The Stock Market soars by more than 18% after its auditor gives the green light to its 2023 results

Grifols has published its consolidated annual accounts for the year 2023, including the statement of non-financial information, with an "unqualified" opinion from its auditor KPMG, as reported by the company to the National Securities Market Commission (CNMV).

Specifically, KPMG has given the green light to Grifols' 2023 annual results, given that it has expressed its opinion, "without qualifications", and has explained that the annual accounts express, "in all significant aspects, the true image of the assets." and the financial situation of the group".

"In our opinion, the attached consolidated accounts express, in all material respects, a true and fair view of the assets and financial situation of the group as of December 31, 2023, as well as its results and cash flows, all of which are consolidated. corresponding to the year ended on said date, in accordance with the International Financial Reporting Standards adopted by the European Union (IFRS-EU), and other provisions of the financial reporting regulatory framework that are applicable in Spain", highlights KPMG.

Grifols' auditor also recalls that as of the date of issuance of its report, the CNMV has not yet expressed its conclusion on the information sent to the supervisor by the Catalan group and has stated that its opinion "has not been modified in relation to this issue." , which arose from information published by Gotham City Research.

On a purely financial level, the blood products firm has explained that it has decided to further detail the pre-existing agreement with ImmunoTek, aligning the accounting treatment with the essence of the contract, which was last modified in June 2023.

Thus, company sources have explained to Europa Press that this integration does not affect the profit and loss account nor does it have a "material impact" on the key metrics, including the leverage ratio, which stands at 6.3 times, nor in the statement of cash flows, where it shows a positive impact of 4 million euros.

Specifically, Grifols' total assets, including ImmunoTek and already with the audited accounts, reach 21,441 million euros, compared to the 21,326 million euros that were reported in the accounts of February 29, which shows a difference of 115 million, of which 96 million euros correspond to non-current assets.

Grifols obtained a profit of 59.3 million euros in 2023, which represents a decrease of 71.5% compared to the profits of 208.3 million recorded in the previous year, as KPMG also confirmed this Friday in the report. on the consolidated annual accounts sent to the National Securities Market Commission (CNMV).

Grifols shares soared more than 18% on the stock market around 10:15 a.m., until its shares were exchanged at a price of 8.23 ​​euros.

AUDITOR CHANGE: FROM KPMG TO DELOITTE

These were the last Grifols accounts audited by KPMG, given that at its general meeting of shareholders they agreed that Deloitte would take over from the company that had been auditing its annual accounts since 1990.

"Due to the legal need for Grifols and its group to change the audit firm for the review of its consolidated annual accounts starting in 2024 (inclusive), and taking into account that the new audit firm must begin its work already at beginning of fiscal year 2024 (...) for a period of three years, starting on January 1, 2024, therefore including the audit of the annual accounts for the years that will close on December 31, 2024, December 31, 2024, December 2025 and December 31, 2026", as can be seen from the proposal of agreements studied in June 2023.

They have also been the latest annual results of Grifols with Raimon Grifols, Víctor Grifols Deu and Albert Grifols Coma-Cros with executive positions within its board of directors, in a context marked by the crisis of the blood products company after the last offensive launched by Gotham City Research, which warns that its subsidiaries Haema and BPC would have a financing agreement with the Scranton family office.

The bearish fund has launched three offensives against the blood products company (January 9, February 20 and March 6) and has warned in its latest attack that Haema and BPC, Grifols subsidiaries, would have a financing agreement with the ' family office' Scranton, which appears in its accounts in 'other assets from related-party transactions', which has once again led the bearish fund to question the blood products firm's commitment "to transparency, integrity and ethical conduct ".

For its part, Moody's has decided to put Grifols' rating under review for a possible downgrade due to lower cash generation and the delay in publishing its audited accounts.

The risk rating agency's decision is also based on the fact that several debt maturities are approaching for Grifols: a bond in February 2025, another in May 2025 and a revolving credit facility of $1 billion in November 2025. .

Furthermore, the president of the CNMV, Rodrigo Buenaventura, has assured that the analysis of the information required from Grifols "is very advanced" and that the supervisory body's intention is to make its conclusions public "as soon as possible."