Company: GIFLF
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001104659-25-034245
Chunk: 2

Company: Grifols SA
Filing Date: 2025-04-11
Form: 20-F
Item: Item 3
Chunk 2
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Item 3.KEY INFORMATION

A.   [Reserved]
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B.   Capitalization and Indebtedness
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Not Applicable.

C.   Reasons for the Offer and Use of Proceeds
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Not Applicable.

D.   Risk Factors
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Summary
Our company, our business and our securities are subject to a number of risks which are described more comprehensively elsewhere in this item D. We present below a summary of our key risk factors.
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;
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●   Despite our substantial indebtedness, we may still incur significantly more debt. This could exacerbate the risks associated with our substantial leverage;
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●   To service our indebtedness and other obligations, we will require a significant amount of cash. Our ability to generate cash depends on many factors, some of which may be beyond our control;
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●   Covenants in our debt agreements restrict our business in many ways;
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●   Our ability to meet our financial obligations depends in part on our ability to receive dividends and other distributions from our subsidiaries;
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●   We engage in transactions with related parties and such transactions may present the appearance of a possible conflict of interest that can have an adverse effect on us;
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●   We are a foreign private issuer under the rules and regulations of the Securities and Exchange Commission and, thus, are exempt from a number of rules under the Securities Exchange Act of 1934 and are permitted to file less information with the Securities and Exchange Commission than a company incorporated in the United States;
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●   Military conflicts around the world, and the global response thereto, may adversely affect our business and results of operations; and
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●   The ability to enforce civil liabilities under U.S. securities laws may be limited.
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●   We are a multinational business that operates in numerous tax jurisdictions.
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●   The unforeseen results of potential trade disputes and reciprocal tariffs around the world, including the United States, the European Union and/or China may cause an impact on our business.
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●   Restrictions on the ability of Mexican nationals to cross into the United States to donate plasma could disrupt our supply of plasma and materially and adversely affect our financial results.
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