Equity | ||||
Treasury stock as a percentage of capital, held by parent | 1.30% | 1.30% |
Equity - Distribution of Profit
Equity - Distribution of Profit - Proposed Distribution of Profit (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity | ||
Voluntary reserve | € (266,296) | € (140,728) |
Profit of the Parent | € (266,296) | € (140,728) |
Equity - Distribution of Prof_2
Equity - Distribution of Profit - Dividends Paid (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
May 21, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity | |||
Interim dividends paid | € 0 | € 0 | |
Dividends paid | € 250,134 | ||
Class A, Ordinary shares [Member] | |||
Equity | |||
Dividends paid as percentage of par value | 146% | ||
Dividends paid per share | € 0.36 | ||
Dividends paid | € 154,005 | ||
Dividend approved (in Euros per share) | € 0.36 | ||
Class B, Preference shares [Member] | |||
Equity | |||
Dividends paid per share | € 0.01 | ||
Dividend approved (in Euros per share) | 0.01 | ||
Preference shares, no preferred dividend | |||
Equity | |||
Dividends paid as percentage of par value | 729% | ||
Dividends paid per share | € 0.36 | ||
Dividends paid | € 93,515 | ||
Dividend approved (in Euros per share) | € 0.36 | ||
Preference shares, preferred dividend | |||
Equity | |||
Dividends paid as percentage of par value | 20% | ||
Dividends paid per share | € 0.01 | ||
Dividends paid | € 2,614 | ||
Dividend approved (in Euros per share) | € 0.01 | ||
Class A and Class B shares [Member] | |||
Equity | |||
Dividends paid per share | € 0.36 | ||
Dividends paid | € 247,520 | ||
Dividend approved (in Euros per share) | € 0.36 |
Equity - Restricted Share Unit
Equity - Restricted Share Unit Retention Plan (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Equity | ||
Cumulative accrual amount | € 7,304 | € 9,838 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of basic earnings per share (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Basic earnings per share | |||
Profit for the year attributable to shareholders of the Parent | € 208,279 | € 188,726 | € 618,546 |
Weighted average number of ordinary shares outstanding | 679,805,142 | 681,556,937 | 685,515,740 |
Basic earnings per share (Euros per share) | € 0.31 | € 0.28 | € 0.90 |
Earnings Per Share - Weighted a
Earnings Per Share - Weighted average number of ordinary shares outstanding basic (Details) - shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted average number of ordinary shares outstanding basic | ||||
Issued shares outstanding at 1 January | 679,598,330 | 685,601,126 | 685,198,238 | |
Effect of treasury stock | (206,812) | 4,044,189 | (317,502) | |
Weighted average number of ordinary shares outstanding (basic) at 31 December | 679,805,142 | 681,556,937 | 685,515,740 |
Earnings Per Share - Calculat_2
Earnings Per Share - Calculation of diluted earnings per share (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Diluted earnings per share | |||
Profit for the year attributable to shareholders of the Parent | € 208,279 | € 188,726 | € 618,546 |
Weighted average number of ordinary shares outstanding (diluted) | 679,292,729 | 681,404,922 | 685,142,749 |
Diluted earnings per share (Euros per share) | € 0.31 | € 0.28 | € 0.90 |
Earnings Per Share - Weighted_2
Earnings Per Share - Weighted average number of ordinary shares outstanding diluted (Details) - shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted average number of ordinary shares outstanding diluted | ||||
Ordinary shares outstanding at 1 January | 679,598,330 | 685,601,126 | 685,198,238 | |
Shares committed under RSU plan | 512,413 | 152,015 | 372,991 | |
Effect of treasury stock | (206,812) | 4,044,189 | (317,502) | |
Weighted average number of ordinary shares outstanding (diluted) | 679,292,729 | 681,404,922 | 685,142,749 |
Non-Controlling Interests - Mov
Non-Controlling Interests - Movement (Details) € in Thousands, ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 CNY (¥) | Apr. 25, 2022 | |
Disclosure of subsidiaries [line items] | ||||
Balance at beginning of the year | € 7,317,098 | € 6,720,055 | ||
Balance at end of the year | 8,457,544 | 7,317,098 | ||
Biotest AG | ||||
Disclosure of subsidiaries [line items] | ||||
Percentage of interest acquired | 70.18% | |||
Non-controlling interests | ||||
Disclosure of subsidiaries [line items] | ||||
Balance at beginning of the year | 1,793,489 | 1,611,663 | ¥ 1,611,663 | |
Additions | 62,867 | 76,601 | ||
Business combination / Perimeter additions | 373,468 | 1,604 | ||
Other movements | 2 | |||
Dividends paid | ¥ | (6,503) | |||
Translation differences | 97,780 | 110,124 | ||
Balance at end of the year | 2,327,606 | 1,793,489 | 1,793,489 | |
Non-controlling interests | Grifols (Thailand) Pte Ltd. | ||||
Disclosure of subsidiaries [line items] | ||||
Balance at beginning of the year | 4,417 | 4,338 | ||
Additions | 282 | 218 | ||
Other movements | (23) | |||
Translation differences | 103 | (139) | ||
Balance at end of the year | 4,779 | 4,417 | 4,417 | |
Non-controlling interests | Grifols Malaysia Sdn Bhd | ||||
Disclosure of subsidiaries [line items] | ||||
Balance at beginning of the year | 3,059 | 2,923 | ||
Additions | 593 | 810 | ||
Business combination / Perimeter additions | ¥ | (843) | |||
Translation differences | 11 | 169 | ||
Balance at end of the year | 3,663 | 3,059 | 3,059 | |
Non-controlling interests | Araclon Biotech, S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Balance at beginning of the year | 240 | (1,088) | ||
Additions | (833) | (1,119) | ||
Business combination / Perimeter additions | ¥ | 2,447 | |||
Balance at end of the year | (593) | 240 | 240 | |
Non-controlling interests | VCN Bioscience, S.L. | ||||
Disclosure of subsidiaries [line items] | ||||
Balance at beginning of the year | 97 | 316 | ||
Additions | 0 | (219) | ||
Other movements | (97) | |||
Balance at end of the year | 0 | 97 | 97 | |
Non-controlling interests | Kiro Grifols , S.L. | ||||
Disclosure of subsidiaries [line items] | ||||
Balance at beginning of the year | 284 | 598 | ||
Additions | (312) | (314) | ||
Other movements | 3 | |||
Balance at end of the year | (25) | 284 | 284 | |
Non-controlling interests | Haema AG. | ||||
Disclosure of subsidiaries [line items] | ||||
Balance at beginning of the year | 233,542 | 231,284 | ||
Additions | (4,858) | 2,258 | ||
Balance at end of the year | 228,684 | 233,542 | 233,542 | |
Non-controlling interests | BPC Plasma, Inc | ||||
Disclosure of subsidiaries [line items] | ||||
Balance at beginning of the year | 305,276 | 274,995 | ||
Additions | 30,086 | 8,014 | ||
Translation differences | 19,140 | 22,267 | ||
Balance at end of the year | 354,502 | 305,276 | 305,276 | |
Non-controlling interests | Grifols Diagnostic Solutions, Inc. | ||||
Disclosure of subsidiaries [line items] | ||||
Balance at beginning of the year | 1,234,850 | 1,087,632 | ||
Additions | 46,719 | 65,894 | ||
Other movements | 111 | |||
Dividends paid | ¥ | (6,503) | |||
Translation differences | 71,994 | 87,827 | ||
Balance at end of the year | 1,353,674 | 1,234,850 | 1,234,850 | |
Non-controlling interests | Plasmavita Healthcare | ||||
Disclosure of subsidiaries [line items] | ||||
Balance at beginning of the year | 11,724 | 10,665 | ||
Additions | (1,590) | 1,059 | ||
Balance at end of the year | 10,134 | € 11,724 | ¥ 11,724 | |
Non-controlling interests | Haema Plasma Kft | ||||
Disclosure of subsidiaries [line items] | ||||
Additions | (4,074) | |||
Business combination / Perimeter additions | 17,080 | |||
Translation differences | (1,067) | |||
Balance at end of the year | 11,939 | |||
Non-controlling interests | G Pyrenees Research Cntr | ||||
Disclosure of subsidiaries [line items] | ||||
Additions | (7) | |||
Business combination / Perimeter additions | 1 | |||
Balance at end of the year | (6) | |||
Non-controlling interests | Albimmune SL | ||||
Disclosure of subsidiaries [line items] | ||||
Additions | (742) | |||
Business combination / Perimeter additions | 1 | |||
Balance at end of the year | (741) | |||
Non-controlling interests | Biotest AG | ||||
Disclosure of subsidiaries [line items] | ||||
Additions | (2,397) | |||
Business combination / Perimeter additions | 356,386 | |||
Other movements | 8 | |||
Translation differences | 7,599 | |||
Balance at end of the year | € 361,596 |
Non-Controlling Interests - Sum
Non-Controlling Interests - Summary of Financial Information (Details) € in Thousands, ¥ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 EUR (€) | |
Disclosure of subsidiaries [line items] | ||||||
Non-current assets | € 16,880,390 | € 13,723,555 | ||||
Current assets | 4,653,587 | 5,510,280 | ||||
Total Assets | 21,533,977 | 19,233,835 | € 15,274,776 | |||
Non-current liabilities | 11,120,586 | 8,442,425 | ||||
Current liabilities | 1,955,847 | 3,474,312 | ||||
Total Liabilities | 13,076,433 | 11,916,737 | 8,554,721 | |||
Total equity | 8,457,544 | 7,317,098 | 6,720,055 | € 6,845,768 | ||
Profit (loss) | 271,146 | 265,327 | 708,990 | |||
Biotest AG | Biotest AG | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-current assets | 585,282 | |||||
Current assets | 619,513 | |||||
Total Assets | 1,204,795 | |||||
Non-current liabilities | 701,613 | |||||
Current liabilities | 130,193 | |||||
Total Liabilities | 831,806 | |||||
Total equity | 372,989 | |||||
Profit (loss) | (16,036) | |||||
Haema AG | Haema AG | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-current assets | 126,051 | 121,309 | ||||
Current assets | 40,308 | 57,985 | ||||
Total Assets | 166,359 | 179,294 | ||||
Non-current liabilities | 19,673 | 27,137 | ||||
Current liabilities | 72,675 | 84,117 | ||||
Total Liabilities | 92,348 | 111,254 | ||||
Total equity | 74,011 | 68,040 | ||||
Profit (loss) | 5,972 | 8,100 | ||||
BPC Plasma, Inc | BPC Plasma, Inc | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-current assets | 345,906 | 263,921 | ||||
Current assets | 30,242 | 74,206 | ||||
Total Assets | 376,148 | 338,127 | ||||
Non-current liabilities | 54,131 | 53,715 | ||||
Current liabilities | 60,638 | 83,592 | ||||
Total Liabilities | 114,769 | 137,307 | ||||
Total equity | 261,379 | 200,820 | ||||
Profit (loss) | 48,132 | 34,333 | ||||
GDS Group | GDS Group | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-current assets | 4,175,839 | 3,796,855 | ||||
Current assets | 286,153 | 291,371 | ||||
Total Assets | 4,461,992 | 4,088,226 | ||||
Non-current liabilities | 292,416 | 278,620 | ||||
Current liabilities | 93,474 | 91,299 | ||||
Total Liabilities | 385,890 | 369,919 | ||||
Total equity | 4,076,102 | 3,718,307 | ||||
Profit (loss) | 140,678 | 198,416 | ||||
Non-controlling interests | ||||||
Disclosure of subsidiaries [line items] | ||||||
Total equity | 2,327,606 | 1,793,489 | 1,611,663 | ¥ 1,793,489 | ¥ 1,611,663 | € 2,023,649 |
Profit (loss) | 62,867 | 76,601 | € 90,444 | |||
Non-controlling interests | Biotest AG | ||||||
Disclosure of subsidiaries [line items] | ||||||
Total equity | 361,596 | |||||
Non-controlling interests | BPC Plasma, Inc | ||||||
Disclosure of subsidiaries [line items] | ||||||
Total equity | € 354,502 | € 305,276 | ¥ 305,276 | ¥ 274,995 |
Non-Controlling Interests - Cas
Non-Controlling Interests - Cash flows (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of subsidiaries [line items] | |||
Net cash flows from operating activities | € (10,867) | € 596,975 | € 1,110,336 |
Net cash flows from investing activities | (1,978,823) | (854,149) | (858,115) |
Net cash flows from financing activities | (173,493) | 2,297,679 | (354,401) |
Net increase / (decrease) in cash and cash equivalents | (2,127,632) | 2,095,964 | € (162,335) |
Biotest AG | Biotest AG | |||
Disclosure of subsidiaries [line items] | |||
Net cash flows from operating activities | (39,881) | ||
Net cash flows from investing activities | (29,358) | ||
Net cash flows from financing activities | 91,219 | ||
Net increase / (decrease) in cash and cash equivalents | 21,980 | ||
GDS Group | GDS Group | |||
Disclosure of subsidiaries [line items] | |||
Net cash flows from operating activities | 220,566 | 274,202 | |
Net cash flows from investing activities | (222,612) | (247,441) | |
Net cash flows from financing activities | 1,914 | (26,682) | |
Net increase / (decrease) in cash and cash equivalents | € (132) | € 79 |
Provisions - Summary (Details)
Provisions - Summary (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Non-current provisions (a) | ||
Provisions for pensions and similar obligations | € 94,071 | € 6,717 |
Other provisions | 15,992 | 17,405 |
Non-current provisions | 110,063 | 24,122 |
Current provisions (b) | ||
Trade provisions | 56,339 | 31,407 |
Current Provisions | € 56,339 | € 31,407 |
Provisions - Movement in non-cu
Provisions - Movement in non-current and current provisions (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Provisions | |||
Opening balance | € 55,529 | € 38,446 | € 61,139 |
Business combinations | 138,476 | 32 | 954 |
Net charges | 12,588 | 15,664 | 414 |
Net reversal | (21,998) | ||
Net cancellations | (9,091) | (794) | (422) |
Transfers | (33,575) | (673) | 468 |
Translation differences | 2,475 | 2,854 | (2,109) |
Closing balance | € 166,402 | € 55,529 | € 38,446 |
Provisions - Net defined benefi
Provisions - Net defined benefit liability of the Biotest Group (Details) € in Thousands | Dec. 31, 2022 EUR (€) |
Biotest defined benefit plans | |
Pension plans | |
Net present value of defined benefit obligations | € 91,491 |
Fair value of plan assets | (5,676) |
Net defined benefit liability | 85,815 |
Biotest defined benefit pension plans | |
Pension plans | |
Net present value of defined benefit obligations | 80,445 |
Fair value of plan assets | (4,222) |
Net defined benefit liability | 76,223 |
Biotest defined benefit plans, similar obligations | |
Pension plans | |
Net present value of defined benefit obligations | 11,046 |
Fair value of plan assets | (1,454) |
Net defined benefit liability | € 9,592 |
Provisions - Components of the
Provisions - Components of the costs for the defined benefit plans (Details) - Biotest defined benefit plans - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Pension plans | ||
Current service cost | € 3,517 | |
Net interest expenses | 766 | |
Total expenses recognised in profit and loss | 4,283 | |
Actuarial losses due to experience adjustments | 1,294 | |
Actuarial gains due to changes in financial assumptions | (34,754) | |
Actuarial gains from changes in demographic assumptions | (6) | |
Return on plan assets (excluding amounts included in net interest expense) | 755 | |
Revaluation recognised directly in other comprehensive income | (32,711) | |
Defined benefit costs | € (28,428) | |
Actuarial interest rate | 3.90% | 1.10% |
Provisions - Reconciliation of
Provisions - Reconciliation of the net present value of the defined benefit obligation (Details) € in Thousands | 8 Months Ended |
Dec. 31, 2022 EUR (€) | |
Biotest defined benefit plans | |
Reconciliation of the net present value of the defined benefit obligation | |
Ending balance | € 85,815 |
Biotest defined benefit pension plans | |
Reconciliation of the net present value of the defined benefit obligation | |
Ending balance | 76,223 |
Biotest defined benefit plans, similar obligations | |
Reconciliation of the net present value of the defined benefit obligation | |
