Grifols (GRFS) 20-F 5 Apr 19 2018 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2018shares
Statement
Entity Registrant Name	Grifols SA
Entity Central Index Key	0001438569
Document Type	20-F
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	false
Entity Shell Company	false
Class A, Ordinary shares
Statement
Entity Common Stock, Shares Outstanding	426,129,798
Class B, Preference shares
Statement
Entity Common Stock, Shares Outstanding	261,425,110

Consolidated Balance Sheets

Consolidated Balance Sheets - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017
Non-current assets
Goodwill	€ 5,209,230	€ 4,590,498
Other intangible assets	1,385,537	1,269,342
Property, plant and equipment	1,951,983	1,760,053
Investments in equity-accounted investees	226,905	219,009
Non-current financial assets
Non-current financial assets measured at fair value	7	47,046
Non-current financial assets not measured at fair value	107,594	22,843
Total non-current financial assets	107,601	69,889
Deferred tax assets	112,539	66,157
Total non-current assets	8,993,795	7,974,948
Current assets
Inventories	1,949,360	1,629,293
Trade and other receivables
Trade receivables	269,167	286,198
Other receivables	92,418	40,681
Current income tax assets	42,205	59,531
Total trade and other receivables	403,790	386,410
Other current financial assets
Current financial assets measured at fair value	19,934
Current financial assets not measured at fair value	34,031	10,738
Total current financial assets	53,965	10,738
Other current assets	42,344	32,354
Cash and cash equivalents	1,033,792	886,521
Total current assets	3,483,251	2,945,316
Total assets	12,477,046	10,920,264
Equity and liabilities
Share capital	119,604	119,604
Share premium	910,728	910,728
Reserves	2,441,931	2,027,648
Treasury stock	(55,441)	(62,422)
Interim dividend	(136,747)	(122,986)
Profit for the year attributable to the Parent	596,642	662,700
Total equity	3,876,717	3,535,272
Available for sale financial assets		4,926
Other comprehensive Income	(554)	(656)
Translation differences	349,391	89,537
Other comprehensive expenses	348,837	93,807
Equity attributable to the Parent	4,225,554	3,629,079
Non-controlling interests	471,050	4,886
Total equity	4,696,604	3,633,965
Non-current liabilities
Grants	11,845	11,822
Provisions	6,114	5,763
Non-current financial liabilities	6,099,463	5,901,815
Other non-current liabilities	1,301
Deferred tax liabilities	404,398	388,912
Total non-current liabilities	6,523,121	6,308,312
Current liabilities
Provisions	80,055	106,995
Current financial liabilities	277,382	155,070
Current debts with related companies	7,079
Trade and Other Payables
Suppliers	561,883	423,096
Other payables	159,816	141,720
Current income tax liabilities	1,917	6,709
Total trade and other payables	723,616	571,525
Other current liabilities	169,189	144,397
Total current liabilities	1,257,321	977,987
Total liabilities	7,780,442	7,286,299
Total equity and liabilities	€ 12,477,046	€ 10,920,264

Consolidated Statements of Prof

Consolidated Statements of Profit and Loss - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Continuing Operations
Net revenue	€ 4,486,724	€ 4,318,073	€ 4,049,830
Cost of sales	(2,437,164)	(2,166,062)	(2,137,539)
Gross profit	2,049,560	2,152,011	1,912,291
Research and Development	(240,661)	(288,320)	(197,617)
Selling, General and Administration expenses	(814,775)	(860,348)	(775,266)
Operating Expenses	(1,055,436)	(1,148,668)	(972,883)
Operating Result	994,124	1,003,343	939,408
Finance income	13,995	9,678	9,934
Finance costs	(293,273)	(263,344)	(244,829)
Change in fair value of financial instruments		(3,752)	(7,610)
Impairment and gains / (losses) on disposal of financial instruments	30,280	(18,844)
Exchange differences	(8,246)	(11,472)	8,916
Finance result	(257,244)	(287,734)	(233,589)
Share of losses of equity accounted investees	(11,038)	(19,887)	6,933
Profit before income tax from continuing operations	725,842	695,722	712,752
Income tax expense	(131,436)	(34,408)	(168,209)
Profit after income tax from continuing operations	594,406	661,314	544,543
Consolidated profit for the year	594,406	661,314	544,543
Profit attributable to the Parent	596,642	662,700	545,456
Loss attributable to non-controlling interest	€ (2,236)	€ (1,386)	€ (913)
Basic earnings per share (Euros)	€ 0.87	€ 0.97	€ 0.80
Diluted earnings per share (Euros)	€ 0.87	€ 0.97	€ 0.80

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Consolidated Statements of Comprehensive Income
Profit for the year after tax	€ 594,406	€ 661,314	€ 544,543
Items for reclassification to profit or loss
Translation differences	268,557	(532,389)	103,833
Translation differences / Cash Flow Hedge			(6,809)
Available for sale financial Assets		10,145	(5,219)
Equity accounted investees / Translation differences	(9,270)	(27,134)	10,671
Cash flow hedges - effective part of changes in fair value			14,501
Cash flow hedges - amounts taken to profit or loss			(7,426)
Other comprehensive income	102	(14)	(4,810)
Tax effect			(2,462)
Other comprehensive income / (expense) for the year	259,389	(549,392)	102,279
Total comprehensive income for the year	853,795	111,922	646,822
Total comprehensive income attributable to the Parent	856,598	113,441	647,667
Total comprehensive expense attributable to the non-controlling interests	€ (2,803)	€ (1,519)	€ (845)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Profit before tax	€ 725,842	€ 695,722	€ 712,752
Adjustments for:	454,378	556,792	391,986
Amortization and depreciation	228,609	215,490	201,869
Other adjustments:	225,769	341,302	190,117
(Profit) / losses on equity accounted investments	11,038	19,888	(6,933)
Impairment of assets and net provision charges	(23,657)	66,047	(23,079)
(Profit) / losses on disposal of fixed assets	(6,700)	1,551	(2,987)
Government grants taken to income	(1,166)	(286)	(1,681)
Finance cost / (income)	232,962	263,657	236,034
Other adjustments	13,292	(9,555)	(11,237)
Change in operating assets and liabilities	(112,639)	(65,800)	(164,319)
Change in inventories	(231,670)	(165,508)	(173,003)
Change in trade and other receivables	(13,141)	80,112	(25,180)
Change in current financial assets and other current assets	(3,092)	(2,691)	(2,610)
Change in current trade and other payables	135,264	22,287	36,474
Other cash flows used in operating activities	(330,153)	(344,968)	(387,141)
Interest paid	(225,146)	(207,079)	(180,497)
Interest recovered	6,862	9,492	8,685
Income tax (paid) / received	(111,585)	(147,015)	(215,329)
Other recovered (paid)	(284)	(366)
Net cash from operating activities	737,428	841,746	553,278
Cash flows from investing activities
Payments for investments	(852,536)	(2,209,667)	(509,078)
Group companies, associates and business units (notes 3, 2 (b) and 10)	(524,081)	(1,857,210)	(202,727)
Property, plant and equipment and intangibles	(307,722)	(322,973)	(292,690)
Property, plant and equipment	(231,983)	(251,507)	(249,416)
Intangible assets	(75,739)	(71,466)	(43,274)
Other financial assets	(20,733)	(29,484)	(13,661)
Proceeds from sale of investments	70,669	23,787	2,426
Property, plant and equipment	550	762	2,426
Other financial assets	70,119	23,025
Net cash used in investing activities	(781,867)	(2,185,880)	(506,652)
Cash flows from financing activities
Proceeds from and payments for equity instruments			(11,766)
Payments for treasury stock			(12,686)
Sales of treasury stock			920
Proceeds from and payments for financial liability instruments	37,418	1,808,771	(80,149)
Issue	179,350	1,912,615	81,513
Redemption and repayment	(141,932)	(103,844)	(161,662)
Dividends and interest on other equity instruments	(275,783)	(218,260)	(216,151)
Dividends paid	(278,841)	(218,260)	(216,151)
Dividends received	3,058
Other cash flows from / (used in) financing activities	4,661	(156,446)	(21,492)
Financing costs included on the amortised costs of the debt		(142,288)
Other amounts from / (used in) financing activities	4,661	(14,158)	(21,492)
Transaction with minority interests with no loss of control	386,207
Net cash from/(used in) financing activities	152,503	1,434,065	(329,558)
Effect of exchange rate fluctuations on cash	39,207	(98,419)	35,441
Net increase in cash and cash equivalents	147,271	(8,488)	(247,491)
Cash and cash equivalents at beginning of the year	886,521	895,009	1,142,500
Cash and cash equivalents at year end	€ 1,033,792	€ 886,521	€ 895,009

Statement of Changes in Consoli

Statement of Changes in Consolidated Equity - EUR (€) € in Thousands	Equity attributable to parent	Share capital	Share premium	Reserves	Profit attributable to parent	Interim dividend	Treasury stock	Translation differences	Available for sale financial assets	Other comprehensive income	Cash flow hedges	Non-controlling interests	Total
Balance at beginning of the year at Dec. 31, 2015	€ 3,296,203	€ 119,604	€ 910,728	€ 1,371,061	€ 532,145	€ (119,615)	€ (58,575)	€ 534,491		€ 3,035	€ 3,329	€ 5,187	€ 3,301,390
Translation differences	114,436							114,436				68	114,504
Available for sale financial assets	(5,219)								€ (5,219)				(5,219)
Cash flow hedges	(3,329)										(3,329)		(3,329)
Other comprehensive income	(3,677)									(3,677)			(3,677)
Other comprehensive income / (expense) for the year	102,211							114,436	(5,219)	(3,677)	(3,329)	68	102,279
Profit/(loss) for the year	545,456				545,456							(913)	544,543
Total comprehensive income for the year	647,667				545,456			114,436	(5,219)	(3,677)	(3,329)	(845)	646,822
Net change in treasury stock	(10,317)			(182)			(10,135)						(10,317)
Acquisition of non-controlling interests	(2,737)			(2,737)								2,737
Other changes	6,816			6,816								(582)	6,234
Interim dividend	(122,908)					(122,908)							(122,908)
Distribution of prior year profit, reserves				319,287	(319,287)
Distribution of prior year profit, dividends	(93,243)				(93,243)								(93,243)
Distribution of prior year profit, interim dividend					(119,615)	119,615
Operations with shareholders or owners	(222,389)			323,184	(532,145)	(3,293)	(10,135)					2,155	(220,234)
Balance at end of the year at Dec. 31, 2016	3,721,481	119,604	910,728	1,694,245	545,456	(122,908)	(68,710)	648,927	(5,219)	(642)		6,497	3,727,978
Translation differences	(559,390)							(559,390)				(133)	(559,523)
Available for sale financial assets	10,145								10,145				10,145
Other comprehensive income	(14)									(14)			(14)
Other comprehensive income / (expense) for the year	(549,259)							(559,390)	10,145	(14)		(133)	(549,392)
Profit/(loss) for the year	662,700				662,700							(1,386)	661,314
Total comprehensive income for the year	113,441				662,700			(559,390)	10,145	(14)		(1,519)	111,922
Net change in treasury stock	6,288						6,288						6,288
Acquisition of non-controlling interests	(346)			(346)								(43)	(389)
Other changes	6,475			6,475								(49)	6,426
Interim dividend	(122,986)					(122,986)							(122,986)
Distribution of prior year profit, reserves				422,548	(422,548)
Distribution of prior year profit, dividends	(95,274)			(95,274)									(95,274)
Distribution of prior year profit, interim dividend					(122,908)	122,908
Operations with shareholders or owners	(205,843)			333,403	(545,456)	(78)	6,288					(92)	(205,935)
Balance at end of the year at Dec. 31, 2017	3,629,079	119,604	910,728	2,027,648	662,700	(122,986)	(62,422)	89,537	4,926	(656)		4,886	3,633,965
Balance adjusted at the end of year at Dec. 31, 2017	3,653,715	119,604	910,728	2,057,210	662,700	(122,986)	(62,422)	89,537	0	(656)	€ 0	4,886	3,658,601
Impact of new IFRS | Impact of new IFRS	24,636			29,562					€ (4,926)				24,636
Translation differences	259,854							259,854				(567)	259,287
Other comprehensive income	102									102			102
Other comprehensive income / (expense) for the year	259,956							259,854		102		(567)	259,389
Profit/(loss) for the year	596,642				596,642							(2,236)	594,406
Total comprehensive income for the year	856,598				596,642			259,854		102		(2,803)	853,795
Net change in treasury stock	6,981						6,981						6,981
Acquisition of non-controlling interests	(3,462)			(3,462)								469,010	465,548
Other changes	(9,437)			(9,437)								(43)	(9,480)
Interim dividend	(136,747)					(136,747)							(136,747)
Distribution of prior year profit, reserves				539,714	(539,714)
Distribution of prior year profit, dividends	(142,094)			(142,094)									(142,094)
Distribution of prior year profit, interim dividend					(122,986)	122,986
Operations with shareholders or owners	(284,759)			384,721	(662,700)	(13,761)	6,981					468,967	184,208
Balance at end of the year at Dec. 31, 2018	€ 4,225,554	€ 119,604	€ 910,728	€ 2,441,931	€ 596,642	€ (136,747)	€ (55,441)	€ 349,391		€ (554)		€ 471,050	€ 4,696,604

Nature, Principal Activities an

Nature, Principal Activities and Subsidiaries	12 Months Ended
	Dec. 31, 2018
Nature, Principal Activities and Subsidiaries
Nature, Principal Activities and Subsidiaries	(1) Nature, Principal Activities and Subsidiaries Grifols, S.A. (hereinafter the Company) was incorporated with limited liability under Spanish law on 22 June 1987. Its registered and tax offices are in Barcelona. The Company’s statutory activity consists of providing corporate and business administrative, management and control services, as well as investing in assets and property. Its principal activity involves rendering administrative, management and control services to its subsidiaries. On 17 May 2006 the Company completed its flotation on the Spanish securities market, which was conducted through the public offering of 71,000,000 ordinary shares of Euros 0.50 par value each and a share premium of Euros 3.90 per share. The total capital increase (including the share premium) amounted to Euros 312.4 million, equivalent to a price of Euros 4.40 per share. The Company’s shares were floated on the Spanish stock exchange IBEX‑35 index on 2 January 2008. All of the Company’s shares are listed on the Barcelona, Madrid, Valencia and Bilbao securities markets and on the Spanish Automated Quotation System (SIBE/Continuous Market). On 2 June 2011, Class B non-voting shares were listed on the NASDAQ (USA) and on the Spanish Automated Quotation System (SIBE/Continuous Market). Grifols, S.A. is the Parent of the subsidiaries listed in Appendix I of this note to the consolidated Financial statements. Grifols, S.A. and subsidiaries (hereinafter the Group) act on an integrated basis and under common management and their principal activity is the procurement, manufacture, preparation and sale of therapeutic products, especially haemoderivatives. The main factory locations of the Group’s Spanish companies are in Parets del Vallés (Barcelona) and Torres de Cotilla (Murcia), while the US companies are located in Los Angeles (California), Clayton (North Carolina), Emeryville (California), and San Diego (California). The Company aims to reinforce its strategic presence in China. In this regards, Grifols is currently in talks with Shangai RAAS Blood Products to explore a possible corporate transaction and reached an agreement with Boya-Pharmaceutical to open plasma centers in China.

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2018
Basis of Presentation
Basis of Presentation	(2) Basis of Presentation The Consolidated Financial Statements have been prepared on the basis of the accounting records of Grifols, S.A. and of the Group companies. The Consolidated Financial Statements for 2018 have been prepared under International Financial Reporting Standards as issued by the International Accounting Standard Board (IFRS-IASB) which for Grifols Group purposes, are identical to the standards as endorsed by the International Financial Reporting Standards as adopted by the European Union (IFRS-EU) to present fairly the consolidated equity and consolidated financial position of Grifols, S.A. and subsidiaries at 31 December 2018, as well as the consolidated results from their operations, consolidated cash flows and consolidated changes in equity for the year then ended. The Group adopted IFRS-EU for the first time on 1 January 2004 and has been preparing its Financial statements under International Financial Reporting Standards, as adopted by the European Union (IFRS-EU) as required by capital market regulations governing the presentation of financial statements by companies whose debt or own equity instruments are listed on a regulated market. The Board of Directors of Grifols, S.A. considers that these consolidated Financial statements of 2018 authorized for issue at their meeting held on 3 April 2019, will be approved by the shareholders without any modifications. In accordance with the provision of section 357 of the Irish Companies Act 2014, the Company has irrevocably guaranteed all liabilities of an Irish subsidiary undertaking, Grifols Worldwide Operations Limited (Ireland) (see Appendix I), for the financial year ended 31 December 2018 as referred to in subsection 1(b) of that Act, for the purposes of enabling Grifols Worldwide Operations Limited to claim exemption from the requirement to file their own Financial statements in Ireland. (a) Relevant accounting estimates, assumptions and judgments used when applying accounting principles The preparation of the consolidated Financial statements in conformity with IFRS-IASB requires management to make judgments, estimates and assumptions that affect the application of Group accounting policies. The following notes include a summary of the relevant accounting estimates and judgments used to apply accounting policies which have the most significant effect on the amounts recognized in the consolidated Financial statements. · Assumptions used to test non-current assets and goodwill for impairment. Relevant cash generating units are tested annually for impairment. These are based on risk-adjusted future cash flows discounted using appropriate interest rates. The key assumptions used are specified in note 7. Assumptions relating to risk-adjusted future cash flows and discount rates are based on business forecasts and are therefore inherently subjective. Future events could cause a change in business forecasts, with a consequent adverse effect on the future results of the Group. To the extent considered a reasonably possible change in key assumptions could result in an impairment of goodwill, a sensitivity analysis has been disclosed to show the effect of changes to these assumptions and the effect of the cash generating unit (CGU) on the recoverable amount. · Determination the fair value of assets, liabilities and contingent liabilities related to business combinations. Details of the fair value methods used by the Group are provided in note 3. · Evaluation of the capitalization of development costs (see note 4(h)). The key assumption is related to the estimation of sufficient future economic benefits of the projects. · Evaluation of provisions and contingencies. Key assumptions relate to the evaluation of the likelihood of an outflow of resources due to a past event, as well as to the evaluation of the best estimate of the likely outcome. These estimates take into account the specific circumstances of each dispute and relevant external advice and therefore are inherently subjective and could change substantially over time as new facts arise and each dispute progresses. Details of the status of various uncertainties involved in significant unresolved disputes are set out in note 29. · Evaluation of the recoverability of tax credits, including tax loss carryforwards and rights for deductions. Deferred tax assets are recognized to the extent that future taxable profits will be available against which the temporary differences can be utilized, based on management’s assumptions relating to the amount and timing of future taxable profits (see notes 4(t) and 27). · Analysis that the refinancing of debt and bonds does not result in a new financial liability. No changes have been made to prior year judgments relating to existing uncertainties. The Group is also exposed to interest rate and currency risks. Refer to sensitivity analysis in note 30. (b) Basis of consolidation Appendix I shows details of the percentages of direct or indirect ownership of subsidiaries by the Company at 31 December 2018, 2017 and 2016, as well as the consolidation method used in each case for preparation of the accompanying consolidated Financial statements. Subsidiaries in which the Company directly or indirectly owns the majority of equity or voting rights have been fully consolidated. Associates in which the Company owns between 20% and 50% of share capital and over which it has no control but does have significant influence, have been accounted for under the equity method. Although the Group holds 30% of the shares with voting rights of Grifols Malaysia Sdn Bhd, it controls the majority of the economic and voting rights of Grifols Malaysia Sdn Bhd through a contract with the other shareholder and a pledge on its shares. As a consequence it has been fully consolidated. Grifols (Thailand) Ltd. has two classes of shares and it grants the majority of voting rights to the class of shares held by the Group. As a consequence it has been fully consolidated. Changes in associates and jointly controlled entities are detailed in note 10. Changes in subsidiaries In 2018: · On 28 December 2018, Grifols sold Biotest US Corporation and Haema AG to Scranton Enterprises B.V. for a global amount of US Dollars 538,014 thousand. Scranton is an existing shareholder of Grifols (see note 3(b)). · On 1 August 2018, Grifols, through its subsidiary Grifols Shared Services North America, Inc. has completed the acquisition of 100% of the shares in Biotest US Corporation for a price of US Dollars 286,454 thousand, after obtaining the consent of the US Federal Trade Commission (see note 3). · On 19 March 2018, Grifols entered into an agreement with Aton GmbH for the purchase of 100% of the shares of German based pharmaceutical company Haema AG, in exchange for a purchase price of Euros 220,191 thousand on a debt free basis. The closing of this transaction took place in June 2018 (see note 3). · On 26 January 2018, Grifols through its subsidiary Grifols Shared Services North America, Inc, suscribed a capital increase in the amount of US Dollars 98 million in the U.S company Goetech LLC, based in Denver, Colorado, trading as Medkeeper. As a result, Grifols holds a 54.76% interest in Medkeeper. Grifols and a majority position on the board of directors. · On 12 January 2018 the Group acquired the remaining 50% of the voting rights of Aigües Minerals de Vilajuïga, S.A. and consequently Grifols holds 100% of the voting rights for a total amount of Euros 550 thousand. In 2017: · On 4 December 2017, Progenika Biopharma, S.A., transferred the total shares of Abyntek Biopharma, S.L. to a third party. No profit or loss was recognized on this transaction. · On 11 October 2017, Grifols Diagnostic Solutions, Inc. acquired an additional 0.98% interest in Progenika Biopharma, S.A. from its non-controlling interests for a total amount of Euros 644 thousand in the form of a cash payment. As a result, Grifols owed 90.23% of Progenika’s share capital at 31 December 2017. · On 24 July 2017, Grifols acquired an additional 40% interest in Kiro Grifols, S.L. for a purchase price of Euros 12.8 million. With this new acquisition, Grifols reached a 90% interest in equity of Kiro Grifols S.L. (see note 3(b)). · On 13 March 2017, Progenika Latina, S.A. de C.V., was wound up. The assets and liabilities of Progenika Latina. S.A. de C.V were integrated into Progenika Biopharma, S.A. · On 31 January 2017, Grifols closed the transaction for the asset purchase agreement to acquire Hologic’s business of NAT (Nucleic Acid Testing) donor screening unit, previously agreed on 14 December 2016, for a total amount of US Dollars 1,865 million (see note 3(a)). · On 5 January 2017, the Group incorporated a new company called Chiquito Acquisition Corp. · With effect as of 1 January 2017, Grifols Diagnostic Solutions, Inc. and Progenika, Inc. entered into a merger agreement. The surviving company was Grifols Diagnostic Solutions, Inc. In 2016 Grifols incorporated the following companies: · PBS Acquisition Corp. (USA) · Grifols Diagnostics Equipment Taiwan Limited (Taiwan) · Grifols Innovation and New Technologies Limited (Ireland) · On 12 December 2016, the Group company Grifols Innovation and New Technologies Limited subscribed to an increase in the share capital of VCN Biosciences, S.L. amounting to Euros 5 million. Following this capital increase, Grifols’ interest rose to 81.34% in 2016. Grifols subscribed to another capital increase on 16 November 2015 through the Group company Gri-Cel, S.A. for an amount of Euros 2,549 thousand (see note 3 (d)). · With effect as of 1 November 2016, Grifols Brasil, Lda. and Gri-Cei, S.A. Produtos para Trasfusao entered into a merger agreement. The surviving company was Grifols Brasil, Lda. · In August 2016 and July 2015 Araclon Biotech, S.L. carried out two share capital increases of Euros 6.7 million and Euros 6 million, respectively. After the latter capital increase Grifols’ interest rose to 73.22% (see note 15 (c)). · In July 2016 the Group acquired an additional 20% of the assets of Medion Diagnostics AG. in exchange for 59,951 treasury stocks (Class B Shares) from its non-controlling interests. After this acquisition, Grifols’ interest rose to 100%. · On 3 March, 2016 the Group executed the call option on 32.93% of the shares in Progenika Biopharma, S.A. for Euros 25 million following the exercise of call and put options agreed in February 2013. Grifols paid 50% of this investment in Grifols B shares (876,777 shares) and the remaining 50% in cash. The Group guaranteed the selling shareholders the option to repurchase the Class B shares during the first five days following the sale date. As a result of this transaction, Grifols owns 89.25% of Progenika Biopharma, S.A.'s share capital at 31 December 2016. · With effect as of 1 January 2016, Progenika Biopharma, S.A. and Brainco Biopharma, S.L. entered into a merger agreement. The surviving company was Progenika Biopharma, S.A. (c) Amendments to IFRS in 2018, 2017 and 2016 In accordance with IFRS, the following should be noted in connection with the scope of application of IFRS and the preparation of these consolidated Financial statements of the Group. Effective date in 2016 Mandatory application for annual periods beginning on or after: Standards IASB effective date EU effective date IAS 16 Clarification of Acceptable Methods of Depreciation and Amortisation (issued on 12 May 2014) 1 January 2016 1 January 2016 IFRS 11 Accounting for Acquisitions of Interests in Joint Operations (issued on 6 May 2014) 1 January 2016 1 January 2016 IAS 27 Equity Method in Separate Financial Statements (issued on 12 August 2014) 1 January 2016 1 January 2016 Various Annual Improvements to IFRSs 2012‑2014 cycle (issued on 25 September 2014) 1 January 2016 1 January 2016 IAS 1 Disclosure Initiative (issued on 18 December 2014) 1 January 2016 1 January 2016 Effective date in 2017 Mandatory application for annual periods beginning on or after: Standards IASB effective date EU effective date IAS 12 Recognition of Deferred Tax Assets for Unrealized Losses (issued on 19 January 2016) 1 January 2017 1 January 2017 IAS 7 Disclosure Initiative (issued on 29 January 2016) 1 January 2017 1 January 2017 Various Annual improvements to IFRSs 2014 - 2016 cycle (issued on 8 December 2016) - IFRS 12 1 January 2017 1 January 2017 Effective date in 2018 Mandatory application for annual periods beginning on or after: Standards IASB effective date EU effective date IFRS 15 Revenue from contracts with Customers (issued on 28 May 2014) 1 January 2018 1 January 2018 IFRS 15 Clarification to IFRS15 Revenue from Contracts with Customers (issued on 12 April 2016) 1 January 2018 1 January 2018 IFRS 9 Financial instruments (issued on 24 July 2014) 1 January 2018 1 January 2018 IFRS 2 Classification and Measurement of Share-based Payment Transactions (issued on 20 June 2016) 1 January 2018 1 January 2018 IFRS 4 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (issued on 12 September 2016) 1 January 2018 1 January 2018 IFRIC 22 IFRIC 22 Interpretation: Foreign currency translations and Advance Consideration (issued on 8 December 2016) 1 January 2018 1 January 2018 IAS 40 Amendments to IAS 40: Transfers of Investment Property (issued on 8 December 2016) 1 January 2018 1 January 2018 Various Annual improvements to IFRSs 2014 - 2016 cycle (issued on 8 December 2016) 1 January 2018 1 January 2018 The application of these standards and interpretations has had some impacts on these consolidated Financial statements, which are detailed below: IFRS 9 Financial Instruments IFRS 9 Financial Instruments was applied on 1 January, 2018 without any restatements of the comparative figures relative for the prior year. The impacts of the first-time adoption, recognized directly in equity, are as follows: · Classification and measurement of financial assets: In general terms, based on the analysis of the new classification based on the business model, the majority of financial assets have continued to be measured at amortized cost, the main exception being equity instruments, which are measured at fair value through profit or loss. · Impairment of financial assets: For trade receivables the Group uses the simplified approach, estimating lifetime expected credit losses, while for all other financial assets the Group has used the general approach for calculating expected credit losses. In both cases, due to the customers' credit rating, as well as the internal classification systems currently in place for new customers, and considering that collection periods are mostly under 30 days, the adoption of IFRS 9 does not have a significant impact. · Modification or exchanges of financial liabilities that do not result in derecognition of liabilities According to the IASB's interpretation published in October 2017, when a financial liability measured at amortized cost is modified or exchanged and does not result in the derecognition of the financial liability, a gain or loss should be recognized in profit or loss, calculated as the difference between the original contractual cash flows from the liability and the new modified cash flows, discounted at the original effective interest rate of the liability. IFRS 9 must be applied retrospectively as of 1 January 2018, therefore any gains or losses from the modification of financial liabilities that arise from applying the new standard in years prior to 1 January 2018 have been recognized in reserves at that date and the comparative period has not been re-expressed. Grifols has retrospectively calculated the impact of adopting IFRS 9 on the refinancing of its senior debt and unsecured senior corporate notes in 2014 and 2017. As a result of these new calculations, the 2014 refinancing of both debts did not cause the derecognition of the respective liabilities, therefore generating an adjustment to profit and loss in that year. Considering the retroactive adjustment generated in 2014, the 2017 refinancing of senior debt did not result in the derecognition of the financial liability either. However, the refinancing of the unsecured senior corporate notes led to derecognition of the liability as it did not pass the new quantitative test. The adoption of IFRS 9 has entailed a positive impact on reserves of Euros 24,636 thousand. Details of the impacts on reserves due to the application of IFRS 9 application are as follows: Thousand of Euros Impact Senior Unsecured Noted IAS 39 IFRS 9 01/01/2018 Total Debt 853,667 1,000,000 146,333 Deferred Expenses (41,035) Negative Impact in reserves 105,298 Thousand of Euros Impact Senior Secured Debt IAS 39 IFRS 9 01/01/2018 Total Debt 3,375,157 3,226,244 (148,913) Deferred Expenses 18,979 Positive impact in reserves (129,934) Thousand of Euros Impact Total Impact IAS 39 IFRS 9 01/01/2018 Total Debt 4,228,824 4,226,244 (2,580) Deferred Expenses (22,056) Positive impact in reserves (24,636) IFRS 15 Revenue from Contracts with Customers. IFRS 15 provides a framework that replaces the previous guides on revenue recognition. According to the new criteria, a five-step model should be used to determine the timing and amounts of revenue recognition: Step 1: Identify the contract. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue. This new model specifies that revenue should be recognized when (or as) control of the goods or services is transferred from an entity to customers, for the amount the entity expects to be entitled to receive. Depending on whether certain criteria are met, revenue is recognized over time, reflecting that the entity has satisfied the performance obligation, or at a point in time, when control of the goods or services is transferred to customers. Based on the analysis and implementation at 1 January 2018, there has been no impact from adopting IFRS 15 Revenue from Contracts with Customers. Standards issued but not effective in 2018 Mandatory application for annual periods Standards IASB effective date EU effective date IFRS 16 Leases (Issued on 13 January 2016) 1 January 2019 1 January 2019 IFRIC 23 Uncertainty over Income Tax Treatments (issued on 7 June 2017) 1 January 2019 1 January 2019 IFRS 9 Amendment to IFRS 9: Prepayment Features with Negative Compensation (issued on 12 October 2017) 1 January 2019 1 January 2019 IAS 28 Amendment to IAS 28: Long-term interests in Associates and Joint Ventures (issued on 12 October 2017) 1 January 2019 pending Various Annual Improvements to IFRS Standards 2015-2017 Cycle (issued on 12 December 2017) 1 January 2019 pending IFRS 17 Insurance Contracts (issued on 18 May 2017) 1 January 2021 pending IAS 19 Amendment to IAS19: Plan Amendment, Curtailment or Settlemet (issued on 7 February 2018) 1 January 2019 pending IFRS 3 Amendment to IFRS 3: Definition of a business (issued on 22 October 2018) 1 January 2020 pending IAS 1 Amendments to IAS 1 and IAS 8: Definition of material (issued on 31 October 2018) 1 January 2020 pending IFRS 1 Amendments to the Conceptual Framework for Financial Reporting (issued on 29 March 2018) 1 January 2020 pending The application of these standards and interpretations, except for IFRS 16 "Leases", is not expected to have any significant impacts on the consolidated Financial statements. IFRS 16 “Leases” IFRS 16 brings in a single model for lease accounting by lessees in the statement of financial position. A lessee recognises a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. There are optional exemptions for short-term leases and leases of low value items. Lessor accounting remains similar to the current standard. Lessors continue to classify leases as finance or operating leases. IFRS 16 replaces existing guidance on leases, including IAS 17 Leases, IFRIC 4 Determining whether an arrangement contains a lease, SIC-15 Operating leases-Incentives and SIC-27 Evaluating the substance of transactions involving the legal form of a lease. IFRS 16 is mandatory for all financial years starting on or after 1 January 2019. It may be adopted in advance by companies that already use IFRS 15 Revenue from contracts with customers prior to the date of first-time application of IFRS 16. The Group will first-time adopt IFRS 16 on 1 January 2019 and is in the process of estimating the impact on the consolidated Financial statements. The main policies, estimates and criteria for the application of IFRS 16 are as follows: · Scope: this IFRS 16 evaluation considers all the contracts in which the Group acts as lessee, except for the contracts between Group companies and the cancelable contracts. · Transition approach: The Group has opted to implement IFRS 16 using the modified retrospective approach, whereby the right-of-use asset is measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the consolidated statement of financial position immediately before the date of initial application. When applying this modified retrospective approach, the Group does not re-express the comparative information. · Discount rates: For financial lease contracts, Grifols will discount lease payments using the implicit interest rate. For operating lease agreements, lease payments will be discounted using the incremental borrowing rate. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. An incremental effective interest rate has been applied and varies from 2.07% to 8.18% depending on the geographical area and the term of the lease agreement at the date of initial application. · Lease term for each agreement: The term considered for the leases depends, fundamentally, on whether or not the lease contract contains a period of mandatory compliance, as well as unilateral termination and or renewal clauses that grant the Group the right to terminate early or to extend the agreements. The Group leases several buildings, equipment and vehicles. Leases agreements are usually made for fixed periods, as shown below: Average lease term Real Estate and land 10 to 15 years Donor centers 13 to 15 years PC's and hardware 3 to 5 years Machinery 4 to 5 years Vehicles 3 to 5 years The lease terms of the agreements are negotiated on an individual basis and contain a wide range of terms and conditions. · Accounting policies applied during transition: The Group has employed the following practical solutions when applying the simplified method to leases previously carried as operating leases under IAS 17 Leases: · Non-application of IFRS 16 to agreements that were not previously deemed to contain a lease under IAS 17 and IFRIC 4 “Determining whether an arrangement contains a lease”. · Exclusion of the initial direct costs from the measurement of the right-of-use asset on the date of first-time adoption. · Exclusion of leases that expire within 12 months as from the date of first-time adoption. · Exclusion of leases in which the underlying asset has a low value. · Estimated effect of adoption: At 1 January 2019, the Group has non-cancellable operating lease commitments of Euros 400,579 thousand for buildings and warehouses (see note 28). Of these commitments, approximately Euros 4,822 thousand of these commitments relate to short-term leases which will be recognized on a straight-line basis as expense in profit and loss. For the remaining lease commitments, the Group expects to recognise right-of-use assets of approximately Euros 648,345 thousand at 1 January, 2019 (after adjustments for prepayments, dismantling costs and accrued lease payments recognized as at 31 December 2018 by an amount of approximately Euros 16,898 thousand) and lease liabilities of Euros 664,948 thousand. · Total net assets will be approximately Euros 16,603 thousand lower, and net current assets will be Euros 43,318 thousand lower due to, mainly, the presentation of a portion of the liability as a current liability. The Group expects net profit before tax to fall by approximately Euros 15,500 thousand in 2019 due to the adoption of the new Standard for the lease agreements for buildings and warehouses. EBITDA is expected to increase by approximately Euros 60,281 thousand, as the operating lease payments were included in EBITDA but the amortisation charges on right-of-use assets and interest on the lease liability are excluded from this measurement. Operating cash flows will increase and cash flows from financing will decrease by approximately Euros 60,281 thousand, since the repayment of principal on the lease liabilities and interest will be classified as cash flows from financing activities. In addition, Grifols has performed the reconciliation of lease liabilities for buildings and warehouses in relation to leases which had previously been classified as operating leases under IAS 17 (related to non-cancelable agreements and renewals) and lease liabilities under IFRS 16: 01/01/2019 Thousands of Euros Operating lease commitments existing as at 31 December 2018 400,579 Periods covered by an option to extend the lease by the Group 579,261 Discounting using the Group's incremental borrowing rate (311,116) finance lease liabilities recognised as at 31 December 2018 1,395 Short-term leases recognised on a straight-line basis as expense (4,822) Others (349) Lease liability recognised as at 1 January 2019 664,948 The Group’s activities as a lessor are immaterial, and therefore the Group does not expect any significant impact on the consolidated Financial statements.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2018
Business combinations
Business combinations	(3) Business Combinations 2018 (a) Acquisition of assets used in donor centers from Kedplasma In August and December of 2018, Grifols through its company Biomat USA, Inc. acquired the assets used in the operation of six donor centers from Kedplasma LLC. The purchase price agreed was Euros 20,939 thousand and Euros 21,841 thousand, respectively. These amounts have been provisionally allocated to goodwill in the consolidated balance sheet, considering that the initial accounting has not been completed at the end of the reporting period. (b) Biotest Acquisition On 1 August 2018, Grifols, through its subsidiary Grifols Shared Services North America, Inc. completed the acquisition of 100% of the shares in Biotest US Corporation for a price of US Dollars 286,454 thousand, after obtaining the consent of the US Federal Trade Commission. Grifols has acquired the shares from Biotest Divestiture Trust. Biotest USA owns a plasma collection business in the USA with 24 plasma collection centers throughout the territory. In the preceding financial year, it obtained approximately 850,000 liters of plasma. Details of the aggregate business combination cost, the fair value of the net assets acquired and goodwill at the acquisition date are provided below: Thousands of Euros Thousands of US Dollars Total business combination cost 245,126 286,454 Fair value of net assets acquired 114,463 133,761 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) 130,663 152,693 The amounts determined at the date of acquisition of assets, liabilities and contingent liabilities were as follows: Fair value Thousands of Euros Thousands of US Dollars Cash and cash equivalents 5,876 6,867 Trade and other receivables 15,114 17,663 Inventories 18,235 21,309 Other assets 2,438 2,849 Intangible assets (note 8) 19,511 22,800 Goodwill 5,571 6,510 Property, Plant and equipment (note 9) 22,190 25,931 Deferred tax assets 33,917 39,635 Financial assets 10,975 12,825 Total assets 133,827 156,389 Trade and other payables (5,322) (6,219) Other liabilities (4,249) (4,965) Deferred tax liability (4,878) (5,700) Long-term liabilities (4,915) (5,744) Total liabilities and contingent liabilities (19,364) (22,628) Total net assets acquired 114,463 133,761 Goodwill (note 7) 130,663 152,693 Total business combination cost 245,126 286,454 The resulting goodwill has been allocated to the Bioscience segment. If the acquisition had taken place on 1 January 2018, the net amount of the Group´s revenue and profit would have increased by Euros 90,216 thousand and Euros 5,592 thousand, respectively. The revenue and profit of Biotest between the acquisition date and 31 December 2018 amounted to Euros 73,747 thousand and Euros 7,473 thousand, respectively. On 28 December 2018, Grifols sold Biotest US Corporation and Haema AG to Scranton Enterprises B.V. for the global amount of US Dollars 538,014 thousand (see note 1), Scranton is an existing shareholder of Grifols (see note 31). The current sale of Biotest and Haema to Scranton took place for the same price, at the current US Dollar/Euro exchange rate, and under the same terms and conditions existing when Grifols acquired both companies. The sale of Biotest and Haema has not resulted in a loss of control for the Group. In assessing the existence of control, Grifols has considered the potential voting rights to determine whether it has power and therefore control. The Group holds potential voting rights arising from the repurchase options of the shares and they are substantive, based on the following: · The sale contract includes a call option for Grifols which grants the irrevocable and exclusive right (not an obligation) to be able to acquire the shares sold to Scranton (both at the same time) at any time from the effective date of sale. · The purchase option has been negotiated jointly in the same sale agreement of the entities. · The price of exercising the call option will be equal to the higher of: a) the price at which Grifols sold them plus costs incurred in the transaction and plus the increase in working capital and (b) the amount of the debt that Scranton owns the date on which Grifols exercises the option (principal plus interest plus any other cost to be able to cancel said loan). Considering that the projections for the entities are for growth and an improvement in their results is expected, it is concluded that said call option is "in the money" since their market price is estimated to be higher than that agreed in the call option. · Even if a nullity clause on the call option is included in the case of default by the buyer (standard clause included in financing agreements), it has been considered remote since Grifols will have the capacity to exercise said call option in the remediation period of 90 days. · There are no agreements between shareholders that establish that the relevant decisions are approved in a different manner than by majority vote. · There is a commitment from Grifols to provide support services in the plasma collection business of the donation centers for their subsequent sale and thus ensure that these companies will continue to operate effectively, as well as ensuring the continuity and growth of said entities. Likewise, there is a "Plasma Supply Agreement" agreement whereby the plasma to be produced by these entities will be almost entirely to meet the needs of Grifols. There is no exclusivity of sale. The aforementioned are indicators of Grifols' power over these entities, even after their sale, considering that the repurchase options are susceptible to being exercised and Grifols would have the financial capacity to carry them out. Consequently, the sale of the entities does not result in a loss of control, which is why the entities continue to consolidate, recording the sale as a transaction in equity without any impact on the consolidated statements of profit and loss. (c) Haema AG On 19 March 2018, Grifols has entered into an agreement with Aton GmbH for the purchase of 100% of the shares of the German based pharmaceutical company Haema AG, in exchange for a purchase price of Euros 220,191 thousand on a debt free basis. This transaction was closed in June 2018. With this acquisition, and subject to the conditions being met, Grifols will acquire Haema’s business, based on the collection of plasma for fractionation, which includes 35 plasma collection centers located throughout Germany, and three more centers under construction. Haema’s headquarters are located in Leipzig measuring approximately 24,000 m² (which include administration, production, storage and power station buildings) and also has a central laboratory in Berlin. Haema employs about 1,100 people and collected almost 800,000 liters of plasma in the preceding financial year, coming from approximately 1 million donations. Details of the aggregate business combination cost, the fair value of the net assets acquired and goodwill at the acquisition date are provided below: Thousands of Euros Total business combination cost Fair value of net assets acquired Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) The amounts determined at the date of acquisition of assets, liabilities and contingent liabilities were as follows: Fair value Thousands of Euros Cash and cash equivalents 7,727 Trade and other receivables 10,321 Inventories 5,535 Other assets 836 Intangible assets (note 8) 1,518 Property, Plant and equipment (note 9) 25,407 Total assets 51,344 Trade and other payables (1,795) Contingent liabilities (492) Total liabilities and contingent liabilities (2,287) Total net assets acquired 49,057 Goodwill (note 7) 171,134 Total business combination cost 220,191 The resulting goodwill has been allocated to the Bioscience segment. If the acquisition had taken place on 1 January, 2018, the net amount of the Group´s revenue would have increased by Euros 39,517 thousand and the Group´s profit would not have deferred significantly. The revenue and profit of Haema AG between the acquisition date and 31 December 2018 amounted to Euros 46,758 thousand and Euros 53 thousand, respectively. On 28 December 2018, Grifols sold Haema AG to Scranton Enterprises B.V (see note 3 (b) for more details). (d) Goetech, LLC Acquisition (“MedKeeper”) On 26 January 2018, Grifols through its subsidiary Grifols Shared Services North America, Inc, suscribed a capital increase for an amount of US Dollars 98 million in the U.S company Goetech LLC, with headquarters in Denver, Colorado, and trading as Medkeeper. As a result of this transaction, Grifols held 51% interest in Medkeeper and also holds a majority position on the board of directors. The acquisition agreement includes the repurchase of own shares by Medkeeper from the non-controlling shareholder in the amount of US Dollars 14 million (in 2 business days) and US Dollars 20 million (in two years). The agreement grants a call option to Grifols to acquire the remaining non-controlling stake for a term of three years and Medkeeper has a put option to sell this stake to Grifols, which may be executed at the end of the three-year period. As the non-controlling shareholders do not currently have access to the economic rewards associated with the underlying ownership interests related to shares under the put and call commitment, we have applied the advance-acquisition method. Under this method we recognize the agreement as an advance acquisition of the underlying non-controlling interest, as if the put option had already been exercised by the non-controlling shareholders. Medkeeper´s core business is the development and distribution of web and mobile-based platforms for hospital pharmacies that improve quality standards, productivity in the processes, control systems and monitoring different preparations, while increasing patient safety. This investment will enhance the activity of the Grifols Hospital Division and it is part of the strategy to underpin this division into the U.S. market. Details of the aggregate business combination cost, the fair value of the net assets acquired and goodwill at the acquisition date are provided below: Thousands of Euros Thousands of US Dollars Cost of the business combination First repurchase of non-controlling interests 11,475 14,000 Second repurchase of non-controlling interests (discounted amount) 14,952 18,241 Purchase of remaining non-controlling interests 42,998 52,458 Total business combination cost 69,425 84,699 Fair value of net assets acquired 14,104 17,207 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) (note 7) 55,321 67,492 The amounts determined at the date of acquisition of assets, liabilities and contingent liabilities were as follows: Fair value Thousands of Euros Thousands of US Dollars Intangible assets (note 8) 30,561 37,285 Property, Plant and equipment (note 9) 67 82 Other non-current assets 2,350 2,867 Other current assets 4,453 5,433 Total assets 37,432 45,667 Non-current liabilities (2,186) (2,667) Current liabilities (7,711) (9,407) Deferred tax liability (13,431) (16,386) Total liabilities and contingent liabilities (23,328) (28,460) Total net assets acquired 14,104 17,207 The resulting goodwill has been allocated to the Hospital segment. If the acquisition had taken place on 1 January, 2018, the net amount of the Group´s revenue and profit would not have deferred significantly. The revenue and profit of Goetech LLC between the acquisition date and 31 December 2018 amounted to Euros 9,210 thousand and Euros 1,778 thousand, respectively. (e) Plasmavita Healthcare GmbH In 2017, Grifols incorporated PLASMAVITA GmbH, a joint venture between Grifols (50%) and two European partners (50%). The company aims to set up at least 10 plasma centers in Germany. The share capital amounts to Euros 25,000, divided into 25,000 nominal shares of Euro 1 each, subscribed by both parties at Euros 12,500 each. During 2018, Grifols contributes an amount of Euros 10,000 thousand, which can be increased by an additional Euros 10 million, which will be used to finance the project. (f) Aigües Minerals de Vilajuïga, S.A. On 1 June 2017 the Group announced the acquisition of 50% of the voting rights in Aigües Minerals de Vilajuïga, S.A. a company based in Vilajuïga, Girona, Spain. On 12 January 2018 the Group acquired the remaining 50% of the voting rights and consequently Grifols holds 100% of the voting rights for a total amount of Euros 550 thousand. Aigües Minerals de Vilajuïga, S.A.’s principal activity is the collection and use of mineral-medicinal waters and the procurement of all necessary administrative concessions in order to facilitate the extraction of these waters and find the best way to exploit them. 2017 (a) Hologic Acquisition On 14 December 2016 Grifols entered into an asset purchase agreement to acquire assets corresponding to Hologic’s NAT (Nucleic Acid Testing) business donor screening unit for US Dollars 1,865 million. The transaction was closed on 31 January 2017. The agreement encompasses the acquisition of the Hologic business engaged in research, development and manufacture of assays and instruments based on NAT technology for transfusion and transplantation screening. In addition, it was agreed to cancel the existing joint-collaboration agreement for the commercialization of NAT donor screening products by Grifols. NAT technology makes it possible to detect the presence of infectious agents in blood and plasma donations, contributing to greater transfusion safety. The transaction is structured through the purchase of assets by Grifols Diagnostic Solutions, Inc., a U.S. incorporated and wholly-owned subsidiary of Grifols, S.A. The assets acquired comprise a plant in San Diego, California (United States) as well as development rights, licenses to patents and access to product manufacturers. Grifols consolidates itself as one of the only vertically integrated providers capable of offering comprehensive solutions to blood and plasma donation centers. This acquisition strengthens cash flows and positively impacts the Group’s margins. The sales revenues of the Diagnostic Division will not change as a result of the acquisition due to the existing commercialization agreement between Grifols and Hologic in place since 2014, under which Grifols commercializes this line of business. It is expected that this acquisition will strengthen the position of the Grifols Diagnostic Division in transfusion medicine and will increase significantly the profitability of Grifols Diagnostic Division having a direct impact on the Group’s EBITDA margin. By streamlining and integrating the NAT business, operational efficiency will be in terms of production, R&D, overheads and administrative expenses. Details of the aggregate business combination cost, the fair value of the net assets acquired and goodwill at the acquisition date are provided below: Thousands of Euros Thousands of US Dollars Cost of the business combination Payment in cash 1,734,077 1,865,000 Result of the cancellation of the existing contract 41,894 45,057 Total business combination cost 1,775,971 1,910,057 Fair value of net assets acquired 309,551 332,923 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) (see note 7) 1,466,420 1,577,134 As part of the purchase price allocation, the Company determined that the identifiable intangible assets were developed technology and IPR&D. The fair value of the intangible assets was estimated using the income approach. The cash flows were based on estimates used to price the transaction and the discount rates applied were benchmarked with reference to the implied rate of return from the transaction model and the weighted average cost of capital. The developed technology assets are comprised of know-how, patents and technologies embedded in revenue. The Company applied the Relief-from-Royalty Method to determine its fair value. IPR&D projects relate to in-progress projects that have not reached technological feasibility as of the acquisition date. All of the IPR&D assets were valued using the Multiple-Period Excess Earnings Method approach. The excess of the purchase price over the estimated fair value of the net assets acquired was recorded as goodwill. The factors contributing to the recognition of the amount of goodwill were the acquired workforce, cost savings and benefits arising from the vertical integration of the business that will lead to efficiencies in R&D, commercial and manufacturing activities. The expenses incurred in this transaction in 2017 amounted to approximately Euros 13 million (Euros 5.1 million in 2016). The amounts determined at the date of acquisition of assets, liabilities and contingent liabilities were as follows: Fair Value Thousands of Euros Thousands of US Dollars R&D in progress 137,756 148,157 Other Intangible assets 142,174 152,908 Property, plant and equipment 24,569 26,424 Deferred Tax Assets (note 27) 16,736 18,000 Inventories 30,157 32,434 Total Assets 351,392 377,923 Current Provisions (note 19 (b)) 41,841 45,000 Total liabilities and contingent liabilities 41,841 45,000 Total net assets acquired 309,551 332,923 The resulting goodwill has been allocated to the Diagnostic segment. (b) Kiro Grifols, S.L. On 25 July 2017 the Group acquired an additional 40% interest in Kiro Grifols, S.L for an amount of Euros 12.8 million. In September 2014 the Group subscribed a capital increase in Kiro Grifols, S.L for an amount of Euros 21 million, by virtue of which Grifols acquired 50% of Kiro Grifols, S.L.’s economic and voting rights. As a result, Grifols owns a 90% interest in Kiro Grifols. S.L. The remaining 10% will continue to be held by Socios Fundadores Kiro, S.L. a company wholly owned by cooperatives of the Mondragon Corporation. Grifols also entered into a joint venture & shareholders’ agreement (the “Joint Venture Agreement”) with Kiro Grifols’ partners: Mondragon Innovacion S.P.E, S.A.; Mondragon Assembly, S.Coop. and Agrupación de Fundición y Utillaje, S.Coop.. This agreement governs, among other matters, the capital increase subscribed by Grifols and the managing and governing bodies of Kiro Grifols, whether these are the Board of Directors or any other internal managing and governing bodies. (c) Kedplasma On 27 December 2016 Grifols entered into an agreement to acquire six new Plasma Donor Centers to the company Kedplasma, LLC, with a purchase price of US Dollars 47 million. These centers were handed over in February 2017. Aggregate details of the combination cost, fair value of the net assets acquired and goodwill at the acquisition date are as follows: Thousands of Euros Thousands of US Dollars Cost of the business combination Payment in cash 44,238 47,083 Total business combination cost 44,238 47,083 Fair value of net assets acquired 4,137 4,403 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) (note 7) 40,101 42,680 The fair value of net assets acquired includes property, plant and equipment amounting to Euros 3,698 thousand. Goodwill is allocated to the Bioscience segment and includes the plasma donor data base, FDA licenses and workforce retained. At 31 December 2016, the Group advanced the sum of US Dollars 15 million related to this acquisition. 2016 During 2016, no significant business combinations were made for the Group.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Significant Accounting Policies
Significant Accounting Policies	(4) Significant Accounting Policies (a) Subsidiaries and associates Subsidiaries are entities, including special purpose entities (SPE), over which the Group exercises control, either directly or indirectly, through subsidiaries. The Group controls a subsidiary when it has the substantive rights in force that provide the ability to manage relevant activities. The Group is exposed or has the right to variable returns for its involvement in the subsidiaries when the returns obtained vary depending on the economic performance of the subsidiaries. The income, expenses and cash flows of subsidiaries are included in the consolidated Financial statements from the date of acquisition, which is when the Group takes control. Subsidiaries are excluded from the consolidated Group from the date on which control is lost. Transactions and balances with Group companies and unrealized gains or losses have been eliminated upon consolidation. The accounting policies of subsidiaries have been adapted to those of the Group for transactions and other events in similar circumstances. The Financial statements of consolidated subsidiaries have been prepared as of the same date and for the same reporting period as the Financial statements of the Company. Associates are entities over which the Company, either directly or indirectly through subsidiaries, exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those entities. The existence of potential voting rights that are exercisable or convertible at the end of each reporting period, including potential voting rights held by the Group or other entities, are considered when assessing whether an entity has significant influence. Investments in associates are initially recognized at acquisition cost, including any cost directly attributable to the acquisition and any consideration receivable or payable contingent on future events or on compliance with certain conditions. Subsequently, investments in associates are accounted for using the equity method from the date that significant influence commences until the date that significant influence ceases. The excess of the cost of the investment over the Group’s share of the fair values of the identifiable net assets is recognized as goodwill, which is included in the carrying amount of the investment. Any shortfall, once the cost of the investment and the identification and measurement of the associate’s net assets have been evaluated, is recognized as income when determining the investor’s share of the profit and loss of the associate for the year in which it was acquired. The accounting policies of associates have been harmonized in terms of timing and measurement, applying the policies described for subsidiaries. The Group’s share of the profit and loss of an associate from the date of acquisition is recognized as an increase or decrease in the value of the investments, with a credit or debit to share of the profit and loss for the year of “equity-accounted investees” in the consolidated statement of profit and loss (consolidated statement of comprehensive income). The Group’s share of other comprehensive income of associates from the date of acquisition is recognized as an increase or decrease in the investments in associates with a balancing entry recognized by type in other comprehensive income. The distribution of dividends is recognized as a decrease in the value of the investment. The Group’s share of profit and loss, including impairment losses recognized by the associates, is calculated based on income and expenses arising from application of the acquisition method. When the Group's share of the losses in an investment accounted for using the equity method equals or exceeds its interest in the entity, the Group does not recognize additional losses, unless it has incurred in obligations or made payments on behalf of the other entity. The Group’s share of the profit and loss of an associate and changes in equity is calculated to the extent of the Group’s interest in the associate at year end and does not reflect the possible exercise or conversion of potential voting rights. However, the Group’s share is calculated taking into account the possible exercise of potential voting rights and other derivative financial instruments which, in substance, currently allow access to the economic benefits associated with the interests held, such as entitlement to a share in future dividends and changes in the value of associates. Information on the subsidiaries and associates included in the consolidated Group is presented in Appendix I. (b) Business combinations On the date of transition to IFRS-EU, 1 January 2004, the Group applied the exception permitted under IFRS 1 “First-time adoption of International Financial Reporting Standards”, whereby only those business combinations performed as from 1 January 2004 have been recognized using the acquisition method. Entities acquired prior to that date were recognized in accordance with accounting prevailing at that time, taking into account the necessary corrections and adjustments at the transition date. The Group applies the revised IFRS 3 “Business combinations” in transactions made subsequent to 1 January 2010. The Group applies the acquisition method for business combinations. The acquisition date is the date on which the Group obtains control of the acquiree. Business combinations made subsequent to 1 January 2010 The cost of the business combination is calculated as the sum of the acquisition-date fair values of the assets transferred, the liabilities incurred or assumed, equity instruments issued and any additional consideration contingent on future events or the fulfilment of certain conditions, in exchange for control of the acquiree. The consideration paid excludes all amounts that do not form part of the exchange for the acquired business. Acquisition-related costs are accounted for as expenses when incurred. Share increase costs are recognized as equity when the increase takes place and borrowing costs are deducted from the financial liability when it is recognized. At the acquisition date the Group recognizes at fair value the assets acquired and liabilities assumed. Liabilities assumed include any contingent liabilities that represent present obligations arising from past events for which the fair value can be reliably measured. The Group also recognizes indemnification assets transferred by the seller at the same time and following the same measurement criteria as the item that is subject to indemnification from the acquired business, taking into consideration, where applicable, the insolvency risk and any contractual limit on the indemnity amount. This criterion does not include non-current assets or disposal groups of assets which are classified as held for sale, long-term defined benefit employee benefit liabilities, share-based payment transactions, deferred tax assets and liabilities and intangible assets arising from the acquisition of previously transferred rights. Assumed assets and liabilities are classified and designated for subsequent measurement in accordance with the contractual terms, economic conditions, operating or accounting policies and other factors that exist at the acquisition date, except for leases and insurance contracts. The excess between the consideration transferred and the value of net assets acquired and liabilities assumed, less the value assigned to non-controlling interests, is recognized as goodwill. Where applicable, any shortfall, after evaluating the consideration transferred, the value assigned to non-controlling interests and the identification and measurement of net assets acquired, is recognized in profit and loss. When a business combination has been provisionally determined, net identifiable assets have initially been recognized at their provisional value, and any adjustments made during the measurement period have been recorded as if they had been known at that date. Where applicable, comparative figures for the prior year have been restated. Adjustments to the provisional values only reflect information relating to events and circumstances existing at the acquisition date and which, had they been known, would have affected the amounts recognized at that date. Once this period has elapsed, adjustments are only made to initial values when errors must be corrected. Any potential benefits arising from tax losses and other deferred tax assets of the acquiree that have not been recorded as they did not qualify for recognition at the acquisition date, are accounted for as income tax revenue, provided the adjustments were not made during the measurement period. The contingent consideration is classified in accordance with underlying contractual terms as a financial asset or financial liability, equity instrument or provision. Provided that subsequent changes to the fair value of a financial asset or financial liability do not relate to an adjustment of the measurement period, they are recognized in consolidated profit and loss. The contingent consideration classified, where applicable, as equity is not subject to subsequent change, with settlement being recognized in equity. The contingent consideration classified, where applicable, as a provision is recognized subsequently in accordance with the relevant measurement standard. Business combinations made prior to 1 January 2010 The cost of the business combination is calculated as the sum of the acquisition-date fair values of the assets transferred, the liabilities incurred or assumed, and equity instruments issued by the Group, in exchange for control of the acquiree, plus any costs directly attributable to the business combination. Any additional consideration contingent on future events or the fulfilment of certain conditions is included in the cost of the combination provided that it is probable that an outflow of resources embodying economic benefits will be required and the amount of the obligation can be reliably estimated. Subsequent recognition of contingent considerations or subsequent variations to contingent considerations is recognized as a prospective adjustment to the cost of the business combination. Where the cost of the business combination exceeds the Group’s interest in the fair value of the identifiable net assets of the entity acquired, the difference is recognized as goodwill, whilst the shortfall, once the costs of the business combination and the fair values of net assets acquired have been reconsidered, is recognized in profit and loss. (c) Non-controlling interests Non-controlling interests in subsidiaries acquired after 1 January 2004 are recognized at the acquisition date at the proportional part of the fair value of the identifiable net assets. Non-controlling interests in subsidiaries acquired prior to the transition date were recognized at the proportional part of the equity of the subsidiaries at the date of first consolidation. Non-controlling interests are disclosed in the consolidated balance sheet under equity separately from equity attributable to the Parent. Non-controlling interests’ share in consolidated profit and loss for the year (and in consolidated comprehensive income for the year) is disclosed separately in the consolidated statement of profit and loss (consolidated statement of comprehensive income). The consolidated profit and loss for the year, consolidated comprehensive income and changes in equity of the subsidiaries attributable to the Group and non-controlling interests after consolidation adjustments and eliminations, is determined in accordance with the percentage ownership at year end, without considering the possible exercise or conversion of potential voting rights. However, Group and non-controlling interests are calculated taking into account the possible exercise of potential voting rights and other derivative financial instruments which, in substance, currently allow access to the economic benefits associated with the interests held, such as entitlement to a share in future dividends and changes in the value of subsidiaries. Profit and loss and each component of other comprehensive income are assigned to equity attributable to shareholders of the Parent and to non-controlling interests in proportion to their interest, although this implies a balance receivable from non-controlling interests. Agreements signed between the Group and the non-controlling interests are recognized as a separate transaction. The increase and reduction of non-controlling interests in a subsidiary in which control is retained is recognized as an equity instrument transaction. Consequently, no new acquisition cost arises on increases, nor is a gain recorded on reductions; rather, the difference between the consideration transferred or received and the carrying amount of the non-controlling interests is recognized in the reserves of the investor, without prejudice to reclassifying consolidation reserves and reallocating other comprehensive income between the Group and the non-controlling interests. When a Group’s interest in a subsidiary diminishes, non-controlling interests are recognized at their share of the net consolidated assets, including goodwill. (d) Joint arrangements Joint arrangements are those in which there is a contractual agreement to share the control over an economic activity, in such a way that the decisions over relevant activities require the unanimous consent of the Group and the remaining venturers. Under IFRS 11 "Joint arrangements" investments in joint arrangements are classified as joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than on the legal structure of the joint agreement. Interests in joint ventures are accounted for using the equity method, after initially being recognized at cost in the consolidated balance sheet. The acquisition cost of investments in joint arrangements is determined consistently with that established for investments in associates. (e) Foreign currency transactions and balances (i) Functional and presentation currency The consolidated Financial statements are presented in thousands of Euros, which is the functional and presentation currency of the Parent. (ii) Foreign currency transactions, balances and cash flows Foreign currency transactions are translated into the functional currency using the previous month’s exchange rate for all transactions performed during the current month. This method does not differ significantly from applying the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies have been translated into thousands of Euros at the closing rate, while non-monetary assets and liabilities measured at historical cost have been translated at the exchange rate prevailing at the transaction date. Non-monetary assets measured at fair value have been translated into thousands of Euros at the exchange rate at the date that the fair value was determined. In the consolidated statement of cash flows, cash flows from foreign currency transactions have been translated into thousands of Euros at the exchange rates prevailing at the dates the cash flows occur. The effect of exchange rate fluctuations on cash and cash equivalents denominated in foreign currencies is recognized separately in the statement of cash flows as “Effect of exchange rate fluctuations on cash and cash equivalents”. Exchange gains and losses arising on the settlement of foreign currency transactions and the translation into thousands of Euros of monetary assets and liabilities denominated in foreign currencies are recognized in profit and loss. (iii) Translation of foreign operations The translation into thousands of Euros of foreign operations for which the functional currency is not the currency of a hyperinflationary economy is based on the following criteria: · Assets and liabilities, including goodwill and net asset adjustments derived from the acquisition of the operations, including comparative amounts, are translated at the closing rate at the reporting date; · Income and expenses, including comparative amounts, are translated using the previous month’s exchange rate for all transactions performed during the current month. This method does not differ significantly from using the exchange rate at the date of the transaction; · Translation differences resulting from application of the above criteria are recognized in other comprehensive income. (f) Borrowing costs In accordance with IAS 23 “Borrowing Costs”, since 1 January 2009 the Group recognizes borrowing costs directly attributable to the purchase, construction or production of qualifying assets as an increase in the value of these assets. Qualifying assets are those which require a substantial period of time before they can be used or sold. To the extent that funds are borrowed specifically for the purpose of obtaining a qualifying asset, the amount of borrowing costs eligible for capitalization is determined as the actual borrowing costs incurred, less any investment income on the temporary investment of those funds. Capitalized borrowing costs corresponding to general borrowing are calculated as the weighted average of the qualifying assets without considering specific funds. The amount of borrowing costs capitalized cannot exceed the amount of borrowing costs incurred during that period. The capitalized borrowing costs include adjustments to the carrying amount of financial liabilities arising from the effective portion of hedges entered into by the Group. The Group begins capitalizing borrowing costs as part of the cost of a qualifying asset when it incurs expenditure for the asset, interest is accrued, and it undertakes activities that are necessary to prepare the asset for its intended use or sale, and ceases capitalizing borrowing costs when all or substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are complete. Nevertheless, capitalization of borrowing costs is suspended when active development is interrupted for extended periods. The remaining interest costs are recognized as an expense in the year in which they are incurred. (g) Property, plant and equipment (i) Initial recognition Property, plant and equipment are recognized at cost or deemed cost, less accumulated depreciation and any accumulated impairment losses. Land is not subject to depreciation. The cost of self-constructed assets is determined using the same principles as for an acquired asset, while also considering the criteria applicable to production costs of inventories. Capitalized production costs are recognized by allocating the costs attributable to the asset to “Self-constructed non-current assets” in the consolidated statement of profit and loss. (ii) Depreciation Property, plant and equipment are depreciated by allocating the depreciable amount of an asset on a systematic basis over its useful life. The depreciable amount is the cost or deemed cost of an asset, less its residual value. The Group determines the depreciation charge separately for each item for a component of property, plant and equipment with a cost that is significant in relation to the total cost of the asset. Property, plant and equipment are depreciated using the following criteria: Depreciation method Rates Buildings Straight line 1% - 3% Other property, technical equipment and machinery Straight line 4% - 10% Other property, plant and equipment Straight line 7% - 33% The Group reviews residual values, useful lives and depreciation methods at each financial year end. Changes to initially established criteria are accounted for as a change in accounting estimates. (iii) Subsequent recognition Subsequent to initial recognition of the asset, only those costs incurred which will probably generate future profits and for which the amount may reliably be measured are capitalized. Costs of day-to-day servicing are recognized in profit and loss as incurred. Replacements of property, plant and equipment which qualify for capitalization are recognized as a reduction in the carrying amount of the items replaced. Where the cost of the replaced items has not been depreciated independently and it is not possible to determine the respective carrying amount, the replacement cost is used as indicative of the cost of items at the time of acquisition or construction. (iv) Impairment The Group tests for impairment and reversals of impairment losses on property, plant and equipment based on the criteria set out in note 4(i) below. (h) Intangible assets (i) Goodwill Goodwill is generated on the business combinations and is calculated using the criteria described in the section on business combinations. Goodwill is not amortized, but is tested for impairment annually or more frequently whenever there is an indication that goodwill may be impaired. Goodwill acquired in business combinations is allocated to the cash-generating units (CGUs) or groups of CGUs which are expected to benefit from the synergies of the business combination and the criteria described in note 7 are applied. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Gains and losses on the sale of an entity include the carrying amount of the goodwill related to the entity sold. (ii) Internally generated intangible assets Any research and development expenditure incurred during the research phase of projects is recognized as an expense when incurred. Costs related with development activities are capitalized when: · The Group has technical studies that demonstrate the feasibility of the production process; · The Group has undertaken a commitment to complete production of the asset, to make it available for sale or internal use; · The asset will generate sufficient future economic benefits; · The Group has sufficient technical and financial resources to complete development of the asset and has devised budget control and cost accounting systems that enable monitoring of budgetary costs, modifications and the expenditure actually attributable to the different projects. The cost of internally generated assets by the Group is calculated using the same criteria established for determining production costs of inventories. The production cost is capitalized by allocating the costs attributable to the asset to self-constructed non-current assets in the consolidated statement of profit and loss. Expenditure on activities that contribute to increasing the value of the different businesses in which the Group as a whole operates is expensed when incurred. Replacements or subsequent costs incurred on intangible assets are generally recognized as an expense, except where they increase the future economic benefits expected to be generated by the assets. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. (iii) Other intangible assets Other intangible assets are carried at cost, or at fair value if they arise on business combinations, less accumulated amortization and impairment losses. Intangible assets with indefinite useful lives are not amortized but tested for impairment at least annually. (iv) Intangible assets acquired in business combinations The cost of the identifiable intangible assets acquired in Biotest's business combination includes the fair value of the current contracts. The cost of identifiable intangible assets acquired in the business combination of Hologic includes the fair value of the R&D projects and the Intellectual Property-Patents. The cost of identifiable intangible assets acquired in the business combination of Novartis includes the fair value of the existing royalty agreements. The cost of identifiable intangible assets acquired in the Progenika business combination includes the fair value of currently marketed products sold and which are classified under “Other intangible assets”and “Research and Development”. The cost of identifiable intangible assets acquired in the Talecris business combination includes the fair value of currently marketed products sold and which are classified under “Other intangible assets”. (v) Useful life and amortization rates The Group assesses whether the useful life of each intangible asset acquired is finite or indefinite. An intangible asset is regarded as having an indefinite useful life when there is no foreseeable limit to the period over which the asset will generate net cash inflows. Intangible assets with finite useful lives are amortized by allocating the depreciable amount of an asset on a systematic basis over its useful life, by applying the following criteria: Amortisation method Rates Development expenses Straight line 10% Concessions, patents, licences, trademarks and similar Straight line 4% - 20% Computer software Straight line 33% Currently marketed products Straight line 3% - 10% The depreciable amount is the cost or deemed cost of an asset, less its residual value. The Group does not consider the residual value of its intangible assets to be material. The Group reviews the residual value, useful life and amortization method for intangible assets at each financial year end. Changes to initially established criteria are accounted for as a change in accounting estimates. (i) Impairment of goodwill, other intangible assets and other non-financial assets subject to depreciation or amortization The Group evaluates whether there are indications of possible impairment losses on non-financial assets subject to amortization or depreciation, to verify whether the carrying amount of these assets exceeds the recoverable amount. The Group tests goodwill, intangible assets with indefinite useful lives and intangible assets with finite useful lives that are not available for use for potential impairment at least annually, irrespective of whether there is any indication that the assets may be impaired. The recoverable amount of the assets is the higher of their fair value less costs of disposal and their value in use. An asset’s value in use is calculated based on an estimate of the future cash flows expected to derive from the use of the asset, expectations about possible variations in the amount or timing of those future cash flows, the time value of money, the price for bearing the uncertainty inherent in the asset and other factors that market participants would reflect in pricing the future cash flows deriving from the asset. Negative differences arising from comparison of the carrying amounts of the assets with their recoverable amounts are recognized in the consolidated statement of profit and loss. Recoverable amount is determined for each individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. If this is the case, recoverable amount is determined for the cash-generating unit (CGU) to which the asset belongs. Impairment losses recognized for cash-generating units are first allocated to reduce, where applicable, the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro rata on the basis of the carrying amount of each asset. The carrying amount of each asset may not be reduced below the highest of its fair value less costs of disposal, its value in use and zero. At the end of each reporting period the Group assesses whether there is any indication that an impairment loss recognized in prior periods may no longer exist or may have decreased. Impairment losses on goodwill are not reversible. Impairment losses on other assets are only reversed if there has been a change in the estimates used to calculate the recoverable amount of the asset. A reversal of an impairment loss is recognized in consolidated profit and loss. The increased carrying amount of an asset attributable to a reversal of an impairment loss may not exceed the carrying amount that would have been determined, net of depreciation or amortization, had no impairment loss been recognized. A reversal of an impairment loss for a CGU is allocated to the assets of each unit, except goodwill, pro rata with the carrying amounts of those assets. The carrying amount of an asset may not be increased above the lower of its recoverable amount and the carrying amount that would have been disclosed, net of amortization or depreciation, had no impairment loss been recognized. (j) Leases (i) Lessee accounting records The Group has rights to use certain assets through lease contracts. Leases in which the Group assumes substantially all the risks and rewards incidental to ownership are classified as finance leases, otherwise they are classified as operating leases. · Finance leases At the commencement of the lease term, the Group recognizes finance leases as assets and liabilities at the lower of the fair value of the leased asset and the present value of the minimum lease payments. Initial direct costs are added to the asset’s carrying amount. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents are recognized as an expense in the years in which they are incurred. Property, plant and equipment acquired through a finance lease is amortized over the useful life of the asset or within the term of the lease, whichever is less, if there is no reasonable certainty that the group will obtain the property at the end of the term of the lease. · Operating leases Lease payments under an operating lease (excluding incentives) are recognized as an expense on a straight-line basis unless another systematic basis is representative of the time pattern of the user’s benefit. (ii) Leasehold investments Non-current investments in properties leased from third parties are recognized on the basis of the same criteria for property, plant and equipment. Investments are amortized over the lower of their useful lives and the term of the lease contract. The lease term is consistent with that established for recognition of the lease. (iii) Sale and leaseback transactions Any profit on sale and leaseback transactions that meet the conditions of a finance lease is deferred over the term of the lease. When the leaseback is classified as an operating lease: · If the transaction is established at fair value, any profit and loss on the sale is recognized immediately in the consolidated statement of profit and loss for the year; · If the sale price is below fair value, any profit and loss is recognized immediately in the consolidated statement of profit and loss. However, if the loss is compensated for by future lease payments at below market price, it is deferred in proportion to the lease payments over the period for which the asset is to be used. (k) Financial instruments (i) Classification of the financial instruments Financial instruments are classified at the time of their initial recognition as a financial asset, a financial liability or an equity instrument, in accordance with the economic substance of the contractual agreement and with the definitions of financial assets, financial liabilities or equity instruments indicated in IAS 32 “Financial instruments: Presentation”. For purposes of its valuation, the Group classifies financial instruments in the categories of financial assets and financial liabilities at fair value through profit or loss, separating those initially designated from those held for trading or mandatorily measured at fair value through profit or loss, financial assets and financial liabilities valued at amortized cost and financial assets measured at fair value through other comprehensive income, separating the equity instruments designated as such, from other financial assets. The classification depends on the Group's business model to manage the financial assets and the contractual terms of the cash flows. The Group classifies a financial asset at amortized cost if it is held in the framework of a business model whose objective is to hold financial assets to obtain contractual cash flows and the contractual terms of the financial asset give rise, on specified dates, to cash flows which are only principal and interest payments on the outstanding principal amount (OPIP). The Group classifies a financial asset at fair value through changes

