Cash flow Grifols, S.A.

Equities

GRF

ES0171996087

Pharmaceuticals

Market Closed - BME Other stock markets 11:35:18 2025-01-23 am EST			After market 12:34:43 pm
8.514 ^EUR	-4.14%		8.576	+0.73%

11:31am	European Equities Traded in the US as American Depositary Receipts Rise Thursday	MT
Jan. 15	European Equities Traded in the US as American Depositary Receipts Climb Higher in Wednesday Trading	MT

67234d1a3c9091a98f.EYl7YqHf-IbMcCxHsUdL9cV-eVwA4MVTkMSgwHUP9Ik.YLAcN9msu__hCVQg_CUAo_wTKTgt15ckyoLimRc_hfFS_gwh-LGa7rQvbQ

Published financial data: GRIFOLS, S.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	5.1B	5.34B	4.93B	6.06B	6.59B
Total Revenues	5.1B	5.34B	4.93B	6.06B	6.59B
Cost of Goods Sold, Total	2.76B	3.08B	2.97B	3.83B	4.1B
Gross Profit	2.34B	2.26B	1.96B	2.23B	2.49B
Selling General & Admin Expenses, Total	943M	986M	1.06B	1.19B	1.37B
R&D Expenses	276M	294M	355M	361M	395M
Other Operating Expenses	-	-	-16.3M	-14.68M	-3.04M
Other Operating Expenses, Total	1.22B	1.28B	1.4B	1.54B	1.76B
Operating Income	1.12B	975M	563M	695M	736M
Interest Expense, Total	-324M	-223M	-234M	-363M	-443M
Interest And Investment Income	114M	8.02M	11.55M	33.86M	62.33M
Net Interest Expenses	-210M	-215M	-222M	-329M	-380M
Income (Loss) On Equity Invest.	-30.57M	80.96M	65.74M	102M	62.82M
Currency Exchange Gains (Loss)	-9.62M	8.25M	-11.6M	7.72M	-16.39M
Other Non Operating Income (Expenses)	-17.26M	28.98M	-43.94M	-122M	-153M
EBT, Excl. Unusual Items	855M	879M	350M	354M	249M
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-37.67M	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-	-	7.56M	-24.99M
Asset Writedown	-	-	-	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	817M	879M	350M	361M	224M
Income Tax Expense	168M	170M	85.13M	90.11M	43.35M
Earnings From Continuing Operations	649M	709M	265M	271M	181M
Net Income to Company	649M	709M	265M	271M	181M
Minority Interest	-23.5M	-90.44M	-82.52M	-62.87M	-121M
Net Income - (IS)	625M	619M	183M	208M	59.32M
Net Income to Common Incl Extra Items	625M	619M	183M	208M	59.32M
Net Income to Common Excl. Extra Items	625M	619M	183M	208M	59.32M
Per Share Items
Net EPS - Basic	0.91	0.9	0.27	0.31	0.09
Basic EPS - Continuing Operations	0.91	0.9	0.27	0.31	0.09
Basic Weighted Average Shares Outstanding	685M	686M	682M	680M	680M
Net EPS - Diluted	0.91	0.9	0.27	0.31	0.09
Diluted EPS - Continuing Operations	0.91	0.9	0.27	0.31	0.09
Diluted Weighted Average Shares Outstanding	687M	686M	682M	680M	680M
Normalized Basic EPS	0.75	0.67	0.2	0.23	0.05
Normalized Diluted EPS	0.74	0.67	0.2	0.23	0.05
Dividend Per Share	0.36	0.36	-	-	-
Payout Ratio	38.19	18.31	141.65	0.28	-
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	1.34B	1.19B	785M	963M	1.03B
EBITA	1.17B	1.03B	613M	760M	816M
EBIT	1.12B	975M	563M	695M	736M
EBITDAR	1.37B	1.22B	818M	1B	1.08B
Effective Tax Rate - (Ratio)	20.62	19.31	24.29	24.94	19.35