Ending balance | 9,592 |
Net present value of defined benefit obligation | Biotest defined benefit plans | |
Reconciliation of the net present value of the defined benefit obligation | |
Beginning balance | 122,880 |
Current service cost | 3,517 |
Interest expense | 816 |
Expenses recognised in the statement of profit and loss | 4,333 |
Actuarial losses due to experience adjustments | 1,294 |
Actuarial gains due to changes in financial assumptions | (34,754) |
Actuarial gains from changes in demographic assumptions | (6) |
Revaluation recognised directly in other comprehensive income | (33,466) |
Pension benefits paid | (2,256) |
Ending balance | € 91,491 |
Provisions - Reconciliation o_2
Provisions - Reconciliation of the fair value of plan assets (Details) € in Thousands | 8 Months Ended |
Dec. 31, 2022 EUR (€) | |
Biotest defined benefit plans | |
Reconciliation of the net present value of the defined benefit obligation | |
Ending balance | € (85,815) |
Biotest defined benefit pension plans | |
Reconciliation of the net present value of the defined benefit obligation | |
Ending balance | (76,223) |
Biotest defined benefit plans, similar obligations | |
Reconciliation of the net present value of the defined benefit obligation | |
Ending balance | (9,592) |
Fair value of plan assets | |
Reconciliation of the net present value of the defined benefit obligation | |
Beginning balance | 4,560 |
Interest expense | 50 |
Income recognised in the consolidated statement of income | 50 |
Return on plan assets (excluding amounts included in net interest expenses) | (755) |
Revaluation recognised directly in other comprehensive income | (755) |
Contribution by the employer | 1,821 |
Ending balance | € 5,676 |
Provisions - Payments expected
Provisions - Payments expected to be made in subsequent years based on the current pension obligations of the Biotest group (Details) - Biotest defined benefit plans € in Thousands | 12 Months Ended |
Dec. 31, 2022 EUR (€) | |
Pension plans | |
Total expected payments | € 170,035 |
Weighted average term of the defined benefit plans | 11 years 8 months 12 days |
Within one year | |
Pension plans | |
Total expected payments | € 4,394 |
Between 2 and 5 years | |
Pension plans | |
Total expected payments | 21,629 |
Between 5 and 10 years | |
Pension plans | |
Total expected payments | 31,124 |
After 10 years | |
Pension plans | |
Total expected payments | € 112,888 |
Provisions - Plan assets of the
Provisions - Plan assets of the Biotest group invested in asset classes (Details) € in Thousands | Dec. 31, 2022 EUR (€) |
Pension plans | |
Expected Contributions To Plan Assets | € 1,896 |
Biotest defined benefit plans | |
Pension plans | |
Cash and cash equivalents | 187 |
Financial investment | 1,000 |
Fund shares | 4,489 |
Fair value of plan assets | 5,676 |
Biotest defined benefit pension plans | |
Pension plans | |
Fair value of plan assets | 4,222 |
Biotest defined benefit plans, similar obligations | |
Pension plans | |
Fair value of plan assets | € 1,454 |
Provisions - Actuarial assumpti
Provisions - Actuarial assumptions used in pension plans calculation (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Pension plans | ||
Provisions for pensions and similar obligations | € 94,071 | € 6,717 |
Discount rate | 3.90% | |
Expected return on plan assets | 1.10% | |
Rate of increase for wages and salaries | 3.40% | |
Rate of interest for pensions | 2.20% | |
Employee turnover rate | 3% | |
Biotest defined benefit pension plans | ||
Pension plans | ||
Provisions for pensions and similar obligations | € 90,783 |
Provisions - Sensitivity analys
Provisions - Sensitivity analysis of actuarial assumptions used in pension plans calculation (Details) € in Thousands | Dec. 31, 2022 EUR (€) |
Rate of interest | |
Sensitivity analysis of actuarial assumptions used in pension plans calculation | |
Increase in parameter | 50% |
Impact on the pension obligation for increase in parameter | € (4,906) |
Decrease in parameter | 50% |
Impact on the pension obligation for decrease in parameter | € 5,414 |
Salary trend | |
Sensitivity analysis of actuarial assumptions used in pension plans calculation | |
Increase in parameter | 50% |
Impact on the pension obligation for increase in parameter | € 171 |
Decrease in parameter | 50% |
Impact on the pension obligation for decrease in parameter | € (166) |
Pension trend | |
Sensitivity analysis of actuarial assumptions used in pension plans calculation | |
Increase in parameter | 100% |
Impact on the pension obligation for increase in parameter | € 6,227 |
Decrease in parameter | 100% |
Impact on the pension obligation for decrease in parameter | € (5,310) |
Life expectancy | |
Sensitivity analysis of actuarial assumptions used in pension plans calculation | |
Impact on the pension obligation for increase in parameter | € 2,916 |
Provisions - Breakdown for expe
Provisions - Breakdown for expense for defined contribution plans (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2022 EUR (€) | |
Provisions | |
Defined contribution plans of the Company | € 134 |
Employer contributions to statutory pension scheme | 11,710 |
Total expense recognized for defined contribution plans | € 11,844 |
Financial Liabilities - Summary
Financial Liabilities - Summary (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Liabilities | ||
Non-current bonds | € 4,638,444 | € 2,577,465 |
Senior secured debt | 3,419,058 | 3,296,025 |
Other loans | 336,530 | 480,836 |
Other non-current financial liabilities | 887,707 | 838,826 |
Non-current financial derivatives | 4,003 | |
Non-current lease liabilities | 914,588 | 825,157 |
Loan transaction costs | (239,768) | (249,359) |
Total non-current financial liabilities | 9,960,562 | 7,768,950 |
Current bonds | 150,512 | 2,270,474 |
Senior secured debt | 8,904 | |
Other loans | 477,065 | 165,139 |
Other current financial liabilities | 113,680 | 43,234 |
Current financial derivatives | 733 | 875 |
Current lease liabilities | 102,356 | 48,567 |
Loan transaction costs | (57,564) | (89,998) |
Total current financial liabilities | € 795,686 | € 2,438,291 |
Financial Liabilities - Other (
Financial Liabilities - Other (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||||||
Oct. 05, 2021 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | Oct. 05, 2021 USD ($) | Dec. 31, 2020 EUR (€) | |
Financial Liabilities | |||||||
Nominal value | € 4,638,444 | € 4,697,462 | € 2,675,000 | ||||
Tiancheng (Germany) Pharmaceutical Holdings | |||||||
Financial Liabilities | |||||||
Consideration transferred for acquisition | $ | $ 1,100,000 | ||||||
Ownership interest in ordinary shares (in percent) | 89.88% | 90% | |||||
Ownership interest in preferred shares (in percent) | 1.08% | 1% | |||||
Unsecured senior notes, Maturity 2025 | Euros | Grifols, S.A | |||||||
Financial Liabilities | |||||||
Nominal value | € 1,000,000 | ||||||
Annual coupon | 3.20% | 3.20% | |||||
Unsecured senior notes, Maturity 2028, one | |||||||
Financial Liabilities | |||||||
Nominal value | € 1,400,000 | € 1,400,000 | |||||
Annual coupon | 3.875% | 3.875% | |||||
Unsecured senior notes, Maturity 2028, one | Euros | Grifols Escrow Issuer S.A | |||||||
Financial Liabilities | |||||||
Nominal value | € 1,400,000 | ||||||
Annual coupon | 3.875% | 3.875% | |||||
Unsecured senior notes, Maturity 2028, two | |||||||
Financial Liabilities | |||||||
Nominal value | $ | $ 705,000 | $ 705,000 | |||||
Annual coupon | 4.75% | 4.75% | |||||
Unsecured senior notes, Maturity 2028, two | US dollar | Grifols Escrow Issuer S.A | |||||||
Financial Liabilities | |||||||
Nominal value | $ | $ 705,000 | ||||||
Annual coupon | 4.75% | 4.75% | |||||
Secured senior notes, maturity 2027 | Euros | Grifols, S.A | |||||||
Financial Liabilities | |||||||
Nominal value | € 770,000 | ||||||
Annual coupon | 2.25% | 2.25% | |||||
Secured senior notes, maturity 2025 | Euros | Grifols, S.A | |||||||
Financial Liabilities | |||||||
Nominal value | € 905,000 | ||||||
Annual coupon | 1.625% | 1.625% |
Financial Liabilities - Movemen
Financial Liabilities - Movement in Senior Notes (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 02, 2021 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | |
Financial Liabilities | |||
Opening outstanding balance | € 4,697,462 | € 2,675,000 | |
Cancellation | (97,535) | ||
Issue | 1,998,970 | ||
Exchange differences | 38,517 | 23,492 | |
Closing outstanding balance | 4,638,444 | 4,697,462 | |
Senior notes | |||
Financial Liabilities | |||
Amount of repurchase offer for senior notes, same price plus unpaid accrued interests | $ | $ 110,317 | ||
Senior unsecured corporate notes 2017 | |||
Financial Liabilities | |||
Opening outstanding balance | 1,000,000 | 1,000,000 | |
Closing outstanding balance | 1,000,000 | 1,000,000 | |
Senior unsecured corporate notes Euros 2021 | |||
Financial Liabilities | |||
Opening outstanding balance | 1,400,000 | ||
Issue | 1,400,000 | ||
Closing outstanding balance | 1,400,000 | 1,400,000 | |
Senior unsecured corporate notes US Dollars 2021 | |||
Financial Liabilities | |||
Opening outstanding balance | 622,462 | ||
Issue | 598,970 | ||
Exchange differences | 38,517 | 23,492 | |
Closing outstanding balance | 660,979 | 622,462 | |
Senior secured corporate notes 2019 | |||
Financial Liabilities | |||
Opening outstanding balance | 1,675,000 | 1,675,000 | |
Cancellation | (97,535) | ||
Closing outstanding balance | € 1,577,465 | € 1,675,000 |
Financial Liabilities - Promiss
Financial Liabilities - Promissory Notes (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Promissory Notes Maturing April 2022 | ||
Financial Liabilities | ||
Nominal amount of promissory notes (Euros) | € 3,000 | |
Interest rate | 2.50% | |
Promissory Notes subscribed | € 119,325 | |
Buy-backs or redemptions | (1,740) | |
Interest pending accrual | € (975) | |
Promissory Notes Maturing April 2023 | ||
Financial Liabilities | ||
Nominal amount of promissory notes (Euros) | € 3,000 | |
Interest rate | 3% | |
Promissory Notes subscribed | € 12,054 | |
Buy-backs or redemptions | (1,938) | |
Interest pending accrual | € (1,176) |
Financial Liabilities - Loans a
Financial Liabilities - Loans and Borrowings (Details) € in Thousands | 12 Months Ended | 24 Months Ended | 48 Months Ended | ||||
May 07, 2020 | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2018 EUR (€) loan | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2019 | |
Financial Liabilities | |||||||
Amount extended | € 5,146,455 | € 5,146,455 | € 4,750,095 | ||||
Carrying amount | 330,000 | ||||||
Non-current, Loan transaction costs | (239,768) | (239,768) | (249,359) | ||||
Non-current loans and borrowings | 3,592,112 | 3,592,112 | 3,579,158 | ||||
Current loans and borrowings, Amount extended | 481,163 | 481,163 | 211,901 | ||||
Current loans, Loan transaction costs | (57,564) | (57,564) | (89,998) | ||||
Current loans and borrowings | 449,410 | 449,410 | 127,895 | ||||
Current loans and borrowings, accrued interest | 12,592 | 12,592 | 7,682 | ||||
Nominal value | 4,638,444 | 4,638,444 | 4,697,462 | € 2,675,000 | |||
Loans and Borrowings | |||||||
Financial Liabilities | |||||||
Non-current, Loan transaction costs | (163,476) | (163,476) | (197,703) | ||||
Current loans, Loan transaction costs | (36,559) | (36,559) | (37,245) | ||||
Senior debt | |||||||
Financial Liabilities | |||||||
Amount extended | 3,703,896 | 3,703,896 | 3,587,171 | ||||
Non-current loans and borrowings, Carrying amount | 3,419,058 | 3,419,058 | 3,296,025 | ||||
Current loans and borrowings, Carrying amount | 8,904 | 8,904 | |||||
EIB Loan | |||||||
Financial Liabilities | |||||||
Amount extended | 270,000 | 270,000 | 270,000 | ||||
Non-current loans and borrowings, Carrying amount | 116,875 | 116,875 | 148,750 | ||||
Current loans and borrowings, Carrying amount | 31,875 | 31,875 | 31,875 | ||||
Number of long-term loans arranged with European Investment Bank | loan | 3 | ||||||
Nominal value | € 148,750 | 148,750 | € 270,000 | 180,625 | |||
Long-term loans maturity period (in years) | 10 years | ||||||
Long-term loans grace period (in years) | 2 years | ||||||
EIB loans of Euro 1 | |||||||
Financial Liabilities | |||||||
Nominal value | 85,000 | ||||||
EIB loans of Euro 2 | |||||||
Financial Liabilities | |||||||
Nominal value | 85,000 | ||||||
EIB loans of Euro 3 | |||||||
Financial Liabilities | |||||||
Nominal value | € 100,000 | ||||||
Revolving Credit | |||||||
Financial Liabilities | |||||||
Amount extended | € 937,559 | € 937,559 | 882,924 | ||||
Non-current loans and borrowings, Carrying amount | 330,000 | ||||||
Revolving Credit, Maturity in 2025 | |||||||
Financial Liabilities | |||||||
Adjustment to interest rate basis (as a percent) | 1.50% | 1.50% | |||||
Interest rate basis | US Libor | ||||||
Other non-current loans | |||||||
Financial Liabilities | |||||||
Amount extended | € 235,000 | € 235,000 | 10,000 | ||||
Non-current loans and borrowings, Carrying amount | 219,655 | € 219,655 | 2,086 | ||||
Interest rate basis | 1.76% - Euribor+ 6.70% | ||||||
Other current loans | |||||||
Financial Liabilities | |||||||
Current loans and borrowings, Amount extended | 481,163 | € 481,163 | 211,901 | ||||
Current loans and borrowings, Carrying amount | € 445,190 | € 445,190 | 133,265 | ||||
Other current loans | Minimum | |||||||
Financial Liabilities | |||||||
Interest rate | 0.10% | 0.10% | |||||
Other current loans | Maximum | |||||||
Financial Liabilities | |||||||
Interest rate | 3.75% | 3.75% | |||||
US Dollar | Senior debt - Tranche B, Maturity in 2027 | |||||||
Financial Liabilities | |||||||
Amount extended | € 2,343,896 | € 2,343,896 | 2,227,171 | ||||
Non-current loans and borrowings, Carrying amount | € 2,163,773 | € 2,163,773 | € 2,037,471 | ||||
Adjustment to interest rate basis (as a percent) | 2% | 2% | 2% | ||||
Current loans and borrowings, Carrying amount | € 5,635 | € 5,635 | |||||
US Dollar | Revolving Credit, Maturity in 2025 | |||||||
Financial Liabilities | |||||||
Amount extended | € 937,559 | € 937,559 | € 882,924 | ||||
Non-current loans and borrowings, Carrying amount | € 330,000 | ||||||
Adjustment to interest rate basis (as a percent) | 1.50% | 1.50% | 1.50% | ||||
Euros | Senior debt - Tranche B, Maturity in 2027 | |||||||
Financial Liabilities | |||||||
Amount extended | € 1,360,000 | € 1,360,000 | € 1,360,000 | ||||
Non-current loans and borrowings, Carrying amount | € 1,255,285 | € 1,255,285 | € 1,258,554 | ||||
Adjustment to interest rate basis (as a percent) | 2.25% | 2.25% | 2.25% | ||||
Current loans and borrowings, Carrying amount | € 3,269 | € 3,269 | |||||
Euros | EIB Loan, Maturing in 2025 | |||||||
Financial Liabilities | |||||||
Amount extended | 100,000 | 100,000 | € 100,000 | ||||
Non-current loans and borrowings, Carrying amount | € 21,250 | € 21,250 | € 31,875 | ||||
Interest rate | 2.40% | 2.40% | 2.40% | 2.40% | 2.40% | ||
Current loans and borrowings, Carrying amount | € 10,625 | € 10,625 | € 10,625 | ||||
Euros | EIB Loan, Maturing in 2027 | |||||||
Financial Liabilities | |||||||
Amount extended | 85,000 | 85,000 | 85,000 | ||||
Non-current loans and borrowings, Carrying amount | € 42,500 | € 42,500 | € 53,125 | ||||
Interest rate | 2.02% | 2.02% | 2.02% | ||||
Current loans and borrowings, Carrying amount | € 21,250 | € 21,250 | € 21,250 | ||||
Euros | EIB Loan, Maturing in 2028 | |||||||