Financial Risk Management Polic

Financial Risk Management Policy	12 Months Ended
	Dec. 31, 2018
Financial Risk Management Policy
Financial Risk Management Policy	(5) Financial Risk Management Policy (a) General The Group is exposed to the following risks associated with the use of financial instruments: · Credit risk · Liquidity risk · Market risk: includes interest rate risk, currency risk and other price risks. This note provides information on the Group’s exposure to each of these risks, the Group’s objectives and procedures to measure and mitigate this risk, and the Group’s capital management strategy. More exhaustive quantitative information is disclosed in note 30 to the consolidated Financial statements. The Group’s risk management policies are established to identify and analyse the risks faced by the Group, define appropriate risk limits and controls and to control risks and comply with limits. Risk management policies and procedures are reviewed regularly so that they reflect changes in market conditions and the Group’s activities. The Group’s management procedures and rules are designed to create a strict and constructive control environment in which all employees understand their duties and obligations. The Group’s Audit Committee supervises how management controls compliance with the Group’s risk management procedures and policies and reviews whether the risk management policy is suitable considering the risks to which the Group is exposed. This committee is assisted by Internal Audit which acts as supervisor. Internal Audit performs regular and ad hoc reviews of the risk management controls and procedures and reports its findings to the Audit Committee. Credit risk Credit risk is the risk to which the Group is exposed in the event that a customer or counterparty to a financial instrument fails to discharge a contractual obligation, and mainly results from trade receivables and the Group’s investments in financial assets. Trade receivables The Group does not predict any significant insolvency risks as a result of delays in receiving payment from some European countries due to their current economic situation. The main risk in these countries is that of late payments, which is mitigated through the possibility of claiming interest as foreseen by prevailing legislation. No significant bad debt or late payment issues have been detected for sales to private entities. The Group recognizes impairment based on its best estimate of the expected losses on trade and other receivables. The main impairment losses recognized are due to specific losses relating to individually identified risks. At year end, these impairment losses are immaterial. Details of exposure to credit risk are disclosed in note 30. Liquidity risk Liquidity risk is the risk that the Group cannot meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure where possible, that it always has sufficient liquidity to settle its obligations at the maturity date, both in normal conditions and in times of tension, to avoid incurring unacceptable losses or tarnishing the Group’s reputation. The Group manages liquidity risk on a prudent basis, based on availability of cash and sufficient committed unused long-term credit facilities, enabling the Group to implement its business plans and carry out operations using stable and secure sources of financing. At 31 December 2018 the Group has total cash and cash equivalents of Euros 1,033,792 thousand (Euros 886,521 thousand at 31 December 2017). The Group also has approximately Euros 404,808 thousand in unused credit facilities (Euros 381,165 thousand at 31 December 2017), including Euros 262,008 thousand on the revolving credit facility (Euros 250,146 thousand at 31 December 2017). The structure of the Group's debt consists mainly of a non-current loan of US Dollars 5,992 million with institutional investors and banks divided into two tranches (Tranche A and Tranche B), in a US Dollars 300 million undrawn revolving credit facility and unsecured senior corporate notes for an amount of Euros 1,000 million. As in previous years, the Group continues with its quarterly program for optimization of working capital, which is mainly based on contracts to sell receivables without recourse. 2018: In September 2018 the Group received an additional non-current loan from the European Investment Bank totaling Euros 85,000 thousand. The loan will be used to support certain investments in R&D which are mainly focused on searching for new therapeutic for plasmatic proteins. Financial terms include a fixed interest rate for a period of 10 years with a grace period of two years. At 31 December 2018, the carrying amount of the loans obtained from the European Investment Bank is Euros 244,375 thousand (Euros 170,000 thousand at 31 December 2017). 2017: On 5 December 2017 the Group received an additional loan from the European Investment Bank of up to Euros 85,000 thousand at a fixed interest rate for a period of 10 years with a grace period of 2 years. The loan will be used to support certain investments in R&D which are mainly focused on searching for new applications for plasmatic proteins. On 28 October 2015, the Group received its first loan from the same entity under the same terms, for a total amount of Euros 100,000 thousand. On 18 April 2017 the Group concluded the refinancing process of the Senior Unsecured Notes. The total note issuance amounted to Euros 1,000 million. On 6 February 2017 the Group concluded the refinancing process of its senior debt. The total debt refinanced amounts to US Dollars 6,300 million (Euros 5,800 million), including the US Dollars 1,816 million loan obtained for the acquisition of Hologic's transfusional diagnostics unit. Following the refinancing process, Grifols' debt structure consisted of a US Dollars 6,000 million long-term loan with institutional investors and banks segmented in two tranches (Term Loan A and Term Loan B), and a US Dollars 300 million undrawn revolving credit facility. Market risk Market risk comprises the risk of changes in market prices, for example, exchange rates, interest rates, or the prices of equity instruments affecting the Group’s revenues or the value of financial instruments it holds. The objective of managing market risk is to manage and control the Group’s exposure to this risk within reasonable parameters at the same time as optimising returns. (i) Currency risk The Group operates internationally and is therefore exposed to currency risk when operating with foreign currencies, especially with regard to the US Dollar which is used in a significant percentage of transactions in foreign functional currencies. Currency risk is associated with future commercial transactions, recognized assets and liabilities, and net investments in foreign operations. The Group holds significant investments in foreign operations, the net assets of which are exposed to currency risk. The conversion risk affecting net assets of the Group’s foreign operations in US Dollars is mitigated primarily through borrowings in this foreign currency. The Group’s main exposure to currency risk is with regard to the US Dollar, which is used in a significant percentage of transactions in foreign functional currencies. Details of the Group’s exposure to currency risk at 31 December 2018 and 2017 of the most significant financial instruments are shown in note 30. (ii) Interest rate risk The Group’s interest rate risks arise from current and non-current borrowings. Borrowings at variable interest rates expose the Group to cash flow interest rate risks. Fixed-rate borrowings expose the Group to fair value interest rate risk. The objective of the management of interest rate risk is to achieve a balance in the structure of the debt, keeping part of the external resources issued at a fixed rate and covering part of the variable rate debt through hedges. A significant part of the financing obtained accrues interest at fixed rates. This fixed interest debt (Senior Unsecured Notes) amounts to Euros 1,000 million, which represents approximately 54% of the Group’s total debt in Euros. The additional loans of Euros 244,375 thousand received from the European Investment Bank represent approximately 13% of the Group’s total debt in Euros. Senior debt in Euros represents approximately 12% of the Group’s total Senior debt at 31 December 2018 and 31 December 2017. Total fixed-interest debt represents 19% of total debt at 31 December 2018 (19% at 31 December 2017). (iii) Market price risk Price risk affecting raw materials is mitigated by the vertical integration of the haemoderivatives business in a highly-concentrated sector. (b) Capital management The directors’ policy is to maintain a solid capital base in order to ensure investor, creditor and market confidence and sustain future business development. The board of directors defines and proposes the level of dividends paid to shareholders. The directors consider various arguments to calculate capital structure: · The directors control capital performance using rates of returns on equity (ROE). At 31 December 2018 the ROE stood at 14% (18% at 31 December 2017). The ROE is calculated by dividing profit attributable to the Parent by the equity attributable to the Parent. Thousand of Euros 2018 2017 Profit attributable to the parent 596,642 662,700 Equity attributable to the Parent 4,225,554 3,629,079 ROE 14 % 18 % · In accordance with the senior secured debt contract, the Group is subject to compliance with some covenants. At 31 December 2018 and 2017, the Group complies with the covenants. · Consideration of the Company’s credit rating (see note 20 (d)). The Parent held Class A and B treasury stock equivalent to 0.6% of its capital at 31 December 2018 (0.6% at 31 December 2017). The Group does not have a formal plan for repurchasing shares.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2018
Segment Reporting
Segment Reporting	(6) 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: cash and cash equivalents, current income tax assets and liabilities, deferred tax assets and liabilities 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: · Bioscience: including all activities related with products derived from human plasma for therapeutic use. · Hospital: comprising all non-biological pharmaceutical products and medical supplies manufactured by Group companies earmarked for hospital pharmacy. Products related with this business which the Group does not manufacture but markets as supplementary to its own products are also included. · Diagnostic: including the marketing of diagnostic testing equipment, reagents and other equipment, manufactured by Group or other companies. · Bio Supplies: since January 2017, the company is including all transactions related to biological products for non-therapeutic use, Kedrion production agreements, and third-party plasma sales channeled through Haema and Biotest in the new Bio Supplies Division resulting in a reclassification from Bioscience Division to Bio Supplies Division. · Others: including the rendering of manufacturing services to third party companies. As a result of the creation of the new Bio Supplies segment and the Intersegments, the Group has reviewed the allocation of balances and transactions by segments. The comparative figures for 2016 have been restated accordingly. Details of net sales by groups of products for 2018, 2017 and 2016 are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Bioscience Haemoderivatives 3,516,704 3,228,275 Diagnostic Transfusional medicine 650,180 640,443 Other diagnostic 19,797 23,540 Hospital Fluid therapy and nutrition 52,574 46,210 Hospital supplies 58,014 52,373 Bio supplies 167,004 24,387 Others 22,451 34,602 Total 4,486,724 4,049,830 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 the Group 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 2018 the revenue of two Bioscience segment customers represents approximately 23.1% of the Group’s total revenues. For 2017 and 2016 one Bioscience segment customer represented 11.0% and 10.7% of the Group’s total revenue, respectively.

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2018
Goodwill
Goodwill	(7) Goodwill Details of and movement in this caption of the consolidated balance sheet at 31 December 2017 are as follows: Thousands of Euros Balance at Business Translation Balance at Segment 31/12/2016 Combination differences 31/12/2017 Net value Grifols UK.Ltd. (UK) Bioscience 8,025 — (280) 7,745 Grifols Italia.S.p.A. (Italy) Bioscience 6,118 — — 6,118 Biomat USA, Inc.(USA) Bioscience 193,039 40,101 (27,886) 205,254 Grifols Australia Pty Ltd. (Australia) / Medion Diagnostics AG (Switzerland) Diagnostic 10,134 — (591) 9,543 Grifols Therapeutics, Inc. (USA) Bioscience 2,108,139 — (255,234) 1,852,905 Araclon Biotech, S.L. (Spain) Diagnostic 6,000 — — 6,000 Progenika Biopharma, S.A. (Spain) Diagnostic 40,516 — — 40,516 Grifols Diagnostic (Novartis & Hologic) (USA, Spain and Hong Kong) Diagnostic 1,272,024 1,466,420 (302,537) 2,435,907 Kiro Grifols S.L. (Spain) Hospital — 26,510 — 26,510 3,643,995 1,533,031 (586,528) 4,590,498 (See note 3) Details of and movement in this caption of the consolidated balance sheet at 31 December 2018 are as follows: Thousands of Euros Balance at Business Translation Balance at Segment 31/12/2017 Combination Disposals differences 31/12/2018 Net value Grifols UK.Ltd. (UK) Bioscience 7,745 — — (63) 7,682 Grifols Italia.S.p.A. (Italy) Bioscience 6,118 — — — 6,118 Biomat USA, Inc.(USA) Bioscience 205,254 42,780 (2,827) 9,907 255,114 Grifols Australia Pty Ltd. (Australia) / Medion Diagnostics AG (Switzerland) Diagnostic 9,543 — — (272) 9,271 Grifols Therapeutics, Inc. (USA) Bioscience 1,852,905 — — 87,871 1,940,776 Araclon Biotech, S.L. (Spain) Diagnostic 6,000 — — — 6,000 Progenika Biopharma, S.A. (Spain) Diagnostic 40,516 — — — 40,516 Grifols Diagnostic (Novartis & Hologic) (USA, Spain and Hong Kong) Diagnostic 2,435,907 — — 114,349 2,550,256 Kiro Grifols S.L. (Spain) Hospital 26,510 (2,134) — — 24,376 Goetech LLC (USA) Hospital — 55,321 — 3,624 58,945 Haema AG (Germany) Bioscience — 171,134 — — 171,134 Biotest Pharma Corp (USA) Bioscience — 136,234 — 2,808 139,042 4,590,498 403,335 (2,827) 218,224 5,209,230 (See note 3) Impairment testing: As a result of the acquisition of Talecris in 2011, and for impairment testing purposes, the Group combines the CGUs allocated to the Bioscience segment, grouping them together at segment level, because substantial synergies were expected to arise on the acquisition of Talecris, and due to the vertical integration of the business and the lack of an independent organized market for the products. Because the synergies benefit the Bioscience segment globally they cannot be allocated to individual CGUs. The Bioscience segment represents the lowest level to which goodwill is allocated and is subject to control by Group management for internal control purposes. Since the acquisition of Novartis’ Diagnostic business unit in 2014, the Group combines Araclon, Progenika, Australia and Hologic’s share of NAT donor screening unit acquisition into a single CGU for the Diagnostic business as the acquisition is supporting not only the vertically integration business but also cross-selling opportunities. In addition, for management purposes, the Group’s management is focused on the business more than geographical areas or individual companies. Due to the acquisition of an additional 40% stake of Kiro Grifols S.L. and a 51% stake of Goetech LLC (Medkeeper), the Group decided to group Kiro Grifols S.L., Laboratorios Grifols S.L. and Medkeeper into a single CGU for the Hospital business since the acquisitions are supporting cross-selling opportunities. The CGUs established by Management are: · Bioscience · Diagnostic · Hospital The recoverable amount of the Bioscience CGU was calculated based on its value in use calculated as the present value of the future cash flows discounted at a discount rate considering the related inherent risk. The recoverable amount of the Diagnostic CGU was calculated based on its fair value less costs of disposal calculated as the present value of the future cash flows discounted at a discount rate considering the related inherent risk. The recoverable amount of the Hospital CGU was calculated based on its fair value less costs of disposal calculated as the present value of the future cash flows discounted at a discount rate considering the related inherent risk. This value in use and fair value less costs of disposal calculations use cash flow projections for five years based on the financial budgets approved by management. Cash flows estimated as of the year in which stable growth in the CGU has been reached are extrapolated using the estimated growth rates indicated below. The key assumptions used in calculating impairment of the CGUs for 2017 were as follows: Perpetual Growth rate Pre-tax discount rate Bioscience 2 % 9.50 % Diagnostic 2 % 10.60 % Hospital 1.40 % 13.30 % The key assumptions used in calculating impairment of the CGUs for 2018 have been as follows: Perpetual Growth rate Pre-tax discount rate Bioscience 2 % 8.90 % Diagnostic 2 % 9.40 % Hospital 1.50 % 13.10 % Management determined budgeted gross margins based on past experience, investments in progress which would imply significant growth in production capacity and its forecast international market development. Perpetual growth rates are coherent with the forecasts included in industry reports. The discount rate used reflects specific risks related to the CGU. As the recoverable amount of the Bioscience CGU is much higher than the carrying amount of the Bioscience segment’s assets, specific information from the impairment test sensitivity analysis is not included. At 31 December 2018 Grifols’ stock market capitalization totals Euros 13,978 million (Euros 15,379 million at 31 December 2017).

Other Intangible Assets

Other Intangible Assets	12 Months Ended
	Dec. 31, 2018
Other Intangible Assets
Other Intangible Assets	(8) Other Intangible Assets Details of other intangible assets and movement during the years ended 31 December 2018 and 2017 are included in Appendix III, which forms an integral part of these notes to the consolidated Financial statements. Intangible assets acquired from Talecris mainly include currently marketed products. Identifiable intangible assets correspond to Gamunex and have been recognized at fair value at the acquisition date of Talecris and classified as currently marketed products. Intangible assets recognized comprise the rights on the Gamunex product, its commercialization and distribution license, trademark, as well as relations with hospitals. Each of these components is closely linked and fully complementary, are subject to similar risks and have a similar regulatory approval process. Intangible assets acquired from Progenika mainly include currently marketed products. Identifiable intangible assets correspond to blood, immunology and cardiovascular genotyping. These assets have been recognized at fair value at the acquisition date of Progenika and classified as currently marketed products. The cost and accumulated amortization of currently marketed products acquired from Talecris and Progenika at 31 December 2017 is as follows: Thousands of Euros Balance at Translation Balance at 31/12/2016 Additions differences 31/12/2017 Cost of currently marketed products - Gamunex 1,138,412 — (137,828) 1,000,584 Cost of currently marketed products - Progenika 23,792 — — 23,792 Accumulated amortisation of currently marketed products - Gamunex (211,871) (35,837) 28,136 (219,572) Accumulated amortisation of currently marketed products - Progenika (9,117) (2,379) — (11,496) Carrying amount of currently marketed products 941,216 (38,216) (109,692) 793,308 The cost and accumulated amortization of currently marketed products acquired from Talecris and Progenika at 31 December 2018 is as follows: Thousands of Euros Balance at Translation Balance at 31/12/2017 Additions differences 31/12/2018 Cost of currently marketed products - Gamunex 1,000,584 — 47,451 1,048,035 Cost of currently marketed products - Progenika 23,792 — — 23,792 Accumulated amortisation of currently marketed products - Gamunex (219,572) (33,775) (11,573) (264,920) Accumulated amortisation of currently marketed products - Progenika (11,496) (2,379) — (13,875) Carrying amount of currently marketed products 793,308 (36,154) 35,878 793,032 The estimated useful life of the currently marketed products acquired from Talecris is considered limited, has been estimated at 30 years on the basis of the expected life cycle of the product (Gamunex) and is amortized on a straight-line basis. At 31 December 2018 the residual useful life of currently marketed products is 22 years and 5 months (23 years and 5 months at 31 December 2017). The estimated useful life of the currently marketed products acquired from Progenika is considered limited, has been estimated at 10 years on the basis of the expected life cycle of the product and is amortized on a straight-line basis. At 31 December 2018 the residual useful life of currently marketed products acquired from Progenika is 4 years and 2 months (5 years and 2 months at 31 December 2017). (a) Self — constructed intangible assets At 31 December 2018 the Group has recognized Euros 58,254 thousand as self-constructed intangible assets (Euros 49,782 thousand at 31 December 2017). (b) Purchase commitments At 31 December 2018 the Group has intangible asset purchase commitments amounting to Euros 589 thousand (Euros 1,199 thousand at 31 December 2017). (c) Intangible assets with indefinite useful lives and other intangibles in progress At 31 December 2018 the Group recognizes plasma center licenses with indefinite useful lives under intangible assets for a carrying amount of Euros 26,917 thousand (Euros 26,631 thousand at 31 December 2017). The Group has also an amount of Euros 206,087 thousand as development costs in progress (Euros 183,281 thousand at 31 December 2017). (d) Result on disposal of intangible assets Total profit on disposals of intangible assets in 2018 amount to Euros 8,101 thousand (Euros 83 thousand of loss in 2017) and mainly corresponds to the sale of plasma centers to Kedplasma. (e) Impairment testing Indefinite-lived intangible assets have been allocated to the cash-generating unit (CGU) of the Bioscience segment. These assets have been tested for impairment together with goodwill (see note 7). Impairment testing has been analyzed for each of the intangible assets in progress by calculating its recoverable amount based on their fair value. On 29 January 2018 (prior to the date that the 2017 consolidated Financial statements were authorized for issued) Aradigm communicated that it had not obtained the approval of the Antimicrobial Drugs Advisory Committee of the US Food and Drug Administration (FDA) for Linahiq TM . As the Committee did not recommend it as a treatment for non-cystic fibrosis bronchiectasis patients with chronic lung Pseudomonas aeruginosa infections, the intangible assets related to the product have been totally impaired and recognized as R&D expense in the statement of profit and loss for 2017 for an amount of Euros 63,675 thousand. In 2017 the investment in this company and the bonds that the Group held with the company were impaired.

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment
Property, Plant and Equipment	(9) Property, Plant and Equipment Details of property, plant and equipment and movement in the consolidated balance sheet at 31 December 2018 and 2017 are included in Appendix IV, which forms an integral part of this note to the consolidated Financial statements. Property, plant and development under construction at 31 December 2018 and 2017 mainly comprise investments made to extend the companies’ equipment and to increase their productive capacity. In 2018, the Group has capitalized interests for a total amount of Euros 8,955 thousand (Euros 8,839 thousand in 2017) a) Insurance Group policy is to contract sufficient insurance coverage for the risk of damage to property, plant and equipment. At 31 December 2018 the Group has a combined insurance policy for all Group companies, which more than adequately covers the carrying amount of all the Group’s assets. b) Losses on disposal of property, plant and equipment Total losses incurred on disposals of property, plant and equipment for 2018 amount to Euros 1,401 thousand (Euros 1,468 thousand of loss in 2017). c) Assets under finance lease The Group contracted the following types of property, plant and equipment under finance leases at 31 December 2017: Thousands of Euros Accumulated Cost depreciation Carrying amount Land and buildings 2,545 (815) 1,730 Plant and machinery 14,249 (6,564) 7,685 16,794 (7,379) 9,415 The Group has contracted the following types of property, plant and equipment under finance leases at 31 December 2018: Thousands of Euros Accumulated Cost depreciation Carrying amount Land and buildings 2,389 (898) 1,491 Plant and machinery 15,690 (7,237) 8,453 18,079 (8,135) 9,944 Details of minimum lease payments and the present value of finance lease liabilities, disclosed by maturity date, are detailed in note 20 (c). d) Self - constructed property, plant and equipment At 31 December 2018 the Group has recognized Euros 66,995 thousand as self -constructed property, plant and equipment (Euros 52,218 thousand at 31 December 2017). e) Purchase commitments At 31 December 2018 the Group has property, plant and equipment purchase commitments amounting to Euros 47,148 thousand (Euros 39,675 thousand at 31 December 2017). f) Impairment A group of assets forming part of the Hospital segment has been tested for impairment due to the decrease in the results of the segment and no impairment has been observed. The recoverable amount of the aforementioned assets is calculated based on the fair value less cost of disposal, using cash flow projections based on five-year financial budgets approved by management. Cash flows estimated as of the year in which stable growth has been reached by the assets are extrapolated using a pre-tax discount rate of 10.1% and a perpetual growth rate of 2% (12.2% and 2% respectively in fiscal year 2017).

Equity Accounted Investees

Equity Accounted Investees	12 Months Ended
	Dec. 31, 2018
Equity Accounted Investees
Equity Accounted Investees	(10) Equity Accounted Investees Details of this caption in the consolidated balance sheet at 31 December 2018 and 2017 are as follows: Thousands of Thousands of Euros Euros % ownership 31/12/2018 % ownership 31/12/2017 Alkahest, Inc. 47.58 % 28,336 47.58 % 30,559 Albajuna Therapeutics, S.L 30.00 % 1,106 30.00 % 1,956 Interstate Blood Bank, Inc. 49.19 % 29,595 49.19 % 27,936 Bio Blood Components Inc. 48.97 % 38,223 48.97 % 32,960 Plasma Biological Services, LLC 48.90 % 21,809 48.90 % 23,010 Singulex, Inc. 19.33 % 19,256 19.33 % 29,322 GigaGen, Inc 43.96 % 28,363 43.96 % 29,047 Access Biologicals LLC 49.00 % 47,742 49.00 % 44,219 Aigües de Vilajuïga, S.A. — — 50.00 % — Plasmavita HealthCare 50.00 % 9,920 — — Mecwins, S.A. 24.99 % 2,555 — — 226,905 219,009 Movement in the investments in equity-accounted investees for the years ended at 31 December 2018, 2017 and 2016 have been as follows: Thousands of Euros 2018 2017 2016 Balance at 1 January 219,009 201,345 76,728 Acquisitions 12,222 80,685 136,072 Transfers 500 (16,000) (29,059) Share of profit / (losses) (11,038) (13,195) 6,933 Share of other comprehensive income / translation differences 9,270 (27,134) 10,671 Losses for Impairment — (6,692) — Collected dividends (3,058) — — Balance at 31 December 226,905 219,009 201,345 Mecwins, S.A. On 22 October, 2018 Grifols has allocated Euros 2 million to the capital increase of Mecwins through Progenika Biopharma, reaching 24.99% of the total capital. Mecwins is a spin-off of the Institute of Micro and Nanotechnology of the Center for Scientific Research (CSIC), specialized in the development of innovative nanotechnological analysis tools for the diagnosis and prognosis of diseases. Mecwins has developed ultrasensitive optical reading immunoassay technology from nanosensors for the detection of protein biomarkers in blood. This technology has potential applications in fields such as oncology, cardiovascular and infectious diseases. The injection of capital, in which CRB Inverbio has also participated with an additional Euros 2 million, will enable Mecwins to start developing pre-commercial prototypes of this technology and for Grifols to position itself in the field of nanotechnology applied to diagnosis. Plasmavita Healthcare GmbH Refer to note 3 for details of this investment. GigaGen Inc. On 5 July 2017, Grifols through its 100% subsidiary Grifols Innovation and New Technologies Limited (“GIANT”) acquired a 43.96% shareholding in GigaGen, Inc., a company based in San Francisco (USA) for the amount of US Dollars 35 million. GIANT and GigaGen entered into a Research and Collaboration Agreement whereby in exchange of a collaboration fee of US Dollars 15 million in the aggregate, GigaGen will commit to carry out research activities to develop recombinant polyclonal immunoglobulin therapies derived from human B cells for the treatment of human diseases. Movement in Gigagen’s equity-accounted investment for the years ended 31 December 2018 and 2017 is as follows: Thousand of Euros 31/12/2018 31/12/2017 Balance at 1 January 29,047 — Acquisitions — 31,752 Share of profit / (losses) (1,562) (804) Share of other comprehensive income / translation differences 878 (1,595) Pérdidas por deterioro de valor — (306) Balance at 31 December 28,363 29,047 Access Biologicals LLC. On 12 January 2017, the group announced the acquisition of 49% of the voting rights in Access Biologicals LLC, a company based in San Diego, California, USA, for the amount of US Dollars 51 million. Grifols entered into an option agreement to purchase the remaining 51% voting rights in five years, in 2022. Grifols also signed a supply agreement to sell to Access Biologicals biological products not meant for therapeutic use. The principal business activity of Access Biologicals is the collection and manufacturing of an extensive portfolio of biologicals products. Combined with closed-loop material sourcing, it provides critical support for various markets such as in-vitro diagnostic manufacturing, biopharmaceutical, cell culture and diagnostic research & development. Movement in Access Biological’s equity-accounted investment for the years ended 31 December 2017 and 2018 is as follows: Thousand of Euros 31/12/2018 31/12/2017 Balance at 1 January 44,219 — Acquisitions — 48,383 Share of profit / (losses) 3,039 1,830 Share of other comprehensive income / translation differences 2,073 (5,994) Collected dividends (1,589) — Balance at 31 December 47,742 44,219 Singulex, Inc. On 17 May 2016 Grifols subscribed and paid a capital increase for an amount of US Dollars 50 million (Euros 44,107 thousand) in the US company Singulex, Inc. (“Singulex”). As a result, Grifols holds a 19.33% common stock interest in Singulex on a fully diluted basis at a pre-money valuation of US Dollars 200 million. Grifols will be entitled to appoint a director to serve the board of directors of Singulex. As a result, Singulex granted Grifols an exclusive worldwide license for the use and sale of Singulex’ technology for the blood donor and plasma screening to further ensure the safety of blood and plasma products. Movement in Singulex, Inc.’s equity-accounted investment for the years ended 31 December 2018 and 2017 is as follows: Thousand of Euros 31/12/2018 31/12/2017 Balance at 1 January 29,322 43,329 Share of profit / (losses) (10,975) (9,335) Share of other comprehensive income / translation differences 909 (4,672) Balance at 31 December 19,256 29,322 Interstate Blood Bank, Inc., Bio-Blood Components, Inc. and Plasma Biological Services, Llc. On 11 May 2016 Grifols acquired a 49.19% stake in Interstate Blood Bank, Inc. (IBBI), 48.97% of Bio-Blood Components, Inc. (Bio-Blood) and 48.90% of Plasma Biological Services, LLC. (PBS) (“IBBI Group”), a group based in Memphis, USA, for the price of US Dollars 100 million (Euros 88,215 thousand). GWWO also entered into an option agreement to purchase the remaining stakes for a price of US Dollars 100 million for an option price of US Dollars 10 million (Euros 9,007 thousand) (see notes 11 and 30). The purchase price and the call right were paid upon signature of the contract. The principal business activity of IBBI and its affiliates is the collection of plasma for the plasma fractionation industry, with 23 plasma collection centers, 9 blood donation centers and one laboratory. Movement in Interstate Blood Bank, Inc., Bio-blood Components, Inc. and Plasma Biological Services, LLC.’s equity-accounted investment for the years ended 31 December 2017 and 2018 is as follows: Thousands of Euros Thousands of Euros 31/12/2018 31/12/2017 IBBI Bio-Blood PBS IBBI Bio-Blood PBS TOTAL 2018 TOTAL 2017 Balance at 1 January 27,936 32,960 23,010 31,090 38,725 25,890 83,906 95,705 Share of profit / (losses) 1,830 3,492 (2,181) 635 (1,181) 270 3,141 (276) Share of other comprehensive income / translation differences 1,298 1,771 980 (3,789) (4,584) (3,150) 4,049 (11,523) Collected dividend (1,469) — — — — — (1,469) — Balance at 31 December 29,595 38,223 21,809 27,936 32,960 23,010 89,627 83,906 Kiro Grifols, S.L. On 25 July 2017 the Group acquired an additional 40% interest in Kiro Grifols, S.L (formerly Kiro Robotics, S.L.) for an amount of Euros 12.8 million. With this new acquisition, Grifols owns 90% in Kiro Grifols S.L., which is now considered part of the group, and starts using the global consolidation method instead of the equity method (see note 3(b)).

Financial Assets

Financial Assets	12 Months Ended
	Dec. 31, 2018
Financial Assets
Financial Assets	(11) Financial Assets Details of non-current financial assets on the consolidated balance sheet at 31 December 2018 and 2017 are as follows: Thousands of Euros 31/12/2018 31/12/2017 Non-current derivatives (see note 30) — 8,338 Financial investments in shares with stock market (a) 7 38,708 Total Non-current financial assets measured at fair value 7 47,046 Non-current guarantee deposits 5,566 4,820 Other non-current financial assets 1,908 1,346 Non-current loans to related parties (see note 31) 82,969 — Non-current loans to EEAA (c) (see note 31) 17,151 16,677 Total Non-current financial assets measured at amortized cost 107,594 22,843 Details of other current financial assets on the consolidated balance sheet at 31 December 2018 and 2017 are as follows: Thousands of Euros 31/12/2018 31/12/2017 Current derivatives (b) (see note 30) 19,934 — Total Non-current financial assets measured at fair value 19,934 — Thousands of Euros 31/12/2018 31/12/2017 Deposits and guarantees 822 702 Current loans to third parties 56 59 Current loans to associates (c) (see note 31) 33,153 9,977 Total other current financial assets 34,031 10,738 (a) Within the framework of its integrated R & D & I strategy, which assesses the adequacy of the various projects, Grifols made the decision to divest in TiGenix and participated in the takeover bid by Takeda in the first half of 2018. Divestment has generated a cash inflow of Euros 70.1 million and a positive impact on the consolidated profit of Euros 32 million (see note 26). (b) At 31 December 2018, current derivatives correspond to the purchase options described below: · Option to purchase the non-acquired shares of Interstate Blood Bank, Inc., Bio-Blood Components, Inc. and Plasma Biological Services, LLC. The purchase option may be exercised by the Group by written notification at any time between 1 February 2019 and 30 April 2019 (see note 30). · Option to purchase Biotest Pharmaceuticals Corporation over two donation centers of ADMA Centers. The execution of the purchase option was executed on 1 January 2019 (see note 30). (c) On 2 October 2017 the Group’s subsidiary Grifols Diagnostic Solutions, Inc. granted a loan to Singulex Inc. of US Dollars 20,000 thousand (Euros 16,676 thousand), that bear at an interest rate of 5% and mature on 19 September 2019. In the first half of 2018, the Group made an additional contribution amounting to US Dollars 12,339 (Euros 11,063 thousand). The Group owns 19.33% of the common stock of Singulex Inc. On 8 February 2017, the subsidiary Grifols Worldwide Operations granted a loan of US Dollars 11,000 thousand (Euros 10,809 thousand) to Interstate Blood Bank Inc, with interest at a rate of 4% and due on 6 February 2022. The Group owns 49.19 % of the capital of Interstate Blood Bank Inc.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2018
Inventories
Inventories	(12) Inventories Details of inventories at 31 December 2018 and 2017 are as follows: Thousands of Euros 31/12/2018 31/12/2017 Goods for resale 118,876 105,013 Raw materials and supplies 647,399 454,371 Work in progress and semi-finished goods 744,436 592,612 Finished goods 438,649 477,297 1,949,360 1,629,293 Movement in the inventory provision was as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Balance at 1 January 35,764 33,069 22,614 Net charge for the year 10,398 8,232 8,878 Cancellations for the year (558) (357) (20) Translation differences 3,236 (5,180) 1,597 Balance at 31 December 48,840 35,764 33,069

Trade and Other Receivables

Trade and Other Receivables	12 Months Ended
	Dec. 31, 2018
Trade and Other Receivables
Trade and Other Receivables	(13) Trade and Other Receivables Details at 31 December 2018 and 2017 are as follows: Thousands of Euros 31/12/2018 31/12/2017 Trade receivables 289,316 302,685 Receivables from associates (note 31) 382 3,219 Bad debt provision (note 30) (20,531) (19,706) Trade receivables 269,167 286,198 Other receivables (note 30) 9,901 7,485 Personnel 2,082 566 Advance payments (note 30) 35,426 11,181 Taxation authorities, VAT recoverable 42,707 20,105 Other public entities 2,302 1,344 Other receivables 92,418 40,681 Current income tax assets 42,205 59,531 403,790 386,410 Other receivables During 2018, 2017 and 2016 certain companies of the Grifols Group have sold receivables from several public entities, without recourse, to certain financial institutions. Under some of these contracts, the Group receives an initial payment which usually amounts to 90% of the nominal amount of the receivables sold less the associated sale and purchase costs. The deferred collection (equivalent to the rest of the nominal amount) will be made by the Group once the financial institution has collected the nominal amount of the receivables (or the interest, if the balances are received after more than 36 months, depending on the terms of each particular contract) and this amount is recognized in the consolidated balance sheet as a balance receivable from the financial institution. The deferred amount (equivalent to the continuing involvement) totals Euros 1,220 thousand at 31 December 2018 (Euros 1,800 thousand at 31 December 2017), which does not differ significantly from its fair value and coincides with the amount of maximum exposure to losses. The financial institution makes the initial payment when the sale is completed and therefore, the bad debt risk associated with this part of the nominal amount of the receivables is transferred. The Group has transferred the credit risk and control of the receivables to certain financial institutions and has therefore derecognized the asset transferred in the consolidated balance sheet, as the risks and rewards inherent to ownership have not been substantially retained. Certain foreign Group companies have also entered into a contract to sell receivables without recourse to various financial institutions. Total balances receivable without recourse sold to financial institutions through the aforementioned contracts in 2018 amount to Euros 1,188,216 thousand (Euros 912,204 thousand in 2017 and Euros 870,324 thousand in 2016). The finance cost of these operations for the Group totals approximately Euros 6,053 thousand which has been recognized under finance costs in the consolidated statement of profit and loss for 2018 (Euros 3,973 thousand in 2017 and Euros 4,885 thousand in 2016) (see note 26). Details of balances with related parties are shown in note 31.

Cash and Cash Equivalents

Cash and Cash Equivalents	12 Months Ended
	Dec. 31, 2018
Cash and Cash Equivalents
Cash and Cash Equivalents	(14) Cash and Cash Equivalents Details of this caption of the consolidated balance sheet at 31 December 2018 and 2017 are as follows: Thousands of Euros 31/12/2018 31/12/2017 Current deposits 441,614 655,463 Cash in hand and at banks 592,178 231,058 Total cash and cash equivalents 1,033,792 886,521

Equity

Equity	12 Months Ended
	Dec. 31, 2018
Equity
Equity	(15) Equity Details of consolidated equity and movement are shown in the consolidated statement of changes in equity. (a) Share capital At 31 December 2018 and 2017, the Company’s share capital amounts to Euros 119,603,705 and comprises: · Class A shares: 426,129,798 ordinary shares of Euros 0.25 par value each, subscribed and fully paid and of the same class and series. · Class B shares: 261,425,110 non-voting preference shares of 0.05 Euros par value each, of the same class and series, and with the preferential rights set forth in the Company’s by-laws. The main characteristics of the Class B shares are as follows: · Each Class B share entitles its holder to receive a minimum annual preferred dividend out of the distributable profits at the end of each year equal to Euros 0.01 per Class B share provided that the aggregate preferred dividend does not exceed the distributable profits of that year and a distribution of dividends has been approved by the Company’s shareholders. This preferred dividend is not cumulative if sufficient distributable profits are not obtained in the period. · Each Class B share is entitled to receive, in addition to the above-mentioned preferred dividend, the same dividends and other distributions as for one Grifols ordinary share. · Each Class B share entitles the holder to its redemption under certain circumstances, if a takeover bid for all or part of the shares in the Company has been made, except if holders of Class B shares have been entitled to participate in the bid on the same terms as holders of Class A shares. The redemption terms and conditions reflected in the Company’s by-laws limit the amount that may be redeemed, requiring that sufficient distributable reserves be available, and limit the percentage of shares to be redeemed in line with the ordinary shares to which the bid is addressed. · In the event the Company were to be wound up and liquidated, each Class B share entitles the holder to receive, before any amounts are paid to holders of ordinary shares, an amount equal to the sum of (i) the par value of the Class B share, and (ii) the share premium paid for the Class B share when it was subscribed. In addition to the Class B liquidation preference amount, each holder is entitled to receive the same liquidation amount that is paid for each ordinary share. These shares are freely transferable. Since 23 July 2012 the ADSs (American Depositary Shares) representing Grifols’ Class B shares (non-voting shares) have had an exchange ratio of 1:1 in relation to Class B shares, ie.1 ADS represents 1 Class B share. The previous rate was 2 ADS per 1 Class B share. The Company’s knowledge of its shareholders is based on information provided voluntarily or in compliance with applicable legislation. According to the information available to the Company, there are no interests representing more than 10% of the Company’s total capital at 31 December 2018 and 2017. At 31 December 2018 and 2017, the number of outstanding shares is equal to the total number of Company shares, less treasury stock. Movement in outstanding shares during 2017 is as follows: Class A shares Class B shares Balance at 1 January 2017 426,129,798 256,694,375 (Acquisition) / disposal of treasury stock (note 15 (d)) — 432,929 Balance at 31 December 2017 426,129,798 257,127,304 Movement in outstanding shares during 2018 is as follows: Class A shares Class B shares Balance at 1 January 2018 426,129,798 257,127,304 (Acquisition) / disposal of treasury stock (note 15 (d)) — 479,355 Balance at 31 December 2018 426,129,798 257,606,659 (b) Share premium Movement in the share premium is described in the consolidated statement of changes in equity, which forms an integral part of this note to the consolidated Financial statements. (c) Reserves The drawdown of accumulated gains is subject to legislation applicable to each of the Group companies. At 31 December 2018, Euros 35,613 thousand equivalent to the carrying amount of development costs pending amortization of certain Spanish companies (Euros 40,061 thousand at 31 December 2017) (see note 8) are, in accordance with applicable legislation, restricted reserves which cannot be distributed until these development costs have been amortized. In July 2016 the Group acquired an additional 20% of the assets of Medion Diagnostics AG in exchange for 59,951 treasury stocks (Class B Shares) from its non-controlling interests. After these capital increases, Grifols’ interest rose to 100% in 2016. The difference between the share capital increase carried out by the Group and the non-controlling interest was recognized as a Euros 0.6 million decrease in reserves. In August 2016 Araclon Biotech, S.L. increased capital by an amount of Euros 6.7 million. As a result, the Group increased its investment from 70.83% to 73.22%. The difference between the share capital increase carried out by the Group and the non-controlling interest was recognized as a Euros 1.7 million decrease in reserves. On 12 December 2016, the Group subscribed a share capital increase in the capital of VCN Biosciences, S.L. of Euros 5 million. After this capital increase, Grifols interest rose to 81.34% in 2016. The difference between the share capital increase carried out by the Group and the non-controlling interest was recognized as a Euros 1 million decrease in reserves. In October 2017, the Group acquired 12,020 Progenika Biopharma, S.A. shares As a result, the Group has increased its investment from 89.25% to 90.23%. The difference between the share capital increase carried out by the Group and the non-controlling interest has been recognized as a Euros 374 thousand decrease in reserves. In June 2018, Grifols made the decision to divest in TiGenix and participated in the takeover bid made by Takeda in the first half of 2018. This divestment has generated a positive impact on reserves of Euros 4,900 thousand and a negative impact of Euros 4,900 thousand in "Other comprehensive income". In June 2018, Grifols executed the purchase option for 6.41% of the shares of Progenika owned by Ekarpen Private Equity, S.A. for an amount of Euros 5,300 thousand. As a result, the Group increased its interest from 90.23% to 96.64%. The difference between the acquisition carried out by the Group and the non-controlling interest was recognized in reserves. In September 2018, the Group acquired 41,387 shares of Progenika Biopharma, S.A for an amount of Euros 4,333 thousand. As a result, the Group increased its interest from 96.64% to 99.99%. The difference between the acquisition carried out by the Group and the non-controlling interest was recognized against reserves. At 31 December 2018 and 2017 reserves include the IFRS-EU first-time adoption revaluation reserves and legal reserve of certain Group companies. Legal reserve Companies in Spain are obliged to transfer 10% of each year’s profits to a legal reserve until this reserve reaches an amount equal to 20% of share capital. This reserve is not distributable to shareholders and may only be used to offset losses if no other reserves are available. Under certain conditions it may be used to increase share capital provided that the balance left on the reserve is at least equal to 10% of the nominal value of the total share capital after the increase. At 31 December 2018 and 2017 the legal reserve of the Company amounts to Euros 23,921 thousand, which corresponds to 20% of the share capital. Distribution of the legal reserves of Spanish companies is subject to the same restrictions as those of the Company and at 31 December 2018 the balance of the legal reserve of other Spanish companies amounts to Euros 2,527 thousand (Euros 2,416 thousand at 31 December 2017). Other foreign Group companies have a legal reserve amounting to Euros 843 thousand at 31 December 2018 (Euros 731 thousand at 31 December 2017). (d) Treasury stock At 31 December 2018 and December 2017 the Company does not have any Class A treasury stock. Movement in Class B treasury stock during 2017 was as follows: No. of Class B shares Thousands of Euros Balance at 1 January 2017 4,730,735 68,710 Disposal Class B shares (432,929) (6,288) Balance at 31 December 2017 4,297,806 62,422 Movement in Class B treasury stock during 2018 is as follows: No. of Class B shares Thousands of Euros Balance at 1 January 2018 4,297,806 62,422 Disposal Class B shares (479,355) (6,981) Balance at 31 December 2018 3,818,451 55,441 In March 2018 the Group delivered 480,661 treasury stocks (Class B shares) to eligible employees as compensation for the Restricted Share Unit Retention Plan (see note 29). In March 2017 the Group delivered 432,929 treasury stocks (Class B shares) to eligible employees as a compensation for the Restricted Share Unit Retention Plan (see note 29). The Parent held Class B treasury stock equivalent to 0.6% of its capital at 31 December 2018 (0.6% at 31 December 2017). (e) Distribution of profit The profits of Grifols, S.A. and subsidiaries will be distributed as agreed by respective shareholders at their general meetings. The proposed distribution of profit of the Parent Grifols, S.A. for the years ended 31 December 2018, and the distribution of profit approved for 2017, presented at the general meeting held on 25 May 2018, is as follows: Thousands of Euros 31/12/2018 31/12/2017 Voluntary reserve 91,059 76,247 Dividends 238,659 265,080 Profit of the Parent 329,718 341,327 The following dividends were paid in 2017: 31/12/2017 % of par value Euros per share Thousands of Euros Ordinary shares 54 % 0.14 57,790 Non-voting shares 271 % 0.14 34,870 Non-voting shares (preferred dividend) 20 % 0.01 2,614 Total dividends paid 95,274 31/12/2017 % of par value Euros per share Thousands of Euros Ordinary shares (interim dividend) 72 % 0.18 76,703 Non-voting shares (interim dividend) 360 % 0.18 46,283 Total interim dividends paid 122,986 The following dividends were paid in 2018: 31/12/2018 % of par value Euros per share Thousands of Euros Ordinary shares 82 % 0.20 86,929 Non-voting shares 408 % 0.20 52,551 Non-voting shares (preferred dividend) 20 % 0.01 2,614 Total dividends paid 142,094 31/12/2018 % of par value Euros per share Thousands of Euros Ordinary shares (interim dividend) 80 % 0.2 85,226 Non-voting shares (interim dividend) 400 % 0.2 51,521 Total interim dividends paid 136,747 At the meeting held on 26 October, 2018, the Board of Directors of Grifols approved the distribution of interim dividend for 2018, of Euros 0.20 for each Class A and B share, recognizing a total of Euros 136,747 thousand as interim dividend. At the meeting held on 27 October 2017, the Board of Directors of Grifols approved the distribution of interim dividend for 2017 of Euros 0.18 for each Class A and B share, recognizing a total of Euros 122,986 thousand as interim dividend. These amounts to be distributed did not exceed the profits generated by the Company since the end of the last reporting period, less the estimated income tax payable on these profits, in accordance with article 277 of the Revised Spanish Companies Act. The Statement of Liquidity for Distribution of Interim Dividend of Grifols, S.A. prepared in accordance with legal requirements and which shows the existence of sufficient liquidity to be able to distribute the aforementioned interim dividend is provided in Appendix V. At a general meeting held on 25 May 2018 the shareholders approved the distribution of a preferred dividend of Euros 0.01 for every Class B non-voting share. The distribution of the profit for the years ended 31 December 2017 and 2018 is presented in the consolidated statement of changes in equity. (f) Restricted Share Unit Retention Plan The Group has set up a Restricted Share Unit Retention Plan (hereinafter RSU Plan) for certain employees (see note 29). This commitment will be settled using equity instruments and the cumulative accrual amounts to Euros 12,652 thousand at 31 December 2018 (Euros 13,871 thousand at 31 December 2017).

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share
Earnings Per Share	(16) Earnings Per Share The calculation of basic earnings per share is based on the profit for the year attributable to the shareholders of the Parent divided by the weighted average number of ordinary shares in circulation throughout the year, excluding treasury stock. Details of the calculation of basic earnings per share are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Profit for the year attributable to shareholders of the Parent (thousands of Euros) 596,642 662,700 545,456 Weighted average number of ordinary shares outstanding 684,709,377 684,197,276 683,225,815 Basic earnings per share (Euros per share) 0.87 0.97 0.80 The weighted average of the ordinary shares outstanding (basic) has been calculated taking into consideration the share split carried out on 4 January 2016 as follows: Number of shares 31/12/2018 31/12/2017 31/12/2016 Issued shares outstanding at 1 January 684,346,294 683,854,491 683,516,338 Effect of shares issued — — — Effect of treasury stock 363,083 342,785 (290,523) Average weighted number of ordinary shares outstanding (basic) at 31 December 684,709,377 684,197,276 683,225,815 Diluted earnings per share are calculated by dividing profit for the year attributable to shareholders of the Parent by the weighted average number of ordinary shares in circulation considering the diluting effects of potential ordinary shares. The RSU Plan granted by the Group and payable in shares, assumes the existence of dilutive potential shares. Diluted earnings per share have been calculated as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Profit for the year attributable to shareholders of the Parent (thousands of Euros) 596,642 662,700 545,456 Weighted average number of ordinary shares outstanding (diluted) 684,686,164 684,243,891 684,170,887 Diluted earnings per share (Euros per share) 0.87 0.97 0.80 The weighted average number of ordinary shares outstanding diluted has been calculated as follows: Number of shares 31/12/2018 31/12/2017 31/12/2016 Issued shares outstanding at 1 January 684,346,294 683,854,491 683,988,460 Effect of RSU shares (23,213) 46,615 472,950 Effect of shares issued — — — Effect of treasury stock 363,083 342,785 (290,523) Average weighted number of ordinary shares outstanding (diluted) at 31 December 684,686,164 684,243,891 684,170,887

Non-Controlling Interests

Non-Controlling Interests	12 Months Ended
	Dec. 31, 2018
Non-Controlling Interests
Non-Controlling Interests	(17) Non-Controlling Interests Details of non-controlling interests and movement at 31 December 2017 are as follows: Thousands of Euros Business Combination / Additions to Balance at Consolidated Translation Balance at 31/12/2016 Additions Disposals Group differences 31/12/2017 Grifols (Thailand) Pte Ltd 3,354 433 (77) — (131) 3,579 Grifols Malaysia Sdn Bhd 1,172 229 — — (29) 1,372 Araclon Biotech, S.A. 140 (1,617) — — — (1,477) Progenika Biopharma, S.A. 1,211 (60) (298) — 27 880 Abyntek Biopharma, S.L. (73) 45 28 — — — VCN Bioscience, S.L 693 (272) -- — — 421 Kiro Grifols , S.L. — (144) -- 255 — 111 6,497 (1,386) (347) 255 (133) 4,886 Details of non-controlling interests and movement at 31 December 2018 are as follows: Thousands of Euros Business Combination / Additions to Balance at Consolidated Translation Balance at 31/12/2017 Additions Disposals Group differences 31/12/2018 Grifols (Thailand) Pte Ltd 3,579 193 (43) — 206 3,935 Grifols Malaysia Sdn Bhd 1,372 326 — — 37 1,735 Araclon Biotech, S.A. (1,477) (2,011) — — — (3,488) Progenika Biopharma, S.A. 880 — (871) — — 9 VCN Bioscience, S.L 421 (281) — — — 140 Kiro Grifols , S.L. 111 (463) — — — (352) Haema AG — — — 220,190 — 220,190 Biotest Pharma Corp — — — 249,691 (810) 248,881 4,886 (2,236) (914) 469,881 (567) 471,050

Grants

Grants	12 Months Ended
	Dec. 31, 2018
Grants
Grants	(18) Grants Details are as follows: Thousands of Euros 31/12/2018 31/12/2017 Capital grants 11,149 11,010 Interest rate grants (preference loans) (See note 20 (e)) 696 812 11,845 11,822 Interest-rate grants (preference loans) reflect the implicit interest on loans extended by the Spanish Ministry of Science and Technology as these are interest free. Grants totaling Euros 1,166 thousand have been recognized in the consolidated statement of profit and loss for the year ended at 31 December 2018 (Euros 323 thousand for the year ended at 31 December 2017).

