Company: GIFLF
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001104659-25-034245
Chunk: 6

Company: Grifols SA
Filing Date: 2025-04-11
Form: 20-F
Item: Item 3
Chunk 6
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 Depositary Shares or our ability to remain listed on NASDAQ;
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●   The Grifols Family may exercise significant influence over the conduct of our business;
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●   The market price of our Class B ADSs on NASDAQ, as well as the market price of our Class A ADSs traded in over the counter markets, may be volatile;
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●   Techniques employed by short sellers or other market disruptors may drive down the market price of our shares, negatively impact our business operations and/or generate non-meritorious litigation;
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●   Fluctuations in the exchange rate between the U.S. dollar and the euro may increase the risk of holding our ADSs or shares;
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●   Subscription (or preemptive) rights may be unavailable to U.S. holders of our shares or ADSs; and
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●   ADS holders may be subject to limitations on the transfer of their ADSs.
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Risks Relating to Our Structure
Our substantial level of indebtedness could adversely affect our financial condition, restrict our ability to react to changes to our business, and prevent us from fulfilling our debt obligations.
We have a significant amount of indebtedness. As of December 31, 2024, our current and non-current financial liabilities were €10,166.7 million, of which a substantial majority (€9,490.6 million) was long-term debt.
Our high level of indebtedness could have significant adverse effects on our business, such as:

●   making it more difficult for us to satisfy our obligations with respect to our outstanding debt;
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●   making us more vulnerable to economic downturns and adverse developments in our business;
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●   impairing our ability to obtain additional financing for working capital, capital expenditures, acquisitions or general corporate purposes;
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●   reducing the funds available to us for operations and other purposes due to the substantial portion of our cash flow that we use to pay interest on our indebtedness;
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●   placing a prior ranking claim on the underlying assets of all of the indebtedness outstanding under our purchase money indebtedness, equipment financing and real estate mortgages;
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●   limiting our ability to fund a change of control offer;
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●   placing us at a competitive disadvantage compared to our competitors that may have proportionately less debt;
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●   limiting our flexibility in planning for, or reacting to, changes in our business and the