Grifols SA Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

Ticker: GIKLY · Form: 20-F · Filed: Apr 19, 2024 · CIK: 1438569

Grifols SA 20-F Filing Summary
FieldDetail
CompanyGrifols SA (GIKLY)
Form Type20-F
Filed DateApr 19, 2024
Risk Level
Pages15
Reading Time18 min
Sentimentneutral

Sentiment: neutral

Topics: Grifols SA, 20-F Filing, Financial Report, Intangible Assets, Share-Based Payments

TL;DR

<b>Grifols SA has submitted its 2023 20-F annual report detailing financial instruments, employee compensation plans, and business assets.</b>

AI Summary

Grifols SA (GIKLY) filed a Foreign Annual Report (20-F) with the SEC on April 19, 2024. Grifols SA filed its annual report on Form 20-F for the fiscal year ending December 31, 2023. The filing includes details on equity-settled share-based payment plans, including stock options and restricted stock units. Information regarding defined benefit pension plans for the years 2022 and 2023 is provided. The report references intangible assets such as brand names (Progenika Biopharma, Biotest AG), customer-related intangible assets (Access Biologicals LLC), in-process R&D, and distribution agreements related to Biotest AG. Financial disclosures include details on the gross carrying amount and accumulated impairment of various financial instruments and receivables, categorized by payment due dates.

Why It Matters

For investors and stakeholders tracking Grifols SA, this filing contains several important signals. This filing provides a comprehensive overview of Grifols SA's financial health and operational structure for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed breakdown of intangible assets and financial instrument impairments offers insights into the company's valuation and potential risks associated with its business segments and customer relationships.

Risk Assessment

Risk Level: — Grifols SA shows moderate risk based on this filing. The filing contains extensive details on financial instruments, impairments, and pension plans, indicating a complex financial structure that requires careful analysis to fully understand potential risks.

Analyst Insight

Investors should carefully review the detailed financial statements and risk factor disclosures within the 20-F to assess Grifols SA's financial position and operational risks.

Key Numbers

  • 2023-12-31 — Reporting Period End Date (Fiscal year end for the 20-F filing)
  • 2022-12-31 — Prior Year End Date (Comparative period for pension plans)
  • 2023-01-01 — Start Date for Pension Plans (Reporting period for defined benefit pension plans)

Key Players & Entities

  • Grifols SA (company) — Filer of the 20-F report
  • 20-F (filing) — Form type filed by Grifols SA
  • Progenika Biopharma SA (company) — Subsidiary with brand names
  • Biotest AG (company) — Subsidiary with brand names, R&D, and distribution agreements
  • Access Biologicals LLC (company) — Subsidiary with customer-related intangible assets

FAQ

When did Grifols SA file this 20-F?

Grifols SA filed this Foreign Annual Report (20-F) with the SEC on April 19, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by Grifols SA (GIKLY).

Where can I read the original 20-F filing from Grifols SA?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Grifols SA.

What are the key takeaways from Grifols SA's 20-F?

Grifols SA filed this 20-F on April 19, 2024. Key takeaways: Grifols SA filed its annual report on Form 20-F for the fiscal year ending December 31, 2023.. The filing includes details on equity-settled share-based payment plans, including stock options and restricted stock units.. Information regarding defined benefit pension plans for the years 2022 and 2023 is provided..

Is Grifols SA a risky investment based on this filing?

Based on this 20-F, Grifols SA presents a moderate-risk profile. The filing contains extensive details on financial instruments, impairments, and pension plans, indicating a complex financial structure that requires careful analysis to fully understand potential risks.

What should investors do after reading Grifols SA's 20-F?

Investors should carefully review the detailed financial statements and risk factor disclosures within the 20-F to assess Grifols SA's financial position and operational risks. The overall sentiment from this filing is neutral.