Financial Liabilities | |||||||
Amount extended | 85,000 | 85,000 | 85,000 | ||||
Non-current loans and borrowings, Carrying amount | € 53,125 | € 53,125 | € 63,750 | ||||
Interest rate | 2.15% | 2.15% | 2.15% |
Financial Liabilities - Senior
Financial Liabilities - Senior Debt (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 EUR (€) tranche | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2022 USD ($) tranche | Nov. 19, 2019 EUR (€) | Nov. 19, 2019 USD ($) | |
Financial Liabilities | ||||||
Principal amount | € 4,638,444 | € 4,697,462 | € 2,675,000 | |||
Details by maturity: | ||||||
Principal amount | 4,638,444 | 4,697,462 | 2,675,000 | |||
Redemption and repayment | € 1,207,253 | 495,327 | € 272,877 | |||
Senior Debt Tranche B Maturing 2027 | ||||||
Financial Liabilities | ||||||
Debt term | 8 years | |||||
Number of tranches | tranche | 2 | 2 | ||||
US Dollars | Senior Debt Tranche B Maturing 2027 | ||||||
Financial Liabilities | ||||||
Principal amount | € 2,169,407 | $ 2,313,889 | $ 2,500,000 | |||
Adjustment to interest rate basis (as a percent) | 2% | 2% | ||||
Interest rate basis | US Libor | |||||
Details by maturity: | ||||||
Principal amount | € 2,169,407 | $ 2,313,889 | $ 2,500,000 | |||
US Dollars | Senior Debt Tranche B Maturing 2027 | 2023 | ||||||
Financial Liabilities | ||||||
Principal amount | 5,635 | 6,015 | ||||
Details by maturity: | ||||||
Principal amount | 5,635 | 6,015 | ||||
US Dollars | Senior Debt Tranche B Maturing 2027 | 2024 | ||||||
Financial Liabilities | ||||||
Principal amount | 22,557 | 24,058 | ||||
Details by maturity: | ||||||
Principal amount | 22,557 | 24,058 | ||||
US Dollars | Senior Debt Tranche B Maturing 2027 | 2025 | ||||||
Financial Liabilities | ||||||
Principal amount | 22,557 | 24,058 | ||||
Details by maturity: | ||||||
Principal amount | 22,557 | 24,058 | ||||
US Dollars | Senior Debt Tranche B Maturing 2027 | 2026 | ||||||
Financial Liabilities | ||||||
Principal amount | 22,557 | 24,058 | ||||
Details by maturity: | ||||||
Principal amount | 22,557 | 24,058 | ||||
US Dollars | Senior Debt Tranche B Maturing 2027 | 2027 | ||||||
Financial Liabilities | ||||||
Principal amount | 2,096,101 | 2,235,700 | ||||
Details by maturity: | ||||||
Principal amount | 2,096,101 | $ 2,235,700 | ||||
US Dollars | Tranche B | ||||||
Details by maturity: | ||||||
Redemption and repayment | 124,798 | |||||
Euros | Senior Debt Tranche B Maturing 2027 | ||||||
Financial Liabilities | ||||||
Principal amount | € 1,258,555 | € 1,360,000 | ||||
Adjustment to interest rate basis (as a percent) | 2.25% | 2.25% | ||||
Interest rate basis | Euribor | |||||
Details by maturity: | ||||||
Principal amount | € 1,258,555 | € 1,360,000 | ||||
Euros | Senior Debt Tranche B Maturing 2027 | 2023 | ||||||
Financial Liabilities | ||||||
Principal amount | 3,269 | |||||
Details by maturity: | ||||||
Principal amount | 3,269 | |||||
Euros | Senior Debt Tranche B Maturing 2027 | 2024 | ||||||
Financial Liabilities | ||||||
Principal amount | 13,076 | |||||
Details by maturity: | ||||||
Principal amount | 13,076 | |||||
Euros | Senior Debt Tranche B Maturing 2027 | 2025 | ||||||
Financial Liabilities | ||||||
Principal amount | 13,076 | |||||
Details by maturity: | ||||||
Principal amount | 13,076 | |||||
Euros | Senior Debt Tranche B Maturing 2027 | 2026 | ||||||
Financial Liabilities | ||||||
Principal amount | 13,076 | |||||
Details by maturity: | ||||||
Principal amount | 13,076 | |||||
Euros | Senior Debt Tranche B Maturing 2027 | 2027 | ||||||
Financial Liabilities | ||||||
Principal amount | 1,216,058 | |||||
Details by maturity: | ||||||
Principal amount | € 1,216,058 | |||||
Euros | Tranche B | ||||||
Details by maturity: | ||||||
Redemption and repayment | € 74,246 |
Financial Liabilities - Revolvi
Financial Liabilities - Revolving credit facility and other (Details) € in Thousands, $ in Millions | 12 Months Ended | ||||
May 07, 2020 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | May 06, 2020 USD ($) | |
Financial Liabilities | |||||
Drawn opening balance | € 330,000 | ||||
Drawdowns | 591,537 | € 829,636 | |||
Repayments | (916,958) | (525,979) | |||
Translation differences | € (4,579) | 26,343 | |||
Drawn closing balance | 330,000 | ||||
Borrowings | € 330,000 | ||||
Percentage of consolidated assets and consolidated EBITDA applied as guaranty of borrowings | 60% | ||||
Revolving Credit, Maturity in 2025 | |||||
Financial Liabilities | |||||
Maximum borrowing capacity | $ | $ 1,000 | $ 500 | |||
Refinancing of credit facility | € 9,300 | ||||
Adjustment to interest rate basis (as a percent) | 1.50% | ||||
Interest rate basis | US Libor |
Financial Liabilities - Other F
Financial Liabilities - Other Financial Liabilities (Details) $ / shares in Units, € in Thousands, $ in Millions | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 $ / shares | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 $ / shares | Jun. 30, 2021 USD ($) shares |
Financial Liabilities | |||||
Non-current debt with GIC (sovereign wealth fund in Singapore) | € 833,664 | € 829,937 | |||
Non-current preferential loans | 4,943 | 7,029 | |||
Other non-current financial liabilities | 49,100 | 1,860 | |||
Total other non-current financial liabilities | 887,707 | 838,826 | |||
Current debt with GIC (sovereign wealth fund in Singapore) | 86,284 | ||||
Current preferential loans | 1,633 | 2,607 | |||
Outstanding payments of acquisitions | 39,075 | ||||
Other current financial liabilities | 25,763 | 1,552 | |||
Total other current financial liabilities | 113,680 | 43,234 | |||
Dividend paid per share | $ / shares | $ 4,168,000 | ||||
Redemption Price Per Share | $ / shares | 0 | $ 52,105,000 | |||
Other financial liabilities | 1,001,387 | 882,060 | |||
Within one year | |||||
Financial Liabilities | |||||
Other financial liabilities | 113,680 | 43,234 | |||
Two years | |||||
Financial Liabilities | |||||
Other financial liabilities | 54,506 | 88,144 | |||
Three years | |||||
Financial Liabilities | |||||
Other financial liabilities | 50,086 | 88,947 | |||
Four years | |||||
Financial Liabilities | |||||
Other financial liabilities | 50,408 | 89,027 | |||
Five years | |||||
Financial Liabilities | |||||
Other financial liabilities | 49,483 | 88,871 | |||
Over five years | |||||
Financial Liabilities | |||||
Other financial liabilities | 683,224 | € 483,837 | |||
Biomat USA Group | |||||
Financial Liabilities | |||||
Value of ordinary shares exchanged for liability | $ | $ 990 | ||||
Number of class B ordinary shares exchanged | shares | 10 | ||||
Redemption Price Per Share | $ / shares | 52,105,263.16 | ||||
Biomat Newco, Corp. | |||||
Financial Liabilities | |||||
Number of class B ordinary shares exchanged | shares | 9 | ||||
GIC | |||||
Financial Liabilities | |||||
Repayment obligation arising supply contract | 5,900 | ||||
Redemption Price Per Share | $ / shares | $ 52,105,000 | ||||
Current debt includes accrued interests | 37,432 | ||||
Current debt related to share redemption right | 48,852 | ||||
Unsecured long-term loan | |||||
Financial Liabilities | |||||
Other non-current financial liabilities | 44,300 | ||||
Distributor commission liabilities | |||||
Financial Liabilities | |||||
Other current financial liabilities | € 15,500 |
Financial Liabilities - Changes
Financial Liabilities - Changes in liabilities derived from financing activities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in liabilities derived from financing activities | |||
Balance at beginning of year | € 10,207,241 | € 7,026,712 | € 7,207,380 |
New financing | 1,119,542 | 3,286,471 | 116,352 |
Refunds | (1,281,416) | (467,338) | (273,329) |
Bear of interests | 511,444 | 269,226 | 243,877 |
Other movements | 123,792 | 107,951 | 83,236 |
Interest paid/received | (350,387) | (155,120) | (155,788) |
Business combinations | 181,099 | (64,749) | 34,778 |
Foreign exchange differences | 244,933 | 204,088 | (229,794) |
Balance at end of year | 10,756,248 | 10,207,241 | 7,026,712 |
Bonds | |||
Changes in liabilities derived from financing activities | |||
Balance at beginning of year | 4,743,534 | 2,709,515 | 2,677,202 |
New financing | 112,557 | 2,126,979 | 116,352 |
Refunds | (217,058) | (114,480) | (105,564) |
Bear of interests | 176,317 | 100,948 | 81,880 |
Other movements | 744 | (33,920) | |
Interest paid/received | (150,595) | (64,031) | (60,355) |
Business combinations | (1,804) | ||
Foreign exchange differences | 27,965 | 18,523 | |
Balance at end of year | 4,691,660 | 4,743,534 | 2,709,515 |
Senior Secured debt & Other loans | |||
Changes in liabilities derived from financing activities | |||
Balance at beginning of year | 3,707,048 | 3,468,385 | 3,687,739 |
New financing | 990,537 | 329,555 | |
Refunds | (944,386) | (266,659) | (66,047) |
Bear of interests | 206,901 | 130,327 | 124,840 |
Other movements | (744) | 5,445 | (10,468) |
Interest paid/received | (156,461) | (91,089) | (95,433) |
Business combinations | 121,597 | ||
Foreign exchange differences | 117,029 | 131,084 | (172,246) |
Balance at end of year | 4,041,521 | 3,707,048 | 3,468,385 |
Finance lease liabilities | |||
Changes in liabilities derived from financing activities | |||
Balance at beginning of year | 873,724 | 733,499 | 740,690 |
Refunds | (104,287) | (82,692) | (79,037) |
Bear of interests | 43,640 | 35,786 | 35,084 |
Other movements | 123,792 | 135,697 | 88,867 |
Business combinations | 30,290 | ||
Foreign exchange differences | 49,785 | 51,434 | (52,105) |
Balance at end of year | 1,016,944 | 873,724 | 733,499 |
Other financial liabilities | |||
Changes in liabilities derived from financing activities | |||
Balance at beginning of year | 882,935 | 115,313 | 101,749 |
New financing | 16,448 | 829,937 | |
Refunds | (15,685) | (3,507) | (22,681) |
Bear of interests | 84,586 | 2,165 | 2,073 |
Other movements | 729 | 4,837 | |
Interest paid/received | (43,331) | ||
Business combinations | 31,016 | (64,749) | 34,778 |
Foreign exchange differences | 50,154 | 3,047 | (5,443) |
Balance at end of year | € 1,006,123 | € 882,935 | € 115,313 |
Trade and Other Payables (Detai
Trade and Other Payables (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and Other Payables | ||
Suppliers | € 731,918 | € 628,992 |
VAT payable | 11,133 | 13,011 |
Taxation authorities, withholdings payable | 7,986 | 7,267 |
Social security payable | 23,627 | 39,191 |
Other public entities | 71,984 | 92,365 |
Other payables | 114,730 | 151,834 |
Current income tax liabilities | 15,687 | 4,516 |
Total trade and other payables | € 862,335 | € 785,342 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Current Liabilities | ||
Salaries payable | € 199,584 | € 175,710 |
Other payables | 4,069 | 23 |
Deferred income | 27,642 | 32,970 |
Advances received | 10,192 | 10,569 |
Other current liabilities | € 241,487 | € 219,272 |
Net Revenues - Distribution by
Net Revenues - Distribution by Segment (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Distribution of net consolidated revenues by segment | |||
Net revenue | € 6,063,967 | € 4,933,118 | € 5,340,038 |
Operating Segments | |||
Distribution of net consolidated revenues by segment | |||
Net revenue | 6,063,967 | 4,933,118 | 5,340,038 |
Intersegments | |||
Distribution of net consolidated revenues by segment | |||
Net revenue | (8,948) | (43,245) | (34,095) |
Biopharma | Operating Segments | |||
Distribution of net consolidated revenues by segment | |||
Net revenue | 5,005,382 | 3,814,983 | 4,242,502 |
Diagnostic | Operating Segments | |||
Distribution of net consolidated revenues by segment | |||
Net revenue | 671,292 | 779,108 | 775,889 |
Bio supplies. | Operating Segments | |||
Distribution of net consolidated revenues by segment | |||
Net revenue | 146,076 | 115,811 | 133,221 |
Others | Operating Segments | |||
Distribution of net consolidated revenues by segment | |||
Net revenue | € 250,165 | € 266,461 | € 222,521 |
Net Revenues - Geographical Dis
Net Revenues - Geographical Distribution (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Geographical distribution of net consolidated revenues | |||
Net revenue | € 6,063,967 | € 4,933,118 | € 5,340,038 |
USA and Canada | |||
Geographical distribution of net consolidated revenues | |||
Net revenue | 3,855,607 | 3,154,549 | 3,599,746 |
Spain [Member] | |||
Geographical distribution of net consolidated revenues | |||
Net revenue | 320,631 | 362,407 | 339,169 |
European Union | |||
Geographical distribution of net consolidated revenues | |||
Net revenue | 711,579 | 544,042 | 495,323 |
Rest of the world | |||
Geographical distribution of net consolidated revenues | |||
Net revenue | € 1,176,150 | € 872,120 | € 905,800 |
Net Revenues - Discounts and Ot
Net Revenues - Discounts and Other Reductions (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Discounts and other reductions in gross income | |||
Gross sales | € 7,720,463 | € 6,234,277 | € 6,806,005 |
Chargebacks | (1,402,218) | (1,101,896) | (1,247,153) |
Cash discounts | (76,547) | (60,019) | (68,912) |
Volume rebates | (66,280) | (49,043) | (57,858) |
Medicare and Medicaid | (64,438) | (53,440) | (61,089) |
Other discounts | (47,013) | (36,761) | (30,955) |
Net sales | € 6,063,967 | € 4,933,118 | € 5,340,038 |
Net Revenues - Movement in Disc
Net Revenues - Movement in Discounts and Other Reductions (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in Chargebacks | |||
Balance at beginning of year | € 159,846 | € 190,869 | € 90,488 |
Current estimate related to sales made in current and previous periods | (1,402,218) | (1,101,896) | (1,247,153) |
(Actual returns or credits in current period related to sales made in current period) | 1,196,670 | 1,080,304 | 1,033,053 |
(Actual returns or credits in current period related to sales made in prior periods) | 109,726 | 65,681 | 97,504 |
Translation differences | 8,845 | 13,066 | (16,215) |
Balance at end of year | 264,513 | 159,846 | 190,869 |
Movement in Cash discounts | |||
Balance at beginning of year | 5,701 | 6,795 | 5,897 |
Current estimate related to sales made in current and previous periods | (76,547) | (60,019) | (68,912) |
(Actual returns or credits in current period related to sales made in current period) | 69,960 | 54,554 | 61,387 |
(Actual returns or credits in current period related to sales made in prior periods) | 6,442 | 6,964 | 6,030 |
Translation differences | 338 | 405 | (597) |
Balance at end of year | 6,184 | 5,701 | 6,795 |
Movement in Volume rebates | |||
Balance at beginning of year | 21,246 | 29,670 | 28,705 |
Current estimate related to sales made in current and previous periods | (66,280) | (49,043) | (57,858) |
(Actual returns or credits in current period related to sales made in current period) | 43,494 | 29,617 | 27,798 |
(Actual returns or credits in current period related to sales made in prior periods) | 21,501 | 29,304 | 26,481 |
Translation differences | 1,034 | 1,454 | (2,614) |
Balance at end of year | 23,565 | 21,246 | 29,670 |
Movement in Medicare / Medicaid | |||
Balance at beginning of year | 25,614 | 28,451 | 18,911 |
Current estimate related to sales made in current and previous periods | (64,438) | (53,440) | (61,089) |
(Actual returns or credits in current period related to sales made in current period) | 43,332 | 42,890 | 34,564 |
(Actual returns or credits in current period related to sales made in prior periods) | 21,271 | 15,422 | 14,526 |