Total Current Taxes	110M	127M	67.37M	105M	183M
Total Deferred Taxes	58.28M	43.14M	17.75M	-15.14M	-140M
Normalized Net Income	511M	459M	137M	158M	34.28M
Interest Capitalized	14.89M	16.61M	18.64M	25.18M	36.89M
Interest on Long-Term Debt	339M	240M	252M	388M	479M
Non-Cash Pension Expense	-	-	-	766K	3.44M
Supplemental Operating Expense Items
Advertising Expense	59.06M	55.07M	71.28M	90.65M	78.85M
Research And Development Expense From Footnotes	276M	294M	355M	361M	395M
Net Rental Expense, Total	33.24M	28.18M	32.94M	38.99M	43.04M
Imputed Operating Lease Interest Expense	13.44M	7.69M	8.19M	11.57M	15.43M
Imputed Operating Lease Depreciation	19.79M	20.49M	24.76M	27.43M	27.61M
Maintenance & Repair Expenses, Total	136M	147M	150M	219M	231M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	742M	580M	655M	548M	530M
Short Term Investments	11.4M	11.02M	2.03B	30.99M	116M
Trading Asset Securities, Total	1.72B	-	3.24M	-	-
Total Cash And Short Term Investments	2.47B	591M	2.69B	579M	646M
Accounts Receivable, Total	370M	383M	434M	644M	693M
Other Receivables	99.91M	121M	61.3M	111M	118M
Notes Receivable	784K	95K	39K	48K	120K
Total Receivables	470M	504M	495M	755M	811M
Inventory	2.34B	2B	2.26B	3.2B	3.46B
Other Current Assets, Total	78.98M	67.8M	70.29M	118M	1.54B
Total Current Assets	5.36B	3.16B	5.51B	4.65B	6.45B
Gross Property Plant And Equipment	4.2B	4.47B	5.11B	6.24B	6.46B
Accumulated Depreciation	-1.34B	-1.47B	-1.77B	-2.07B	-2.27B
Net Property Plant And Equipment	2.86B	3B	3.34B	4.17B	4.19B
Long-term Investments	144M	1.98B	2.27B	2.44B	565M
Goodwill	5.51B	5.33B	6.23B	7.01B	6.8B
Other Intangibles, Total	1.1B	982M	1B	1.33B	1.21B
Loans Receivable Long-Term	104M	80.85M	89.1M	96.54M	137M
Deferred Tax Assets Long-Term	123M	150M	153M	175M	305M
Deferred Charges Long-Term	332M	576M	633M	1.62B	1.62B
Other Long-Term Assets, Total	5.43M	6.27M	7.76M	36.31M	155M
Total Assets	15.54B	15.27B	19.23B	21.53B	21.44B
Liabilities
Accounts Payable, Total	582M	602M	629M	732M	813M
Accrued Expenses, Total	324M	263M	328M	314M	371M
Current Portion of Long-Term Debt	275M	279M	2.35B	693M	906M
Current Portion of Leases	44.4M	42.64M	48.57M	102M	107M
Current Income Taxes Payable	5.97M	3.48M	4.52M	15.69M	14.52M
Unearned Revenue Current, Total	-	22.93M	32.97M	27.64M	28.87M
Other Current Liabilities	136M	123M	85.36M	71.33M	74.59M
Total Current Liabilities	1.37B	1.34B	3.47B	1.96B	2.32B
Long-Term Debt	6.1B	5.91B	6.11B	9.04B	8.63B
Long-Term Leases	696M	691M	825M	915M	1B
Unearned Revenue Non Current	11.38M	17.01M	15.04M	15.12M	13.81M
Pension & Other Post Retirement Benefits	5.99M	6.77M	6.72M	94.07M	100M
Deferred Tax Liability Non Current	464M	557M	634M	1.03B	989M
Other Non Current Liabilities	48.22M	36.9M	17.74M	20.82M	414M
Total Liabilities	8.7B	8.55B	11.09B	13.08B	13.47B
Common Stock, Total	120M	120M	120M	120M	120M
