Company: GIFLF
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001104659-25-034245
Chunk: 176

Company: Grifols SA
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 176
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Trade Receivables
We routinely sell receivables with maturity dates no shorter than 30 days (“Eligible Receivables”) to financial institutions (factors) in varied contractual arrangements with or without recourse. In sales of Eligible Receivables without recourse, all material risks and benefits inherent to the ownership of the assigned receivables, including the right to unilaterally transfer the assigned receivables to unrelated third parties, are transferred to the factor. These sales are considered as factoring without recourse and therefore the consideration paid to us by factors for such assigned receivables is not accounted as debt in our balance sheet.
In the fiscal years ended December 31, 2024, 2023 and 2022, we sold without recourse €3,600.7 million, €2,858.1 million and €3,174.3 million, respectively, of receivables to third parties. We estimate the volume of invoices we sold without recourse to financial institutions which, based on their due date, would not have been collected at December 31, 2024, to be €334.4 million (€391.9 million and €445.2 million at December 31, 2023 and 2022, respectively).
We also sell Eligible Receivables to financial institutions while retaining the risks and benefits inherent to the ownership thereof. These sales are considered as factoring with recourse and the amount of such assigned receivables remains on our balance sheet, while the amount advanced to us by the factors is recognized on our balance sheet as short-term debt. At December 31, 2024, had no amounts recorded in our balance sheet as short-term debt in respect of factoring transactions with recourse, as compared to €17.0 million and €16.5 million at December 31, 2023 and 2022, respectively.
For the fiscal year ended December 31, 2024, the finance cost we recorded in our statement of profit and loss in respect of receivables sold totaled €30.8 million (€25.0 million and €18.2 million in the fiscal years ended December 31, 2023 and 2022, respectively). Our receivables had an aging average of 36 days at each of December 31, 2024, 2023 and 2022. See notes 15 and 27 to our consolidated audited financial statements included in this annual report.

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Capital Expenditures, Other Int