Grifols (GRFS) 20-F 6 Apr 20 2019 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2019shares
Statement
Entity Registrant Name	Grifols SA
Entity Central Index Key	0001438569
Document Type	20-F
Document Registration Statement	false
Document Period End Date	Dec. 31, 2019
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
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 Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2019
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 (€)	Dec. 31, 2019	Dec. 31, 2018
Non-current assets
Goodwill	€ 5,507,063,000	€ 5,209,230,000
Other intangible assets	1,433,534,000	1,385,537,000
Rights of use	703,858,000
Property, plant and equipment	2,159,545,000	1,951,983,000
Investments in equity-accounted investees	114,473,000	226,905,000
Non-current financial assets
Non-current financial assets measured at fair value	7,000	7,000
Non-current financial assets at amortised cost	138,923,000	107,594,000
Total non-current financial assets	138,930,000	107,601,000
Deferred tax assets	123,024,000	112,539,000
Total non-current assets	10,180,427,000	8,993,795,000
Current assets
Inventories	2,342,590,000	1,949,360,000
Trade and other receivables
Trade receivables	369,797,000	269,167,000
Other receivables	82,509,000	92,418,000
Current income tax assets	38,269,000	42,205,000
Total trade and other receivables	490,575,000	403,790,000
Other current financial assets
Current financial assets measured at fair value	1,716,738,000	19,934,000
Current financial assets at amortized cost	12,188,000	34,031,000
Total current financial assets	1,728,926,000	53,965,000
Other current assets	58,111,000	42,344,000
Cash and cash equivalents	741,982,000	1,033,792,000
Total current assets	5,362,184,000	3,483,251,000
Total assets	15,542,611,000	12,477,046,000
Equity and liabilities
Share capital	119,603,705	119,603,705
Share premium	910,728,000	910,728,000
Reserves	3,009,599,000	2,441,931,000
Treasury stock	(49,584,000)	(55,441,000)
Interim dividend	(136,828,000)	(136,747,000)
Profit for the year attributable to the Parent	625,146,000	596,642,000
Total equity	4,478,665,000	3,876,717,000
Other comprehensive Income	(903,000)	(554,000)
Translation differences	344,357,000	349,391,000
Other comprehensive expenses	343,454,000	348,837,000
Equity attributable to the Parent	4,822,119,000	4,225,554,000
Non-controlling interests	2,023,649,000	471,050,000
Total equity	6,845,768,000	4,696,604,000
Non-current liabilities
Grants	11,377,000	11,845,000
Provisions	8,030,000	6,114,000
Non-current financial liabilities	6,846,068,000	6,099,463,000
Other non-current liabilities	983,000	1,301,000
Deferred tax liabilities	463,827,000	404,398,000
Total non-current liabilities	7,330,285,000	6,523,121,000
Current liabilities
Provisions	53,109,000	80,055,000
Current financial liabilities	361,312,000	277,382,000
Current debts with related companies	1,258,000	7,079,000
Trade and other payables
Suppliers	581,882,000	561,883,000
Other payables	165,632,000	159,816,000
Current income tax liabilities	5,966,000	1,917,000
Total trade and other payables	753,480,000	723,616,000
Other current liabilities	197,399,000	169,189,000
Total current liabilities	1,366,558,000	1,257,321,000
Total liabilities	8,696,843,000	7,780,442,000
Total equity and liabilities	€ 15,542,611,000	€ 12,477,046,000

Consolidated Statements of Prof

Consolidated Statements of Profit and Loss - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Continuing Operations
Net revenue	€ 5,098,691	€ 4,486,724	€ 4,318,073
Cost of sales	(2,757,459)	(2,437,164)	(2,166,062)
Gross Margin	2,341,232	2,049,560	2,152,011
Research and Development	(276,018)	(240,661)	(288,320)
Selling, General and Administration expenses	(942,821)	(814,775)	(860,348)
Operating Expenses	(1,218,839)	(1,055,436)	(1,148,668)
Profit/(loss) of equity accounted investees with similar activity to that of the Group	8,972
Operating Result	1,131,365	994,124	1,003,343
Finance income	114,197	13,995	9,678
Finance costs	(342,965)	(293,273)	(263,344)
Change in fair value of financial instruments	1,326		(3,752)
Impairment of financial assets at amortized cost	(37,666)	30,280	(18,844)
Exchange differences	(9,616)	(8,246)	(11,472)
Finance result	(274,724)	(257,244)	(287,734)
Share of losses of equity accounted investees	(39,538)	(11,038)	(19,887)
Profit before income tax from continuing operations	817,103	725,842	695,722
Income tax expense	(168,459)	(131,436)	(34,408)
Profit after income tax from continuing operations	648,644	594,406	661,314
Consolidated profit for the year	648,644	594,406	661,314
Profit attributable to the Parent	625,146	596,642	662,700
Loss attributable to non-controlling interest	€ 23,498	€ (2,236)	€ (1,386)
Basic earnings per share (Euros)	€ 0.91	€ 0.87	€ 0.97
Diluted earnings per share (Euros)	€ 0.91	€ 0.87	€ 0.97

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements of Comprehensive Income
Consolidated profit for the year	€ 648,644	€ 594,406	€ 661,314
Items for reclassification to profit or loss
Translation differences	33,256	268,557	(532,389)
Available for sale financial Assets			10,145
Equity accounted investees / Translation differences	(4,360)	(9,270)	(27,134)
Other	(349)	102	(14)
Other comprehensive income / (expense) for the year	28,547	259,389	(549,392)
Total comprehensive income for the year	677,191	853,795	111,922
Total comprehensive income attributable to the Parent	641,772	856,598	113,441
Total comprehensive expense attributable to the non-controlling interests	€ 35,419	€ (2,803)	€ (1,519)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
Profit before tax	€ 817,103	€ 725,842	€ 695,722
Adjustments for:	569,960	454,378	556,792
Amortization and depreciation	302,455	228,609	215,490
Other adjustments:	267,505	225,769	341,302
(Profit) / losses on equity accounted investments	30,566	11,038	19,888
Impairment of assets and net provision charges	(19,518)	(23,657)	66,047
(Profit) / losses on disposal of fixed assets	1,399	(6,700)	1,551
Government grants taken to income	(1,388)	(1,166)	(286)
Finance cost / (income)	255,841	232,962	263,657
Other adjustments	605	13,292	(9,555)
Change in operating assets and liabilities	(481,537)	(112,639)	(65,800)
Change in inventories	(323,748)	(231,670)	(165,508)
Change in trade and other receivables	(99,374)	(13,141)	80,112
Change in current financial assets and other current assets	(13,871)	(3,092)	(2,691)
Change in current trade and other payables	(44,544)	135,264	22,287
Other cash flows used in operating activities	(336,593)	(330,153)	(344,968)
Interest paid	(236,179)	(225,146)	(207,079)
Interest recovered	9,487	6,862	9,492
Income tax (paid) / received	(107,797)	(111,585)	(147,015)
Other recovered (paid)	(2,104)	(284)	(366)
Net cash from operating activities	568,933	737,428	841,746
Cash flows from investing activities
Payments for investments	(551,497)	(852,536)	(2,209,667)
Group companies, associates and business units (notes 3, 2 (b) and 11)	(119,745)	(524,081)	(1,857,210)
Property, plant and equipment and intangibles	(412,305)	(307,722)	(322,973)
Property, plant and equipment	(310,383)	(231,983)	(251,507)
Intangible assets	(101,922)	(75,739)	(71,466)
Other financial assets	(19,447)	(20,733)	(29,484)
Proceeds from sale of investments	2,708	70,669	23,787
Property, plant and equipment	2,708	550	762
Other financial assets		70,119	23,025
Net cash used in investing activities	(548,789)	(781,867)	(2,185,880)
Cash flows from financing activities
Proceeds from and payments for financial liability instruments	(7,515)	37,418	1,808,771
Issue	120,079	179,350	1,912,615
Redemption and repayment	(127,594)	(141,932)	(103,844)
Dividends and interest on other equity instruments	(234,271)	(275,783)	(218,260)
Dividends paid	(238,740)	(278,841)	(218,260)
Dividends received	4,469	3,058
Other cash flows from / (used in) financing activities	(90,552)	4,661	(156,446)
Financing costs included on the amortised costs of the debt	(84,346)		(142,288)
Other amounts from / (used in) financing activities	(6,206)	4,661	(14,158)
Transaction with minority interests with no loss of control (note 3)	(18)	386,207
Net cash from/(used in) financing activities	(332,356)	152,503	1,434,065
Effect of exchange rate fluctuations on cash	20,402	39,207	(98,419)
Net increase in cash and cash equivalents	(291,810)	147,271	(8,488)
Cash and cash equivalents at beginning of the year	1,033,792	886,521	895,009
Cash and cash equivalents at year end	€ 741,982	€ 1,033,792	€ 886,521

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	Non-controlling interests	Total
Balance at beginning 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		(656)	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
Translation differences	16,975							16,975			11,921	28,896
Other comprehensive income	(349)									(349)		(349)
Other comprehensive income / (expense) for the year	16,626							16,975		(349)	11,921	28,547
Profit/(loss) for the year	625,146				625,146						23,498	648,644
Total comprehensive income for the year	641,772				625,146			16,975		(349)	35,419	677,191
Net change in treasury stock	5,857						5,857					5,857
Acquisition of non-controlling interests	198,967			220,976				(22,009)			1,517,180	1,716,147
Other changes	(11,291)			(11,291)								(11,291)
Interim dividend	(136,828)					(136,828)						(136,828)
Distribution of prior year profit, reserves				459,895	(459,895)
Distribution of prior year profit, dividends	(101,912)			(101,912)								(101,912)
Distribution of prior year profit, interim dividend					(136,747)	136,747
Operations with shareholders or owners	(45,207)			567,668	(596,642)	(81)	5,857	(22,009)			1,517,180	1,471,973
Balance at end of the year at Dec. 31, 2019	€ 4,822,119	€ 119,604	€ 910,728	€ 3,009,599	€ 625,146	€ (136,828)	€ (49,584)	€ 344,357		€ (903)	€ 2,023,649	€ 6,845,768

Nature, Principal Activities an

Nature, Principal Activities and Subsidiaries	12 Months Ended
	Dec. 31, 2019
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 hemoderivatives. 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).