Additional Paid In Capital	911M	911M	911M	911M	911M
Retained Earnings	528M	689M	242M	257M	96.35M
Treasury Stock	-49.58M	-43.73M	-164M	-162M	-153M
Comprehensive Income and Other	3.31B	3.43B	4.99B	5B	4.85B
Total Common Equity	4.82B	5.11B	6.1B	6.13B	5.83B
Minority Interest	2.02B	1.61B	2.05B	2.33B	2.15B
Total Equity	6.85B	6.72B	8.15B	8.46B	7.97B
Total Liabilities And Equity	15.54B	15.27B	19.23B	21.53B	21.44B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	684M	685M	679M	678M	679M
ECS Total Common Shares Outstanding	684M	685M	679M	678M	679M
Book Value / Share	7.05	7.46	8.98	9.04	8.58
Tangible Book Value	-1.79B	-1.21B	-1.14B	-2.21B	-2.18B
Tangible Book Value Per Share	-2.61	-1.76	-1.67	-3.26	-3.21
Total Debt	7.12B	6.92B	9.33B	10.75B	10.65B
Net Debt	4.65B	6.33B	6.65B	10.17B	10B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-	-	85.82M	100M
Debt Equivalent Oper. Leases	266M	225M	264M	312M	344M
Minority Interest, Total (Incl. Fin. Div)	2.02B	1.61B	2.05B	2.33B	2.15B
Equity Method Investments, Total	114M	1.87B	2B	1.96B	535M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	766M	595M	657M	1.06B	1.1B
Inventories - Work In Process, Total	921M	594M	721M	1.33B	1.21B
Inventories - Finished Goods, Total	655M	813M	881M	805M	1.14B
Land - (BS)	807M	780M	860M	1.16B	1.13B
Machinery, Total	2.14B	2.2B	2.53B	3.07B	3.18B
Full Time Employees	22.24K	23.67K	23.24K	26.33K	23.74K
Part Time Employees	1.76K	-	-	-	-
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	22.29M	22.98M	24.01M	32.29M	31.58M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	625M	619M	183M	208M	59.32M
Depreciation & Amortization - CF	221M	226M	240M	284M	295M
Amortization of Goodwill and Intangible Assets - (CF)	52.57M	52.8M	50.16M	65.14M	80.15M
Depreciation & Amortization, Total	273M	279M	290M	349M	375M
Amortization of Deferred Charges, Total - (CF)	29.32M	43.01M	70.09M	58.52M	67.06M
(Gain) Loss From Sale Of Asset	1.4M	1.07M	1.2M	-1.73M	7.18M
Asset Writedown & Restructuring Costs	-19.52M	-17.15M	64.09M	69.98M	101M
(Income) Loss On Equity Investments - (CF)	30.57M	-80.96M	-65.74M	-102M	-62.82M
Other Operating Activities, Total	110M	161M	196M	15.95M	31.35M
Change In Accounts Receivable	-99.37M	-35.43M	-16.81M	-80.17M	-53.14M
Change In Inventories	-324M	165M	-157M	-600M	-427M
Change In Accounts Payable	-44.54M	-2.32M	40.45M	80.21M	103M
Change in Other Net Operating Assets	-13.87M	-20.6M	-7.08M	-9.01M	7.36M
Cash from Operations	569M	1.11B	597M	-10.87M	208M
Capital Expenditure	-310M	-280M	-247M	-266M	-210M
Sale of Property, Plant, and Equipment	2.71M	272K	639K	3.28M	5.43M
Cash Acquisitions	-107M	-469M	-519M	-1.53B	-29.47M
Divestitures	-	-	794M	91.37M	-
Sale (Purchase) of Intangible assets	-102M	-82.41M	-67.72M	-109M	-85.88M
Investment in Marketable and Equity Securities, Total	-31.82M	-27.24M	9.82M	-165M	-78.17M
Cash from Investing	-549M	-858M	-29.39M	-1.98B	-398M