Translation differences | 1,587 | 2,035 | (2,459) |
Balance at end of year | 27,036 | 25,614 | 28,451 |
Movement in Other discounts | |||
Balance at beginning of year | 10,585 | 11,763 | 15,071 |
Current estimate related to sales made in current and previous periods | (47,013) | (36,761) | (30,955) |
(Actual returns or credits in current period related to sales made in current period) | 28,818 | 27,036 | 30,509 |
(Actual returns or credits in current period related to sales made in prior periods) | 2,935 | 11,057 | 3,615 |
Translation differences | 138 | 154 | (139) |
Balance at end of year | 25,983 | 10,585 | 11,763 |
Total movement in discounts and other reductions | |||
Balance at beginning of year | 222,992 | 267,548 | 159,072 |
Current estimate related to sales made in current and previous periods | (1,656,496) | (1,301,159) | (1,465,967) |
(Actual returns or credits in current period related to sales made in current period) | 1,382,274 | 1,234,401 | 1,187,311 |
(Actual returns or credits in current period related to sales made in prior periods) | 161,875 | 128,428 | 148,156 |
Translation differences | 11,942 | 17,114 | (22,024) |
Balance at end of year | € 347,281 | € 222,992 | € 267,548 |
Personnel Expenses (Details)
Personnel Expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Details of personnel expenses by function: | |||
Personnel expenses | € 1,976,170 | € 1,539,366 | € 1,552,665 |
Details by nature: | |||
Wages and salaries | 1,600,617 | 1,231,812 | 1,234,761 |
Contributions to pension plans | 40,994 | 31,757 | 33,226 |
Other social charges | 33,506 | 27,387 | 27,462 |
Social Security | 301,053 | 248,410 | 257,216 |
Total personnel expenses | 1,976,170 | 1,539,366 | 1,552,665 |
Cost of sales | |||
Details of personnel expenses by function: | |||
Personnel expenses | 1,343,991 | 999,347 | 1,058,132 |
Details by nature: | |||
Total personnel expenses | 1,343,991 | 999,347 | 1,058,132 |
Research and development | |||
Details of personnel expenses by function: | |||
Personnel expenses | 159,766 | 138,629 | 110,682 |
Details by nature: | |||
Total personnel expenses | 159,766 | 138,629 | 110,682 |
Selling, general & administration expenses | |||
Details of personnel expenses by function: | |||
Personnel expenses | 472,413 | 401,390 | 383,851 |
Details by nature: | |||
Total personnel expenses | € 472,413 | € 401,390 | € 383,851 |
Expenses by Nature - Amortizati
Expenses by Nature - Amortization and Depreciation (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Amortization and depreciation | € 407,864 | € 359,767 | € 321,533 |
Cost of sales | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Amortization and depreciation | 275,512 | 211,676 | 198,310 |
Research and development | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Amortization and depreciation | 44,295 | 55,311 | 32,814 |
Selling, general & administration expenses | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Amortization and depreciation | € 88,057 | € 92,780 | € 90,409 |
Expenses by Nature - Other Oper
Expenses by Nature - Other Operating Income and Expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Other operating income and expenses | € 1,425,932 | € 1,232,998 | € 1,156,627 |
Cost of sales | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Other operating income and expenses | 682,636 | 535,058 | 500,415 |
Research and development | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Other operating income and expenses | 164,229 | 165,884 | 156,994 |
Selling, general & administration expenses | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Other operating income and expenses | € 579,067 | € 532,056 | € 499,218 |
Expenses by Nature - Other Op_2
Expenses by Nature - Other Operating Income and Expenses, Components (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Details by nature: | |||
Changes in trade provisions | € 8,743 | € 4,844 | € (14,059) |
Professional services | 305,215 | 258,371 | 265,539 |
Commissions | 40,397 | 28,671 | 27,147 |
Supplies and auxiliary materials | 251,120 | 197,893 | 187,370 |
Operating leases | 38,994 | 32,945 | 28,176 |
Freight | 190,692 | 148,797 | 137,466 |
Repair and maintenance expenses | 218,971 | 150,308 | 147,039 |
Advertising | 90,652 | 71,280 | 55,073 |
Insurance | 46,090 | 38,724 | 30,776 |
Royalties | 13,646 | 48,446 | 40,634 |
Travel expenses | 49,356 | 30,334 | 23,005 |
External services | 83,296 | 74,858 | 71,240 |
R&D Expenses | 94,903 | 106,873 | 101,410 |
Gains on disposal of assets | (22,236) | ||
Other | 16,093 | 40,654 | 55,811 |
Total other operating income and expenses | € 1,425,932 | € 1,232,998 | € 1,156,627 |
Finance Result (Details)
Finance Result (Details) - EUR (€) € in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance Result | |||||
Finance income | € 33,859 | € 11,551 | € 8,021 | ||
Finance cost from Senior Unsecured Notes | (181,149) | (104,944) | (85,182) | ||
Finance cost from senior debt | (161,466) | (111,719) | (119,140) | ||
Finance costs from other financial liabilities | (81,914) | ||||
Finance cost from sale of receivables | (18,201) | (10,292) | (10,964) | ||
Capitalized interest | 25,184 | 18,636 | 16,606 | ||
Finance lease expenses | (45,198) | (35,786) | (35,205) | ||
Other finance costs | (33,780) | (33,889) | (15,754) | ||
Finance costs | (496,524) | (277,994) | (249,639) | ||
Change in fair value of financial instruments | 11,999 | 246 | 55,703 | ||
Exchange differences | 7,725 | (11,602) | 8,246 | ||
Finance result | € (442,941) | € (277,799) | € (177,669) | ||
Minimum | |||||
Finance Result | |||||
Capitalisation interest rate on financing received | 4.43% | 3.71% | |||
Maximum | |||||
Finance Result | |||||
Capitalisation interest rate on financing received | 5.44% | 4.15% | |||
Shanghai RAAS Blood Products Co., Ltd. | |||||
Finance Result | |||||
Change in fair value of financial instruments | € 56,526 | € 56,526 |
Taxation - Reconciliation of ac
Taxation - Reconciliation of accounting and taxable income (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Taxation | |||
Limitation in corporate income tax due to temporary measure in tax period | 50% | ||
Reconciliation of accounting and taxable income | |||
Profit before income tax from continuing operations | € 361,257 | € 350,453 | € 878,629 |
Tax at 25% | 90,313 | 87,613 | 219,657 |
Permanent differences | (30,796) | 2,503 | (7,181) |
Effect of different tax rates | 9,953 | (8,720) | (30,686) |
Tax credits (deductions) | 3,667 | (14,998) | (14,980) |
Prior year income tax expense | 12,685 | 18,908 | 517 |
Other income tax expenses/(income) | 4,289 | (180) | 2,312 |
Total income tax expense | € 90,111 | € 85,126 | € 169,639 |
USA | |||
Taxation | |||
Tax rate of the companies domiciled in the U.S.A (as a percent) | 22% | ||
Spain | |||
Reconciliation of accounting and taxable income | |||
Tax rate (as a percent) | 25% |
Taxation - Income tax expense -
Taxation - Income tax expense - Total income tax expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of accounting and taxable income | |||
Deferred tax | € (15,138) | € 17,754 | € 43,138 |
Current tax | 105,249 | 67,372 | 126,501 |
Total income tax expense | € 90,111 | € 85,126 | € 169,639 |
Taxation - Deferred tax assets
Taxation - Deferred tax assets and liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets and liabilities | |||
Deferred assets, net | € 174,923 | € 152,507 | € 149,921 |
Net deferred liabilities | (1,034,823) | (633,984) | (556,813) |
Tax loss carryforwards | |||
Deferred tax assets and liabilities | |||
Deferred assets, net | 61,152 | ||
Assets | |||
Deferred tax assets and liabilities | |||
Deferred assets, net | 186,345 | 154,463 | 185,034 |
Net deferred Liabilities | 115,918 | 75,873 | 74,284 |
Assets | Provisions | |||
Deferred tax assets and liabilities | |||
Deferred assets, net | 20,511 | 8,387 | 3,942 |
Net deferred Liabilities | 70,206 | 37,671 | 36,663 |
Assets | Inventories | |||
Deferred tax assets and liabilities | |||
Deferred assets, net | 67,557 | 47,908 | 59,129 |
Net deferred Liabilities | 652 | 5,532 | 1,673 |
Assets | Tax credit rights | |||
Deferred tax assets and liabilities | |||
Deferred assets, net | 33,921 | 26,425 | 57,896 |
Assets | Tax loss carryforwards | |||
Deferred tax assets and liabilities | |||
Deferred assets, net | 58,159 | 51,750 | 53,063 |
Net deferred Liabilities | 2,993 | 2,160 | 12,024 |
Assets | Tax credits (deductions) | |||
Deferred tax assets and liabilities | |||
Net deferred Liabilities | 14,578 | ||
Assets | Other | |||
Deferred tax assets and liabilities | |||
Deferred assets, net | 6,197 | 19,993 | 11,004 |
Net deferred Liabilities | 27,489 | 30,510 | 23,924 |
Liabilities | |||
Deferred tax assets and liabilities | |||
Deferred assets, net | (11,422) | (1,956) | (35,113) |
Net deferred Liabilities | (1,150,741) | (709,857) | (631,097) |
Liabilities | Other | |||
Deferred tax assets and liabilities | |||
Deferred assets, net | (6,994) | ||
Liabilities | Goodwill | |||
Deferred tax assets and liabilities | |||
Deferred assets, net | (3,063) | (2,106) | (30,040) |
Net deferred Liabilities | (337,948) | (272,596) | (215,907) |
Liabilities | Fixed assets, amortisation and depreciation | |||
Deferred tax assets and liabilities | |||
Deferred assets, net | (16) | 3,151 | (3,011) |
Liabilities | Intangible assets | |||
Deferred tax assets and liabilities | |||
Deferred assets, net | (1,349) | (3,001) | (2,062) |
Net deferred Liabilities | (669,316) | (288,819) | (270,145) |
Liabilities | Fixed assets | |||
Deferred tax assets and liabilities | |||
Net deferred Liabilities | (92,811) | (86,899) | (78,325) |
Liabilities | Debt cancellation costs | |||
Deferred tax assets and liabilities | |||
Net deferred Liabilities | € (50,666) | € (61,543) | € (66,720) |
Taxation - Movement in deferred
Taxation - Movement in deferred tax assets and liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred tax assets and liabilities | |||
Balance at 1 January | € 481,477 | € 406,892 | € 340,803 |
Movements during the year | 15,138 | (17,754) | (43,138) |
Business combination | (361,051) | (16,400) | (47,988) |
Translation differences | (32,510) | (40,431) | 25,037 |
Balance at 31 December | € 859,900 | € 481,477 | € 406,892 |
Taxation - Deferred tax asset_2
Taxation - Deferred tax assets and liabilities, others (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred tax assets and liabilities | |||
Deferred tax assets | € 174,923 | € 152,507 | € 149,921 |
Unrecognized deferred tax on investments in subsidiaries | € 78,947 | 52,119 | |
Spain. | |||
Deferred tax assets and liabilities | |||
Tax deduction maturity term | 18 years | ||
Estimated period for application of entire amount of tax deduction | 5 years | ||
United States | |||
Deferred tax assets and liabilities | |||
Tax credit carryforward (in years) | 20 years | ||
Basque Country, Spain | |||
Deferred tax assets and liabilities | |||
Tax credit carryforward, exclusively for Spanish companies registered in the Basque Country (in years) | 15 years | ||
Within one year | |||
Deferred tax assets and liabilities | |||
Net deferred tax assets | € 112,274 | 57,183 | |
Tax loss carryforwards that will be recovered in less than 5 years | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | € 48,453 | ||
Period available to offset the pending tax loss carryforwards | 5 years | ||
Tax loss carryforwards | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | € 61,152 | ||
Unrecognized deferred tax assets | € 121,486 | € 123,407 |
Other Commitments with Third _3
Other Commitments with Third Parties and Other Contingent Liabilities (Details) € in Thousands | 12 Months Ended | |||||
Sep. 27, 2022 USD ($) | Dec. 31, 2022 EUR (€) individual item director | Dec. 31, 2022 USD ($) individual | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) item director | |
Other Commitments with Third Parties and Other Contingent Liabilities | ||||||
Annual contribution to defined contribution pension plans | € | € 1,033 | € 948 | ||||
Agreements with employees/directors | director | 45 | 45 | ||||
Number of executives with whom contract entered | item | 6 | 6 | ||||
Percentage of Group contribution matching to first 4% of employee contributions | 100% | 100% | ||||
Percentage of employee contributions vested one | 4% | 4% | ||||
Percentage of Group contribution matching to the next 2% following the first 4% of employee contributions | 50% | 50% | ||||
Percentage employee contributions vested two | 2% | 2% | ||||
Total cost of matching contributions | $ 34,100,000 | $ 31,800,000 | ||||
Parties have settled this class action in the amount | 16,750,000 | |||||
Accrued a total amount | $ 6,000,000 | |||||
Settlement class | individual | 66,822 | 66,822 | ||||
Restricted share unit retention plan | ||||||
Other Commitments with Third Parties and Other Contingent Liabilities | ||||||
Vesting Period | 2 years 1 day | 2 years 1 day | ||||
Exchange ratio | 1 | 1 | ||||
Amount settled under RSU plan | € | € 9,381 | 7,782 | ||||
Equity-settled commitment | € | € 7,304 | € 9,838 | ||||
Legal proceedings contingent liability | SIEMENS HEALTHCARE DIAGNOSTICS, INC. adv. ORTHO-CLINICAL DIAGNOSTICS, INC., GRIFOLS DIAGNOSTIC SOLUTIONS INC. | ||||||
Other Commitments with Third Parties and Other Contingent Liabilities | ||||||
Payments made to settle dispute | $ 171,000 | |||||
Legal proceedings contingent liability | ABBOTT LABORATORIES v. GRIFOLS DIAGNOSTIC SOLUTIONS INC., GRIFOLS WORLDWIDE OPERATIONS LIMITED AND NOVARTIS VACCINES AND DIAGNOSTICS, INC | ||||||
Other Commitments with Third Parties and Other Contingent Liabilities | ||||||
Amount awarded to the company/Ortho | $ 4,000,000 | |||||
Minimum | ||||||
Other Commitments with Third Parties and Other Contingent Liabilities | ||||||
Number of years of salary for employees/directors | 2 years | 2 years | ||||
Number of years of salary for executives | 1 year | 1 year | ||||
Maximum | ||||||
Other Commitments with Third Parties and Other Contingent Liabilities | ||||||
Number of years of salary for employees/directors | 5 years | 5 years | ||||
Number of years of salary for executives | 4 years | 4 years | ||||
Maximum | Restricted share unit retention plan | ||||||
Other Commitments with Third Parties and Other Contingent Liabilities | ||||||
Percentage of annual bonus in Grifols Class B Shares or Grifols ADS | 50% | 50% | ||||
Matching percentage to the employees contribution | 50% | 50% |
Other Commitments with Third _4
Other Commitments with Third Parties and Other Contingent Liabilities - Purchase commitments (Details) € in Thousands | Dec. 31, 2022 EUR (€) |
2023 | |
Other Commitments with Third Parties and Other Contingent Liabilities | |
Raw material purchase commitments | € 409,984 |
2024 | |
Other Commitments with Third Parties and Other Contingent Liabilities | |
Raw material purchase commitments | 413,283 |
2025 | |
Other Commitments with Third Parties and Other Contingent Liabilities | |
Raw material purchase commitments | 352,805 |
2026 | |
Other Commitments with Third Parties and Other Contingent Liabilities | |
Raw material purchase commitments | 230,625 |
2027 | |
Other Commitments with Third Parties and Other Contingent Liabilities | |
Raw material purchase commitments | 219,034 |
More than 5 years | |
