MADRID 8 Nov. () –
Grifols shares closed this Friday with a rise of 4.36% after the blood products company published this Thursday – with the market already closed – its accounts for the first nine months of this year, when he won almost 88 million euros.
According to market data consulted by Europa Press, the blood products company has placed the unit price of its shares at 11.13 euros through the aforementioned increase of 4.36%, while the ‘class B’ shares, which are listed on the continuous market, have risen 5.65%, to 8.97 euros.
It should be noted that Grifols’ share price has returned to the level of 11 euros for the first time since the end of February, when the shares fell by 35% after the presentation of results, while the company’s financial year has been marked by publication in January of a report by the bearish fund Gotham, in which it accused Grifols of concealing its accounts.
In this way, Grifols has reduced its accumulated losses for the year to 28%, while the market capitalization has stood at almost 7.1 billion euros.
The Catalan firm has also confirmed its forecasts for the whole of 2024, and has reported that net debt stood at 9,208 million euros at the end of the third quarter, compared to 9,396 million in the second quarter.
The company has indicated, however, that the result has been impacted by non-recurring financial and tax expenses associated with the reduction of debt following the sale of 20% of Shanghai Raas (SRASS).
In a statement sent to the National Securities Market Commission (CNMV), the company has explained that if these extraordinary expenses are not taken into account, the net profit would be 264 million until September.
Revenues were 5,237 million euros, 9.1% more, and the adjusted gross operating result (Ebitda) increased 25% year-on-year, up to 1,253 million euros.
“I am proud of the good results obtained in the third quarter. Thanks to the entire Grifols team we have managed to drive growth, maintain disciplined cost control and advance our continuous improvement initiatives. With this work underway and our solid fundamentals , we continue to make progress in achieving our objectives for 2024”, stated the CEO of Grifols, Nacho Abia.
For his part, CFO Rahul Srinivasan has said that this is a “record” quarter and has indicated that they will continue to focus on the priorities of deleveraging and generating free cash flow.
Specifically, the company closed the third quarter with a net profit of 52 million euros, compared to profits of 55.87 million euros in the same period of 2023.
For its part, revenues grew by 12.4%, to 1,793 million euros and adjusted Ebitda was 462 million, up 26.7% year-on-year.
DELEVERAGE
Grifols has explained that the net debt stood at 9,208 million euros as of September 30, of which 8,128 million were net financial debt and 1,080 million were financial obligations related to the rental of plasma centers.
In this way, the company reduces its net financial debt, according to the balance sheet, from 9,396 million in the second quarter to 9,208 million at the end of the third quarter. A year earlier, at the end of the third quarter of 2023, the debt stood at 10,680 million euros.
Thus, the deleveraging ratio stood at 5.1 times at the end of the period, a figure that improved compared to 5.5 times in the second quarter and 6.8 times in the first quarter, and the liquidity position was 704 million.
The company has insisted on the efforts made to reduce its debt and has explained that it has allocated the 1.6 billion from the sale of SRAAS “to reduce the issuance of senior secured bonds maturing in 2025 and LTB loans maturing in 2027.”
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