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Solvencia GRIFOLS

The document analyzes the solvency and debt position of GRIFOLS based on its 2021 financial statements. It finds that GRIFOLS' debt ratio increased in 2021 to 99.81% due to taking on new long-term debts. While long-term debt decreased slightly as a percentage of total debt, short-term debt increased. Several debt repayment ability ratios decreased in 2021, indicating lower capacity to repay debts and longer estimated timeframes to repay.

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46 views3 pages

Solvencia GRIFOLS

The document analyzes the solvency and debt position of GRIFOLS based on its 2021 financial statements. It finds that GRIFOLS' debt ratio increased in 2021 to 99.81% due to taking on new long-term debts. While long-term debt decreased slightly as a percentage of total debt, short-term debt increased. Several debt repayment ability ratios decreased in 2021, indicating lower capacity to repay debts and longer estimated timeframes to repay.

Uploaded by

amparooo20
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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SOLVENCY ANALYSIS

The structure of GRIFOLS we see that the composition of the balance sheet in 2021 the
company has a normal short term financial balance as the ANC is financed by the PN and part
of the PNC and a part of the current AC is financed by the PNC, i.e. it is financed in the long
term. The NCA is 71.35% and the CA is 28.65%.

The most important part of the NCA is the Intangible Fixed Assets which is 63.11%. This is
divided between consolidated goodwill (71.94%) and other intangible assets (28.09%).

Buildings this year have been amortised €148,082 and plant and machinery €1,442,434.

CA accounts for 28.65% of Total Assets. The main weight falls on inventories which is 41.00%
and is made up of Goods for resale (6,10%), Raw materials and supplies (29,08%), Work in
progress and semi-finished goods (31,92%), and finished goods (32,90%). We see that the
inventory components have increased this year.

It is also noted in the management report that, as a consequence of the cessation of the
activity of the blood collection systems, an impairment of certain inventories has been
recognised for an amount of EUR 5 million as an expense in the consolidated income
statement for 2021.

On the other hand, short-term investments in associates and affiliated companies weigh on
the CA, amounting to 36.83%.
Debt ratio: the company has had indebtedness throughout the two financial years, although in
2021 it has grown, with debt standing at 99.81%. This increase in indebtedness is due to the
fact that in the non-current liabilities it has €7,768,950 of debts with credit institutions. These
are exactly senior secured notes, non-current bonds, and a non-current loan with the
European Investment Bank, amounting 85,000 thousand

Long-term debt: in 2021 the debt is 70.84%, it has decreased compared to 2020. This is due to
the debts mentioned above.

Short-term debt: Short-term debt has increased in 2021 to 29.15%, mainly due to the issuance
of short-term bonds.

Financial debt: has increased reaching 53.15% in 2021 due to the debts with cost which are the
bonds issued with interest. We see that GRIFOLS refinanced its Senior Secured Debt with the
current lenders, the new debt amounts to USD 2.5 billion.

Commercial debt: the debt with suppliers has decreased and is 4.08%, which is mostly from
short-term suppliers, i.e. €628,992.

Finance expense over sales ratio: in 2021 it has increased to 5.64%, which means that 5.64% of
sales go to cover financial expenses. So the cost of debt has been increasing in relation to
turnover, which may be due to the fact that the cost has increased, turnover has decreased or
both.

Cost of real debt ratio: this has decreased, being 2.72% in 2021, i.e. this is what the company's
external financing costs, but not with banks but with third parties, which is why the interest
rates are so low.

Resources generated: the resources generated have decreased, where in 2020 it was
1,288,395€ and in 2021 it is 924,946€, this explains why the company is having less capacity to
repay the debt, both total and financial, and therefore needs more years to repay it.

Debt payment ability ratio: the resources generated in 2021 are 7.76%, so it can only pay 7.76€
of every 100€ of debt, so it has little capacity to repay the loans. It has cash flow problems to
meet payments.

Number of years to return the debt: the number of years has increased, reaching 12.88 years
in 2021, i.e. almost 13 years.

Ability to repay financial debt: the resources generated cover 9.05% of the financial debt, i.e.
only €9.05 out of €100 of the financial debt can be repaid. It has problems to repay the
financial debt.

Financial expense coverage ratio: has decreased, but nevertheless the financial coverage is still
high, so that the company has the capacity to ensure the payment of interest to creditors.

Financial debt repayment capacity: has decreased from 18.29% to 9.05%. This is due to the
decrease in borrowed funds.

Number of years to return financial debt: has increased to 11 years.

EBITDA/SALES: has decreased, being 18.75% in 2021, i.e. for every euro of sales it obtains
18.75€ of resources generated.

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