Other Commitments with Third Parties and Other Contingent Liabilities | |
Raw material purchase commitments | € 281,951 |
Financial Instruments - Classif
Financial Instruments - Classification by nature, category and fair value (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial instruments | ||
Financial assets | € 39,659 | € 5,306 |
Financial liabilities | 4,736 | 875 |
Financial Assets (Liabilities) | (9,950,142) | (7,672,945) |
Measured at fair value | ||
Financial instruments | ||
Financial assets | 287,275 | 223,777 |
Financial liabilities | (875) | |
Financial liabilities, at fair value | (4,736) | |
Measured at fair value | Non-current financial asset | ||
Financial instruments | ||
Financial assets | 11,540 | 2,038 |
Financial assets, at fair value | 11,540 | 2,038 |
Measured at fair value | Trade receivables | ||
Financial instruments | ||
Financial assets | 236,076 | 216,433 |
Financial assets, at fair value | 236,076 | 216,433 |
Measured at fair value | Derivatives Instrument | ||
Financial instruments | ||
Financial assets | 39,659 | 5,306 |
Financial assets, at fair value | 39,659 | 5,306 |
Financial liabilities | (4,736) | (875) |
Financial liabilities, at fair value | (4,736) | (875) |
Measured at fair value | Level 1 | Non-current financial asset | ||
Financial instruments | ||
Financial assets, at fair value | 7 | 7 |
Measured at fair value | Level 2 | Trade receivables | ||
Financial instruments | ||
Financial assets, at fair value | 236,076 | 216,433 |
Measured at fair value | Level 2 | Derivatives Instrument | ||
Financial instruments | ||
Financial assets, at fair value | 39,659 | 5,306 |
Financial liabilities, at fair value | (4,736) | (875) |
Measured at fair value | Level 3 | Non-current financial asset | ||
Financial instruments | ||
Financial assets, at fair value | 11,533 | 2,031 |
Not measured at fair value | ||
Financial instruments | ||
Financial assets | 1,606,981 | 3,310,950 |
Financial liabilities | (11,839,662) | (11,206,797) |
Not measured at fair value | Senior Unsecured and Secured Notes | ||
Financial instruments | ||
Financial liabilities | (4,626,919) | |
Financial liabilities, at fair value | (4,697,328) | |
Not measured at fair value | Senior Unsecured Notes | ||
Financial instruments | ||
Financial liabilities | (4,572,720) | |
Financial liabilities, at fair value | (4,122,656) | |
Not measured at fair value | Promissory Notes | ||
Financial instruments | ||
Financial liabilities | (118,940) | (116,610) |
Not measured at fair value | Senior Secured debt | ||
Financial instruments | ||
Financial liabilities | (3,227,926) | (3,061,078) |
Financial liabilities, at fair value | (3,286,662) | (3,262,901) |
Not measured at fair value | Other bank loans | ||
Financial instruments | ||
Financial liabilities | (813,595) | (645,975) |
Not measured at fair value | Lease liabilities. | ||
Financial instruments | ||
Financial liabilities | (1,016,944) | (873,724) |
Not measured at fair value | Other Financial Liabilities [Member] | ||
Financial instruments | ||
Financial liabilities | (1,001,387) | (882,060) |
Not measured at fair value | Other non-current debt | ||
Financial instruments | ||
Financial liabilities | (15) | (333) |
Not measured at fair value | Trade payables. | ||
Financial instruments | ||
Financial liabilities | (846,648) | (780,826) |
Not measured at fair value | Other current liabilities | ||
Financial instruments | ||
Financial liabilities | (241,487) | (219,272) |
Not measured at fair value | Non-current financial assets. | ||
Financial instruments | ||
Financial assets | 582,175 | 358,161 |
Not measured at fair value | Other current financial assets | ||
Financial instruments | ||
Financial assets | 31,034 | 2,026,469 |
Not measured at fair value | Trade and other receivables including advances [Member] | ||
Financial instruments | ||
Financial assets | 445,793 | 270,827 |
Not measured at fair value | Cash Cash Equivalents [Member] | ||
Financial instruments | ||
Financial assets | 547,979 | 655,493 |
Not measured at fair value | Level 1 | Senior Unsecured and Secured Notes | ||
Financial instruments | ||
Financial liabilities, at fair value | (4,697,328) | |
Not measured at fair value | Level 1 | Senior Unsecured Notes | ||
Financial instruments | ||
Financial liabilities, at fair value | (4,122,656) | |
Not measured at fair value | Level 2 | Senior Secured debt | ||
Financial instruments | ||
Financial liabilities, at fair value | (3,286,662) | (3,262,901) |
Amortised cost. | ||
Financial instruments | ||
Financial Assets (Liabilities) | (11,598,160) | (10,987,192) |
Amortised cost. | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | (11,598,160) | (10,987,192) |
Amortised cost. | Not measured at fair value | Senior Unsecured and Secured Notes | ||
Financial instruments | ||
Financial liabilities | (4,626,919) | |
Amortised cost. | Not measured at fair value | Senior Unsecured Notes | ||
Financial instruments | ||
Financial liabilities | (4,572,720) | |
Amortised cost. | Not measured at fair value | Promissory Notes | ||
Financial instruments | ||
Financial liabilities | (118,940) | (116,610) |
Amortised cost. | Not measured at fair value | Senior Secured debt | ||
Financial instruments | ||
Financial liabilities | (3,227,926) | (3,061,078) |
Amortised cost. | Not measured at fair value | Other bank loans | ||
Financial instruments | ||
Financial liabilities | (813,595) | (645,975) |
Amortised cost. | Not measured at fair value | Lease liabilities. | ||
Financial instruments | ||
Financial liabilities | (1,016,944) | (873,724) |
Amortised cost. | Not measured at fair value | Other Financial Liabilities [Member] | ||
Financial instruments | ||
Financial liabilities | (1,001,387) | (882,060) |
Amortised cost. | Not measured at fair value | Trade payables. | ||
Financial instruments | ||
Financial liabilities | (846,648) | (780,826) |
Other financial liabilities. | ||
Financial instruments | ||
Financial Assets (Liabilities) | (241,502) | (219,605) |
Other financial liabilities. | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | (241,502) | (219,605) |
Other financial liabilities. | Not measured at fair value | Other non-current debt | ||
Financial instruments | ||
Financial liabilities | (15) | (333) |
Other financial liabilities. | Not measured at fair value | Other current liabilities | ||
Financial instruments | ||
Financial liabilities | (241,487) | (219,272) |
Amortised cost | ||
Financial instruments | ||
Financial Assets (Liabilities) | 1,606,981 | 3,310,950 |
Amortised cost | Not measured at fair value | ||
Financial instruments | ||
Financial assets | 1,606,981 | 3,310,950 |
Amortised cost | Not measured at fair value | Non-current financial assets. | ||
Financial instruments | ||
Financial assets | 582,175 | 358,161 |
Amortised cost | Not measured at fair value | Other current financial assets | ||
Financial instruments | ||
Financial assets | 31,034 | 2,026,469 |
Amortised cost | Not measured at fair value | Trade and other receivables including advances [Member] | ||
Financial instruments | ||
Financial assets | 445,793 | 270,827 |
Amortised cost | Not measured at fair value | Cash Cash Equivalents [Member] | ||
Financial instruments | ||
Financial assets | 547,979 | 655,493 |
Financial assets at fair value through profit or loss | ||
Financial instruments | ||
Financial Assets (Liabilities) | (4,729) | (868) |
Financial assets at fair value through profit or loss | Measured at fair value | ||
Financial instruments | ||
Financial assets | 7 | 7 |
Financial liabilities | (875) | |
Financial liabilities, at fair value | (4,736) | |
Financial assets at fair value through profit or loss | Measured at fair value | Non-current financial asset | ||
Financial instruments | ||
Financial assets | 7 | 7 |
Financial assets at fair value through profit or loss | Measured at fair value | Derivatives Instrument | ||
Financial instruments | ||
Financial liabilities | (4,736) | (875) |
Financial assets at fair value through OCI | ||
Financial instruments | ||
Financial Assets (Liabilities) | 247,609 | 218,464 |
Financial assets at fair value through OCI | Measured at fair value | ||
Financial instruments | ||
Financial assets | 247,609 | 218,464 |
Financial assets at fair value through OCI | Measured at fair value | Non-current financial asset | ||
Financial instruments | ||
Financial assets | 11,533 | 2,031 |
Financial assets at fair value through OCI | Measured at fair value | Trade receivables | ||
Financial instruments | ||
Financial assets | 236,076 | 216,433 |
Hedges | ||
Financial instruments | ||
Financial Assets (Liabilities) | 39,659 | 5,306 |
Hedges | Measured at fair value | ||
Financial instruments | ||
Financial assets | 39,659 | 5,306 |
Hedges | Measured at fair value | Derivatives Instrument | ||
Financial instruments | ||
Financial assets | € 39,659 | € 5,306 |
Financial Instruments - Maximum
Financial Instruments - Maximum level of exposure to credit risk (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Credit risk | ||
Maximum exposure to credit risk | € 1,885,312 | € 3,498,827 |
Maximum collection period | 30 days | |
Non-current financial assets. | ||
Credit risk | ||
Maximum exposure to credit risk | € 620,745 | 362,267 |
Other current financial assets | ||
Credit risk | ||
Maximum exposure to credit risk | 43,663 | 2,029,707 |
Contractual assets | ||
Credit risk | ||
Maximum exposure to credit risk | 35,154 | 1,939 |
Trade receivables | ||
Credit risk | ||
Maximum exposure to credit risk | 608,688 | 432,197 |
Other receivables | ||
Credit risk | ||
Maximum exposure to credit risk | 29,083 | 17,224 |
Cash Cash Equivalents [Member] | ||
Credit risk | ||
Maximum exposure to credit risk | 547,979 | 655,493 |
Trade and other receivables | ||
Credit risk | ||
Maximum exposure to credit risk | 672,925 | 451,360 |
Trade and other receivables | Spain. | ||
Credit risk | ||
Maximum exposure to credit risk | 53,145 | 62,108 |
Trade and other receivables | Rest of European Union | ||
Credit risk | ||
Maximum exposure to credit risk | 69,003 | 40,897 |
Trade and other receivables | United States | ||
Credit risk | ||
Maximum exposure to credit risk | 139,721 | 110,624 |
Trade and other receivables | Other European countries | ||
Credit risk | ||
Maximum exposure to credit risk | 16,030 | 25,163 |
Trade and other receivables | Other regions | ||
Credit risk | ||
Maximum exposure to credit risk | € 395,026 | € 212,568 |
Financial Instruments - Credit
Financial Instruments - Credit Risk - Trade receivables net of the bad debt provision by ageing (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Credit risk | ||
Third party trade receivables | € 643,842 | € 434,136 |
Gross carrying amount | ||
Credit risk | ||
Third party trade receivables | 676,133 | 458,145 |
Provision | ||
Credit risk | ||
Third party trade receivables | € (32,291) | € (24,009) |
Not matured | ||
Credit risk | ||
ECL Rate | 0.19% | 0.19% |
Third party trade receivables | € 550,083 | € 364,093 |
Not matured | Gross carrying amount | ||
Credit risk | ||
Third party trade receivables | 550,131 | 364,538 |
Not matured | Provision | ||
Credit risk | ||
Third party trade receivables | € (48) | € (445) |
Less than 1 month | ||
Credit risk | ||
ECL Rate | 0.19% | 0.19% |
Third party trade receivables | € 44,354 | € 32,572 |
Less than 1 month | Gross carrying amount | ||
Credit risk | ||
Third party trade receivables | 44,779 | 32,623 |
Less than 1 month | Provision | ||
Credit risk | ||
Third party trade receivables | € (425) | € (51) |
Past due 31-60 days | ||
Credit risk | ||
ECL Rate | 0.62% | 0.62% |
Third party trade receivables | € 15,837 | € 14,065 |
Past due 31-60 days | Gross carrying amount | ||
Credit risk | ||
Third party trade receivables | 16,000 | 14,144 |
Past due 31-60 days | Provision | ||
Credit risk | ||
Third party trade receivables | € (163) | € (79) |
Past due 61-90 days | ||
Credit risk | ||
ECL Rate | 2.03% | 2.03% |
Third party trade receivables | € 5,896 | € 6,423 |
Past due 61-90 days | Gross carrying amount | ||
Credit risk | ||
Third party trade receivables | 6,029 | 6,556 |
Past due 61-90 days | Provision | ||
Credit risk | ||
Third party trade receivables | € (133) | € (133) |
Past due 91-180 days | ||
Credit risk | ||
ECL Rate | 3.01% | 3.01% |
Third party trade receivables | € 17,112 | € 10,689 |
Past due 91-180 days | Gross carrying amount | ||
Credit risk | ||
Third party trade receivables | 17,407 | 11,000 |
Past due 91-180 days | Provision | ||
Credit risk | ||
Third party trade receivables | € (295) | € (311) |
6 - 12 months | ||
Credit risk | ||
ECL Rate | 8.52% | 8.52% |
Third party trade receivables | € 10,560 | € 6,294 |
6 - 12 months | Gross carrying amount | ||
Credit risk | ||
Third party trade receivables | 10,747 | 6,543 |
6 - 12 months | Provision | ||
Credit risk | ||
Third party trade receivables | € (187) | € (249) |
More than one year | ||
Credit risk | ||
ECL Rate | 100% | 100% |
More than one year | Gross carrying amount | ||
Credit risk | ||
Third party trade receivables | € 9,994 | € 3,911 |
More than one year | Provision | ||
Credit risk | ||
Third party trade receivables | (9,994) | (3,911) |
Customers with Objective Evidence of Impairment [Member] | Gross carrying amount | ||
Credit risk | ||
Third party trade receivables | 21,046 | 18,830 |
Customers with Objective Evidence of Impairment [Member] | Provision | ||
Credit risk | ||
Third party trade receivables | € (21,046) | € (18,830) |
Financial Instruments - Trade R
Financial Instruments - Trade Receivables - Movement in the bad debt provision (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in the bad debt provision | |||
Opening balance | € 24,009 | € 22,985 | € 22,291 |
Net charges for the year | 14,074 | 6,471 | 2,436 |
Net cancellations for the year | (6,949) | (6,269) | (124) |
Transfers | 53 | (29) | |
Translation differences | 1,104 | 822 | (1,589) |
Closing balance | € 32,291 | € 24,009 | € 22,985 |
Financial Instruments - Liquidi
Financial Instruments - Liquidity risk (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Cash and cash equivalents | € 547,979 | € 655,493 |
Borrowings | 330,000 | |
Liquidity risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash and cash equivalents | 547,979 | 655,493 |
Undrawn borrowing facilities | 987,340 | 621,989 |
Liquidity risk | Revolving Credit | ||
Disclosure of detailed information about financial instruments [line items] | ||
Undrawn borrowing facilities | € 937,559 | € 534,429 |
Financial Instruments - Contrac
Financial Instruments - Contractual Maturity Dates of Financial Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying amount at | ||
Bank loans | € 4,041,522 | € 3,707,053 |
Other financial liabilities | 1,001,387 | 882,060 |
Bonds and other marketable securities | 4,691,659 | 4,743,529 |
Lease liabilities | 1,016,944 | 873,724 |
Payable to suppliers | 731,918 | 628,992 |
Other current liabilities | 14,261 | 43,562 |
Financial derivatives | 4,736 | 875 |
Financial liabilities | 4,736 | 875 |
Total carrying amount | 11,502,427 | 10,879,795 |
Contractual flows | ||
Bank loans | 5,193,051 | 4,309,621 |
Other financial liabilities | 1,685,824 | 1,294,873 |
Bonds and other marketable securities | 5,468,068 | 5,663,320 |
Lease liabilities | 1,016,944 | 873,724 |
Payable to suppliers | 731,918 | 628,992 |
