Company: GIFLF
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001104659-25-034245
Chunk: 148

Company: Grifols SA
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 148
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11.79% (26.2% of 45%), thereby reducing the non-controlling interest by that percentage, and (ii) exclude any amount recognized by Shanghai RAAS for its stake in GDS from the equity-method investment in Shanghai RAAS, as Grifols consolidates 100% of the GDS net assets. As a result, due to the accounting policy adopted in March 2020, Grifols had an attributable stake of 66.79% (55% + 11.79%) in GDS, while the non-controlling interest was reduced to 33.21%. This reduction in net equity attributable to the non-controlling interest was offset against consolidated reserves because it was a transaction with minority shareholders without loss of control. 
As a result of selling the 20% equity stake in Shanghai RAAS in 2024 (see “—Recent Dispositions—Shanghai RAAS” below) we identified that the initial recognition of the investment in Shanghai RAAS should have excluded the amount that Shanghai RAAS held in GDS according to our accounting policy at the transaction date, amounting to €457 million. Therefore, the reduction in equity attributable to non-controlling interest should have decreased the investment in equity-accounted investee in Shanghai RAAS recognized in March 2020 instead of affecting consolidated reserves. Consequently, both the stake in Shanghai RAAS and the consolidated reserves are overstated by €457 million in our financial statements as and for the fiscal years 2020, 2021, 2022 and 2023. 
In this context, we have restated in the comparative information in our consolidated financial statements as of and for the year ended December 31, 2024, the amounts related to “Investment in equity-accounted investees” and “Consolidated reserves” as of January 1, 2023, decreasing by €457 million, and the amounts related to ‘Investment in equity-accounted investees,’ ‘Non-current assets held for sale,’ and ‘Consolidated reserves’ as of December 31, 2023, decreasing by €113 million, €344 million and €457 million, respectively.
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Despite this correction resulting in a reduction of equity of €457 million, the correction has had no impact on our income statement, representing an incorrect accounting treatment without affecting the correct results for each affected financial year. Therefore, the results recognized in the equity-method investment in Shanghai RAAS and the results attributable to both the Grifols