The company recorded record revenues of 6,592 million, 8.7% more
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 reported this Thursday by the blood products company. which has recorded record revenues of 6,592 million, 8.7% more.
The Catalan firm, which has achieved a positive profit and reduction in leverage, has highlighted that its net profits include “non-recurring items worth 147 million euros related, mainly, to restructuring costs”, as they have explained to Europe Press company sources.
Grifols recorded an adjusted gross operating result (Ebitda) of 1,474 million euros, which represents a margin of 22.4%, being above forecasts, which exclude 223 million euros of extraordinary expenses that mainly comprise 159 million euros of restructuring costs.
Forecasts for 2024 include revenue growth of over 7% on a constant basis, driven by Biopharma, and adjusted Ebitda above €1.8 billion, excluding Shanghai RAAS’s contribution of €50 million in 2023.
THE GRIFOLS LEAVE THE EXECUTIVE STAGE AFTER GOTHAM
These have been the latest results of the blood products company with the Grifols family, specifically, 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 firm after the latest offensive launched by Gotham City Research questioning its accounts and its sustainability.
Specifically, the company, which announced changes in its governance at the beginning of the month, has appointed Nacho Abia as CEO, with effect from April 1 and has kept Thomas Glanzmann as executive president, while Raimon Grifols, Víctor Grifols Deu and Albert Grifols Coma-Cros remain as proprietary directors.
Thus, the three members of the family have ended their executive stage within the Catalan company, leaving their functions as corporate director, director of operations and executive director, respectively.
The bearish fund Gotham City Research attacked Grifols for the second time on February 20, posing, on this occasion, a battery of seven questions related to the nature of the relationship between the company and the Scranton family office, linked to the family. Grifols.
Given the changes in Grifols’ governance, Gotham pointed out that its previous complaints, published on January 9, were what motivated changes in its corporate governance, resulting in the separation of family members from the management of the company. blood derivatives.
FOR BUSINESS
Biopharma’s revenues were 5,558 million euros, up 13.3%, driven by increased plasma supply, demand for the main proteins and favorable prices.
Diagnostic’s turnover increased by 2.3%, to 670 million due to the positive evolution of sales of blood typing solutions.
Finally, Bio Supplies sales increased by 11.3%, to 160 million, due to the contribution of Bio Supplies Biopharma, which increased in customers and consumption.
Plasma supply, for its part, increased by 10% during the year, and the cost per liter (CPL) decreased by 22% compared to the maximum in July 2022 due, “largely”, to the successful execution of the plan of operational improvements.
Among these improvements is a 32% increase in plasma collection per full-time employee, which “reflects improved labor productivity,” and a 5% reduction in production costs.
DELEVERAGE
The company has assured that deleveraging “continues to be a priority” and that the leverage ratio was reduced to 6.3x due to the improvement in Ebitda.
He recalled that the income from the sale of 20% of Shanghai Raas to the Haier Group – some 1,600 million euros – will be used entirely to repay debt, so the pro forma leverage ratio stands at 5.4x.
“Grifols expects to meet its 2025 maturities in the first half of 2024 and will try to do so efficiently,” he assured, and has not ruled out refinancing them.
Excluding the impact of the IFRS 16 standard, the net financial debt was 9,420 million, while the liquidity position was 1,141 million and the treasury position was 526 million.