Provisions

Provisions	12 Months Ended
	Dec. 31, 2018
Provisions
Provisions	(19) Provisions Details of provisions at 31 December 2018 and 2017 are as follows: Thousands of Euros 31/12/2018 31/12/2017 Non-current provisions (a) Provisions for pensions and similar obligations 5,296 4,742 Other provisions 818 1,021 Non-current provisions 6,114 5,763 Thousands of Euros 31/12/2018 31/12/2017 Current provisions (b) Trade provisions 80,055 106,995 Current provisions 80,055 106,995 (a) Non-current provisions At 31 December 2018, 2017 and 2016 provisions for pensions and similar obligations mainly comprise a provision made by certain foreign subsidiaries in respect of labor commitments with certain employees. Movement in provisions during 2016 was as follows: Thousands of Euros Balance at Translation Balance at 31/12/2015 Net charge Cancellations Reclassifications differences 31/12/2016 Non-current provisions 4,980 (399) (281) 814 4 5,118 4,980 (399) (281) 814 4 5,118 Movement in provisions during 2017 was as follows: Thousands of Euros Balance at Business Translation Balance at 31/12/2016 combination Net charge Cancellations Reclassifications differences 31/12/2017 Non-current provisions 5,118 23 422 (23) 290 (67) 5,763 5,118 23 422 (23) 290 (67) 5,763 Movement in provisions during 2018 is as follows: Thousands of Euros Balance at Translation Balance at 31/12/2017 Net charge Cancellations Reclassifications differences 31/12/2018 Non-current provisions 5,763 635 (565) 277 4 6,114 5,763 635 (565) 277 4 6,114 (b) Current provisions Movement in trade provisions during 2016 was as follows: Thousands of Euros Balance at Balance at 31/12/2015 Net charge Cancellations Translation differences 31/12/2016 Trade provisions 123,049 (28,481) (6,417) 1,437 89,588 123,049 (28,481) (6,417) 1,437 89,588 Movement in trade provisions during 2017 was as follows: Thousands of Euros Balance at Business Translation Balance at 31/12/2016 Combination Net charge Cancellations Reclassification differences 31/12/2017 Trade provisions 89,588 41,841 (4,812) (2,886) (2,600) (14,136) 106,995 89,588 41,841 (4,812) (2,886) (2,600) (14,136) 106,995 Movement in trade provisions during 2018 is as follows: Thousands of Euros Balance at Balance at 31/12/2017 Net charge Cancellations Translation differences 31/12/2018 Trade provisions 106,995 (30,668) (290) 4,018 80,055 106,995 (30,668) (290) 4,018 80,055

Financial Liabilities

Financial Liabilities	12 Months Ended
	Dec. 31, 2018
Financial Liabilities
Financial Liabilities	(20) Financial Liabilities This note provides information on the contractual conditions of the Group's financial liabilities, which are measured at amortized cost. For further information on exposure to interest rate risk, currency risk and liquidity risk and the fair values of financial liabilities, please refer to note 30. Details at 31 December 2018 and 2017 are as follows: Thousands of Euros Financial liabilities 31/12/2018 31/12/2017 Non-current obligations (a) 1,000,000 853,667 Senior secured debt (b) 4,771,285 4,849,882 Other loans (b) 239,686 169,214 Finance lease liabilities (c) 9,537 5,415 Other non-current financial liabilities (e) 78,955 23,637 Total non-current financial liabilities 6,099,463 5,901,815 Current obligations (a) 102,978 95,538 Senior secured debt (b) 129,955 4,057 Other loans (b) 24,839 29,527 Finance lease liabilities (c) 3,348 3,945 Other current financial liabilities (e) 16,262 22,003 Total current financial liabilities 277,382 155,070 In September 2018, Grifols obtained a new non-current loan from the European Investment Bank totaling Euros 85,000 thousand that will be used by Grifols to support its investments in R&D, mainly focused on the search for new therapeutic indications for plasma-derived protein therapies. The financial terms include a fixed interest rate, a maturity of 10 years with a grace period of 2 years. At 31 December 2018, the carrying amount of the loans obtained from the European Investment Bank amounts to Euros 244,375 thousand (Euros 170,000 thousand at 31 December, 2017). On 5 December 2017 the Group received a loan from the European Investment Bank totaling Euros 85 million, falling due in 10 years, at a fixed rate and with a grace period of 2 years. The loan will be used to support certain investments the Group's R&D which are mainly focused on searching for new applications for plasmatic proteins. On 28 October 2015, the Group received its first loan from the same entity and with the same terms for a total amount of Euros 100 million. On 18 April 2017 the Group concluded the refinancing process of the Senior Unsecured Notes. The total note issuance amounted to Euros 1,000 million. On 6 February 2017 the Group concluded the refinancing process of its senior debt. The total debt refinanced amounts to US Dollars 6,300 million (Euros 5,800 million), including the US Dollars 1,816 million loan obtained for the acquisition of Hologic's transfusional diagnostics unit. Following the refinancing process, Grifols’ debt structure consisted of a US Dollars 6,000 million non-current loan from institutional investors and banks segmented in two tranches (Term Loan A and Term Loan B), and a US Dollars 300 million undrawn revolving credit facility. Retrospectively as of 1 January 2018, Grifols has calculated the impact of the entry into force of the new IFRS 9 on the refinancing process of the Senior Unsecured Notes and the Senior debt, concluding that the refinancing of the notes caused a derecognition of the liability as they did not pass the new quantitative test, whereas the senior debt did not result in a derecognition of the liability. According to the IASB’s interpretation published in October 2017, when a financial liability measured at amortized cost is modified or exchanged and does not result in the derecognition of the financial liability, a gain or loss should be recognized in profit or loss, calculated as the difference between the original contractual cash flows from the liability and the modified cash flows, discounted at the original effective interest rate of the liability. Due to the retrospective effect of IFRS 9, any gains or losses from the modification of financial liabilities that arise from applying the new standard in years prior to 1 January 2018 have been recognized in reserves, generating a positive net impact of Euros 24,636 thousand (see note 2 (c)). (a) Senior Unsecured Notes On 18 April 2017, Grifols, S.A., issued US Dollars 1,000 million of Senior Unsecured Notes (the “Notes”) that will mature in 2025 and will bear annual interest at a rate of 3.20%. These notes replaced 97.1 % of the Senior Unsecured Notes issued in 2014 by Grifols Worldwide Operations Limited, a wholly-owned subsidiary of Grifols S.A., amounting to US Dollars 1,000 million, with a maturity in 2022 and with interest rate of 5.25% that was owned by a financial institution. The remaining 2.9% of the existing notes was redeemed before the exchange by an amount of Euros 26,618 thousand. The corresponding deferred costs of the notes have been recognized in profit and loss in 2017. On 2 May 2017 the Notes were admitted to listing on the Irish Stock Exchange. Due to the implementation of IFRS 9, the refinancing of unsecured corporate notes has resulted in the decrease of liabilities by not passing the new quantitative test (see note 2). Details of movement in the Senior Unsecured Notes at 31 December 2017 are as follows: Thousands of Euros Opening outstanding Translation Closing outstanding balance 01/01/17 Refinancing Repayments differences balance 31/12/17 Senior Unsecured Notes (nominal amount) 948,677 108,597 (26,618) (30,656) 1,000,000 Total 948,677 108,597 (26,618) (30,656) 1,000,000 At 31 December 2018 and 2017 the current obligations caption includes the issue of bearer promissory notes to Group employees, as follows: 31/12/2017 Promissory Interest Nominal amount notes subscribed Buy back pending accrual Maturity of promissory Interest (Thousands of (Thousands of (Thousands of Issue date date notes (Euros) rate Euros) Euros) Euros) Issue of bearer promissory notes 05/05/17 04/05/18 3,000 3.00 % 92,109 (906) (909) 31/12/2018 Promissory Interest Nominal amount notes subscribed Buy back pending accrual Maturity of promissory Interest (Thousands of (Thousands (Thousands of Issue date date notes (Euros) rate Euros) of Euros) Euros) Issue of bearer promissory notes 05/05/18 04/05/19 3,000 4.00 % 99,990 (1,041) (1,304) (b) Loans and borrowings Details of loans and borrowings at 31 December 2018 and 2017 are as follows: Thousands of Euros 31/12/2018 31/12/2017 Credit Currency Interest rate Date awarded Maturity date Amount extended Carrying amount Amount extended Carrying amount Senior debt - Tranche A US Dollars Libor + 1.75% 31/01/2017 31/01/2023 2,052,403 1,949,782 1,959,476 1,959,476 Senior debt - Tranche A Euros Euribor + 1.75% 31/01/2017 31/01/2023 607,000 576,650 607,000 607,000 Senior debt - Tranche B US Dollars Libor + 2.25% 31/01/2017 31/01/2025 2,620,087 2,548,035 2,501,459 2,457,684 Total senior debt 5,279,490 5,074,467 5,067,935 5,024,160 EIB Loan Euros 2.40% 20/11/2015 20/11/2025 100,000 63,750 100,000 74,375 EIB Loan Euros 2.02% 22/12/2017 22/12/2027 85,000 85,000 85,000 85,000 EIB Loan Euros 2.15% 25/09/2018 25/09/2028 85,000 85,000 — — Total EIB Loan 270,000 233,750 185,000 159,375 Revolving Credit US Dollars Libor + 1.75% 31/01/2017 31/01/2023 262,009 — 250,146 — Total Revolving Credit 262,009 — 250,146 — Other non-current loans Euros Euribor-Euribor+2.30% 25/03/2010 30/09/2024 26,680 5,936 33,180 9,839 Loan transaction costs — (303,182) — (174,278) Non-current loans and borrowings 5,838,179 5,010,971 5,536,261 5,019,096 Senior debt - Tranche A US Dollars Libor + 1.75% 31/01/2017 31/01/2023 (*) 102,621 (*) — Senior debt - Tranche A Euros Euribor + 1.75% 31/01/2017 31/01/2023 (*) 30,350 (*) — Senior debt - Tranche B US Dollars Libor + 2.25% 31/01/2017 31/01/2025 (*) 26,201 (*) 25,015 Total senior debt — 159,172 — 25,015 EIB Loan Euros 2.40% 20/11/2015 20/11/2025 (*) 10,625 (*) 10,625 Total EIB Loan — 10,625 — 10,625 Other current loans 0,10% - 4,62% 144,571 14,214 131,700 18,902 Loan transaction costs — (29,217) — (20,958) Current loans and borrowings 144,571 154,794 131,700 33,584 (*) Current loans and borrowings include accrued interest amounting to Euros 2,546 thousand at 31 December 2018 (Euros 1,713 thousand at 31 December 2017). On 6 February 2017 the Group refinanced its Senior Secured Debt with the existing lenders and obtained the additional debt for the acquisition of Hologic by an amount of US Dollars 1,816 million. The new senior debt consisted of a Term Loan A (“TLA”), which amounted US Dollars 2,350 million and Euros 607 million with a 1.75% margin over Libor and Euribor respectively and maturity in 2023 and quasi-bullet amortization structure, and a Term Loan B (“TLB”) which amounted US Dollars 3,000 million with a 2.25% margin over Libor and maturity in 2025. The borrowers of the total debt are Grifols Worldwide Operations Limited and Grifols, S.A. for the Term Loan A and Grifols Worldwide Operations USA, Inc. for the Term Loan B. The present value discounted from cash flows under the new agreement, including any fees paid and discounted using the original effective interest rate differed by less than 10% of the present value discounted from cash flows remaining in the original debt, whereby it is considered that the debt instrument has not been substantially modified. The costs of refinancing the senior debt amounted to Euros 84.8 million. Based on an analysis of the quantitative and qualitative factors, the Group concluded that the renegotiation of the terms of the senior debt did not imply a derecognition of the liability. The difference between the amortized cost of the debt applying the new IFRS 9 is Euros 332,399 thousand less than its nominal amount. The terms and conditions of the senior secured debt are as follows: · Tranche A: six year loan divided into two tranches: US Tranche A and Tranche A in Euros. · US Tranche A : · Original principal amount of US Dollars 2,350 million. · Applicable margin of 175 basis points (bp) linked to US Libor. · Quasi-bullet amortization structure. · Maturity in 2023. · Tranche A in Euros : · Original principal amount of Euros 607 million. · Applicable margin of 175 basis ponts (bp) linked to Euribor. · Quasi-bullet amortization structure. · Maturity in 2023. Details of Tranche A by maturity at 31 December 2018 are as follows: US Tranche A Tranche A in Euros Maturity Principal in thousands of US Dollars Principal in thousands of Euros Principal in thousands of Euros 2019 117,500 102,621 30,350 2020 235,000 205,240 60,700 2021 235,000 205,240 60,700 2022 1,321,875 1,154,476 341,437 2023 440,625 384,826 113,813 Total 2,350,000 2,052,403 607,000 · Tranche B : Senior Debt Loan repayable in eight years. · US Tranche B : · Original principal amount of US Dollars 3,000 million. · Applicable margin of 225 basis points (bp) linked to US Libor. · Quasi-bullet amortization structure. · Maturity in 2025. Details of Tranche B by maturity at 31 December 2018 are as follows: US Tranche B Principal in thousands Principal in thousands Maturity Currency of US Dollars of Euros 2019 US Dollars 30,000 26,201 2020 US Dollars 30,000 26,201 2021 US Dollars 30,000 26,201 2022 US Dollars 30,000 26,201 2023 US Dollars 30,000 26,201 2024 US Dollars 30,000 26,201 2025 US Dollars 2,767,500 2,417,030 Total US Dollars 2,947,500 2,574,236 · US Dollars 300 million committed credit revolving facility: Amount maturing on 2023 and applicable margin of 175 basis points (bp) pegged to US Libor. At 31 December 2018 and 2017 no amount has been drawn down on this facility. The issue of senior unsecured notes and senior secured debt is subject to compliance with a leverage ratio covenant. At 31 December 2018 the Group complies with this covenant. Both the Senior Term Loans and the Revolving Loans are guaranteed by Grifols, S.A. and certain significant subsidiaries of Grifols, S.A. that together with Grifols, S.A. represent, in the aggregate, at least 80% of the consolidated assets and consolidated EBITDA of Grifols, S.A. and its subsidiaries. The Notes have been issued by Grifols S.A. and are guaranteed on a senior unsecured basis by subsidiaries of Grifols, S.A. that are guarantors and co-borrower under the New Credit Facilities. The guarantors are Grifols Worldwide Operations Limited, Biomat USA, Inc., Grifols Biologicals Inc., Grifols Shared Services North America, Inc., Grifols Diagnostic Solutions Inc., Grifols Therapeutics, Inc., Instituto Grifols, S.A., Grifols Worldwide Operations USA, Inc and Grifols USA, Llc. (c) Finance lease liabilities Details of minimum payments and the present value of finance lease liabilities, by maturity date, are as follows: Thousands of Euros 31/12/2018 31/12/2017 Minimum Minimum payments Interest Present Value payments Interest Present Value Maturity at: Less than one year 3,576 228 3,348 4,305 360 3,945 Two years 3,339 123 3,216 2,636 179 2,457 Three years 2,606 82 2,524 1,461 88 1,373 Four years 1,971 53 1,918 814 60 754 Five years 1,578 32 1,546 369 42 327 More than five years 351 18 333 550 46 504 Total 13,421 536 12,885 10,135 775 9,360 (d) Credit rating In December 2018 and December 2017 Moody’s Investors Service has confirmed the ‘Ba3’ corporate family rating, ‘Ba2’ rating to the senior secured bank debt and ‘B2’ rating to the unsecured notes that were used to refinance the existing debt structure. The outlook is confirmed as stable. In December 2018 and December 2017 Standard & Poor’s has confirmed its ‘BB’ rating on Grifols and has assigned ‘BB+’ and ‘B+’ issue ratings to Grifols’ senior secured debt and senior unsecured notes that were used to refinance the existing debt structure. The outlook for the rating is stable. (e) Other financial liabilities At 31 December 2018 “other financial liabilities” include interest-free loans extended by governmental institutions amounting to Euros 16,559 thousand (Euros 20,306 thousand at 31 December 2017). The portion of the loans considered a grant and still to be taken to profit and loss amounts to Euros 696 thousand (Euros 812 thousand at 31 December 2017) (see note 18). At 31 December 2017, "other current financial liabilities” included an amount of Euros 5,000 thousand related to the remaining call option extended by the Group and the shareholders of Progenika with maturity in 2018. This option was executed in June 2018. At 31 December 2018 and 2017 “other current financial liabilities” also include approximately Euros 6,704 thousand and Euros 3,056 thousand, respectively, which have been collected directly from Spanish Social Security affiliated bodies and transferred to financial institutions (see note 13). Details of the maturity of other financial liabilities are as follows: Thousands of Euros 31/12/2018 31/12/2017 Maturity at: Up to one year 16,262 22,003 Two years 21,460 10,818 Three years 49,602 3,787 Four years 2,916 2,794 Five years 1,799 2,247 Over five years 3,178 3,991 95,217 45,640 (f) Changes in liabilities derived from financing activities Thousand of Euros Senior Secured debt & Other Finance lease Other financial Obligations loans liabilities liabilities Total Book value at January 1, 2017 926,941 3,948,154 9,945 57,096 4,942,136 New financing 1,092,109 5,666,300 — 8,661 6,767,070 Refunds (1,003,104) (3,936,799) (780) (21,838) (4,962,521) Bear of interests 61,944 198,588 505 1,020 262,057 Other movements (57,484) (84,917) — — (142,401) Collection / Payment of interests (44,432) (162,647) — — (207,079) Business combination — — — 2,163 2,163 Foreign exchange differences (26,769) (575,999) (310) (1,462) (604,540) Balance at December 31, 2017 949,205 5,052,680 9,360 45,640 6,056,885 New financing 99,990 85,000 — 6,789 191,779 Refunds (92,244) (45,225) (1,001) (20,041) (158,511) Bear of interests 31,694 253,673 409 865 286,641 Other movements (note 2) 146,333 (141,998) — — 4,335 Collection / Payment of interests (32,000) (193,146) — — (225,146) Business combination — — 4,007 57,816 61,823 Foreign exchange differences — 154,781 110 4,148 159,039 Balance at December 31, 2018 1,102,978 5,165,765 12,885 95,217 6,376,845

Trade and Other Payables

Trade and Other Payables	12 Months Ended
	Dec. 31, 2018
Trade and Other Payables
Trade and Other Payables	(21) Trade and Other Payables Details are as follows: Thousands of Euros 31/12/2018 31/12/2017 Suppliers 561,883 423,096 VAT payable 8,954 8,827 Taxation authorities, withholdings payable 26,299 24,084 Social security payable 12,787 11,741 Other public entities 111,776 97,068 Other payables 159,816 141,720 Current income tax liabilities 1,917 6,709 723,616 571,525 Suppliers Details of balances with related parties are shown in note 31. The Group’s exposure to currency risk and liquidity risk associated with trade and other payables is described in note 30.

Other Current Liabilities

Other Current Liabilities	12 Months Ended
	Dec. 31, 2018
Other Current Liabilities
Other Current Liabilities	(22) Other Current Liabilities Details at 31 December are as follows: Thousands of Euros 31/12/2018 31/12/2017 Salaries payable 153,160 129,519 Other payables 504 649 Deferred income 8,912 4,284 Advances received 6,613 9,945 Other current liabilities 169,189 144,397

Net Revenues

Net Revenues	12 Months Ended
	Dec. 31, 2018
Net Revenues
Net Revenues	(23) Net Revenues Net revenues are mainly generated from the sale of goods. The distribution of net consolidated revenues for 2018, 2017 and 2016 by segment is as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Bioscience 3,516,704 3,429,785 3,195,424 Diagnostic 702,265 732,369 691,701 Hospital 119,454 105,649 102,251 Bio supplies 167,004 66,791 57,239 Others 22,451 18,263 34,601 Intersegments (41,154) (34,784) (31,386) 4,486,724 4,318,073 4,049,830 As a result of the creation of Bio Supplies segment and the Intersegments in 2017, the Group has reviewed the allocation of balances and transactions by segments. The comparative figures for 2016 have been restated accordingly. The geographical distribution of net consolidated revenues is as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 USA and Canada 2,974,429 2,896,505 2,707,579 Spain 264,913 242,894 225,273 European Union 535,361 444,089 426,223 Rest of the world 712,021 734,585 690,755 Consolidated 4,486,724 4,318,073 4,049,830 Details of discounts and other reductions in gross income are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Gross sales 5,588,257 5,322,618 4,882,615 Chargebacks (923,023) (826,775) (652,564) Cash discounts (62,518) (57,512) (51,953) Volume rebates (46,922) (43,274) (51,242) Medicare and Medicaid (40,343) (41,722) (47,820) Other discounts (28,727) (35,262) (29,206) Net sales 4,486,724 4,318,073 4,049,830 Movement in discounts and other reductions in gross income during 2016 were as follows: Thousands of Euros Cash Volume Medicare / Other Chargebacks discounts rebates Medicaid discounts Total Balance at 31 December 2015 126,178 5,902 29,680 12,468 5,367 179,595 Current estimate related to sales made in current and prior year 652,564 51,953 51,242 47,820 29,206 832,785 (1) (Actual returns or credits in current period related to sales made in current period) (693,458) (51,733) (27,409) (24,988) (27,243) (824,831) (2) (Actual returns or credits in current period related to sales made in prior periods) — (248) (27,732) (14,401) (2,986) (45,367) (3) Translation differences 1,965 758 726 858 98 4,405 Balance at 31 December 2016 87,249 6,632 26,507 21,757 4,442 146,587 Movement in discounts and other reductions to gross income during 2017 were as follows: Thousands of Euros Cash Volume Medicare / Other Chargebacks discounts rebates Medicaid discounts Total Balance at 31 December 2016 87,249 6,632 26,507 21,757 4,442 146,587 Current estimate related to sales made in current and prior year 826,775 57,512 43,274 41,722 35,262 1,004,545 (1) (Actual returns or credits in current period related to sales made in current period) (795,449) (52,270) (28,976) (28,198) (26,072) (930,965) (2) (Actual returns or credits in current period related to sales made in prior periods) 31 (6,024) (20,210) (16,659) (2,864) (45,726) (3) Translation differences (12,716) (736) (2,604) (2,418) (625) (19,099) Balance at 31 December 2017 105,890 5,114 17,991 16,204 10,143 155,342 Movement in discounts and other reductions to gross income during 2018 were as follows: Thousands of Euros Cash Volume Medicare / Other Chargebacks discounts rebates Medicaid discounts Total Balance at 31 December 2017 105,890 5,114 17,991 16,204 10,143 155,342 Current estimate related to sales made in current and prior year 923,023 62,518 46,922 40,343 28,727 1,101,533 (1) (Actual returns or credits in current period related to sales made in current period) (957,695) (56,568) (24,648) (21,324) (26,493) (1,086,728) (2) (Actual returns or credits in current period related to sales made in prior periods) — (4,909) (16,384) (13,232) (3,781) (38,306) (3) Translation differences 3,957 286 916 950 241 6,350 Balance at 31 December 2018 75,175 6,441 24,797 22,941 8,837 138,191 (1) Net impact in income statement: estimate for the current year plus prior years’ adjustments. Adjustments made during the year corresponding to prior years’ estimates have not been significant. (2) Amounts credited and posted against provisions for current period (3) Amounts credited and posted against provisions for prior period

Personnel Expenses

Personnel Expenses	12 Months Ended
	Dec. 31, 2018
Personnel Expenses
Personnel Expenses	(24) Personnel Expenses Details of personnel expenses by function are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Cost of sales 810,512 731,192 635,577 Research and development 93,817 90,495 77,988 Selling, general & administration expenses 345,224 323,880 314,348 1,249,553 1,145,567 1,027,913 Details by nature are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Wages and salaries 1,000,682 917,810 822,384 Contributions to pension plans (see note 29) 21,363 20,347 18,486 Other social charges 29,055 27,679 25,074 Social Security 198,453 179,731 161,969 1,249,553 1,145,567 1,027,913

Expenses by Nature

Expenses by Nature	12 Months Ended
	Dec. 31, 2018
Expenses by Nature
Expenses by Nature	(25) Expenses by Nature (a) Amortization and depreciation Expenses for the amortization and depreciation of intangible assets and property, plant and equipment, incurred during 2018, 2017 and 2016 classified by functions are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Cost of sales 146,530 135,186 126,998 Research and development 19,836 14,721 13,050 Selling, general & administration expenses 62,243 65,583 61,821 228,609 215,490 201,869 (b) Other operating income and expenses Other operating income and expenses incurred during 2018, 2017 and 2016 by function are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Cost of sales 432,803 416,020 454,097 Research and development 152,670 129,579 113,078 Selling, general & administration expenses 410,753 460,959 393,523 996,226 1,006,558 960,698 Details by nature are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Changes in trade provisions (23,125) 3,648 (22,069) Professional services 211,305 211,579 190,003 Commissions 21,941 18,473 20,147 Supplies and auxiliary materials 149,831 131,932 119,014 Operating leases (note 28) 84,299 80,136 74,945 Freight 112,340 105,292 96,680 Repair and maintenance expenses 107,806 103,518 89,797 Advertising 44,659 49,893 51,233 Insurance 22,632 21,529 20,008 Royalties 10,726 11,241 9,217 Travel expenses 51,428 58,171 53,239 External services 53,391 82,699 43,231 R&D Expenses 100,889 89,977 78,379 Other 48,104 38,470 136,874 Other operating income&expenses 996,226 1,006,558 960,698

Finance Result

Finance Result	12 Months Ended
	Dec. 31, 2018
Finance Result
Finance Result	(26) Finance Result Details are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Finance income 13,995 9,678 9,934 Finance cost from Senior Unsecured Notes (35,471) (65,189) (73,491) Finance cost from senior debt (247,646) (193,183) (168,332) Finance cost from sale of receivables (note 13) (6,053) (3,973) (4,885) Capitalized interest 8,955 8,839 13,019 Other finance costs (13,058) (9,838) (11,140) Finance costs (293,273) (263,344) (244,829) Change in fair value of financial derivatives (note 30) — (3,752) (7,610) Impairment and gains / (losses) on disposal of financial instruments 30,280 (18,844) — Exchange differences (8,246) (11,472) 8,916 Finance result (257,244) (287,734) (233,589) On 29 January 2018 (prior to the date on which the 2017 consolidated Financial statements were authorized to issue) Aradigm communicated that it had not obtained the approval of the Antimicrobial Drugs Advisory Committee of the US Food and Drug Administration for Linahiq TM . As a result, the financial assets related to the convertible note of Aradigm have been totally impaired totaling Euros 14,477 thousand at 31 December 2017. This amount was recognized in “Impairment and gains/(losses) on disposal of financial instruments” in the consolidated statement of profit and loss. During 2018 the Group has capitalized interest at a rate of between 4.61% and 5.18% based on the financing received (between 4.26% and 4.87% during 2017) (see note 4 (f)).

Taxation

Taxation	12 Months Ended
	Dec. 31, 2018
Taxation
Taxation	(27) Taxation Grifols, S.A. is authorized to file consolidated tax returns in Spain with Diagnostic Grifols, S.A., Grifols Movaco, S.A., Laboratorios Grifols, S.A., Instituto Grifols, S.A., Grifols Worldwide Operations Spain, S.A. (formerly Logister, S.A), Biomat, S.A., Grifols Viajes, S.A., Grifols International, S.A., Grifols Engineering, S.A., Gri-Cel, S.A., Gripdan Invest, S.L. and VCN Biosciences, S.L. Grifols, S.A., in its capacity as Parent, is responsible for the filing and settlement of the consolidated tax return. Under prevailing tax law, Spanish companies pay 25% tax, which may be reduced by certain deductions. The North American company Grifols Shared Services North America, Inc. is also authorized to file consolidated tax returns in the USA with Grifols Biologicals Inc., Grifols USA, LLC., Biomat USA, Inc., Grifols Therapeutics Inc. and Talecris Plasma Resources, Inc. The profits of the companies domiciled in the USA, determined in accordance with prevailing tax legislation, are subject to tax of approximately 22.4% of taxable income, which may be reduced by certain deductions. (a) Reconciliation of accounting and taxable income Details of the income tax expense and income tax related to profit for the year are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Profit before income tax from continuing operations 725,842 695,722 712,752 Tax at 25% 181,461 173,931 178,188 Permanent differences (2,000) 17,163 8,019 Effect of different tax rates (29,543) 40,981 14,509 Tax credits (deductions) (18,226) (16,092) (20,163) Impact related to the US tax legistation modifications — (171,169) — Prior year income tax expense 381 (8,614) 928 Other income tax expenses/(income) (637) (1,792) (13,272) Total income tax expense 131,436 34,408 168,209 Deferred tax (21,189) (149,444) (40,161) Current tax 152,625 183,851 208,370 Total income tax expense 131,436 34,407 168,209 The effect of the different tax rates is basically due to a change of country mix in profits On 22 December 2017, a tax reform was approved in the United States that took effect on 1 January 2018. The Group carried out an exercise to identify changes in the tax reform affecting its subsidiaries in the USA and an assessment of the impact that these changes will have on the manner in which the deferred taxes will revert as of 31 December 2017. In the analysis performed, the main impact comes from the change in tax rates to be applied to deferred taxes as of 31 December 2017, which have fallen from a rate of 35% to 21% for fiscal years beginning on or after 1 January 2018. The impact recorded in the "income tax expense" caption amounted to Euros 171 million in 2017. (b) Deferred tax assets and liabilities Details of deferred tax assets and liabilities are as follows: Thousands of Euros Tax effect 31/12/2018 31/12/2017 31/12/2016 Assets Provisions 7,936 4,564 3,696 Inventories 41,029 35,619 39,297 Tax credits (deductions) 57,357 49,467 37,685 Tax loss carryforwards 32,769 6,179 10,717 Other 8,611 7,513 3,393 Subtotal, assets 147,702 103,342 94,788 Goodwill (24,691) (22,346) (19,136) Fixed assets, amortisation and depreciation (3,922) (7,780) (7,062) Intangible assets (6,550) (7,059) (1,371) Subtotal, net liabilities (35,163) (37,185) (27,569) Deferred assets, net 112,539 66,157 67,219 Liabilities Goodwill (150,644) (105,963) (131,039) Intangible assets (220,752) (201,921) (392,388) Fixed assets (99,819) (95,029) (158,060) Debt cancellation costs (42,319) (70,503) (64,762) Inventories — — (1,175) Subtotal, liabilities (513,534) (473,416) (747,424) Tax loss carryforwards 20,833 15,384 40,358 Provisions 53,290 47,404 61,252 Inventories 5,644 5,063 — Other 29,369 16,653 45,168 Subtotal, net assets 109,135 84,504 146,778 Net deferred Liabilities (404,398) (388,912) (600,646) Movement in deferred tax assets and liabilities is as follows: Thousands of Euros Deferred tax assets and liabilities 31/12/2018 31/12/2017 31/12/2016 Balance at 1 January (322,755) (533,427) (564,771) Movements during the year 21,189 149,444 40,161 Movements in equity during the year — — — Business combination (note 3) 21,328 16,736 — Translation differences (11,621) 44,492 (8,817) Balance at 31 December (291,859) (322,755) (533,427) The Spanish companies have opted to apply accelerated depreciation to certain additions to property, plant and equipment, which has resulted in the corresponding deferred tax liability. The remaining assets and liabilities recognized in 2018, 2017 and 2016 were recognized in the statement of profit and loss. Estimated net deferred tax assets to be reversed in a period of less than 12 months amount to Euros 27,097 thousand at 31 December 2018 (Euros 51,930 thousand at 31 December 2017). The majority of the tax deductions pending application from Spanish companies related mainly to research and development, mature in 18 years. Tax credits derived from the US companies are available for 20 years from their date of origin whilst tax credits from Spanish companies registered in the Basque Country are available for 15 years and other remaining Spanish companies have no maturity date. The Group has not recognized as deferred tax assets the tax effect of the unused tax loss carryforwards of Group companies, which amount to Euros 55,282 thousand (Euros 51,169 thousand at 31 December 2017). The commitments from Spanish companies from the reversal of deferred tax related to provisions of investments in subsidiaries are not significant. (c) Years open to inspection Under prevailing legislation, taxes cannot be considered to be definitively settled until the returns filed have been inspected by the taxation authorities, or the prescription period has elapsed. The main tax audits currently open in the Group are as follows: · Grifols Shared Services North America, Inc. and subsidiaries: notification of an inspection of State Income Tax in North Carolina and New York states (fiscal years 2012 to 2015). During 2017, this inspection was closed and the Group without any significant adjustment. · Grifols Shared Services North America, Inc. and subsidiaries: In 2018 has been notified of an inspection related to the State Income Tax of the fiscal year 2016. Group management does not expect any significant liability to derive from these inspections.

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2018
Operating Leases
Operating Leases	(28) Operating Leases (a) Operating leases (as lessee) At 31 December 2018, 2017 and 2016 the Group leases buildings and warehouses from third parties under operating leases. Operating lease instalments of Euros 84,299 thousand were recognized as an expense in 2018 (Euros 80,136 thousand in 2017 and Euros 74,945 thousand in 2016) and fully comprise minimum lease payments. Future minimum payments on non-cancellable operating leases at 31 December 2018, 2017 and 2016 are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Maturity at: Up to 1 year 63,959 46,541 56,869 Between 1 and 5 years 200,156 156,897 181,076 More than 5 years 136,464 58,905 112,986 Total future minimum payments 400,579 262,343 350,931 (b) Operating leases (as lessor) At 31 December 2018, 2017 and 2016 the Group has no lease contracts as lessor.

Other Commitments with Third Pa

Other Commitments with Third Parties and Other Contingent Liabilities	12 Months Ended
	Dec. 31, 2018
Other Commitments with Third Parties and Other Contingent Liabilities
Other Commitments with Third Parties and Other Contingent Liabilities	(29) Other Commitments with Third Parties and Other Contingent Liabilities (a) Guarantees The Group has no significant guarantees extended to third parties. (b) Guarantees committed with third parties The Group has no significant guarantees extended to third parties, except for those described in note 20. (c) Obligations with personnel The Group’s annual contribution to defined contribution pension plans of Spanish Group companies for 2018 has amounted to Euros 777 thousand (Euros 725 thousand for 2017). In successive years this contribution will be defined through labor negotiations. In the event that control is taken of the Company, the Group has agreements with 69 employees/directors whereby they can unilaterally rescind their employment contracts with the Company and are entitled to termination benefits ranging from 2 to 5 years’ salary. The Group has contracts with six executives entitling them to termination benefits ranging from one to four years of their salary in different circumstances. Restricted Share Unit Retention Plan For the annual bonus, the Group established a Restricted Share Unit Retention Plan (RSU Plan), for eligible employees. Under this plan, employees can choose to receive up to 50% of their yearly bonus in non-voting Class B ordinary shares (Grifols Class B Shares) or Grifols American Depositary Shares (Grifols ADS), and the Group will match this with an additional 50% of the employee’s choice of RSUs. Grifols Class B Shares and Grifols ADS are valued at grant date. These RSU’s will have a vesting period of 2 years and 1 day and, subsequently, the RSU’s will be exchanged for Grifols Class B Shares or Grifols ADS (American Depositary Share representing 1 Class B Share). If an eligible employee leaves the Company or is terminated before the vesting period, he/she will not be entitled to the additional RSU’s. At 31 December 2018, the Group has settled the RSU plan of 2015 for an amount of Euros 7,914 thousand. This commitment is treated as equity instrument and the amount totals Euros 12,652 thousand at 31 December 2018 (Euros 13,871 thousand at 31 December 2017). Savings plan and profit-sharing plan The Group has a defined contribution plan (savings plan), which qualifies as a deferred salary arrangement under Section 401 (k) of the Internal Revenue Code (IRC). Once eligible, employees may elect to contribute a portion of their salaries to the savings plan, subject to certain limitations. The Group matches 100% of the first 3% of employee contributions and 50% of the next 2%. Group and employee contributions are fully vested when contributed. The total cost of matching contributions to the savings plan was US Dollars 20.7 million for 2018 (US Dollars 18.9 million in 2017). Other plans The Group has a defined benefit pension plan for certain Talecris Biotherapeutics, GmbH employees in Germany as required by statutory law. The pension cost relating to this plan is not material for the periods presented. (d) Purchase commitments Details of the Group’s commitments at 31 December 2018 are as follows: Thousands of Euros 2019 179,766 2020 166,163 2021 149,318 2022 4,143 2023 1,067 More than 5 years (e) Judicial procedures and arbitration Details of legal proceedings in which the Company or Group companies are involved are as follows: · bioMérieux, S.A., et ano. v. Hologic, Inc. et al., Case No. 1:17-cv-102 (M.D.N.C); Case No. 18-21-LPS-CJB (D. Del.): On 3 February 2017, bioMérieux, S.A and bioMérieux, Inc. filed suit against Hologic, Inc. (“Hologic”), Grifols, S.A. (“GSA”), and GDS in the U.S. District Court for the Middle District of North Carolina, alleging infringement of U.S. Patent Nos. 8,697,352 and 9,074,262 by virtue of defendants’ activities with respect to the Procleix HIV-1/HCV Assay®, Procleix Ultrio Assay®, and Procleix Ultrio Plus® products. Hologic and GDS filed a motion to dismiss for failure to state a claim on 3 April 2017. As a result of a claim of improper venue, the case was transferred to the U.S. District Court for the District of Delaware in early 2018. Hologic and GDS pursued defenses of failure to state a claim, non-infringement, invalidity, and that the infringement claims are contractually barred under a Non-Assertion Agreement. On 31 May 2018, Hologic, GDS and GSA filed a motion to sever and stay their contractual defense under the Non-Assertion Agreement pending resolution of the liability issues. Hologic and GDS filed a Motion to Dismiss for failure to state a claim and GSA filed a Motion to Dismiss for lack of personal jurisdiction. The Court denied Hologic's and GDS' Motions to Dismiss on 25 September 2018, and denied GSA's Motion to Dismiss on 26 September 2018. On September 28, 2018, bioMérieux filed an amended complaint. Requests for Institution of Inter Parties Review were filed by Hologic with the Patent and Trademark Appeals Board on 12 February 2018, and were also denied. Requests for rehearing of the Patent and Trademark Appeals Decisions were filed on 10 September 2018 and 24 September 2018. Discovery has been initiated and is scheduled to be completed by 15 February 2019. Based on the amounts as of today's date, the Group does not believe that the aforementioned litigation could result in a material impact on these financial statements. · Enzo Life Sciences, Inc. v. Hologic, Inc. et al., Case No. 1:16-cv-00894-LPS (D. Del.): On 4 October 2016, Enzo Life Sciences, Inc. (“Enzo”) filed suit against Hologic in the U.S. District Court for the District of Delaware, alleging infringement of U.S. Patent No. 6,221,581 (the "'581 Patent") by virtue of Hologic’s activities with respect to Progensa®, Procleix®, and Aptima®products. On 9 November 2017, the Court granted Enzo’s motion to amend its complaint to add GSA and GDS as defendants with respect to the Procleix® products at issue. Hologic and GDS answered the complaint, alleging non-infringement and invalidity among their defenses. GSA filed a Motion to Dismiss for lack of personal jurisdiction, which was denied on 26 September 2018. A Request for Institution of Inter Parties Review was also filed by Hologic and denied by the Patent and Trademark Appeals Board on 18 April 2018. Trial was scheduled for September 2019. Fact discovery was nearly complete and depositions of key witnesses were scheduled. However, these activities were taken off calendar at the request of Enzo after issuance of the 15 October 2018 Court Order and Opinion on Claim Construction narrowing the scope of the ‘581 Patent claims such that the products at issue would not infringe the ‘581 Patent. On 5 November 2018, the Court entered final judgement in favor of Hologic, GSA and GDS following the filing of a Joint Stipulation of Noninfringement. Enzo intends to appeal the Court’s claim construction ruling. Based on the amounts as of today's date, the Group does not believe that the aforementioned litigation could result in a material impact on these financial statements. · Concerning the acquisition in 2014 of the transfusional Diagnostic unit and after an internal investigation by the Company, no abnormal commercial or contractual practices have been found.

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2018
Financial Instruments
Financial Instruments	(30) Financial Instruments Classification Disclosure of financial instruments by nature, category and fair value is as follows: Thousand of Euros 31/12/2017 Carrying amount Fair Value Financial Available for Loans and instruments sale financial Debts and receivables held for trading assets payables Total Level 1 Level 2 Level 3 Total Non-current financial assets — — — 38,708 — — 38,708 Financial derivatives — — — 8,338 — — 8,338 8,338 Financial assets measured at fair value — — 47,046 Non-current financial assets — — — 22,843 Other current financial assets — — — 10,738 Trade and other receivables — — — 304,864 Cash and cash equivalents — — — 886,521 Financial assets not measured at fair value — — — 1,224,966 Senior Unsecured Notes — — — (858,911) (858,911) (1,018,130) — — (1,018,130) Promissory Notes — — — (90,294) (90,294) Senior secured debt — — — (4,853,939) (4,853,939) — (5,063,769) — (5,063,769) Other bank loans — — — (198,741) (198,741) Finance lease payables — — — (9,360) (9,360) Other financial liabilities — — — (45,640) (45,640) Trade and other payables — — — (423,096) (423,096) Other current liabilities — — — (14,879) (14,879) Financial liabilities not measured at fair value — — — (6,494,860) (6,494,860) 1,224,966 8,338 38,708 (6,494,860) (5,222,848) The Group does not provide details of the fair value of certain financial instruments as their carrying amount is very similar to their fair value because of its short term. Thousand of Euros 31/12/2018 Carrying amount Fair Value Financial assets Financial Financial Other at amortised assets at liabilities at financial costs FVTPL amortised costs liabilities Total Level 1 Level 2 Level 3 Total Non-current financial assets — 7 — — 7 7 — — 7 Current Financial derivatives — 19,934 — — 19,934 — — 19,934 19,934 Financial assets measured at fair value — 19,941 — — 19,941 Non-current financial assets 107,594 — — — 107,594 Other current financial assets 34,031 — — — 34,031 Trade and other receivables 361,585 — — — 361,585 Cash and cash equivalents 1,033,792 — — — 1,033,792 Financial assets not measured at fair value 1,537,002 — — — 1,537,002 Senior Unsecured Notes — — (1,005,333) — (1,005,333) (985,480) — — (985,480) Promissory Notes — — (97,645) — (97,645) Senior secured debt — — (4,901,240) — (4,901,240) — (5,055,323) — (5,055,323) Other bank loans — — (264,525) — (264,525) Finance lease payables — — (12,885) — (12,885) Other financial liabilities — — (95,217) — (95,217) Debts with associates — — (7,079) — (7,079) Other non-current debts — — — (1,301) (1,301) Trade and other payables — — — (721,699) (721,699) Other current liabilities — — — (169,189) (169,189) Financial liabilities not measured at fair value — — (6,383,924) (892,189) (7,276,113) 1,537,002 19,941 (6,383,924) (892,189) (5,719,170) The Group does not provide details of the fair value of certain financial instruments as their carrying amount is very similar to their fair value because of its short term. Financial derivatives At 31 December 2018 and 2017 the Group has recognized the following derivatives: Notional Notional Thousands of Euros amount at amount at Value at Value at Financial derivatives Currency 31/12/2018 31/12/2017 31/12/18 31/12/17 Maturity Call Option (Interstate Blood Bank,Inc., Bio-Blood Components, Inc and Plasma Biological Services, LLC) US Dollar N/A N/A 8,733 8,338 30/04/2019 Call Option (ADMA Centers) US Dollar N/A N/A 11,201 — 01/01/2019 Total Assets 19,934 8,338 On 11 May 2016 the Group paid an aggregate amount equal to US Dollars 10,000 thousand (Euros 8,960 thousand at the exchange rate at the date of acquisition) in respect of the call option for the Interstate Blood Bank, Inc. shares, Bio-Blood Components, Inc. shares and Plasma Biological Services, LLC. shares that are not owned by the Group. The call option can be exercised by the Group by delivering written notice of its intention at any time on or after 1 February 2019 and on or before 30 April 2019 (see note 11). On 6 June 2017, Biotest Pharmaceuticals Corporation agreed to purchase from ADMA Biologics all of its rights, titles and interests in two donation centers located in Georgia, USA. On 1 August 2018, Grifols acquired Biotest and its net assets (including the purchase option). The execution of the purchase option was carried out on 1 January 2019. Financial derivatives are valued based on generally accepted valuation techniques (level 3 in the fair value hierarchy), using to the greatest extent data from the market and to a lesser extent specific data of the Group. Derivative financial instruments that do not meet the hedge accounting requirements are classified and measured as financial assets or financial liabilities at fair value through profit and loss. Credit risk (a) Exposure to credit risk The carrying amount of financial assets represents the maximum exposure to credit risk. At 31 December 2018 and 2017 the maximum level of exposure to credit risk is as follows: Thousands of Euros Carrying amount Note 31/12/2018 31/12/2017 Non-current financial assets 11 107,601 69,889 Other current financial assets 11 53,965 10,738 Trade receivables 13 269,167 286,198 Other receivables 13 45,327 18,666 Cash and cash equivalents 14 1,033,792 886,521 1,509,852 1,272,012 The maximum level of exposure to risk associated with receivables at 31 December 2018 and 2017, by geographical area, is as follows. Thousands of Euros Carrying amount 31/12/2018 31/12/2017 Spain 46,025 63,505 EU countries 48,354 53,403 United States of America 79,829 65,068 Other European countries 14,289 5,761 Other regions 125,997 117,127 314,494 304,864 (b) Impairment losses A breakdown of the trade receivables net of the bad debt provision by ageing as of 31 December 2017 is as follows: Thousands of Euros Total net trade Total gross carrying receivable third ECL Rate amount Provision party Not matured 0.19 % 224,476 (35) 224,441 Past due 0-30 days 0.19 % 41,145 (7,476) 33,669 Past due 31-60 days 0.62 % 12,904 (3) 12,901 Past due 61-90 days 2.03 % 715 (8) 707 Past due 91-180 days 3.01 % 4,293 (35) 4,258 Past due 181-365 days 8.52 % 7,468 (2,110) 5,358 More than one year 100.00 % 7,260 (2,971) 4,289 Customers with objective evidence of impairment 7,643 (7,068) 575 305,904 (19,706) 286,198 A breakdown of the trade receivables net of the bad debt provision by seniority as of December 31, 2018 is as follows: Thousands of Euros Total net trade Total gross carrying receivable third ECL Rate amount Provision party Not matured 0.19 % 180,448 (335) 180,113 Past due 0-30 days 0.19 % 52,310 (92) 52,218 Past due 31-60 days 0.62 % 11,125 (67) 11,058 Past due 61-90 days 2.03 % 10,729 (208) 10,521 Past due 91-180 days 3.01 % 12,158 (353) 11,805 Past due 181-365 days 8.52 % 4,158 (1,222) 2,936 More than one year 100.00 % 7,549 (7,033) 516 Customers with objective evidence of impairment 11,221 (11,221) — 289,698 (20,531) 269,167 Unimpaired receivables that are past due mainly relate to public entities. Movement in the bad debt provision was as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Opening balance 19,706 17,987 13,210 Net charges for the year 6,443 8,003 6,411 Net cancellations for the year (5,650) (4,732) (2,217) Translation differences 32 (1,552) 583 Closing balance 20,531 19,706 17,987 An analysis of the concentration of credit risk is provided in note 5 (a). Liquidity risk The management of the liquidity risk is explained in note 5. Details of the contractual maturity dates of financial liabilities including committed interest calculated using interest rate forward curves are as follows: Thousands of Euros Carrying amount at Contractual 6 months 6 - 12 1-2 2 - 5 More than Carrying amount Note 31/12/17 flows or less months years years 5 years Financial liabilities Bank loans 20 5,052,680 6,138,673 105,584 106,492 322,421 3,115,887 2,488,289 Other financial liabilities 20 45,640 45,642 19,393 2,610 10,758 10,497 2,384 Bonds and other marketable securities 20 949,205 1,331,203 107,203 16,000 32,000 128,000 1,048,000 Finance lease payables 20 9,360 10,136 2,192 2,113 2,602 2,790 439 Payable to suppliers 21 423,096 423,096 423,020 76 — — — Other current liabilities 22 14,878 14,878 14,462 416 — — — Total 6,494,859 7,963,628 671,854 127,707 367,781 3,257,174 3,539,112 Thousands of Euros Carrying amount at Contractual 6 months 6 - 12 1-2 2 - 5 More than Carrying amount Note 31/12/18 flows or less months years years 5 years Financial liabilities Bank loans 20 5,165,765 6,522,083 195,568 202,437 522,040 3,086,734 2,515,304 Other financial liabilities 20 95,217 95,218 14,167 2,095 21,324 55,863 1,769 Bonds and other marketable securities 20 1,102,978 1,305,645 113,645 16,000 32,000 128,000 1,016,000 Finance lease payables 20 12,885 13,423 1,946 1,630 3,367 5,655 825 Debts with associates 31 7,079 7,079 — 7,079 — — — Payable to suppliers 21 561,883 561,884 561,559 325 — — — Other current liabilities 22 16,029 16,028 15,861 167 — — — Total 6,961,836 8,521,360 902,746 229,733 578,731 3,276,252 3,533,898 Currency risk The Group’s exposure to currency risk is as follows: Thousands of Euros 31/12/2017 Euros (*) Dollars (**) Trade receivables 3,596 22,936 Receivables from Group companies 103,338 7,619 Loans to Group companies 34,140 91,566 Cash and cash equivalents 63,981 2,172 Trade payables (14,213) (3,582) Payables to Group companies (42,296) (11,241) Loans from Group companies (22,913) (3,953) Bank loans (85,000) — Balance sheet exposure 40,633 105,517 (*) Balances in Euros in subsidiaries with US Dollars functional currency (**) Balances in US Dollars in subsidiaries with Euros functional currency Thousands of Euros 31/12/2018 Euros (*) Dollars (**) Trade receivables 2,691 45,801 Receivables from Group companies 54,903 6,291 Loans to Group companies 40,387 4,343 Cash and cash equivalents 120,281 1,296 Trade payables (13,354) (6,113) Payables to Group companies (60,363) (63,932) Loans from Group companies (94,771) (4,336) Bank loans (74,375) — Balance sheet exposure (24,601) (16,650) (*) Balances in Euros in subsidiaries with US Dollars functional currency (**) Balances in US Dollars in subsidiaries with Euros functional currency The most significant exchange rates applied at 2018 and 2017 year ends are as follows: Closing exchange rate Euros 31/12/2018 31/12/2017 US Dollars 1.1450 1.1993 A sensitivity analysis for foreign exchange fluctuations is as follows: Had the US Dollar strengthened by 10% against the Euro at 31 December 2018, equity would have increased by Euros 506,131 thousand (Euros 416,116 thousand at 31 December 2017) and profit due to foreign exchange differences would have increased by Euros 4,125 thousand (Euros 14,615 thousand at 31 December 2017). This analysis assumes that all other variables are held constant, especially that interest rates remain constant. A 10% weakening of the US Dollar against the Euro at 31 December 2018 and 2017 would have had the opposite effect for the amounts shown above, all other variables being held constant. Interest rate risk (a) Interest-rate profile To date, the profile of interest on interest-bearing financial instruments is as follows: Thousands of Euros 31/12/2018 31/12/2017 Fixed-interest financial instruments Financial liabilities (1,244,375) (1,170,000) (1,244,375) (1,170,000) Variable-interest financial instruments Financial liabilities (5,233,638) (5,049,382) (5,233,638) (5,049,382) (6,478,013) (6,219,382) (b) Sensitivity analysis If the interest rate had been 100 basis points higher during 2018, the interest expense would have increased by Euros 53,082 thousand. If the interest rate had been 100 basis points higher during 2017, the interest expense would have increased by Euros 52,999 thousand. As the Group does not have any derivatives in place, the net effect on cash interest payments would have increased by the same amount.

Balances and Transactions with

Balances and Transactions with Related Parties	12 Months Ended
	Dec. 31, 2018
Balances and Transactions with Related Parties
Balances and Transactions with Related Parties	(31) Balances and Transactions with Related Parties Details of balances with related parties are as follows: Thousands of Euros 31/12/2018 31/12/2017 Receivables from associates (note 13) 382 3,219 Trade payables associates (15,796) (4,583) Loans to associates (note 11) 50,304 26,654 Loans to other related parties (note 11) 82,969 — Debts with associates (7,079) — Debts with key management personnel (4,425) (6,164) Payables to members of the board of directors — (463) Payables to other related parties (7,706) (9,187) 98,649 9,476 Payables are included in trade and other payables (see note 21). (a) Group transactions with related parties Group transactions with related parties during 2016 were as follows: Thousands of Euros Key management Other related Board of directors Associates personnel parties of the Company Net sales 193 — — — Purchases (35,569) — — — Other service expenses (7,591) — (5,325) (905) Operating lease expense — — (5,281) — Remuneration — (10,287) — (3,668) R&D agreements (10,188) — — — Finance result 1,946 — — — (51,209) (10,287) (10,606) (4,573) Group transactions with related parties during 2017 were as follows: Thousands of Euros Key management Other related Board of directors Associates personnel parties of the Company Net sales 3,009 — — — Purchases (68,335) — — — Other service expenses (11,798) — (7,100) (939) Operating lease expense — — (5,426) — Remuneration — (13,672) — (5,755) R&D agreements (164) — — — Finance Result 152 — — — (77,136) (13,672) (12,526) (6,694) Group transactions with related parties during 2018 are as follows: Thousands of Euros Key management Other related Board of directors Associates personnel parties of the Company Net sales 5,846 — — — Purchases (97,941) — — — Other service expenses (21,065) — (4,282) (844) Operating lease expense — — (5,469) — Remuneration — (16,070) — (5,848) R&D agreements (50) — — — Sale of investments (note 3) — — 469,881 — Finance result 3,372 — — — (109,838) (16,070) 460,130 (6,692) Every year the Group contributes 0.7% of its profits before tax to a non-profit organization. “Other service expenses” include contributions to non-profit organizations totaling Euros 4,282 thousand in 2018 (Euros 7,100 thousand in 2017 and Euros 5,325 thousand in 2016). During 2011 one of the Company’s directors signed a three-year consulting services contract. The director received annual fees of US Dollars 1 million for these services and an additional bonus of US Dollars 2 million for complying with certain conditions. In the years 2014, 2015, 2017 and 2018 the contract has been renewed, the amount of the fees corresponds to US Dollars 1 million per year. The contract has an expiration date of 31 March 2019. On 28 December 2018, the Group sold Biotest and Haema to Scranton Enterprises B.V (shareholder of Grifols) for US Dollars 538,014 thousand (see note 3). For the payment of the mentioned amount of the sale, Scranton signed a loan contract dated 28 December 2018 for an amount of US Dollars 95,000 thousand (Euros 82,969 thousand) with Grifols Worldwide Operations Limited. The compensation is 2%+EURIBOR and due on 28 December 2025. Directors representing shareholders´ interests have received remuneration of Euros 1,640 thousand in 2018 (Euros 1,881 thousand in 2017). The Group has not extended any advances or loans to the members of the board of directors or key management personnel nor has it assumed any guarantee commitments on their behalf. It has also not assumed any pension or life insurance obligations on behalf of former or current members of the board of directors or key management personnel. In addition, certain Company directors and key management personnel have termination benefit commitments (see note 29 (c)). (b) Conflicts of interest concerning the directors The Company’s directors and their related parties have not entered into any conflict of interest that should have been reported in accordance with article 229 of the revised Spanish Companies Act.

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2018
Subsequent events
Subsequent events	(32) Subsequent events Acquisition of ownership interest in Shanghai RAAS Grifols reported in November 2018 that it had started conversations with Shanghai RAAS Blood Products Co Ltd. ("SR") in order to make an investment in this company, which is listed in Shenzhen Stock Exchange (People's Republic of China). On March 7, 2019 Grifols and SR signed an agreement for asset purchase by share issue, according to which: · Grifols will acquire 26.2% voting and economic rights in SR. Grifols will contribute 45% economic rights and 40% voting rights in its subsidiary Grifols Diagnostic Solutions Inc. that is wholly owned by Grifols and, therefore, Grifols, S.A will continue to hold 55% economic rights and 60% voting rights in Grifols Diagnostic Solutions Inc. · After the consummation of the transaction, the main shareholders in SR will be Creat Group Co. Ltd. ("Creat"), (ca. 26.7%), Grifols (ca. 26.2%) and RAAS China Limited (ca. 25.8%). Other minority and institutional investors will hold the remaining shares. · Grifols will have the right to appoint three directors in SR and SR will have the right to appoint one director in Grifols Diagnostic Solutions Inc. · Grifols will have a veto right on certain decisions such as issue of shares, disposal of assets, mergers and modification of the articles of association, including anti-dilution clauses to protect Grifols' stake. To this end, reinforced quorum will be included in SR's articles of association. · Creat has agreed not to sell its stake in SR to a competitor of Grifols and Grifols will not be able to sell its stake in Grifols Diagnostic Solutions Inc. to any Chinese company. Moreover, Grifols and SR have entered into an exclusive strategic alliance agreement, which sets up the international manufacturing and quality standards SR needs to meet. Grifols will appoint a quality person to provide advice on and follow compliance with such agreed quality standards. SR will be the exclusive distributor of Grifols bioscience and diagnostic products in China. In exchange of royalties, Grifols, S.A will provide technological and know-how support in Bioscience and Diagnostic fields to SR for use in China. Grifols will also provide engineering services to SR in exchange of fees. SR commits to use Grifols Diagnostic NAT technology in its plasma collection businesses. This transaction is subject to the approval of the regulatory authorities of the People's Republic of China and the United States of America. The transaction is expected to be closed in the second half of 2019.

