Company: GIFLF
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001104659-25-034245
Chunk: 171

Company: Grifols SA
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 171
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 obligations, with principal and interest amortization for short- and long-term debt including, among other things, capitalized lease obligations and bilateral credit facilities bearing interest at market rate. In addition, on June 28, 2022 and on October 5, 2021, we entered into four cross-currency interest rate swaps of $705 million to hedge part of the Euro equivalent value of the 2021 Notes (see “—Sources of Credit” above and Note 30 to our audited consolidated financial statements included in this annual report on Form 20-F for further discussion regarding our debt obligations and related interest rate agreements outstanding at December 31, 2024). We have contractual obligations involving future payments for licenses and royalties based generally on volume of sales.

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Historical Cash Flows
The table below presents our net cash from operating, investing and financing activities for each of the years ended December 31, 2024, 2023 and 2022.

                     ​                         ​         ​         ​         ​        ​          ​     
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​                                              ​                                Year Ended December 31,
​                                              2024                        2023(1)              2022(1)
​                                              ​                                (in thousands of euros)
Net cash from (used in) operating activities            902,168   ​        218,690   ​          (1,427)
Net cash (used in) investing activities                 886,667   ​      (394,719)   ​      (1,996,123)
Net cash from/(used in) financing activities        (1,358,714)   ​        171,493   ​        (164,901)

(1)   The financial information as of and for the years ended December 31, 2023 and 2022 has been restated to apply changes in criteria and correct errors. See “Factors Affecting Our Financial Condition and Results of Operations—Changes in accounting criteria and correction of errors” above and see Notes 2(d) and 10 to our consolidated financial statements as of and for the year ended December 31, 2024, included in this annual report on Form 20-F.
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Net Cash from Operating Activities
In the year ended December 31, 2024, our net cash from operating activities was €902.1 million, due largely to stronger operating income, improved working capital management, particularly in inventory and trade receivables, and disciplined approach to