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2019
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 2019 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 2019, as well as the consolidated results from their operations, consolidated cash flows and consolidated changes in equity for the year then ended. The consolidated financial statements have been prepared on a going concern basis. 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 spanish 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 2019 authorized for issue at their meeting held on 1 April 2020, 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 2019 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) 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. · The calculation of the income tax expense requires tax legislation interpretations in the jurisdictions where Grifols operates. The decision as to whether the tax authority will accept a given uncertain tax treatment and the expected outcome of outstanding litigation requires significant estimates and judgements. Likewise, Grifols recognizes deferred tax assets, mainly from deductible temporary differences to the extent that it is probable that sufficient taxable income will be available against which they can be utilized, based on management estimates on amount and payments of future taxable profits (see notes 4(s) and 28). · Analysis that the refinancing of debt and bonds does not result in a new financial liability (see note 21). 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. At 31 December 2019 results from operating activities include “Profit/(loss) of equity accounted investees with similar activity to that of the Group” amounting to Euros 8,972 thousand. This change is justified due to the fact that some of the investee companies perform the same activity as the Group’s statutory activity described in note 1, together with its growing contribution to the consolidated statement of profit and loss . The Group has proceeded to apply this decision in the presentation of these consolidated financial statements without retroactive effect, as the amount in previous years is not significant. (b) Appendix I shows details of the percentages of direct or indirect ownership of subsidiaries by the Company at 31 December 2019, 2018 and 2017, 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 11. Changes in subsidiaries In 2019: · The Group aims to reinforce its strategic presence in China. In March 2019, Grifols entered into a shares exchange agreement with Shanghai RAAS Blood Products Co. Ltd. (hereinafter SRAAS), through which Grifols should deliver 90 shares of its US subsidiary Grifols Diagnostic Solutions Inc. (hereinafter GDS) (representing 45% of the economic rights and 40% of the voting rights), and in exchange should receive 1,766 million of SRAAS shares (representing 26.2% of the share capital). Thus, such transaction does not entail a cash flow movement. The exchange ratio determined upon that date, was estimated using different valuation methods, among others the stock price for SRAAS and discounted cash flows and market multiples for GDS. Grifols will retain the control of GDS through the retention of the 55% of the economic rights and 60% of the voting rights and shares received of SRAAS will be considered as an investment in an associate because Grifols will have a significant influence according to IAS 28 - Investment in Associates and Joint Ventures. As of 30 September 2019, Grifols obtained the authorization from the US agency, "Committee on Foreing Investment in the United States" (CFIUS) and on 13 November 2019, Shanghai RAAS Blood Products, Co. Ltd. obtained the authorization from the Chinese Securities Regulatory Commission (CRSC). As of 31 December 2019, Grifols transferred the rights of 90 shares of its subsidiary GDS in exchange of a contractual right in which will result in an investment in an associate (equivalent to 1,766 million of SRAAS shares), because at that date no shares of SRAAS were received. As a consequence, as of 31 December 2019, SRAAS was the minority shareholder owner of the 45% of GDS. Such contractual right fulfills the definition of financial asset under IFRS 9 - Financial Instruments and has been classified as a financial asset at fair value with changes in results for not complying with the principal and interest payment criteria (because they will be received participations in SRAAS). Grifols has recorded the aforementioned contractual right for the fair value of the GDS shares transferred and subsequently said right was measured based on its fair value with changes in results. The delivery of GDS shares had no impact on the consolidated results of Grifols Group according to IFRS 10 - Consolidated Financial Statements, since it is considered a transaction with non-controlling interest where Grifols retained control over GDS. The impact in the Consolidated balance sheet at 31 December 2019 resulted in an increase of: Other Current Financial Assets amounting to EUR 1,717 million (note 12); Non-controlling Interests amounting to EUR 1,511 million (note 18); Retained Earnings amounting to EUR 227 million (note 16), a decrease in translation differences for an amount of Euros 22 million and a benefit in the consolidated statement of profit and loss from fiscal year 2019 amounting Euros 1 million related to the change in the contractual right value (note 27). Finally, the directly attributable costs to the future acquisition of SRAAS were recognized as a Current Asset amounting to EUR 12 million as of 31st December 2019 and are presented under chapter "Other Current Assets". Subsequently, such costs will be included in the initial carrying amount at the date of acquisition of SRAAS. · 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). The Group also entered into a call option on the remaining shares for a price of US Dollars 100 million, having agreed a payment of US Dollars 10 million (Euros 9,007 thousand) for the call option. 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 26 plasma collection centers, 9 blood donation centers and one laboratory In April 2019, the Group has exercised the call option and has completed the acquisition of the remaining shares of the IBBI companies (see note 3). · On 24 July 2019, the Group acquired 33 shares of Progenika Biopharma, S.A for an amount of Euros 4 thousand. As a result, the Group increased its interest from 99.99% to 100%. With this acquisition, the Group has the full control of Progenika Biopharma, S.A and therefore it ceases to have non-controlling interest (see notes 18 and 16 (c)). · On 16 April 2019 and 3 December 2019 Araclon Biotech , S.L carried out two share capital increases of Euros 16.8 million and Euros 5.9 million, respectively. After the latter capital increase Grifols’ interest rises to 75.1% (see notes 18 and 16 (c)). · With effect as of 1 January 2019, Instituto Grifols, S.A. and Gri-Cel, S.A. entered into a merger agreement. The surviving company was Instituto Grifols, S.A. 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. 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, subscribed 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 reached a 54.76% interest in Medkeeper 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 held 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. (c) 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 2017 Mandatory application for annual periods 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 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 had some impacts on the consolidated financial statements for the year ended 31 December 2018, 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, were 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 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 : As mentioned in Note 4k, the Group applied the simplified estimated expected loss model to estimate the impairment of “Trade and other receivables”. In this context, the Group defined a methodology to evaluate periodically (annually), firstly, if there are significant variations in the credit risk of the counterparties (commercial customers), to subsequently determine the expected credit loss during the life of the asset considering the low credit risk. At 31 of December 2018, Group management considered that the credit risk for “Trade and other receivables” was low according to the payment behavior of customers, as well as based on the historical experience of credit lossin the Group (2017: 0.19%, 2016: 0.17% and 2015: 0.13%). As a result of applying this methodology, at 31December 2018, the amount of impairment for estimated loss estimated for “Trade and other receivables” was not significant, nor did it differ significantly from the amount recognized under the impairment model of loss incurred set out in IAS 39. · 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 were recognized in reserves at that date and the comparative period was not re-expressed. Grifols 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 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 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. In order to identify the potential impacts of the application of the revenue recognition model according to IFRS15, the Group’s internal revenue recognition policies for the different types of contracts with customers (contract groups) were analyzed, identifying the performance obligations, the price of the transaction, its allocation to each performance obligation and the determination of their satisfaction schedule. The Group assessed that the contractually agreed performance obligations are independent of each other, where each one has an assigned price in the contract (and that represents the independent sale price), and whose income is recognized at the time that the control is transferred (upon of hemoderivative products; diagnostic and hospital products, and equipment) or at the time when the service is rendered. On the basis of this analysis, no performance obligations were identified whose recognition pattern differed significantly from the income pattern previously applied under IAS 18 (nor does it require new judgments for recognition), concluding that the effect on the consolidated financial statements derived from the application of IFRS 15 was not relevant. On the other hand, based on the application of IFRS 15, no new assets or liabilities for contracts were identified with respect to those already recognized under the previous regulations, except for those referring to commissions for gaining customers, which amounted to Euros 2,934 thousand at 31 of December 2018, and which were considered as costs of obtaining a contract (not as an asset due to a contract). Finally, it should be highlighted that no contracts with financing components were identified. Effective in 2019 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 Prepayment Features with Negative Compensation (issued on 12 October 2017) 1 January 2019 1 January 2019 IAS 28 Long-term interests in Associates and Joint Ventures (issued on 12 October 2017) 1 January 2019 1 January 2019 Various Annual Improvements to IFRS Standards 2015-2017 Cycle (issued on 12 December 2017) 1 January 2019 1 January 2019 IAS 19 Plan Amendment, Curtailment or Settlement (issued on 7 February 2018) 1 January 2019 1 January 2019 The application of these standards and interpretations has not had any significant impact on the consolidated financial statements, except for IFRS 16 "Leases", as follows: IFRS 16 “Leases” IFRS 16 brings in a single model for lease accounting by lessees in the statement of financial position. A lessee recognizes 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. The Group adopted IFRS 16 for the first time on 1 January 2019, but has not restated comparative figures for the 2018 reporting period, as permitted under the specific transitional provisions in the standard. The reclassifications and the adjustments arising from the new leasing rules are therefore recognized in the opening balance sheet at 1 January 2019. On 1 January 2019 there was no impact in equity due to the IFRS 16 application. The main policies, estimates and criteria for the application of IFRS 16 are as follows: · Scope: IFRS 16 evaluation considers all the contracts in which the Group acts as lessee, except for contracts between the 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: under IFRS 16, a lessee shall discount the future lease payments using the interest rate implicit in the lease if that rate can be readily determined. Otherwise, the lessee shall use the incremental borrowing rate. The Group uses the incremental borrowing rate. This is the rate that a lessee would have to pay at the commencement date of the lease for a loan over a similar term, and with similar security, to obtain an asset of a similar value to the right–of-use asset. 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 transition date. · The lease term is the non-cancellable period considering the initial term of each contract unless Grifols has a unilateral extension or termination option and there is reasonable certainty that this option will be exercised, in which case the corresponding extension term or early termination will be taken into account. The Group leases several buildings, equipment and vehicles. Leases agreements are usually made for fixed periods, as shown below: Average lease term Buildings and warehouses 10 to 15 years Donor centers 13 to 15 years PCs 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 expedients when applying the simplified method to leases previously carried as operating leases under IAS 17 Leases: o 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”. o Exclusion of the initial direct costs from the measurement of the right-of-use asset on the date of first-time adoption. o Exclusion of leases that expire within 12 months as from the date of first-time adoption. o Exclusion of leases in which the underlying asset has a low value. 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 at 1 January 2019 is as follows: 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 application of IFRS 16 has not had a significant impact on the consolidated financial statements. IFRIC 23 - "Uncertainty in the treatment of income taxes” IFRIC 23 "Uncertainty in the treatment of income taxes" clarifies how to apply the recognition and measurement requirements of IAS 12 "Income taxes" when there is uncertainty as to the treatment of income taxes. In this situation, an entity reflects the effect of uncertainty when determining taxable earnings, tax bases, unused tax losses, unused tax credits and tax rates. Grifols analyzed the possible uncertain tax treatments, concluding that the application of this interpretation do not have an impact on 2019 consolidated financial statements Standards issued but not effective in 2019 Mandatory Mandatory application for annual application for annual periods beginning on periods beginning on or after: or after: Standards IASB effective date EU effective date IAS 1 Definition of material (issued on 31 October 2018) 1 January 2020 1 January 2020 IAS 8 Amendments to references to the Conceptual Framework in Various IFRS Standards (issued on 29 March 2018) 1 January 2020 1 January 2020 IFRS 3 Amendment to IFRS 3: Business combinations (issued on 22 October 2018) 1 January 2020 pending IFRS 9 IAS 39 Interest rate benchmark reform (issued on 26 September 2019) 1 January 2020 1 January 2020 IFRS 7 IFRS 17 Insurance Contracts (issued on 18 May 2017) 1 January 2021 pending The Group has not applied any of these standards or interpretations in advance of their effective date. The application of these standards and interpretations is not expected to have any significant impact on the consolidated financial statements.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2019