Other current liabilities | 14,262 | 43,562 |
Financial derivatives | 4,736 | 875 |
Total contractual flows | 14,114,803 | 12,814,966 |
6 months or less | ||
Carrying amount at | ||
Lease liabilities | 51,088 | 24,640 |
Financial derivatives | 733 | 875 |
Contractual flows | ||
Bank loans | 527,770 | 476,397 |
Other financial liabilities | 169,278 | 41,934 |
Bonds and other marketable securities | 190,453 | 2,215,138 |
Lease liabilities | 51,088 | 24,640 |
Payable to suppliers | 731,675 | 622,091 |
Other current liabilities | 11,364 | 42,387 |
Financial derivatives | 733 | 875 |
Total contractual flows | 1,682,361 | 3,423,462 |
6 - 12 months | ||
Carrying amount at | ||
Lease liabilities | 51,268 | 23,927 |
Contractual flows | ||
Bank loans | 148,914 | 78,524 |
Other financial liabilities | 18,656 | 1,300 |
Bonds and other marketable securities | 75,951 | 170,572 |
Lease liabilities | 51,268 | 23,927 |
Payable to suppliers | 243 | 6,901 |
Other current liabilities | 2,898 | 1,175 |
Total contractual flows | 297,930 | 282,399 |
In the second year | ||
Carrying amount at | ||
Lease liabilities | 57,695 | 47,595 |
Financial derivatives | 12 | |
Contractual flows | ||
Bank loans | 488,105 | 102,070 |
Other financial liabilities | 124,822 | 164,718 |
Bonds and other marketable securities | 147,903 | 48,538 |
Lease liabilities | 57,695 | 47,595 |
Financial derivatives | 12 | |
Total contractual flows | 818,537 | 362,921 |
In the third to fifth years | ||
Carrying amount at | ||
Lease liabilities | 218,384 | 184,032 |
Financial derivatives | 3,991 | |
Contractual flows | ||
Bank loans | 4,028,262 | 3,641,777 |
Other financial liabilities | 441,933 | 448,161 |
Bonds and other marketable securities | 5,053,761 | 3,145,255 |
Lease liabilities | 218,384 | 184,032 |
Financial derivatives | 3,991 | |
Total contractual flows | 9,746,331 | 7,419,225 |
More than 5 years | ||
Carrying amount at | ||
Lease liabilities | 638,509 | 593,529 |
Contractual flows | ||
Bank loans | 10,853 | |
Other financial liabilities | 931,135 | 638,760 |
Bonds and other marketable securities | 83,817 | |
Lease liabilities | 638,509 | 593,529 |
Total contractual flows | € 1,569,644 | € 1,326,959 |
Financial Instruments - Currenc
Financial Instruments - Currency Risk (Details) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 EUR (€) $ / € | Dec. 31, 2021 EUR (€) $ / € | |
Sensitivity analysis | ||
Borrowings | € 330,000 | |
US Dollar | ||
Sensitivity analysis | ||
Closing foreign exchange rate | $ / € | 1.0666 | 1.1326 |
Currency risk | Euros | ||
Financial instrument risk | ||
Balance sheet exposure | € 152,639 | € 159,840 |
Sensitivity analysis | ||
Percentage of outstanding debt | 60% | 69% |
Borrowings | € 5,563,000 | € 5,962,000 |
Currency risk | Euros | Trade receivables | ||
Financial instrument risk | ||
Balance sheet exposure | 2,116 | 2,023 |
Currency risk | Euros | Receivables from Group companies | ||
Financial instrument risk | ||
Balance sheet exposure | 132,645 | 141,285 |
Currency risk | Euros | Loans to Group companies | ||
Financial instrument risk | ||
Balance sheet exposure | 4,548,142 | 464,789 |
Currency risk | Euros | Cash Cash Equivalents [Member] | ||
Financial instrument risk | ||
Balance sheet exposure | 11,154 | 25,766 |
Currency risk | Euros | Trade payables. | ||
Financial instrument risk | ||
Balance sheet exposure | (17,297) | (27,098) |
Currency risk | Euros | Payables to Group companies | ||
Financial instrument risk | ||
Balance sheet exposure | (77,367) | (62,930) |
Currency risk | Euros | Loans from Group companies | ||
Financial instrument risk | ||
Balance sheet exposure | (4,414,879) | (11,495) |
Currency risk | Euros | Bank loans | ||
Financial instrument risk | ||
Balance sheet exposure | (31,875) | (372,500) |
Currency risk | US Dollar | ||
Financial instrument risk | ||
Balance sheet exposure | € 21,748 | (7,828) |
Sensitivity analysis | ||
Rate increase (as a percent) | 10% | |
Increase in equity if exchange rate strengthened | € 892,806 | 812,285 |
Increase (decrease) in profit due to foreign exchange differences if exchange rate strengthened | 17,439 | € (15,201) |
Rate decrease (as a percent) | 10% | |
Currency risk | US Dollar | Trade receivables | ||
Financial instrument risk | ||
Balance sheet exposure | 58,331 | € 14,800 |
Currency risk | US Dollar | Receivables from Group companies | ||
Financial instrument risk | ||
Balance sheet exposure | 11,542 | 7,101 |
Currency risk | US Dollar | Loans to Group companies | ||
Financial instrument risk | ||
Balance sheet exposure | 33 | 21 |
Currency risk | US Dollar | Cash Cash Equivalents [Member] | ||
Financial instrument risk | ||
Balance sheet exposure | 1,989 | 82 |
Currency risk | US Dollar | Trade payables. | ||
Financial instrument risk | ||
Balance sheet exposure | (20,870) | (23,349) |
Currency risk | US Dollar | Payables to Group companies | ||
Financial instrument risk | ||
Balance sheet exposure | € (29,277) | (6,480) |
Currency risk | US Dollar | Loans from Group companies | ||
Financial instrument risk | ||
Balance sheet exposure | € (3) |
Financial Instruments - Financi
Financial Instruments - Financial derivatives (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Total Assets (notes 2 and 11) | € 39,659 | € 5,306 |
Total Liabilities (notes 21 and 30) | (4,736) | (875) |
Financial liabilities | 4,736 | 875 |
Cross currency interest rate swap | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount assets | 205,000,000 | |
Financial assets | 3,216 | |
Cross currency interest rate swap | US Dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount assets | 500,000,000 | 500,000,000 |
Notional amount assets | 205,000,000 | |
Financial assets | 35,296 | 5,306 |
Financial liabilities | (3,990) | |
Foreign exchange rate forward | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount assets | 15,300,000 | |
Financial liabilities | (6) | |
Foreign exchange rate forward | US Dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount assets | 23,720,000 | |
Notional amount assets | 60,000,000 | |
Financial assets | 104 | |
Financial liabilities | (594) | |
Foreign exchange rate forward | Swiss Franc | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount assets | 5,500,000 | |
Financial assets | 71 | |
Foreign exchange rate forward | Canadian dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount assets | 4,416,667 | |
Notional amount assets | 8,000,001 | 51,000,000 |
Financial assets | 165 | |
Financial liabilities | (145) | € (875) |
Foreign exchange rate forward | Pound Sterling | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount assets | 27,100,000 | |
Financial assets | 805 | |
Embedded derivative | Euro | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount assets | 160,000,000 | |
Notional amount assets | 65,000,000 | |
Financial assets | 2 | |
Financial liabilities | € (1) |
Financial Instruments - Interes
Financial Instruments - Interest Rate Risk (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financial instrument risk | ||
Financial liabilities | € 4,736 | € 875 |
Sensitivity analysis | ||
Treasury stock equivalent | 1.33% | 1.31% |
Fixed-interest | ||
Financial instrument risk | ||
Financial liabilities | € (5,835,492) | € (4,878,087) |
Variable-interest | ||
Financial instrument risk | ||
Financial liabilities | € (3,486,460) | € (3,296,025) |
Percentage of outstanding debt | 37% | 42% |
Interest rate risk | ||
Financial instrument risk | ||
Financial liabilities | € (9,321,952) | € (8,174,112) |
Sensitivity analysis | ||
Higher rate increment (as a percent) | 1% | |
Increase in interest expense if rate had been higher | € 34,688 | € 35,449 |
Interest rate risk | Fixed-interest | ||
Financial instrument risk | ||
Percentage of outstanding debt | 63% | 58% |
Financial Instruments - Finan_2
Financial Instruments - Financial derivatives - Hedging derivative financial instruments (Details) € in Thousands, $ in Millions | 12 Months Ended | ||||||
Oct. 05, 2021 EUR (€) item | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Jun. 28, 2022 EUR (€) | Jun. 28, 2022 USD ($) | Oct. 05, 2021 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | |||||||
Number of cross currency interest-rate swap | item | 3 | ||||||
Nominal value | € 4,638,444 | € 4,697,462 | € 2,675,000 | ||||
Loans received | 4,041,522 | 3,707,053 | |||||
Net finance cost | (442,941) | (277,799) | € (177,669) | ||||
Initial balance | 34,923 | 4,431 | |||||
Business combination | (1,255) | ||||||
Changes in fair value recognized in equity | (4,757) | 3,130 | |||||
Transfer to profit or loss | 12,552 | 1,895 | |||||
Transfer to profit or loss - translation differences | 32,954 | 3 | |||||
Tax effect | 6,170 | ||||||
Collections / Payments | (15,172) | (597) | |||||
Ending balance | 34,923 | 4,431 | |||||
Derivatives Instrument | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Net finance cost | € (2,407) | € (280) | |||||
Currency swap contract | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Nominal value | € 500 | ||||||
Currency swap contract | Euros | Cash flow hedges | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Loans received | € 431,600 | € 194,000 | |||||
Interest rate | 3.78% | 3.1046% | 3.1046% | 3.78% | |||
Currency swap contract | US Dollar | Cash flow hedges | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Nominal value | $ | $ 205 | ||||||
Interest rate | 4.75% | 4.75% | |||||
Loans given | $ | $ 205 | $ 500 | |||||
Nominal interest rate for loans given | 4.75% |
Balances and Transactions wit_3
Balances and Transactions with Related Parties (Details) € in Thousands, $ in Thousands | 12 Months Ended | 36 Months Ended | ||||
Dec. 28, 2018 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 28, 2018 USD ($) | |
Details of balances with related parties | ||||||
Current contract assets from associates and joint ventures | € 35,154 | € 1,939 | € 35,154 | |||
Trade payables associates and joint ventures | (731,918) | (628,992) | (731,918) | |||
Other financial assets with other related parties | 318,890 | 220,947 | 318,890 | |||
Net receivable (payable) | 571,254 | 431,344 | € 571,254 | |||
Group transactions with related parties | ||||||
Percentage of profit before tax contribution to non profit organization | 0.70% | |||||
Contributions to non-profit organization | 3,833 | 3,963 | € 10,344 | |||
Remuneration of directors representing shareholders interest | 965 | 965 | ||||
Biotest Us Corporation and Haema AG | ||||||
Group transactions with related parties | ||||||
Consideration on sale of Subsidiary | $ | $ 538,014 | |||||
Consideration for sale of subsidiary | $ | 538,014 | |||||
Associates & joint ventures | ||||||
Details of balances with related parties | ||||||
Receivables from associates and joint ventures | 162,382 | 131,764 | € 162,382 | |||
Current contract assets from associates and joint ventures | 3,880 | 3,880 | ||||
Trade payables associates and joint ventures | (91) | (3) | (91) | |||
Group transactions with related parties | ||||||
Net sales | 339,170 | 220,808 | 10,522 | |||
Purchases | (9) | (613) | (459) | |||
Other service expenses | (34) | (2,709) | (15,010) | |||
Finance income | 2 | 783 | ||||
Dividends paid/received | 10,717 | 2,636 | 10,156 | |||
Total income (expense) | 349,844 | 220,124 | 5,992 | |||
Key management personnel | ||||||
Details of balances with related parties | ||||||
Debts with key management personnel | (5,534) | (6,644) | (5,534) | |||
Group transactions with related parties | ||||||
Remuneration | (13,891) | (15,136) | (17,164) | |||
Total income (expense) | (13,891) | (15,136) | (17,164) | |||
Other related parties | ||||||
Details of balances with related parties | ||||||
Loans to other related parties | 96,537 | 89,104 | 96,537 | |||
Other financial assets with other related parties | 318,890 | 220,947 | 318,890 | |||
Payables to other related parties | (4,810) | (3,824) | € (4,810) | |||
Group transactions with related parties | ||||||
Other service expenses | (4,343) | (3,963) | (10,344) | |||
Payments for rights of use | (6,300) | (5,332) | (5,137) | |||
Purchase of property, plant and equipment | 3,464 | 7,326 | ||||
Purchase of property,plant and equipment | (13,500) | |||||
Total income (expense) | € (7,179) | (1,969) | (28,981) | |||
Interest rate on other financial assets | 3.75% | 3.75% | ||||
Board of directors of the Company | ||||||
Group transactions with related parties | ||||||
Remuneration | € (5,316) | (4,417) | (4,966) | |||
Total income (expense) | € (5,316) | € (4,417) | € (4,966) | |||
Scranton Enterprises BV | ||||||
Details of balances with related parties | ||||||
Loans to other related parties | € 82,969 | $ 95,000 | ||||
Scranton Enterprises BV | Variable-interest | ||||||
Group transactions with related parties | ||||||
Compensation percentage | 2% | 2% | ||||
Compensation on loan | EURIBOR |
Subsequent events (Details)
Subsequent events (Details) - Announcing or commencing implementation of major restructuring - EUR (€) € in Millions | 3 Months Ended | |
Feb. 15, 2023 | Mar. 31, 2023 | |
Events after the Reporting Period | ||
Percentage of employees affected by workforce optimizations | 8% | |
Forecast | ||
Events after the Reporting Period | ||
Restructuring charge | € 140 |
Appendix I - Information on Gro
Appendix I - Information on Group Companies, Associates and others (Details) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Diagnostic Grifols, S.A. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | 100% |
Instituto Grifols, S.A. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 99.998% | 99.998% | 99.998% |
Proportion of indirect ownership interest | 0.002% | 0.002% | 0.002% |
Laboratorios Grifols, S.A. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 98.60% | 98.60% |
Proportion of indirect ownership interest | 1.40% | 1.40% | |
Biomat, S.A. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 99.90% | 99.90% | 99.90% |
Proportion of indirect ownership interest | 0.10% | 0.10% | 0.10% |
Grifols Engineering, S.A. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 99.95% | 99.95% | 99.95% |
Proportion of indirect ownership interest | 0.05% | 0.05% | 0.05% |
Biomat USA, Inc. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | 100% |
Grifols Biologicals, LLC | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | 100% |
Grifols Australia Pty Ltd. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 100% | 100% |
Medion Grifols Diagnostic AG | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | 100% |
Grifols Therapeutics, LLC. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | 100% |
Talecris Plasma Resources, Inc. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | |
Grifols Worldwide Operations Limited | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 100% | 100% |
Progenika Biopharma, S.A. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 91.875% | 91.88% | 91.88% |
Proportion of indirect ownership interest | 8.125% | 8.12% | 8.12% |
Grifols Diagnostics Solutions, Inc. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 55% | 55% | 55% |
Grifols Worldwide Operations USA Inc. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | 100% |
Grifols Asia Pacific Pte, Ltd | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 100% | 100% |
Grifols Movaco, S.A. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 99.999% | 99.999% | 99.999% |