Long-Term Debt Issued, Total	120M	109M	2.46B	1.13B	1.64B
Total Debt Issued	120M	109M	2.46B	1.13B	1.64B
Long-Term Debt Repaid, Total	-128M	-431M	-578M	-1.31B	-1.46B
Total Debt Repaid	-128M	-431M	-578M	-1.31B	-1.46B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-	-126M	-3.46M	-
Common Dividends Paid	-236M	-111M	-	-	-
Preferred Dividends Paid	-2.61M	-2.61M	-	-	-
Common & Preferred Stock Dividends Paid	-	-	-259M	-592K	-
Common & Preferred Stock Dividends Paid	-239M	-113M	-259M	-592K	-
Other Financing Activities, Total	-86.1M	81.24M	-20.94M	7.93M	5.47M
Cash from Financing	-332M	-354M	1.47B	-173M	186M
Foreign Exchange Rate Adjustments	20.4M	-60.16M	55.46M	35.55M	-15.09M
Net Change in Cash	-292M	-162M	2.1B	-2.13B	-18.4M
Supplemental Items
Cash Interest Paid	236M	156M	155M	350M	529M
Cash Income Tax Paid (Refund)	108M	132M	30.6M	196M	159M
Levered Free Cash Flow	-3.7M	714M	64.88M	-925M	-1.26B
Unlevered Free Cash Flow	199M	853M	211M	-698M	-984M
Change In Net Working Capital	393M	-285M	185M	1.16B	1.59B
Net Debt Issued / Repaid	-7.52M	-322M	1.88B	-177M	181M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	5.01	3.96	2.04	2.13	2.14
Return on Total Capital	5.62	4.42	2.26	2.37	2.43
Return On Equity %	11.24	10.45	3.57	3.44	2.2
Return on Common Equity	13.82	12.46	3.26	3.57	0.99
Margin Analysis
Gross Profit Margin %	45.92	42.23	39.78	36.8	37.84
SG&A Margin	18.49	18.46	21.52	19.63	20.73
EBITDA Margin %	26.23	22.31	15.92	15.89	15.65
EBITA Margin %	23.04	19.25	12.42	12.53	12.38
EBIT Margin %	22.01	18.26	11.4	11.46	11.16
Income From Continuing Operations Margin %	12.72	13.28	5.38	4.47	2.74
Net Income Margin %	12.26	11.58	3.71	3.43	0.9
Net Avail. For Common Margin %	12.26	11.58	3.71	3.43	0.9
Normalized Net Income Margin	10.02	8.59	2.77	2.61	0.52
Levered Free Cash Flow Margin	-0.07	13.37	1.32	-15.25	-19.12
Unlevered Free Cash Flow Margin	3.9	15.98	4.28	-11.51	-14.92
Asset Turnover
Asset Turnover	0.36	0.35	0.29	0.3	0.31
Fixed Assets Turnover	2.12	1.82	1.55	1.61	1.58
Receivables Turnover (Average Receivables)	15.96	14.18	12.07	11.25	9.86
Inventory Turnover (Average Inventory)	1.28	1.42	1.39	1.4	1.23
Short Term Liquidity
Current Ratio	3.92	2.37	1.59	2.38	2.79
Quick Ratio	2.15	0.82	0.92	0.68	0.63
Operating Cash Flow to Current Liabilities	0.42	0.83	0.17	-0.01	0.09
Days Sales Outstanding (Average Receivables)	22.87	25.81	30.24	32.44	37.01
Days Outstanding Inventory (Average Inventory)	284.06	257.75	261.82	260.04	296.67
Average Days Payable Outstanding	66.25	78.91	69.58	52.02	64.74
Cash Conversion Cycle (Average Days)	240.68	204.64	222.48	240.46	268.93
Long Term Solvency
Total Debt/Equity	104.01	103.03	114.57	127.11	133.58
Total Debt / Total Capital	50.98	50.75	53.39	55.97	57.19
LT Debt/Equity	99.34	98.24	85.17	117.71	120.87
Long-Term Debt / Total Capital	48.7	48.39	39.69	51.83	51.75