Company: GIFLF
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001104659-25-034245
Chunk: 144

Company: Grifols SA
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 144
---
Item 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The following is a review of our financial condition and results of operations as of December 31, 2024 and 2023, and for the three years ended December 31, 2024, and of the key factors that have affected or are expected to be likely to affect our ongoing and future operations. You should read the following discussion and analysis in conjunction with our audited consolidated financial statements and the accompanying notes included elsewhere in this annual report on Form 20-F. 
Some of the information contained in this discussion, including information with respect to our plans and strategies for our business and our expected sources of financing, contain forward-looking statements that involve risk and uncertainties. You should read “Cautionary Statement Regarding Forward-Looking Statements” in this Part I for a discussion of the risks related to those statements. You should also read Item 3 of this Part I, “Key Information—D. Risk Factors” for a discussion of certain factors that may affect our business, financial condition and results of operations.
We have prepared our audited consolidated financial statements as of December 31, 2024 and 2023, and for the three years ended December 31, 2024 in accordance with IFRS, as issued by the IASB. The financial information and related discussion and analysis contained in this item are presented in euros except as otherwise specified. Unless otherwise specified the financial information analysis in this annual report on Form 20-F is based on our actual audited consolidated financial statements as of December 31, 2024 and 2023, and for the three years ended December 31, 2024.
See “Presentation of Financial and Other Information” in this Part I for further information on our presentation of financial information.

A.   Operating Results
----------------------
Subsequent Events
Biotest AG Public Delisting Purchase Offer 
On March 31, 2025, our Board approved the submission, through our subsidiary Grifols Biotest Holdings GmbH, of a public delisting purchase offer to acquire all no-par bearer common shares and all non-voting bearer preferred shares of our subsidiary Biotest AG. The Board’s intention is for the purchase price of €43.00 per common share and €30.00 per preferred share to be offered to the Biotest AG shareholders. The terms and conditions of the offer will be communicated in an offering document to be prepared and submitted to the approval of the German