Proportion of indirect ownership interest | 0.001% | 0.001% | 0.001% |
Grifols Portugal Productos Farmacuticos e Hospitalares, Lda. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 0.01% | 0.01% | 0.01% |
Proportion of indirect ownership interest | 99.99% | 99.99% | 99.99% |
Grifols Chile, S.A. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 99% | 99% | 99% |
Grifols USA, LLC. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | 100% |
Grifols Argentina, S.A. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 95.01% | 95.01% | 95.01% |
Proportion of indirect ownership interest | 4.99% | 4.99% | 4.99% |
Grifols s.r.o. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 100% | 100% |
Grifols (Thailand) Ltd | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 48% | 48% | 48% |
Grifols Malaysia Sdn Bhd | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 49% | 49% | 30% |
Grifols International, S.A. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 99.998% | 99.998% | 99.998% |
Proportion of indirect ownership interest | 0.002% | 0.002% | 0.002% |
Grifols Italia S.p.A | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 100% | 100% |
Grifols UK Ltd. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 100% | 100% |
Grifols Brasil, Lda. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 100% | 100% |
Grifols France, S.A.R.L. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 99.99% | 99.99% | 99.99% |
Proportion of indirect ownership interest | 0.01% | 0.01% | 0.01% |
Grifols Polska Sp.z.o.o. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 100% | 100% |
Logstica Grifols, S.A. de C.V. (merged with Grifols Mxico, S.A. de C.V.) | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 99.99% | 99.99% | |
Proportion of indirect ownership interest | 0.01% | 0.01% | |
Grifols Mexico, S.A. de C.V. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 99.98% | 99.98% |
Proportion of indirect ownership interest | 0.02% | 0.02% | |
Grifols Nordic, AB | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 100% | 100% |
Grifols Colombia, Ltda | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 99.99% | 99.99% | 99.99% |
Proportion of indirect ownership interest | 0.01% | 0.01% | 0.01% |
Grifols Deutschland GmbH | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 100% | 100% |
Grifols Canada, Ltd. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | ||
Proportion of indirect ownership interest | 100% | 100% | |
Grifols Pharmaceutical Technology (Shanghai) Co., Ltd. (formerly Grifols Pharmaceutical Consulting (Shanghai) Co., Ltd.) | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 100% | 100% |
Grifols Switzerland AG | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | ||
Grifols (H.K.), Limited | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | 100% |
Grifols Japan K.K. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 100% | 100% |
Grifols India Healthcare Private Ltd | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 99.984% | 99.984% | 99.984% |
Proportion of indirect ownership interest | 0.016% | 0.016% | 0.016% |
Grifols Diagnostics Equipment Taiwan Limited | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 100% | 100% |
Grifols Viajes, S.A. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 99.90% | 99.90% | 99.90% |
Proportion of indirect ownership interest | 0.10% | 0.10% | 0.10% |
Squadron Reinsurance Designated Activity Company | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | 100% |
Grifols Shared Services North America, Inc. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 100% | 100% |
Gripdan Invest, S.L | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 100% | 100% |
Araclon Biotech, S.L. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 75.85% | 75.85% | 75.10% |
VCN Bioscience, S.L | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 86.83% | 86.83% | |
Grifols Innovation and New Technologies Limited | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | 100% |
Kiro Grifols S.L | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 90% | 90% | 90% |
Chiquito Acquisition Corp. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | 100% |
Aiges Minerals de Vilajuiga, S.A. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 99.99% | 99.99% | 99.99% |
Proportion of indirect ownership interest | 0.01% | 0.01% | 0.01% |
Goetech LLC (D/B/A Medkeeper) | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | 100% |
Interstate Blood Bank, Inc | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | 100% |
Alkahest Inc [Member] | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | 42.45% |
Plasmavita Healthcare GmbH (Germany) | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 50% | 50% | 50% |
Plasmavita Healthcare II GmbH. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 50% | 50% | 50% |
Grifols Canada Therapeutics Inc. (formerly Green Cross Biotherapeutics; Inc) | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 0.02% | 100% | |
Proportion of indirect ownership interest | 99.98% | 100% | |
GCAM, Inc. (merged with Biomat USA, Inc.) | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | ||
Grifols Laboratory Solutions, Inc | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | 100% |
Grifols Korea Co., Ltd. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 100% | 100% |
Grifols Middle East & Africa LLC | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 99.99% | 99.99% | |
Proportion of indirect ownership interest | 0.01% | 0.01% | |
GigaGen Inc. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | 43.96% |
Grifols Pyreness Research Center ,S.L. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 80% | 80% | |
Grifols Bio North America LLC | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | |
Biomat Holdco, LLC. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | |
Biomat Newco, Corp. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 100% | |
Grifols Escrow Issuer, S.A. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | 100% | |
Prometic Plasma Resources, Inc. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | ||
Proportion of indirect ownership interest | 100% | ||
Access Biologicals, LLC. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 49% | 49% |
Access Biologicals IC-DISC, Inc | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 49% | 49% |
Access Cell Culture, LLC | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 49% | 49% |
Access Plasma, LLC | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 100% | 49% | 49% |
Access Biologicals, LLC | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 49% | 49% | |
Access Biologicals IC - DISC, Inc. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 49% | 49% | |
Access Cell Culture, LLC. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 49% | 49% | |
Access Plasma, LLC. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 49% | 49% | |
Albimmune SL | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 51% | ||
Biotest AG | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 24.70% | ||
Proportion of indirect ownership interest | 45.48% | ||
Biotest Austria, GmbH | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 70.18% | ||
Biotest Italia, S.R.L. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 70.18% | ||
Biotest (UK) Ltd. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 70.18% | ||
Biotest (Schweiz) AG | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 70.18% | ||
Biotest Hungaria Kft | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 70.18% | ||
Biotest Farmacutica LTDA | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 70.18% | ||
Biotest Hellas M.E.P.E. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 70.18% | ||
Biotest France SAS | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 70.18% | ||
Biotest Pharmaceuticals Ila Pazarlama Anonim Sirketi | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 70.18% | ||
Biotest Medical, S.L.U. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 70.18% | ||
Biotest Pharma, GmbH | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 70.18% | ||
BioDarou PLC | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 70.18% | ||
Biotest Grundstcksverwaltungs GmbH | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 70.18% | ||
Plasma Service Europe GmbH | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 70.18% | ||
Cara Plasma s.r.o. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 70.18% | ||
Plazmaszolglat Kft | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 70.18% | ||
Grifols Biotest Holdings GmbH | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 100% | ||
GigaGen Inc.. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 43.96% | ||
Medcom Advance, S.A. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 45% | 45% | 45% |
Shanghai RAAS Blood Products Co., Ltd. | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 26.20% | 26.20% | 26.20% |
Grifols Egypt for Plasma Derivatives (S.A.E.) | |||
Information on group companies associates and others | |||
Proportion of direct ownership interest | 49% | 49% | |
Aradigm Corporation | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 35.13% | 35.13% | |
Mecwins, S.L. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 24.59% | 24.99% | 24.99% |
Albajuna Therapeutics, S.L. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 49% | 49% | 49% |
Singulex, Inc. | |||
Information on group companies associates and others | |||
Proportion of indirect ownership interest | 19.33% | 19.33% |
Appendix II - Operating Segment
Appendix II - Operating Segments (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting | ||||
Revenues from external customers | € 6,063,967 | € 4,933,118 | € 5,340,038 | |
Profit/(Loss) for the segment | 805,680 | 595,064 | 996,132 | |
Finance result | (442,941) | (277,799) | (177,669) | |
Share of profit/(loss) of equity- accounted investee | (1,482) | 33,188 | 60,166 | |
Income tax expense | (90,111) | (85,126) | (169,639) | |
Consolidated profit for the year | 271,146 | 265,327 | 708,990 | |
Investment in equity-accounted investees | 1,955,177 | 1,999,776 | 1,869,020 | € 114,473 |
Assets | 21,533,977 | 19,233,835 | 15,274,776 | |
Liabilities | 13,076,433 | 11,916,737 | 8,554,721 | |
Other information: | ||||
Amortisation and depreciation | 407,864 | 359,767 | 321,533 | |
Additions for the year of property, plant & equipment, intangible assets and rights of use | 542,718 | 467,694 | 454,369 | |
Operating Segments | ||||
Segment Reporting | ||||
Revenues from external customers | 6,063,967 | 4,933,118 | 5,340,038 | |
Total operating income | 6,063,967 | 4,933,118 | 5,340,038 | |
Profit/(Loss) for the segment | 1,024,314 | 780,396 | 1,179,818 | |
Segment assets | 17,970,301 | 13,816,223 | 12,212,911 | |
Investment in equity-accounted investees | 1,955,177 | 1,999,776 | 1,869,020 | |
Liabilities | 3,008,713 | 2,146,194 | 1,869,425 | |
Other information: | ||||
Amortisation and depreciation | 384,964 | 338,662 | 301,249 | |
Expenses that do not require cash payments | (58,411) | 33,919 | 15,175 | |
Additions for the year of property, plant & equipment, intangible assets and rights of use | 482,852 | 412,314 | 347,191 | |
Unallocated | ||||
Segment Reporting | ||||
Profit/(Loss) for the segment | (218,634) | (185,332) | (183,686) | |
Assets | 1,608,499 | 3,417,836 | 1,192,845 | |
Liabilities | 10,067,720 | 9,770,543 | 6,685,296 | |
Other information: | ||||
Amortisation and depreciation | 22,900 | 21,105 | 20,284 | |
Expenses that do not require cash payments | (10,770) | 4,991 | 4,924 | |
Additions for the year of property, plant & equipment, intangible assets and rights of use | 59,866 | 55,380 | 107,178 | |
Intersegments | ||||
Segment Reporting | ||||
Revenues from external customers | (8,948) | (43,245) | (34,095) | |
Total operating income | (8,948) | (43,245) | (34,095) | |
Profit/(Loss) for the segment | 35,419 | (10,896) | 4,428 | |
Segment assets | (6,997) | (39,963) | (26,773) | |
Biopharma | Operating Segments | ||||
Segment Reporting | ||||
Revenues from external customers | 5,005,382 | 3,814,983 | 4,242,502 | |
Total operating income | 5,005,382 | 3,814,983 | 4,242,502 | |
Profit/(Loss) for the segment | 791,339 | 681,925 | 967,415 | |
Segment assets | 13,187,651 | 9,467,378 | 7,975,667 | |
Investment in equity-accounted investees | 41,162 | 31,847 | ||
Liabilities | 2,317,191 | 1,521,634 | 1,222,664 | |
Other information: | ||||
Amortisation and depreciation | 294,156 | 228,114 | 201,087 | |
Expenses that do not require cash payments | (71,964) | 26,051 | 38,955 | |
Additions for the year of property, plant & equipment, intangible assets and rights of use | 402,672 | 349,890 | 289,062 | |
Diagnostic | Operating Segments | ||||
Segment Reporting | ||||
Revenues from external customers | 671,292 | 779,108 | 775,889 | |
Total operating income | 671,292 | 779,108 | 775,889 | |
Profit/(Loss) for the segment | 129,968 | 152,948 | 215,793 | |
Segment assets | 3,681,632 | 3,513,991 | 3,371,125 | |
Liabilities | 425,693 | 397,869 | 372,461 | |
Other information: | ||||
Amortisation and depreciation | 64,682 | 88,557 | 63,053 | |
Expenses that do not require cash payments | 13,639 | 4,446 | (21,335) | |
Additions for the year of property, plant & equipment, intangible assets and rights of use | 49,890 | 19,991 | 34,516 | |
Bio supplies. | Operating Segments | ||||
Segment Reporting | ||||
Revenues from external customers | 146,076 | 115,811 | 133,221 | |
Total operating income | 146,076 | 115,811 | 133,221 | |
Profit/(Loss) for the segment | 114,397 | 39,901 | 36,142 | |
Segment assets | 341,876 | 47,446 | 251,551 | |
Investment in equity-accounted investees | 53,264 | 46,782 | ||
Liabilities | 43,264 | 27,596 | 120,787 | |
Other information: | ||||
Amortisation and depreciation | 5,759 | 2,948 | 21,846 | |
Expenses that do not require cash payments | 120 | 73 | 3 | |
Additions for the year of property, plant & equipment, intangible assets and rights of use | 98 | 13,836 | 10,915 | |
Others | ||||
Segment Reporting | ||||
Share of profit/(loss) of equity- accounted investee | (1,482) | 33,188 | 60,166 | |
Others | Operating Segments | ||||
Segment Reporting | ||||
Revenues from external customers | 250,165 | 266,461 | 222,521 | |
Total operating income | 250,165 | 266,461 | 222,521 | |
Profit/(Loss) for the segment | (46,809) | (83,482) | (43,960) | |
Segment assets | 766,139 | 827,371 | 641,341 | |
Investment in equity-accounted investees | 1,914,015 | 1,914,665 | 1,822,238 | |
Liabilities | 222,565 | 199,095 | 153,513 | |
Other information: | ||||
Amortisation and depreciation | 20,367 | 19,043 | 15,263 | |
Expenses that do not require cash payments | (206) | 3,349 | (2,448) | |
Additions for the year of property, plant & equipment, intangible assets and rights of use | € 30,192 | € 28,597 | € 12,698 |
Appendix II - Reporting by Geog
Appendix II - Reporting by Geographical Area (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of products and services | |||
Net revenue | € 6,063,967 | € 4,933,118 | € 5,340,038 |
Assets by geographical area | 21,533,977 | 19,233,835 | 15,274,776 |
Other information: | |||
Additions for the year of property, plant & equipment, intangible assets and rights of use | 542,718 | 467,694 | 454,369 |
Spain. | |||