Appendix I

Appendix I	12 Months Ended
	Dec. 31, 2018
Appendix I
Appendix I	APPENDIX I GRIFOLS, S.A. AND SUBSIDIARIES Information on Group Companies, Associates and others for the years ended 31 December 2018, 2017 and 2016 Acquisition / 31/12/2018 31/12/2017 31/12/2016 Registered Incorporation % shares % shares % shares Name Offices date Activity Statutory Activity Direct Indirect Direct Indirect Direct Indirect Fully Consolidated Companies Diagnostic Grifols, S.A. Polígono Levante 1987 Industrial Development and manufacture of diagnostic equipment, instruments and reagents. — 100.000 % — 100.000 % — 100.000 % Instituto Grifols, S.A. Polígono Levante 1987 Industrial Plasma fractioning and the manufacture of haemoderivative pharmaceutical products. 99.998 % 0.002 % 99.998 % 0.002 % 99.998 % 0.002 % Grifols Worldwide Operations Spain, S.A (formerly Logister, S.A.) Merged with Grifols International in 2018 Polígono Levante 1987 Services Manufacture, sale and purchase, commercialisation and distribution of all types of computer products and materials. — — — 100.000 % — 100.000 % Laboratorios Grifols, S.A. Polígono Levante 1989 Industrial Production of glass- and plastic-packaged parenteral solutions, parenteral and enteral nutrition products and blood extraction equipment and bags. 99.999 % 0.001 % 99.999 % 0.001 % 99.999 % 0.001 % Biomat, S.A. Polígono Levante 1991 Industrial Analysis and certification of the quality of plasma used by Instituto Grifols, S.A. It also provides transfusion centres with plasma virus inactivation services (I.P.T.H). 99.900 % 0.100 % 99.900 % 0.100 % 99.900 % 0.100 % Grifols Engineering, S.A. Polígono Levante 2000 Industrial Design and development of the Group’s manufacturing installations and part of the equipment and machinery used at these premises. The company also renders engineering services to external companies. 99.950 % 0.050 % 99.950 % 0.050 % 99.950 % 0.050 % Biomat USA, Inc. 2410 Lillyvale Avenue 2002 Industrial Procuring human plasma. — 100.000 % — 100.000 % — 100.000 % Grifols Biologicals LLC. 5555 Valley Boulevard 2003 Industrial Plasma fractioning and the production of haemoderivatives. — 100.000 % — 100.000 % — 100.000 % Grifols Australia Pty Ltd. Unit 5/80 Fairbank 2009 Industrial Distribution of pharmaceutical products and the development and manufacture of reagents for diagnostics. 100.000 % — 100.000 % — 100.000 % — Medion Grifols Diagnostic AG Bonnstrasse,9 2009 Industrial Development and manufacturing activities in the area of biotechnology and diagnostics. — 100.000 % — 100.000 % — 100.000 % Grifols Therapeutics LLC. 4101 Research Commons 2011 Industrial Plasma fractioning and the production of haemoderivatives. — 100.000 % — 100.000 % — 100.000 % Talecris Plasma Resources, Inc. 4101 Research Commons 2011 Industrial Procuring human plasma. — 100.000 % — 100.000 % — 100.000 % Grifols Worldwide Operations Limited Grange Castle Business Park, 2012 Industrial Packaging, labelling, storage, distribution, manufacture and development of pharmaceutical products and rendering of financial services to Group companies. 100.000 % — 100.000 % — 100.000 % — Progenika Biopharma, S.A. Parque Tecnológico de Vizcaya, 2013 Industrial Development, production and commercialisation of biotechnological solutions. 99.998 % — — 90.230 % — 89.250 % Progenika Latina, S.A. de CV Periferico Sur Nº 4118 Int 8 Col. 2013 Industrial Development, production and commercialisation of biotechnological solutions. — — — — — 89.250 % Progenika Inc. (Merged with Grifols Diagnostic Solutions Inc. in 2017) Corporation Service Company, 2711 2013 Industrial Development, production and commercialisation of genetic tools, diagnostic equipment and therapeutic systems and products for personalised medicine and the highest quality healthcare in general. — — — — — 89.250 % Abyntek Biopharma, S.L. Parque Tecnológico de Vizcaya, 2013 Industrial Research, development and transfer of biotechnological products and processes, as well as the commercialiation of products and services related to the biosciences. — — — — — 80.370 % Asociación I+D Progenika Parque Tecnológico de Vizcaya, 2013 Industrial Coordination, representation, management and promotion of the common interests of associated companies, in addition to contributing to the development, growth and internationalisation of its associates and of the biosciences sector in the Basque Country. — 99.998 % — 90.230 % — 89.250 % Grifols Diagnostics Solutions Inc (formerly G-C Diagnostics Corp.) 4560 Horton Street 2013 Industrial Manufacture and sale of blood testing products 100.000 % — 100.000 % — 100.000 % — Grifols Worldwide Operations USA Inc. 13111 Temple Avenue, City of 2014 Industrial The manufacture, warehousing, and logistical support for biological products. — 100.000 % — 100.000 % — 100.000 % Grifols Asia Pacific Pte, Ltd 501 Orchard Road nº20-01 2003 Commercial Distribution and sale of medical and pharmaceutical products. 100.000 % — 100.000 % — 100.000 % — Grifols Movaco, S.A. Polígono Levante 1987 Commercial Distribution and sale of reagents, chemical products and other pharmaceutical specialities, and of medical and surgical materials, equipment and instruments for use by laboratories and health centres. 99.999 % 0.001 % 99.999 % 0.001 % 99.999 % 0.001 % Grifols Portugal Productos Farmacéuticos e Hospitalares, Lda. Rua de Sao Sebastiao,2 1988 Commercial Import, export and commercialisation of pharmaceutical and hospital equipment and products, particularly Grifols products. 0.010 % 99.990 % 0.010 % 99.990 % 0.010 % 99.990 % Grifols Chile, S.A. Avda. Americo Vespucio, 2242 1990 Commercial Development of pharmaceutical businesses, which can involve the import, production, commercialisation and export of related products. 99.000 % — 99.000 % — 99.000 % — Grifols USA, LLC. 2410 Lillyvale Avenue 1990 Commercial Distribution and marketing of company products. — 100.000 % — 100.000 % — 100.000 % Grifols Argentina, S.A. Bartolomé Mitre 3690/3790, 1991 Commercial Clinical and biological research. Preparation of reagents and therapeutic and diet products. Manufacture and commercialisation of other pharmaceutical specialities. 95.010 % 4.990 % 95.010 % 4.990 % 95.010 % 4.990 % Grifols s.r.o. Calle Zitna,2 1992 Commercial Purchase, sale and distribution of chemical-pharmaceutical products, including human plasma. 100.000 % — 100.000 % — 100.000 % — Grifols (Thailand) Ltd 191 Silom Complex Building, 2003 Commercial Import, export and distribution of pharmaceutical products. — 48.000 % — 48.000 % — 48.000 % Grifols Malaysia Sdn Bhd Level 18, The Gardens North 2003 Commercial Distribution and sale of pharmaceutical products. — 30.000 % — 30.000 % — 30.000 % Grifols International, S.A. Polígono Levante 1997 Commercial Coordination of the marketing, sales and logistics for all the Group’s subsidiaries operating in other countries. 99.998 % 0.002 % 99.998 % 0.002 % 99.998 % 0.002 % Grifols Italia S.p.A Via Carducci, 62d 1997 Commercial Purchase, sale and distribution of chemical-pharmaceutical products. 100.000 % — 100.000 % — 100.000 % — Grifols UK Ltd. Gregory Rowcliffe & Milners, 1 1997 Commercial Distribution and sale of therapeutic and other pharmaceutical products, especially haemoderivatives. 100.000 % — 100.000 % — 100.000 % — Grifols Brasil, Lda. Rua Umuarama, 263 1998 Commercial Import and export, preparation, distribution and sale of pharmaceutical and chemical products for laboratory and hospital use, and medical-surgical equipment and instruments. 100.000 % — 100.000 % — 100.000 % — Grifols France, S.A.R.L. Arteparc, Rue de la Belle du Canet, 1999 Commercial Commercialisation of chemical and healthcare products. 99.990 % 0.010 % 99.990 % 0.010 % 99.990 % 0.010 % Grifols Polska Sp.z.o.o. Grzybowska 87 street00-844 2003 Commercial Distribution and sale of pharmaceutical, cosmetic and other products. 100.000 % — 100.000 % — 100.000 % — Logística Grifols, S.A. de C.V. Calle Eugenio Cuzin, nº 909-913 2008 Commercial Manufacture and commercialisation of pharmaceutical products for human and veterinary use. 99.990 % 0.010 % 99.990 % 0.010 % 99.990 % 0.010 % Grifols México, S.A. de C.V. Calle Eugenio Cuzin, nº 909-913 1993 Commercial Production, manufacture, adaptation, conditioning, sale and purchase, commissioning, representation and consignment of all kinds of pharmaceutical products and the acquisition of machinery, equipment, raw materials, tools, movable goods and property for the aforementioned purposes. 99.980 % 0.020 % 99.980 % 0.020 % 99.980 % 0.020 % Medion Diagnostics GmbH Lochamer Schlag, 12D 2009 Commercial Distribution and sale of biotechnological and diagnostic products. — 100.000 % — 100.000 % — 100.000 % Grifols Nordic, AB Sveavägen 166 2010 Commercial Research and development, production and marketing of pharmaceutical products, medical devices and any other asset deriving from the aforementioned activities. 100.000 % — 100.000 % — 100.000 % — Grifols Colombia, Ltda Carrera 7 No. 71 52 Torre B piso 9 2010 Commercial Sale, commercialisation and distribution of medicines, pharmaceutical (including but not limited to haemoderivatives) and hospital products, medical devices, biomedical equipment, laboratory instruments and reagents for diagnosis and/or healthcare software. 99.990 % 0.010 % 99.990 % 0.010 % 99.990 % 0.010 % Grifols Deutschland GmbH Lyoner Strasse 15, D- 2011 Commercial Procurement of the official permits and necessary approval for the production, commercialisation and distribution of products deriving from blood plasma, as well as the import, export, distribution and sale of reagents and chemical and pharmaceutical products, especially for laboratories and health centres and surgical and medical equipment and instruments. 100.000 % — 100.000 % — 100.000 % — Grifols Canada, Ltd. 5060 Spectrum Way, Suite 405 2011 Commercial Distribution and sale of biotechnological products. — 100.000 % — 100.000 % — 100.000 % Grifols Pharmaceutical Technology (Shanghai) Co., Ltd. Unit 901-902, Tower 2, No. 1539, 2013 Commercial Pharmaceutical consultancy services (except for diagnosis), technical and logistical consultancy services, business management and marketing consultancy services. 100.000 % — 100.000 % — 100.000 % — Grifols Switzerland AG Steinengraben, 5 2013 Commercial Research, development, import and export and commercialisation of pharmaceutical products, devices and diagnostic instruments. 100.000 % — 100.000 % — 100.000 % — Grifols (H.K.), Limited Units 1505-7 Bershire House, 25 2014 Commercial Distribution and sale of diagnostic products. — 100.000 % — 100.000 % — 100.000 % Grifols Japan K.K. Hilton Plaza West Office Tower, 2014 Commercial Research, development, import and export and commercialisation of pharmaceutical products, devices and diagnostic instruments. 100.000 % — 100.000 % — 100.000 % — Grifols India Healthcare Private Ltd Regus Business Centre 2014 Commercial Distribution and sale of pharmaceutical products. 99.990 % 0.010 % 99.990 % 0.010 % 99.990 % 0.010 % Grifols Diagnostics Equipment Taiwan Limited 8F., No.367, Fuxing N. RD., 2016 Commercial Distribution and sale of diagnostic products. 100.000 % — 100.000 % — 100.000 % — Grifols Viajes, S.A. Can Guasch, 2 1995 Services Travel agency exclusively serving Group companies. 99.900 % 0.100 % 99.900 % 0.100 % 99.900 % 0.100 % Squadron Reinsurance Designated Activity Company The Metropolitan Building, 3rd Fl. 2003 Services Reinsurance of Group companies’ insurance policies. — 100.000 % — 100.000 % — 100.000 % Grifols Shared Services North America, Inc. 2410 Lillivale Avenue 2011 Services Support services for the collection, manufacture, sale and distribution of plasma derivatives and related products. 100.000 % — 100.000 % — 100.000 % — Gripdan Invest, S.L Avenida Diagonal 477 Barcelona, 2015 Services Manufacturing buildings for rent 100.000 % — 100.000 % — 100.000 % — Gri-Cel, S.A. Avenida de la Generalitat 152 2009 Research Research and development in the field of regenerative medicine, awarding of research grants, subscription to collaboration agreements with entities and participation in projects in the area of regenerative medicine. 0.001 % 99.999 % 0.001 % 99.999 % 0.001 % 99.999 % Araclon Biotech, S.L. Paseo de Sagasta, 17 2º izqda. 2012 Research Creation and commercialisation of a blood diagnosis kit for the detection of Alzheimer’s and development of effective immunotherapy (vaccine) against this disease. — 73.220 % — 73.220 % — 73.220 % VCN Bioscience, S.L. Avenida de la Generalitat 152 2012 Research Research and development of therapeutic approaches for tumours for which there is currently no effective treatment. — 81.340 % — 81.340 % — 81.340 % Grifols Innovation and New Technologies Limited Grange Castle Business Park, 2016 Research Research and experimental development on biotechnology — 100.000 % — 100.000 % — 100.000 % PBS Acquisition Corp. 2711 Centerville Road Suite 400, 2016 Services Engage in any lawful act or activity for which corporations may be organized under the DGCL (Delaware Code) — 100.000 % — 100.000 % — 100.000 % Kiro Grifols S.L Polígono Bainuetxe, 5, 2º planta, Aretxabaleta, Guipúzcoa Spain 2014 Research Development of machines and equipment to automate and control key points of hospital processes, and hospital pharmacy processes. 90.000 % — 90.000 % — — — Chiquito Acquisition Corp. 2711 Centerville Road Suite 400, Wilmington, Delaware, County of New Castle, United States 2017 Corporate Engage in any lawful act or activity for which a corporation may be organized under the General Corporation Law of the State of Delaware, as amended from time to time (the "DGCL"). — 100.000 % — 100.000 % — — Aigües Minerals de Vilajuiga, S.A. Carrer Sant Sebastià, 2, 17493 Vilajuïga, Girona 2017 Industrial Collection and use of mineral-medicinal waters and achievement of all necessary administrative concessions in order to facilitate their industrial extraction and find the best way to take advantage of them. 100.000 % — % — — — — Goetech LLC (D/B/A Medkeeper) 7600 Grandview Avenue, Suite 210, Arvada, CO 80002 2018 Industrial Development and distribution of web and mobile-based platforms for hospital pharmacies — 54.760 % — — — — Haema, AG LandsteinerstraBe 1, 04103 Leipzig - Germany 2018 Industrial Procuring human plasma. — — — — — — Biotest Pharmaceutical Corporation 901 Yamato Rd., Suite 101, Boca Raton FL 33431 - USA 2018 Industrial Obtaining human plasma. — — — — — — Biotest US Corporation 901 Yamato Rd., Suite 101, Boca Raton FL 33431 - USA 2018 Corporate Corporate services to Biotest Pharmaceutical Corporation — — — — — — Acquisition / 31/12/2018 31/12/2017 31/12/2016 Incorporation % shares % shares % shares Name Registered Offices date Activity Statutory Activity Direct Indirect Direct Indirect Direct Indirect Equity Method consolidated companies and others Aradigm Corporation 3929 Point Eden Way 2013 Research Development and commercialisation of drugs delivered by inhalation for the prevention and treatment of severe respiratory diseases. — 35.130 % — 35.130 % — 35.130 % TiGenix N.V. Romeinse straat 12 bus 2, 2013 Research Research and development of therapies based on stem cells taken from adipose tissue. — — — 14.180 % — 16.130 % Mecwins, S.L. Avenida Fernandos Casas 2013 Research Research and production of nanotechnological, biotechnological and chemical solutions. — 24.990 % — 8.420 % — 8.420 % Kiro Grifols S.L Polígono Bainuetxe, 5, 2º planta, Aretxabaleta, 2014 Research Development of machines and equipment to automate and control key points of hospital processes, and hospital pharmacy processes. — — — — 50.000 % — Alkahest, Inc. 3500 South DuPont Hwy, 2015 Research Development novel plasma-based products for the treatment of cognitive decline in aging and disorders of the central nervous system (CNS). — 47.580 % — 47.580 % — 47.580 % Albajuna Therapeutics, S.L Hospital Germans Trias i 2016 Research Development and manufacture of therapeutic antibodies against HIV. — 30.000 % — 30.000 % — 30.000 % Interstate Blood Bank, Inc. 5700 Pleasantville Road 2016 Industrial Procuring human plasma. — 49.190 % — 49.190 % — 49.190 % Bio Blood Components Inc. 5700 Pleasantville Road 2016 Industrial Procuring human plasma. — 48.972 % — 48.972 % — 48.972 % Plasma Biological Services, LLC 5700 Pleasantville Road 2016 Industrial Procuring human plasma. — 48.900 % — 48.900 % — 48.900 % Singulex, Inc. 4041 Forest Park Avenue 2016 Research Development of the Single Molecule Counting (SMC™) technology for clinical diagnostic and scientific discovery. — 19.330 % — 19.330 % — 20.000 % Aigües Minerals de Vilajuiga, S.A. Carrer Sant Sebastià, 2, 17493 Vilajuïga, Girona 2017 Industrial Collection and use of mineral-medicinal waters and achievement of all necessary administrative concessions in order to facilitate their industrial extraction and find the best way to take advantage of them. — — 50.000 % — — — Access Biologicals, LLC. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — 49.000 % — 49.000 % — — Access Biologicals IC-DISC, Inc. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — 49.000 % — 49.000 % — — Access Cell Culture, LLC. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — 49.000 % — 49.000 % — — Access Manufacturing, LLC. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — 49.000 % — 49.000 % — — Access Plasma, LLC. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — 49.000 % — 49.000 % — — GigaGen Inc. 407 Cabot Road 2017 Industrial Engage in any lawful act or activity for which corporations may be organized under General Corporation Law. — 43.960 % — 43.960 % — — Plasmavita Healthcare GmbH Colmarer Strasse 22, 60528 Frankfurt am Main - Germany 2018 Industrial Procuring human plasma. — 50.000 % — — — —

Appendix II

Appendix II	12 Months Ended
	Dec. 31, 2018
Appendix II
Appendix II	APPENDIX II GRIFOLS, S.A. AND SUBSIDIARIES Operating Segments for the years ended 31 December 2018, 2017 and 2016 (Expressed in thousands of Euros) Bioscience Hospital Diagnostic Bio Supplies Others Intersegments Consolidated 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 Revenues from external customers 3,516,704 3,429,785 3,195,424 119,454 105,649 102,251 702,265 732,369 691,701 167,004 66,791 57,239 22,451 18,263 34,601 (41,154) (34,784) (31,386) 4,486,724 4,318,073 4,049,830 Total operating income 3,516,704 3,429,785 3,195,424 119,454 105,649 102,251 702,265 732,369 691,701 167,004 66,791 57,239 22,451 18,263 34,601 (41,154) (34,784) (31,386) 4,486,724 4,318,073 4,049,830 Profit/(Loss) for the segment 902,402 985,495 913,840 (12,587) (9,766) (8,765) 215,990 248,080 97,320 36,824 35,598 33,794 19,788 (9,632) 44,324 (5,764) (12,305) (1,316) 1,156,653 1,237,470 1,079,197 Unallocated expenses (162,529) (234,127) (139,789) Operating profit 994,124 1,003,343 939,408 Finance result (257,244) (287,734) (233,589) Share of profit/(loss) of equity accounted investee 2,839 (10,434) (9,396) — 2,112 (5,611) (10,975) (9,335) — 3,039 1,830 — (5,941) (4,060) 21,940 — — — (11,038) (19,887) 6,933 Income tax expense (131,436) (34,408) (168,209) Profit for the year after tax 594,406 661,314 544,543 Segment assets 6,928,220 6,007,153 6,524,922 250,543 145,477 86,590 3,526,136 3,356,185 1,909,447 117,673 7,409 8,378 54,363 60,449 40,160 (29,281) (22,196) (11,964) 10,847,654 9,554,477 8,557,533 Equity accounted investments 99,547 83,905 104,996 — — 13,888 19,256 29,322 43,330 47,742 44,220 — 60,360 61,562 39,131 — — — 226,905 219,009 201,345 Unallocated assets — — — — — — — — — — — — — — — — — — 1,402,487 1,146,778 1,370,894 Total assets 12,477,046 10,920,264 10,129,772 Segment liabilities 764,377 423,415 411,604 32,767 13,560 8,415 230,517 192,720 186,389 6,427 — — 34,698 26,903 1,843 — — — 1,068,786 656,598 608,251 Unallocated liabilities — — — — — — — — — — — — — — — — — — 6,711,656 6,629,701 5,793,543 Total liabilities 7,780,442 7,286,299 6,401,794 Other information: Amortisation and depreciation allocated 156,893 157,478 152,821 10,819 6,436 5,915 44,030 40,815 32,180 5,656 — — 1,941 2,237 3,445 — — — 219,339 206,966 194,361 Amortisation and depreciation unallocated — — — — — — — — — — — — — — — — — — 9,270 8,524 7,508 Expenses that do not require cash payments allocated 172,648 7,049 16,219 297 (514) 306 (27,651) (4,423) (2,001) 28 — — — — (32,534) — — — 145,322 2,112 (18,010) Expenses that do not require cash payments unallocated — — — — — — — — — — — — — — — — — — 1,339 (58,752) 4,608 Additions for the year of property, plant & equipment and intangible assets allocated 220,531 227,635 197,741 15,354 10,429 9,193 58,064 70,032 89,760 2,050 198 84 883 20,911 13,313 — — — 296,882 329,205 310,091 Additions for the year of property, plant & equipment and intangible assets unallocated — — — — — — — — — — — — — — — — — — 19,795 11,268 12,011 * As a result of the creation of Bio Supplies segment and intersegments, the Group has reviewed the allocation of balances and transactions by segments. The comparative figure for year 2016 have been restated accordingly. This appendix forms an integral part of note 6 to the consolidated financial statements. APPENDIX II GRIFOLS, S.A. AND SUBSIDIARIES Reporting by geographical area for the years ended 31 December 2018, 2017 and 2016 (Expressed in thousands of Euros) Spain Rest of European Union USA + Canada Rest of World Consolidated 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 Net Revenue 264,913 242,894 225,273 535,361 444,089 426,223 2,974,429 2,896,505 2,707,579 712,021 734,585 690,755 4,486,724 4,318,073 4,049,830 Assets by geographical area 898,599 899,223 847,467 3,177,781 2,397,200 2,467,295 8,133,108 7,341,174 6,535,420 267,558 282,667 279,590 12,477,046 10,920,264 10,129,772 Other information: Additions for the year of property, plant & equipment and intangible assets 70,639 62,271 73,365 69,534 80,910 39,603 166,353 188,557 190,358 10,151 8,735 18,776 316,677 340,473 322,102 This appendix forms an integral part of note 6 to the consolidated financial statements.

Appendix III

Appendix III	12 Months Ended
	Dec. 31, 2018
Appendix III
Appendix III	APPENDIX III GRIFOLS, S.A. AND SUBSIDIARIES Changes in Other Intangible Assets for the year ended 31 December 2018 (Expressed in thousands of Euros) Balances at Business Translation Balances at 12/31/2017 Additions combinations Transfers Disposals differences 12/31/2018 Development costs 311,694 — — (36) 10,215 377,312 Concessions, patents, licenses brands & similar 182,885 — 6,225 — (757) 8,057 196,410 Computer software 174,945 34,319 (762) (1,116) 6,785 234,423 Currently marketed products 1,024,376 — — — — 47,451 1,071,827 Other intangible assets 147,307 48 19,749 — — 7,664 174,768 Total cost of intangible assets 1,841,207 75,739 60,293 (762) (1,909) 80,172 2,054,740 Accum. amort. of development costs (79,349) (10,660) — — — (98) (90,107) Accum. amort of concessions, patents, licenses, brands & similar (29,783) (6,132) — — — (845) (36,760) Accum. amort. of computer software (106,319) (12,918) (5,872) — 1,116 (2,660) (126,653) Accum. amort. of currently marketed products (231,068) (36,154) — — — (11,573) (278,795) Accum. amort. of other intangible assets (61,966) (5,536) — 246 — (3,297) (70,553) Total accum. amort intangible assets (508,485) (71,400) (5,872) 246 1,116 (18,473) (602,868) Impairment of other intangible assets (63,380) — — — — (2,955) (66,335) Carrying amount of intangible assets 1,269,342 4,339 54,421 (516) (793) 58,744 1,385,537 (See note 3) This appendix forms an integral part of note 8 to the consolidated financial statements. APPENDIX III GRIFOLS, S.A. AND SUBSIDIARIES Changes in Other Intangible Assets for the year ended 31 December 2017 (Expressed in thousands of Euros) Balances at Business Translation Balances at 12/31/2016 Additions combinations * Transfers Disposals differences 12/31/2017 Development costs 142,693 43,152 142,529 — (81) (16,599) 311,694 Concessions, patents, licenses brands & similar 60,471 — 142,174 — — (19,760) 182,885 Computer software 168,623 19,626 26 529 (126) (13,733) 174,945 Currently marketed products 1,162,204 — — — — (137,828) 1,024,376 Other intangible assets 148,682 17,348 — — — (18,723) 147,307 Total cost of intangible assets 1,682,673 80,126 284,729 529 (207) (206,643) 1,841,207 Accum. amort. of development costs (72,073) (5,834) — — — (1,442) (79,349) Accum. amort of concessions, patents, licenses, brands & similar (24,994) (6,004) — — — 1,215 (29,783) Accum. amort. of computer software (99,927) (13,549) — — 111 7,046 (106,319) Accum. amort. of currently marketed products (220,988) (38,216) — — — 28,136 (231,068) Accum. amort. of other intangible assets (69,389) (865) — — — 8,288 (61,966) Total accum. amort intangible assets (487,371) (64,468) — — 111 43,243 (508,485) Impairment of other intangible assets — (64,734) — — — 1,354 (63,380) Carrying amount of intangible assets 1,195,302 (49,076) 284,729 529 (96) (162,046) 1,269,342 (See note 3) This appendix forms an integral part of note 8 to the consolidated financial statements.

Appendix IV

Appendix IV	12 Months Ended
	Dec. 31, 2018
Appendix IV
Appendix IV	APPENDIX IV GRIFOLS, S.A. AND SUBSIDIARIES Movement in Property, Plant and Equipment for the year ended 31 December 2018 (Expressed in thousands of Euros) Balances at Translation Balances at 31/12/2017 Additions Business combination Transfers Disposals differences 31/12/2018 Cost: Land and buildings 673,534 1,223 19,344 6,051 (280) 26,540 726,412 Plant and machinery 1,704,679 57,699 79,003 100,961 (15,855) 58,366 1,984,853 Fixed Assets under construction 262,119 182,016 1,746 (106,473) — 5,983 345,391 2,640,332 240,938 100,093 539 (16,135) 90,889 3,056,656 Accumulated depreciation: Buildings (66,765) (15,224) (4,682) — 222 (2,929) (89,378) Plant and machinery (810,782) (141,985) (46,995) (23) 13,025 (25,975) (1,012,735) (877,547) (157,209) (51,677) (23) 13,247 (28,904) (1,102,113) Impairment of other property, plant and equipment (2,732) 81 — — — 91 (2,560) Carrying amount 1,760,053 83,810 48,416 516 (2,888) 62,076 1,951,983 (See note 3) This appendix forms an integral part of note 9 to the consolidated financial statements. APPENDIX IV GRIFOLS, S.A. AND SUBSIDIARIES Movement in Property, Plant and Equipment for the year ended 31 December 2017 (Expressed in thousands of Euros) Balances at Translation Balances at 31/12/2016 Additions Business combination Transfers Disposals differences 31/12/2017 Cost: Land and buildings 687,856 28,503 19,628 12,694 (823) (74,324) 673,534 Plant and machinery 1,655,837 82,234 9,068 123,816 (10,098) (156,178) 1,704,679 Fixed Assets under construction 275,003 149,610 555 (137,073) — (25,976) 262,119 2,618,696 260,347 29,251 (563) (10,921) (256,478) 2,640,332 Accumulated depreciation: Buildings (59,376) (14,708) — — 710 6,609 (66,765) Plant and machinery (746,268) (136,314) — 34 7,993 63,773 (810,782) (805,644) (151,022) — 34 8,703 70,382 (877,547) Impairment of other property, plant and equipment (3,200) 258 — — — 210 (2,732) Carrying amount 1,809,852 109,583 29,251 (529) (2,218) (185,886) 1,760,053

Appendix V

Appendix V	12 Months Ended
	Dec. 31, 2018
Appendix V
Appendix V	APPENDIX V GRIFOLS, S.A. AND SUBSIDIARIES Statement of Liquidity for Distribution of Interim Dividend 2018 (Expressed in thousands of Euros) Thousands of Euros Forecast profits distributable for 2018: Projected profits net of taxes until 31/12/2018 258,091 Less, charge required to legal reserve — Estimated profits distributable for 2018 258,091 Interim dividend distributed 136,747 Forecast cash for the period 26 October 2018 to 26 October 2019: Cash balances at 26 October 2018 — Projected amounts collected 572,263 Projected payments, including interim dividend 544,112 Projected cash balances at 26 October 2019 28,151 This appendix forms an integral part of note 15 to the consolidated financial statements. APPENDIX V GRIFOLS, S.A. AND SUBSIDIARIES Statement of Liquidity for Distribution of Interim Dividend 2017 (Expressed in thousands of Euros) Thousands of Euros Forecast profits distributable for 2017: Projected profits net of taxes until 31/12/2017 273,472 Less, charge required to legal reserve — Estimated profits distributable for 2017 273,472 Interim dividend distributed 122,986 Forecast cash for the period 15 December 2017 to 15 December 2018: Cash balances at 15 December 2017 — Projected amounts collected 475,209 Projected payments, including interim dividend 468,117 Projected cash balances at 15 December 2018 7,092 This appendix forms an integral part of note 15 to the consolidated financial statements.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Significant Accounting Policies
Subsidiaries and associates	(a) Subsidiaries and associates Subsidiaries are entities, including special purpose entities (SPE), over which the Group exercises control, either directly or indirectly, through subsidiaries. The Group controls a subsidiary when it has the substantive rights in force that provide the ability to manage relevant activities. The Group is exposed or has the right to variable returns for its involvement in the subsidiaries when the returns obtained vary depending on the economic performance of the subsidiaries. The income, expenses and cash flows of subsidiaries are included in the consolidated Financial statements from the date of acquisition, which is when the Group takes control. Subsidiaries are excluded from the consolidated Group from the date on which control is lost. Transactions and balances with Group companies and unrealized gains or losses have been eliminated upon consolidation. The accounting policies of subsidiaries have been adapted to those of the Group for transactions and other events in similar circumstances. The Financial statements of consolidated subsidiaries have been prepared as of the same date and for the same reporting period as the Financial statements of the Company. Associates are entities over which the Company, either directly or indirectly through subsidiaries, exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those entities. The existence of potential voting rights that are exercisable or convertible at the end of each reporting period, including potential voting rights held by the Group or other entities, are considered when assessing whether an entity has significant influence. Investments in associates are initially recognized at acquisition cost, including any cost directly attributable to the acquisition and any consideration receivable or payable contingent on future events or on compliance with certain conditions. Subsequently, investments in associates are accounted for using the equity method from the date that significant influence commences until the date that significant influence ceases. The excess of the cost of the investment over the Group’s share of the fair values of the identifiable net assets is recognized as goodwill, which is included in the carrying amount of the investment. Any shortfall, once the cost of the investment and the identification and measurement of the associate’s net assets have been evaluated, is recognized as income when determining the investor’s share of the profit and loss of the associate for the year in which it was acquired. The accounting policies of associates have been harmonized in terms of timing and measurement, applying the policies described for subsidiaries. The Group’s share of the profit and loss of an associate from the date of acquisition is recognized as an increase or decrease in the value of the investments, with a credit or debit to share of the profit and loss for the year of “equity-accounted investees” in the consolidated statement of profit and loss (consolidated statement of comprehensive income). The Group’s share of other comprehensive income of associates from the date of acquisition is recognized as an increase or decrease in the investments in associates with a balancing entry recognized by type in other comprehensive income. The distribution of dividends is recognized as a decrease in the value of the investment. The Group’s share of profit and loss, including impairment losses recognized by the associates, is calculated based on income and expenses arising from application of the acquisition method. When the Group's share of the losses in an investment accounted for using the equity method equals or exceeds its interest in the entity, the Group does not recognize additional losses, unless it has incurred in obligations or made payments on behalf of the other entity. The Group’s share of the profit and loss of an associate and changes in equity is calculated to the extent of the Group’s interest in the associate at year end and does not reflect the possible exercise or conversion of potential voting rights. However, the Group’s share is calculated taking into account the possible exercise of potential voting rights and other derivative financial instruments which, in substance, currently allow access to the economic benefits associated with the interests held, such as entitlement to a share in future dividends and changes in the value of associates. Information on the subsidiaries and associates included in the consolidated Group is presented in Appendix I.
Business combinations	(b) Business combinations On the date of transition to IFRS-EU, 1 January 2004, the Group applied the exception permitted under IFRS 1 “First-time adoption of International Financial Reporting Standards”, whereby only those business combinations performed as from 1 January 2004 have been recognized using the acquisition method. Entities acquired prior to that date were recognized in accordance with accounting prevailing at that time, taking into account the necessary corrections and adjustments at the transition date. The Group applies the revised IFRS 3 “Business combinations” in transactions made subsequent to 1 January 2010. The Group applies the acquisition method for business combinations. The acquisition date is the date on which the Group obtains control of the acquiree. Business combinations made subsequent to 1 January 2010 The cost of the business combination is calculated as the sum of the acquisition-date fair values of the assets transferred, the liabilities incurred or assumed, equity instruments issued and any additional consideration contingent on future events or the fulfilment of certain conditions, in exchange for control of the acquiree. The consideration paid excludes all amounts that do not form part of the exchange for the acquired business. Acquisition-related costs are accounted for as expenses when incurred. Share increase costs are recognized as equity when the increase takes place and borrowing costs are deducted from the financial liability when it is recognized. At the acquisition date the Group recognizes at fair value the assets acquired and liabilities assumed. Liabilities assumed include any contingent liabilities that represent present obligations arising from past events for which the fair value can be reliably measured. The Group also recognizes indemnification assets transferred by the seller at the same time and following the same measurement criteria as the item that is subject to indemnification from the acquired business, taking into consideration, where applicable, the insolvency risk and any contractual limit on the indemnity amount. This criterion does not include non-current assets or disposal groups of assets which are classified as held for sale, long-term defined benefit employee benefit liabilities, share-based payment transactions, deferred tax assets and liabilities and intangible assets arising from the acquisition of previously transferred rights. Assumed assets and liabilities are classified and designated for subsequent measurement in accordance with the contractual terms, economic conditions, operating or accounting policies and other factors that exist at the acquisition date, except for leases and insurance contracts. The excess between the consideration transferred and the value of net assets acquired and liabilities assumed, less the value assigned to non-controlling interests, is recognized as goodwill. Where applicable, any shortfall, after evaluating the consideration transferred, the value assigned to non-controlling interests and the identification and measurement of net assets acquired, is recognized in profit and loss. When a business combination has been provisionally determined, net identifiable assets have initially been recognized at their provisional value, and any adjustments made during the measurement period have been recorded as if they had been known at that date. Where applicable, comparative figures for the prior year have been restated. Adjustments to the provisional values only reflect information relating to events and circumstances existing at the acquisition date and which, had they been known, would have affected the amounts recognized at that date. Once this period has elapsed, adjustments are only made to initial values when errors must be corrected. Any potential benefits arising from tax losses and other deferred tax assets of the acquiree that have not been recorded as they did not qualify for recognition at the acquisition date, are accounted for as income tax revenue, provided the adjustments were not made during the measurement period. The contingent consideration is classified in accordance with underlying contractual terms as a financial asset or financial liability, equity instrument or provision. Provided that subsequent changes to the fair value of a financial asset or financial liability do not relate to an adjustment of the measurement period, they are recognized in consolidated profit and loss. The contingent consideration classified, where applicable, as equity is not subject to subsequent change, with settlement being recognized in equity. The contingent consideration classified, where applicable, as a provision is recognized subsequently in accordance with the relevant measurement standard. Business combinations made prior to 1 January 2010 The cost of the business combination is calculated as the sum of the acquisition-date fair values of the assets transferred, the liabilities incurred or assumed, and equity instruments issued by the Group, in exchange for control of the acquiree, plus any costs directly attributable to the business combination. Any additional consideration contingent on future events or the fulfilment of certain conditions is included in the cost of the combination provided that it is probable that an outflow of resources embodying economic benefits will be required and the amount of the obligation can be reliably estimated. Subsequent recognition of contingent considerations or subsequent variations to contingent considerations is recognized as a prospective adjustment to the cost of the business combination. Where the cost of the business combination exceeds the Group’s interest in the fair value of the identifiable net assets of the entity acquired, the difference is recognized as goodwill, whilst the shortfall, once the costs of the business combination and the fair values of net assets acquired have been reconsidered, is recognized in profit and loss.
Non-controlling interests	(c) Non-controlling interests Non-controlling interests in subsidiaries acquired after 1 January 2004 are recognized at the acquisition date at the proportional part of the fair value of the identifiable net assets. Non-controlling interests in subsidiaries acquired prior to the transition date were recognized at the proportional part of the equity of the subsidiaries at the date of first consolidation. Non-controlling interests are disclosed in the consolidated balance sheet under equity separately from equity attributable to the Parent. Non-controlling interests’ share in consolidated profit and loss for the year (and in consolidated comprehensive income for the year) is disclosed separately in the consolidated statement of profit and loss (consolidated statement of comprehensive income). The consolidated profit and loss for the year, consolidated comprehensive income and changes in equity of the subsidiaries attributable to the Group and non-controlling interests after consolidation adjustments and eliminations, is determined in accordance with the percentage ownership at year end, without considering the possible exercise or conversion of potential voting rights. However, Group and non-controlling interests are calculated taking into account the possible exercise of potential voting rights and other derivative financial instruments which, in substance, currently allow access to the economic benefits associated with the interests held, such as entitlement to a share in future dividends and changes in the value of subsidiaries. Profit and loss and each component of other comprehensive income are assigned to equity attributable to shareholders of the Parent and to non-controlling interests in proportion to their interest, although this implies a balance receivable from non-controlling interests. Agreements signed between the Group and the non-controlling interests are recognized as a separate transaction. The increase and reduction of non-controlling interests in a subsidiary in which control is retained is recognized as an equity instrument transaction. Consequently, no new acquisition cost arises on increases, nor is a gain recorded on reductions; rather, the difference between the consideration transferred or received and the carrying amount of the non-controlling interests is recognized in the reserves of the investor, without prejudice to reclassifying consolidation reserves and reallocating other comprehensive income between the Group and the non-controlling interests. When a Group’s interest in a subsidiary diminishes, non-controlling interests are recognized at their share of the net consolidated assets, including goodwill.
Joint arrangements	(d) Joint arrangements Joint arrangements are those in which there is a contractual agreement to share the control over an economic activity, in such a way that the decisions over relevant activities require the unanimous consent of the Group and the remaining venturers. Under IFRS 11 "Joint arrangements" investments in joint arrangements are classified as joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than on the legal structure of the joint agreement. Interests in joint ventures are accounted for using the equity method, after initially being recognized at cost in the consolidated balance sheet. The acquisition cost of investments in joint arrangements is determined consistently with that established for investments in associates.
Foreign currency transactions and balances	(e) Foreign currency transactions and balances (i) Functional and presentation currency The consolidated Financial statements are presented in thousands of Euros, which is the functional and presentation currency of the Parent. (ii) Foreign currency transactions, balances and cash flows Foreign currency transactions are translated into the functional currency using the previous month’s exchange rate for all transactions performed during the current month. This method does not differ significantly from applying the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies have been translated into thousands of Euros at the closing rate, while non-monetary assets and liabilities measured at historical cost have been translated at the exchange rate prevailing at the transaction date. Non-monetary assets measured at fair value have been translated into thousands of Euros at the exchange rate at the date that the fair value was determined. In the consolidated statement of cash flows, cash flows from foreign currency transactions have been translated into thousands of Euros at the exchange rates prevailing at the dates the cash flows occur. The effect of exchange rate fluctuations on cash and cash equivalents denominated in foreign currencies is recognized separately in the statement of cash flows as “Effect of exchange rate fluctuations on cash and cash equivalents”. Exchange gains and losses arising on the settlement of foreign currency transactions and the translation into thousands of Euros of monetary assets and liabilities denominated in foreign currencies are recognized in profit and loss. (iii) Translation of foreign operations The translation into thousands of Euros of foreign operations for which the functional currency is not the currency of a hyperinflationary economy is based on the following criteria: · Assets and liabilities, including goodwill and net asset adjustments derived from the acquisition of the operations, including comparative amounts, are translated at the closing rate at the reporting date; · Income and expenses, including comparative amounts, are translated using the previous month’s exchange rate for all transactions performed during the current month. This method does not differ significantly from using the exchange rate at the date of the transaction; · Translation differences resulting from application of the above criteria are recognized in other comprehensive income.
Borrowing costs	(f) Borrowing costs In accordance with IAS 23 “Borrowing Costs”, since 1 January 2009 the Group recognizes borrowing costs directly attributable to the purchase, construction or production of qualifying assets as an increase in the value of these assets. Qualifying assets are those which require a substantial period of time before they can be used or sold. To the extent that funds are borrowed specifically for the purpose of obtaining a qualifying asset, the amount of borrowing costs eligible for capitalization is determined as the actual borrowing costs incurred, less any investment income on the temporary investment of those funds. Capitalized borrowing costs corresponding to general borrowing are calculated as the weighted average of the qualifying assets without considering specific funds. The amount of borrowing costs capitalized cannot exceed the amount of borrowing costs incurred during that period. The capitalized borrowing costs include adjustments to the carrying amount of financial liabilities arising from the effective portion of hedges entered into by the Group. The Group begins capitalizing borrowing costs as part of the cost of a qualifying asset when it incurs expenditure for the asset, interest is accrued, and it undertakes activities that are necessary to prepare the asset for its intended use or sale, and ceases capitalizing borrowing costs when all or substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are complete. Nevertheless, capitalization of borrowing costs is suspended when active development is interrupted for extended periods. The remaining interest costs are recognized as an expense in the year in which they are incurred.
Property, plant and equipment	(g) Property, plant and equipment (i) Initial recognition Property, plant and equipment are recognized at cost or deemed cost, less accumulated depreciation and any accumulated impairment losses. Land is not subject to depreciation. The cost of self-constructed assets is determined using the same principles as for an acquired asset, while also considering the criteria applicable to production costs of inventories. Capitalized production costs are recognized by allocating the costs attributable to the asset to “Self-constructed non-current assets” in the consolidated statement of profit and loss. (ii) Depreciation Property, plant and equipment are depreciated by allocating the depreciable amount of an asset on a systematic basis over its useful life. The depreciable amount is the cost or deemed cost of an asset, less its residual value. The Group determines the depreciation charge separately for each item for a component of property, plant and equipment with a cost that is significant in relation to the total cost of the asset. Property, plant and equipment are depreciated using the following criteria: Depreciation method Rates Buildings Straight line 1% - 3% Other property, technical equipment and machinery Straight line 4% - 10% Other property, plant and equipment Straight line 7% - 33% The Group reviews residual values, useful lives and depreciation methods at each financial year end. Changes to initially established criteria are accounted for as a change in accounting estimates. (iii) Subsequent recognition Subsequent to initial recognition of the asset, only those costs incurred which will probably generate future profits and for which the amount may reliably be measured are capitalized. Costs of day-to-day servicing are recognized in profit and loss as incurred. Replacements of property, plant and equipment which qualify for capitalization are recognized as a reduction in the carrying amount of the items replaced. Where the cost of the replaced items has not been depreciated independently and it is not possible to determine the respective carrying amount, the replacement cost is used as indicative of the cost of items at the time of acquisition or construction. (iv) Impairment The Group tests for impairment and reversals of impairment losses on property, plant and equipment based on the criteria set out in note 4(i) below.
Intangible assets	(h) Intangible assets (i) Goodwill Goodwill is generated on the business combinations and is calculated using the criteria described in the section on business combinations. Goodwill is not amortized, but is tested for impairment annually or more frequently whenever there is an indication that goodwill may be impaired. Goodwill acquired in business combinations is allocated to the cash-generating units (CGUs) or groups of CGUs which are expected to benefit from the synergies of the business combination and the criteria described in note 7 are applied. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Gains and losses on the sale of an entity include the carrying amount of the goodwill related to the entity sold. (ii) Internally generated intangible assets Any research and development expenditure incurred during the research phase of projects is recognized as an expense when incurred. Costs related with development activities are capitalized when: · The Group has technical studies that demonstrate the feasibility of the production process; · The Group has undertaken a commitment to complete production of the asset, to make it available for sale or internal use; · The asset will generate sufficient future economic benefits; · The Group has sufficient technical and financial resources to complete development of the asset and has devised budget control and cost accounting systems that enable monitoring of budgetary costs, modifications and the expenditure actually attributable to the different projects. The cost of internally generated assets by the Group is calculated using the same criteria established for determining production costs of inventories. The production cost is capitalized by allocating the costs attributable to the asset to self-constructed non-current assets in the consolidated statement of profit and loss. Expenditure on activities that contribute to increasing the value of the different businesses in which the Group as a whole operates is expensed when incurred. Replacements or subsequent costs incurred on intangible assets are generally recognized as an expense, except where they increase the future economic benefits expected to be generated by the assets. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. (iii) Other intangible assets Other intangible assets are carried at cost, or at fair value if they arise on business combinations, less accumulated amortization and impairment losses. Intangible assets with indefinite useful lives are not amortized but tested for impairment at least annually. (iv) Intangible assets acquired in business combinations The cost of the identifiable intangible assets acquired in Biotest's business combination includes the fair value of the current contracts. The cost of identifiable intangible assets acquired in the business combination of Hologic includes the fair value of the R&D projects and the Intellectual Property-Patents. The cost of identifiable intangible assets acquired in the business combination of Novartis includes the fair value of the existing royalty agreements. The cost of identifiable intangible assets acquired in the Progenika business combination includes the fair value of currently marketed products sold and which are classified under “Other intangible assets”and “Research and Development”. The cost of identifiable intangible assets acquired in the Talecris business combination includes the fair value of currently marketed products sold and which are classified under “Other intangible assets”. (v) Useful life and amortization rates The Group assesses whether the useful life of each intangible asset acquired is finite or indefinite. An intangible asset is regarded as having an indefinite useful life when there is no foreseeable limit to the period over which the asset will generate net cash inflows. Intangible assets with finite useful lives are amortized by allocating the depreciable amount of an asset on a systematic basis over its useful life, by applying the following criteria: Amortisation method Rates Development expenses Straight line 10% Concessions, patents, licences, trademarks and similar Straight line 4% - 20% Computer software Straight line 33% Currently marketed products Straight line 3% - 10% The depreciable amount is the cost or deemed cost of an asset, less its residual value. The Group does not consider the residual value of its intangible assets to be material. The Group reviews the residual value, useful life and amortization method for intangible assets at each financial year end. Changes to initially established criteria are accounted for as a change in accounting estimates.
Impairment of goodwill, other intangible assets and other non-financial assets subject to depreciation or amortization	(i) Impairment of goodwill, other intangible assets and other non-financial assets subject to depreciation or amortization The Group evaluates whether there are indications of possible impairment losses on non-financial assets subject to amortization or depreciation, to verify whether the carrying amount of these assets exceeds the recoverable amount. The Group tests goodwill, intangible assets with indefinite useful lives and intangible assets with finite useful lives that are not available for use for potential impairment at least annually, irrespective of whether there is any indication that the assets may be impaired. The recoverable amount of the assets is the higher of their fair value less costs of disposal and their value in use. An asset’s value in use is calculated based on an estimate of the future cash flows expected to derive from the use of the asset, expectations about possible variations in the amount or timing of those future cash flows, the time value of money, the price for bearing the uncertainty inherent in the asset and other factors that market participants would reflect in pricing the future cash flows deriving from the asset. Negative differences arising from comparison of the carrying amounts of the assets with their recoverable amounts are recognized in the consolidated statement of profit and loss. Recoverable amount is determined for each individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. If this is the case, recoverable amount is determined for the cash-generating unit (CGU) to which the asset belongs. Impairment losses recognized for cash-generating units are first allocated to reduce, where applicable, the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro rata on the basis of the carrying amount of each asset. The carrying amount of each asset may not be reduced below the highest of its fair value less costs of disposal, its value in use and zero. At the end of each reporting period the Group assesses whether there is any indication that an impairment loss recognized in prior periods may no longer exist or may have decreased. Impairment losses on goodwill are not reversible. Impairment losses on other assets are only reversed if there has been a change in the estimates used to calculate the recoverable amount of the asset. A reversal of an impairment loss is recognized in consolidated profit and loss. The increased carrying amount of an asset attributable to a reversal of an impairment loss may not exceed the carrying amount that would have been determined, net of depreciation or amortization, had no impairment loss been recognized. A reversal of an impairment loss for a CGU is allocated to the assets of each unit, except goodwill, pro rata with the carrying amounts of those assets. The carrying amount of an asset may not be increased above the lower of its recoverable amount and the carrying amount that would have been disclosed, net of amortization or depreciation, had no impairment loss been recognized.
Leases	(j) Leases (i) Lessee accounting records The Group has rights to use certain assets through lease contracts. Leases in which the Group assumes substantially all the risks and rewards incidental to ownership are classified as finance leases, otherwise they are classified as operating leases. · Finance leases At the commencement of the lease term, the Group recognizes finance leases as assets and liabilities at the lower of the fair value of the leased asset and the present value of the minimum lease payments. Initial direct costs are added to the asset’s carrying amount. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents are recognized as an expense in the years in which they are incurred. Property, plant and equipment acquired through a finance lease is amortized over the useful life of the asset or within the term of the lease, whichever is less, if there is no reasonable certainty that the group will obtain the property at the end of the term of the lease. · Operating leases Lease payments under an operating lease (excluding incentives) are recognized as an expense on a straight-line basis unless another systematic basis is representative of the time pattern of the user’s benefit. (ii) Leasehold investments Non-current investments in properties leased from third parties are recognized on the basis of the same criteria for property, plant and equipment. Investments are amortized over the lower of their useful lives and the term of the lease contract. The lease term is consistent with that established for recognition of the lease. (iii) Sale and leaseback transactions Any profit on sale and leaseback transactions that meet the conditions of a finance lease is deferred over the term of the lease. When the leaseback is classified as an operating lease: · If the transaction is established at fair value, any profit and loss on the sale is recognized immediately in the consolidated statement of profit and loss for the year; · If the sale price is below fair value, any profit and loss is recognized immediately in the consolidated statement of profit and loss. However, if the loss is compensated for by future lease payments at below market price, it is deferred in proportion to the lease payments over the period for which the asset is to be used.
Financial instruments	(k) Financial instruments (i) Classification of the financial instruments Financial instruments are classified at the time of their initial recognition as a financial asset, a financial liability or an equity instrument, in accordance with the economic substance of the contractual agreement and with the definitions of financial assets, financial liabilities or equity instruments indicated in IAS 32 “Financial instruments: Presentation”. For purposes of its valuation, the Group classifies financial instruments in the categories of financial assets and financial liabilities at fair value through profit or loss, separating those initially designated from those held for trading or mandatorily measured at fair value through profit or loss, financial assets and financial liabilities valued at amortized cost and financial assets measured at fair value through other comprehensive income, separating the equity instruments designated as such, from other financial assets. The classification depends on the Group's business model to manage the financial assets and the contractual terms of the cash flows. The Group classifies a financial asset at amortized cost if it is held in the framework of a business model whose objective is to hold financial assets to obtain contractual cash flows and the contractual terms of the financial asset give rise, on specified dates, to cash flows which are only principal and interest payments on the outstanding principal amount (OPIP). The Group classifies a financial asset at fair value through changes in other comprehensive income, if it is maintained in the framework of a business model whose objective is achieved by obtaining contractual cash flows and selling financial assets and the contractual conditions of the financial asset give rise to, at specified dates, to cash flows that are OPIP. The business model is determined by the key personnel of the Group and at a level that reflects the way in which they jointly manage groups of financial assets to achieve a specific business objective. The Group's business model represents the way in which it manages its financial assets to generate cash flows. Financial assets that are part of a business model whose objective is to hold assets to receive contractual cash flows are managed to generate cash flows in the form of contractual collections during the life of the instrument. The Group manages the assets held in the portfolio to receive these specific contractual cash flows. To determine whether cash flows are obtained through the collection of contractual cash flows from financial assets, the Group considers the frequency, value and timing of sales in prior years, the reasons for those sales and expectations in relation to with the future sales activity. However, the sales themselves do not determine the business model and, therefore, cannot be considered in isolation. Instead, it is the information on past sales and future sales expectations that provides indicative data on how to achieve the stated objective of the Group with respect to the management of financial assets and, more specifically, the way where cash flows are obtained. For assets measured at fair value, losses and gains will be recognized in profit or loss or other comprehensive income. For investments in equity instruments that are not held for trading, it will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for investments in equity at fair value through other comprehensive income (COCI). The Group reclassifies investments in debt when and only when its business model to manage those assets changes. (ii) Measurement At the time of initial recognition, the Group values a financial asset at its fair value plus, in the case of a financial asset that is not at fair value through profit or loss, the costs of the transaction that are directly attributable to the acquisition. The transaction costs of financial assets at fair value through profit or loss are taken to results. In order to determine the fair value of financial assets or liabilities, the Group uses market data as much as possible. Based on the factors used for the measurement, the fair values are hierarchized based on the following levels: · Level 1: quoted prices (unadjusted) within current markets for assets or liabilities identical to those under consideration. · Level 2: factors other than the prices considered in Level 1 that come directly from the asset or liability in question, such as those that may derive directly from the price. · Level 3: factors not based on data directly from the market. In the event that the factors used to determine the fair value of an asset or liability are included in different levels of hierarchy, the fair value will be determined in its entirety based on the significant component located at the lowest level of hierarchy. (iii) Offseting principles A financial asset and a financial liability are offset only when the Group has the legally enforceable right to set off the recognized amounts and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. (iv) Financial assets and liabilities at fair value through profit or loss Financial assets or liabilities at fair value through profit or loss are those that are classified as held for trading or have been designated from the moment of initial recognition. A financial asset or liability is classified as held for trading if: · It is acquired or incurred mainly for the purpose of selling it or repurchasing it in the near term. · On initial recognition it is part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent pattern of short-term profit-taking, or · It is a derivative, except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument. Financial assets and liabilities at fair value through profit or loss are initially recognized at fair value. Transaction costs directly attributable to the purchase or issue are recognized as an expense as incurred. After initial recognition, they are recognized at fair value through profit or loss. The fair value is not reduced by the transaction costs that may be incurred by their eventual sale or disposal by other means. The Group does not reclassify any financial asset or liability to or from this category as long as it is recognized in the consolidated statement of financial position. (v) Financial assets at amortized cost Financial assets at amortized cost are initially recognized at their fair value, including the transaction costs incurred, and are subsequently valued at amortized cost, using the effective interest rate method. (vi) Debt instruments The subsequent valuation of the debt instruments depends on the Group's business model to manage the asset and the characteristics of the cash flows of the asset. The Group's debt instruments consist mainly of trade and other receivables, which the Group classifies as financial assets at amortized cost. Financial assets at amortized cost are assets that the Group holds for the collection of contractual cash flows when these cash flows represent only payments of principal and interest, and are valued at amortized cost. Interest income from these financial assets is included in finance income in accordance with the effective interest rate method. (vii) Equity instruments The Group holds financial assets owned, mainly equity instruments, which are measured at fair value. When Group management has chosen to present the gains and losses on the fair value of the equity investments in other comprehensive income, after the initial recognition, the equity instruments are measured at fair value, recognizing the loss or gain in other comprehensive income. The amounts recognized in other comprehensive income are not subject to reclassification to profit or loss, without prejudice to reclassification to reserves at the time when the instruments are derecognized. Dividends from such investments continue to be recognized in income for the year as other income when the Group's right to receive payments is established. (viii) Impairment As of 1 January, 2018, the Group evaluates, on a prospective basis, the expected credit losses associated with its debt instruments recorded at amortized cost. The Group uses the practical solutions permitted by IFRS 9 to assess the expected credit losses related to commercial accounts using a simplified approach, eliminating the need to evaluate when there has been a significant increase in credit risk. The simplified approach requires that the expected losses be recorded from the initial recognition of receivables, so that the Group determines expected credit losses as a probability-weighted estimate of such losses over the expected life of the financial instrument. The practical solution applied is the use of a provision matrix based on the segmentation into groups of homogeneous assets, applying the historical information of percentages of non-payment for said groups and applying reasonable information about the future economic conditions. The percentage of non-payment is calculated according to the current experience of non-payment during the last year, as it is a very dynamic market and is adjusted for the differences between current and historical economic conditions and considering projected information, which is reasonably available. (ix) Derecognition of financial assets The Group applies the criteria for the derecognition of financial assets to a part of a financial asset or to a part of a group of similar financial assets or to a financial asset or a group of similar financial assets. Financial assets are derecognised when the rights to receive cash flows related to them have expired or have been transferred and the Group has substantially transferred the risks and rewards derived from their ownership. (x) Financial liabilities at amortized cost Financial liabilities, including trade payables and other accounts payable, that are not classified at fair value through profit or loss, are initially recognized at their fair value, less, if applicable, the transaction costs that are directly attributable to the issue. Subsequent to the initial recognition, liabilities classified under this category are valued at amortized cost using the effective interest rate method. (xi) Derecognition and modification of financial liabilities The Group derecognises a financial liability or part thereof when it has complied with the obligation contained in the liability, or is legally exempt from the main liability contained in the liability, either by virtue of a judicial process or by the creditor. The Group considers that the conditions are substantially different if the present value of the discounted cash flows under the new conditions, including any commission paid net of any commission received, and using the original effective interest rate to make the discount, differs at least at 10 percent of the discounted present value of the cash flows that still remain of the original financial liability. If the exchange is recorded as a cancellation of the original financial liability, the costs or commissions are recognized in consolidated results forming part of the result of the same. Otherwise, the costs or commissions adjust the carrying amount of the liability and are amortized by the amortized cost method during the remaining life of the modified liability. The Group recognizes the difference between the carrying amount of the financial liability or a part of it that is canceled or assigned to a third party and the consideration paid, including any assigned asset different from the cash or liability assumed in profit or loss.
Equity instruments	(l) Equity instruments The Group’s acquisition of equity instruments of the Parent is recognized separately at cost of acquisition in the consolidated balance sheet as a reduction in equity, regardless of the motive of the purchase. Any gains or losses on transactions with treasury equity instruments are not recognized in consolidated profit and loss. The subsequent redemption of Parent shares, where applicable, leads to a reduction in share capital in an amount equivalent to the par value of such shares. Any positive or negative difference between the cost of acquisition and the par value of the shares is debited or credited to reserves. Transaction costs related with treasury equity instruments, including issue costs related to a business combination, are accounted for as a reduction in equity, net of any tax effect.
Inventories	(m) Inventories Inventories are measured at the lower of cost and net realizable value. The cost of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. The costs of conversion of inventories include costs directly related to the units of production and a systematic allocation of fixed and variable production overheads that are incurred in converting materials into finished goods. The allocation of fixed indirect overheads is based on the higher of normal production capacity or actual production. The raw material used to produce haemoderivatives is human plasma, which is obtained from our donation centers using the plasmapheresis method. The cost of inventories includes the amount paid to plasma donors, or the amount billed by the seller when purchased from third parties, as well as the cost of products and devices used in the collection process, rental expenses and storage. This plasma has to be stored before use, which is an essential part of the production process. During the storage period, the plasma undergoes various virological tests and should be kept in quarantine in accordance with FDA and European Medicines Agency regulations, in order to guarantee that all the plasma is suitable for use in the production process. To the extent that plasma storage costs are necessary to the production process, they are included as cost of inventories. Indirect costs such as general management and administration costs are recognized as expenses in the period in which they are incurred. The cost of raw materials and other supplies and the cost of merchandise are allocated to each inventory unit on a weighted average cost basis. The transformation cost is allocated to each inventory unit on a FIFO (first-in, first-out) basis. The Group uses the same cost model for all inventories of the same nature and with a similar use. Volume discounts extended by suppliers are recognized as a reduction in the cost of inventories when it is probable that the conditions for discounts to be received will be met. Discounts for prompt payment are recognized as a reduction in the cost of the inventories acquired. When the cost of inventories exceeds net realizable value, materials are written down to net realizable value, which is understood to be: · For raw materials and other supplies, replacement cost. Nevertheless, raw materials and other supplies are not written down below cost if the finished goods into which they will be incorporated are expected to be sold at or above cost of production; · Merchandise and finished goods, estimated selling price less costs to sell; · Work in progress, the estimated selling price of related finished goods, less the estimated costs of completion and the estimated costs necessary to make the sale. The previously recognized write-down is reversed against profit and loss when the circumstances that previously caused inventories to be written down no longer exist or when there is clear evidence of an increase in net realizable value because of changed economic circumstances. The reversal of the write-down is limited to the lower of the cost and revised net realizable value of the inventories. Write-downs may be reversed with a credit to “Cost of Sales”.
Cash and cash equivalents	(n) Cash and cash equivalents Cash and cash equivalents include cash on hand and demand deposits in financial institutions. They also include other short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. An investment normally qualifies as a cash equivalent when it has a maturity of less than three months from the date of acquisition. The Group classifies cash flows relating to interest received and paid as operating activities, and dividends received and distributed are classified under investing and financing activities, respectively.
Government grants	(o) Government grants Government grants are recognized when there is reasonable assurance that they will be received and that the Group will comply with the conditions attached. (i) Capital grants Outright capital grants are initially recognized as deferred income in the consolidated balance sheet. Income from capital grants is recognized in the consolidated statement of profit and loss in line with the depreciation of the corresponding financed assets. (ii) Operating grants Operating grants received to offset expenses or losses already incurred, or to provide immediate financial support not related to future disbursements, are recognized in the consolidated statement of profit and loss. (iii) Interest rate grants Financial liabilities comprising implicit assistance in the form of below-market interest rates are initially recognized at fair value. The difference between this value, adjusted where necessary for the issue costs of the financial liability and the amount received, is recognized as a government grant based on the nature of the grant awarded.
Employee benefits	(p) Employee benefits (i) Defined contribution plans The Group recognizes the contributions payable to a defined contribution plan in exchange for a service in the period in which contributions are accrued. Accrued contributions are recognized as an employee benefit expense in the corresponding consolidated statement of profit and loss in the year that the contribution was made. (ii) Termination benefits Termination benefits are recognized at the earlier of the date when the Group can no longer withdraw the offer of those benefits and when the Group recognizes costs for a restructuring that involves the payment of termination benefits. For termination benefits payable as a result of an employee’s decision to accept an offer of benefits, the time when the Group can no longer withdraw the offer of termination benefits is the earlier of when the employee accepts the offer and when a restriction on the Group’s ability to withdraw the offer takes effect. For termination benefits payable as a result of the Group’s decision to make an employee redundant, the Group can no longer withdraw the offer when it has informed the affected employees or union representatives of the plan and the actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made. The plan must identify the number of employees to be made redundant, their job classifications or functions and their locations and the expected completion date. The plan must also establish the termination benefits that employees will receive in sufficient detail that employees can determine the type and amount of benefits they will receive when their employment is terminated. If the Group expects to settle the termination benefits in full more than twelve months after year end, the liability is discounted using the market yield on high quality corporate bonds. (iii) Short-term employee benefits The Group recognizes the expected cost of short-term employee benefits in the form of accumulating compensated absences when the employees render service that increases their entitlement to future compensated absences. In the case of non-accumulating compensated absences, the expense is recognized when the absences occur. The Group recognizes the expected cost of profit-sharing and bonus plans when it has a present legal or constructive obligation to make such payments as a result of past events and a reliable estimate of the obligation can be made. (iv) Restricted Share Unit Retention Plan (RSU) The Group gives share-based payments to certain employees who render services to the Company. The fair value of the services received is determined based on the estimated fair value of the shares given at the grant date. Because the equity instruments granted do not vest until the employees complete a specified period of service, those services are accounted for during the vesting period in the income statement as an expense for the year, with the corresponding increase in equity. The amount recognized corresponds to that settled once the agreed terms have been met and it will not be adjusted or revalued during the accrual period, as the commitment is settled in the form of shares. The total amount recognized is calculated based on the incentive payable in shares, increasing in line with percentages agreed by the Group. If an employee decides to leave his/her job prior to the end of the accrual period, he/she will only receive the agreed incentive in the form of shares and the Company will be able to choose whether to settle in cash or using equity instruments.
Provisions	(q) Provisions Provisions are recognized when the Group has a present obligation (legal or implicit) as a result of a past event; it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. No provisions are recognized for future operating losses. The amount recognized as a provision is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, taking into account all risks and uncertainties surrounding the amount to be recognized as a provision and, where the time value of money is material, the financial effect of discounting provided that the expenditure to be made each period can be reliably estimated. The discount rate used to determine the present value is a pre-tax rate that reflects the evaluations that the current market is making of the time value of money and the specific risks of the obligation. The increase in the provision due to the passage of time is recognized as an interest expense. If it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed against the consolidated statement of profit and loss item where the corresponding expense was recognized.
Revenue recognition	(r) Revenue recognition Revenue from the sale of goods or services is recognized at an amount that reflects the consideration that the Group expects to be entitled to receive in exchange for transferring goods or services to a customer, at the time when the customer obtains control of the goods or services rendered. The consideration that is committed in a contract with a client can include fixed amounts, variable amounts, or both. The amount of the consideration may vary due to discounts, reimbursements, incentives, performance bonuses, penalties or other similar items. Contingent consideration is included in the transaction price when it is highly probable that the amount of revenue recognized is not subject to future significant reversals. Revenue is presented net of the value added tax and any other amount or tax, which in substance corresponds to amounts received on behalf of third parties. (i) Sale of goods Revenue from the sale of goods is recognized when the Group meets the performance obligation by transferring the assets committed to the customer. An asset is transferred when the customer obtains control of that asset. When evaluating the satisfaction of the performance obligation, the Group considers the following indicators of the transfer of control, which include, but are not limited to the following: · The Group has a present right to payment for the asset · The customer has the legal right to the asset · The Group has transferred the physical possession of the asset · The customer has the significant risks and rewards of ownership of the asset · The customer has accepted the asset The Group participates in the government-managed Medicaid programs in the United States, accounting for Medicaid rebates by recognizing an accrual at the time a sale is recorded for an amount equal to the estimated claims for Medicaid rebates attributable to the sale. Medicaid rebates are estimated based on historical experience, legal interpretations of the applicable laws relating to the Medicaid program and any new information regarding changes in the program regulations and guidelines that would affect rebate amounts. Outstanding Medicaid claims, Medicaid payments and inventory levels are analyzed for each distribution channel and the accrual is adjusted periodically to reflect actual experience. While rebate payments are generally made in the following or subsequent quarter, any adjustments for actual experience have not been material. As is common practice in the sector, the purchase contracts signed by some customers with the Group entitle these customers to price discounts for a minimum purchase volume, volume discounts or prompt payment discounts. The Group recognizes these discounts as a reduction in sales and receivables in the same month that the corresponding sales are invoiced based on the customer’s actual purchase figures or on past experience when the customer’s actual purchases will not be known until a later date. In the USA, the Group enters into agreements with certain customers to establish contract pricing for the products, which these entities purchase from the authorized wholesaler or distributor (collectively, wholesalers) of their choice. Consequently, when the products are purchased from wholesalers by these entities at the contract price which is less than the price charged by the Group to the wholesaler, the Group provides the wholesaler with a credit referred to as a chargeback. The Group records the chargeback accrual at the time of the sale. The allowance for chargebacks is based on Group’s estimate of the wholesaler inventory levels, and the expected sell-through of the products by the wholesalers at the contract price based on historical chargeback experience and other factors. The Group periodically monitors the factors that influence the provision for chargebacks, and makes adjustments when it considers that actual chargebacks may differ from established allowances. These adjustments occur in a relatively short period of time. As these chargebacks are typically settled within 30 to 45 days of the sale, adjustments for actual experience have not been material. (ii) Services rendered Revenues associated with the rendering of service transactions are recognized by reference to the stage of completion at the consolidated balance sheet date when the outcome of the transaction can be estimated reliably. The outcome of a transaction can be estimated reliably when revenues, the stage of completion, the costs incurred and the costs to complete the transaction can be estimated reliably and it is probable that the economic benefits derived from the transaction will flow to the Group. When the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue is recognized only to the extent of costs incurred that are recoverable. (iii) Interest income Until June 2012 the Group has been recognizing interest receivable from the different Social Security affiliated bodies in Spain, to which it provides goods or services, on an accrual basis, and only for those bodies to which historically claims have been made and from which interest has been collected. As a result of the terms imposed by the Spanish Government in 2012 regarding the waiver of late payment interest on overdue receivables, the Group modified its estimate regarding late payment interest. Since June 2012 the Group has only been recognizing late payment interest on receivables from Social Security affiliated bodies on the date on which delayed invoices are collected, as it is highly likely that they will be collected as of that date provided.
Income taxes	(s) Income taxes The income tax expense or tax income for the year comprises current tax and deferred tax. Current tax is the amount of income taxes payable or recoverable in respect of the consolidated taxable profit or consolidated tax loss for the year. Current tax assets or liabilities are measured at the amount expected to be paid to or recovered from the taxation authorities, using the tax rates and tax laws that have been enacted or substantially enacted at the reporting date. Deferred tax liabilities are the amounts of income taxes payable in future periods in respect of taxable temporary differences, whereas deferred tax assets are the amounts of income taxes recoverable in future periods in respect of deductible temporary differences, the carryforward of unused tax losses, and the carryforward of unused tax credits. Temporary differences are differences between the carrying amount of an asset or liability in the balance sheet and its tax base. Current and deferred tax are recognized as income or an expense and included in profit and loss for the year, except to the extent that the tax arises from a transaction or event which is recognized, in the same or a different year, directly in equity, or from a business combination. (i) Taxable temporary differences Taxable temporary differences are recognized in all cases except where: · They arise from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable income; · They are associated with investments in subsidiaries over which the Group is able to control the timing of the reversal of the temporary difference and it is not probable that the temporary difference will reverse in the foreseeable future. (ii) Deductible temporary differences Deductible temporary differences are recognized provided that: · It is probable that sufficient taxable income will be available against which the deductible temporary difference can be utilized, unless the differences arise from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable income; · The temporary differences are associated with investments in subsidiaries to the extent that the difference will reverse in the foreseeable future and sufficient taxable income is expected to be generated against which the temporary difference can be offset. Tax planning opportunities are only considered when assessing the recoverability of deferred tax assets and if the Group intends to use these opportunities or it is probable that they will be utilized. (iii) Measurement Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the years when the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted. The tax consequences that would follow from the manner in which the Group expects to recover or settle the carrying amount of its assets or liabilities are also reflected in the measurement of deferred tax assets and liabilities. At year end the Group reviews the fair value of deferred tax assets to write down the balance if it is not probable that sufficient taxable income will be available to apply the tax asset. Deferred tax assets which do not meet the above conditions are not recognized in the consolidated balance sheet. At year end the Group assesses whether deferred tax assets which were previously not recognized now meet the conditions for recognition. (iv) Offset and classification The Group only offsets current tax assets and current tax liabilities if it has a legally enforceable right to set off the recognized amounts and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The Group only offsets deferred tax assets and liabilities where it has a legally enforceable right, where these relate to income taxes levied by the same taxation authority and where the taxation authority permits the entity to settle on a net basis, or to realize the asset and settle the liability simultaneously for each of the future years in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered. Deferred tax assets and liabilities are recognized in the consolidated balance sheet under non-current assets or liabilities, irrespective of the expected date of recovery or settlement.
Segment reporting	(t) Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the Group’s chief operating decision maker to make decisions about resources to be allocated to the segment, assess its performance and, based on which, differentiated financial information is available.
Classification of assets and liabilities as current and non-current	(u) Classification of assets and liabilities as current and non-current The Group classifies assets and liabilities in the consolidated balance sheet as current and non-current. Current assets and liabilities are determined as follows: · Assets are classified as current when they are expected to be realized or are intended for sale or consumption in the Group’s normal operating cycle, they are held primarily for the purpose of trading, they are expected to be realized within twelve months after the reporting date or are cash or a cash equivalent, unless the assets may not be exchanged or used to settle a liability for at least twelve months after the reporting date. · Liabilities are classified as current when they are expected to be settled in the Group’s normal operating cycle, they are held primarily for the purpose of trading, they are due to be settled within twelve months after the reporting date or the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. · Financial liabilities are classified as current when they are due to be settled within twelve months after the reporting date, even if the original term was for a period longer than twelve months, and an agreement to refinance, or to reschedule payments, on a long-term basis is completed after the reporting date and before the consolidated Financial statements are authorized for issue.
Environmental issues	(v) Environmental issues The Group takes measures to prevent, reduce or repair the damage caused to the environment by its activities. Property, plant and equipment acquired by the Group for long-term use to minimize the environmental impact of its activity and protect and improve the environment, including the reduction and elimination of future pollution from the Group’s operations, are recognized as assets applying the measurement, presentation and disclosure criteria described in note 4(g).