Business combinations
Business combinations	(3) Business Combinations 2019 (a) On 31 May 2019 the Group, through its subsidiary Haema AG, acquired four plasma donor centers from Kedplasma, GmbH. The agreed purchase price was Euros 20,500 thousand. 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 Cost of the business combination Payment in cash 20,500 Total business combination cost 20,500 Fair value of net assets acquired 1,620 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) (note 7) 18,880 The resulting goodwill is allocated to the Bioscience segment and it includes the donor data base, FDA licenses and workforce. The fair value of net assets acquired mainly includes property, plant and equipment amounting to Euros 1,396 thousand. (b) 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”), with headquarters inMemphis, USA, for the price of US Dollars 100 million (Euros 88,215 thousand). The Group also entered into a call option on the remaining shares for a price of US Dollars 100 million, having agreed a payment of US Dollars 10 million (Euros 9,007 thousand) for the call option. 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 26 plasma collection centers, 9 blood donation centers and one laboratory. In April 2019, the Group has exercised the call option and has completed the acquisition of the remaining shares of the IBBI group companies. Details of the aggregate business combination cost, the fair value of the net assets acquired and the goodwill at the acquisition date are provided below: Thousands of Euros Thousands of US Dollars Consideration paid Cash paid 88,984 100,000 Total consideration paid 88,984 100,000 Fair value of the previous investment in the company 94,126 105,779 Fair value of the call option 8,898 10,000 Fair value of net assets acquired 19,345 21,744 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) (note 7) 172,663 194,035 The amounts determined at the date of acquisition of assets, liabilities and contingent liabilities are as follows: Fair value Thousands of Euros Thousands of US Dollars Intangible assets (note 8) 77 87 Property, plant and equipment (note 10) 23,724 26,661 Inventories 10,271 11,543 Trade and other receivables 12,080 13,575 Other current assets 2,015 2,265 Cash and cash equivalents 1,961 2,204 Total assets 50,128 56,335 Non-current liabilities (10,233) (11,500) Current liabilities (20,550) (23,091) Total liabilities and contingent liabilities (30,783) (34,591) Total net assets acquired 19,345 21,744 The resulting goodwill has been allocated to the Bioscience segment. The variation between the fair value of the previous investment and the book value amounts to Euros 4,521 thousand and has been recognized as an income in section “Share of income/(losses) of equity accounted investees with group’s similar activity” in the consolidated statement of profit or loss. Had the acquisition taken place on 1 January 2019, the net amount of the Group´s revenue would have increased by Euros 10,146 thousand and profit would have decreased by Euros 1,436 thousand. IBBI’s net revenue and profit between the acquisition date and 31 December 2019 amounts to Euros 13,364 thousand and Euros 280 thousand, respectively. 2018 (a) Acquisition of assets used in centers from Kedplasma In August and December 2018, the Group, through its company Biomat USA, Inc., acquired six donor centers from Kedplasma LLC. The purchase price agreed was Euros 20,939 thousand and Euros 21,841 thousand, respectively. 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 42,780 50,163 Total business combination cost 42,780 50,163 Fair value of net assets acquired 5,042 5,787 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) (note 7) 37,738 44,376 The resulting goodwill is allocated to the Bioscience segment and it includes the donor data base, FDA licenses and workforce. The fair value of net assets acquired mainly includes property, plant and equipment amounting to Euros 4,942 thousand. (b) 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 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 fiscal year 2017, 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 10) 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 was allocated to the Bioscience segment. Had the acquisition 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 a total of US Dollars 538,014 thousand (see note 1). Scranton is an existing shareholder of Grifols (see note 31). The sale of Biotest and Haema to Scranton took place for the same price, at the December 2018 US Dollar/Euro exchange rate, and under the same terms and conditions existing when Grifols acquired both companies. The sale of Biotest and Haema did not result in a loss of control for the Group. In assessing the existence of control, Grifols considered the potential voting rights to determine whether it had 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 debt that Scranton owns related to this transaction at 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 did 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) On 19 March 2018, Grifols 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. As a result of this acquisition Grifols acquired 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 at the acquisition date. Haema AG’s headquarters are located in Leipzig and measure approximately 24,000 m² (which include administration, production, storage and power station buildings) and it also has a central laboratory in Berlin. Haema AG 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) (see note 7) 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 10) 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 was allocated to the Bioscience segment. Had the acquisition 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 changed 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 further details). (d) On 26 January 2018, Grifols through its subsidiary Grifols Shared Services North America, Inc, subscribed 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 a 51% interest in Medkeeper and also held a majority position on the board of directors. The acquisition agreement included 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) (see note 21(d)). 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 did not have access to the economic rewards associated with the underlying ownership interests related to shares under the put and call commitment, we the advance-acquisition method was applied. Under this method the agreement was recognized 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 enhances 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 10) 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 was allocated to the Hospital segment. Had the acquisition taken place on 1 January 2018, the net amount of the Group´s revenue and profit would not have changed 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) On 1 June 2017 the Group acquired 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) 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 was 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 comprised a plant in San Diego, California (United States) as well as development rights, licenses to patents and access to product manufacturers. Grifols considers itself as one of the only vertically integrated providers capable of offering comprehensive solutions to blood and plasma donation centers. This acquisition strengthened cash flows and positively impacted the Group’s margins. The sales revenues of the Diagnostic Division do 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) 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 28) 16,736 18,000 Inventories 30,157 32,434 Total Assets 351,392 377,923 Current Provisions (note 20 (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) 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) 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) 40,101 42,680 The fair value of net assets acquired includes property, plant and equipment amounting to Euros 3,698 thousand. Goodwill was 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.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
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) Leases Leases after IFRS 16 application: The Group had to change its accounting policies as a result of adopting IFRS 16. The Group has changed its accounting policy for leases where the Group is the lessee. The new policy is described in note 2(c) and the impact of the change in note 2 (c) and 9. (i) Definitions Lease contracts A lease contract is a contract that fulfills the following conditions: · There is an identified asset explicitly specified in the contract or implicitly specified when it is made available for use by the Group. When the asset is a portion of an asset’s capacity it could also be an identified asset if it is physically distinct (a floor of a building, a storage location in a warehouse) or the Group has the right to receive substantially all its of capacity. · The lessee has the right to direct the use of the identified asset that means the right to determine how and for what purpose the asset will be used. · The lessee has the right to obtain all the economic benefits from that use throughout the period of use. Non-lease contracts Even if an asset is specified in the contract, if the lessor has a substantive substitution right throughout the period of use, the asset is not identified and the contract does not contain a lease. When the lessee does not have the right to control the use of the asset, the contract does not contain a lease. Non-lease contracts are not under this policy and the accounting treatment will be the one for a service contract (usually recognized as an expense). (ii) Accounting policies Lease contracts, where Grifols acts as lessee, will be recognized at inception of the contract as: · A lease liability representing its obligation to make future lease payments and, · A right of use representing its right to use the identified asset. Exception: lease contracts that fulfill any of the following conditions will be recognized as monthly expense over the lease term:  For lease contracts where the lease term is 12 months or less at the commencement date.  For lease contracts where the value of the leased asset (individually), when new, is lower than US Dollars 5.000 or its equivalent in another currency. Lease liability Initial measurement Lease liability corresponds to the present value of payments during the lease term using the interest rate implicit in the lease or, if this cannot be readily determined, the incremental lending rate, as follows: · Lease payments Only lease components included in the lease contract are part of the liability calculation: - Fixed payments, less any lease incentives receivable; - Variable lease payments that depend on a known index or a rate; - The purchase option price if the lessee is reasonably certain to exercise that option; - Any amount already paid at the contract commencement date must not be included. Non-lease components that could be included in a lease contract (e.g. maintenance services, consumption as utilities…) are not part of the lease liability and must be recognized as an expense as soon as the service is rendered to Grifols using the corresponding account according to its nature. · Lease term The lease term is the non-cancellable period considering the initial term of each contract unless Grifols has a unilateral extension or termination option and there is reasonable certainty that this option will be exercised, in which case the corresponding extension term or early termination will be taken into account. The lease liability is then calculated at the present value of the lease payments during the lease term, using an incremental discount rate specified in the contract, except for those contracts in which implicit interest rate is used because it is specifically mentioned in the contract. · Discount rate Under IFRS 16, a lessee shall discount the future lease payments using the lease implicit interest rate if this can be reliably determined. Otherwise, the lessee shall use the incremental borrowing rate. The Group uses the incremental borrowing rate. This is the rate that a lessee would have to pay at the commencement date of the lease for a loan of a similar term, and with similar security, to obtain an asset of similar value to the right-of-use asset in a similar economic environment. Subsequent assessment Subsequently, the lease financial liability will be increased by the interest on the lease liability and reduced by the payments made. The liability will be remeasured if there are changes in the amounts payable and the terms of the lease. Lease liabilities will: · Increase the carrying amount to reflect the corresponding accrual of interest expense; · Reduce the carrying amount to reflect the lease payments made; and · Remeasure (increase or reduce) the carrying amount to reflect any reassessment or lease modifications. The balancing entry will be a lease expense for retrospective lease payments or right-of-use-assets for future lease payments. The discount rate to be used depends on the event causing the reassessment or modification. Right-of-use asset (ROU asset) Initial measurement ROU assets are initially measured at cost, which comprises: · Initial measurement of the lease liability, · Any lease payments made to the lessor at or before the commencement date, · Estimated costs to dismantle or to remove the underlying asset, · Less any discount or incentive received from the lessor. Subsequent measurement The ROU asset is measured at cost, less any accumulated depreciation and any accumulated impairment losses. Net book value of the ROU asset must be adjusted as for any re-measurement of the lease liability. Depreciation method and useful life Depreciation method: straight-line basis. Depreciation starts at the lease commencement date (when the asset is available for use). Useful life:  If the purchase option is reasonably certain to be exercised: Useful life of the underlying asset.  Otherwise: The earlier of the end of the useful life of the right-of-use asset or the end of the lease term. Leases before IFRS 16 application: (i) 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 e