Disclosure of products and services | |||
Net revenue | 320,631 | 362,407 | 339,169 |
Assets by geographical area | 1,156,068 | 1,092,435 | 1,117,647 |
Other information: | |||
Additions for the year of property, plant & equipment, intangible assets and rights of use | 60,503 | 71,022 | 93,787 |
Rest of European Union | |||
Disclosure of products and services | |||
Net revenue | 711,579 | 544,042 | 495,323 |
Assets by geographical area | 6,600,264 | 5,393,407 | 2,927,198 |
Other information: | |||
Additions for the year of property, plant & equipment, intangible assets and rights of use | 107,030 | 91,388 | 92,873 |
USA and Canada. | |||
Disclosure of products and services | |||
Net revenue | 3,855,607 | 3,154,549 | 3,599,746 |
Assets by geographical area | 11,561,068 | 10,525,140 | 9,138,360 |
Other information: | |||
Additions for the year of property, plant & equipment, intangible assets and rights of use | 363,034 | 295,526 | 253,442 |
Rest of the world | |||
Disclosure of products and services | |||
Net revenue | 1,176,150 | 872,120 | 905,800 |
Assets by geographical area | 2,216,577 | 2,222,853 | 2,091,571 |
Other information: | |||
Additions for the year of property, plant & equipment, intangible assets and rights of use | € 12,151 | € 9,758 | € 14,267 |
Appendix III - Changes in Other
Appendix III - Changes in Other Intangible Assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in Other Intangible Assets | ||
Intangible assets at beginning of the year | € 1,636,950 | € 1,557,650 |
Additions | 15,222 | 52,078 |
Business combinations | 1,255,252 | 24,027 |
Transfers | 2,142 | 3,154 |
Disposals | (22,756) | (12,176) |
Translation differences | 92,781 | 116,373 |
Intangible assets at end of the year | 2,949,147 | 1,636,950 |
Currently marketed products. | ||
Changes in Other Intangible Assets | ||
Intangible assets at beginning of the year | 688,517 | 672,697 |
Translation differences | (22,798) | 51,809 |
Intangible assets at end of the year | 691,068 | 688,517 |
Gross carrying amount | ||
Changes in Other Intangible Assets | ||
Intangible assets at beginning of the year | 2,615,965 | 2,370,373 |
Additions | 109,069 | 68,244 |
Business combinations | 1,255,596 | 24,027 |
Transfers | 1,923 | 3,315 |
Disposals | (119,533) | (18,033) |
Translation differences | 140,873 | 168,039 |
Intangible assets at end of the year | 4,003,893 | 2,615,965 |
Gross carrying amount | Development costs | ||
Changes in Other Intangible Assets | ||
Intangible assets at beginning of the year | 801,606 | 701,390 |
Additions | 39,835 | 34,671 |
Business combinations | 943,857 | 24,027 |
Disposals | (3,372) | (5,679) |
Translation differences | 40,159 | 47,197 |
Intangible assets at end of the year | 1,822,085 | 801,606 |
Gross carrying amount | Concessions, patents, licenses brands & similar | ||
Changes in Other Intangible Assets | ||
Intangible assets at beginning of the year | 244,558 | 228,023 |
Additions | 36,612 | 57 |
Business combinations | 3,762 | |
Transfers | 97 | |
Disposals | (3,907) | |
Translation differences | 11,036 | 16,478 |
Intangible assets at end of the year | 292,158 | 244,558 |
Gross carrying amount | Computer software | ||
Changes in Other Intangible Assets | ||
Intangible assets at beginning of the year | 330,491 | 279,651 |
Additions | 31,299 | 33,516 |
Business combinations | 50 | |
Transfers | 1,881 | 3,315 |
Disposals | (34,429) | (208) |
Translation differences | 11,699 | 14,217 |
Intangible assets at end of the year | 340,991 | 330,491 |
Gross carrying amount | Currently marketed products. | ||
Changes in Other Intangible Assets | ||
Intangible assets at beginning of the year | 1,083,301 | 1,004,665 |
Translation differences | 65,561 | 78,636 |
Intangible assets at end of the year | 1,148,862 | 1,083,301 |
Gross carrying amount | Other Intangible assets [Member] | ||
Changes in Other Intangible Assets | ||
Intangible assets at beginning of the year | 156,009 | 156,644 |
Additions | 1,323 | |
Business combinations | 307,927 | |
Transfers | (55) | |
Disposals | (77,825) | (12,146) |
Translation differences | 12,418 | 11,511 |
Intangible assets at end of the year | 399,797 | 156,009 |
Accumulated depreciation and amortisation | ||
Changes in Other Intangible Assets | ||
Intangible assets at beginning of the year | (908,915) | (747,594) |
Additions | (123,653) | (120,249) |
Business combinations | (344) | 0 |
Transfers | 140 | (161) |
Disposals | 20,475 | 5,857 |
Translation differences | (40,366) | (46,768) |
Intangible assets at end of the year | (1,052,663) | (908,915) |
Accumulated depreciation and amortisation | Development costs | ||
Changes in Other Intangible Assets | ||
Intangible assets at beginning of the year | (168,366) | (125,875) |
Additions | (28,160) | (44,612) |
Transfers | (60) | |
Disposals | 663 | 5,679 |
Translation differences | (3,581) | (3,498) |
Intangible assets at end of the year | (199,444) | (168,366) |
Accumulated depreciation and amortisation | Concessions, patents, licenses brands & similar | ||
Changes in Other Intangible Assets | ||
Intangible assets at beginning of the year | (64,176) | (51,197) |
Additions | (12,321) | (9,909) |
Business combinations | (332) | |
Disposals | 2,200 | |
Translation differences | (2,702) | (3,070) |
Intangible assets at end of the year | (77,331) | (64,176) |
Accumulated depreciation and amortisation | Computer software | ||
Changes in Other Intangible Assets | ||
Intangible assets at beginning of the year | (200,291) | (167,124) |
Additions | (30,357) | (25,474) |
Business combinations | (12) | |
Transfers | 140 | (101) |
Disposals | 16,813 | 178 |
Translation differences | (6,598) | (7,770) |
Intangible assets at end of the year | (220,305) | (200,291) |
Accumulated depreciation and amortisation | Currently marketed products. | ||
Changes in Other Intangible Assets | ||
Intangible assets at beginning of the year | (394,784) | (331,968) |
Additions | (40,212) | (35,989) |
Translation differences | (22,798) | (26,827) |
Intangible assets at end of the year | (457,794) | (394,784) |
Accumulated depreciation and amortisation | Other Intangible assets [Member] | ||
Changes in Other Intangible Assets | ||
Intangible assets at beginning of the year | (81,298) | (71,430) |
Additions | (12,603) | (4,265) |
Disposals | 799 | |
Translation differences | (4,687) | (5,603) |
Intangible assets at end of the year | (97,789) | (81,298) |
Accumulated impairment | Other Intangible assets [Member] | ||
Changes in Other Intangible Assets | ||
Intangible assets at beginning of the year | (70,100) | (65,129) |
Additions | (638) | (73) |
Transfers | 79 | |
Disposals | 76,302 | |
Translation differences | (7,726) | (4,898) |
Intangible assets at end of the year | € (2,083) | € (70,100) |
Appendix IV - Movement in Right
Appendix IV - Movement in Rights of Use (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Movement in Right of Use | ||
Right of use assets, at beginning of period | € 795,657 | € 678,696 |
Additions | 141,973 | 133,442 |
Additions | (80,498) | (66,720) |
Additions | 61,475 | 66,722 |
Business combinations | 28,914 | 4,611 |
Transfers | (645) | 92 |
Disposals | (32,129) | (306) |
Translation differences | 44,280 | 45,842 |
Right of use assets, at end of period | 897,552 | 795,657 |
Land and buildings | ||
Movement in Right of Use | ||
Right of use assets, at beginning of period | 782,125 | |
Right of use assets, at end of period | 885,050 | 782,125 |
Buildings | ||
Movement in Right of Use | ||
Additions | (72,214) | (57,901) |
Machinery | ||
Movement in Right of Use | ||
Right of use assets, at beginning of period | 5,283 | |
Additions | (1,983) | (2,120) |
Right of use assets, at end of period | 3,017 | 5,283 |
Computer equipment | ||
Movement in Right of Use | ||
Right of use assets, at beginning of period | 2,044 | |
Additions | (1,432) | (2,269) |
Right of use assets, at end of period | 1,026 | 2,044 |
Vehicles | ||
Movement in Right of Use | ||
Right of use assets, at beginning of period | 6,205 | |
Additions | (4,869) | (4,430) |
Right of use assets, at end of period | 8,459 | 6,205 |
Gross carrying amount | ||
Movement in Right of Use | ||
Right of use assets, at beginning of period | 975,310 | 787,407 |
Additions | 141,973 | 133,442 |
Business combinations | 29,509 | 4,611 |
Transfers | (2,222) | 1,806 |
Disposals | (47,148) | (6,586) |
Translation differences | 51,673 | 54,630 |
Right of use assets, at end of period | 1,149,095 | 975,310 |
Gross carrying amount | Land and buildings | ||
Movement in Right of Use | ||
Right of use assets, at beginning of period | 941,955 | 759,120 |
Additions | 130,475 | 125,112 |
Business combinations | 27,620 | 4,611 |
Transfers | (455) | 3,337 |
Disposals | (35,924) | (3,603) |
Translation differences | 50,983 | 53,378 |
Right of use assets, at end of period | 1,114,654 | 941,955 |
Gross carrying amount | Machinery | ||
Movement in Right of Use | ||
Right of use assets, at beginning of period | 9,076 | 5,907 |
Additions | 5,055 | 3,412 |
Business combinations | 347 | |
Transfers | (1,189) | (495) |
Disposals | (6,849) | (89) |
Translation differences | 224 | 341 |
Right of use assets, at end of period | 6,664 | 9,076 |
Gross carrying amount | Computer equipment | ||
Movement in Right of Use | ||
Right of use assets, at beginning of period | 8,519 | 8,228 |
Additions | 278 | 641 |
Business combinations | 263 | |
Transfers | (568) | (629) |
Disposals | (1,848) | (7) |
Translation differences | 175 | 286 |
Right of use assets, at end of period | 6,819 | 8,519 |
Gross carrying amount | Vehicles | ||
Movement in Right of Use | ||
Right of use assets, at beginning of period | 15,760 | 14,152 |
Additions | 6,165 | 4,277 |
Business combinations | 1,279 | |
Transfers | (10) | (407) |
Disposals | (2,527) | (2,887) |
Translation differences | 291 | 625 |
Right of use assets, at end of period | 20,958 | 15,760 |
Accumulated depreciation | ||
Movement in Right of Use | ||
Right of use assets, at beginning of period | (179,653) | (108,711) |
Additions | (80,498) | (66,720) |
Business combinations | (595) | |
Transfers | 1,577 | (1,714) |
Disposals | 15,019 | 6,280 |
Translation differences | (7,393) | (8,788) |
Right of use assets, at end of period | (251,543) | (179,653) |
Accumulated depreciation | Land and buildings | ||
Movement in Right of Use | ||
Right of use assets, at beginning of period | (159,831) | (94,118) |
Additions | (72,214) | (57,901) |
Business combinations | (359) | |
Transfers | 106 | (3,337) |
Disposals | 9,782 | 3,605 |
Translation differences | (7,088) | (8,080) |
Right of use assets, at end of period | (229,604) | (159,831) |
Accumulated depreciation | Machinery | ||
Movement in Right of Use | ||
Right of use assets, at beginning of period | (3,792) | (2,236) |
Additions | (1,983) | (2,120) |
Business combinations | (236) | |
Transfers | 894 | 587 |
Disposals | 1,361 | 87 |
Translation differences | 109 | (110) |
Right of use assets, at end of period | (3,647) | (3,792) |
Accumulated depreciation | Computer equipment | ||
Movement in Right of Use | ||
Right of use assets, at beginning of period | (6,475) | (4,640) |
Additions | (1,432) | (2,269) |
Transfers | 573 | 629 |
Disposals | 1,719 | 7 |
Translation differences | (178) | (202) |
Right of use assets, at end of period | (5,793) | (6,475) |
Accumulated depreciation | Vehicles | ||
Movement in Right of Use | ||
Right of use assets, at beginning of period | (9,555) | (7,717) |
Additions | (4,869) | (4,430) |
Transfers | 4 | 407 |
Disposals | 2,157 | 2,581 |
Translation differences | (236) | (396) |
Right of use assets, at end of period | € (12,499) | € (9,555) |
Appendix V - Movement in Proper
Appendix V - Movement in Property, Plant and Equipment (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Movement in Property, Plant and Equipment | ||
Property, plant and equipment at beginning of period | € 2,547,497 | € 2,324,107 |
Additions | 80,567 | 81,966 |
Business combination | 549,634 | 3,741 |
Transfers | (6,659) | (3,245) |
Disposals | (10,364) | (6,152) |
Translation differences | 110,262 | 147,080 |
Property, plant and equipment at end of period | 3,270,937 | 2,547,497 |
Gross carrying amount | ||
Movement in Property, Plant and Equipment | ||
Property, plant and equipment at beginning of period | 4,151,978 | 3,685,191 |
Additions | 291,676 | 266,008 |
Business combination | 553,678 | 3,741 |
Transfers | (20,796) | (3,219) |
Disposals | (51,822) | (25,083) |
Translation differences | 178,130 | 225,340 |
Property, plant and equipment at end of period | 5,102,844 | 4,151,978 |
Gross carrying amount | Land and buildings | ||
Movement in Property, Plant and Equipment | ||
Property, plant and equipment at beginning of period | 860,447 | 780,180 |
Additions | 4,636 | 3,361 |
Business combination | 236,732 | 660 |
Transfers | 11,374 | 24,830 |
Disposals | (864) | (123) |
Translation differences | 43,081 | 51,539 |
Property, plant and equipment at end of period | 1,155,406 | 860,447 |
Gross carrying amount | Plant and machinery | ||
Movement in Property, Plant and Equipment | ||
Property, plant and equipment at beginning of period | 2,527,744 | 2,200,429 |
Additions | 50,025 | 42,747 |
Business combination | 316,946 | 10,381 |
Transfers | 115,070 | 171,894 |
Disposals | (50,958) | (24,960) |
Translation differences | 110,196 | 127,253 |
Property, plant and equipment at end of period | 3,069,023 | 2,527,744 |
Gross carrying amount | Fixed Assets under construction | ||
Movement in Property, Plant and Equipment | ||
Property, plant and equipment at beginning of period | 763,787 | 704,582 |
Additions | 237,015 | 219,900 |
Business combination | 7,300 | |
Transfers | (147,240) | (199,943) |
Translation differences | 24,853 | 46,548 |
Property, plant and equipment at end of period | 878,415 | 763,787 |
Accumulated depreciation | ||
Movement in Property, Plant and Equipment | ||
Property, plant and equipment at beginning of period | (1,590,516) | (1,358,431) |
Additions | (203,713) | (172,796) |
Business combination | (4,044) | |
Transfers | 4,754 | (26) |
Disposals | 41,118 | 18,931 |
Translation differences | (66,942) | (78,194) |
Property, plant and equipment at end of period | (1,819,343) | (1,590,516) |
Accumulated depreciation | Buildings | ||
Movement in Property, Plant and Equipment | ||
Property, plant and equipment at beginning of period | (148,082) | (122,948) |
Additions | (27,757) | (19,388) |
Transfers | 1,553 | 2,583 |
Disposals | 57 | 123 |
Translation differences | (7,108) | (8,452) |
Property, plant and equipment at end of period | (181,337) | (148,082) |
Accumulated depreciation | Plant and machinery | ||
Movement in Property, Plant and Equipment | ||
Property, plant and equipment at beginning of period | (1,442,434) | (1,235,483) |
Additions | (175,956) | (153,408) |
Business combination | (4,044) | |
Transfers | 3,201 | (2,609) |
Disposals | 41,061 | 18,808 |
Translation differences | (59,834) | (69,742) |
Property, plant and equipment at end of period | (1,638,006) | (1,442,434) |
Accumulated impairment | ||
Movement in Property, Plant and Equipment | ||
Property, plant and equipment at beginning of period | (13,965) | (2,653) |
Additions | (7,396) | (11,246) |
Transfers | 9,383 | |
Disposals | 340 | |
Translation differences | (926) | (66) |
Property, plant and equipment at end of period | € (12,564) | € (13,965) |