Basis of Presentation (Tables)

Basis of Presentation (Tables)	12 Months Ended
	Dec. 31, 2018
Basis of Presentation
Schedule of amendments to IFRS	Effective date in 2016 Mandatory application for annual periods beginning on or after: Standards IASB effective date EU effective date IAS 16 Clarification of Acceptable Methods of Depreciation and Amortisation (issued on 12 May 2014) 1 January 2016 1 January 2016 IFRS 11 Accounting for Acquisitions of Interests in Joint Operations (issued on 6 May 2014) 1 January 2016 1 January 2016 IAS 27 Equity Method in Separate Financial Statements (issued on 12 August 2014) 1 January 2016 1 January 2016 Various Annual Improvements to IFRSs 2012‑2014 cycle (issued on 25 September 2014) 1 January 2016 1 January 2016 IAS 1 Disclosure Initiative (issued on 18 December 2014) 1 January 2016 1 January 2016 Effective date in 2017 Mandatory application for annual periods beginning on or after: Standards IASB effective date EU effective date IAS 12 Recognition of Deferred Tax Assets for Unrealized Losses (issued on 19 January 2016) 1 January 2017 1 January 2017 IAS 7 Disclosure Initiative (issued on 29 January 2016) 1 January 2017 1 January 2017 Various Annual improvements to IFRSs 2014 - 2016 cycle (issued on 8 December 2016) - IFRS 12 1 January 2017 1 January 2017 Effective date in 2018 Mandatory application for annual periods beginning on or after: Standards IASB effective date EU effective date IFRS 15 Revenue from contracts with Customers (issued on 28 May 2014) 1 January 2018 1 January 2018 IFRS 15 Clarification to IFRS15 Revenue from Contracts with Customers (issued on 12 April 2016) 1 January 2018 1 January 2018 IFRS 9 Financial instruments (issued on 24 July 2014) 1 January 2018 1 January 2018 IFRS 2 Classification and Measurement of Share-based Payment Transactions (issued on 20 June 2016) 1 January 2018 1 January 2018 IFRS 4 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (issued on 12 September 2016) 1 January 2018 1 January 2018 IFRIC 22 IFRIC 22 Interpretation: Foreign currency translations and Advance Consideration (issued on 8 December2016) 1 January 2018 1 January 2018 IAS 40 Amendments to IAS 40: Transfers of Investment Property (issued on 8 December2016) 1 January 2018 1 January 2018 Various Annual improvements to IFRSs 2014 - 2016 cycle (issued on 8 December 2016) 1 January 2018 1 January 2018 Standards issued but not effective in 2018 Mandatory application for annual periods Standards IASB effective date EU effective date IFRS 16 Leases (Issued on 13 January 2016) 1 January 2019 1 January 2019 IFRIC 23 Uncertainty over Income Tax Treatments (issued on 7 June 2017) 1 January 2019 1 January 2019 IFRS 9 Amendment to IFRS 9: Prepayment Features with Negative Compensation (issued on 12 October 2017) 1 January 2019 1 January 2019 IAS 28 Amendment to IAS 28: Long-term interests in Associates and Joint Ventures (issued on 12 October 2017) 1 January 2019 pending Various Annual Improvements to IFRS Standards 2015-2017 Cycle (issued on 12 December 2017) 1 January 2019 pending IFRS 17 Insurance Contracts (issued on 18 May 2017) 1 January 2021 pending IAS 19 Amendment to IAS19: Plan Amendment, Curtailment or Settlemet (issued on 7 February 2018) 1 January 2019 pending IFRS 3 Amendment to IFRS 3: Definition of a business (issued on 22 October 2018) 1 January 2020 pending IAS 1 Amendments to IAS 1 and IAS 8: Definition of material (issued on 31 October 2018) 1 January 2020 pending IFRS 1 Amendments to the Conceptual Framework for Financial Reporting (issued on 29 March 2018) 1 January 2020 pending
Summary of impact in reserves due to IFRS 9	Thousand of Euros Impact Senior Unsecured Noted IAS 39 IFRS 9 01/01/2018 Total Debt 853,667 1,000,000 146,333 Deferred Expenses (41,035) Negative Impact in reserves 105,298 Thousand of Euros Impact Senior Secured Debt IAS 39 IFRS 9 01/01/2018 Total Debt 3,375,157 3,226,244 (148,913) Deferred Expenses 18,979 Positive impact in reserves (129,934) Thousand of Euros Impact Total Impact IAS 39 IFRS 9 01/01/2018 Total Debt 4,228,824 4,226,244 (2,580) Deferred Expenses (22,056) Positive impact in reserves (24,636)
Schedule of lease agreements period	Average lease term Real Estate and land 10 to 15 years Donor centers 13 to 15 years PC's and hardware 3 to 5 years Machinery 4 to 5 years Vehicles 3 to 5 years
Summary of reconciliation of lease liabilities for buildings and warehouses in relation to leases which had previously been classified as operating leases under IAS 17 and lease liabilities under IFRS 16	01/01/2019 Thousands of Euros Operating lease commitments existing as at 31 December 2018 400,579 Periods covered by an option to extend the lease by the Group 579,261 Discounting using the Group's incremental borrowing rate (311,116) finance lease liabilities recognised as at 31 December 2018 1,395 Short-term leases recognised on a straight-line basis as expense (4,822) Others (349) Lease liability recognised as at 1 January 2019 664,948

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2018
Biotest Acquisition
Business Combinations
Disclosure of detailed information about business combination	Thousands of Euros Thousands of US Dollars Total business combination cost 245,126 286,454 Fair value of net assets acquired 114,463 133,761 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) 130,663 152,693
Schedule of fair value assets, liabilities and contingent liabilities recognised on acquisition date	Fair value Thousands of Euros Thousands of US Dollars Cash and cash equivalents 5,876 6,867 Trade and other receivables 15,114 17,663 Inventories 18,235 21,309 Other assets 2,438 2,849 Intangible assets (note 8) 19,511 22,800 Goodwill 5,571 6,510 Property, Plant and equipment (note 9) 22,190 25,931 Deferred tax assets 33,917 39,635 Financial assets 10,975 12,825 Total assets 133,827 156,389 Trade and other payables (5,322) (6,219) Other liabilities (4,249) (4,965) Deferred tax liability (4,878) (5,700) Long-term liabilities (4,915) (5,744) Total liabilities and contingent liabilities (19,364) (22,628) Total net assets acquired 114,463 133,761 Goodwill (note 7) 130,663 152,693 Total business combination cost 245,126 286,454
Haema, AG
Business Combinations
Disclosure of detailed information about business combination	Thousands of Euros Total business combination cost Fair value of net assets acquired Goodwill (excess of the cost of the business combination over the fair value of net assets acquired)
Schedule of fair value assets, liabilities and contingent liabilities recognised on acquisition date	Fair value Thousands of Euros Cash and cash equivalents 7,727 Trade and other receivables 10,321 Inventories 5,535 Other assets 836 Intangible assets (note 8) 1,518 Property, Plant and equipment (note 9) 25,407 Total assets 51,344 Trade and other payables (1,795) Contingent liabilities (492) Total liabilities and contingent liabilities (2,287) Total net assets acquired 49,057 Goodwill (note 7) 171,134 Total business combination cost 220,191
Goetech, LLC. ("MedKeeper")
Business Combinations
Disclosure of detailed information about business combination	Thousands of Euros Thousands of US Dollars Cost of the business combination First repurchase of non-controlling interests 11,475 14,000 Second repurchase of non-controlling interests (discounted amount) 14,952 18,241 Purchase of remaining non-controlling interests 42,998 52,458 Total business combination cost 69,425 84,699 Fair value of net assets acquired 14,104 17,207 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) (note 7) 55,321 67,492
Schedule of fair value assets, liabilities and contingent liabilities recognised on acquisition date	Fair value Thousands of Euros Thousands of US Dollars Intangible assets (note 8) 30,561 37,285 Property, Plant and equipment (note 9) 67 82 Other non-current assets 2,350 2,867 Other current assets 4,453 5,433 Total assets 37,432 45,667 Non-current liabilities (2,186) (2,667) Current liabilities (7,711) (9,407) Deferred tax liability (13,431) (16,386) Total liabilities and contingent liabilities (23,328) (28,460) Total net assets acquired 14,104 17,207
Hologic acquisition
Business Combinations
Disclosure of detailed information about business combination	Thousands of Euros Thousands of US Dollars Cost of the business combination Payment in cash 1,734,077 1,865,000 Result of the cancellation of the existing contract 41,894 45,057 Total business combination cost 1,775,971 1,910,057 Fair value of net assets acquired 309,551 332,923 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) (see note 7) 1,466,420 1,577,134
Schedule of fair value assets, liabilities and contingent liabilities recognised on acquisition date	Fair Value Thousands of Euros Thousands of US Dollars R&D in progress 137,756 148,157 Other Intangible assets 142,174 152,908 Property, plant and equipment 24,569 26,424 Deferred Tax Assets (note 27) 16,736 18,000 Inventories 30,157 32,434 Total Assets 351,392 377,923 Current Provisions (note 19 (b)) 41,841 45,000 Total liabilities and contingent liabilities 41,841 45,000 Total net assets acquired 309,551 332,923
Kedplamsa acquisition
Business Combinations
Disclosure of detailed information about business combination	Thousands of Euros Thousands of US Dollars Cost of the business combination Payment in cash 44,238 47,083 Total business combination cost 44,238 47,083 Fair value of net assets acquired 4,137 4,403 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) (note 7) 40,101 42,680

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Significant Accounting Policies
Schedule of property, plant and equipment depreciation rates.	Depreciation method Rates Buildings Straight line 1% - 3% Other property, technical equipment and machinery Straight line 4% - 10% Other property, plant and equipment Straight line 7% - 33%
Schedule of intangible assets amortization rates	Amortisation method Rates Development expenses Straight line 10% Concessions, patents, licences, trademarks and similar Straight line 4% - 20% Computer software Straight line 33% Currently marketed products Straight line 3% - 10%

Financial Risk Management Pol_2

Financial Risk Management Policy (Tables)	12 Months Ended
	Dec. 31, 2018
Financial Risk Management Policy
Return on equity	Thousand of Euros 2018 2017 Profit attributable to the parent 596,642 662,700 Equity attributable to the Parent 4,225,554 3,629,079 ROE 14 % 18 %

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2018
Segment Reporting
Schedule of details of net sales by groups of products	Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Bioscience Haemoderivatives 3,516,704 3,228,275 Diagnostic Transfusional medicine 650,180 640,443 Other diagnostic 19,797 23,540 Hospital Fluid therapy and nutrition 52,574 46,210 Hospital supplies 58,014 52,373 Bio supplies 167,004 24,387 Others 22,451 34,602 Total 4,486,724 4,049,830

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2018
Goodwill
Schedule of details of and movement in goodwill	Details of and movement in this caption of the consolidated balance sheet at 31 December 2017 are as follows: Thousands of Euros Balance at Business Translation Balance at Segment 31/12/2016 Combination differences 31/12/2017 Net value Grifols UK.Ltd. (UK) Bioscience 8,025 — (280) 7,745 Grifols Italia.S.p.A. (Italy) Bioscience 6,118 — — 6,118 Biomat USA, Inc.(USA) Bioscience 193,039 40,101 (27,886) 205,254 Grifols Australia Pty Ltd. (Australia) / Medion Diagnostics AG (Switzerland) Diagnostic 10,134 — (591) 9,543 Grifols Therapeutics, Inc. (USA) Bioscience 2,108,139 — (255,234) 1,852,905 Araclon Biotech, S.L. (Spain) Diagnostic 6,000 — — 6,000 Progenika Biopharma, S.A. (Spain) Diagnostic 40,516 — — 40,516 Grifols Diagnostic (Novartis & Hologic) (USA, Spain and Hong Kong) Diagnostic 1,272,024 1,466,420 (302,537) 2,435,907 Kiro Grifols S.L. (Spain) Hospital — 26,510 — 26,510 3,643,995 1,533,031 (586,528) 4,590,498 (See note 3) Details of and movement in this caption of the consolidated balance sheet at 31 December 2018 are as follows: Thousands of Euros Balance at Business Translation Balance at Segment 31/12/2017 Combination Disposals differences 31/12/2018 Net value Grifols UK.Ltd. (UK) Bioscience 7,745 — — (63) 7,682 Grifols Italia.S.p.A. (Italy) Bioscience 6,118 — — — 6,118 Biomat USA, Inc.(USA) Bioscience 205,254 42,780 (2,827) 9,907 255,114 Grifols Australia Pty Ltd. (Australia) / Medion Diagnostics AG (Switzerland) Diagnostic 9,543 — — (272) 9,271 Grifols Therapeutics, Inc. (USA) Bioscience 1,852,905 — — 87,871 1,940,776 Araclon Biotech, S.L. (Spain) Diagnostic 6,000 — — — 6,000 Progenika Biopharma, S.A. (Spain) Diagnostic 40,516 — — — 40,516 Grifols Diagnostic (Novartis & Hologic) (USA, Spain and Hong Kong) Diagnostic 2,435,907 — — 114,349 2,550,256 Kiro Grifols S.L. (Spain) Hospital 26,510 (2,134) — — 24,376 Goetech LLC (USA) Hospital — 55,321 — 3,624 58,945 Haema AG (Germany) Bioscience — 171,134 — — 171,134 Biotest Pharma Corp (USA) Bioscience — 136,234 — 2,808 139,042 4,590,498 403,335 (2,827) 218,224 5,209,230 (See note 3)
Schedule of key assumptions used in calculating impairment of CGUs	The key assumptions used in calculating impairment of the CGUs for 2017 were as follows: Perpetual Growth rate Pre-tax discount rate Bioscience 2 % 9.50 % Diagnostic 2 % 10.60 % Hospital 1.40 % 13.30 % The key assumptions used in calculating impairment of the CGUs for 2018 have been as follows: Perpetual Growth rate Pre-tax discount rate Bioscience 2 % 8.90 % Diagnostic 2 % 9.40 % Hospital 1.50 % 13.10 %

Other Intangible Assets (Tables

Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2018
Other Intangible Assets
Schedule of cost and accumulated amortization of currently marketed products	The cost and accumulated amortization of currently marketed products acquired from Talecris and Progenika at 31 December 2017 is as follows: Thousands of Euros Balance at Translation Balance at 31/12/2016 Additions differences 31/12/2017 Cost of currently marketed products - Gamunex 1,138,412 — (137,828) 1,000,584 Cost of currently marketed products - Progenika 23,792 — — 23,792 Accumulated amortisation of currently marketed products - Gamunex (211,871) (35,837) 28,136 (219,572) Accumulated amortisation of currently marketed products - Progenika (9,117) (2,379) — (11,496) Carrying amount of currently marketed products 941,216 (38,216) (109,692) 793,308 The cost and accumulated amortization of currently marketed products acquired from Talecris and Progenika at 31 December 2018 is as follows: Thousands of Euros Balance at Translation Balance at 31/12/2017 Additions differences 31/12/2018 Cost of currently marketed products - Gamunex 1,000,584 — 47,451 1,048,035 Cost of currently marketed products - Progenika 23,792 — — 23,792 Accumulated amortisation of currently marketed products - Gamunex (219,572) (33,775) (11,573) (264,920) Accumulated amortisation of currently marketed products - Progenika (11,496) (2,379) — (13,875) Carrying amount of currently marketed products 793,308 (36,154) 35,878 793,032

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment
Schedule of assets under finance lease	The Group contracted the following types of property, plant and equipment under finance leases at 31 December 2017: Thousands of Euros Accumulated Cost depreciation Carrying amount Land and buildings 2,545 (815) 1,730 Plant and machinery 14,249 (6,564) 7,685 16,794 (7,379) 9,415 The Group has contracted the following types of property, plant and equipment under finance leases at 31 December 2018: Thousands of Euros Accumulated Cost depreciation Carrying amount Land and buildings 2,389 (898) 1,491 Plant and machinery 15,690 (7,237) 8,453 18,079 (8,135) 9,944

Equity Accounted Investees (Tab

Equity Accounted Investees (Tables)	12 Months Ended
	Dec. 31, 2018
Equity Accounted Investees
Schedule of details of equity accounted investees	Thousands of Thousands of Euros Euros % ownership 31/12/2018 % ownership 31/12/2017 Alkahest, Inc. 47.58 % 28,336 47.58 % 30,559 Albajuna Therapeutics, S.L 30.00 % 1,106 30.00 % 1,956 Interstate Blood Bank, Inc. 49.19 % 29,595 49.19 % 27,936 Bio Blood Components Inc. 48.97 % 38,223 48.97 % 32,960 Plasma Biological Services, LLC 48.90 % 21,809 48.90 % 23,010 Singulex, Inc. 19.33 % 19,256 19.33 % 29,322 GigaGen, Inc 43.96 % 28,363 43.96 % 29,047 Access Biologicals LLC 49.00 % 47,742 49.00 % 44,219 Aigües de Vilajuïga, S.A. — — 50.00 % — Plasmavita HealthCare 50.00 % 9,920 — — Mecwins, S.A. 24.99 % 2,555 — — 226,905 219,009
Schedule of movement in investments in equity-accounted investees	Thousands of Euros 2018 2017 2016 Balance at 1 January 219,009 201,345 76,728 Acquisitions 12,222 80,685 136,072 Transfers 500 (16,000) (29,059) Share of profit / (losses) (11,038) (13,195) 6,933 Share of other comprehensive income / translation differences 9,270 (27,134) 10,671 Losses for Impairment — (6,692) — Collected dividends (3,058) — — Balance at 31 December 226,905 219,009 201,345
GigaGen, Inc
Equity Accounted Investees
Schedule of movement in investments in equity-accounted investees	Thousand of Euros 31/12/2018 31/12/2017 Balance at 1 January 29,047 — Acquisitions — 31,752 Share of profit / (losses) (1,562) (804) Share of other comprehensive income / translation differences 878 (1,595) Pérdidas por deterioro de valor — (306) Balance at 31 December 28,363 29,047
Access Biologic Acquisition
Equity Accounted Investees
Schedule of movement in investments in equity-accounted investees	Thousand of Euros 31/12/2018 31/12/2017 Balance at 1 January 44,219 — Acquisitions — 48,383 Share of profit / (losses) 3,039 1,830 Share of other comprehensive income / translation differences 2,073 (5,994) Collected dividends (1,589) — Balance at 31 December 47,742 44,219
Singulex, Inc.
Equity Accounted Investees
Schedule of movement in investments in equity-accounted investees	Thousand of Euros 31/12/2018 31/12/2017 Balance at 1 January 29,322 43,329 Share of profit / (losses) (10,975) (9,335) Share of other comprehensive income / translation differences 909 (4,672) Balance at 31 December 19,256 29,322
Interstate Blood Bank, Inc., Bio-Blood Components, Inc. and Plasma Biological Services, LLC
Equity Accounted Investees
Schedule of movement in investments in equity-accounted investees	Thousands of Euros Thousands of Euros 31/12/2018 31/12/2017 IBBI Bio-Blood PBS IBBI Bio-Blood PBS TOTAL 2018 TOTAL 2017 Balance at 1 January 27,936 32,960 23,010 31,090 38,725 25,890 83,906 95,705 Share of profit / (losses) 1,830 3,492 (2,181) 635 (1,181) 270 3,141 (276) Share of other comprehensive income / translation differences 1,298 1,771 980 (3,789) (4,584) (3,150) 4,049 (11,523) Collected dividend (1,469) — — — — — (1,469) — Balance at 31 December 29,595 38,223 21,809 27,936 32,960 23,010 89,627 83,906

Financial Assets (Tables)

Financial Assets (Tables)	12 Months Ended
	Dec. 31, 2018
Financial Assets
Schedule of non-current financial assets	Thousands of Euros 31/12/2018 31/12/2017 Non-current derivatives (see note 30) — 8,338 Financial investments in shares with stock market (a) 7 38,708 Total Non-current financial assets measured at fair value 7 47,046 Non-current guarantee deposits 5,566 4,820 Other non-current financial assets 1,908 1,346 Non-current loans to related parties (see note 31) 82,969 — Non-current loans to EEAA (c) (see note 31) 17,151 16,677 Total Non-current financial assets measured at amortized cost 107,594 22,843
Schedule of other current financial assets	Thousands of Euros 31/12/2018 31/12/2017 Current derivatives (b) (see note 30) 19,934 — Total Non-current financial assets measured at fair value 19,934 — Thousands of Euros 31/12/2018 31/12/2017 Deposits and guarantees 822 702 Current loans to third parties 56 59 Current loans to associates (c) (see note 31) 33,153 9,977 Total other current financial assets 34,031 10,738

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2018
Inventories
Schedule of inventories	Thousands of Euros 31/12/2018 31/12/2017 Goods for resale 118,876 105,013 Raw materials and supplies 647,399 454,371 Work in progress and semi-finished goods 744,436 592,612 Finished goods 438,649 477,297 1,949,360 1,629,293
Schedule of movement in inventory provision	Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Balance at 1 January 35,764 33,069 22,614 Net charge for the year 10,398 8,232 8,878 Cancellations for the year (558) (357) (20) Translation differences 3,236 (5,180) 1,597 Balance at 31 December 48,840 35,764 33,069

Trade and Other Receivables (Ta

Trade and Other Receivables (Tables)	12 Months Ended
	Dec. 31, 2018
Trade and Other Receivables
Schedule of trade and other receivables	Thousands of Euros 31/12/2018 31/12/2017 Trade receivables 289,316 302,685 Receivables from associates (note 31) 382 3,219 Bad debt provision (note 30) (20,531) (19,706) Trade receivables 269,167 286,198 Other receivables (note 30) 9,901 7,485 Personnel 2,082 566 Advance payments (note 30) 35,426 11,181 Taxation authorities, VAT recoverable 42,707 20,105 Other public entities 2,302 1,344 Other receivables 92,418 40,681 Current income tax assets 42,205 59,531 403,790 386,410

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	12 Months Ended
	Dec. 31, 2018
Cash and Cash Equivalents
Schedule of cash and cash equivalents	Thousands of Euros 31/12/2018 31/12/2017 Current deposits 441,614 655,463 Cash in hand and at banks 592,178 231,058 Total cash and cash equivalents 1,033,792 886,521

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity
Distribution of profit	The proposed distribution of profit of the Parent Grifols, S.A. for the years ended 31 December 2018, and the distribution of profit approved for 2017, presented at the general meeting held on 25 May 2018, is as follows: Thousands of Euros 31/12/2018 31/12/2017 Voluntary reserve 91,059 76,247 Dividends 238,659 265,080 Profit of the Parent 329,718 341,327 The following dividends were paid in 2017: 31/12/2017 % of par value Euros per share Thousands of Euros Ordinary shares 54 % 0.14 57,790 Non-voting shares 271 % 0.14 34,870 Non-voting shares (preferred dividend) 20 % 0.01 2,614 Total dividends paid 95,274 31/12/2017 % of par value Euros per share Thousands of Euros Ordinary shares (interim dividend) 72 % 0.18 76,703 Non-voting shares (interim dividend) 360 % 0.18 46,283 Total interim dividends paid 122,986 The following dividends were paid in 2018: 31/12/2018 % of par value Euros per share Thousands of Euros Ordinary shares 82 % 0.20 86,929 Non-voting shares 408 % 0.20 52,551 Non-voting shares (preferred dividend) 20 % 0.01 2,614 Total dividends paid 142,094 31/12/2018 % of par value Euros per share Thousands of Euros Ordinary shares (interim dividend) 80 % 0.2 85,226 Non-voting shares (interim dividend) 400 % 0.2 51,521 Total interim dividends paid 136,747
Share capital
Equity
Movement in outstanding shares	Movement in outstanding shares during 2017 is as follows: Class A shares Class B shares Balance at 1 January 2017 426,129,798 256,694,375 (Acquisition) / disposal of treasury stock (note 15 (d)) — 432,929 Balance at 31 December 2017 426,129,798 257,127,304 Movement in outstanding shares during 2018 is as follows: Class A shares Class B shares Balance at 1 January 2018 426,129,798 257,127,304 (Acquisition) / disposal of treasury stock (note 15 (d)) — 479,355 Balance at 31 December 2018 426,129,798 257,606,659
Treasury stock
Equity
Movement in outstanding shares	Movement in Class B treasury stock during 2017 was as follows: No. of Class B shares Thousands of Euros Balance at 1 January 2017 4,730,735 68,710 Disposal Class B shares (432,929) (6,288) Balance at 31 December 2017 4,297,806 62,422 Movement in Class B treasury stock during 2018 is as follows: No. of Class B shares Thousands of Euros Balance at 1 January 2018 4,297,806 62,422 Disposal Class B shares (479,355) (6,981) Balance at 31 December 2018 3,818,451 55,441

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share
Earnings Per Share	Details of the calculation of basic earnings per share are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Profit for the year attributable to shareholders of the Parent (thousands of Euros) 596,642 662,700 545,456 Weighted average number of ordinary shares outstanding 684,709,377 684,197,276 683,225,815 Basic earnings per share (Euros per share) 0.87 0.97 0.80 The weighted average of the ordinary shares outstanding (basic) has been calculated taking into consideration the share split carried out on 4 January 2016 as follows: Number of shares 31/12/2018 31/12/2017 31/12/2016 Issued shares outstanding at 1 January 684,346,294 683,854,491 683,516,338 Effect of shares issued — — — Effect of treasury stock 363,083 342,785 (290,523) Average weighted number of ordinary shares outstanding (basic) at 31 December 684,709,377 684,197,276 683,225,815 Diluted earnings per share are calculated by dividing profit for the year attributable to shareholders of the Parent by the weighted average number of ordinary shares in circulation considering the diluting effects of potential ordinary shares. The RSU Plan granted by the Group and payable in shares, assumes the existence of dilutive potential shares. Diluted earnings per share have been calculated as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Profit for the year attributable to shareholders of the Parent (thousands of Euros) 596,642 662,700 545,456 Weighted average number of ordinary shares outstanding (diluted) 684,686,164 684,243,891 684,170,887 Diluted earnings per share (Euros per share) 0.87 0.97 0.80 The weighted average number of ordinary shares outstanding diluted has been calculated as follows: Number of shares 31/12/2018 31/12/2017 31/12/2016 Issued shares outstanding at 1 January 684,346,294 683,854,491 683,988,460 Effect of RSU shares (23,213) 46,615 472,950 Effect of shares issued — — — Effect of treasury stock 363,083 342,785 (290,523) Average weighted number of ordinary shares outstanding (diluted) at 31 December 684,686,164 684,243,891 684,170,887

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2018
Non-Controlling Interests
Details of non-controlling interests and movement	Details of non-controlling interests and movement at 31 December 2017 are as follows: Thousands of Euros Business Combination / Additions to Balance at Consolidated Translation Balance at 31/12/2016 Additions Disposals Group differences 31/12/2017 Grifols (Thailand) Pte Ltd 3,354 433 (77) — (131) 3,579 Grifols Malaysia Sdn Bhd 1,172 229 — — (29) 1,372 Araclon Biotech, S.A. 140 (1,617) — — — (1,477) Progenika Biopharma, S.A. 1,211 (60) (298) — 27 880 Abyntek Biopharma, S.L. (73) 45 28 — — — VCN Bioscience, S.L 693 (272) -- — — 421 Kiro Grifols , S.L. — (144) -- 255 — 111 6,497 (1,386) (347) 255 (133) 4,886 Details of non-controlling interests and movement at 31 December 2018 are as follows: Thousands of Euros Business Combination / Additions to Balance at Consolidated Translation Balance at 31/12/2017 Additions Disposals Group differences 31/12/2018 Grifols (Thailand) Pte Ltd 3,579 193 (43) — 206 3,935 Grifols Malaysia Sdn Bhd 1,372 326 — — 37 1,735 Araclon Biotech, S.A. (1,477) (2,011) — — — (3,488) Progenika Biopharma, S.A. 880 — (871) — — 9 VCN Bioscience, S.L 421 (281) — — — 140 Kiro Grifols , S.L. 111 (463) — — — (352) Haema AG — — — 220,190 — 220,190 Biotest Pharma Corp — — — 249,691 (810) 248,881 4,886 (2,236) (914) 469,881 (567) 471,050

Grants (Tables)

Grants (Tables)	12 Months Ended
	Dec. 31, 2018
Grants
Summary of details of grants	Thousands of Euros 31/12/2018 31/12/2017 Capital grants 11,149 11,010 Interest rate grants (preference loans) (See note 20 (e)) 696 812 11,845 11,822

Provision (Tables)

Provision (Tables)	12 Months Ended
	Dec. 31, 2018
Provisions
Schedule of details of provisions	Thousands of Euros 31/12/2018 31/12/2017 Non-current provisions (a) Provisions for pensions and similar obligations 5,296 4,742 Other provisions 818 1,021 Non-current provisions 6,114 5,763 Thousands of Euros 31/12/2018 31/12/2017 Current provisions (b) Trade provisions 80,055 106,995 Current provisions 80,055 106,995
Schedule of movement in provisions	(a) Non-current provisions At 31 December 2018, 2017 and 2016 provisions for pensions and similar obligations mainly comprise a provision made by certain foreign subsidiaries in respect of labor commitments with certain employees. Movement in provisions during 2016 was as follows: Thousands of Euros Balance at Translation Balance at 31/12/2015 Net charge Cancellations Reclassifications differences 31/12/2016 Non-current provisions 4,980 (399) (281) 814 4 5,118 4,980 (399) (281) 814 4 5,118 Movement in provisions during 2017 was as follows: Thousands of Euros Balance at Business Translation Balance at 31/12/2016 combination Net charge Cancellations Reclassifications differences 31/12/2017 Non-current provisions 5,118 23 422 (23) 290 (67) 5,763 5,118 23 422 (23) 290 (67) 5,763 Movement in provisions during 2018 is as follows: Thousands of Euros Balance at Translation Balance at 31/12/2017 Net charge Cancellations Reclassifications differences 31/12/2018 Non-current provisions 5,763 635 (565) 277 4 6,114 5,763 635 (565) 277 4 6,114 (b) Current provisions Movement in trade provisions during 2016 was as follows: Thousands of Euros Balance at Balance at 31/12/2015 Net charge Cancellations Translation differences 31/12/2016 Trade provisions 123,049 (28,481) (6,417) 1,437 89,588 123,049 (28,481) (6,417) 1,437 89,588 Movement in trade provisions during 2017 was as follows: Thousands of Euros Balance at Business Translation Balance at 31/12/2016 Combination Net charge Cancellations Reclassification differences 31/12/2017 Trade provisions 89,588 41,841 (4,812) (2,886) (2,600) (14,136) 106,995 89,588 41,841 (4,812) (2,886) (2,600) (14,136) 106,995 Movement in trade provisions during 2018 is as follows: Thousands of Euros Balance at Balance at 31/12/2017 Net charge Cancellations Translation differences 31/12/2018 Trade provisions 106,995 (30,668) (290) 4,018 80,055 106,995 (30,668) (290) 4,018 80,055

Financial Liabilities (Tables)

Financial Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Financial Liabilities
Schedule of financial liabilities	Thousands of Euros Financial liabilities 31/12/2018 31/12/2017 Non-current obligations (a) 1,000,000 853,667 Senior secured debt (b) 4,771,285 4,849,882 Other loans (b) 239,686 169,214 Finance lease liabilities (c) 9,537 5,415 Other non-current financial liabilities (e) 78,955 23,637 Total non-current financial liabilities 6,099,463 5,901,815 Current obligations (a) 102,978 95,538 Senior secured debt (b) 129,955 4,057 Other loans (b) 24,839 29,527 Finance lease liabilities (c) 3,348 3,945 Other current financial liabilities (e) 16,262 22,003 Total current financial liabilities 277,382 155,070
Schedule of details of movement in the Senior Unsecured Notes	Thousands of Euros Opening outstanding Translation Closing outstanding balance 01/01/17 Refinancing Repayments differences balance 31/12/17 Senior Unsecured Notes (nominal amount) 948,677 108,597 (26,618) (30,656) 1,000,000 Total 948,677 108,597 (26,618) (30,656) 1,000,000
Schedule of current obligation captions including issue of bearer promissory notes to Group employees	31/12/2017 Promissory Interest Nominal amount notes subscribed Buy back pending accrual Maturity of promissory Interest (Thousands of (Thousands of (Thousands of Issue date date notes (Euros) rate Euros) Euros) Euros) Issue of bearer promissory notes 05/05/17 04/05/18 3,000 3.00 % 92,109 (906) (909) 31/12/2018 Promissory Interest Nominal amount notes subscribed Buy back pending accrual Maturity of promissory Interest (Thousands of (Thousands (Thousands of Issue date date notes (Euros) rate Euros) of Euros) Euros) Issue of bearer promissory notes 05/05/18 04/05/19 3,000 4.00 % 99,990 (1,041) (1,304)
Schedule of details of loans and borrowings	Thousands of Euros 31/12/2018 31/12/2017 Credit Currency Interest rate Date awarded Maturity date Amount extended Carrying amount Amount extended Carrying amount Senior debt - Tranche A US Dollars Libor + 1.75% 31/01/2017 31/01/2023 2,052,403 1,949,782 1,959,476 1,959,476 Senior debt - Tranche A Euros Euribor + 1.75% 31/01/2017 31/01/2023 607,000 576,650 607,000 607,000 Senior debt - Tranche B US Dollars Libor + 2.25% 31/01/2017 31/01/2025 2,620,087 2,548,035 2,501,459 2,457,684 Total senior debt 5,279,490 5,074,467 5,067,935 5,024,160 EIB Loan Euros 2.40% 20/11/2015 20/11/2025 100,000 63,750 100,000 74,375 EIB Loan Euros 2.02% 22/12/2017 22/12/2027 85,000 85,000 85,000 85,000 EIB Loan Euros 2.15% 25/09/2018 25/09/2028 85,000 85,000 — — Total EIB Loan 270,000 233,750 185,000 159,375 Revolving Credit US Dollars Libor + 1.75% 31/01/2017 31/01/2023 262,009 — 250,146 — Total Revolving Credit 262,009 — 250,146 — Other non-current loans Euros Euribor-Euribor+2.30% 25/03/2010 30/09/2024 26,680 5,936 33,180 9,839 Loan transaction costs — (303,182) — (174,278) Non-current loans and borrowings 5,838,179 5,010,971 5,536,261 5,019,096 Senior debt - Tranche A US Dollars Libor + 1.75% 31/01/2017 31/01/2023 (*) 102,621 (*) — Senior debt - Tranche A Euros Euribor + 1.75% 31/01/2017 31/01/2023 (*) 30,350 (*) — Senior debt - Tranche B US Dollars Libor + 2.25% 31/01/2017 31/01/2025 (*) 26,201 (*) 25,015 Total senior debt — 159,172 — 25,015 EIB Loan Euros 2.40% 20/11/2015 20/11/2025 (*) 10,625 (*) 10,625 Total EIB Loan — 10,625 — 10,625 Other current loans 0,10% - 4,62% 144,571 14,214 131,700 18,902 Loan transaction costs — (29,217) — (20,958) Current loans and borrowings 144,571 154,794 131,700 33,584 (*)
Schedule of details of minimum payments and the present value of finance lease liabilities, by maturity date	Thousands of Euros 31/12/2018 31/12/2017 Minimum Minimum payments Interest Present Value payments Interest Present Value Maturity at: Less than one year 3,576 228 3,348 4,305 360 3,945 Two years 3,339 123 3,216 2,636 179 2,457 Three years 2,606 82 2,524 1,461 88 1,373 Four years 1,971 53 1,918 814 60 754 Five years 1,578 32 1,546 369 42 327 More than five years 351 18 333 550 46 504 Total 13,421 536 12,885 10,135 775 9,360
Schedule of details of maturity of other financial liabilities	Thousands of Euros 31/12/2018 31/12/2017 Maturity at: Up to one year 16,262 22,003 Two years 21,460 10,818 Three years 49,602 3,787 Four years 2,916 2,794 Five years 1,799 2,247 Over five years 3,178 3,991 95,217 45,640
Schedule of changes in liabilities derived from financing activities	Thousand of Euros Senior Secured debt & Other Finance lease Other financial Obligations loans liabilities liabilities Total Book value at January 1, 2017 926,941 3,948,154 9,945 57,096 4,942,136 New financing 1,092,109 5,666,300 — 8,661 6,767,070 Refunds (1,003,104) (3,936,799) (780) (21,838) (4,962,521) Bear of interests 61,944 198,588 505 1,020 262,057 Other movements (57,484) (84,917) — — (142,401) Collection / Payment of interests (44,432) (162,647) — — (207,079) Business combination — — — 2,163 2,163 Foreign exchange differences (26,769) (575,999) (310) (1,462) (604,540) Balance at December 31, 2017 949,205 5,052,680 9,360 45,640 6,056,885 New financing 99,990 85,000 — 6,789 191,779 Refunds (92,244) (45,225) (1,001) (20,041) (158,511) Bear of interests 31,694 253,673 409 865 286,641 Other movements (note 2) 146,333 (141,998) — — 4,335 Collection / Payment of interests (32,000) (193,146) — — (225,146) Business combination — — 4,007 57,816 61,823 Foreign exchange differences — 154,781 110 4,148 159,039 Balance at December 31, 2018 1,102,978 5,165,765 12,885 95,217 6,376,845
Senior Debt Tranche A Maturing in 2023
Financial Liabilities
Schedule of senior secured debt by maturity	Details of Tranche A by maturity at 31 December 2018 are as follows: US Tranche A Tranche A in Euros Maturity Principal in thousands of US Dollars Principal in thousands of Euros Principal in thousands of Euros 2019 117,500 102,621 30,350 2020 235,000 205,240 60,700 2021 235,000 205,240 60,700 2022 1,321,875 1,154,476 341,437 2023 440,625 384,826 113,813 Total 2,350,000 2,052,403 607,000
Senior Debt Tranche B, Maturing in 2025
Financial Liabilities
Schedule of senior secured debt by maturity	Details of Tranche B by maturity at 31 December 2018 are as follows: US Tranche B Principal in thousands Principal in thousands Maturity Currency of US Dollars of Euros 2019 US Dollars 30,000 26,201 2020 US Dollars 30,000 26,201 2021 US Dollars 30,000 26,201 2022 US Dollars 30,000 26,201 2023 US Dollars 30,000 26,201 2024 US Dollars 30,000 26,201 2025 US Dollars 2,767,500 2,417,030 Total US Dollars 2,947,500 2,574,236

Trade and Other Payables (Table

Trade and Other Payables (Tables)	12 Months Ended
	Dec. 31, 2018
Trade and Other Payables
Schedule of trade and other payables	Thousands of Euros 31/12/2018 31/12/2017 Suppliers 561,883 423,096 VAT payable 8,954 8,827 Taxation authorities, withholdings payable 26,299 24,084 Social security payable 12,787 11,741 Other public entities 111,776 97,068 Other payables 159,816 141,720 Current income tax liabilities 1,917 6,709 723,616 571,525

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Other Current Liabilities
Schedule of other current liabilities	Thousands of Euros 31/12/2018 31/12/2017 Salaries payable 153,160 129,519 Other payables 504 649 Deferred income 8,912 4,284 Advances received 6,613 9,945 Other current liabilities 169,189 144,397

Net Revenues (Tables)

Net Revenues (Tables)	12 Months Ended
	Dec. 31, 2018
Net Revenues
Schedule of distribution of net consolidated revenues by segment	Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Bioscience 3,516,704 3,429,785 3,195,424 Diagnostic 702,265 732,369 691,701 Hospital 119,454 105,649 102,251 Bio supplies 167,004 66,791 57,239 Others 22,451 18,263 34,601 Intersegments (41,154) (34,784) (31,386) 4,486,724 4,318,073 4,049,830
Schedule of geographical distribution of net consolidated revenues	Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 USA and Canada 2,974,429 2,896,505 2,707,579 Spain 264,913 242,894 225,273 European Union 535,361 444,089 426,223 Rest of the world 712,021 734,585 690,755 Consolidated 4,486,724 4,318,073 4,049,830
Schedule of discounts and other reductions in gross income	Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Gross sales 5,588,257 5,322,618 4,882,615 Chargebacks (923,023) (826,775) (652,564) Cash discounts (62,518) (57,512) (51,953) Volume rebates (46,922) (43,274) (51,242) Medicare and Medicaid (40,343) (41,722) (47,820) Other discounts (28,727) (35,262) (29,206) Net sales 4,486,724 4,318,073 4,049,830
Schedule of movement in discounts and other reductions in gross income	Movement in discounts and other reductions in gross income during 2016 were as follows: Thousands of Euros Cash Volume Medicare / Other Chargebacks discounts rebates Medicaid discounts Total Balance at 31 December 2015 126,178 5,902 29,680 12,468 5,367 179,595 Current estimate related to sales made in current and prior year 652,564 51,953 51,242 47,820 29,206 832,785 (1) (Actual returns or credits in current period related to sales made in current period) (693,458) (51,733) (27,409) (24,988) (27,243) (824,831) (2) (Actual returns or credits in current period related to sales made in prior periods) — (248) (27,732) (14,401) (2,986) (45,367) (3) Translation differences 1,965 758 726 858 98 4,405 Balance at 31 December 2016 87,249 6,632 26,507 21,757 4,442 146,587 Movement in discounts and other reductions to gross income during 2017 were as follows: Thousands of Euros Cash Volume Medicare / Other Chargebacks discounts rebates Medicaid discounts Total Balance at 31 December 2016 87,249 6,632 26,507 21,757 4,442 146,587 Current estimate related to sales made in current and prior year 826,775 57,512 43,274 41,722 35,262 1,004,545 (1) (Actual returns or credits in current period related to sales made in current period) (795,449) (52,270) (28,976) (28,198) (26,072) (930,965) (2) (Actual returns or credits in current period related to sales made in prior periods) 31 (6,024) (20,210) (16,659) (2,864) (45,726) (3) Translation differences (12,716) (736) (2,604) (2,418) (625) (19,099) Balance at 31 December 2017 105,890 5,114 17,991 16,204 10,143 155,342 Movement in discounts and other reductions to gross income during 2018 were as follows: Thousands of Euros Cash Volume Medicare / Other Chargebacks discounts rebates Medicaid discounts Total Balance at 31 December 2017 105,890 5,114 17,991 16,204 10,143 155,342 Current estimate related to sales made in current and prior year 923,023 62,518 46,922 40,343 28,727 1,101,533 (1) (Actual returns or credits in current period related to sales made in current period) (957,695) (56,568) (24,648) (21,324) (26,493) (1,086,728) (2) (Actual returns or credits in current period related to sales made in prior periods) — (4,909) (16,384) (13,232) (3,781) (38,306) (3) Translation differences 3,957 286 916 950 241 6,350 Balance at 31 December 2018 75,175 6,441 24,797 22,941 8,837 138,191 (1) Net impact in income statement: estimate for the current year plus prior years’ adjustments. Adjustments made during the year corresponding to prior years’ estimates have not been significant. (2) Amounts credited and posted against provisions for current period (3) Amounts credited and posted against provisions for prior period

Personnel Expenses (Tables)

Personnel Expenses (Tables)	12 Months Ended
	Dec. 31, 2018
Personnel Expenses
Schedule of personnel expenses by function	Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Cost of sales 810,512 731,192 635,577 Research and development 93,817 90,495 77,988 Selling, general & administration expenses 345,224 323,880 314,348 1,249,553 1,145,567 1,027,913
Schedule of personnel expenses by nature	Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Wages and salaries 1,000,682 917,810 822,384 Contributions to pension plans (see note 29) 21,363 20,347 18,486 Other social charges 29,055 27,679 25,074 Social Security 198,453 179,731 161,969 1,249,553 1,145,567 1,027,913

Expenses by Nature (Tables)

Expenses by Nature (Tables)	12 Months Ended
	Dec. 31, 2018
Expenses by Nature
Schedule of amortization and depreciation expense classified by functions	Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Cost of sales 146,530 135,186 126,998 Research and development 19,836 14,721 13,050 Selling, general & administration expenses 62,243 65,583 61,821 228,609 215,490 201,869
Schedule of other operating income and expenses by function	Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Cost of sales 432,803 416,020 454,097 Research and development 152,670 129,579 113,078 Selling, general & administration expenses 410,753 460,959 393,523 996,226 1,006,558 960,698
Schedule of other operating income and expenses by nature	Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Changes in trade provisions (23,125) 3,648 (22,069) Professional services 211,305 211,579 190,003 Commissions 21,941 18,473 20,147 Supplies and auxiliary materials 149,831 131,932 119,014 Operating leases (note 28) 84,299 80,136 74,945 Freight 112,340 105,292 96,680 Repair and maintenance expenses 107,806 103,518 89,797 Advertising 44,659 49,893 51,233 Insurance 22,632 21,529 20,008 Royalties 10,726 11,241 9,217 Travel expenses 51,428 58,171 53,239 External services 53,391 82,699 43,231 R&D Expenses 100,889 89,977 78,379 Other 48,104 38,470 136,874 Other operating income&expenses 996,226 1,006,558 960,698

Finance Result (Tables)

Finance Result (Tables)	12 Months Ended
	Dec. 31, 2018
Finance Result
Schedule of finance result	Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Finance income 13,995 9,678 9,934 Finance cost from Senior Unsecured Notes (35,471) (65,189) (73,491) Finance cost from senior debt (247,646) (193,183) (168,332) Finance cost from sale of receivables (note 13) (6,053) (3,973) (4,885) Capitalized interest 8,955 8,839 13,019 Other finance costs (13,058) (9,838) (11,140) Finance costs (293,273) (263,344) (244,829) Change in fair value of financial derivatives (note 30) — (3,752) (7,610) Impairment and gains / (losses) on disposal of financial instruments 30,280 (18,844) — Exchange differences (8,246) (11,472) 8,916 Finance result (257,244) (287,734) (233,589)

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Dec. 31, 2018
Taxation
Schedule of income tax expense and income tax related to profit	Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Profit before income tax from continuing operations 725,842 695,722 712,752 Tax at 25% 181,461 173,931 178,188 Permanent differences (2,000) 17,163 8,019 Effect of different tax rates (29,543) 40,981 14,509 Tax credits (deductions) (18,226) (16,092) (20,163) Impact related to the US tax legistation modifications — (171,169) — Prior year income tax expense 381 (8,614) 928 Other income tax expenses/(income) (637) (1,792) (13,272) Total income tax expense 131,436 34,408 168,209 Deferred tax (21,189) (149,444) (40,161) Current tax 152,625 183,851 208,370 Total income tax expense 131,436 34,407 168,209
Schedule of deferred tax assets and liabilities	Thousands of Euros Tax effect 31/12/2018 31/12/2017 31/12/2016 Assets Provisions 7,936 4,564 3,696 Inventories 41,029 35,619 39,297 Tax credits (deductions) 57,357 49,467 37,685 Tax loss carryforwards 32,769 6,179 10,717 Other 8,611 7,513 3,393 Subtotal, assets 147,702 103,342 94,788 Goodwill (24,691) (22,346) (19,136) Fixed assets, amortisation and depreciation (3,922) (7,780) (7,062) Intangible assets (6,550) (7,059) (1,371) Subtotal, net liabilities (35,163) (37,185) (27,569) Deferred assets, net 112,539 66,157 67,219 Liabilities Goodwill (150,644) (105,963) (131,039) Intangible assets (220,752) (201,921) (392,388) Fixed assets (99,819) (95,029) (158,060) Debt cancellation costs (42,319) (70,503) (64,762) Inventories — — (1,175) Subtotal, liabilities (513,534) (473,416) (747,424) Tax loss carryforwards 20,833 15,384 40,358 Provisions 53,290 47,404 61,252 Inventories 5,644 5,063 — Other 29,369 16,653 45,168 Subtotal, net assets 109,135 84,504 146,778 Net deferred Liabilities (404,398) (388,912) (600,646)
Schedule of movement in deferred tax assets and liabilities	Thousands of Euros Deferred tax assets and liabilities 31/12/2018 31/12/2017 31/12/2016 Balance at 1 January (322,755) (533,427) (564,771) Movements during the year 21,189 149,444 40,161 Movements in equity during the year — — — Business combination (note 3) 21,328 16,736 — Translation differences (11,621) 44,492 (8,817) Balance at 31 December (291,859) (322,755) (533,427)

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2018
Operating Leases
Schedule of future minimum payments on non-cancellable operating leases	Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Maturity at: Up to 1 year 63,959 46,541 56,869 Between 1 and 5 years 200,156 156,897 181,076 More than 5 years 136,464 58,905 112,986 Total future minimum payments 400,579 262,343 350,931

Other Commitments with Third _2

Other Commitments with Third Parties and Other Contingent Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Other Commitments with Third Parties and Other Contingent Liabilities
Schedule of Group's purchase commitments	Details of the Group’s commitments at 31 December 2018 are as follows: Thousands of Euros 2019 179,766 2020 166,163 2021 149,318 2022 4,143 2023 1,067 More than 5 years