Financial Risk Management Polic

Financial Risk Management Policy	12 Months Ended
	Dec. 31, 2019
Financial Risk Management Policy
Financial Risk Management Policy	(5) Financial Risk Management Policy (a) 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 analyze 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. On 15 November 2019 the Group concluded the refinancing process of its senior secured debt for approximately Euros 5,800 million. The new financing includes a Term Loan B for US Dollars 2,500 million and Euros 1,360 million, both aimed at institutional investors; the issue of two bonds for Euros 1,675 million (Senior Secured Notes); and the extension of a multi-currency revolving credit facility up to US Dollars 500 million. 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 2019, the carrying amount of the loans obtained from the European Investment Bank is Euros 233,750 thousand (Euros 244,375 thousand at 31 December 2018). At 31 December 2019 the Group has total cash and cash equivalents of Euros 741,982 thousand (Euros 1,033,792 thousand at 31 December 2018). The Group also has approximately Euros 532,169 thousand in unused credit facilities (Euros 404,808 thousand at 31 December 2018), including Euros 445,434 thousand on the revolving credit facility (Euros 262,008 thousand at 31 December 2018). 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. 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 optimizing 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. 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 2019 and 2018 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 Notes) amounts to Euros 2,675 million, which represents approximately 63% of the Group’s total debt in Euros. The additional loans of Euros 233,750 thousand received from the European Investment Bank represent approximately 5% of the Group’s total debt in Euros. Senior debt in Euros represents approximately 38% of the Group’s total Senior debt at 31 December 2019 (12% at 31 December 2018). Total fixed-interest debt represents 45% of total debt at 31 December 2019 (19% at 31 December 2018). (iii) Market price risk Price risk affecting raw materials is mitigated by the vertical integration of the hemoderivatives business in a highly-concentrated sector. (b) 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). In 2019 and 2018 the ROE stood at 14%. The ROE is calculated by dividing profit attributable to the Parent by the equity attributable to the Parent. Thousand of Euros 2019 2018 Profit attributable to the parent 625,146 596,642 Equity attributable to the Parent 4,822,119 4,225,554 ROE 13 % 14 %  In accordance with the senior secured debt contract, the Group is subject to compliance with some covenants. At 31 December 2019 and 2018, the Group complies with the covenants in the contract.  Consideration of the Company’s credit rating (see note 21 (d)). The Parent held Class A and B treasury stock equivalent to 0.5% of its capital at 31 December 2019 (0.6% at 31 December 2018). The Group does not have a formal plan for repurchasing shares.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2019
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: equity, cash and cash equivalents and loans and borrowings.  Statement of profit and loss: finance result and income tax. (a) 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: groups together all transactions related to biological products for non-therapeutic use, Kedrion production agreements, and third-party plasma sales channeled through Haema and Biotest.  Others: including the rendering of manufacturing services to third party companies. Details of net sales by groups of products for 2019, 2018 and 2017 are as follows: Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Bioscience Haemoderivatives 3,993,462 3,516,704 Diagnostic Transfusional medicine 680,766 650,180 Other diagnostic 19,937 19,797 Hospital Fluid therapy and nutrition 47,677 52,574 Hospital supplies 67,489 58,014 Bio supplies 266,540 167,004 Others 22,820 22,451 Total 5,098,691 4,486,724 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 is grouped into four areas:  United States of America and Canada  Spain  Rest of the European Union  Rest of the world The definition of these four segments is mainly due to the geographical level that Group management sets to manage its revenue as they respond to specific economic scenarios. The main framework of the Group is consistent with this geographical segment grouping, including the monitoring of its commercial operations and its information systems. The financial information reported for geographical areas is based on sales to third parties in these markets as well as the location of assets. (c) In 2019, there are no customers representing more than 10% of the Group’s gross revenue. In 2018 the revenue of one Bioscience segment customer represented approximately 10.06% of the Group’s gross revenues. For 2017 one Bioscience segment customer represented 11.0% of the Group’s total gross revenue.

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2019
Goodwill
Goodwill	(7) Goodwill Details of and movement in this caption of the consolidated balance sheet at 31 December 2018 were 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) Details of and movement in this caption of the consolidated balance sheet at 31 December 2019 are as follows: Thousands of Euros Balance at Business Translation Balance at Segment 31/12/2018 Combination differences 31/12/2019 Net value Grifols UK.Ltd. (UK) Bioscience 7,682 — 425 8,107 Grifols Italia.S.p.A. (Italy) Bioscience 6,118 — — 6,118 Biomat USA, Inc.(USA) Bioscience 255,114 (4,278) 5,060 255,896 Grifols Australia Pty Ltd. (Australia) / Medion Diagnostics AG (Switzerland) Diagnostic 9,271 — 201 9,472 Grifols Therapeutics, Inc. (USA) Bioscience 1,940,776 — 38,902 1,979,678 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 2,550,256 — 50,694 2,600,950 Kiro Grifols S.L. (Spain) Hospital 24,376 — — 24,376 Goetech LLC (USA) Hospital 58,945 — 1,181 60,126 Haema AG (Germany) Bioscience 171,134 18,880 — 190,014 Biotest Pharma Corp (USA) Bioscience 139,042 10,943 2,963 152,948 Interstate Blood Bank, Inc. (USA) Bioscience — 172,663 199 172,862 5,209,230 198,208 99,625 5,507,063 (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. In 2018, the fair value less costs of disposal was calculated as the present value of the future cash flows discounted at a discount rate considering the related inherent risk. In 2019, the fair value less costs of disposal has been calculated considering the EBITDA multiple, defined as Operating Result before Interests, Tax and Amortization and Depreciation, used in connection with an agreement for the acquisition of a 45% stake in Grifols Diagnostic Solutions, Inc. by Shanghai RAAS blood products Co, Ltd. As Grifols Diagnostic Solutions, Inc. is the most significant part of the Diagnostic CGU, the consideration paid to acquire a relevant stake of that CGU, in an arm’s length transaction, provides the best evidence of that CGU’s fair value less costs of disposal. In 2018, 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. In 2019, the recoverable amount of the Hospital CGU has been 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. This value in use 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 testing of the CGUs for 2018 were as follows: Perpetual Growth rate Pre-tax discount rate Bioscience 2 % 8.90 % Diagnostic 2 % 9.40 % Hospital 1.50 % 13.10 % The key assumptions used in calculating impairment testing of the CGUs for 2019 have been as follows: Perpetual Growth rate Pre-tax discount rate EBITDA multiple Bioscience 2 % 8.80 % — Diagnostic — — 14.5x Hospital 1.50 % 10.80 % — 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 consistent with the forecasts included in industry reports. The discount rate used reflects specific risks relating to the CGU and the countries in which they operate. The main assumptions used for determining the discount rates are the following:  Risk free rate: government bonds at 30 years.  Market risk premium: premium based on market research.  Unlevered beta: average market beta.  Debt to equity ratio: average market ratio. The reasonably possible changes considered for the Bioscience and Hospital CGUs are a variation in the discount rate, as well as in the perpetual growth rate estimated. The reasonably possible changes considered for the Diagnostic CGU are a variation in the EBITDA margin, according to the following detail: Perpetual Growth rate Pre-tax discount rate EBITDA margin Bioscience +/- 50 bps +/- 50 bps — Diagnostic — — +/- 250 bps Hospital +/- 50 bps +/- 50 bps — The reasonably possible changes in key assumptions considered by management in the calculation of the CGU’s recoverable amount would not cause the carrying amount of the relevant CGU to exceed its recoverable amount. At 31 December 2019 Grifols’ stock market capitalization totals Euros 18,831 million (Euros 13,978 million at 31 December 2018).

Other Intangible Assets

Other Intangible Assets	12 Months Ended
	Dec. 31, 2019
Other Intangible Assets
Other Intangible Assets	(8) Other Intangible Assets Details of other intangible assets and movement during the years ended 31 December 2019 and 2018 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 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 cost and accumulated amortization of currently marketed products acquired from Talecris and Progenika at 31 December 2019 is as follows: Thousands of Euros Balance at Translation Balance at 31/12/2018 Additions differences 31/12/2019 Cost of currently marketed products - Gamunex 1,048,035 — 21,007 1,069,042 Cost of currently marketed products - Progenika 23,792 — — 23,792 Accumulated amortisation of currently marketed products - Gamunex (264,920) (35,661) (5,284) (305,865) Accumulated amortisation of currently marketed products - Progenika (13,875) (2,379) — (16,254) Carrying amount of currently marketed products 793,032 (38,040) 15,723 770,715 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 2019 the residual useful life of currently marketed products is 21 years and 5 months (22 years and 5 months at 31 December 2018). 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 2019 the residual useful life of currently marketed products acquired from Progenika is 3 years and 2 months (4 years and 2 months at 31 December 2018). (a) At 31 December 2019 the Group has recognized Euros 48,797 thousand as self-constructed intangible assets (Euros 58,254 thousand at 31 December 2018). (b) At 31 December 2019 the Group has intangible asset purchase commitments amounting to Euros 381 thousand (Euros 589 thousand at 31 December 2018). (c) At 31 December 2019 the Group recognizes plasma center licenses with indefinite useful lives under intangible assets for a carrying amount of Euros 29,960 thousand (Euros 26,917 thousand at 31 December 2018). The Group has also an amount of Euros 223,161 thousand as development costs in progress (Euros 206,087 thousand at 31 December 2018). In 2019, Grifols reached an agreement with the US biotech company Rigel Pharmaceuticals to exclusively commercialize fostamatinib disodium hexahydrate in all potential future indications in Europe and Turkey. Under terms of the agreement, Grifols did an initial payment of US Dollars 30 million and an additional payment of US Dollars 17.5 million related to regulatory milestones. The Group has registered those payments as an intangible asset following IAS 38 standard. This asset will not be amortized until it is available for use, that is, after the final approval of the regulator. It will be annually tested for impairment until it is available for use. (d) No profit on disposal and sale of intangibles has been recognized in 2019. Total profit on disposals and sale of intangible assets in 2018 amounted to Euros 8,101 thousand, mainly due to the sale of plasma centers to Kedplasma. (e) 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.

