Company: GIFLF
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001104659-25-034245
Chunk: 163

Company: Grifols SA
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 163
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 reduction, from €159.3 million in 2023 to €36.0 million in 2024, in the non-recurring reorganization costs composed mainly of severance payments and consultant fees associated with our Operational Improvement Plan. 

105

Finance result
Finance result in 2024 represented a loss of €748.0 million in 2024, compared to a loss of €574.4 million in 2023. The increase mainly results from higher interest expenses on new senior secured bonds issued in 2024 (7.5% for the April 2024 Notes and 7.125% for the December 2024 Notes) compared to the bonds redeemed in 2024 (3.2% for the 2017 Notes and 1.625% for series of 2019 Notes). In addition, finance costs from other financial liabilities included expenses related to the Biomat Transactions, pursuant to which the GIC Investor redeemed another class B share of Biomat Newco, and capitalized interest rates increased to a range of 6.88%–7.38% compared to 6.03%–6.79% in the prior year. 
Income tax expense
In 2024, we had a profit before income tax of €444.0 million and income tax expense of €231.2 million, which represents a tax rate of 52.1%. Our effective tax rate increased from 19.3% in 2023 to 52.1% in 2024, primarily due to extraordinary taxes incurred in relation to the Shanghai RAAS transaction for an amount of €32 million and to an increase in the uncertain tax provision in Spain, from €76.6 million in 2023 to €136.7 million in 2024, resulting from assessments by the Spanish tax authority in respect of differing interpretations of transfer pricing.
Year ended December 31, 2023, as compared to the year ended December 31, 2022:

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​                                                                                        ​               Year Ended December 31,   ​                              Change    
Consolidated Statement of Profit and Loss Data                                                   2023(1)   ​             2022(1)                    €                  %    
​                                                                                        ​                               (in thousands of euros, except for percentages)    
Continuing Operations                                                                                                                                                      ​
Net revenue                                                                                    6,591,977               6,063,967