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Financial Instruments
Schedule of financial instruments by nature, category and fair value	Disclosure of financial instruments by nature, category and fair value is as follows: Thousand of Euros 31/12/2017 Carrying amount Fair Value Financial Available for Loans and instruments sale financial Debts and receivables held for trading assets payables Total Level 1 Level 2 Level 3 Total Non-current financial assets — — — 38,708 — — 38,708 Financial derivatives — — — 8,338 — — 8,338 8,338 Financial assets measured at fair value — — 47,046 Non-current financial assets — — — 22,843 Other current financial assets — — — 10,738 Trade and other receivables — — — 304,864 Cash and cash equivalents — — — 886,521 Financial assets not measured at fair value — — — 1,224,966 Senior Unsecured Notes — — — (858,911) (858,911) (1,018,130) — — (1,018,130) Promissory Notes — — — (90,294) (90,294) Senior secured debt — — — (4,853,939) (4,853,939) — (5,063,769) — (5,063,769) Other bank loans — — — (198,741) (198,741) Finance lease payables — — — (9,360) (9,360) Other financial liabilities — — — (45,640) (45,640) Trade and other payables — — — (423,096) (423,096) Other current liabilities — — — (14,879) (14,879) Financial liabilities not measured at fair value — — — (6,494,860) (6,494,860) 1,224,966 8,338 38,708 (6,494,860) (5,222,848) The Group does not provide details of the fair value of certain financial instruments as their carrying amount is very similar to their fair value because of its short term. Thousand of Euros 31/12/2018 Carrying amount Fair Value Financial assets Financial Financial Other at amortised assets at liabilities at financial costs FVTPL amortised costs liabilities Total Level 1 Level 2 Level 3 Total Non-current financial assets — 7 — — 7 7 — — 7 Current Financial derivatives — 19,934 — — 19,934 — — 19,934 19,934 Financial assets measured at fair value — 19,941 — — 19,941 Non-current financial assets 107,594 — — — 107,594 Other current financial assets 34,031 — — — 34,031 Trade and other receivables 361,585 — — — 361,585 Cash and cash equivalents 1,033,792 — — — 1,033,792 Financial assets not measured at fair value 1,537,002 — — — 1,537,002 Senior Unsecured Notes — — (1,005,333) — (1,005,333) (985,480) — — (985,480) Promissory Notes — — (97,645) — (97,645) Senior secured debt — — (4,901,240) — (4,901,240) — (5,055,323) — (5,055,323) Other bank loans — — (264,525) — (264,525) Finance lease payables — — (12,885) — (12,885) Other financial liabilities — — (95,217) — (95,217) Debts with associates — — (7,079) — (7,079) Other non-current debts — — — (1,301) (1,301) Trade and other payables — — — (721,699) (721,699) Other current liabilities — — — (169,189) (169,189) Financial liabilities not measured at fair value — — (6,383,924) (892,189) (7,276,113) 1,537,002 19,941 (6,383,924) (892,189) (5,719,170)
Schedule of financial derivatives	Notional Notional Thousands of Euros amount at amount at Value at Value at Financial derivatives Currency 31/12/2018 31/12/2017 31/12/18 31/12/17 Maturity Call Option (Interstate Blood Bank,Inc., Bio-Blood Components, Inc and Plasma Biological Services, LLC) US Dollar N/A N/A 8,733 8,338 30/04/2019 Call Option (ADMA Centers) US Dollar N/A N/A 11,201 — 01/01/2019 Total Assets 19,934 8,338
Schedule of exposure to credit risk	The carrying amount of financial assets represents the maximum exposure to credit risk. At 31 December 2018 and 2017 the maximum level of exposure to credit risk is as follows: Thousands of Euros Carrying amount Note 31/12/2018 31/12/2017 Non-current financial assets 11 107,601 69,889 Other current financial assets 11 53,965 10,738 Trade receivables 13 269,167 286,198 Other receivables 13 45,327 18,666 Cash and cash equivalents 14 1,033,792 886,521 1,509,852 1,272,012 The maximum level of exposure to risk associated with receivables at 31 December 2018 and 2017, by geographical area, is as follows. Thousands of Euros Carrying amount 31/12/2018 31/12/2017 Spain 46,025 63,505 EU countries 48,354 53,403 United States of America 79,829 65,068 Other European countries 14,289 5,761 Other regions 125,997 117,127 314,494 304,864
Schedule of trade receivables net of the bad debt provision by seniority	A breakdown of the trade receivables net of the bad debt provision by ageing as of 31 December 2017 is as follows: Thousands of Euros Total net trade Total gross carrying receivable third ECL Rate amount Provision party Not matured 0.19 % 224,476 (35) 224,441 Past due 0-30 days 0.19 % 41,145 (7,476) 33,669 Past due 31-60 days 0.62 % 12,904 (3) 12,901 Past due 61-90 days 2.03 % 715 (8) 707 Past due 91-180 days 3.01 % 4,293 (35) 4,258 Past due 181-365 days 8.52 % 7,468 (2,110) 5,358 More than one year 100.00 % 7,260 (2,971) 4,289 Customers with objective evidence of impairment 7,643 (7,068) 575 305,904 (19,706) 286,198 A breakdown of the trade receivables net of the bad debt provision by seniority as of December 31, 2018 is as follows: Thousands of Euros Total net trade Total gross carrying receivable third ECL Rate amount Provision party Not matured 0.19 % 180,448 (335) 180,113 Past due 0-30 days 0.19 % 52,310 (92) 52,218 Past due 31-60 days 0.62 % 11,125 (67) 11,058 Past due 61-90 days 2.03 % 10,729 (208) 10,521 Past due 91-180 days 3.01 % 12,158 (353) 11,805 Past due 181-365 days 8.52 % 4,158 (1,222) 2,936 More than one year 100.00 % 7,549 (7,033) 516 Customers with objective evidence of impairment 11,221 (11,221) — 289,698 (20,531) 269,167
Schedule of movement in the bad debt provision	Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Opening balance 19,706 17,987 13,210 Net charges for the year 6,443 8,003 6,411 Net cancellations for the year (5,650) (4,732) (2,217) Translation differences 32 (1,552) 583 Closing balance 20,531 19,706 17,987
Schedule of contractual maturity dates of financial liabilities	Thousands of Euros Carrying amount at Contractual 6 months 6 - 12 1-2 2 - 5 More than Carrying amount Note 31/12/17 flows or less months years years 5 years Financial liabilities Bank loans 20 5,052,680 6,138,673 105,584 106,492 322,421 3,115,887 2,488,289 Other financial liabilities 20 45,640 45,642 19,393 2,610 10,758 10,497 2,384 Bonds and other marketable securities 20 949,205 1,331,203 107,203 16,000 32,000 128,000 1,048,000 Finance lease payables 20 9,360 10,136 2,192 2,113 2,602 2,790 439 Payable to suppliers 21 423,096 423,096 423,020 76 — — — Other current liabilities 22 14,878 14,878 14,462 416 — — — Total 6,494,859 7,963,628 671,854 127,707 367,781 3,257,174 3,539,112 Thousands of Euros Carrying amount at Contractual 6 months 6 - 12 1-2 2 - 5 More than Carrying amount Note 31/12/18 flows or less months years years 5 years Financial liabilities Bank loans 20 5,165,765 6,522,083 195,568 202,437 522,040 3,086,734 2,515,304 Other financial liabilities 20 95,217 95,218 14,167 2,095 21,324 55,863 1,769 Bonds and other marketable securities 20 1,102,978 1,305,645 113,645 16,000 32,000 128,000 1,016,000 Finance lease payables 20 12,885 13,423 1,946 1,630 3,367 5,655 825 Debts with associates 31 7,079 7,079 — 7,079 — — — Payable to suppliers 21 561,883 561,884 561,559 325 — — — Other current liabilities 22 16,029 16,028 15,861 167 — — — Total 6,961,836 8,521,360 902,746 229,733 578,731 3,276,252 3,533,898
Schedule of Group's exposure to currency risk	The Group’s exposure to currency risk is as follows: Thousands of Euros 31/12/2017 Euros (*) Dollars (**) Trade receivables 3,596 22,936 Receivables from Group companies 103,338 7,619 Loans to Group companies 34,140 91,566 Cash and cash equivalents 63,981 2,172 Trade payables (14,213) (3,582) Payables to Group companies (42,296) (11,241) Loans from Group companies (22,913) (3,953) Bank loans (85,000) — Balance sheet exposure 40,633 105,517 (*) Balances in Euros in subsidiaries with US Dollars functional currency (**) Balances in US Dollars in subsidiaries with Euros functional currency Thousands of Euros 31/12/2018 Euros (*) Dollars (**) Trade receivables 2,691 45,801 Receivables from Group companies 54,903 6,291 Loans to Group companies 40,387 4,343 Cash and cash equivalents 120,281 1,296 Trade payables (13,354) (6,113) Payables to Group companies (60,363) (63,932) Loans from Group companies (94,771) (4,336) Bank loans (74,375) — Balance sheet exposure (24,601) (16,650) (*) Balances in Euros in subsidiaries with US Dollars functional currency (**) Balances in US Dollars in subsidiaries with Euros functional currency The most significant exchange rates applied at 2018 and 2017 year ends are as follows: Closing exchange rate Euros 31/12/2018 31/12/2017 US Dollars 1.1450 1.1993
Schedule of profile of interest on interest-bearing financial instruments	Thousands of Euros 31/12/2018 31/12/2017 Fixed-interest financial instruments Financial liabilities (1,244,375) (1,170,000) (1,244,375) (1,170,000) Variable-interest financial instruments Financial liabilities (5,233,638) (5,049,382) (5,233,638) (5,049,382) (6,478,013) (6,219,382)

Balances and Transactions wit_2

Balances and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2018
Balances and Transactions with Related Parties
Schedule of details of balances with related parties	Thousands of Euros 31/12/2018 31/12/2017 Receivables from associates (note 13) 382 3,219 Trade payables associates (15,796) (4,583) Loans to associates (note 11) 50,304 26,654 Loans to other related parties (note 11) 82,969 — Debts with associates (7,079) — Debts with key management personnel (4,425) (6,164) Payables to members of the board of directors — (463) Payables to other related parties (7,706) (9,187) 98,649 9,476
Schedule of group transactions with related parties	Group transactions with related parties during 2016 were as follows: Thousands of Euros Key management Other related Board of directors Associates personnel parties of the Company Net sales 193 — — — Purchases (35,569) — — — Other service expenses (7,591) — (5,325) (905) Operating lease expense — — (5,281) — Remuneration — (10,287) — (3,668) R&D agreements (10,188) — — — Finance result 1,946 — — — (51,209) (10,287) (10,606) (4,573) Group transactions with related parties during 2017 were as follows: Thousands of Euros Key management Other related Board of directors Associates personnel parties of the Company Net sales 3,009 — — — Purchases (68,335) — — — Other service expenses (11,798) — (7,100) (939) Operating lease expense — — (5,426) — Remuneration — (13,672) — (5,755) R&D agreements (164) — — — Finance Result 152 — — — (77,136) (13,672) (12,526) (6,694) Group transactions with related parties during 2018 are as follows: Thousands of Euros Key management Other related Board of directors Associates personnel parties of the Company Net sales 5,846 — — — Purchases (97,941) — — — Other service expenses (21,065) — (4,282) (844) Operating lease expense — — (5,469) — Remuneration — (16,070) — (5,848) R&D agreements (50) — — — Sale of investments (note 3) — — 469,881 — Finance result 3,372 — — — (109,838) (16,070) 460,130 (6,692)

Appendix I (Tables)

Appendix I (Tables)	12 Months Ended
	Dec. 31, 2018
Appendix I
Schedule of information on group companies associates and others	Acquisition / 31/12/2018 31/12/2017 31/12/2016 Registered Incorporation % shares % shares % shares Name Offices date Activity Statutory Activity Direct Indirect Direct Indirect Direct Indirect Fully Consolidated Companies Diagnostic Grifols, S.A. Polígono Levante 1987 Industrial Development and manufacture of diagnostic equipment, instruments and reagents. — 100.000 % — 100.000 % — 100.000 % Instituto Grifols, S.A. Polígono Levante 1987 Industrial Plasma fractioning and the manufacture of haemoderivative pharmaceutical products. 99.998 % 0.002 % 99.998 % 0.002 % 99.998 % 0.002 % Grifols Worldwide Operations Spain, S.A (formerly Logister, S.A.) Merged with Grifols International in 2018 Polígono Levante 1987 Services Manufacture, sale and purchase, commercialisation and distribution of all types of computer products and materials. — — — 100.000 % — 100.000 % Laboratorios Grifols, S.A. Polígono Levante 1989 Industrial Production of glass- and plastic-packaged parenteral solutions, parenteral and enteral nutrition products and blood extraction equipment and bags. 99.999 % 0.001 % 99.999 % 0.001 % 99.999 % 0.001 % Biomat, S.A. Polígono Levante 1991 Industrial Analysis and certification of the quality of plasma used by Instituto Grifols, S.A. It also provides transfusion centres with plasma virus inactivation services (I.P.T.H). 99.900 % 0.100 % 99.900 % 0.100 % 99.900 % 0.100 % Grifols Engineering, S.A. Polígono Levante 2000 Industrial Design and development of the Group’s manufacturing installations and part of the equipment and machinery used at these premises. The company also renders engineering services to external companies. 99.950 % 0.050 % 99.950 % 0.050 % 99.950 % 0.050 % Biomat USA, Inc. 2410 Lillyvale Avenue 2002 Industrial Procuring human plasma. — 100.000 % — 100.000 % — 100.000 % Grifols Biologicals LLC. 5555 Valley Boulevard 2003 Industrial Plasma fractioning and the production of haemoderivatives. — 100.000 % — 100.000 % — 100.000 % Grifols Australia Pty Ltd. Unit 5/80 Fairbank 2009 Industrial Distribution of pharmaceutical products and the development and manufacture of reagents for diagnostics. 100.000 % — 100.000 % — 100.000 % — Medion Grifols Diagnostic AG Bonnstrasse,9 2009 Industrial Development and manufacturing activities in the area of biotechnology and diagnostics. — 100.000 % — 100.000 % — 100.000 % Grifols Therapeutics LLC. 4101 Research Commons 2011 Industrial Plasma fractioning and the production of haemoderivatives. — 100.000 % — 100.000 % — 100.000 % Talecris Plasma Resources, Inc. 4101 Research Commons 2011 Industrial Procuring human plasma. — 100.000 % — 100.000 % — 100.000 % Grifols Worldwide Operations Limited Grange Castle Business Park, 2012 Industrial Packaging, labelling, storage, distribution, manufacture and development of pharmaceutical products and rendering of financial services to Group companies. 100.000 % — 100.000 % — 100.000 % — Progenika Biopharma, S.A. Parque Tecnológico de Vizcaya, 2013 Industrial Development, production and commercialisation of biotechnological solutions. 99.998 % — — 90.230 % — 89.250 % Progenika Latina, S.A. de CV Periferico Sur Nº 4118 Int 8 Col. 2013 Industrial Development, production and commercialisation of biotechnological solutions. — — — — — 89.250 % Progenika Inc. (Merged with Grifols Diagnostic Solutions Inc. in 2017) Corporation Service Company, 2711 2013 Industrial Development, production and commercialisation of genetic tools, diagnostic equipment and therapeutic systems and products for personalised medicine and the highest quality healthcare in general. — — — — — 89.250 % Abyntek Biopharma, S.L. Parque Tecnológico de Vizcaya, 2013 Industrial Research, development and transfer of biotechnological products and processes, as well as the commercialiation of products and services related to the biosciences. — — — — — 80.370 % Asociación I+D Progenika Parque Tecnológico de Vizcaya, 2013 Industrial Coordination, representation, management and promotion of the common interests of associated companies, in addition to contributing to the development, growth and internationalisation of its associates and of the biosciences sector in the Basque Country. — 99.998 % — 90.230 % — 89.250 % Grifols Diagnostics Solutions Inc (formerly G-C Diagnostics Corp.) 4560 Horton Street 2013 Industrial Manufacture and sale of blood testing products 100.000 % — 100.000 % — 100.000 % — Grifols Worldwide Operations USA Inc. 13111 Temple Avenue, City of 2014 Industrial The manufacture, warehousing, and logistical support for biological products. — 100.000 % — 100.000 % — 100.000 % Grifols Asia Pacific Pte, Ltd 501 Orchard Road nº20-01 2003 Commercial Distribution and sale of medical and pharmaceutical products. 100.000 % — 100.000 % — 100.000 % — Grifols Movaco, S.A. Polígono Levante 1987 Commercial Distribution and sale of reagents, chemical products and other pharmaceutical specialities, and of medical and surgical materials, equipment and instruments for use by laboratories and health centres. 99.999 % 0.001 % 99.999 % 0.001 % 99.999 % 0.001 % Grifols Portugal Productos Farmacéuticos e Hospitalares, Lda. Rua de Sao Sebastiao,2 1988 Commercial Import, export and commercialisation of pharmaceutical and hospital equipment and products, particularly Grifols products. 0.010 % 99.990 % 0.010 % 99.990 % 0.010 % 99.990 % Grifols Chile, S.A. Avda. Americo Vespucio, 2242 1990 Commercial Development of pharmaceutical businesses, which can involve the import, production, commercialisation and export of related products. 99.000 % — 99.000 % — 99.000 % — Grifols USA, LLC. 2410 Lillyvale Avenue 1990 Commercial Distribution and marketing of company products. — 100.000 % — 100.000 % — 100.000 % Grifols Argentina, S.A. Bartolomé Mitre 3690/3790, 1991 Commercial Clinical and biological research. Preparation of reagents and therapeutic and diet products. Manufacture and commercialisation of other pharmaceutical specialities. 95.010 % 4.990 % 95.010 % 4.990 % 95.010 % 4.990 % Grifols s.r.o. Calle Zitna,2 1992 Commercial Purchase, sale and distribution of chemical-pharmaceutical products, including human plasma. 100.000 % — 100.000 % — 100.000 % — Grifols (Thailand) Ltd 191 Silom Complex Building, 2003 Commercial Import, export and distribution of pharmaceutical products. — 48.000 % — 48.000 % — 48.000 % Grifols Malaysia Sdn Bhd Level 18, The Gardens North 2003 Commercial Distribution and sale of pharmaceutical products. — 30.000 % — 30.000 % — 30.000 % Grifols International, S.A. Polígono Levante 1997 Commercial Coordination of the marketing, sales and logistics for all the Group’s subsidiaries operating in other countries. 99.998 % 0.002 % 99.998 % 0.002 % 99.998 % 0.002 % Grifols Italia S.p.A Via Carducci, 62d 1997 Commercial Purchase, sale and distribution of chemical-pharmaceutical products. 100.000 % — 100.000 % — 100.000 % — Grifols UK Ltd. Gregory Rowcliffe & Milners, 1 1997 Commercial Distribution and sale of therapeutic and other pharmaceutical products, especially haemoderivatives. 100.000 % — 100.000 % — 100.000 % — Grifols Brasil, Lda. Rua Umuarama, 263 1998 Commercial Import and export, preparation, distribution and sale of pharmaceutical and chemical products for laboratory and hospital use, and medical-surgical equipment and instruments. 100.000 % — 100.000 % — 100.000 % — Grifols France, S.A.R.L. Arteparc, Rue de la Belle du Canet, 1999 Commercial Commercialisation of chemical and healthcare products. 99.990 % 0.010 % 99.990 % 0.010 % 99.990 % 0.010 % Grifols Polska Sp.z.o.o. Grzybowska 87 street00-844 2003 Commercial Distribution and sale of pharmaceutical, cosmetic and other products. 100.000 % — 100.000 % — 100.000 % — Logística Grifols, S.A. de C.V. Calle Eugenio Cuzin, nº 909-913 2008 Commercial Manufacture and commercialisation of pharmaceutical products for human and veterinary use. 99.990 % 0.010 % 99.990 % 0.010 % 99.990 % 0.010 % Grifols México, S.A. de C.V. Calle Eugenio Cuzin, nº 909-913 1993 Commercial Production, manufacture, adaptation, conditioning, sale and purchase, commissioning, representation and consignment of all kinds of pharmaceutical products and the acquisition of machinery, equipment, raw materials, tools, movable goods and property for the aforementioned purposes. 99.980 % 0.020 % 99.980 % 0.020 % 99.980 % 0.020 % Medion Diagnostics GmbH Lochamer Schlag, 12D 2009 Commercial Distribution and sale of biotechnological and diagnostic products. — 100.000 % — 100.000 % — 100.000 % Grifols Nordic, AB Sveavägen 166 2010 Commercial Research and development, production and marketing of pharmaceutical products, medical devices and any other asset deriving from the aforementioned activities. 100.000 % — 100.000 % — 100.000 % — Grifols Colombia, Ltda Carrera 7 No. 71 52 Torre B piso 9 2010 Commercial Sale, commercialisation and distribution of medicines, pharmaceutical (including but not limited to haemoderivatives) and hospital products, medical devices, biomedical equipment, laboratory instruments and reagents for diagnosis and/or healthcare software. 99.990 % 0.010 % 99.990 % 0.010 % 99.990 % 0.010 % Grifols Deutschland GmbH Lyoner Strasse 15, D- 2011 Commercial Procurement of the official permits and necessary approval for the production, commercialisation and distribution of products deriving from blood plasma, as well as the import, export, distribution and sale of reagents and chemical and pharmaceutical products, especially for laboratories and health centres and surgical and medical equipment and instruments. 100.000 % — 100.000 % — 100.000 % — Grifols Canada, Ltd. 5060 Spectrum Way, Suite 405 2011 Commercial Distribution and sale of biotechnological products. — 100.000 % — 100.000 % — 100.000 % Grifols Pharmaceutical Technology (Shanghai) Co., Ltd. Unit 901-902, Tower 2, No. 1539, 2013 Commercial Pharmaceutical consultancy services (except for diagnosis), technical and logistical consultancy services, business management and marketing consultancy services. 100.000 % — 100.000 % — 100.000 % — Grifols Switzerland AG Steinengraben, 5 2013 Commercial Research, development, import and export and commercialisation of pharmaceutical products, devices and diagnostic instruments. 100.000 % — 100.000 % — 100.000 % — Grifols (H.K.), Limited Units 1505-7 Bershire House, 25 2014 Commercial Distribution and sale of diagnostic products. — 100.000 % — 100.000 % — 100.000 % Grifols Japan K.K. Hilton Plaza West Office Tower, 2014 Commercial Research, development, import and export and commercialisation of pharmaceutical products, devices and diagnostic instruments. 100.000 % — 100.000 % — 100.000 % — Grifols India Healthcare Private Ltd Regus Business Centre 2014 Commercial Distribution and sale of pharmaceutical products. 99.990 % 0.010 % 99.990 % 0.010 % 99.990 % 0.010 % Grifols Diagnostics Equipment Taiwan Limited 8F., No.367, Fuxing N. RD., 2016 Commercial Distribution and sale of diagnostic products. 100.000 % — 100.000 % — 100.000 % — Grifols Viajes, S.A. Can Guasch, 2 1995 Services Travel agency exclusively serving Group companies. 99.900 % 0.100 % 99.900 % 0.100 % 99.900 % 0.100 % Squadron Reinsurance Designated Activity Company The Metropolitan Building, 3rd Fl. 2003 Services Reinsurance of Group companies’ insurance policies. — 100.000 % — 100.000 % — 100.000 % Grifols Shared Services North America, Inc. 2410 Lillivale Avenue 2011 Services Support services for the collection, manufacture, sale and distribution of plasma derivatives and related products. 100.000 % — 100.000 % — 100.000 % — Gripdan Invest, S.L Avenida Diagonal 477 Barcelona, 2015 Services Manufacturing buildings for rent 100.000 % — 100.000 % — 100.000 % — Gri-Cel, S.A. Avenida de la Generalitat 152 2009 Research Research and development in the field of regenerative medicine, awarding of research grants, subscription to collaboration agreements with entities and participation in projects in the area of regenerative medicine. 0.001 % 99.999 % 0.001 % 99.999 % 0.001 % 99.999 % Araclon Biotech, S.L. Paseo de Sagasta, 17 2º izqda. 2012 Research Creation and commercialisation of a blood diagnosis kit for the detection of Alzheimer’s and development of effective immunotherapy (vaccine) against this disease. — 73.220 % — 73.220 % — 73.220 % VCN Bioscience, S.L. Avenida de la Generalitat 152 2012 Research Research and development of therapeutic approaches for tumours for which there is currently no effective treatment. — 81.340 % — 81.340 % — 81.340 % Grifols Innovation and New Technologies Limited Grange Castle Business Park, 2016 Research Research and experimental development on biotechnology — 100.000 % — 100.000 % — 100.000 % PBS Acquisition Corp. 2711 Centerville Road Suite 400, 2016 Services Engage in any lawful act or activity for which corporations may be organized under the DGCL (Delaware Code) — 100.000 % — 100.000 % — 100.000 % Kiro Grifols S.L Polígono Bainuetxe, 5, 2º planta, Aretxabaleta, Guipúzcoa Spain 2014 Research Development of machines and equipment to automate and control key points of hospital processes, and hospital pharmacy processes. 90.000 % — 90.000 % — — — Chiquito Acquisition Corp. 2711 Centerville Road Suite 400, Wilmington, Delaware, County of New Castle, United States 2017 Corporate Engage in any lawful act or activity for which a corporation may be organized under the General Corporation Law of the State of Delaware, as amended from time to time (the "DGCL"). — 100.000 % — 100.000 % — — Aigües Minerals de Vilajuiga, S.A. Carrer Sant Sebastià, 2, 17493 Vilajuïga, Girona 2017 Industrial Collection and use of mineral-medicinal waters and achievement of all necessary administrative concessions in order to facilitate their industrial extraction and find the best way to take advantage of them. 100.000 % — % — — — — Goetech LLC (D/B/A Medkeeper) 7600 Grandview Avenue, Suite 210, Arvada, CO 80002 2018 Industrial Development and distribution of web and mobile-based platforms for hospital pharmacies — 54.760 % — — — — Haema, AG LandsteinerstraBe 1, 04103 Leipzig - Germany 2018 Industrial Procuring human plasma. — — — — — — Biotest Pharmaceutical Corporation 901 Yamato Rd., Suite 101, Boca Raton FL 33431 - USA 2018 Industrial Obtaining human plasma. — — — — — — Biotest US Corporation 901 Yamato Rd., Suite 101, Boca Raton FL 33431 - USA 2018 Corporate Corporate services to Biotest Pharmaceutical Corporation — — — — — — Acquisition / 31/12/2018 31/12/2017 31/12/2016 Incorporation % shares % shares % shares Name Registered Offices date Activity Statutory Activity Direct Indirect Direct Indirect Direct Indirect Equity Method consolidated companies and others Aradigm Corporation 3929 Point Eden Way 2013 Research Development and commercialisation of drugs delivered by inhalation for the prevention and treatment of severe respiratory diseases. — 35.130 % — 35.130 % — 35.130 % TiGenix N.V. Romeinse straat 12 bus 2, 2013 Research Research and development of therapies based on stem cells taken from adipose tissue. — — — 14.180 % — 16.130 % Mecwins, S.L. Avenida Fernandos Casas 2013 Research Research and production of nanotechnological, biotechnological and chemical solutions. — 24.990 % — 8.420 % — 8.420 % Kiro Grifols S.L Polígono Bainuetxe, 5, 2º planta, Aretxabaleta, 2014 Research Development of machines and equipment to automate and control key points of hospital processes, and hospital pharmacy processes. — — — — 50.000 % — Alkahest, Inc. 3500 South DuPont Hwy, 2015 Research Development novel plasma-based products for the treatment of cognitive decline in aging and disorders of the central nervous system (CNS). — 47.580 % — 47.580 % — 47.580 % Albajuna Therapeutics, S.L Hospital Germans Trias i 2016 Research Development and manufacture of therapeutic antibodies against HIV. — 30.000 % — 30.000 % — 30.000 % Interstate Blood Bank, Inc. 5700 Pleasantville Road 2016 Industrial Procuring human plasma. — 49.190 % — 49.190 % — 49.190 % Bio Blood Components Inc. 5700 Pleasantville Road 2016 Industrial Procuring human plasma. — 48.972 % — 48.972 % — 48.972 % Plasma Biological Services, LLC 5700 Pleasantville Road 2016 Industrial Procuring human plasma. — 48.900 % — 48.900 % — 48.900 % Singulex, Inc. 4041 Forest Park Avenue 2016 Research Development of the Single Molecule Counting (SMC™) technology for clinical diagnostic and scientific discovery. — 19.330 % — 19.330 % — 20.000 % Aigües Minerals de Vilajuiga, S.A. Carrer Sant Sebastià, 2, 17493 Vilajuïga, Girona 2017 Industrial Collection and use of mineral-medicinal waters and achievement of all necessary administrative concessions in order to facilitate their industrial extraction and find the best way to take advantage of them. — — 50.000 % — — — Access Biologicals, LLC. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — 49.000 % — 49.000 % — — Access Biologicals IC-DISC, Inc. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — 49.000 % — 49.000 % — — Access Cell Culture, LLC. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — 49.000 % — 49.000 % — — Access Manufacturing, LLC. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — 49.000 % — 49.000 % — — Access Plasma, LLC. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. — 49.000 % — 49.000 % — — GigaGen Inc. 407 Cabot Road 2017 Industrial Engage in any lawful act or activity for which corporations may be organized under General Corporation Law. — 43.960 % — 43.960 % — — Plasmavita Healthcare GmbH Colmarer Strasse 22, 60528 Frankfurt am Main - Germany 2018 Industrial Procuring human plasma. — 50.000 % — — — —

Appendix II (Tables)

Appendix II (Tables)	12 Months Ended
	Dec. 31, 2018
Appendix II
Schedule of operating segments	(Expressed in thousands of Euros) Bioscience Hospital Diagnostic Bio Supplies Others Intersegments Consolidated 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 Revenues from external customers 3,516,704 3,429,785 3,195,424 119,454 105,649 102,251 702,265 732,369 691,701 167,004 66,791 57,239 22,451 18,263 34,601 (41,154) (34,784) (31,386) 4,486,724 4,318,073 4,049,830 Total operating income 3,516,704 3,429,785 3,195,424 119,454 105,649 102,251 702,265 732,369 691,701 167,004 66,791 57,239 22,451 18,263 34,601 (41,154) (34,784) (31,386) 4,486,724 4,318,073 4,049,830 Profit/(Loss) for the segment 902,402 985,495 913,840 (12,587) (9,766) (8,765) 215,990 248,080 97,320 36,824 35,598 33,794 19,788 (9,632) 44,324 (5,764) (12,305) (1,316) 1,156,653 1,237,470 1,079,197 Unallocated expenses (162,529) (234,127) (139,789) Operating profit 994,124 1,003,343 939,408 Finance result (257,244) (287,734) (233,589) Share of profit/(loss) of equity accounted investee 2,839 (10,434) (9,396) — 2,112 (5,611) (10,975) (9,335) — 3,039 1,830 — (5,941) (4,060) 21,940 — — — (11,038) (19,887) 6,933 Income tax expense (131,436) (34,408) (168,209) Profit for the year after tax 594,406 661,314 544,543 Segment assets 6,928,220 6,007,153 6,524,922 250,543 145,477 86,590 3,526,136 3,356,185 1,909,447 117,673 7,409 8,378 54,363 60,449 40,160 (29,281) (22,196) (11,964) 10,847,654 9,554,477 8,557,533 Equity accounted investments 99,547 83,905 104,996 — — 13,888 19,256 29,322 43,330 47,742 44,220 — 60,360 61,562 39,131 — — — 226,905 219,009 201,345 Unallocated assets — — — — — — — — — — — — — — — — — — 1,402,487 1,146,778 1,370,894 Total assets 12,477,046 10,920,264 10,129,772 Segment liabilities 764,377 423,415 411,604 32,767 13,560 8,415 230,517 192,720 186,389 6,427 — — 34,698 26,903 1,843 — — — 1,068,786 656,598 608,251 Unallocated liabilities — — — — — — — — — — — — — — — — — — 6,711,656 6,629,701 5,793,543 Total liabilities 7,780,442 7,286,299 6,401,794 Other information: Amortisation and depreciation allocated 156,893 157,478 152,821 10,819 6,436 5,915 44,030 40,815 32,180 5,656 — — 1,941 2,237 3,445 — — — 219,339 206,966 194,361 Amortisation and depreciation unallocated — — — — — — — — — — — — — — — — — — 9,270 8,524 7,508 Expenses that do not require cash payments allocated 172,648 7,049 16,219 297 (514) 306 (27,651) (4,423) (2,001) 28 — — — — (32,534) — — — 145,322 2,112 (18,010) Expenses that do not require cash payments unallocated — — — — — — — — — — — — — — — — — — 1,339 (58,752) 4,608 Additions for the year of property, plant & equipment and intangible assets allocated 220,531 227,635 197,741 15,354 10,429 9,193 58,064 70,032 89,760 2,050 198 84 883 20,911 13,313 — — — 296,882 329,205 310,091 Additions for the year of property, plant & equipment and intangible assets unallocated — — — — — — — — — — — — — — — — — — 19,795 11,268 12,011 * As a result of the creation of Bio Supplies segment and intersegments, the Group has reviewed the allocation of balances and transactions by segments. The comparative figure for year 2016 have been restated accordingly.
Schedule of reporting by geographical area	(Expressed in thousands of Euros) Spain Rest of European Union USA + Canada Rest of World Consolidated 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 Net Revenue 264,913 242,894 225,273 535,361 444,089 426,223 2,974,429 2,896,505 2,707,579 712,021 734,585 690,755 4,486,724 4,318,073 4,049,830 Assets by geographical area 898,599 899,223 847,467 3,177,781 2,397,200 2,467,295 8,133,108 7,341,174 6,535,420 267,558 282,667 279,590 12,477,046 10,920,264 10,129,772 Other information: Additions for the year of property, plant & equipment and intangible assets 70,639 62,271 73,365 69,534 80,910 39,603 166,353 188,557 190,358 10,151 8,735 18,776 316,677 340,473 322,102

Appendix III (Tables)

Appendix III (Tables)	12 Months Ended
	Dec. 31, 2018
Appendix III
Schedule of changes in other intangible assets	(Expressed in thousands of Euros) Balances at Business Translation Balances at 12/31/2017 Additions combinations Transfers Disposals differences 12/31/2018 Development costs 311,694 — — (36) 10,215 377,312 Concessions, patents, licenses brands & similar 182,885 — 6,225 — (757) 8,057 196,410 Computer software 174,945 34,319 (762) (1,116) 6,785 234,423 Currently marketed products 1,024,376 — — — — 47,451 1,071,827 Other intangible assets 147,307 48 19,749 — — 7,664 174,768 Total cost of intangible assets 1,841,207 75,739 60,293 (762) (1,909) 80,172 2,054,740 Accum. amort. of development costs (79,349) (10,660) — — — (98) (90,107) Accum. amort of concessions, patents, licenses, brands & similar (29,783) (6,132) — — — (845) (36,760) Accum. amort. of computer software (106,319) (12,918) (5,872) — 1,116 (2,660) (126,653) Accum. amort. of currently marketed products (231,068) (36,154) — — — (11,573) (278,795) Accum. amort. of other intangible assets (61,966) (5,536) — 246 — (3,297) (70,553) Total accum. amort intangible assets (508,485) (71,400) (5,872) 246 1,116 (18,473) (602,868) Impairment of other intangible assets (63,380) — — — — (2,955) (66,335) Carrying amount of intangible assets 1,269,342 4,339 54,421 (516) (793) 58,744 1,385,537 (See note 3) This appendix forms an integral part of note 8 to the consolidated financial statements. APPENDIX III GRIFOLS, S.A. AND SUBSIDIARIES Changes in Other Intangible Assets for the year ended 31 December 2017 (Expressed in thousands of Euros) Balances at Business Translation Balances at 12/31/2016 Additions combinations * Transfers Disposals differences 12/31/2017 Development costs 142,693 43,152 142,529 — (81) (16,599) 311,694 Concessions, patents, licenses brands & similar 60,471 — 142,174 — — (19,760) 182,885 Computer software 168,623 19,626 26 529 (126) (13,733) 174,945 Currently marketed products 1,162,204 — — — — (137,828) 1,024,376 Other intangible assets 148,682 17,348 — — — (18,723) 147,307 Total cost of intangible assets 1,682,673 80,126 284,729 529 (207) (206,643) 1,841,207 Accum. amort. of development costs (72,073) (5,834) — — — (1,442) (79,349) Accum. amort of concessions, patents, licenses, brands & similar (24,994) (6,004) — — — 1,215 (29,783) Accum. amort. of computer software (99,927) (13,549) — — 111 7,046 (106,319) Accum. amort. of currently marketed products (220,988) (38,216) — — — 28,136 (231,068) Accum. amort. of other intangible assets (69,389) (865) — — — 8,288 (61,966) Total accum. amort intangible assets (487,371) (64,468) — — 111 43,243 (508,485) Impairment of other intangible assets — (64,734) — — — 1,354 (63,380) Carrying amount of intangible assets 1,195,302 (49,076) 284,729 529 (96) (162,046) 1,269,342

Appendix IV (Tables)

Appendix IV (Tables)	12 Months Ended
	Dec. 31, 2018
Appendix IV
Schedule of movement in property, plant and equipment	(Expressed in thousands of Euros) Balances at Translation Balances at 31/12/2017 Additions Business combination Transfers Disposals differences 31/12/2018 Cost: Land and buildings 673,534 1,223 19,344 6,051 (280) 26,540 726,412 Plant and machinery 1,704,679 57,699 79,003 100,961 (15,855) 58,366 1,984,853 Fixed Assets under construction 262,119 182,016 1,746 (106,473) — 5,983 345,391 2,640,332 240,938 100,093 539 (16,135) 90,889 3,056,656 Accumulated depreciation: Buildings (66,765) (15,224) (4,682) — 222 (2,929) (89,378) Plant and machinery (810,782) (141,985) (46,995) (23) 13,025 (25,975) (1,012,735) (877,547) (157,209) (51,677) (23) 13,247 (28,904) (1,102,113) Impairment of other property, plant and equipment (2,732) 81 — — — 91 (2,560) Carrying amount 1,760,053 83,810 48,416 516 (2,888) 62,076 1,951,983 (See note 3) This appendix forms an integral part of note 9 to the consolidated financial statements. APPENDIX IV GRIFOLS, S.A. AND SUBSIDIARIES Movement in Property, Plant and Equipment for the year ended 31 December 2017 (Expressed in thousands of Euros) Balances at Translation Balances at 31/12/2016 Additions Business combination Transfers Disposals differences 31/12/2017 Cost: Land and buildings 687,856 28,503 19,628 12,694 (823) (74,324) 673,534 Plant and machinery 1,655,837 82,234 9,068 123,816 (10,098) (156,178) 1,704,679 Fixed Assets under construction 275,003 149,610 555 (137,073) — (25,976) 262,119 2,618,696 260,347 29,251 (563) (10,921) (256,478) 2,640,332 Accumulated depreciation: Buildings (59,376) (14,708) — — 710 6,609 (66,765) Plant and machinery (746,268) (136,314) — 34 7,993 63,773 (810,782) (805,644) (151,022) — 34 8,703 70,382 (877,547) Impairment of other property, plant and equipment (3,200) 258 — — — 210 (2,732) Carrying amount 1,809,852 109,583 29,251 (529) (2,218) (185,886) 1,760,053

Appendix V (Tables)

Appendix V (Tables)	12 Months Ended
	Dec. 31, 2018
Appendix V
Schedule of Liquidity for Distribution of Interim Dividend	(Expressed in thousands of Euros) Thousands of Euros Forecast profits distributable for 2018: Projected profits net of taxes until 31/12/2018 258,091 Less, charge required to legal reserve — Estimated profits distributable for 2018 258,091 Interim dividend distributed 136,747 Forecast cash for the period 26 October 2018 to 26 October 2019: Cash balances at 26 October 2018 — Projected amounts collected 572,263 Projected payments, including interim dividend 544,112 Projected cash balances at 26 October 2019 28,151 This appendix forms an integral part of note 15 to the consolidated financial statements. APPENDIX V GRIFOLS, S.A. AND SUBSIDIARIES Statement of Liquidity for Distribution of Interim Dividend 2017 (Expressed in thousands of Euros) Thousands of Euros Forecast profits distributable for 2017: Projected profits net of taxes until 31/12/2017 273,472 Less, charge required to legal reserve — Estimated profits distributable for 2017 273,472 Interim dividend distributed 122,986 Forecast cash for the period 15 December 2017 to 15 December 2018: Cash balances at 15 December 2017 — Projected amounts collected 475,209 Projected payments, including interim dividend 468,117 Projected cash balances at 15 December 2018 7,092

Nature, Principal Activities _2

Nature, Principal Activities and Subsidiaries (Details) - IPO € / shares in Units, € in Millions	May 17, 2006EUR (€)€ / sharesshares
Nature, principal activities and subsidiaries
Number of ordinary shares issued through public offering | shares	71,000,000
Par value (in Euros per share)	€ 0.50
Share premium	€ 3.90
Total capital increase (including the share premium) | €	€ 312.4
Issue price	€ 4.40

Basis of Presentation (Details)

Basis of Presentation (Details) € in Thousands, $ in Thousands

Jan. 26, 2018USD ($)

Dec. 12, 2016EUR (€)

Mar. 03, 2016EUR (€)EquityInstruments

Nov. 16, 2015EUR (€)

Sep. 30, 2018EUR (€)

Aug. 31, 2016EUR (€)EquityInstruments

Jul. 31, 2015EUR (€)EquityInstruments

Dec. 31, 2017

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2018shares

Dec. 31, 2016

Dec. 28, 2018USD ($)

Aug. 01, 2018USD ($)

Mar. 19, 2018EUR (€)

Jan. 12, 2018EUR (€)

Oct. 11, 2017EUR (€)

Jul. 24, 2017EUR (€)

Jan. 31, 2017USD ($)

Jul. 31, 2016EquityInstruments

Biotest Us Corporation and Haema AG

Basis of presentation

Consideration for sale of subsidiary | $

$ 538,014

Biotest US Corporation

Basis of presentation

Ownership interest acquired (as a percent)

100.00%

Consideration transferred | $

$ 286,454

Haema, AG

Basis of presentation

Ownership interest acquired (as a percent)

100.00%

Consideration transferred

€ 220,191

Goetech, LLC. ("MedKeeper")

Basis of presentation

Ownership in subsidiary (as a percent)

54.76%

Share capital increase | $

$ 98,000

Aigues Minerals de Vilajuiga, S.A

Basis of presentation

Ownership in subsidiary (as a percent)

100.00%

Ownership interest acquired (as a percent)

50.00%

Consideration transferred

€ 550

Grifols Malaysia Sdn Bhd

Basis of presentation

Ownership in subsidiary (as a percent)

30.00%

Grifols (Thailand) Ltd

Basis of presentation

Number of classes of shares | shares

2

VCN Bioscience S.L

Basis of presentation

Ownership in subsidiary (as a percent)

81.34%

VCN Bioscience S.L | Grifols Innovation and New Technologies Limited

Basis of presentation

Share capital increase

€ 5,000

VCN Bioscience S.L | Gri-cel S.A

Basis of presentation

Share capital increase

€ 2,549

Kiro Grifols S.L (formerly Kiro Robotics S.L)

Basis of presentation

Ownership in subsidiary (as a percent)

90.00%

Ownership interest acquired (as a percent)

40.00%

Consideration transferred

€ 12,800

Araclon Biotech S.L

Basis of presentation

Ownership in subsidiary (as a percent)

73.22%

Share capital increase

€ 6,700

€ 6,000

Number of share capital increases | EquityInstruments

2

2

Medion Diagnostics AG

Basis of presentation

Ownership in subsidiary (as a percent)

100.00%

Ownership interest acquired (as a percent)

20.00%

Medion Diagnostics AG | Treasury stock

Basis of presentation

Consideration transferred, in shares | EquityInstruments

59,951

Progenika Biopharma, S.A. (Spain)

Basis of presentation

Ownership in subsidiary (as a percent)

90.23%

89.25%

Share capital increase

€ 4,333

Ownership interest acquired (as a percent)

32.93%

Consideration transferred

€ 25,000

Consideration transferred, in cash (as a percent)

50.00%

Progenika Biopharma, S.A. (Spain) | Class B Shares

Basis of presentation

Consideration transferred, in shares | EquityInstruments

876,777

Consideration transferred, in shares (as a percent)

50.00%

Number of days available to selling shareholders to repurchase the shares

5 days

Progenika Biopharma, S.A. (Spain) | Grifols Diagnostics Solutions, Inc.

Basis of presentation

Ownership interest acquired (as a percent)

0.98%

Consideration transferred, in cash

€ 644

Hologic acquisition

Basis of presentation

Consideration transferred, in cash | $

$ 1,865,000

Basis of Presentation - IFRS 9

Basis of Presentation - IFRS 9 Financial Instruments (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
IFRS 9 Financial Instruments
Total Debt	€ 6,099,463		€ 5,901,815
Impact on Total Debt		€ (2,580)
Impact on Deferred Expenses		(22,056)
Impact of new IFRS
IFRS 9 Financial Instruments
(Positive) Negative Impact on Reserves		(24,636)
Senior Unsecured Notes
IFRS 9 Financial Instruments
Impact on Total Debt		146,333
Impact on Deferred Expenses		(41,035)
Senior Unsecured Notes | Impact of new IFRS
IFRS 9 Financial Instruments
(Positive) Negative Impact on Reserves		105,298
Senior Secured Debt
IFRS 9 Financial Instruments
Impact on Total Debt		(148,913)
Impact on Deferred Expenses		18,979
Senior Secured Debt | Impact of new IFRS
IFRS 9 Financial Instruments
(Positive) Negative Impact on Reserves		(129,934)
Amortised cost
IFRS 9 Financial Instruments
Total Debt		4,228,824
Amortised cost | Senior Unsecured Notes
IFRS 9 Financial Instruments
Total Debt		853,667
Amortised cost | Senior Secured Debt
IFRS 9 Financial Instruments
Total Debt		3,375,157
IFRS 9
IFRS 9 Financial Instruments
Total Debt		4,226,244
IFRS 9 | Senior Unsecured Notes
IFRS 9 Financial Instruments
Total Debt		1,000,000
IFRS 9 | Senior Secured Debt
IFRS 9 Financial Instruments
Total Debt		€ 3,226,244

Basis of Presentation - IFRS 16

Basis of Presentation - IFRS 16 Leases (Details) - EUR (€) € in Thousands	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Leases
Non-cancellable operating lease commitments		€ 400,579	€ 262,343	€ 350,931
Real Estate and land | Minimum
Leases
Lease term	10 years
Real Estate and land | Maximum
Leases
Lease term	15 years
Donor centers | Minimum
Leases
Lease term	13 years
Donor centers | Maximum
Leases
Lease term	15 years
PC's and hardware | Minimum
Leases
Lease term	3 years
PC's and hardware | Maximum
Leases
Lease term	5 years
Machinery | Minimum
Leases
Lease term	4 years
Machinery | Maximum
Leases
Lease term	5 years
Vehicles | Minimum
Leases
Lease term	3 years
Vehicles | Maximum
Leases
Lease term	5 years
Forecast | Adoption of IFRS 16
Leases
Non-cancellable operating lease commitments	€ 400,579
Minimum lease payments payable under noncancellable short-term leases	4,822
Right-of-use assets	648,345
Adjustments for prepayments, dismantling costs and accrued lease payments	16,898
Lease liabilities	664,948
Decrease in net assets on classification of portion of lease liabilities as current	16,603
Decrease in net current assets on classification of portion of lease liabilities as current	43,318
Decrease in net profit before tax	15,500
Increase in EBITDA	60,281
Increase in cash flows from operating activities	60,281
Decrease in cash flows from financing activities	€ 60,821
Forecast | Adoption of IFRS 16 | Minimum
Leases
Incremental interest rate applied to lease liabilities recognised at date of initial application of IFRS 16	2.07%
Forecast | Adoption of IFRS 16 | Maximum
Leases
Incremental interest rate applied to lease liabilities recognised at date of initial application of IFRS 16	8.18%

Basis of Presentation - Reconci

Basis of Presentation - Reconciliation of lease liabilities (Details) - Forecast - Adoption of IFRS 16 € in Thousands	Jan. 01, 2019EUR (€)
Leases
Operating lease commitments existing as at 31 December 2018	€ 400,579
Periods covered by an option to extend the lease by the Group	579,261
Discounting using the Group's incremental borrowing rate	(311,116)
Finance lease liabilities recognised as at 31 December 2018	1,395
Short-term leases recognised on a straight-line basis as expense	(4,822)
Others	(349)
Lease liability recognised as at 1 January 2019	€ 664,948

Business Combinations - Cost, F

Business Combinations - Cost, FV of Assets, Goodwill and Other (Details) € / shares in Units, $ in Thousands, item in Millions	Aug. 01, 2018USD ($)Centerl	Jan. 26, 2018USD ($)	Jan. 12, 2018EUR (€)	Jun. 30, 2018EUR (€)m²employeeitemCenterl	Dec. 31, 2018EUR (€)Center	Dec. 31, 2017EUR (€)Center€ / sharesshares	Dec. 31, 2016EUR (€)	Dec. 28, 2018USD ($)	Aug. 31, 2018EUR (€)	Aug. 01, 2018EUR (€)Center	Jan. 26, 2018EUR (€)	Jul. 25, 2017EUR (€)	Jun. 01, 2017	Feb. 28, 2017USD ($)	Feb. 28, 2017EUR (€)	Jan. 31, 2017USD ($)	Jan. 31, 2017EUR (€)	Dec. 31, 2016USD ($)	Dec. 27, 2016Center	Sep. 30, 2014EUR (€)
Other disclosures:
Share capital					€ 119,604,000	€ 119,604,000
Plasmavita Healthcare GmbH
Details of the aggregate business combination cost, fair value or net assets acquired and goodwill:
Consideration transferred to create a joint venture						12,500
Other disclosures:
Share capital						€ 25,000
Number of shares outstanding | shares						25,000
Par value (in Euros per share) | € / shares						€ 1
Contribution					10,000,000
Additional contribution					10,000,000
Percentage of ownership in joint venture						50.00%
Number of plasma centers | Center						10
Plasmavita Healthcare GmbH | European partners
Other disclosures:
Percentage of ownership in joint venture						50.00%
Acquisition of assets used in donor centers from Kedplasma
Details of the aggregate business combination cost, fair value or net assets acquired and goodwill:
Total business combination cost					€ 21,841,000				€ 20,939,000
Other disclosures:
Number of donor centers | Center					6
Biotest Acquisition
Details of the aggregate business combination cost, fair value or net assets acquired and goodwill:
Total business combination cost	$ 286,454									€ 245,126,000
Fair value of net assets acquired	133,761									114,463,000
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired)	$ 152,693									€ 130,663,000
Other disclosures:
Ownership interest acquired (as a percent)	100.00%									100.00%
Number of plasma centers owned | Center	24									24
Plasma collected in preceding financial year (in litres) | l	850,000
Combined revenue since January 1, 2018					€ 90,216,000
Combined profit since January 1, 2018					5,592,000
Revenue of acquiree since acquisition date					73,747,000
Profit of acquiree since acquisition date					7,473,000
Haema, AG
Details of the aggregate business combination cost, fair value or net assets acquired and goodwill:
Total business combination cost				€ 220,191,000
Fair value of net assets acquired				49,057,000
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired)				€ 171,134,000
Other disclosures:
Ownership interest acquired (as a percent)				100.00%
Number of plasma centers owned | Center				35
Number of plasma collection centers under construction | Center				3
Area of headquarters (in square metre) | m²				24,000
Total number of employees | employee				1,100
Plasma collected in preceding financial year (in litres) | l				800,000
Number of plasma donations collected | item				1
Combined revenue since January 1, 2018					39,517,000
Revenue of acquiree since acquisition date					46,758,000
Profit of acquiree since acquisition date					53,000
Goetech, LLC. ("MedKeeper")
Details of the aggregate business combination cost, fair value or net assets acquired and goodwill:
First repurchase of non-controlling interests		$ 14,000									€ 11,475,000
Second repurchase of non-controlling interests (discounted amount)		18,241									14,952,000
Purchase of remaining non-controlling interests		52,458									42,998,000
Total business combination cost		84,699									69,425,000
Fair value of net assets acquired		17,207									14,104,000
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired)		67,492									€ 55,321,000
Other disclosures:
Share capital increase | $		$ 98,000
Ownership interest acquired (as a percent)		51.00%									51.00%
Ownership in subsidiary (as a percent)		51.00%
Repurchase of own shares from noncontrolling shareholder in 2 business days | $		$ 14,000
Repurchase of own shares from noncontrolling shareholder in two years | $		$ 20,000
Option to purchase remaining voting rights, term (in years)		3 years
Revenue of acquiree since acquisition date					9,210,000
Profit of acquiree since acquisition date					€ 1,778,000
Aigues Minerals de Vilajuiga S. A.
Details of the aggregate business combination cost, fair value or net assets acquired and goodwill:
Total business combination cost			€ 550,000
Other disclosures:
Ownership interest acquired (as a percent)			50.00%										50.00%
Ownership in subsidiary (as a percent)			100.00%
Hologic acquisition
Details of the aggregate business combination cost, fair value or net assets acquired and goodwill:
Payment in cash																$ 1,865,000	€ 1,734,077,000
Result of the cancellation of the existing contract																45,057	41,894,000
Total business combination cost																1,910,057	1,775,971,000
Fair value of net assets acquired																332,923	309,551,000
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired)																$ 1,577,134	€ 1,466,420,000
Other disclosures:
Expenses incurred for acquisition						€ 13,000,000	€ 5,100,000
Kiro Grifols S.L (formerly Kiro Robotics S.L)
Other disclosures:
Share capital increase																				€ 21,000,000
Ownership interest acquired (as a percent)												40.00%								50.00%
Additional ownership interest acquired, consideration transferred												€ 12,800,000
Ownership in subsidiary (as a percent)					90.00%
Kiro Grifols S.L (formerly Kiro Robotics S.L) | Socios Fundadores Kiro, S.L.
Other disclosures:
Ownership in subsidiary held by noncontrolling interests (as a percent)					10.00%
Kedplamsa acquisition
Details of the aggregate business combination cost, fair value or net assets acquired and goodwill:
Payment in cash														$ 47,083	€ 44,238,000
Total business combination cost														47,083	44,238,000
Fair value of net assets acquired														4,403	4,137,000
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired)														$ 42,680	€ 40,101,000
Other disclosures:
Number of Plasma Donor Centers acquired | Center																			6
Advance paid for acquisition | $																		$ 15,000
Biotest Us Corporation and Haema AG
Other disclosures:
Consideration for sale of subsidiary | $								$ 538,014

Business Combinations - Amounts

Business Combinations - Amounts Determined at Acquisition (Details) € in Thousands, $ in Thousands	Aug. 01, 2018USD ($)	Aug. 01, 2018EUR (€)	Jun. 30, 2018EUR (€)	Jan. 26, 2018USD ($)	Jan. 26, 2018EUR (€)	Feb. 28, 2017USD ($)	Feb. 28, 2017EUR (€)	Jan. 31, 2017USD ($)	Jan. 31, 2017EUR (€)
Biotest Acquisition
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities:
Cash and cash equivalents	$ 6,867	€ 5,876
Trade and other receivables	17,663	15,114
Inventories	21,309	18,235
Other assets	2,849	2,438
Intangible assets	22,800	19,511
Goodwill	6,510	5,571
Property, plant and equipment	25,931	22,190
Deferred tax assets	39,635	33,917
Financial assets	12,825	10,975
Total assets	156,389	133,827
Trade and other payables	(6,219)	(5,322)
Other liabilities	(4,965)	(4,249)
Deferred tax liability	(5,700)	(4,878)
Long-term liabilities	(5,744)	(4,915)
Total liabilities and contingent liabilities	(22,628)	(19,364)
Total net assets acquired	133,761	114,463
Goodwill	152,693	130,663
Total business combination cost	$ 286,454	€ 245,126
Haema, AG
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities:
Cash and cash equivalents			€ 7,727
Trade and other receivables			10,321
Inventories			5,535
Other assets			836
Intangible assets			1,518
Property, plant and equipment			25,407
Total assets			51,344
Trade and other payables			(1,795)
Contingent liabilities			(492)
Total liabilities and contingent liabilities			(2,287)
Total net assets acquired			49,057
Goodwill			171,134
Total business combination cost			€ 220,191
Goetech, LLC. ("MedKeeper")
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities:
Intangible assets				$ 37,285	€ 30,561
Property, plant and equipment				82	67
Other non-current assets				2,867	2,350
Other current assets				5,433	4,453
Total assets				45,667	37,432
Deferred tax liability				(16,386)	(13,431)
Long-term liabilities				(2,667)	(2,186)
Current liabilities				(9,407)	(7,711)
Total liabilities and contingent liabilities				(28,460)	(23,328)
Total net assets acquired				17,207	14,104
Goodwill				67,492	55,321
Total business combination cost				$ 84,699	€ 69,425
Hologic acquisition
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities:
Inventories								$ 32,434	€ 30,157
Property, plant and equipment								26,424	24,569
Deferred tax assets								18,000	16,736
Total assets								377,923	351,392
Current provisions								(45,000)	(41,841)
Total liabilities and contingent liabilities								(45,000)	(41,841)
Total net assets acquired								332,923	309,551
Goodwill								1,577,134	1,466,420
Total business combination cost								1,910,057	1,775,971
Hologic acquisition | R&D in progress
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities:
Intangible assets								148,157	137,756
Hologic acquisition | Other Intangible assets
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities:
Intangible assets								$ 152,908	€ 142,174
Kedplamsa acquisition
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities:
Property, plant and equipment							€ 3,698
Total net assets acquired						$ 4,403	4,137
Goodwill						42,680	40,101
Total business combination cost						$ 47,083	€ 44,238

Significant Accounting Polici_4

Significant Accounting Policies - Property, plant and equipment (Details)	12 Months Ended
	Dec. 31, 2018
Buildings | Minimum
Property, Plant and Equipment
Depreciation rates	1.00%
Buildings | Maximum
Property, Plant and Equipment
Depreciation rates	3.00%
Other property, technical equipment and machinery | Minimum
Property, Plant and Equipment
Depreciation rates	4.00%
Other property, technical equipment and machinery | Maximum
Property, Plant and Equipment
Depreciation rates	10.00%
Other property, plant and equipment | Minimum
Property, Plant and Equipment
Depreciation rates	7.00%
Other property, plant and equipment | Maximum
Property, Plant and Equipment
Depreciation rates	33.00%

Significant Accounting Polici_5

Significant Accounting Policies - Intangible assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Other Intangible Assets
Impairment loss	$ 0
Development costs
Other Intangible Assets
Amortization rates	10.00%
Computer software
Other Intangible Assets
Amortization rates	33.00%
Minimum | Concessions, patents, licenses brands & similar
Other Intangible Assets
Amortization rates	4.00%
Minimum | Currently marketed products
Other Intangible Assets
Amortization rates	3.00%
Maximum | Concessions, patents, licenses brands & similar
Other Intangible Assets
Amortization rates	20.00%
Maximum | Currently marketed products
Other Intangible Assets
Amortization rates	10.00%

Significant Accounting Polici_6

Significant Accounting Policies - Financial instruments (Details) € in Thousands	Dec. 31, 2018EUR (€)
Significant Accounting Policies
Interest rate used as a threshold to determine if there has been a substantial modification to the initially recognized financial liability	10.00%
Provision for future operating losses	€ 0

Financial Risk Management Pol_3

Financial Risk Management Policy - Liquidity Risk and Interest Rate Risk (Details) € in Thousands, $ in Millions	Dec. 05, 2017EUR (€)	Sep. 30, 2018EUR (€)	Dec. 31, 2018USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)	Apr. 18, 2017EUR (€)	Feb. 06, 2017USD ($)	Feb. 06, 2017EUR (€)	Dec. 31, 2016EUR (€)	Dec. 31, 2015EUR (€)	Oct. 28, 2015EUR (€)
Financial Risk Management Policy
Cash and cash equivalents				€ 1,033,792	€ 886,521				€ 895,009	€ 1,142,500
Amount of debt refinanced							$ 6,300	€ 5,800,000
Senior Debt
Financial Risk Management Policy
Principal amount | $							6,000
Senior Debt | Hologic acquisition
Financial Risk Management Policy
Principal amount | $							1,816
Senior Unsecured Notes
Financial Risk Management Policy
Principal amount					1,000,000	€ 1,000,000			€ 948,677
EIB Loan
Financial Risk Management Policy
Carrying amount				244,375	170,000
EIB Loan, Maturing in 2028
Financial Risk Management Policy
Principal amount		€ 85,000
Debt term		10 years
Grace period		2 years
EIB Loan, Maturing in 2027
Financial Risk Management Policy
Maximum borrowings available	€ 85,000
Debt term	10 years
Grace period	2 years
EIB Loan, Maturing in 2025
Financial Risk Management Policy
Principal amount											€ 100,000
Liquidity risk
Financial Risk Management Policy
Cash and cash equivalents				1,033,792	886,521
Unused credit facility				404,808	381,165
Amount of debt refinanced							6,300	€ 5,800,000
Liquidity risk | Senior Debt
Financial Risk Management Policy
Carrying amount | $			$ 5,992
Principal amount | $							6,000
Liquidity risk | Senior Debt | Hologic acquisition
Financial Risk Management Policy
Principal amount | $							1,816
Liquidity risk | Senior Unsecured Notes
Financial Risk Management Policy
Principal amount				1,000,000		€ 1,000,000
Liquidity risk | EIB Loan
Financial Risk Management Policy
Carrying amount				244,375	170,000
Liquidity risk | EIB Loan, Maturing in 2028
Financial Risk Management Policy
Principal amount		€ 85,000
Debt term		10 years
Grace period		2 years
Liquidity risk | EIB Loan, Maturing in 2027
Financial Risk Management Policy
Maximum borrowings available	€ 85,000
Debt term	10 years
Grace period	2 years
Liquidity risk | EIB Loan, Maturing in 2025
Financial Risk Management Policy
Principal amount											€ 100,000
Liquidity risk | Revolving credit facility
Financial Risk Management Policy
Unused credit facility			$ 300	€ 262,008	€ 250,146		$ 300
Interest rate risk | Fixed-interest
Financial Risk Management Policy
Percentage of fixed rate interest debt of the total debt			19.00%	19.00%	19.00%
Interest rate risk | Senior Debt | Euros
Financial Risk Management Policy
Percentage of total senior debt in euros of the Group's total senior debt			12.00%	12.00%	12.00%
Interest rate risk | Senior Unsecured Notes
Financial Risk Management Policy
Principal amount				€ 1,000,000
Interest rate risk | Senior Unsecured Notes | Euros
Financial Risk Management Policy
Percentage of fixed rate interest debt of the total debt			54.00%	54.00%
Interest rate risk | EIB Loan
Financial Risk Management Policy
Carrying amount				€ 244,375
Interest rate risk | EIB Loan | Euros
Financial Risk Management Policy
Percentage of additional loans received from EIB of the Group's total debt			13.00%	13.00%