Leases

Leases	12 Months Ended
	Dec. 31, 2019
Leases
Leases	(9) Leases Leases after IFRS 16 application Details of leases in the consolidated balance sheet at 31 December 2019 are as follows: Right-of-use assets Thousands of Euros 31/12/2019 (*) Land and Buildings 685,405 Machinery 4,469 Computer equipment 4,324 Vehicles 9,660 703,858 Lease liabilities Thousands of Euros 31/12/2019 (*) Non-current 696,285 Current 44,405 740,690 (*) In the previous year, the Group only recognised lease assets and lease liabilities in relation to leases that were classified as ‘finance leases’ under IAS 17 Leases. The assets were presented in property, plant and equipment and the liabilities as part of the Group’s borrowings. For adjustments recognised on adoption of IFRS 16 on 1 January 2019 see note 2. Maturity detail is as follows: Maturity: Thousands of Euros 31/12/2019 Up to one year 44,464 Two years 41,444 Between 3 and 5 years 155,300 More than 5 years 499,482 740,690 At 31 December 2019, the Group has recognized an amount of Euros 747,873 thousand related to additions of right-of- use assets, from which Euros 664,948 thousand correspond to the initial addition. Movement during the year ended 31 December 2019 is included in Appendix IV, which forms an integral part of these notes to the consolidated financial statements. At 31 December 2019, the amounts recognized in the consolidated statement of profit and loss related to lease agreements are: Right-of-use depreciation Thousands of Euros 31/12/2019 Buildings 49,786 Machinery 1,768 Computer equipment 2,204 Vehicles 4,613 58,371 Thousands of Euros 31/12/2019 Finance lease expenses (note 27) 34,558 34,558 Thousands of Euros 31/12/2019 Expenses related to short-term or low-value agreements 20,247 Other operating lease expenses 12,988 33,235 At 31 December 2019, th e Group has paid a total of Euros 73,785 thousand related to lease contracts. The total amount recognized in the balance sheet corresponds to lease contracts in which the Group is the lessee. Leases before IFRS 16 application (a) At 31 December 2018 and 2017 the Group leases buildings and warehouses from third parties under operating leases. Operating lease instalments of Euros 84,299 thousand have been recognized as an expense for the year ended at 31 December 2018 (Euros 80,136 thousand at 31 December 2017) and comprise minimum lease payments. Future minimum payments on non-cancellable operating leases at 31 December 2018 and 2017 are as follows: Thousands of Euros 31/12/2018 31/12/2017 Up to one year 63,959 46,541 Between 1 and 5 years 200,156 156,897 More than 5 years 136,464 58,905 400,579 262,343 (b) At 31 December 2018 and 2017 the Group has no lease contracts as lessor.

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment
Property, Plant and Equipment	(10) Property, Plant and Equipment Details of property, plant and equipment and movement in the consolidated balance sheet at 31 December 2019 and 2018 are included in Appendix V, which forms an integral part of this note to the consolidated financial statements. Property, plant and development under construction at 31 December 2019 and 2018 mainly comprise investments made to extend the companies’ equipment and to increase their productive capacity. In 2019, the Group has capitalized interests for a total amount of Euros 14,894 thousand (Euros 8,955 thousand in 2018) a) Group policy is to contract sufficient insurance coverage for the risk of damage to property, plant and equipment. At 31 December 2019 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) Total losses incurred on disposals of property, plant and equipment for 2019 amount to Euros 1,408 thousand (Euros 1,401 thousand of loss in 2018). c) The Group 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 From 1 January 2019 leased assets are presented as a separate line item in the balance sheet due to the implementation of the new IFRS 16 (See notes 2 (c), 4 (j) and 9). d) At 31 December 2019 the Group has recognized Euros 102,229 thousand as self -constructed property, plant and equipment (Euros 66,995 thousand at 31 December 2018). e) At 31 December 2019 the Group has property, plant and equipment purchase commitments amounting to Euros 52,519 thousand (Euros 47,148 thousand at 31 December 2018). f) A group of assets forming part of the Hospital segment has been tested for impairment due to 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 10.3% and a perpetual growth rate of 2% (10.1% and 2% respectively in 2018).

Equity-Accounted Investees

Equity-Accounted Investees	12 Months Ended
	Dec. 31, 2019
Equity-Accounted Investees
Equity-Accounted Investees	(11) Equity-Accounted Investees Details of this caption in the consolidated balance sheet for equity accounted investees with similar activity to that of the Group at 31 December 2019 and 2018 are as follows: Thousands of Thousands of Euros Euros % ownership 31/12/2019 % ownership 31/12/2018 Interstate Blood Bank, Inc. 100.00 % — 49.19 % 29,595 Bio Blood Components Inc. 0.00 % — 48.97 % 38,223 Plasma Biological Services, LLC 0.00 % — 48.90 % 21,809 Access Biologicals LLC 49.00 % 49,922 49.00 % 47,742 Plasmavita HealthCare 50.00 % 10,368 50.00 % 9,920 60,290 147,289 Movement in the investments in equity-accounted investees with similar activity to that of the Group for the year ended at 31 December 2019is as follows: Thousands of Euros 2019 Balance at 1 January — Transfer accounted investees with similar activity to that of the Group 147,289 Transfers (94,127) Share of profit / (losses) 8,972 Share of other comprehensive income / translation differences 2,624 Losses for Impairment — Collected dividends (4,468) Balance at 31 December 60,290 Plasmavita Healthcare GmbH In 2017, Grifols established PLASMAVITA GmbH, a joint venture between Grifols (50%) and two European partners (50%). The company aims to establish at least 10 plasma centers in Germany. The share capital amounts to 25,000 euros, divided into 25,000 nominal shares of 1 euro each, subscribed by both parties at 12,500 euros each. In addition, Grifols contributes an amount of Euros 10,000 thousand, which can be increased by an additional 10 million euros, which will be used to finance the project. 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 2019 and 2018 are as follows: Thousand of Euros 31/12/2019 31/12/2018 Balance at 1 January 47,742 44,219 Acquisitions — — Share of profit / (losses) 3,938 3,039 Share of other comprehensive income / translation differences 967 2,073 Collected dividends (2,725) (1,589) Balance at 31 December 49,922 47,742 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 12 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. In April 2019, the Group has exercised the call option and has completed the acquisition of the remaining shares of the IBBI companies, which are now considered part of the group, and start using the global consolidation method instead of the equity method (see note 3(c)). In September 2019, the Group merged all IBBI companies into Interstate Blood Bank, Inc. (IBBI). As a consequence, the Group now owns 100% in IBBI. 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 2019 and 2018 is as follows: Thousands of Euros Thousands of Euros 31/12/2019 31/12/2018 IBBI Bio-Blood PBS IBBI Bio-Blood PBS TOTAL 2019 TOTAL 2018 Balance at 1 January 29,595 38,223 21,809 27,936 32,960 23,010 89,627 83,906 Transfers (31,453) (38,606) (24,068) — — — (94,127) — Share of profit / (losses) 6,853 (2,543) 276 1,830 3,492 (2,181) 4,586 3,141 Share of other comprehensive income / translation differences (3,251) 2,926 1,983 1,298 1,771 980 1,658 4,049 Collected dividend (1,744) — — (1,469) — — (1,744) (1,469) Balance at 31 December — — — 29,595 38,223 21,809 — 89,627 Details of this caption in the consolidated balance sheet for the rest of equity accounted investees at 31 December 2019 and 2018 are as follows: Thousands of Euros Thousands of Euros % ownership 31/12/2019 % ownership 31/12/2018 Alkahest, Inc. 47.58 % 14,708 47.58 % 28,336 Albajuna Therapeutics, S.L 49.00 % 5,228 30.00 % 1,106 Singulex, Inc. 0.00 % — 19.33 % 19,256 GigaGen, Inc 43.96 % 23,997 43.96 % 28,363 Mecwins, S.A. 24.99 % 2,338 24.99 % 2,555 Medcom Advance, S.A 45.00 % 7,912 — — 54,183 79,616 Movement in the investments in the rest of equity-accounted investees at 31 December 2019, 2018 and 2017 is as follows: Thousands of Euros 2019 2018 2017 Balance at 1 January 79,616 219,009 201,345 Acquisitions 12,369 12,222 80,685 Transfers — 500 (16,000) Share of profit / (losses) (19,744) (11,038) (13,195) Share of other comprehensive income / translation differences 1,736 9,270 (27,134) Losses for Impairment (19,794) — (6,692) Collected dividends — (3,058) — Balance at 31 December 54,183 226,905 219,009 Medcom Advance, S.A. In February 2019, the Group completed the acquisition of 45% of the shares in Medcom Advance, S.A. for an amount of Euros 8,602 thousand. Medcom Advance, S.A. is a company dedicated to investigation and development with a view to establishing proprietary patents using nanotechnology. The company is equity accounted. Mecwins, S.A. On 22 October 2018 Grifols 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 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. 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 2019 and 2018 is as follows: Thousand of Euros 31/12/2019 31/12/2018 Balance at 1 January 28,363 29,047 Acquisitions — — Share of profit / (losses) (5,002) (1,562) Share of other comprehensive income / translation differences 636 878 Balance at 31 December 23,997 28,363 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 held a 19.33% common stock interest in Singulex on a fully diluted basis at a pre-money valuation of US Dollars 200 million. Grifols was 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 which has ensured the safety of blood and plasma products. During the second half of 2019, Singulex has announced the cease of all its operations, after entering bankruptcy. Therefore, the Group has impaired both the investment made and loans granted by Grifols to this company (see note 12). Movement in Singulex, Inc.’s equity-accounted investment for the years ended 31 December 2019 and 2018 is as follows: Thousand of Euros 31/12/2019 31/12/2018 Balance at 1 January 19,256 29,322 Share of profit / (losses) — (10,975) Share of other comprehensive income / translation differences 538 909 Losses for Impairment (19,794) — Balance at 31 December — 19,256 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. With this new acquisition, Grifols owns 90% in Kiro Grifols S.L., which is considered part of the group, and started using the global consolidation method instead of the equity method (see note 3(b)).