Risk Factors

  • Financial Instrument Impairments [medium — financial]: The filing details the gross carrying amount and accumulated impairment of various financial assets and receivables, categorized by their maturity dates, indicating potential credit risks.
  • Intangible Assets [medium — operational]: Significant intangible assets including brand names, customer-related assets, and R&D are disclosed, representing value but also potential impairment risks.

Key Dates

  • 2024-04-19: Filing Date — Submission of the 2023 annual report
  • 2023-12-31: Fiscal Year End — Period covered by the financial statements

Glossary

20-F
An annual report required for foreign private issuers with securities traded on U.S. stock exchanges. (Provides comprehensive financial and business information for investors.)
Equity Settled Share Based Payment Plan
A compensation plan where employees receive equity (like stock options or RSUs) instead of cash. (Indicates how a portion of executive and employee compensation is structured.)
Defined Benefit Pension Plans
Retirement plans where the employer promises a specific benefit amount to employees upon retirement. (Shows the company's long-term liabilities related to employee retirement.)

Filing Stats: 4,442 words · 18 min read · ~15 pages · Grade level 13.5 · Accepted 2024-04-19 16:30:06

Filing Documents

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Table of Contents GRIFOLS, S.A. TABLE OF CONTENTS TABLE OF CONTENTS i GENERAL INFORMATION iii PRESENTATION OF FINANCIAL AND OTHER INFORMATION iii PRESENTATION OF MARKET INFORMATION iv PART I 1 Item 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1 A. Directors and Senior Management 1 B. Advisers 1 C. Auditors 1 Item 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1 A. Offer Statistics 1 B. Method and Expected Timetable 1 Item 3. KEY INFORMATION 1 A. [Reserved] 1 B. Capitalization and Indebtedness 1 C. Reasons for the Offer and Use of Proceeds 1 D.

Risk Factors

Risk Factors 1 Item 4. INFORMATION ON THE COMPANY 39 A. History of and Development of the Company 39 B. Business Overview 41 C. Organizational Structure 72 D. Property, Plant and Equipment 73 E. Regulatory Matters 75 Item 4.A. UNRESOLVED STAFF COMMENTS 89 Item 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 89 A. Operating Results 90 B. Liquidity and Capital Resources 103 C. Research and Development, Patents and Licenses 116 D. Trend Information 116 E. Critical Accounting Estimates 117 Item 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 118 A. Directors and Senior Management 118 B. Compensation 128 C. Board Practices 132 D. Employees 139 E. Share Ownership 140 F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation. 141 Item 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 142 A. Major Shareholders 142 B. Related Party Transactions 144 C. Interests of Experts and Counsel 147 Item 8. FINANCIAL INFORMATION 147 A. Consolidated Statements and Other Financial Information 147 B. Significant Changes 150 Item 9. THE OFFER AND LISTING 150 A. Offer and Listing Details 150 B. Plan of Distribution 150 C. Market 150 i Table of Contents D. Selling Shareholders 155 E.

Dilution

Dilution 155 F. Expense of the Issue 155 Item 10. ADDITIONAL INFORMATION 155 A. Share Capital 155 B. Memorandum and Articles of Association 156 C. Material Contracts 166 D. Exchange Controls 167 E. Taxation 167 F. Dividends and Paying Agents 176 G. 176 H. Documents on Display 176 I. Subsidiary Information 176 J. Annual Report to Security Holders 176 Item 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 177 Item 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 178 A. Debt Securities 178 B. Warrants and Rights 178 C. Other Securities 178 D. American Depositary Shares 178 GLOSSARY OF TERMS 180 PART II 186 Item 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 186 Item 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 186 Item 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 186 A. Evaluation of Disclosure Controls and Procedures 186 B. Management's Report on Internal Control over Financial Reporting 186 C. Attestation Report of the Registered Public Accounting Firm 187 D. Changes in Internal Control over Financial Reporting 187 Item 16. [RESERVED] 188 Item 16.A AUDIT COMMITTEE FINANCIAL EXPERT 188 Item 16.B CODE OF ETHICS 188 Item 16.C PRINCIPAL ACCOUNTANT FEES AND SERVICES 188 Item 16.D EXEMPTION FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 189 Item 16.E PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 189 Item 16.F CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT 190 Item 16.G CORPORATE GOVERNANCE 190 Item 16.H MINE SAFETY DISCLOSURE 194 Item 16.I DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 194 Item 16.J INSIDER TRADING POLICIES 194 Item 16.K CYBERSECURITY 194 PART III 197 Item 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 197 Item 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 197 Item 19. EXHIBITS 197