Financial Risk Management Pol_4

Financial Risk Management Policy - Capital Management (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Financial Risk Management Policy
Profit attributable to the Parent	€ 596,642	€ 662,700	€ 545,456
Equity attributable to the Parent	€ 4,225,554	€ 3,629,079
Return on equity	14.00%	18.00%
Treasury stock as a percentage of capital, held by parent	0.60%	0.60%

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018locationarea
Segment Reporting
Number of areas Group companies are divided into | area	4
Geographical information
Number of geographical areas | location	4

Segment Reporting - Net Sales b

Segment Reporting - Net Sales by Groups of Products (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net sales by groups of products
Net revenue	€ 4,486,724	€ 4,318,073	€ 4,049,830
Haemoderivatives
Net sales by groups of products
Net revenue	3,516,704	3,429,785	3,228,275
Transfusional medicine
Net sales by groups of products
Net revenue	650,180	679,692	640,443
Other diagnostic
Net sales by groups of products
Net revenue	19,797	23,377	23,540
Fluid therapy and nutrition
Net sales by groups of products
Net revenue	52,574	47,699	46,210
Hospital supplies
Net sales by groups of products
Net revenue	58,014	52,466	52,373
Bio supplies
Net sales by groups of products
Net revenue	167,004	66,791	24,387
Others
Net sales by groups of products
Net revenue	€ 22,451	€ 18,263	€ 34,602

Segment Reporting - Main Custom

Segment Reporting - Main Customer (Details) - Bioscience - Customer - customer	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of major customers
Number of customers	2	1
Percentage of entity's revenue	23.10%	11.00%	10.70%

Goodwill - Details of and movem

Goodwill - Details of and movement in goodwill (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Goodwill
Goodwill at beginning of the year	€ 4,590,498	€ 3,643,995
Business Combination	403,335	1,533,031
Disposals	(2,827)
Translation differences	218,224	(586,528)
Goodwill at end of the year	5,209,230	4,590,498
Grifols UK Ltd. (UK)
Goodwill
Goodwill at beginning of the year	7,745	8,025
Translation differences	(63)	(280)
Goodwill at end of the year	7,682	7,745
Grifols Italia S.p.A. (Italy)
Goodwill
Goodwill at beginning of the year	6,118	6,118
Goodwill at end of the year	6,118	6,118
Biomat USA, Inc.
Goodwill
Goodwill at beginning of the year	205,254	193,039
Business Combination	42,780	40,101
Disposals	(2,827)
Translation differences	9,907	(27,886)
Goodwill at end of the year	255,114	205,254
Grifols Australia Pty Ltd. (Australia) / Medion Diagnostics AG (Switzerland)
Goodwill
Goodwill at beginning of the year	9,543	10,134
Translation differences	(272)	(591)
Goodwill at end of the year	9,271	9,543
Grifols Therapeutics, Inc. (USA)
Goodwill
Goodwill at beginning of the year	1,852,905	2,108,139
Translation differences	87,871	(255,234)
Goodwill at end of the year	1,940,776	1,852,905
Araclon Biotech, S.L. (Spain)
Goodwill
Goodwill at beginning of the year	6,000	6,000
Goodwill at end of the year	6,000	6,000
Progenika Biopharma, S.A. (Spain)
Goodwill
Goodwill at beginning of the year	40,516	40,516
Goodwill at end of the year	40,516	40,516
Grifols Diagnostic (Novartis & Hologic) (USA, Spain and Hong Kong)
Goodwill
Goodwill at beginning of the year	2,435,907	1,272,024
Business Combination		1,466,420
Translation differences	114,349	(302,537)
Goodwill at end of the year	2,550,256	2,435,907
Kiro Grifols S.L (formerly Kiro Robotics S.L)
Goodwill
Goodwill at beginning of the year	26,510
Business Combination	(2,134)	26,510
Goodwill at end of the year	24,376	€ 26,510
Goetech, LLC. ("MedKeeper")
Goodwill
Business Combination	55,321
Translation differences	3,624
Goodwill at end of the year	58,945
Haema, AG
Goodwill
Business Combination	171,134
Goodwill at end of the year	171,134
Biotest US Corporation
Goodwill
Business Combination	136,234
Translation differences	2,808
Goodwill at end of the year	€ 139,042

Goodwill - Impairment testing (

Goodwill - Impairment testing (Details) - EUR (€) € in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Jan. 26, 2018	Jul. 25, 2017	Sep. 30, 2014
Impairment Testing
Length of cash flow projections used in assumptions and calculations of impairment	5 years	5 years
Stock market capitalization	€ 13,978	€ 15,379
Kiro Grifols S.L (formerly Kiro Robotics S.L)
Impairment Testing
Ownership interest acquired (as a percent)				40.00%	50.00%
Goetech, LLC. ("MedKeeper")
Impairment Testing
Ownership interest acquired (as a percent)			51.00%
Bioscience
Impairment Testing
Perpetual growth rate	2.00%	2.00%
Pre-tax discount rate	8.90%	9.50%
Diagnostic
Impairment Testing
Perpetual growth rate	2.00%	2.00%
Pre-tax discount rate	9.40%	10.60%
Hospital
Impairment Testing
Perpetual growth rate	1.50%	1.40%
Pre-tax discount rate	13.10%	13.30%

Other Intangible Assets - Curre

Other Intangible Assets - Currently marketed products acquired from Talecris and Progenika (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Other Intangible Assets
Intangible assets at beginning of the year	€ 1,269,342	€ 1,195,302
Additions	54,421	284,729
Translation differences	58,744	(162,046)
Intangible assets at end of the year	1,385,537	1,269,342
Gross carrying amount
Other Intangible Assets
Intangible assets at beginning of the year	1,841,207	1,682,673
Additions	60,293	284,729
Translation differences	80,172	(206,643)
Intangible assets at end of the year	2,054,740	1,841,207
Accumulated depreciation and amortisation
Other Intangible Assets
Intangible assets at beginning of the year	(508,485)	(487,371)
Additions	(5,872)
Translation differences	(18,473)	43,243
Intangible assets at end of the year	(602,868)	(508,485)
Currently marketed products
Other Intangible Assets
Intangible assets at beginning of the year	793,308	941,216
Additions	(36,154)	(38,216)
Translation differences	35,878	(109,692)
Intangible assets at end of the year	793,032	793,308
Currently marketed products | Gross carrying amount
Other Intangible Assets
Intangible assets at beginning of the year	1,024,376	1,162,204
Translation differences	47,451	(137,828)
Intangible assets at end of the year	1,071,827	1,024,376
Currently marketed products | Accumulated depreciation and amortisation
Other Intangible Assets
Intangible assets at beginning of the year	(231,068)	(220,988)
Translation differences	(11,573)	28,136
Intangible assets at end of the year	€ (278,795)	€ (231,068)
Talecris | Currently marketed products
Other Intangible Assets
Estimated useful life	30 years	30 years
Residual useful life	22 years 5 months	23 years 5 months
Talecris | Currently marketed products | Gross carrying amount
Other Intangible Assets
Intangible assets at beginning of the year	€ 1,000,584	€ 1,138,412
Translation differences	47,451	(137,828)
Intangible assets at end of the year	1,048,035	1,000,584
Talecris | Currently marketed products | Accumulated depreciation and amortisation
Other Intangible Assets
Intangible assets at beginning of the year	(219,572)	(211,871)
Additions	(33,775)	(35,837)
Translation differences	(11,573)	28,136
Intangible assets at end of the year	€ (264,920)	€ (219,572)
Progenika Biopharma, S.A. (Spain) | Currently marketed products
Other Intangible Assets
Estimated useful life	10 years	10 years
Residual useful life	4 years 2 months	5 years 2 months
Progenika Biopharma, S.A. (Spain) | Currently marketed products | Gross carrying amount
Other Intangible Assets
Intangible assets at beginning of the year	€ 23,792	€ 23,792
Intangible assets at end of the year	23,792	23,792
Progenika Biopharma, S.A. (Spain) | Currently marketed products | Accumulated depreciation and amortisation
Other Intangible Assets
Intangible assets at beginning of the year	(11,496)	(9,117)
Additions	(2,379)	(2,379)
Intangible assets at end of the year	€ (13,875)	€ (11,496)

Other Intangible Assets - Other

Other Intangible Assets - Others (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Other Intangible Assets
Other intangible assets	€ 1,385,537	€ 1,269,342	€ 1,195,302
Intangible asset purchase commitments	589	1,199
Profit (loss) incurred on disposals of intangible assets	8,101	(83)
Impairment loss		63,675
Plasma center licenses
Other Intangible Assets
Other intangible assets	26,917	26,631
Development costs
Other Intangible Assets
Other intangible assets	206,087	183,281
Self-constructed
Other Intangible Assets
Other intangible assets	€ 58,254	€ 49,782

Property, Plant and Equipment -

Property, Plant and Equipment - Activity (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment
Capitalized interests	€ 8,955	€ 8,839	€ 13,019
Losses on disposals of property, plant and equipment	€ 1,401	€ 1,468

Property, Plant and Equipment_2

Property, Plant and Equipment - Assets under finance leases (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fixed assets, amortisation and depreciation
Assets under finance lease
Assets under finance lease	€ 9,944	€ 9,415
Land and buildings
Assets under finance lease
Assets under finance lease	1,491	1,730
Plant and machinery
Assets under finance lease
Assets under finance lease	8,453	7,685
Gross carrying amount | Fixed assets, amortisation and depreciation
Assets under finance lease
Assets under finance lease	18,079	16,794
Gross carrying amount | Land and buildings
Assets under finance lease
Assets under finance lease	2,389	2,545
Gross carrying amount | Plant and machinery
Assets under finance lease
Assets under finance lease	15,690	14,249
Accumulated depreciation and amortisation | Fixed assets, amortisation and depreciation
Assets under finance lease
Assets under finance lease	(8,135)	(7,379)
Accumulated depreciation and amortisation | Land and buildings
Assets under finance lease
Assets under finance lease	(898)	(815)
Accumulated depreciation and amortisation | Plant and machinery
Assets under finance lease
Assets under finance lease	€ (7,237)	€ (6,564)

Property, Plant and Equipment_3

Property, Plant and Equipment - Self Constructed PP&E and Commitments (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment
Property, plant and equipment	€ 1,951,983	€ 1,760,053	€ 1,809,852
Purchase commitments	47,148	39,675
Self-constructed property, plant and equipment
Property, Plant and Equipment
Property, plant and equipment	€ 66,995	€ 52,218

Property, Plant and Equipment_4

Property, Plant and Equipment - Impairment (Details) - Specific Group of Assets Hospital Segment - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Impairment
Impairment	€ 0
Pre-tax discount rate	10.10%	12.20%
Perpetual growth rate	2.00%	2.00%

Equity Accounted Investees - Ow

Equity Accounted Investees - Ownership and Carrying Amount (Details) - EUR (€) € in Thousands	Oct. 22, 2018	Jan. 12, 2017	May 17, 2016	May 11, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Equity Accounted Investees
Carrying value					€ 226,905	€ 219,009	€ 201,345	€ 76,728
Alkahest, Inc.
Equity Accounted Investees
Ownership (as a percent)					47.58%	47.58%
Carrying value					€ 28,336	€ 30,559
Albajuna Therapeutics, S.L.
Equity Accounted Investees
Ownership (as a percent)					30.00%	30.00%
Carrying value					€ 1,106	€ 1,956
Interstate Blood Bank, Inc.
Equity Accounted Investees
Ownership (as a percent)				49.19%	49.19%	49.19%
Carrying value					€ 29,595	€ 27,936	31,090
Bio Blood Components Inc.
Equity Accounted Investees
Ownership (as a percent)				48.97%	48.97%	48.97%
Carrying value					€ 38,223	€ 32,960	38,725
Plasma Biological Services, LLC
Equity Accounted Investees
Ownership (as a percent)				48.90%	48.90%	48.90%
Carrying value					€ 21,809	€ 23,010	25,890
Singulex, Inc.
Equity Accounted Investees
Ownership (as a percent)			19.33%		19.33%	19.33%
Carrying value					€ 19,256	€ 29,322	€ 43,329
GigaGen, Inc
Equity Accounted Investees
Ownership (as a percent)					43.96%	43.96%
Carrying value					€ 28,363	€ 29,047
Access Biologic Acquisition
Equity Accounted Investees
Ownership (as a percent)		49.00%			49.00%	49.00%
Carrying value					€ 47,742	€ 44,219
Aigues de Vilajuiga S.A.
Equity Accounted Investees
Ownership (as a percent)						50.00%
Plasmavita HealthCare
Equity Accounted Investees
Ownership (as a percent)					50.00%
Carrying value					€ 9,920
Mecwins, S.A
Equity Accounted Investees
Ownership (as a percent)	24.99%				24.99%
Carrying value					€ 2,555

Equity Accounted Investees - Mo

Equity Accounted Investees - Movements in Investments Carrying Amount (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement in the investments in equity-accounted investees
Balance	€ 219,009	€ 201,345	€ 76,728
Acquisitions	12,222	80,685	136,072
Transfers	500	(16,000)	(29,059)
Share of profit / (losses)	(11,038)	(13,195)	6,933
Share of other comprehensive income / translation differences	9,270	(27,134)	10,671
Losses for Impairment		(6,692)
Collected dividends	(3,058)
Balance	€ 226,905	€ 219,009	€ 201,345

Equity Accounted Investees - Me

Equity Accounted Investees - Mecwins, S.A. (Details) - Mecwins, S.A - EUR (€) € in Millions	Oct. 22, 2018	Dec. 31, 2018
Equity Accounted Investees
Share capital increase	€ 2
Ownership interest (as a percent)	24.99%	24.99%
CRB Inverbio
Equity Accounted Investees
Share capital increase	€ 2

Equity Accounted Investees - Gi

Equity Accounted Investees - GigaGen Inc (Details) € in Thousands, $ in Millions	Jul. 05, 2017USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)	Dec. 31, 2016EUR (€)
Movement in the investments in equity-accounted investees
Balance		€ 219,009	€ 201,345	€ 76,728
Acquisitions		12,222	80,685	136,072
Share of profit / (losses)		(11,038)	(13,195)	6,933
Share of other comprehensive income / translation differences		9,270	(27,134)	10,671
Impairment losses			(6,692)
Balance		€ 226,905	€ 219,009	€ 201,345
GigaGen, Inc
Equity Accounted Investees
Ownership interest (as a percent)		43.96%	43.96%
Movement in the investments in equity-accounted investees
Balance		€ 29,047
Acquisitions			€ 31,752
Share of profit / (losses)		(1,562)	(804)
Share of other comprehensive income / translation differences		878	(1,595)
Impairment losses			(306)
Balance		€ 28,363	€ 29,047
Grifols Innovation and New Technologies Limited
Equity Accounted Investees
Ownership in subsidiary (as a percent)	100.00%
Grifols Innovation and New Technologies Limited | GigaGen, Inc
Equity Accounted Investees
Ownership interest (as a percent)	43.96%
Collaboration fee | $	$ 15
Movement in the investments in equity-accounted investees
Acquisitions | $	$ 35

Equity Accounted Investees - Ac

Equity Accounted Investees - Access Biologicals LLC (Details) € in Thousands, $ in Millions	Jan. 12, 2017USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)	Dec. 31, 2016EUR (€)
Movement in the investments in equity-accounted investees
Balance		€ 219,009	€ 201,345	€ 76,728
Acquisitions		12,222	80,685	136,072
Share of profit / (losses)		(11,038)	(19,887)	6,933
Share of other comprehensive income / translation differences		9,270	(27,134)	10,671
Collected dividends		(3,058)
Balance		€ 226,905	€ 219,009	€ 201,345
Access Biologic Acquisition
Equity Accounted Investees
Ownership interest (as a percent)	49.00%	49.00%	49.00%
Option to purchase remaining voting rights (as a percent)	51.00%
Option to purchase remaining voting rights, term (in years)	5 years
Movement in the investments in equity-accounted investees
Balance		€ 44,219
Acquisitions	$ 51		€ 48,383
Share of profit / (losses)		3,039	1,830
Share of other comprehensive income / translation differences		2,073	(5,994)
Collected dividends		(1,589)
Balance		€ 47,742	€ 44,219

Equity Accounted Investees - Si

Equity Accounted Investees - Singulex (Details) € in Thousands, $ in Millions	May 17, 2016USD ($)	May 17, 2016EUR (€)	Dec. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)	Dec. 31, 2016EUR (€)	May 16, 2016USD ($)
Equity Accounted Investees
Acquisitions			€ 12,222	€ 80,685	€ 136,072
Movement in the investments in equity-accounted investees
Balance			219,009	201,345	76,728
Share of profit / (losses)			(11,038)	(19,887)	6,933
Share of other comprehensive income / translation differences			9,270	(27,134)	10,671
Balance			€ 226,905	€ 219,009	201,345
Singulex, Inc.
Equity Accounted Investees
Acquisitions	$ 50	€ 44,107
Ownership interest (as a percent)	19.33%	19.33%	19.33%	19.33%
Pre-money valuation | $						$ 200
Movement in the investments in equity-accounted investees
Balance			€ 29,322	€ 43,329
Share of profit / (losses)			(10,975)	(9,335)
Share of other comprehensive income / translation differences			909	(4,672)
Balance			€ 19,256	€ 29,322	€ 43,329

Equity Accounted Investees - In

Equity Accounted Investees - Interstate Blood Bank, Inc., Bio-Blood Components, Inc. and Plasma Biological Services, LLC (Details) € in Thousands, $ in Millions	May 11, 2016USD ($)facilityCenter	May 11, 2016EUR (€)	Dec. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)	Dec. 31, 2016EUR (€)	May 11, 2016EUR (€)facilityCenter
Equity Accounted Investees
Acquisitions			€ 12,222	€ 80,685	€ 136,072
Movement in the investments in equity-accounted investees
Balance			219,009	201,345	76,728
Share of profit / (losses)			(11,038)	(19,887)	6,933
Share of other comprehensive income / translation differences			9,270	(27,134)	10,671
Collected dividends			(3,058)
Balance			226,905	219,009	201,345
Interstate Blood Bank, Inc., Bio-Blood Components, Inc. and Plasma Biological Services, LLC
Equity Accounted Investees
Acquisitions	$ 100	€ 88,215
Number of plasma collection centers | Center	23					23
Number of blood donation centers | Center	9					9
Number of laboratories | facility	1					1
Movement in the investments in equity-accounted investees
Balance			83,906	95,705
Share of profit / (losses)			3,141	(276)
Share of other comprehensive income / translation differences			4,049	(11,523)
Collected dividends			(1,469)
Balance			€ 89,627	€ 83,906	95,705
Interstate Blood Bank, Inc.
Equity Accounted Investees
Ownership interest (as a percent)	49.19%	49.19%	49.19%	49.19%
Movement in the investments in equity-accounted investees
Balance			€ 27,936	€ 31,090
Share of profit / (losses)			1,830	635
Share of other comprehensive income / translation differences			1,298	(3,789)
Collected dividends			(1,469)
Balance			€ 29,595	€ 27,936	31,090
Bio Blood Components Inc.
Equity Accounted Investees
Ownership interest (as a percent)	48.97%	48.97%	48.97%	48.97%
Movement in the investments in equity-accounted investees
Balance			€ 32,960	€ 38,725
Share of profit / (losses)			3,492	(1,181)
Share of other comprehensive income / translation differences			1,771	(4,584)
Balance			€ 38,223	€ 32,960	38,725
Plasma Biological Services, LLC
Equity Accounted Investees
Ownership interest (as a percent)	48.90%	48.90%	48.90%	48.90%
Movement in the investments in equity-accounted investees
Balance			€ 23,010	€ 25,890
Share of profit / (losses)			(2,181)	270
Share of other comprehensive income / translation differences			980	(3,150)
Balance			€ 21,809	€ 23,010	€ 25,890
Call option | Interstate Blood Bank, Inc., Bio-Blood Components, Inc. and Plasma Biological Services, LLC
Equity Accounted Investees
Purchase price for the remaining stakes | $	$ 100
Price of option to purchase remaining stakes	$ 10					€ 9,007

Equity Accounted Investees - Ki

Equity Accounted Investees - Kiro Grifols, S.L. (Details) - Kiro Grifols S. L (formerly Kiro Robotics S.L) € in Millions	Jul. 25, 2017EUR (€)
Equity Accounted Investees
Additional stake acquired (as a percent)	40.00%
Share capital increase	€ 12.8
Ownership in subsidiary (as a percent)	90.00%

Financial Assets - Non current

Financial Assets - Non current financial assets (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017
Financial Assets
Non-current derivatives		€ 8,338
Financial investments in shares with stock market	€ 7	38,708
Total Non-current financial assets measured at fair value	7	47,046
Non-current guarantee deposits	5,566	4,820
Other non-current financial assets	1,908	1,346
Non-current loans to related parties	82,969
Non-current loans to EEAA	17,151	16,677
Total Non-current financial assets measured at amortized cost	€ 107,594	€ 22,843

Financial Assets - Other curren

Financial Assets - Other current financial assets (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017
Financial Assets
Current derivatives	€ 19,934
Total current financial assets measured at fair value	19,934
Deposits and guarantees	822	€ 702
Current loans to third parties	56	59
Current loans to associates	33,153	9,977
Total other current financial assets	€ 34,031	€ 10,738

Financial Assets - Financial in

Financial Assets - Financial investments in quoted shares, current derivatives and Non-current loans to EEAA (Details) € in Thousands, $ in Thousands	Feb. 08, 2017USD ($)	Jun. 30, 2018EUR (€)	Jun. 30, 2018USD ($)	Jun. 30, 2018EUR (€)	Oct. 02, 2017USD ($)	Oct. 02, 2017EUR (€)	Feb. 08, 2017EUR (€)
Interstate Blood Bank, Inc.
Financial Assets
Ownership interest (as a percent)	49.19%
TiGenix
Financial Assets
Proceeds from divestment of interest in subsidiary		€ 70,100
Gain on divestment of interest in subsidiary		€ 32,000
Grifols Worldwide Operations Limited | Interstate Blood Bank, Inc.
Financial Assets
Notional amount	$ 11,000						€ 10,809
interest rate on non-current loans (as a percent)	4.00%						4.00%
Singulex, Inc.
Financial Assets
Indirect ownership interest (as a percent)		19.33%
Singulex, Inc. | Grifols Diagnostics Solutions, Inc.
Financial Assets
Notional amount			$ 12,339	€ 11,063	$ 20,000	€ 16,676
interest rate on non-current loans (as a percent)					5.00%	5.00%

Inventories (Details)

Inventories (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Details of inventories
Goods for resale	€ 118,876	€ 105,013
Raw materials and supplies	647,399	454,371
Work in progress and semi-finished goods	744,436	592,612
Finished goods	438,649	477,297
Total inventories	1,949,360	1,629,293
Inventory provision
Movement in the inventory provision
Balance at 1 January	35,764	33,069	€ 22,614
Net charge for the year	10,398	8,232	8,878
Cancellations for the year	(558)	(357)	(20)
Translation differences	3,236	(5,180)	1,597
Balance at 31 December	€ 48,840	€ 35,764	€ 33,069

Trade and Other Receivables - S

Trade and Other Receivables - Summary (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Trade and Other Receivables
Trade receivables	€ 289,316	€ 302,685
Receivables from associates	382	3,219
Bad debt provision	(20,531)	(19,706)	€ (17,987)	€ (13,210)
Trade receivables	269,167	286,198
Other receivables	9,901	7,485
Personnel	2,082	566
Advance payments	35,426	11,181
Taxation authorities, VAT recoverable	42,707	20,105
Other public entities	2,302	1,344
Other receivables	92,418	40,681
Current income tax assets	42,205	59,531
Total trade and other receivables	€ 403,790	€ 386,410

Trade and Other Receivables - O

Trade and Other Receivables - Other Receivables (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Trade and Other Receivables
Initial payment usually received under some contracts, expressed as a percentage of the nominal amount of receivables sold less associated sale and purchase costs	90.00%	90.00%	90.00%
Amount due from financial institutions relating to the deferred collection of the remaining nominal amount of the sold receivables from several public entities	€ 1,220	€ 1,800
Amount of receivables sold without recourse to financial institutions	1,188,216	912,204	€ 870,324
Finance costs from sale of receivables	€ 6,053	€ 3,973	€ 4,885

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash and Cash Equivalents
Current deposits	€ 441,614	€ 655,463
Cash in hand and at banks	592,178	231,058
Total cash and cash equivalents	€ 1,033,792	€ 886,521	€ 895,009	€ 1,142,500

Equity - Share Capital - Genera

Equity - Share Capital - General Information (Details) - EUR (€) € / shares in Units, € in Thousands	Dec. 31, 2018	Dec. 31, 2017
Equity
Share capital	€ 119,604	€ 119,604
Class A, Ordinary shares
Equity
Number of shares issued (in shares)	426,129,798	426,129,798
Par value (in Euros per share)	€ 0.25	€ 0.25
Class B, Preference shares
Equity
Number of shares issued (in shares)	261,425,110	261,425,110
Par value (in Euros per share)	€ 0.05	€ 0.05

Equity - Share Capital - Class

Equity - Share Capital - Class B Shares (Details)	Dec. 31, 2018item€ / shares	Dec. 31, 2017item€ / shares	Jul. 23, 2012	Jul. 22, 2012
Equity
Preference shares, annual preferred dividend, minimum (in Euros per share) | € / shares	€ 0.01	€ 0.01
Exchange ratio			1	2
Interests representing more than 10% of total capital | item	0	0

Equity - Share Capital - Moveme

Equity - Share Capital - Movement in Outstanding Shares (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Class A, Ordinary shares
Reconciliation of number of shares outstanding
Number of shares outstanding at beginning of the year	426,129,798	426,129,798
Number of shares outstanding at end of the year	426,129,798	426,129,798
Class B, Preference shares
Reconciliation of number of shares outstanding
Number of shares outstanding at beginning of the year	257,127,304	256,694,375
(Acquisition) / disposal of treasury stock	479,355	432,929
Number of shares outstanding at end of the year	257,606,659	257,127,304

Equity - Reserves - Drawdown of

Equity - Reserves - Drawdown of Accumulated Gains (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017
Equity
Restricted reserves	€ 35,613	€ 40,061

Equity - Reserves - Subsidiarie

Equity - Reserves - Subsidiaries (Details) € in Thousands

Dec. 12, 2016EUR (€)

Sep. 30, 2018EUR (€)shares

Jun. 30, 2018EUR (€)

Oct. 31, 2017EUR (€)shares

Aug. 31, 2016EUR (€)

Jul. 31, 2016EUR (€)EquityInstruments

Jul. 31, 2015EUR (€)

Dec. 31, 2018EUR (€)

Dec. 31, 2017EUR (€)

Aug. 31, 2018

May 31, 2018

Sep. 30, 2017

Mar. 03, 2016

Equity

Increase (decrease) in reserves

€ (465,548)

€ 389

Araclon Biotech S.L

Equity

Increased capital

€ 6,700

€ 6,000

Indirect (as a percent)

73.22%

70.83%

Araclon Biotech S.L | Reserves

Equity

Increase (decrease) in reserves

€ 1,700

Medion Diagnostics AG

Equity

Indirect (as a percent)

100.00%

Additional stake acquired (as a percent)

20.00%

Medion Diagnostics AG | Treasury stock

Equity

Consideration transferred, in shares | EquityInstruments

59,951

Medion Diagnostics AG | Reserves

Equity

Increase (decrease) in reserves

€ 600

VCN Bioscience, S.L. (Spain)

Equity

Increased capital

€ 5,000

Indirect (as a percent)

81.34%

VCN Bioscience, S.L. (Spain) | Reserves

Equity

Increase (decrease) in reserves

€ 1,000

Progenika Biopharma, S.A. (Spain)

Equity

Increased capital

€ 4,333

Acquired Capital (in shares) | shares

41,387

12,020

Indirect (as a percent)

99.99%

90.23%

96.64%

89.25%

Additional stake acquired (as a percent)

32.93%

Progenika Biopharma, S.A. (Spain) | Reserves

Equity

Increase (decrease) in reserves

€ 374,000

TiGenix | Reserves

Equity

Increase in reserves due to divestment

€ 4,900

TiGenix | Other comprehensive income

Equity

Decrease in other comprehensive income

4,900

Ekarpen Private Equity, S.A

Equity

Increased capital

€ 5,300

Indirect (as a percent)

96.64%

90.23%

Additional stake acquired (as a percent)

6.41%

Medion Diagnostics AG

Equity

Additional stake acquired (as a percent)

20.00%

Medion Diagnostics AG | Treasury stock

Equity

Consideration transferred, in shares | EquityInstruments

59,951

Equity - Reserves - Legal Reser

Equity - Reserves - Legal Reserve (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017
Equity
Percentage of annual profits to transfer to legal reserve (as a percent)	10.00%
Limit to transfers to legal reserve as a percentage of share capital (as a percent)	20.00%	20.00%
Nominal value of the total share capital after the increase (as a percent)	10.00%
Legal reserve	€ 23,921	€ 23,921
Spanish companies other than parent
Equity
Legal reserve	2,527	2,416
Foreign companies other than Spanish companies and parent
Equity
Legal reserve	€ 843	€ 731

Equity - Treasury Stock - Class

Equity - Treasury Stock - Class A Treasury Stock (Details) - Class A, Ordinary shares - shares	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Equity
Number of shares outstanding	426,129,798	426,129,798	426,129,798
Treasury stock
Equity
Number of shares outstanding	0	0

Equity - Treasury Stock - Tabul

Equity - Treasury Stock - Tabular Disclosure - Shares (Details) - Class B, Preference shares - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of number of shares outstanding
Number of shares outstanding at beginning of the year	(257,127,304)	(256,694,375)
Number of shares outstanding at end of the year	(257,606,659)	(257,127,304)
Treasury stock
Reconciliation of number of shares outstanding
Number of shares outstanding at beginning of the year	4,297,806	4,730,735
Disposal of shares	(479,355)	(432,929)
Number of shares outstanding at end of the year	3,818,451	4,297,806

Equity - Treasury Stock - Tab_2

Equity - Treasury Stock - Tabular Disclosure - Value (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Equity
Balance at beginning of the year	€ (3,633,965)	€ (3,727,978)
Balance at end of the year	(4,696,604)	(3,633,965)
Treasury stock
Equity
Balance at beginning of the year	62,422	68,710
Balance at end of the year	55,441	62,422
Treasury stock | Class B, Preference shares
Equity
Balance at beginning of the year	62,422	68,710
Disposal of shares	(6,981)	(6,288)
Balance at end of the year	€ 55,441	€ 62,422

Equity - Treasury Stock - Addit

Equity - Treasury Stock - Additional Information (Details) - shares	1 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Equity
Treasury stock as a percentage of capital, held by parent			0.60%	0.60%
Class B, Preference shares
Equity
Treasury stock as a percentage of capital, held by parent			0.60%	0.60%
Treasury stock | Class B, Preference shares | Restricted share unit retention plan
Equity
Number of shares delivered to eligible employees as a compensation for the Restricted Share Unit Retention Plan	480,661	432,929

Equity - Distribution of Profit

Equity - Distribution of Profit - Proposed Distribution of Profit (Details) € in Thousands	12 Months Ended
	Dec. 31, 2018EUR (€)
Equity
Voluntary reserve	€ 91,059
Dividends	238,659
Profit of the Parent	€ 329,718

Equity - Distribution of Prof_2

Equity - Distribution of Profit - Approved Distribution of Profit (Details) € in Thousands	12 Months Ended
	Dec. 31, 2017EUR (€)
Equity
Voluntary reserve	€ 76,247
Dividends	265,080
Profit of the Parent	€ 341,327

Equity - Distribution of Prof_3

Equity - Distribution of Profit - Dividends Paid (Details) - EUR (€) € / shares in Units, € in Thousands	May 25, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Equity
Dividends paid		€ 142,094	€ 95,274
Interim dividends paid		136,747	122,986
Dividends paid		€ 278,841	€ 218,260	€ 216,151
Class A, Ordinary shares
Equity
Dividends paid, % of par value (as a percent)		82.00%	54.00%
Dividends paid, per share (in Euros per share)		€ 0.20	€ 0.14
Dividends paid		€ 86,929	€ 57,790
Interim dividends paid, % of par value (as a percent)		80.00%	72.00%
Interim dividends paid, per share (in Euros per share)		€ 0.2	€ 0.18
Interim dividends paid		€ 85,226	€ 76,703
Class B, Preference shares
Equity
Interim dividends paid, % of par value (as a percent)		400.00%	360.00%
Interim dividends paid, per share (in Euros per share)		€ 0.2	€ 0.18
Interim dividends paid		€ 51,521	€ 46,283
Preference shares, no preferred dividend
Equity
Dividends paid, % of par value (as a percent)		408.00%	271.00%
Dividends paid, per share (in Euros per share)		€ 0.20	€ 0.14
Dividends paid		€ 52,551	€ 34,870
Preference shares, preferred dividend
Equity
Dividends paid, % of par value (as a percent)		20.00%	20.00%
Dividends paid, per share (in Euros per share)	€ 0.01	€ 0.01	€ 0.01
Dividends paid		€ 2,614	€ 2,614

Equity - Distribution of Prof_4

Equity - Distribution of Profit - Interim Dividend (Details) - EUR (€) € / shares in Units, € in Thousands	Oct. 26, 2018	Oct. 27, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Equity
Interim dividend	€ 136,747	€ 122,986	€ 136,747	€ 122,986	€ 122,908
Class A, Ordinary shares
Equity
Dividend approved (in Euros per share)	€ 0.20	€ 0.18
Class B, Preference shares
Equity
Dividend approved (in Euros per share)	€ 0.20	€ 0.18

Equity - Distribution of Prof_5

Equity - Distribution of Profit - Additional Information (Details) - € / shares	May 25, 2018	Dec. 31, 2018	Dec. 31, 2017
Preference shares, preferred dividend
Equity
Dividends paid, per share (in Euros per share)	€ 0.01	€ 0.01	€ 0.01

Equity - Restricted Share Unit

Equity - Restricted Share Unit Retention Plan (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017
Equity
Cumulative accrual amount	€ 12,652	€ 13,871

Earnings Per Share - Calculatio

Earnings Per Share - Calculation of Basic Earnings per Share (Details) - EUR (€) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share
Profit for the year attributable to shareholders of the Parent	€ 596,642	€ 662,700	€ 545,456
Weighted average number of ordinary shares outstanding (in shares)	684,709,377	684,197,276	683,225,815
Basic earnings per share (in Euros per share)	€ 0.87	€ 0.97	€ 0.80

Earnings Per Share - Weighted A

Earnings Per Share - Weighted Average Ordinary Shares Outstanding Basic (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract]
Issued shares outstanding at 1 January (in shares)	684,346,294	683,854,491	683,516,338
Effect of treasury stock (in shares)	363,083	342,785	(290,523)
Average weighted number of ordinary shares outstanding (basic) at 31 December (in shares)	684,709,377	684,197,276	683,225,815

Earnings Per Share - Calculat_2

Earnings Per Share - Calculation of Diluted Earnings per Share (Details) - EUR (€) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Profit (loss), attributable to ordinary equity holders of parent entity [abstract]
Profit for the year attributable to shareholders of the Parent	€ 596,642	€ 662,700	€ 545,456
Weighted average number of ordinary shares outstanding (diluted) (in shares)	684,686,164	684,243,891	684,170,887
Diluted earnings per share (in Euros per share)	€ 0.87	€ 0.97	€ 0.80

Earnings Per Share - Weighted_2

Earnings Per Share - Weighted Average Ordinary Shares Outstanding Diluted (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract]
Issued shares outstanding at 1 January (in shares)	684,346,294	683,854,491	683,988,460
Effect of RSU shares (in shares)	(23,213)	46,615	472,950
Effect of treasury stock (in shares)	363,083	342,785	(290,523)
Average weighted number of ordinary shares outstanding (diluted) at 31 December (in shares)	684,686,164	684,243,891	684,170,887

Non-Controlling Interests (Deta

Non-Controlling Interests (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of subsidiaries [line items]
Balance at beginning of the year	€ 3,633,965	€ 3,727,978	€ 3,301,390
Profit/(loss) for the year	594,406	661,314	544,543
Capital increases	465,548	(389)
Balance at end of the year	4,696,604	3,633,965	3,727,978
Non-controlling interests
Disclosure of subsidiaries [line items]
Balance at beginning of the year	4,886	6,497	5,187
Profit/(loss) for the year	(2,236)	(1,386)	(913)
Disposals	(914)	(347)
Business combinations/ Additions to consolidated Group	469,881	255
Capital increases	469,010	(43)	2,737
Translation differences	(567)	(133)
Balance at end of the year	471,050	4,886	6,497
Grifols (Thailand) Ltd | Non-controlling interests
Disclosure of subsidiaries [line items]
Balance at beginning of the year	3,579	3,354
Profit/(loss) for the year	193	433
Disposals	(43)	(77)
Translation differences	206	(131)
Balance at end of the year	3,935	3,579	3,354
Grifols Malaysia Sdn Bhd | Non-controlling interests
Disclosure of subsidiaries [line items]
Balance at beginning of the year	1,372	1,172
Profit/(loss) for the year	326	229
Translation differences	37	(29)
Balance at end of the year	1,735	1,372	1,172
Araclon Biotech S.L | Non-controlling interests
Disclosure of subsidiaries [line items]
Balance at beginning of the year	(1,477)	140
Profit/(loss) for the year	(2,011)	(1,617)
Balance at end of the year	(3,488)	(1,477)	140
Progenika Biopharma, S.A. (Spain) | Non-controlling interests
Disclosure of subsidiaries [line items]
Balance at beginning of the year	880	1,211
Profit/(loss) for the year		(60)
Disposals	(871)	(298)
Translation differences		27
Balance at end of the year	9	880	1,211
Abyntek Biopharma, S.L. | Non-controlling interests
Disclosure of subsidiaries [line items]
Balance at beginning of the year		(73)
Profit/(loss) for the year		45
Disposals		28
Balance at end of the year			(73)
VCN Bioscience, S.L. (Spain) | Non-controlling interests
Disclosure of subsidiaries [line items]
Balance at beginning of the year	421	693
Profit/(loss) for the year	(281)	(272)
Balance at end of the year	140	421	€ 693
Kiro Grifols , S.L. | Non-controlling interests
Disclosure of subsidiaries [line items]
Balance at beginning of the year	111
Profit/(loss) for the year	(463)	(144)
Business combinations/ Additions to consolidated Group		255
Balance at end of the year	(352)	€ 111
Haema, AG | Non-controlling interests
Disclosure of subsidiaries [line items]
Business combinations/ Additions to consolidated Group	220,190
Balance at end of the year	220,190
Biotest US Corporation | Non-controlling interests
Disclosure of subsidiaries [line items]
Business combinations/ Additions to consolidated Group	249,691
Translation differences	(810)
Balance at end of the year	€ 248,881

Grants (Details)

Grants (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Grants
Capital grants	€ 11,149	€ 11,010
Interest rate grants (preference loans)	696	812
Total Grants	11,845	11,822
Grants transferred to consolidated statement of profit and loss	€ 1,166	€ 323

Provisions - Summary (Details)

Provisions - Summary (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Non-current provisions
Provisions for pensions and similar obligations	€ 5,296	€ 4,742
Other provisions	818	1,021
Non-current provisions	6,114	5,763	€ 5,118	€ 4,980
Current provisions
Trade provisions	80,055	106,995
Current Provisions	€ 80,055	€ 106,995	€ 89,588	€ 123,049

Provisions - Non-current provis

Provisions - Non-current provisions (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Non-current provisions
Beginning balance, Non-current provisions	€ 5,763	€ 5,118	€ 4,980
Business combinations		23
Net charge	635	422	(399)
Cancellations	(565)	(23)	(281)
Reclassifications	277	290	814
Translation differences	4	(67)	4
Ending balance, Non-current provisions	€ 6,114	€ 5,763	€ 5,118

Provisions - Current provisions

Provisions - Current provisions (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current provisions
Beginning balance, Trade provisions	€ 106,995	€ 89,588	€ 123,049
Business combinations		41,841
Net charge	(30,668)	(4,812)	(28,481)
Cancellations	(290)	(2,886)	(6,417)
Reclassifications		(2,600)
Translation differences	4,018	(14,136)	1,437
Ending balance, Trade provisions	€ 80,055	€ 106,995	€ 89,588

Financial Liabilities - Summary

Financial Liabilities - Summary (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017
Financial Liabilities
Non-current obligations	€ 1,000,000	€ 853,667
Senior secured debt, non-current	4,771,285	4,849,882
Other loans, non-current	239,686	169,214
Finance lease liabilities, non-current	9,537	5,415
Other non-current financial liabilities	78,955	23,637
Total non-current financial liabilities	6,099,463	5,901,815
Current obligations	102,978	95,538
Senior secured debt, current	129,955	4,057
Other loans, current	24,839	29,527
Finance lease liabilities, current	3,348	3,945
Other current financial liabilities	16,262	22,003
Total current financial liabilities	€ 277,382	€ 155,070

Financial Liabilities - Other (

Financial Liabilities - Other (Details) € in Thousands, $ in Millions

Dec. 05, 2017EUR (€)

Sep. 30, 2018EUR (€)

Dec. 31, 2018EUR (€)

Dec. 31, 2018USD ($)

Dec. 31, 2018EUR (€)

Dec. 31, 2017USD ($)

Dec. 31, 2017EUR (€)

Apr. 18, 2017EUR (€)

Feb. 06, 2017USD ($)

Feb. 06, 2017EUR (€)

Dec. 31, 2016EUR (€)

Oct. 28, 2015EUR (€)

Borrowings

Amount of debt refinanced

$ 6,300

€ 5,800,000

Gain on modification of financial liabilities after adoption of IFRS 9

€ 24,636

Senior Debt

Borrowings

Face amount | $

6,000

Revolving Credit Facility, Maturing in 2023

Borrowings

Carrying amount | $

$ 0

$ 0

Maximum borrowing capacity | $

$ 300

300

Senior Unsecured Notes

Borrowings

Face amount

€ 1,000,000

€ 1,000,000

€ 948,677

EIB Loan

Borrowings

Carrying amount

€ 244,375

€ 170,000

EIB Loan, Maturing in 2028

Borrowings

Face amount

€ 85,000

Debt term

10 years

Grace period

2 years

EIB Loan, Maturing in 2027

Borrowings

Maximum borrowings available

€ 85,000

Debt term

10 years

Grace period

2 years

EIB Loan, Maturing in 2025

Borrowings

Face amount

€ 100,000

Hologic acquisition | Senior Debt

Borrowings

Face amount | $

$ 1,816

Financial Liabilities - Senior

Financial Liabilities - Senior Unsecured Notes (Details) € in Thousands, $ in Millions	Apr. 18, 2017USD ($)	Apr. 18, 2017EUR (€)	Dec. 31, 2017EUR (€)	Dec. 31, 2016EUR (€)	Dec. 31, 2011
Senior Unsecured Notes
Borrowings
Face amount		€ 1,000,000	€ 1,000,000	€ 948,677
Value of notes redeemed			€ 26,618
Senior Unsecured Notes Due 2022
Borrowings
Borrowings, interest rate					5.25%
Percentage of notes replaced	97.10%	97.10%
Value of notes replaced | $	$ 1,000
Percentage of notes redeemed	2.90%	2.90%
Value of notes redeemed		€ 26,618
Secured unsecured notes, maturing in 2025
Borrowings
Face amount		€ 1,000,000
Borrowings, interest rate		3.20%

Financial Liabilities - Movemen

Financial Liabilities - Movement in Senior Unsecured Notes (Details) - EUR (€) € in Thousands	Apr. 18, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Borrowings
Translation differences		€ 8,246	€ 11,472	€ (8,916)
Senior Unsecured Notes
Borrowings
Nominal amount, beginning balance		€ 1,000,000	948,677
Refinancing			(108,597)
Repayments			(26,618)
Translation differences			(30,656)
Nominal amount, ending balance	€ 1,000,000		€ 1,000,000	€ 948,677

Financial Liabilities - Promiss

Financial Liabilities - Promissory Notes (Details) - EUR (€)	Dec. 31, 2018	Dec. 31, 2017
Promissory Notes Maturing May 2018
Borrowings
Nominal amount of promissory notes		€ 3,000
Borrowings, interest rate		3.00%
Promissory notes subscribed		€ 92,109,000
Buy back		(906,000)
Interest pending accrual		€ (909,000)
Promissory Notes Maturing May 2019
Borrowings
Nominal amount of promissory notes	€ 3,000
Borrowings, interest rate	4.00%
Promissory notes subscribed	€ 99,990,000
Buy back	(1,041,000)
Interest pending accrual	€ (1,304,000)

Financial Liabilities - Loans a

Financial Liabilities - Loans and Borrowings (Details) - EUR (€) € in Thousands	Feb. 06, 2017	Dec. 31, 2018	Dec. 31, 2017
Borrowings
Amount extended		€ 5,838,179	€ 5,536,261
Amount extended		144,571	131,700
Non-current, Loan transaction costs		(303,182)	(174,278)
Non-current loans and borrowings		5,010,971	5,019,096
Current loans, Loan transaction costs		(29,217)	(20,958)
Current loans and borrowings		154,794	33,584
Current loans and borrowings, accrued interest		2,546	1,713
Senior Debt
Borrowings
Amount extended		5,279,490	5,067,935
Non-current loans and borrowings, Carrying amount		5,074,467	5,024,160
Current loans and borrowings, Carrying Amount		159,172	25,015
EIB Loan
Borrowings
Amount extended		270,000	185,000
Non-current loans and borrowings, Carrying amount		233,750	159,375
Current loans and borrowings, Carrying Amount		10,625	10,625
Revolving credit facility
Borrowings
Amount extended		262,009	250,146
Other Current Loans
Borrowings
Amount extended		144,571	131,700
Current loans and borrowings, Carrying Amount		€ 14,214	€ 18,902
Other Current Loans | Minimum
Borrowings
Borrowings, interest rate		0.10%	0.10%
Other Current Loans | Maximum
Borrowings
Borrowings, interest rate		4.62%	4.62%
US Dollars | Senior Debt Tranche A Maturing in 2023
Borrowings
Interest rate basis	Libor
Adjustment to interest rate basis (as a percent)	1.75%	1.75%	1.75%
Amount extended		€ 2,052,403	€ 1,959,476
Non-current loans and borrowings, Carrying amount		1,949,782	€ 1,959,476
Current loans and borrowings, Carrying Amount		€ 102,621
US Dollars | Senior Debt Tranche B, Maturing in 2025
Borrowings
Interest rate basis	Libor
Adjustment to interest rate basis (as a percent)		2.25%	2.25%
Amount extended		€ 2,620,087	€ 2,501,459
Non-current loans and borrowings, Carrying amount		2,548,035	2,457,684
Current loans and borrowings, Carrying Amount		€ 26,201	€ 25,015
US Dollars | Revolving Credit Facility, Maturing in 2023
Borrowings
Adjustment to interest rate basis (as a percent)		1.75%	1.75%
Amount extended		€ 262,009	€ 250,146
Euros | Senior Debt Tranche A Maturing in 2023
Borrowings
Interest rate basis	Euribor
Adjustment to interest rate basis (as a percent)	1.75%	1.75%	1.75%
Amount extended		€ 607,000	€ 607,000
Non-current loans and borrowings, Carrying amount		576,650	607,000
Current loans and borrowings, Carrying Amount		€ 30,350
Euros | Senior Debt Tranche B, Maturing in 2025
Borrowings
Adjustment to interest rate basis (as a percent)	2.25%
Euros | EIB Loan, Maturing in 2025
Borrowings
Borrowings, interest rate		2.40%
Amount extended		€ 100,000	100,000
Non-current loans and borrowings, Carrying amount		63,750	74,375
Current loans and borrowings, Carrying Amount		€ 10,625	10,625
Euros | EIB Loan, Maturing in 2027
Borrowings
Borrowings, interest rate		2.02%
Amount extended		€ 85,000	85,000
Non-current loans and borrowings, Carrying amount		€ 85,000	€ 85,000
Euros | EIB Loan, Maturing in 2028
Borrowings
Borrowings, interest rate		2.15%
Amount extended		€ 85,000
Non-current loans and borrowings, Carrying amount		€ 85,000
Euros | Other Non-current Loans
Borrowings
Adjustment to interest rate basis (as a percent)		2.30%	2.30%
Amount extended		€ 26,680	€ 33,180
Non-current loans and borrowings, Carrying amount		€ 5,936	€ 9,839

Financial Liabilities - Senio_2

Financial Liabilities - Senior Debt (Details) € in Thousands, $ in Thousands	Feb. 06, 2017USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)	Dec. 31, 2016EUR (€)	Dec. 31, 2018USD ($)tranche	Dec. 31, 2018EUR (€)tranche	Feb. 06, 2017EUR (€)
Disclosure of detailed information about borrowings [line items]
Refinance costs		€ 293,273	€ 263,344	€ 244,829
Senior Debt
Disclosure of detailed information about borrowings [line items]
Principal amount | $	$ 6,000,000
Refinance costs			€ 84,800
Difference between amortized cost of debt and nominal amouont						€ (332,399)
Details by maturity:
Principal amount | $	6,000,000
Senior Debt Tranche A Maturing in 2023
Disclosure of detailed information about borrowings [line items]
Debt term		6 years
Number of tranches | tranche					2	2
Senior Debt Tranche B, Maturing in 2025
Disclosure of detailed information about borrowings [line items]
Debt term		8 years
US Dollars | Senior Debt Tranche A Maturing in 2023
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 2,350,000				$ 2,350,000	€ 2,052,403
Adjustment to interest rate basis (as a percent)	1.75%		1.75%		1.75%	1.75%	1.75%
Interest rate basis	Libor
Details by maturity:
Principal amount	$ 2,350,000				$ 2,350,000	€ 2,052,403
US Dollars | Senior Debt Tranche A Maturing in 2023 | Not later than one year
Disclosure of detailed information about borrowings [line items]
Principal amount					117,500	102,621
Details by maturity:
Principal amount					117,500	102,621
US Dollars | Senior Debt Tranche A Maturing in 2023 | Later than one year and not later than two years
Disclosure of detailed information about borrowings [line items]
Principal amount					235,000	205,240
Details by maturity:
Principal amount					235,000	205,240
US Dollars | Senior Debt Tranche A Maturing in 2023 | Later than two years and not later than three years
Disclosure of detailed information about borrowings [line items]
Principal amount					235,000	205,240
Details by maturity:
Principal amount					235,000	205,240
US Dollars | Senior Debt Tranche A Maturing in 2023 | Later than three years and not later than four years
Disclosure of detailed information about borrowings [line items]
Principal amount					1,321,875	1,154,476
Details by maturity:
Principal amount					1,321,875	1,154,476
US Dollars | Senior Debt Tranche A Maturing in 2023 | Later than four years and not later than five years
Disclosure of detailed information about borrowings [line items]
Principal amount					440,625	384,826
Details by maturity:
Principal amount					440,625	384,826
US Dollars | Senior Debt Tranche B, Maturing in 2025
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 3,000,000				$ 2,947,500	€ 2,574,236
Adjustment to interest rate basis (as a percent)			2.25%		2.25%	2.25%
Interest rate basis	Libor
Details by maturity:
Principal amount	$ 3,000,000				$ 2,947,500	€ 2,574,236
US Dollars | Senior Debt Tranche B, Maturing in 2025 | Not later than one year
Disclosure of detailed information about borrowings [line items]
Principal amount					30,000	26,201
Details by maturity:
Principal amount					30,000	26,201
US Dollars | Senior Debt Tranche B, Maturing in 2025 | Later than one year and not later than two years
Disclosure of detailed information about borrowings [line items]
Principal amount					30,000	26,201
Details by maturity:
Principal amount					30,000	26,201
US Dollars | Senior Debt Tranche B, Maturing in 2025 | Later than two years and not later than three years
Disclosure of detailed information about borrowings [line items]
Principal amount					30,000	26,201
Details by maturity:
Principal amount					30,000	26,201
US Dollars | Senior Debt Tranche B, Maturing in 2025 | Later than three years and not later than four years
Disclosure of detailed information about borrowings [line items]
Principal amount					30,000	26,201
Details by maturity:
Principal amount					30,000	26,201
US Dollars | Senior Debt Tranche B, Maturing in 2025 | Later than four years and not later than five years
Disclosure of detailed information about borrowings [line items]
Principal amount					30,000	26,201
Details by maturity:
Principal amount					30,000	26,201
US Dollars | Senior Debt Tranche B, Maturing in 2025 | 2024
Disclosure of detailed information about borrowings [line items]
Principal amount					30,000	26,201
Details by maturity:
Principal amount					30,000	26,201
US Dollars | Senior Debt Tranche B, Maturing in 2025 | 2025
Disclosure of detailed information about borrowings [line items]
Principal amount					2,767,500	2,417,030
Details by maturity:
Principal amount					$ 2,767,500	2,417,030
Euros | Senior Debt Tranche A Maturing in 2023
Disclosure of detailed information about borrowings [line items]
Principal amount						€ 607,000	€ 607,000
Adjustment to interest rate basis (as a percent)	1.75%		1.75%		1.75%	1.75%	1.75%
Interest rate basis	Euribor
Details by maturity:
Principal amount						€ 607,000	€ 607,000
Euros | Senior Debt Tranche A Maturing in 2023 | Not later than one year
Disclosure of detailed information about borrowings [line items]
Principal amount						30,350
Details by maturity:
Principal amount						30,350
Euros | Senior Debt Tranche A Maturing in 2023 | Later than one year and not later than two years
Disclosure of detailed information about borrowings [line items]
Principal amount						60,700
Details by maturity:
Principal amount						60,700
Euros | Senior Debt Tranche A Maturing in 2023 | Later than two years and not later than three years
Disclosure of detailed information about borrowings [line items]
Principal amount						60,700
Details by maturity:
Principal amount						60,700
Euros | Senior Debt Tranche A Maturing in 2023 | Later than three years and not later than four years
Disclosure of detailed information about borrowings [line items]
Principal amount						341,437
Details by maturity:
Principal amount						341,437
Euros | Senior Debt Tranche A Maturing in 2023 | Later than four years and not later than five years
Disclosure of detailed information about borrowings [line items]
Principal amount						113,813
Details by maturity:
Principal amount						€ 113,813
Euros | Senior Debt Tranche B, Maturing in 2025
Disclosure of detailed information about borrowings [line items]
Adjustment to interest rate basis (as a percent)	2.25%						2.25%

Financial Liabilities - Revolvi

Financial Liabilities - Revolving Facility and Other (Details) - Revolving Credit Facility, Maturing in 2023 - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Feb. 06, 2017
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	$ 300		$ 300
Borrowings	$ 0	$ 0

Financial Liabilities - Finance

Financial Liabilities - Finance Lease Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017
Finance Lease Liabilities
Minimum payments	€ 13,421	€ 10,135
Interest	536	775
Present value	12,885	9,360
Not later than one year
Finance Lease Liabilities
Minimum payments	3,576	4,305
Interest	228	360
Present value	3,348	3,945
Later than one year and not later than two years
Finance Lease Liabilities
Minimum payments	3,339	2,636
Interest	123	179
Present value	3,216	2,457
Later than two years and not later than three years
Finance Lease Liabilities
Minimum payments	2,606	1,461
Interest	82	88
Present value	2,524	1,373
Later than three years and not later than four years
Finance Lease Liabilities
Minimum payments	1,971	814
Interest	53	60
Present value	1,918	754
Later than four years and not later than five years
Finance Lease Liabilities
Minimum payments	1,578	369
Interest	32	42
Present value	1,546	327
More than 5 years
Finance Lease Liabilities
Minimum payments	351	550
Interest	18	46
Present value	€ 333	€ 504

Financial Liabilities - Other F

Financial Liabilities - Other Financial Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017
Financial Liabilities
Amount of interest free loans extended by governmental institutions	€ 16,559	€ 20,306
Portion of interest-free loans extended by governmental institutions that is considered a grant	696	812
Call option included in other financial liabilities		5,000
Amount collected directly from Spanish Social Security affiliated bodies and transferred to financial institutions included in other current financial liabilities	6,704	3,056
Other financial liabilities	95,217	45,640
Not later than one year
Financial Liabilities
Other financial liabilities	16,262	22,003
Later than one year and not later than two years
Financial Liabilities
Other financial liabilities	21,460	10,818
Later than two years and not later than three years
Financial Liabilities
Other financial liabilities	49,602	3,787
Later than three years and not later than four years
Financial Liabilities
Other financial liabilities	2,916	2,794
Later than four years and not later than five years
Financial Liabilities
Other financial liabilities	1,799	2,247
More than 5 years
Financial Liabilities
Other financial liabilities	€ 3,178	€ 3,991

Financial Liabilities - Changes

Financial Liabilities - Changes in Liabilities Derived from Financing Activities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Changes in liabilities derived from financing activities
Balance at beginning of year	€ 6,056,885	€ 4,942,136
New financing	191,779	6,767,070
Refunds	(158,511)	(4,962,521)
Bear of interests	286,641	262,057
Other movements	4,335	(142,401)
Collection / Payment of interests	(225,146)	(207,079)
Business combination	61,823	2,163
Foreign exchange differences	159,039	(604,540)
Balance at end of year	6,376,845	6,056,885
Obligations
Changes in liabilities derived from financing activities
Balance at beginning of year	949,205	926,941
New financing	99,990	1,092,109
Refunds	(92,244)	(1,003,104)
Bear of interests	31,694	61,944
Other movements	146,333	(57,484)
Collection / Payment of interests	(32,000)	(44,432)
Foreign exchange differences		(26,769)
Balance at end of year	1,102,978	949,205
Senior Secured debt & Other loans
Changes in liabilities derived from financing activities
Balance at beginning of year	5,052,680	3,948,154
New financing	85,000	5,666,300
Refunds	(45,225)	(3,936,799)
Bear of interests	253,673	198,588
Other movements	(141,998)	(84,917)
Collection / Payment of interests	(193,146)	(162,647)
Foreign exchange differences	154,781	(575,999)
Balance at end of year	5,165,765	5,052,680
Finance lease payable
Changes in liabilities derived from financing activities
Balance at beginning of year	9,360	9,945
Refunds	(1,001)	(780)
Bear of interests	409	505
Business combination	4,007
Foreign exchange differences	110	(310)
Balance at end of year	12,885	9,360
Other financial liabilities
Changes in liabilities derived from financing activities
Balance at beginning of year	45,640	57,096
New financing	6,789	8,661
Refunds	(20,041)	(21,838)
Bear of interests	865	1,020
Business combination	57,816	2,163
Foreign exchange differences	4,148	(1,462)
Balance at end of year	€ 95,217	€ 45,640

Trade and Other Payables (Detai

Trade and Other Payables (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017
Trade and Other Payables
Suppliers	€ 561,883	€ 423,096
VAT payable	8,954	8,827
Taxation authorities, withholdings payable	26,299	24,084
Social security payable	12,787	11,741
Other public entities	111,776	97,068
Other payables	159,816	141,720
Current income tax liabilities	1,917	6,709
Total trade and other payables	€ 723,616	€ 571,525

Other Current Liabilities (Deta

Other Current Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017
Other Current Liabilities
Salaries payable	€ 153,160	€ 129,519
Other payables	504	649
Deferred income	8,912	4,284
Advances received	6,613	9,945
Total other current liabilities	€ 169,189	€ 144,397

Net Revenues - Distribution by

Net Revenues - Distribution by Segment (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Distribution of net consolidated revenues by segment
Net revenue	€ 4,486,724	€ 4,318,073	€ 4,049,830
Operating Segments
Distribution of net consolidated revenues by segment
Net revenue	4,486,724	4,318,073	4,049,830
Intersegments
Distribution of net consolidated revenues by segment
Net revenue	(41,154)	(34,784)	(31,386)
Bioscience | Operating Segments
Distribution of net consolidated revenues by segment
Net revenue	3,516,704	3,429,785	3,195,424
Diagnostic | Operating Segments
Distribution of net consolidated revenues by segment
Net revenue	702,265	732,369	691,701
Hospital | Operating Segments
Distribution of net consolidated revenues by segment
Net revenue	119,454	105,649	102,251
Bio supplies | Operating Segments
Distribution of net consolidated revenues by segment
Net revenue	167,004	66,791	57,239
Others | Operating Segments
Distribution of net consolidated revenues by segment
Net revenue	€ 22,451	€ 18,263	€ 34,601

Net Revenues - Geographical Dis

Net Revenues - Geographical Distribution (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Geographical distribution of net consolidated revenues
Net revenue	€ 4,486,724	€ 4,318,073	€ 4,049,830
USA and Canada
Geographical distribution of net consolidated revenues
Net revenue	2,974,429	2,896,505	2,707,579
Spain
Geographical distribution of net consolidated revenues
Net revenue	264,913	242,894	225,273
European Union
Geographical distribution of net consolidated revenues
Net revenue	535,361	444,089	426,223
Rest of the world
Geographical distribution of net consolidated revenues
Net revenue	€ 712,021	€ 734,585	€ 690,755