Financial Assets

Financial Assets	12 Months Ended
	Dec. 31, 2019
Financial Assets
Financial Assets	(12) Financial Assets Details of non-current financial assets on the consolidated balance sheet at 31 December 2019 and 2018 are as follows: Thousands of Euros 31/12/2019 31/12/2018 Financial investments in shares with stock market 7 7 Total Non-current financial assets measured at fair value 7 7 Non-current guarantee deposits 5,433 5,566 Other non-current financial assets (a) 29,504 1,908 Non-current loans to related parties (see note 31) 86,363 82,969 Non-current loans to EEAA (b) (see note 31) 17,623 17,151 Total Non-current financial assets measured at amortized cost 138,923 107,594 Details of other current financial assets on the consolidated balance sheet at 31 December 2019 and 2018 are as follows: Thousands of Euros 31/12/2019 31/12/2018 Current derivatives (c) (see note 30) — 19,934 Other current financial assets (d) (see note 30) 1,716,738 — Total Non-current financial assets measured at fair value 1,716,738 19,934 Thousands of Euros 31/12/2019 31/12/2018 Deposits and guarantees 713 822 Other current financial assets (a) 10,691 — Current loans to third parties 65 56 Current loans to associates (b) (see note 31) 719 33,153 Total other current financial assets 12,188 34,031 (a) The closing balance is mainly related to balances with other related parties (see note 31). (b) On 2 October 2017 the Group’s subsidiary Grifols Diagnostic Solutions, Inc. granted a loan 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). As a result, the Group owned 19.33 % of the common stock of Singulex Inc. During the second half of 2019, Singulex has announced the cease of all its operations, after entering bankruptcy, so the Group has impaired the investment made and loans granted by Grifols to this company (see note 11). Consequently, financial impairment has been recognized in statement of profit and loss amounting to Euros 35,565 thousand (see note 27). 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 falling due on 6 February 2022. In April 2019, the Group has exercised the call option and has completed the acquisition of the remaining shares of the IBBI companies. As a result of this new acquisition, Grifols owns 100% of the companies, which is now considered part of the group, and has started to use the full consolidation method instead of the equity method (see note 3(c)). During the second half of 2019, Aradigm has announced the cease of all its operations, after entering bankruptcy, and therefore all the loans granted by Grifols to this company have been impaired. During fiscal year 2018, the Group granted a credit line to Alkahest of US Dollars 100 million, that bear at an annual interest rate of 5% and mature on 2020. At 31 December 2020, Alkahest has used an amount of US Dollars 20 million (Euros 18,342 thousand) (c) During the year ended 31 December 2019, movement related to current derivatives corresponds to the call/purchase options described below:  Call option on the non-acquired shares of Interstate Blood Bank, Inc., Bio-Blood Components, Inc. and Plasma Biological Services, LLC. On 30 April 2019, the call option was exercised by the Group via written notice of its intention (see note 29).  Biotest Pharmaceuticals Corporation option to purchase two donation centers from ADMA Centers. The purchase option was executed on 1 January 2019 (see note 29). (d) As of 31 December 2019, Grifols transferred the rights of 90 shares of its subsidiary GDS in exchange of a contractual right resulting in a financial asset measured at fair value (equivalent to 1,766 million of SRAAS shares), because at that date no shares of SRAAS were received. As a consequence, as of 31 December 2019, SRAAS was the minority shareholder owner of the 45% of GDS. Such contractual right fulfills the definition of financial asset under IFRS 9 - Financial Instruments and has been classified as a financial asset at fair value with changes in results for not complying with the principal and interest payment criteria (because they will be received participations in SRAAS). Grifols has recorded the aforementioned contractual right for the fair value of the GDS shares transferred and subsequently said right was measured based on its fair value with changes in results. This asset amounts EUR 1,717 million (see note 2 and 30).

Inventories

Inventories	12 Months Ended
	Dec. 31, 2019
Inventories
Inventories	(13) Inventories Details of inventories at 31 December 2019 and 2018 are as follows: Thousands of Euros 31/12/2019 31/12/2018 Goods for resale 139,738 118,876 Raw materials and supplies 766,089 647,399 Work in progress and semi-finished goods 921,240 744,436 Finished goods 515,523 438,649 2,342,590 1,949,360 Movement in the inventory provision was as follows: Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Balance at 1 January 48,840 35,764 33,069 Net charge for the year 42,096 10,398 8,232 Cancellations for the year (118) (558) (357) Translation differences 13,433 3,236 (5,180) Balance at 31 December 104,251 48,840 35,764

Trade and Other Receivables

Trade and Other Receivables	12 Months Ended
	Dec. 31, 2019
Trade and Other Receivables
Trade and Other Receivables	(14) Trade and Other Receivables Details at 31 December 2019 and 2018 are as follows: Thousands of Euros 31/12/2019 31/12/2018 Trade receivables 390,205 289,316 Receivables from associates (note 31) 1,883 382 Bad debt provision (note 30) (22,291) (20,531) Trade receivables 369,797 269,167 Other receivables (note 30) 8,403 9,901 Personnel 2,163 2,082 Advance payments (note 30) 20,864 35,426 Taxation authorities, VAT recoverable 46,561 42,707 Other public entities 4,518 2,302 Other receivables 82,509 92,418 Current income tax assets 38,269 42,205 Total trade and other receivables 490,575 403,790 Other receivables During 2019, 2018 and 2017 the Grifols Group has sold receivables without recourse to some financial entities (factor). The main conditions of these contracts include the advanced collection of the transferred credits that varies between 70% and 100% of the nominal amount, less the expenses associated with the sale, and a percentage of insolvency risk coverage on the factor side that varies between 90% and 100% of the nominal of the transferred credits. The amount not covered by the factor is recognized in the consolidated balance sheet as a balance receivable from the debtors until the credit rights nominal is charged. At 31 December 2019, the amount not covered by the factor amounts to Euros 675 thousand (Euros 1,220 thousand at 31 December 2018), which does not differ significantly from its fair value and coincides with the amount of maximum exposure to losses. The credit transferred by the factor are paid in advance at the time of the sale, therefore, the default risk for this part of the nominal amount is transferred at the same time. However, in all cases, the credit risk has been substantially transferred to the factor. Likewise, in all cases, the control of the transferred credit (understood as the ability of the factor to sell those assets to a third party) is unilaterally transferred without the need to impose additional restrictions on the sale and, as a result, the Group writes off the transferred asset from the consolidated balance sheet for the amount covered by the coverage limit. Total balances receivable without recourse sold to financial institutions through the aforementioned contracts in 2019 amount to Euros 1,593,260 thousand (Euros 1,188,216 thousand in 2018 and Euros 912,204 thousand in 2017). The finance cost of these operations for the Group totals approximately Euros 9,171 thousand which has been recognized under finance costs in the consolidated statement of profit and loss for 2019 (Euros 6,053 thousand in 2018 and Euros 3,973 thousand in 2017) (see note 27). Details of balances with related parties are shown in note 31.

Cash and Cash Equivalents

Cash and Cash Equivalents	12 Months Ended
	Dec. 31, 2019
Cash and Cash Equivalents
Cash and Cash Equivalents	(15) Cash and Cash Equivalents Details of this caption of the consolidated balance sheet at 31 December 2019 and 2018 are as follows: Thousands of Euros 31/12/2019 31/12/2018 Current deposits 63 441,614 Cash in hand and at banks 741,919 592,178 Total cash and cash equivalents 741,982 1,033,792

Equity

Equity	12 Months Ended
	Dec. 31, 2019
Equity
Equity	(16) Equity Details of consolidated equity and movement are shown in the consolidated statement of changes in equity. (a) At 31 December 2019 and 2018, 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 2019 and 2018. At 31 December 2019 and 2018, the number of outstanding shares is equal to the total number of Company shares, less treasury stock. 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 16 (d)) — 479,355 Balance at 31 December 2018 426,129,798 257,606,659 Movement in outstanding shares during 2019 is as follows: Class A shares Class B shares Balance at 1 January 2019 426,129,798 257,606,659 (Acquisition) / disposal of treasury stock (note 16 (d)) — 403,399 Balance at 31 December 2019 426,129,798 258,010,058 (b) 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) The drawdown of accumulated gains is subject to legislation applicable to each of the Group companies. At 31 December 2019, Euros 12,891 thousand equivalent to the carrying amount of development costs pending amortization of certain Spanish companies (Euros 35,613 thousand at 31 December 2018) (see note 8) are, in accordance with applicable legislation, restricted reserves which cannot be distributed until these development costs have been amortized. In October 2017, the Group acquired an additional 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 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. In June 2019, Kiro Grifols, S.L. increased capital by an amount of Euro 7,500 thousand. The Group continues to hold a 90% interest, with an increase in non-controlling interest that corresponds to 10% of the capital increase (see note 18). In July 2019, the Group acquired 33 shares of Progenika Biopharma, S.A for an amount of Euros 4 thousand. As a result, the Group increased its interest from 99.99% to 100%. With this acquisition, the Group has the full control of Progenika Biopharma, S.A and therefore it ceases to have non-controlling interest (see note 18). In April 2019 and December 2019 the Group subscribed two share capital increases in Araclon Biotech, S.L of Euros 16.8 million and Euros 5.9 million, respectively. After the latter capital increase Grifols’ interest rises to 75.1% (see note 18). As of 31 December 2019, Grifols transferred the rights of 90 shares of its subsidiary Grifols Diagnostic Solutions, Inc. in exchange of a contractual right resulting in a financial assets measured at fair value (equivalent to 1,766 million of SR shares), because at that date no shares of Shanghai RAAS Blood Products Co. Ltd. were received. This transaction generates an impact in reserves of EUR 227 million (see note 2). At 31 December 2019 and 2018 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 2019 and 2018 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 2019 the balance of the legal reserve of other Spanish companies amounts to Euros 2,066 thousand (Euros 2,527 thousand at 31 December 2018). Other foreign Group companies have a legal reserve amounting to Euros 892 thousand at 31 December 2019 (Euros 843 thousand at 31 December 2018). (d) At 31 December 2019 and December 2018 the Company does not have any Class A treasury stock. Movement in Class B treasury stock during 2018 was as follows: 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 Movement in Class B treasury stock during 2019 is as follows: shares Thousands of Euros Balance at 1 January 2019 3,818,451 55,441 Disposal Class B shares (403,399) (5,857) Balance at 31 December 2019 3,415,052 49,584 In March 2019 the Group delivered 403,399 treasury stocks (Class B shares) to eligible employees as compensation for the Restricted Share Unit Retention Plan (see note 29). 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). The Parent held Class B treasury stock equivalent to 0.5% of its capital at 31 December 2019 (0.6% at 31 December 2018). (e) 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 2019, and the distribution of profit approved for 2018, presented at the general meeting held on 24 May 2019, is as follows: Thousands of Euros 31/12/2019 31/12/2018 Voluntary reserve 1,380,207 91,059 Dividends 250,058 238,659 Profit of the Parent 1,630,265 329,718 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 The following dividends were paid in 2019: 31/12/2019 % of par value Euros per share Thousands of Euros Ordinary shares 58 % 0.15 61,850 Non-voting shares 290 % 0.15 37,448 Non-voting shares (preferred dividend) 20 % 0.01 2,614 Total dividends paid 101,912 31/12/2019 % of par value Euros per share Thousands of Euros Ordinary shares (interim dividend) 80 % 0.20 85,226 Non-voting shares (interim dividend) 400 % 0.20 51,602 Total interim dividends paid 136,828 At the meeting held on 25 October, 2019, the Board of Directors of Grifols approved the distribution of interim dividend for 2019, of Euros 0.20 for each Class A and B share, recognizing a total of Euros 136,828 thousand as interim dividend. At the meeting held on 26 October, 2018, the Board of Directors of Grifols approved the distribution of an 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. 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 VI. At a general meeting held on 24 May 2019 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 2018 and 2019 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 12,498 thousand at 31 December 2019 (Euros 12,652 thousand at 31 December 2018).

