Grifols SA
For the period ended Dec 31, 2023. Filed Apr 19, 2024.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2023 · Filed Apr 19, 2024
Contents
(5)Segment Reporting
In accordance with IFRS 8 “Operating Segments”, financial information for operating segments is reported in the accompanying Appendix II, which forms an integral part of this note to the consolidated financial statements.
Group companies are divided into four areas: companies from the industrial area, companies from the commercial area, companies from the services area and companies from the research area. Within each of these areas, activities are organized based on the nature of the products and services manufactured and marketed.
Assets, liabilities, income and expenses for segments include directly and reliably attributable items. Items which are not attributed to segments by the Group are:
| ● | Balance sheet: equity, cash and cash equivalents and loans and borrowings. |
| ● | Statement of profit and loss: finance result and income tax. |
| (a) | Operating segments |
The operating segments defined by the Steering Committee are as follows:
| ● | Biopharma (formerly Bioscience): concentrates all activities related to products derived from human plasma for therapeutic use. |
| ● | Diagnostic: including the marketing of diagnostic testing equipment, reagents and other equipment, manufactured by Group or other companies. |
| ● | Bio Supplies: this groups together transactions related to biological products for non-therapeutic use. The part relating to sales of plasma to third parties has been reclassified from Bio Supplies to Other. |
| ● | Others: includes the provision of manufacturing services to third parties, plasma sales to third parties and research activities. It also includes pharmaceutical products manufactured by the Group and intended for hospital pharmacies, as well as the marketing of products that complement the Group’s own products. |
Details of sales by groups of products for 2023, 2022 and 2021 are as follows:
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Thousands of Euros | ||||||
| · 31/12/2023 · 31/12/2022 · 31/12/2021 (*) | ||||||
| Biopharma · · · | ||||||
| Haemoderivatives | 5,558,301 | 5,005,382 | 3,814,983 | |||
| Diagnostic | | | | | | |
| Transfusional medicine | 648,479 | 640,604 | 712,238 | |||
| Other diagnostic | 21,790 | 21,740 | 23,625 | |||
| Bio supplies | | 159,957 | | 146,076 | | 115,811 |
| Others | 203,450 | 250,165 | | 266,461 | ||
| | | | | | | |
| Total | 6,591,977 | 6,063,967 | | 4,933,118 | ||
- As a consequence of the review of transactions and balances allocations by segments made in the year 2022, the comparative figures for the fiscal year 2021 was adjusted accordingly.
At 31 December 2023,98.0% of the income from the sale of goods and services has been recognized at a certain point-in-time (97.6% in 2022 and 97.4% in 2021).
As of 31 December 2023,82.8% of revenue from the sale of goods and services was generated from sales to end customer (85.1% in 2022 and 81.3% in 2021), with the rest being sales to distributors.
The Group has concluded that hemoderivative products are sufficiently alike to be considered as a whole for the following reasons:
| ● | All these products are human plasma derivatives and are manufactured in a similar way. |
| ● | The customers and methods used to distribute these products are similar. |
| ● | All these products are subject to the same regulations regarding production and the same regulatory environment. |
**(b)**Geographical information
Geographical information is grouped into four areas:
| ● | United States of America and Canada |
| ● | Spain |
| ● | Rest of the European Union |
| ● | Rest of the world |
The definition of these four segments is mainly due to the geographical level that Group management sets to manage its revenue as they respond to specific economic scenarios. The main framework of the Group is consistent with this geographical segment grouping, including the monitoring of its commercial operations and its information systems.
The financial information reported for geographical areas is based on sales to third parties in these markets as well as the location of assets.
**(c)**Main customers
In 2023, the revenue from a customer in the Biopharma segment represented approximately 10.37% of the Group’s gross revenue. In 2022 and 2021, there wasno customer that represented more than 10% of the Group’s gross revenue.
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