Net Revenues - Discounts and Ot

Net Revenues - Discounts and Other Reductions (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Discounts and other reductions in gross income
Gross sales	€ 5,588,257	€ 5,322,618	€ 4,882,615
Chargebacks	(923,023)	(826,775)	(652,564)
Cash discounts	(62,518)	(57,512)	(51,953)
Volume rebates	(46,922)	(43,274)	(51,242)
Medicare and Medicaid	(40,343)	(41,722)	(47,820)
Other discounts	(28,727)	(35,262)	(29,206)
Total net sales	€ 4,486,724	€ 4,318,073	€ 4,049,830

Net Revenues - Movement in Disc

Net Revenues - Movement in Discounts and Other Reductions (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement in Chargebacks
Balance at beginning of year	€ 105,890	€ 87,249	€ 126,178
Current estimate related to sales made in current and prior year	923,023	826,775	652,564
(Actual returns or credits in current period related to sales made in current period)	(957,695)	(795,449)	(693,458)
(Actual returns or credits in current period related to sales made in prior periods)		31
Translation differences	3,957	(12,716)	1,965
Balance at end of year	75,175	105,890	87,249
Movement in Cash discounts
Balance at beginning of year	5,114	6,632	5,902
Current estimate related to sales made in current and prior year	62,518	57,512	51,953
(Actual returns or credits in current period related to sales made in current period)	(56,568)	(52,270)	(51,733)
(Actual returns or credits in current period related to sales made in prior periods)	(4,909)	(6,024)	(248)
Translation differences	286	(736)	758
Balance at end of year	6,441	5,114	6,632
Movement in Volume rebates
Balance at beginning of year	17,991	26,507	29,680
Current estimate related to sales made in current and prior year	46,922	43,274	51,242
(Actual returns or credits in current period related to sales made in current period)	(24,648)	(28,976)	(27,409)
(Actual returns or credits in current period related to sales made in prior periods)	(16,384)	(20,210)	(27,732)
Translation differences	916	(2,604)	726
Balance at end of year	24,797	17,991	26,507
Movement in Medicare / Medicaid
Balance at beginning of year	16,204	21,757	12,468
Current estimate related to sales made in current and prior year	40,343	41,722	47,820
(Actual returns or credits in current period related to sales made in current period)	(21,324)	(28,198)	(24,988)
(Actual returns or credits in current period related to sales made in prior periods)	(13,232)	(16,659)	(14,401)
Translation differences	950	(2,418)	858
Balance at end of year	22,941	16,204	21,757
Movement in Other discounts
Balance at beginning of year	10,143	4,442	5,367
Current estimate related to sales made in current and prior year	28,727	35,262	29,206
(Actual returns or credits in current period related to sales made in current period)	(26,493)	(26,072)	(27,243)
(Actual returns or credits in current period related to sales made in prior periods)	(3,781)	(2,864)	(2,986)
Translation differences	241	(625)	98
Balance at end of year	8,837	10,143	4,442
Total movement in discounts and other reductions
Balance at beginning of year	155,342	146,587	179,595
Current estimate related to sales made in current and prior year	1,101,533	1,004,545	832,785
(Actual returns or credits in current period related to sales made in current period)	(1,086,728)	(930,965)	(824,831)
(Actual returns or credits in current period related to sales made in prior periods)	(38,306)	(45,726)	(45,367)
Translation differences	6,350	(19,099)	4,405
Balance at end of year	€ 138,191	€ 155,342	€ 146,587

Personnel Expenses (Details)

Personnel Expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Details of personnel expenses by function:
Cost of sales	€ 810,512	€ 731,192	€ 635,577
Research and development	93,817	90,495	77,988
Selling, general & administration expenses	345,224	323,880	314,348
Total personnel expenses	1,249,553	1,145,567	1,027,913
Details by nature:
Wages and salaries	1,000,682	917,810	822,384
Contributions to pension plans (see note 29)	21,363	20,347	18,486
Other social charges	29,055	27,679	25,074
Social Security	198,453	179,731	161,969
Total personnel expenses	€ 1,249,553	€ 1,145,567	€ 1,027,913

Expenses by Nature - Amortizati

Expenses by Nature - Amortization and Depreciation (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Amortization and depreciation
Amortization and depreciation, cost of sales	€ 146,530	€ 135,186	€ 126,998
Amortization and depreciation, research and development	19,836	14,721	13,050
Amortization and depreciation, selling, general & administration expenses	62,243	65,583	61,821
Total amortization and depreciation	€ 228,609	€ 215,490	€ 201,869

Expenses by Nature - Other Oper

Expenses by Nature - Other Operating Income and Expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Other operating income and expenses by function
Other operating income and expenses, cost of sales	€ 432,803	€ 416,020	€ 454,097
Other operating income and expenses, research and development	152,670	129,579	113,078
Other operating income and expenses, selling, general & administration expenses	410,753	460,959	393,523
Total other operating income and expenses	€ 996,226	€ 1,006,558	€ 960,698

Expenses by Nature - Other Op_2

Expenses by Nature - Other Operating Income and Expenses, Components (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Details by nature:
Changes in trade provisions	€ (23,125)	€ 3,648	€ (22,069)
Professional services	211,305	211,579	190,003
Commissions	21,941	18,473	20,147
Supplies and auxiliary materials	149,831	131,932	119,014
Operating leases (note 28)	84,299	80,136	74,945
Freight	112,340	105,292	96,680
Repair and maintenance expenses	107,806	103,518	89,797
Advertising	44,659	49,893	51,233
Insurance	22,632	21,529	20,008
Royalties	10,726	11,241	9,217
Travel expenses	51,428	58,171	53,239
External services	53,391	82,699	43,231
R&D Expenses	100,889	89,977	78,379
Other	48,104	38,470	136,874
Total other operating income and expenses	€ 996,226	€ 1,006,558	€ 960,698

Finance Result (Details)

Finance Result (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finance Result
Finance income	€ 13,995	€ 9,678	€ 9,934
Finance cost from Senior Unsecured Notes	(35,471)	(65,189)	(73,491)
Finance cost from senior debt	(247,646)	(193,183)	(168,332)
Finance cost from sale of receivables (note 13)	(6,053)	(3,973)	(4,885)
Capitalized interest	8,955	8,839	13,019
Other finance costs	(13,058)	(9,838)	(11,140)
Finance costs	(293,273)	(263,344)	(244,829)
Change in fair value of financial derivatives (note 30)		(3,752)	(7,610)
Impairment and gains / (losses) on disposal of financial instruments	30,280	(18,844)
Exchange differences	(8,246)	(11,472)	8,916
Finance result	€ (257,244)	€ (287,734)	€ (233,589)
Minimum
Finance Result
Capitalized interest rate (as a percent)	4.61%	4.26%
Maximum
Finance Result
Capitalized interest rate (as a percent)	5.18%	4.87%
Aradigm
Finance Result
Impairment loss of financial assets related to convertible notes		€ 14,477

Taxation - Reconciliation of Ac

Taxation - Reconciliation of Accounting and Taxable Income (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of accounting and taxable income
Profit before income tax from continuing operations	€ 725,842	€ 695,722	€ 712,752
Tax at 25% (28% 2015)	181,461	173,931	178,188
Permanent differences	(2,000)	17,163	8,019
Effect of different tax rates	(29,543)	40,981	14,509
Tax credits (deductions)	(18,226)	(16,092)	(20,163)
Impact related to the US tax legislation modifications		(171,169)
Prior year income tax expense	381	(8,614)	928
Other income tax expenses/(income)	(637)	(1,792)	(13,272)
Total income tax expense	€ 131,436	€ 34,408	€ 168,209
United States
Taxation
Tax rate of the companies domiciled in the U.S.A (as a percent)	22.40%
Reconciliation of accounting and taxable income
Tax rate (as a percent)	21.00%	35.00%
Impact related to the US tax legislation modifications		€ 171,000
Spain
Reconciliation of accounting and taxable income
Tax rate (as a percent)	25.00%

Taxation - Income Tax Expense -

Taxation - Income Tax Expense - Deferred Tax Assets and Liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of accounting and taxable income
Deferred tax	€ (21,189)	€ (149,444)	€ (40,161)
Current tax	152,625	183,851	208,370
Total income tax expense	€ 131,436	34,407	€ 168,209
Impact recorded in income tax expense due to change in tax rate		€ (171,169)
United States
Reconciliation of accounting and taxable income
Tax rate (as a percent)	21.00%	35.00%
Impact recorded in income tax expense due to change in tax rate		€ 171,000

Taxation - Deferred Tax Assets

Taxation - Deferred Tax Assets and Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets and liabilities
Deferred assets, net	€ 112,539	€ 66,157	€ 67,219
Net deferred Liabilities	(404,398)	(388,912)	(600,646)
Assets
Deferred tax assets and liabilities
Deferred assets, net	147,702	103,342	94,788
Net deferred Liabilities	109,135	84,504	146,778
Assets | Provisions
Deferred tax assets and liabilities
Deferred assets, net	7,936	4,564	3,696
Net deferred Liabilities	53,290	47,404	61,252
Assets | Inventories
Deferred tax assets and liabilities
Deferred assets, net	41,029	35,619	39,297
Net deferred Liabilities	5,644	5,063
Assets | Tax credits (deductions)
Deferred tax assets and liabilities
Deferred assets, net	57,357	49,467	37,685
Assets | Tax loss carryforwards
Deferred tax assets and liabilities
Deferred assets, net	32,769	6,179	10,717
Net deferred Liabilities	20,833	15,384	40,358
Assets | Other
Deferred tax assets and liabilities
Deferred assets, net	8,611	7,513	3,393
Net deferred Liabilities	29,369	16,653	45,168
Liabilities
Deferred tax assets and liabilities
Deferred assets, net	(35,163)	(37,185)	(27,569)
Net deferred Liabilities	(513,534)	(473,416)	(747,424)
Liabilities | Inventories
Deferred tax assets and liabilities
Net deferred Liabilities			(1,175)
Liabilities | Goodwill
Deferred tax assets and liabilities
Deferred assets, net	(24,691)	(22,346)	(19,136)
Net deferred Liabilities	(150,644)	(105,963)	(131,039)
Liabilities | Fixed assets, amortisation and depreciation
Deferred tax assets and liabilities
Deferred assets, net	(3,922)	(7,780)	(7,062)
Net deferred Liabilities	(99,819)	(95,029)	(158,060)
Liabilities | Intangible assets
Deferred tax assets and liabilities
Deferred assets, net	(6,550)	(7,059)	(1,371)
Net deferred Liabilities	(220,752)	(201,921)	(392,388)
Liabilities | Debt cancellation costs
Deferred tax assets and liabilities
Net deferred Liabilities	€ (42,319)	€ (70,503)	€ (64,762)

Taxation - Movement in Deferred

Taxation - Movement in Deferred Tax Assets and Liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets and liabilities
Balance at 1 January	€ (322,755)	€ (533,427)	€ (564,771)
Movements during the year	21,189	149,444	40,161
Business combination (note 3)	21,328	16,736
Translation differences	(11,621)	44,492	(8,817)
Balance at 31 December	€ (291,859)	€ (322,755)	€ (533,427)

Taxation - Deferred Tax Asset_2

Taxation - Deferred Tax Assets and Liabilities, Others (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets and liabilities
Net deferred tax assets	€ 112,539	€ 66,157	€ 67,219
Unrecognized deferred tax assets	55,282	51,169
Not later than one year
Deferred tax assets and liabilities
Net deferred tax assets	€ 27,097	€ 51,930
Spain
Deferred tax assets and liabilities
Tax deduction maturity term	18 years
Tax credit carryforward, exclusively for Spanish companies registered in the Basque Country (in years)	15 years
United States
Deferred tax assets and liabilities
Tax credit carryforward (in years)	20 years

Operating Leases (Details)

Operating Leases (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating leases (as lessee)
Operating leases instalments recognized as an expense	€ 84,299	€ 80,136	€ 74,945
Future minimum payments on non-cancellable operating leases	400,579	262,343	350,931
Operating leases (as lessor)
Operating leases (as lessor)	0	0	0
Not later than one year
Operating leases (as lessee)
Future minimum payments on non-cancellable operating leases	63,959	46,541	56,869
Between 1 and 5 years
Operating leases (as lessee)
Future minimum payments on non-cancellable operating leases	200,156	156,897	181,076
More than 5 years
Operating leases (as lessee)
Future minimum payments on non-cancellable operating leases	€ 136,464	€ 58,905	€ 112,986

Other Commitments with Third _3

Other Commitments with Third Parties and Other Contingent Liabilities (Details) € in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2018EUR (€)Yitemdirector	Dec. 31, 2017USD ($)	Dec. 31, 2017EUR (€)
Other Commitments with Third Parties and Other Contingent Liabilities
Annual contribution to defined contribution pension plans | €		€ 777		€ 725
Agreements with employees/directors | director		69
Number of executives with whom contract entered | item		6
Percentage of annual bonus in Grifols Class B Shares or Grifols ADS		50.00%
Matching percentage to the employees contribution		50.00%
Vesting Period	2 years 1 day	2 years 1 day
Exchange ratio		1
Amount settled under RSU plan | €		€ 7,914
Equity-settled commitment | €		€ 12,652		€ 13,871
Percentage of groups contribution to match first 3% of employees		100.00%
Percentage of groups contribution to match the next 2% of employees		50.00%
Total cost of matching contributions | $	$ 20.7		$ 18.9
Minimum
Other Commitments with Third Parties and Other Contingent Liabilities
Number of years of salary for employees/directors		2
Number of years of salary for executives		1
Maximum
Other Commitments with Third Parties and Other Contingent Liabilities
Number of years of salary for employees/directors		5
Number of years of salary for executives		4

Other Commitments with Third _4

Other Commitments with Third Parties and Other Contingent Liabilities - Purchase commitments (Details) € in Thousands	Dec. 31, 2018EUR (€)
Not later than one year
Other Commitments with Third Parties and Other Contingent Liabilities
Purchase commitments	€ 179,766
Later than one year and not later than two years
Other Commitments with Third Parties and Other Contingent Liabilities
Purchase commitments	166,163
Later than two years and not later than three years
Other Commitments with Third Parties and Other Contingent Liabilities
Purchase commitments	149,318
Later than three years and not later than four years
Other Commitments with Third Parties and Other Contingent Liabilities
Purchase commitments	4,143
Later than four years and not later than five years
Other Commitments with Third Parties and Other Contingent Liabilities
Purchase commitments	1,067
More than 5 years
Other Commitments with Third Parties and Other Contingent Liabilities
Purchase commitments	€ 893

Financial Instruments - Classif

Financial Instruments - Classification by Nature, Category and Fair Value (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017
Financial instruments
Net financial liabilities	€ (5,719,170)	€ (5,222,848)
Measured at fair value
Financial instruments
Financial assets	19,941	47,046
Measured at fair value | Non-current financial assets
Financial instruments
Financial assets	7	38,708
Financial assets, at fair value	7	38,708
Measured at fair value | Financial derivatives
Financial instruments
Financial assets	19,934	8,338
Financial assets, at fair value	19,934	8,338
Measured at fair value | Level 1 | Non-current financial assets
Financial instruments
Financial assets, at fair value	7	38,708
Measured at fair value | Level 3 | Financial derivatives
Financial instruments
Financial assets, at fair value	19,934	8,338
Not measured at fair value
Financial instruments
Financial assets	1,537,002	1,224,966
Financial liabilities	(7,276,113)	(6,494,860)
Not measured at fair value | Senior Unsecured Notes
Financial instruments
Financial liabilities	(1,005,333)	(858,911)
Financial liabilities, at fair value	(985,480)	(1,018,130)
Not measured at fair value | Promissory Notes
Financial instruments
Financial liabilities	(97,645)	(90,294)
Not measured at fair value | Senior Secured debt
Financial instruments
Financial liabilities	(4,901,240)	(4,853,939)
Financial liabilities, at fair value	(5,055,323)	(5,063,769)
Not measured at fair value | Other bank loans
Financial instruments
Financial liabilities	(264,525)	(198,741)
Not measured at fair value | Finance lease payable
Financial instruments
Financial liabilities	(12,885)	(9,360)
Not measured at fair value | Other financial liabilities
Financial instruments
Financial liabilities	(95,217)	(45,640)
Not measured at fair value | Trade payables
Financial instruments
Financial liabilities	(721,699)	(423,096)
Not measured at fair value | Debts with associates
Financial instruments
Financial liabilities	(7,079)
Not measured at fair value | Other non-current debt
Financial instruments
Financial liabilities	(1,301)
Not measured at fair value | Other current liabilities
Financial instruments
Financial liabilities	(169,189)	(14,879)
Not measured at fair value | Non-current financial assets
Financial instruments
Financial assets	107,594	22,843
Not measured at fair value | Other current financial assets
Financial instruments
Financial assets	34,031	10,738
Not measured at fair value | Trade and other receivables
Financial instruments
Financial assets	361,585	304,864
Not measured at fair value | Cash and cash equivalents
Financial instruments
Financial assets	1,033,792	886,521
Not measured at fair value | Level 1 | Senior Unsecured Notes
Financial instruments
Financial liabilities, at fair value	(985,480)	(1,018,130)
Not measured at fair value | Level 2 | Senior Secured debt
Financial instruments
Financial liabilities, at fair value	(5,055,323)	(5,063,769)
Loans and receivables
Financial instruments
Financial assets		1,224,966
Loans and receivables | Not measured at fair value
Financial instruments
Financial assets		1,224,966
Loans and receivables | Not measured at fair value | Non-current financial assets
Financial instruments
Financial assets		22,843
Loans and receivables | Not measured at fair value | Other current financial assets
Financial instruments
Financial assets		10,738
Loans and receivables | Not measured at fair value | Trade and other receivables
Financial instruments
Financial assets		304,864
Loans and receivables | Not measured at fair value | Cash and cash equivalents
Financial instruments
Financial assets		886,521
Financial assets at fair value through profit or loss
Financial instruments
Financial assets	19,941
Financial assets at fair value through profit or loss | Measured at fair value
Financial instruments
Financial assets	19,941
Financial assets at fair value through profit or loss | Measured at fair value | Non-current financial assets
Financial instruments
Financial assets	7
Financial assets at fair value through profit or loss | Measured at fair value | Financial derivatives
Financial instruments
Financial assets	19,934
Financial instruments held for trading
Financial instruments
Financial assets		8,338
Financial instruments held for trading | Measured at fair value
Financial instruments
Financial assets		8,338
Financial instruments held for trading | Measured at fair value | Financial derivatives
Financial instruments
Financial assets		8,338
Available for sale financial assets
Financial instruments
Financial assets		38,708
Available for sale financial assets | Measured at fair value
Financial instruments
Financial assets		38,708
Available for sale financial assets | Measured at fair value | Non-current financial assets
Financial instruments
Financial assets		38,708
Amortised cost
Financial instruments
Financial assets	1,537,002
Amortised cost | Not measured at fair value
Financial instruments
Financial assets	1,537,002
Amortised cost | Not measured at fair value | Non-current financial assets
Financial instruments
Financial assets	107,594
Amortised cost | Not measured at fair value | Other current financial assets
Financial instruments
Financial assets	34,031
Amortised cost | Not measured at fair value | Trade and other receivables
Financial instruments
Financial assets	361,585
Amortised cost | Not measured at fair value | Cash and cash equivalents
Financial instruments
Financial assets	1,033,792
Amortised cost
Financial instruments
Financial liabilities	(6,383,924)	(6,494,860)
Amortised cost | Not measured at fair value
Financial instruments
Financial liabilities	(6,383,924)	(6,494,860)
Amortised cost | Not measured at fair value | Senior Unsecured Notes
Financial instruments
Financial liabilities	(1,005,333)	(858,911)
Amortised cost | Not measured at fair value | Promissory Notes
Financial instruments
Financial liabilities	(97,645)	(90,294)
Amortised cost | Not measured at fair value | Senior Secured debt
Financial instruments
Financial liabilities	(4,901,240)	(4,853,939)
Amortised cost | Not measured at fair value | Other bank loans
Financial instruments
Financial liabilities	(264,525)	(198,741)
Amortised cost | Not measured at fair value | Finance lease payable
Financial instruments
Financial liabilities	(12,885)	(9,360)
Amortised cost | Not measured at fair value | Other financial liabilities
Financial instruments
Financial liabilities	(95,217)	(45,640)
Amortised cost | Not measured at fair value | Trade payables
Financial instruments
Financial liabilities		(423,096)
Amortised cost | Not measured at fair value | Debts with associates
Financial instruments
Financial liabilities	(7,079)
Amortised cost | Not measured at fair value | Other current liabilities
Financial instruments
Financial liabilities		€ (14,879)
Other financial liabilities
Financial instruments
Financial liabilities	(892,189)
Other financial liabilities | Not measured at fair value
Financial instruments
Financial liabilities	(892,189)
Other financial liabilities | Not measured at fair value | Trade payables
Financial instruments
Financial liabilities	(721,699)
Other financial liabilities | Not measured at fair value | Other non-current debt
Financial instruments
Financial liabilities	(1,301)
Other financial liabilities | Not measured at fair value | Other current liabilities
Financial instruments
Financial liabilities	€ (169,189)

Financial Instruments - Financi

Financial Instruments - Financial Derivatives (Details) € in Thousands, $ in Thousands	May 11, 2016USD ($)	May 11, 2016EUR (€)	Dec. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)
Financial derivatives
Financial instruments
Financial assets			€ 19,934	€ 8,338
Call Option
Financial instruments
Amount paid for call right	$ 10,000	€ 8,960
US Dollars | Call Option
Financial instruments
Financial assets			8,733	€ 8,338
US Dollars | Call Option (ADMA Centers)
Financial instruments
Financial assets			€ 11,201

Financial Instruments - Maximum

Financial Instruments - Maximum Level of Exposure to Credit Risk (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017
Credit risk
Maximum exposure to credit risk	€ 1,509,852	€ 1,272,012
Non-current financial assets
Credit risk
Maximum exposure to credit risk	107,601	69,889
Other current financial assets
Credit risk
Maximum exposure to credit risk	53,965	10,738
Trade and other receivables
Credit risk
Maximum exposure to credit risk	314,494	304,864
Trade and other receivables | Spain
Credit risk
Maximum exposure to credit risk	46,025	63,505
Trade and other receivables | Rest of European Union
Credit risk
Maximum exposure to credit risk	48,354	53,403
Trade and other receivables | United States
Credit risk
Maximum exposure to credit risk	79,829	65,068
Trade and other receivables | Other European countries
Credit risk
Maximum exposure to credit risk	14,289	5,761
Trade and other receivables | Other regions
Credit risk
Maximum exposure to credit risk	125,997	117,127
Trade receivables
Credit risk
Maximum exposure to credit risk	269,167	286,198
Other receivables
Credit risk
Maximum exposure to credit risk	45,327	18,666
Cash and cash equivalents
Credit risk
Maximum exposure to credit risk	€ 1,033,792	€ 886,521

Financial Instruments - Credit

Financial Instruments - Credit Risk - Trade receivables net of the bad debt provision by ageing (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Credit risk
Total gross carrying amount	€ 289,698	€ 305,904
Allowance account for credit losses of financial assets	(20,531)	(19,706)	€ (17,987)	€ (13,210)
Trade receivables	€ 269,167	€ 286,198
Not matured
Credit risk
ECL Rate	0.19%	0.19%
Total gross carrying amount	€ 180,448	€ 224,476
Allowance account for credit losses of financial assets	(335)	(35)
Trade receivables	€ 180,113	€ 224,441
Less than 1 month
Credit risk
ECL Rate	0.19%	0.19%
Total gross carrying amount	€ 52,310	€ 41,145
Allowance account for credit losses of financial assets	(92)	(7,476)
Trade receivables	€ 52,218	€ 33,669
Past due 31-60 days
Credit risk
ECL Rate	0.62%	0.62%
Total gross carrying amount	€ 11,125	€ 12,904
Allowance account for credit losses of financial assets	(67)	(3)
Trade receivables	€ 11,058	€ 12,901
Past due 61-90 days
Credit risk
ECL Rate	2.03%	2.03%
Total gross carrying amount	€ 10,729	€ 715
Allowance account for credit losses of financial assets	(208)	(8)
Trade receivables	€ 10,521	€ 707
Past due 91-180 days
Credit risk
ECL Rate	3.01%	3.01%
Total gross carrying amount	€ 12,158	€ 4,293
Allowance account for credit losses of financial assets	(353)	(35)
Trade receivables	€ 11,805	€ 4,258
6 - 12 months
Credit risk
ECL Rate	8.52%	8.52%
Total gross carrying amount	€ 4,158	€ 7,468
Allowance account for credit losses of financial assets	(1,222)	(2,110)
Trade receivables	€ 2,936	€ 5,358
More than one year
Credit risk
ECL Rate	100.00%	100.00%
Total gross carrying amount	€ 7,549	€ 7,260
Allowance account for credit losses of financial assets	(7,033)	(2,971)
Trade receivables	516	4,289
Customers with Objective Evidence of Impairment [Member]
Credit risk
Total gross carrying amount	11,221	7,643
Allowance account for credit losses of financial assets	€ (11,221)	(7,068)
Trade receivables		€ 575

Financial Instruments - Trade R

Financial Instruments - Trade Receivables - Movement in the bad debt provision (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement in the bad debt provision
Opening balance	€ 19,706	€ 17,987	€ 13,210
Net charges for the year	6,443	8,003	6,411
Net cancellations for the year	(5,650)	(4,732)	(2,217)
Translation differences	32	(1,552)	583
Closing balance	€ 20,531	€ 19,706	€ 17,987

Financial Instruments - Contrac

Financial Instruments - Contractual Maturity Dates of Financial Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2018	Dec. 31, 2017
Carrying amount at
Bank loans	€ 5,165,765	€ 5,052,680
Other financial liabilities	95,217	45,640
Bonds and other marketable securities	1,102,978	949,205
Finance lease payables	12,885	9,360
Payable to associates	7,079
Payable to suppliers	561,883	423,096
Other current liabilities	16,029	14,878
Total carrying amount	6,961,836	6,494,859
Contractual flows
Bank loans	6,522,083	6,138,673
Other financial liabilities	95,218	45,642
Bonds and other marketable securities	1,305,645	1,331,203
Finance lease payables	13,423	10,136
Debts with associates	7,079
Payable to suppliers	561,884	423,096
Other current liabilities	16,028	14,878
Total contractual flows	8,521,360	7,963,628
6 months or less
Contractual flows
Bank loans	195,568	105,584
Other financial liabilities	14,167	19,393
Bonds and other marketable securities	113,645	107,203
Finance lease payables	1,946	2,192
Payable to suppliers	561,559	423,020
Other current liabilities	15,861	14,462
Total contractual flows	902,746	671,854
6 - 12 months
Contractual flows
Bank loans	202,437	106,492
Other financial liabilities	2,095	2,610
Bonds and other marketable securities	16,000	16,000
Finance lease payables	1,630	2,113
Debts with associates	7,079
Payable to suppliers	325	76
Other current liabilities	167	416
Total contractual flows	229,733	127,707
Later than one year and not later than two years
Carrying amount at
Other financial liabilities	21,460	10,818
Contractual flows
Bank loans	522,040	322,421
Other financial liabilities	21,324	10,758
Bonds and other marketable securities	32,000	32,000
Finance lease payables	3,367	2,602
Total contractual flows	578,731	367,781
2-5 years
Contractual flows
Bank loans	3,086,734	3,115,887
Other financial liabilities	55,863	10,497
Bonds and other marketable securities	128,000	128,000
Finance lease payables	5,655	2,790
Total contractual flows	3,276,252	3,257,174
More than 5 years
Carrying amount at
Other financial liabilities	3,178	3,991
Contractual flows
Bank loans	2,515,304	2,488,289
Other financial liabilities	1,769	2,384
Bonds and other marketable securities	1,016,000	1,048,000
Finance lease payables	825	439
Total contractual flows	€ 3,533,898	€ 3,539,112

Financial Instruments - Currenc

Financial Instruments - Currency Risk (Details) € in Thousands	Dec. 31, 2018EUR (€)$ / €	Dec. 31, 2017EUR (€)$ / €
US Dollars
Sensitivity analysis
Closing foreign exchange rate | $ / €	1.1450	1.1993
Currency risk
Sensitivity analysis
Rate increase (as a percent)	10.00%
Increase in equity if exchange rate strengthened	€ 506,131	€ 416,116
Increase (decrease) in profit due to foreign exchange differences if exchange rate strengthened	€ 4,125	€ 14,615
Rate decrease (as a percent)	10.00%	10.00%
Decrease in equity if exchange rate weakened	€ (506,131)	€ (416,116)
Increase (decrease) in profit due to foreign exchange differences if exchange rate weakened	(4,125)	(14,615)
Currency risk | Euros
Financial instrument risk
Balance sheet exposure	(24,601)	40,633
Currency risk | Euros | Trade receivables
Financial instrument risk
Balance sheet exposure	2,691	3,596
Currency risk | Euros | Receivables from Group companies
Financial instrument risk
Balance sheet exposure	54,903	103,338
Currency risk | Euros | Loans to Group companies
Financial instrument risk
Balance sheet exposure	40,387	34,140
Currency risk | Euros | Cash and cash equivalents
Financial instrument risk
Balance sheet exposure	120,281	63,981
Currency risk | Euros | Trade payables
Financial instrument risk
Balance sheet exposure	(13,354)	(14,213)
Currency risk | Euros | Payables to Group companies
Financial instrument risk
Balance sheet exposure	(60,363)	(42,296)
Currency risk | Euros | Loans from Group companies
Financial instrument risk
Balance sheet exposure	(94,771)	(22,913)
Currency risk | Euros | Bank loans
Financial instrument risk
Balance sheet exposure	(74,375)	(85,000)
Currency risk | US Dollars
Financial instrument risk
Balance sheet exposure	(16,650)	105,517
Currency risk | US Dollars | Trade receivables
Financial instrument risk
Balance sheet exposure	45,801	22,936
Currency risk | US Dollars | Receivables from Group companies
Financial instrument risk
Balance sheet exposure	6,291	7,619
Currency risk | US Dollars | Loans to Group companies
Financial instrument risk
Balance sheet exposure	4,343	91,566
Currency risk | US Dollars | Cash and cash equivalents
Financial instrument risk
Balance sheet exposure	1,296	2,172
Currency risk | US Dollars | Trade payables
Financial instrument risk
Balance sheet exposure	(6,113)	(3,582)
Currency risk | US Dollars | Payables to Group companies
Financial instrument risk
Balance sheet exposure	(63,932)	(11,241)
Currency risk | US Dollars | Loans from Group companies
Financial instrument risk
Balance sheet exposure	€ (4,336)	€ (3,953)

Financial Instruments - Interes

Financial Instruments - Interest Rate Risk (Details) - Interest rate risk - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Financial instrument risk
Financial liabilities	€ (6,478,013)	€ (6,219,382)
Sensitivity analysis
Higher rate increment (as a percent)	1.00%	1.00%
Increase in interest expense if rate had been higher	€ 53,082	€ 52,999
Fixed-interest
Financial instrument risk
Financial liabilities	(1,244,375)	(1,170,000)
Variable-interest
Financial instrument risk
Financial liabilities	€ (5,233,638)	€ (5,049,382)

Balances and Transactions wit_3

Balances and Transactions with Related Parties (Details) € in Thousands, $ in Thousands	Dec. 28, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2017EUR (€)	Dec. 31, 2016EUR (€)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2011USD ($)director	Dec. 28, 2018EUR (€)
Details of balances with related parties
Net receivable (payable)			€ 98,649		€ 9,476
Group transactions with related parties
Percentage of profit before tax contribution to non profit organization		0.70%	0.70%	0.70%	0.70%	0.70%
Contributions to non-profit organization			€ 4,282		€ 7,100	€ 5,325
Number of directors involved in consulting services contract | director									1
Term of consulting services contract (in years)									3 years
Consulting services fee | $		$ 1,000		$ 1,000			$ 1,000	$ 1,000	$ 1,000
Additional bonus | $									$ 2,000
Remuneration of directors representing shareholders interest			1,640		1,881
Biotest Us Corporation and Haema AG
Details of balances with related parties
Loans	$ 95,000									€ 82,969
Group transactions with related parties
Consideration for sale of subsidiary | $	$ 538,014
Compensation percentage	2.00%									2.00%
Compensation on loan	EURIBOR
Associates
Details of balances with related parties
Receivables			382		3,219
Trade payables			(15,796)		(4,583)
Loans			50,304		26,654
Debts			(7,079)
Group transactions with related parties
Net sales			5,846		3,009	193
Purchases			(97,941)		(68,335)	(35,569)
Other service expenses			(21,065)		(11,798)	(7,591)
R&D agreements			(50)		(164)	(10,188)
Finance result			3,372		152	1,946
Total income (expense)			(109,838)		(77,136)	(51,209)
Key management personnel
Details of balances with related parties
Debts			(4,425)		(6,164)
Group transactions with related parties
Remuneration			(16,070)		(13,672)	(10,287)
Total income (expense)			(16,070)		(13,672)	(10,287)
Other related parties
Details of balances with related parties
Trade payables			(7,706)		(9,187)
Loans			82,969
Group transactions with related parties
Other service expenses			(4,282)		(7,100)	(5,325)
Operating lease expense			(5,469)		(5,426)	(5,281)
Sale of investments			469,881
Total income (expense)			460,130		(12,526)	(10,606)
Directors
Details of balances with related parties
Trade payables					(463)
Group transactions with related parties
Other service expenses			(844)		(939)	(905)
Remuneration			(5,848)		(5,755)	(3,668)
Total income (expense)			€ (6,692)		€ (6,694)	€ (4,573)

Subsequent events (Details)

Subsequent events (Details) - Asset purchase by share issue - Forecast	Mar. 07, 2019director
Grifols Diagnostics Solutions, Inc.
Events after the Reporting Period
Economic rights contributed (as a percent)	45.00%
Voting rights contributed (as a percent)	40.00%
Economic rights (as a percent)	55.00%
Voting rights (as a percent)	60.00%
Grifols Diagnostics Solutions, Inc. | SR
Events after the Reporting Period
Number of directors that may be appointed	1
SR
Events after the Reporting Period
Voting and economic interests acquired (in percent)	26.20%
Number of directors that may be appointed	3
SR | Creat Group Co. Ltd
Events after the Reporting Period
Shareholder interest (as a percent)	26.70%
SR | Grifols S.A
Events after the Reporting Period
Shareholder interest (as a percent)	26.20%
SR | RAAS China Limited
Events after the Reporting Period
Shareholder interest (as a percent)	25.80%

Appendix I - Information on Gro

Appendix I - Information on Group Companies, Associates and others (Details)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Diagnostic Grifols, S.A.
Information on group companies associates and others
Proportion of indirect ownership interest	100.00%	100.00%	100.00%
Instituto Grifols, S.A.
Information on group companies associates and others
Proportion of direct ownership interest	99.998%	99.998%	99.998%
Proportion of indirect ownership interest	0.002%	0.002%	0.002%
Grifols Worldwide Operations Spain, S.A (formerly Logister, S.A.) Merged with Grifols International in 2018
Information on group companies associates and others
Proportion of indirect ownership interest		100.00%	100.00%
Laboratorios Grifols, S.A.
Information on group companies associates and others
Proportion of direct ownership interest	99.999%	99.999%	99.999%
Proportion of indirect ownership interest	0.001%	0.001%	0.001%
Biomat, S.A.
Information on group companies associates and others
Proportion of direct ownership interest	99.90%	99.90%	99.90%
Proportion of indirect ownership interest	0.10%	0.10%	0.10%
Grifols Engineering, S.A.
Information on group companies associates and others
Proportion of direct ownership interest	99.95%	99.95%	99.95%
Proportion of indirect ownership interest	0.05%	0.05%	0.05%
Biomat USA, Inc.
Information on group companies associates and others
Proportion of indirect ownership interest	100.00%	100.00%	100.00%
Grifols Biologicals LLC
Information on group companies associates and others
Proportion of indirect ownership interest	100.00%	100.00%	100.00%
Grifols Australia Pty Ltd.
Information on group companies associates and others
Proportion of direct ownership interest	100.00%	100.00%	100.00%
Medion Grifols Diagnostic AG
Information on group companies associates and others
Proportion of indirect ownership interest	100.00%	100.00%	100.00%
Grifols Therapeutics LLC
Information on group companies associates and others
Proportion of indirect ownership interest	100.00%	100.00%	100.00%
Talecris Plasma Resources, Inc.
Information on group companies associates and others
Proportion of indirect ownership interest	100.00%	100.00%	100.00%
Grifols Worldwide Operations Limited
Information on group companies associates and others
Proportion of direct ownership interest	100.00%	100.00%	100.00%
Progenika Biopharma, S.A.
Information on group companies associates and others
Proportion of direct ownership interest	99.998%
Proportion of indirect ownership interest		90.23%	89.25%
Progenika Latina, S.A. de CV
Information on group companies associates and others
Proportion of indirect ownership interest			89.25%
Progenika Inc. (Merged with Grifols Diagnostic Solutions Inc. in 2017)
Information on group companies associates and others
Proportion of indirect ownership interest			89.25%
Abyntek Biopharma, S.L.
Information on group companies associates and others
Proportion of indirect ownership interest			80.37%
Asociacion I+D Progenika
Information on group companies associates and others
Proportion of indirect ownership interest	99.998%	90.23%	89.25%
Grifols Diagnostics Solutions Inc (formerly G-C Diagnostics Corp.)
Information on group companies associates and others
Proportion of direct ownership interest	100.00%	100.00%	100.00%
Grifols Worldwide Operations USA Inc.
Information on group companies associates and others
Proportion of indirect ownership interest	100.00%	100.00%	100.00%
Grifols Asia Pacific Pte, Ltd
Information on group companies associates and others
Proportion of direct ownership interest	100.00%	100.00%	100.00%
Grifols Movaco, S.A.
Information on group companies associates and others
Proportion of direct ownership interest	99.999%	99.999%	99.999%
Proportion of indirect ownership interest	0.001%	0.001%	0.001%
Grifols Portugal Productos Farmacuticos e Hospitalares, Lda.
Information on group companies associates and others
Proportion of direct ownership interest	0.01%	0.01%	0.01%
Proportion of indirect ownership interest	99.99%	99.99%	99.99%
Grifols Chile, S.A.
Information on group companies associates and others
Proportion of direct ownership interest	99.00%	99.00%	99.00%
Grifols USA, LLC.
Information on group companies associates and others
Proportion of indirect ownership interest	100.00%	100.00%	100.00%
Grifols Argentina, S.A.
Information on group companies associates and others
Proportion of direct ownership interest	95.01%	95.01%	95.01%
Proportion of indirect ownership interest	4.99%	4.99%	4.99%
Grifols s.r.o.
Information on group companies associates and others
Proportion of direct ownership interest	100.00%	100.00%	100.00%
Grifols (Thailand) Ltd
Information on group companies associates and others
Proportion of indirect ownership interest	48.00%	48.00%	48.00%
Grifols Malaysia Sdn Bhd
Information on group companies associates and others
Proportion of indirect ownership interest	30.00%	30.00%	30.00%
Grifols International, S.A.
Information on group companies associates and others
Proportion of direct ownership interest	99.998%	99.998%	99.998%
Proportion of indirect ownership interest	0.002%	0.002%	0.002%
Grifols Italia S.p.A
Information on group companies associates and others
Proportion of direct ownership interest	100.00%	100.00%	100.00%
Grifols UK Ltd.
Information on group companies associates and others
Proportion of direct ownership interest	100.00%	100.00%	100.00%
Grifols Brasil, Lda.
Information on group companies associates and others
Proportion of direct ownership interest	100.00%	100.00%	100.00%
Grifols France, S.A.R.L.
Information on group companies associates and others
Proportion of direct ownership interest	99.99%	99.99%	99.99%
Proportion of indirect ownership interest	0.01%	0.01%	0.01%
Grifols Polska Sp.z.o.o.
Information on group companies associates and others
Proportion of direct ownership interest	100.00%	100.00%	100.00%
Logstica Grifols, S.A. de C.V.
Information on group companies associates and others
Proportion of direct ownership interest	99.99%	99.99%	99.99%
Proportion of indirect ownership interest	0.01%	0.01%	0.01%
Grifols Mexico, S.A. de C.V.
Information on group companies associates and others
Proportion of direct ownership interest	99.98%	99.98%	99.98%
Proportion of indirect ownership interest	0.02%	0.02%	0.02%
Medion Diagnostics GmbH
Information on group companies associates and others
Proportion of indirect ownership interest	100.00%	100.00%	100.00%
Grifols Nordic, AB
Information on group companies associates and others
Proportion of direct ownership interest	100.00%	100.00%	100.00%
Grifols Colombia, Ltda
Information on group companies associates and others
Proportion of direct ownership interest	99.99%	99.99%	99.99%
Proportion of indirect ownership interest	0.01%	0.01%	0.01%
Grifols Deutschland GmbH
Information on group companies associates and others
Proportion of direct ownership interest	100.00%	100.00%	100.00%
Grifols Canada, Ltd.
Information on group companies associates and others
Proportion of indirect ownership interest	100.00%	100.00%	100.00%
Grifols Pharmaceutical Technology (Shanghai) Co., Ltd. (formerly Grifols Pharmaceutical Consulting (Shanghai) Co., Ltd.)
Information on group companies associates and others
Proportion of direct ownership interest	100.00%	100.00%	100.00%
Grifols Switzerland AG
Information on group companies associates and others
Proportion of direct ownership interest	100.00%	100.00%	100.00%
Grifols (H.K.), Limited
Information on group companies associates and others
Proportion of indirect ownership interest	100.00%	100.00%	100.00%
Grifols Japan K.K.
Information on group companies associates and others
Proportion of direct ownership interest	100.00%	100.00%	100.00%
Grifols India Healthcare Private Ltd
Information on group companies associates and others
Proportion of direct ownership interest	99.99%	99.99%	99.99%
Proportion of indirect ownership interest	0.01%	0.01%	0.01%
Grifols Diagnostics Equipment Taiwan Limited
Information on group companies associates and others
Proportion of direct ownership interest	100.00%	100.00%	100.00%
Grifols Viajes, S.A.
Information on group companies associates and others
Proportion of direct ownership interest	99.90%	99.90%	99.90%
Proportion of indirect ownership interest	0.10%	0.10%	0.10%
Squadron Reinsurance Designated Activity Company (formerly Squadron Reinsurance Ltd.)
Information on group companies associates and others
Proportion of indirect ownership interest	100.00%	100.00%	100.00%
Grifols Shared Services North America, Inc. (formerly Grifols Inc.)
Information on group companies associates and others
Proportion of direct ownership interest	100.00%	100.00%	100.00%
Gripdan Invest, S.L
Information on group companies associates and others
Proportion of direct ownership interest	100.00%	100.00%	100.00%
Gri-Cel, S.A.
Information on group companies associates and others
Proportion of direct ownership interest	0.001%	0.001%	0.001%
Proportion of indirect ownership interest	99.999%	99.999%	99.999%
Araclon Biotech, S.L.
Information on group companies associates and others
Proportion of indirect ownership interest	73.22%	73.22%	73.22%
VCN Bioscience, S.L.
Information on group companies associates and others
Proportion of indirect ownership interest	81.34%	81.34%	81.34%
Grifols Innovation and New Technologies Limited
Information on group companies associates and others
Proportion of indirect ownership interest	100.00%	100.00%	100.00%
PBS Acquisition Corp.
Information on group companies associates and others
Proportion of indirect ownership interest	100.00%	100.00%	100.00%
Kiro Grifols S. L (formerly Kiro Robotics S.L)
Information on group companies associates and others
Proportion of direct ownership interest	90.00%	90.00%
Chiquito Acquisition Corp.
Information on group companies associates and others
Proportion of indirect ownership interest	100.00%	100.00%
Aiges Minerals de Vilajuiga, S.A.
Information on group companies associates and others
Proportion of direct ownership interest	100.00%
Goetech LLC (D/B/A Medkeeper)
Information on group companies associates and others
Proportion of indirect ownership interest	54.76%
Aradigm Corporation
Information on group companies associates and others
Proportion of indirect ownership interest	35.13%	35.13%	35.13%
TiGenix N.V.
Information on group companies associates and others
Proportion of indirect ownership interest		14.18%	16.13%
Mecwins, S.L.
Information on group companies associates and others
Proportion of indirect ownership interest	24.99%	8.42%	8.42%
Kiro Grifols S.L (formerly Kiro Robotics S.L)
Information on group companies associates and others
Proportion of direct ownership interest			50.00%
Alkahest, Inc.
Information on group companies associates and others
Proportion of indirect ownership interest	47.58%	47.58%	47.58%
Albajuna Therapeutics, S.L
Information on group companies associates and others
Proportion of indirect ownership interest	30.00%	30.00%	30.00%
Interstate Blood Bank, Inc.
Information on group companies associates and others
Proportion of indirect ownership interest	49.19%	49.19%	49.19%
Bio Blood Components Inc.
Information on group companies associates and others
Proportion of indirect ownership interest	48.972%	48.972%	48.972%
Plasma Biological Services, LLC
Information on group companies associates and others
Proportion of indirect ownership interest	48.90%	48.90%	48.90%
Singulex, Inc.
Information on group companies associates and others
Proportion of indirect ownership interest	19.33%	19.33%	20.00%
Aigues Minerals de Vilajuiga S. A.
Information on group companies associates and others
Proportion of direct ownership interest		50.00%
Access Biologicals, LLC
Information on group companies associates and others
Proportion of indirect ownership interest	49.00%	49.00%
Access Biologicals IC - DISC, Inc.
Information on group companies associates and others
Proportion of indirect ownership interest	49.00%	49.00%
Access Cell Culture, LLC.
Information on group companies associates and others
Proportion of indirect ownership interest	49.00%	49.00%
Access Manufacturing, LLC.
Information on group companies associates and others
Proportion of indirect ownership interest	49.00%	49.00%
Access Plasma, LLC.
Information on group companies associates and others
Proportion of indirect ownership interest	49.00%	49.00%
GigaGen Inc.
Information on group companies associates and others
Proportion of indirect ownership interest	43.96%	43.96%
Plasmavita Healthcare GmbH
Information on group companies associates and others
Proportion of indirect ownership interest	50.00%

Appendix II - Operating Segment

Appendix II - Operating Segments (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting
Revenues from external customers	€ 4,486,724	€ 4,318,073	€ 4,049,830
Profit /(loss)	994,124	1,003,343	939,408
Finance result	(257,244)	(287,734)	(233,589)
Share of profit / (losses)	(11,038)	(19,887)	6,933
Income tax expense	(131,436)	(34,408)	(168,209)
Consolidated profit for the year	594,406	661,314	544,543
Investments in equity-accounted investees	226,905	219,009	201,345	€ 76,728
Assets	12,477,046	10,920,264	10,129,772
Liabilities	7,780,442	7,286,299	6,401,794
Other Information:
Amortisation and depreciation	228,609	215,490	201,869
Additions for the year of property, plant and equipment and intangible assets	316,677	340,473	322,102
Operating Segments
Segment Reporting
Revenues from external customers	4,486,724	4,318,073	4,049,830
Total operating income	4,486,724	4,318,073	4,049,830
Profit /(loss)	1,156,653	1,237,470	1,079,197
Segment assets	10,847,654	9,554,477	8,557,533
Liabilities	1,068,786	656,598	608,251
Other Information:
Amortisation and depreciation	219,339	206,966	194,361
Expenses that do not require cash payments	145,322	2,112	(18,010)
Additions for the year of property, plant and equipment and intangible assets	296,882	329,205	310,091
Unallocated
Segment Reporting
Profit /(loss)	(162,529)	(234,127)	(139,789)
Segment assets	1,402,487	1,146,778	1,370,894
Liabilities	6,711,656	6,629,701	5,793,543
Other Information:
Amortisation and depreciation	9,270	8,524	7,508
Expenses that do not require cash payments	1,339	(58,752)	4,608
Additions for the year of property, plant and equipment and intangible assets	19,795	11,268	12,011
Intersegments
Segment Reporting
Revenues from external customers	(41,154)	(34,784)	(31,386)
Total operating income	(41,154)	(34,784)	(31,386)
Profit /(loss)	(5,764)	(12,305)	(1,316)
Segment assets	(29,281)	(22,196)	(11,964)
Bioscience
Segment Reporting
Share of profit / (losses)	2,839	(10,434)	(9,396)
Investments in equity-accounted investees	99,547	83,905	104,996
Bioscience | Operating Segments
Segment Reporting
Revenues from external customers	3,516,704	3,429,785	3,195,424
Total operating income	3,516,704	3,429,785	3,195,424
Profit /(loss)	902,402	985,495	913,840
Segment assets	6,928,220	6,007,153	6,524,922
Liabilities	764,377	423,415	411,604
Other Information:
Amortisation and depreciation	156,893	157,478	152,821
Expenses that do not require cash payments	172,648	7,049	16,219
Additions for the year of property, plant and equipment and intangible assets	220,531	227,635	197,741
Hospital
Segment Reporting
Share of profit / (losses)		2,112	(5,611)
Investments in equity-accounted investees			13,888
Hospital | Operating Segments
Segment Reporting
Revenues from external customers	119,454	105,649	102,251
Total operating income	119,454	105,649	102,251
Profit /(loss)	(12,587)	(9,766)	(8,765)
Segment assets	250,543	145,477	86,590
Liabilities	32,767	13,560	8,415
Other Information:
Amortisation and depreciation	10,819	6,436	5,915
Expenses that do not require cash payments	297	(514)	306
Additions for the year of property, plant and equipment and intangible assets	15,354	10,429	9,193
Diagnostic
Segment Reporting
Share of profit / (losses)	(10,975)	(9,335)
Investments in equity-accounted investees	19,256	29,322	43,330
Diagnostic | Operating Segments
Segment Reporting
Revenues from external customers	702,265	732,369	691,701
Total operating income	702,265	732,369	691,701
Profit /(loss)	215,990	248,080	97,320
Segment assets	3,526,136	3,356,185	1,909,447
Liabilities	230,517	192,720	186,389
Other Information:
Amortisation and depreciation	44,030	40,815	32,180
Expenses that do not require cash payments	(27,651)	(4,423)	(2,001)
Additions for the year of property, plant and equipment and intangible assets	58,064	70,032	89,760
Bio supplies
Segment Reporting
Share of profit / (losses)	3,039	1,830
Investments in equity-accounted investees	47,742	44,220
Bio supplies | Operating Segments
Segment Reporting
Revenues from external customers	167,004	66,791	57,239
Total operating income	167,004	66,791	57,239
Profit /(loss)	36,824	35,598	33,794
Segment assets	117,673	7,409	8,378
Liabilities	6,427
Other Information:
Amortisation and depreciation	5,656
Expenses that do not require cash payments	28
Additions for the year of property, plant and equipment and intangible assets	2,050	198	84
Others
Segment Reporting
Share of profit / (losses)	(5,941)	(4,060)	21,940
Investments in equity-accounted investees	60,360	61,562	39,131
Others | Operating Segments
Segment Reporting
Revenues from external customers	22,451	18,263	34,601
Total operating income	22,451	18,263	34,601
Profit /(loss)	19,788	(9,632)	44,324
Segment assets	54,363	60,449	40,160
Liabilities	34,698	26,903	1,843
Other Information:
Amortisation and depreciation	1,941	2,237	3,445
Expenses that do not require cash payments			(32,534)
Additions for the year of property, plant and equipment and intangible assets	€ 883	€ 20,911	€ 13,313

Appendix II - Reporting by Geog

Appendix II - Reporting by Geographical Area (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of products and services
Net revenue	€ 4,486,724	€ 4,318,073	€ 4,049,830
Assets by geographical area	12,477,046	10,920,264	10,129,772
Other Information:
Additions for the year of property, plant and equipment and intangible assets	316,677	340,473	322,102
Spain
Disclosure of products and services
Net revenue	264,913	242,894	225,273
Assets by geographical area	898,599	899,223	847,467
Other Information:
Additions for the year of property, plant and equipment and intangible assets	70,639	62,271	73,365
Rest of European Union
Disclosure of products and services
Net revenue	535,361	444,089	426,223
Assets by geographical area	3,177,781	2,397,200	2,467,295
Other Information:
Additions for the year of property, plant and equipment and intangible assets	69,534	80,910	39,603
USA and Canada
Disclosure of products and services
Net revenue	2,974,429	2,896,505	2,707,579
Assets by geographical area	8,133,108	7,341,174	6,535,420
Other Information:
Additions for the year of property, plant and equipment and intangible assets	166,353	188,557	190,358
Rest of the world
Disclosure of products and services
Net revenue	712,021	734,585	690,755
Assets by geographical area	267,558	282,667	279,590
Other Information:
Additions for the year of property, plant and equipment and intangible assets	10,151	8,735	18,776
Operating Segments
Disclosure of products and services
Net revenue	4,486,724	4,318,073	4,049,830
Other Information:
Additions for the year of property, plant and equipment and intangible assets	€ 296,882	€ 329,205	€ 310,091

Appendix III - Changes in Other

Appendix III - Changes in Other Intangible Assets (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Changes in Other Intangible Assets
Intangible assets at beginning of the year	€ 1,269,342	€ 1,195,302
Additions	4,339	(49,076)
Business combinations	54,421	284,729
Transfers	(516)	529
Disposals	(793)	(96)
Translation differences	58,744	(162,046)
Intangible assets at end of the year	1,385,537	1,269,342
Development costs
Changes in Other Intangible Assets
Intangible assets at beginning of the year	183,281
Intangible assets at end of the year	206,087	183,281
Currently marketed products
Changes in Other Intangible Assets
Intangible assets at beginning of the year	793,308	941,216
Business combinations	(36,154)	(38,216)
Translation differences	35,878	(109,692)
Intangible assets at end of the year	793,032	793,308
Gross carrying amount
Changes in Other Intangible Assets
Intangible assets at beginning of the year	1,841,207	1,682,673
Additions	75,739	80,126
Business combinations	60,293	284,729
Transfers	(762)	529
Disposals	(1,909)	(207)
Translation differences	80,172	(206,643)
Intangible assets at end of the year	2,054,740	1,841,207
Gross carrying amount | Development costs
Changes in Other Intangible Assets
Intangible assets at beginning of the year	311,694	142,693
Additions	55,439	43,152
Business combinations		142,529
Disposals	(36)	(81)
Translation differences	10,215	(16,599)
Intangible assets at end of the year	377,312	311,694
Gross carrying amount | Concessions, patents, licenses brands & similar
Changes in Other Intangible Assets
Intangible assets at beginning of the year	182,885	60,471
Business combinations	6,225	142,174
Disposals	(757)
Translation differences	8,057	(19,760)
Intangible assets at end of the year	196,410	182,885
Gross carrying amount | Computer software
Changes in Other Intangible Assets
Intangible assets at beginning of the year	174,945	168,623
Additions	20,252	19,626
Business combinations	34,319	26
Transfers	(762)	529
Disposals	(1,116)	(126)
Translation differences	6,785	(13,733)
Intangible assets at end of the year	234,423	174,945
Gross carrying amount | Currently marketed products
Changes in Other Intangible Assets
Intangible assets at beginning of the year	1,024,376	1,162,204
Translation differences	47,451	(137,828)
Intangible assets at end of the year	1,071,827	1,024,376
Gross carrying amount | Other Intangible assets
Changes in Other Intangible Assets
Intangible assets at beginning of the year	147,307	148,682
Additions	48	17,348
Business combinations	19,749
Translation differences	7,664	(18,723)
Intangible assets at end of the year	174,768	147,307
Accumulated depreciation and amortisation
Changes in Other Intangible Assets
Intangible assets at beginning of the year	(508,485)	(487,371)
Additions	(71,400)	(64,468)
Business combinations	(5,872)
Transfers	246
Disposals	1,116	111
Translation differences	(18,473)	43,243
Intangible assets at end of the year	(602,868)	(508,485)
Accumulated depreciation and amortisation | Development costs
Changes in Other Intangible Assets
Intangible assets at beginning of the year	(79,349)	(72,073)
Additions	(10,660)	(5,834)
Translation differences	(98)	(1,442)
Intangible assets at end of the year	(90,107)	(79,349)
Accumulated depreciation and amortisation | Concessions, patents, licenses brands & similar
Changes in Other Intangible Assets
Intangible assets at beginning of the year	(29,783)	(24,994)
Additions	(6,132)	(6,004)
Translation differences	(845)	1,215
Intangible assets at end of the year	(36,760)	(29,783)
Accumulated depreciation and amortisation | Computer software
Changes in Other Intangible Assets
Intangible assets at beginning of the year	(106,319)	(99,927)
Additions	(12,918)	(13,549)
Business combinations	(5,872)
Disposals	1,116	111
Translation differences	(2,660)	7,046
Intangible assets at end of the year	(126,653)	(106,319)
Accumulated depreciation and amortisation | Currently marketed products
Changes in Other Intangible Assets
Intangible assets at beginning of the year	(231,068)	(220,988)
Additions	(36,154)	(38,216)
Translation differences	(11,573)	28,136
Intangible assets at end of the year	(278,795)	(231,068)
Accumulated depreciation and amortisation | Other Intangible assets
Changes in Other Intangible Assets
Intangible assets at beginning of the year	(61,966)	(69,389)
Additions	(5,536)	(865)
Transfers	246
Translation differences	(3,297)	8,288
Intangible assets at end of the year	(70,553)	(61,966)
Accumulated impairment | Other Intangible assets
Changes in Other Intangible Assets
Intangible assets at beginning of the year	(63,380)
Additions		(64,734)
Translation differences	(2,955)	1,354
Intangible assets at end of the year	€ (66,335)	€ (63,380)

Appendix IV - Movement in Prope

Appendix IV - Movement in Property, Plant and Equipment (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Movement in Property, Plant and Equipment
Property, plant and equipment at beginning of period	€ 1,760,053	€ 1,809,852
Additions	83,810	109,583
Business combination	48,416	29,251
Transfers	516	(529)
Disposals	(2,888)	(2,218)
Translation differences	62,076	(185,886)
Property, plant and equipment at end of period	1,951,983	1,760,053
Gross carrying amount
Movement in Property, Plant and Equipment
Property, plant and equipment at beginning of period	2,640,332	2,618,696
Additions	240,938	260,347
Business combination	100,093	29,251
Transfers	539	(563)
Disposals	(16,135)	(10,921)
Translation differences	90,889	(256,478)
Property, plant and equipment at end of period	3,056,656	2,640,332
Gross carrying amount | Land and buildings
Movement in Property, Plant and Equipment
Property, plant and equipment at beginning of period	673,534	687,856
Additions	1,223	28,503
Business combination	19,344	19,628
Transfers	6,051	12,694
Disposals	(280)	(823)
Translation differences	26,540	(74,324)
Property, plant and equipment at end of period	726,412	673,534
Gross carrying amount | Plant and machinery
Movement in Property, Plant and Equipment
Property, plant and equipment at beginning of period	1,704,679	1,655,837
Additions	57,699	82,234
Business combination	79,003	9,068
Transfers	100,961	123,816
Disposals	(15,855)	(10,098)
Translation differences	58,366	(156,178)
Property, plant and equipment at end of period	1,984,853	1,704,679
Gross carrying amount | Under construction
Movement in Property, Plant and Equipment
Property, plant and equipment at beginning of period	262,119	275,003
Additions	182,016	149,610
Business combination	1,746	555
Transfers	(106,473)	(137,073)
Translation differences	5,983	(25,976)
Property, plant and equipment at end of period	345,391	262,119
Accumulated depreciation and amortisation
Movement in Property, Plant and Equipment
Property, plant and equipment at beginning of period	(877,547)	(805,644)
Additions	(157,209)	(151,022)
Business combination	(51,677)
Transfers	(23)	34
Disposals	13,247	8,703
Translation differences	(28,904)	70,382
Property, plant and equipment at end of period	(1,102,113)	(877,547)
Accumulated depreciation and amortisation | Buildings
Movement in Property, Plant and Equipment
Property, plant and equipment at beginning of period	(66,765)	(59,376)
Additions	(15,224)	(14,708)
Business combination	(4,682)
Disposals	222	710
Translation differences	(2,929)	6,609
Property, plant and equipment at end of period	(89,378)	(66,765)
Accumulated depreciation and amortisation | Plant and machinery
Movement in Property, Plant and Equipment
Property, plant and equipment at beginning of period	(810,782)	(746,268)
Additions	(141,985)	(136,314)
Business combination	(46,995)
Transfers	(23)	34
Disposals	13,025	7,993
Translation differences	(25,975)	63,773
Property, plant and equipment at end of period	(1,012,735)	(810,782)
Accumulated impairment
Movement in Property, Plant and Equipment
Property, plant and equipment at beginning of period	(2,732)	(3,200)
Additions	81	258
Translation differences	91	210
Property, plant and equipment at end of period	€ (2,560)	€ (2,732)

Appendix V - Statement of Liqui

Appendix V - Statement of Liquidity for Distribution of Interim Dividend (Details) - EUR (€) € in Thousands	12 Months Ended
	Oct. 26, 2019	Dec. 31, 2018	Dec. 15, 2018	Dec. 31, 2017
Appendix V
Projected profits net of taxes		€ 258,091		€ 273,472
Estimated profits distributable		258,091		273,472
Interim dividend distributed		€ 136,747		€ 122,986
Projected amounts collected	€ 572,263		€ 475,209
Projected payments, including interim dividend	544,112		468,117
Projected cash balances	€ 28,151		€ 7,092