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share
Earnings Per Share	(17) 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 31/12/2019 31/12/2018 31/12/2017 Profit for the year attributable to shareholders of the Parent (thousands of Euros) 625,146 596,642 662,700 Weighted average number of ordinary shares outstanding 685,115,836 684,709,377 684,197,276 Basic earnings per share (Euros per share) 0.91 0.87 0.97 The weighted average of the ordinary shares outstanding (basic) is as follows: Number of shares 31/12/2019 31/12/2018 31/12/2017 Issued shares outstanding at 1 January 684,794,839 684,346,294 683,854,491 Effect of shares issued — — — Effect of treasury stock 320,997 363,083 342,785 Average weighted number of ordinary shares outstanding (basic) at 31 December 685,115,836 684,709,377 684,197,276 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 31/12/2019 31/12/2018 31/12/2017 Profit for the year attributable to shareholders of the Parent (thousands of Euros) 625,146 596,642 662,700 Weighted average number of ordinary shares outstanding (diluted) 684,719,195 684,686,164 684,243,891 Diluted earnings per share (Euros per share) 0.91 0.87 0.97 The weighted average number of ordinary shares outstanding diluted has been calculated as follows: Number of shares 31/12/2019 31/12/2018 31/12/2017 Issued shares outstanding at 1 January 684,346,294 683,854,491 Effect of RSU shares (396,641) (23,213) 46,615 Effect of shares issued — — — Effect of treasury stock 320,997 363,083 342,785 Average weighted number of ordinary shares outstanding (diluted) at 31 December 684,719,195 684,686,164 684,243,891

Non-Controlling Interests

Non-Controlling Interests	12 Months Ended
	Dec. 31, 2019
Non-Controlling Interests
Non-Controlling Interests	(18) Non-Controlling Interests 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 US Corporation — — — 249,691 (810) 248,881 4,886 (2,236) (914) 469,881 (567) 471,050 Details of non-controlling interests and movement at 31 December 2019 are as follows: Thousands of Euros Balance at Translation Balance at 31/12/2018 Additions Disposals Capital increases differences 31/12/2019 Grifols (Thailand) Pte Ltd 3,935 193 — — 421 4,549 Grifols Malaysia Sdn Bhd 1,735 380 — — 56 2,171 Araclon Biotech, S.A. (3,488) (1,975) — 5,892 — 429 Progenika Biopharma, S.A. 9 0 (9) — — — VCN Bioscience, S.L 140 (292) — — — (152) Kiro Grifols , S.L. (352) (374) — 750 — 24 Haema AG 220,190 5,881 — — — 226,071 Biotest US Corporation 248,881 19,685 — — 11,444 280,010 Grifols Diagnostic Solutions, Inc. (see note 2) — 1,510,547 — — — 1,510,547 471,050 1,534,045 (9) 6,642 11,921 2,023,649 At 31 December 2019, the summary financial information on the non-controlling interests of Haema AG and Biotest US Corporation, is as follows: Thousands of Euros Thousands of Euros 31/12/2019 31/12/2018 Haema AG Biotest US Corp Haema AG Biotest US Corp Non-current assets 244,107 299,045 199,056 215,072 Current assets 32,576 60,099 19,527 40,352 Total Assets 276,683 359,144 218,583 255,424 Non-current liabilities 22,226 56,425 98 8,766 Current liabilities 28,386 22,709 (1,705) (2,223) Total Liabilities 50,612 79,134 (1,607) 6,543 Total equity 226,071 280,010 220,190 248,881 At 31 December 2019, the summary financial information on the non-controlling interests of GDS Group is as follows: Thousands of Euros Thousands of USD 31/12/2019 31/12/2019 Non-current assets 3,416,366 3,834,871 Current assets 273,259 306,734 Total Assets 3,689,625 4,141,605 Non-current liabilities 224,635 252,153 Current liabilities 108,220 121,478 Total Liabilities 332,855 373,631 Total equity 3,356,770 3,767,974

Grants

Grants	12 Months Ended
	Dec. 31, 2019
Grants
Grants	(19) Grants Details are as follows: Thousands of Euros 31/12/2019 31/12/2018 Capital grants 10,785 11,149 Interest rate grants (preference loans) (See note 21 (d)) 592 696 11,377 11,845 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 1,388 thousand have been recognized in the consolidated statement of profit and loss for the year ended at 31 December 2019 (Euros 1,166 thousand for the year ended at 31 December 2018).

Provisions

Provisions	12 Months Ended
	Dec. 31, 2019
Provisions
Provisions	(20) Provisions Details of provisions at 31 December 2019 and 2018 are as follows: Thousands of Euros 31/12/2019 31/12/2018 Non-current provisions (a) Provisions for pensions and similar obligations 5,991 5,296 Other provisions 2,039 818 Non-current provisions 8,030 6,114 Thousands of Euros 31/12/2019 31/12/2018 Current provisions (b) Trade provisions 53,109 80,055 Current provisions 53,109 80,055 (a) Non-current provisions At 31 December 2019, 2018 and 2017 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 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 was 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 Movement in provisions during 2019 is as follows: Thousands of Euros Balance at Translation Balance at 31/12/2018 Net charge Cancellations Reclassifications differences 31/12/2019 Non-current provisions 6,114 1,467 (30) 464 15 8,030 6,114 1,467 (30) 464 15 8,030 (b) Current provisions 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 was as follows: Thousands of Euros Balance at Translation Balance at 31/12/2017 Net charge Cancellations differences 31/12/2018 Trade provisions 106,995 (30,668) (290) 4,018 80,055 106,995 (30,668) (290) 4,018 80,055 Movement in trade provisions during 2019 is as follows: Thousands of Euros Balance at Translation Balance at 31/12/2018 Net charge Cancellations differences 31/12/2019 Trade provisions 80,055 (25,249) (3,142) 1,445 53,109 80,055 (25,249) (3,142) 1,445 53,109

