Grifols falls 3% at the opening but turns around and already rises more than 1% after the report to the CNMV

MADRID, 5 Abr.

Grifols falls 3% at the opening but turns around and already rises more than 1% after the report to the CNMV


Grifols shares fell this Friday on the Stock Market at 9:00 a.m. by almost 3% after placing its net debt for 2023 at 10,527 million, with 1,111 million for leasing contracts, as reported yesterday by the blood derivatives firm, with the market closed, to the National Securities Market Commission (CNMV).

Thus, the Catalan company fell 2.81% at the start of the trading day, until exchanging its shares at a unit price of 8.8 euros, although minutes later, around 9:23 a.m., it turned around and rose by 1, 13%, which led it to lead the rise of the Ibex 35, with its shares at 9,156 euros.

Specifically, Grifols sent this Thursday to the CNMV the information required by the supervisory body in which it revealed that it will proceed to reduce to two the number of measures used to reflect the Ebitda in its results communications and has placed the net debt in 2023. at 10,527 million euros, with 1,111 million in leasing contracts.

As the Catalan blood products company has communicated to the supervisor, Grifols' debt ratio (leverage) has risen from 6.3 times Ebitda (which reflected the Ebitda according to the 'credit agreement') to 8.4 (which shows the consolidated Ebitda according to profit and loss that has come into action this time).

Going into detail, Grifols has explained that the main differences in this financial section in 2023 are due to the inclusion in Ebitda of adjustments of 234 million euros for extraordinary, unusual or non-recurring expenses, as well as the introduction of adjustments for cost savings and operational improvements over the next twelve months.

Similarly, the new Ebitda is explained by the exclusion of the rents of the properties (financial leases-leasing) in which the plasma donation centers are located as debt, which means subtracting 1,111 million euros from the net debt that appears on your balance sheet.

Consequently, the net debt for 2023 according to the balance sheet has stood at 10,527 million euros, while the net financial debt according to 'credit agreement' showed a figure of 9,416 million.

For its part, the Ebitda according to the 'credit agreement' stands at 1,484 million euros, while the same parameter consolidated according to profits and losses shows a figure of 1,251 million.

Looking to the future, Grifols has highlighted that from now on it will reduce the number of measures used to reflect Ebitda to two: on the one hand, consolidated Ebitda according to profit and loss (the new methodology used) and, on the other hand, , the adjusted consolidated Ebitda (which the pharmaceutical company had been exercising).

In this sense, the company has clarified that it will report the aforementioned financial parameters in a consolidated manner, without differentiating whether or not the figures corresponding to Biotest are included.

Likewise, these two measures will be used as measures of the company's performance and will fulfill the function of providing better comparability of the evolution and profitability of Grifols over time, as well as in relation to other companies.

"Grifols undertakes to adopt all the measures indicated in its communication to the CNMV, including any additional measures necessary to guarantee the quality and consistency of the information provided to the financial markets and investors," the entity added in a statement. .

The CNMV urged the company on March 21 - the day on which it released its report on Grifols - to publish, within a period of fifteen business days, a detail of the Ebitda and net financial debts.

Specifically, the CNMV request made reference to the years 2022 and 2023 and to those most relevant entities where there are non-controlled holdings, so that an investor could calculate the leverage ratio considering, or excluding, Ebitda and debt. which corresponds to the participation in their dependents.

The CNMV also asked Grifols to publicly detail within 15 business days the commitments it will assume to adapt the use of alternative performance measures (APM) in the next financial information reports.

The organization then assured, on March 21, that it would continue working on the Grifols issue with the "greatest speed" and that it would try to provide "maximum transparency" at the conclusion of its actions, if these lead to sanctioning measures in the terms permitted by applicable regulations.

Thus, the supervisor pointed out at that time that the sanction is not "the priority at this moment", since the CNMV has its focus on "the clarification of the financial information available to investors", given the social and financial attention generated market.

The company wanted to clarify that "all of Grifols' debts and financial obligations have already been included and disclosed in the audited financial statements published on March 8, 2024 and endorsed by the regulator."

Thus, the 1.1 billion euros do not constitute a financial debt, since they are related to the future rentals of the properties of more than 390 plasma donation centers around the world and, therefore, do not represent any new debt.