In a relevant fact sent to the National Securities Market Commission (CNMV), the Spanish stock market supervisor, Grifols, which had not presented its accounts to the market since the first half of 2021, has specified that last year it invoiced 4,933.1 million euros, 7.6% less. The reported EBITDA, of 961.5 million euros, was 27.4% less than in 2020.
Grifols has explained that the estimated net impact of the pandemic in terms of EBITDA was 503 million euros, “derived, mainly, from the lower volumes of plasma obtained amounting to 420 million euros”with an impact of 238 million in sales and 183 million in lower absorption of fixed costs.
The increase in compensation to donors, meanwhile, had an estimated impact of 150 million euros; while sales of Covid-19 tests contributed positively by 68 million.
Net financial debt stood at 5,828 million euros and the ratio of net financial debt to EBITDA, at 5.4 timesyes This ratio has increased as a result of “strategic acquisitions” worth 520 million euros made during 2021.
Grifols’ liquidity position at the end of the year was 1,277 million euros, with a cash position of 655 million.
Depends on plasma normalization
Grifols forecasts that it will return to growth and improved profitability “as plasma donations” normalize.
He explained that plasma collection fell by 4% year-on-year in 2021, although it grew in the last three quarters of the year, an evolution that “is expected to accelerate throughout 2022.” This fact should allow revenues and margins to improve progressively throughout 2022 “supported by the geographic and product mix”.
The company also expects “strong underlying demand, a favorable pricing environment and declining cost per litre” due to the efficiencies of scale, together with the work to optimize the organization, allow us to overcome the impact of the pandemic.
The forecasts go through a greater contribution of the new and acquired plasma centers; a new compensation scheme for donors; greater retention of talent; and digital improvements that will favor the optimization of the staff, the automation of the software and the reduction of the time per donation, in addition to improving digital marketing.
The Bioscience division had a reduction in income of 10.1%, to 3,815 million; while in Diagnostic they increased by 0.4%, to 779 million due to Covid-19 tests and blood typing solutions. For its part, the Hospital division increased revenues by 19%, to 141.2 million, and the Bio Supplies division invoiced 225.8 million, 0.7% more.
The United States and Canada market had a 12.4% reduction in turnovergoing from 3,599.7 million in 2020 to 3,154.5 million in 2021.
In the European Union, revenues increased by 8.6%, to 906.4 million, and in the rest of the world they decreased by 3.7%, to 872,121 million.