SIGNATURES

SIGNATURES 201 ii Table of Contents GENERAL INFORMATION As used in this annual report on Form 20-F, unless the context otherwise requires or as is otherwise indicated: all references to "Grifols," the "Company," "we," "us" and "our" refer to Grifols, S.A., a company ( sociedad annima ) organized under the laws of Spain, and our consolidated subsidiaries; all references to the "Group" or the "Grifols Group" are to Grifols, S.A. and the group of companies owned or controlled by Grifols, S.A; and see "Glossary of Terms" for further explanations and/or definitions of terms referenced in this Form 20-F. PRESENTATION OF FINANCIAL AND OTHER INFORMATION The basis of presentation of financial information of Grifols in this document is in conformity with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB (jointly, "IFRS-IASB") and other legislative provisions containing the applicable legislation governing our financial information, unless indicated otherwise. All references in this annual report on Form 20-F to (i) "euro," "" or "EUR" are to the common currency of the European Union and (ii) "U.S. dollar," "

quot; or "USD" are to the currency of the United States. The functional and presentation currency of Grifols is the euro. All tabular disclosures are presented in thousands of euros except share and per share amounts, percentages and as otherwise indicated. Certain monetary amounts and other figures included in this annual report on Form 20-F have been subject to rounding adjustments. Accordingly, any discrepancies in any tables between the totals and the sums of amounts listed are due to rounding. Constant Currency Net revenue variance in constant currency is determined by comparing adjusted current period figures, calculated using prior period monthly average exchange rates, to the prior period net revenue. The resulting percentage variance in constant currency is considered to be a non

OFFER STATISTICS AND EXPECTED TIMETABLE

Item 2. OFFER STATISTICS AND EXPECTED TIMETABLE A. Offer Statistics Not applicable. B. Method and Expected Timetable Not applicable.

KEY INFORMATION

Item 3. KEY INFORMATION A. [Reserved] B. Capitalization and Indebtedness Not Applicable. C. Reasons for the Offer and Use of Proceeds Not Applicable. D.

Risk Factors

Risk Factors Summary Our company, our business and our securities are subject to a number of risks which are described more comprehensively elsewhere in this item D. We present below a summary of our key risk factors. Risks Relating to Our Structure: Our substantial level of indebtedness could adversely affect our financial condition, restrict our ability to react to changes to our business, and prevent us from fulfilling our debt obligations; Despite our substantial indebtedness, we may still incur significantly more debt. This could exacerbate the risks associated with our substantial leverage; 1 Table of Contents To service our indebtedness and other obligations, we will require a significant amount of cash. Our ability to generate cash depends on many factors, some of which may be beyond our control; Covenants in our debt agreements restrict our business in many ways; Our ability to meet our financial obligations depends in part on our ability to receive dividends and other distributions from our subsidiaries; We engage in transactions with related parties and such transactions may present the appearance of a possible conflict of interest that can have an adverse effect on us; We are a foreign private issuer under the rules and regulations of the Securities and Exchange Commission and, thus, are exempt from a number of rules under the Securities Exchange Act of 1934 and are permitted to file less information with the Securities and Exchange Commission than a company incorporated in the United States; Military conflicts around the world, and the global response thereto, may adversely affect our business and results of operations; and The ability to enforce civil liabilities under U.S. securities laws may be limited. Risks Relating to the Company and Our Business: Our manufacturing processes are complex and involve biological intermediates that may be susceptible to contamination and variations in yield. Plasma and plasma derivative products ar

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