Financial Liabilities

Financial Liabilities	12 Months Ended
	Dec. 31, 2019
Financial Liabilities
Financial Liabilities	(21) 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 2019 and 2018 are as follows: Thousands of Euros Financial liabilities 31/12/2019 31/12/2018 Non-current obligations (a) 2,588,030 1,000,000 Senior secured debt (b) 3,285,086 4,771,285 Other loans (b) 216,686 239,686 Finance lease liabilities — 9,537 Other non-current financial liabilities (d) 59,981 78,955 Non-current lease liabilities (note 9) 696,285 — Total non-current financial liabilities 6,846,068 6,099,463 Current obligations (a) 89,172 102,978 Senior secured debt (b) 1,803 129,955 Other loans (b) 184,164 24,839 Finance lease liabilities — 3,348 Other current financial liabilities (d) 41,768 16,262 Current lease liabilities (note 9) 44,405 — Total current financial liabilities 361,312 277,382 On 15 November 2019 the Group concluded the refinancing process of its senior secured debt for Euros 5,800 million. The new financing includes a Term Loan B for US Dollars 2,500 million and Euros 1,360 million, both aimed at institutional investors; the issue of two bonds for Euros 1,675 million (Senior Secured Notes); and the extension of a multi-currency revolving credit facility up to US Dollars 500 million. Grifols calculated the impact of the IFRS 9 in the new financing process concluding that it does not result in a derecognition of the liability as it has not passed the 10% quantitative test. According to the IASB’s interpretation, 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. Following the standard, the Group has recognized income of Euros 97,850 thousand in the profit or loss account (see note 27). 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. On 5 December 2017 and 28 October 2015, the Group arranged loans with the same entity and with the same conditions for amounts of Euros 85,000 thousand and Euros 100,000 thousand, respectively. At 31 December 2019, the carrying amount of the loans obtained from the European Investment Bank amounts to Euros 233,750 thousand (Euros 244,375 thousand at 31 December, 2018). (a) On 15 November 2019, as part of its refinancing process, Grifols, S.A. issued Euros 1,675 million of Senior Secured Notes segmented in two notes of Euros 770 million and Euros 905 million. These notes will mature in 2027 and 2025 and will bear annual interest at a rate of 2.25% and 1.625%, respectively. On 15 November 2019 the notes were admitted to listing on the Irish Stock Exchange. On 18 April 2017, Grifols, S.A., issued Euros 1,000 million of Senior Unsecured Notes that will mature in 2025 and will bear annual interest at a rate of 3.20%. On 2 May 2017 the Notes were admitted to listing on the Irish Stock Exchange. Details of movement in the Senior Notes at 31 December 2019 are as follows: Thousands of Euros Opening outstanding Closing outstanding balance 01/01/19 Refinancing balance 31/12/19 Senior Unsecured Notes (nominal amount) 1,000,000 — 1,000,000 Senior Secured Notes (nominal amount) — 1,675,000 1,675,000 Total 1,000,000 1,675,000 2,675,000 There was no movement regarding the Senior Unsecured Notes in 2018. At 31 December 2019 and 2018 the current obligations caption includes the issue of bearer promissory notes to Group employees, as follows: 31/12/2018 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 05/05/18 04/05/19 3,000 4.00 % 99,990 (1,041) (1,304) 31/12/2019 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 05/05/19 04/05/20 3,000 5.00 % 103,122 (1,170) (1,686) (b) Details of loans and borrowings at 31 December 2019 and 2018 are as follows: Thousands of Euros 31/12/2019 31/12/2018 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 Senior debt - Tranche A Euros Euribor + 1.75% 31/01/2017 31/01/2023 — — 607,000 576,650 Senior debt - Tranche B US Dollars Libor + 2.25% 31/01/2017 31/01/2025 — — 2,620,087 2,548,035 Senior debt - Tranche B Euros Euribor + 2.25% 15/11/2019 15/11/2027 1,360,000 1,346,400 — — Senior debt - Tranche B US Dollars Libor + 2.00% 15/11/2019 15/11/2027 2,227,171 2,204,900 — — Total senior debt 3,587,171 3,551,300 5,279,490 5,074,467 EIB Loan Euros 2.40% 20/11/2015 20/11/2025 100,000 53,125 100,000 63,750 EIB Loan Euros 2.02% 22/12/2017 22/12/2027 85,000 74,375 85,000 85,000 EIB Loan Euros 2.15% 25/09/2018 25/09/2028 85,000 85,000 85,000 85,000 Total EIB Loan 270,000 212,500 270,000 233,750 Revolving Credit US Dollars Libor + 1.75% 31/01/2017 31/01/2023 — — 262,009 — Revolving Credit US Dollars Libor + 1.5% 15/11/2019 15/11/2025 445,434 — — — Total Revolving Credit 445,434 — 262,009 — Other non-current loans Euros Euribor - Euribor + 2.30% 25/03/2010 30/09/2024 10,000 4,186 26,680 5,936 Loan transaction costs — (266,214) — (303,182) Non-current loans and borrowings 4,312,605 3,501,772 5,838,179 5,010,971 Thousands of Euros 31/12/2019 31/12/2018 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 (*) — (*) 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 Senior debt - Tranche B Euros Euribor + 2.25% 15/11/2019 15/11/2027 (*) 13,600 (*) — Senior debt - Tranche B US Dollars Libor + 2.00% 15/11/2019 15/11/2027 (*) 22,271 (*) — Total senior debt — 35,871 — 159,172 EIB Loan Euros 2.40% 20/11/2015 20/11/2025 (*) 10,625 (*) 10,625 EIB Loan Euros 2.02% 22/12/2017 22/12/2027 (*) 10,625 (*) — Total EIB Loan — 21,250 — 10,625 Other current loans 0.10% - 3.59% 239,782 162,914 144,571 14,214 Loan transaction costs — (34,068) — (29,217) Current loans and borrowings 239,782 185,967 144,571 154,794 (*) Current loans and borrowings include accrued interest amounting to Euros 6,266 thousand at 31 December 2019 (Euros 2,546 thousand at 31 December 2018). On 15 November 2019 the Group refinanced its Senior Secured Debt with the existing lenders. The new senior debt consists of a Term Loan B (“TLB”), which amount US Dollars 2,500 million and Euros 1,360 million with a 2.00% margin pegged to Libor and a 2.25% margin pegged to Euribor respectively, maturity in 2027 and quasi-bullet repayment structure. The borrowers of the total senior debt are Grifols, S.A. and Grifols Worldwide Operations USA, Inc. 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 84.4 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. 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. Following the standard, the Group has recognized income of Euros 97,850 thousand in the profit or loss account (see note 27). The terms and conditions of the senior secured debt are as follows:  Tranche B : Senior Debt Loan repayable in eight years divided in two tranches:  US Dollar Tranche B :  Original principal amount of US Dollars 2,500 million.  Applicable margin of 200 basis points (bp) pegged to US Libor.  Quasi-bullet repayment structure.  Maturity in 2027.  Tranche B in Euros :  Original principal amount of Euros 1,360 million.  Applicable margin of 225 basis points (bp) pegged to Euribor.  Quasi-bullet repayment structure.  Maturity in 2027. Details of Tranche B by maturity at 31 December 2019 are as follows: US Tranche B Tranche B in Euros Amortization in thousands Amortization in Amortization in Currency of US Dollars thousands of Euros Currency thousands of Euros Maturity 2020 US Dollars 25,000 22,271 Euros 13,600 2021 US Dollars 25,000 22,271 Euros 13,600 2022 US Dollars 25,000 22,271 Euros 13,600 2023 US Dollars 25,000 22,271 Euros 13,600 2024 US Dollars 25,000 22,271 Euros 13,600 2025 US Dollars 25,000 22,271 Euros 13,600 2026 US Dollars 25,000 22,271 Euros 13,600 2027 US Dollars 2,325,000 2,071,274 Euros 1,264,800 Total US Dollars 2,500,000 2,227,171 Euros 1,360,000 o US Dollars 500 million committed credit revolving facility: Amount maturing on 2025 and applicable margin of 150 basis points (bp) pegged to US Libor. At 31 December 2019 no amount has been drawn down on this facility. 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 secured 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., Talecris Plasma Resources, Inc.., Grifols Therapeutics, Inc., Instituto Grifols, S.A., Grifols Worldwide Operations USA, Inc., Grifols USA, Llc. and Grifols International, S.A. (c) In December 2019 and December 2018 Moody’s Investors Service has confirmed the ‘Ba3’ corporate family rating, ‘Ba2’ rating to the senior secured bank debt that was used to refinance the existing debt structure. The outlook is confirmed as stable. The credit rating of the senior unsecured notes is B2. In December 2019 and December 2018 Standard & Poor’s has confirmed its ‘BB’ rating on Grifols and has assigned 'BB+ ratings to Grifols' senior secured debt that was used to refinance the existing debt structure. The outlook for the rating is stable. The credit rating of the senior unsecured notes is B+. (d) At 31 December 2019 “other financial liabilities” include interest-free loans extended by governmental institutions amounting to Euros 14,787 thousand (Euros 16,559 thousand at 31 December 2018). The portion of the loans considered a grant and still to be taken to profit and loss amounts to Euros 592 thousand (Euros 696 thousand at 31 December 2018) (see note 19). At 31 December 2019 “other current financial liabilities” include mainly the repurchase option of Goetech, LLC amounting to US Dollars 20 million (see note 3(d)) and an outstanding balance with a related party (see note 31). Details of the maturity of other financial liabilities are as follows: Thousands of Euros 31/12/2019 31/12/2018 Maturity at: Up to one year 41,768 16,262 Two years 50,585 21,460 Three years 2,977 49,602 Four years 1,870 2,916 Five years 1,420 1,799 Over five years 3,129 3,178 101,749 95,217 (e) Thousand of Euros Senior Secured debt & Other Finance lease Other financial Obligations loans liabilities liabilities Total Book value at January 1, 2018 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 New financing 1,778,218 3,780,115 — 12,249 5,570,582 Refunds (100,215) (5,447,842) (73,785) (8,152) (5,629,994) Bear of interests 37,095 171,535 34,558 1,166 244,354 Other movements (note 2) (108,874) 24,121 761,682 — 676,929 Collection / Payment of interests (32,000) (204,179) — — (236,179) Business combination (note 3) — 10,233 — — 10,233 Foreign exchange differences — 187,991 5,350 1,269 194,610 Balance at December 31, 2019 2,677,202 3,687,739 740,690 101,749 7,207,380

Trade and Other Payables

Trade and Other Payables	12 Months Ended
	Dec. 31, 2019
Trade and other payables
Trade and Other Payables	(22) Trade and Other Payables Details are as follows: Thousands of Euros 31/12/2019 31/12/2018 Suppliers 581,882 561,883 VAT payable 9,999 8,954 Taxation authorities, withholdings payable 26,839 26,299 Social security payable 15,150 12,787 Other public entities 113,644 111,776 Other payables 165,632 159,816 Current income tax liabilities 5,966 1,917 753,480 723,616 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, 2019
Other Current Liabilities
Other Current Liabilities	(23) Other Current Liabilities Details at 31 December are as follows: Thousands of Euros 31/12/2019 31/12/2018 Salaries payable 175,079 153,160 Other payables 847 504 Deferred income 9,791 8,912 Advances received 11,682 6,613 Other current liabilities 197,399 169,189

Net Revenues

Net Revenues	12 Months Ended
	Dec. 31, 2019
Net Revenues
Net Revenues	(24) Net Revenues Net revenues are mainly generated from the sale of goods. The distribution of net consolidated revenues for 2019, 2018 and 2017 by segment is as follows: Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Bioscience 3,993,462 3,516,704 3,429,785 Diagnostic 733,604 702,265 732,369 Hospital 134,441 119,454 105,649 Bio supplies 266,540 167,004 66,791 Others 22,820 22,451 18,263 Intersegments (52,176) (41,154) (34,784) 5,098,691 4,486,724 4,318,073 The geographical distribution of net consolidated revenues is as follows: Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 USA and Canada 3,390,811 2,974,429 2,896,505 Spain 268,287 264,913 242,894 European Union 588,375 535,361 444,089 Rest of the world 851,218 712,021 734,585 Consolidated 5,098,691 4,486,724 4,318,073 Details of discounts and other reductions in gross income are as follows: Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Gross sales 6,429,762 5,588,257 5,322,618 Chargebacks (1,119,540) (923,023) (826,775) Cash discounts (70,340) (62,518) (57,512) Volume rebates (56,426) (46,922) (43,274) Medicare and Medicaid (50,442) (40,343) (41,722) Other discounts (34,323) (28,727) (35,262) Net sales 5,098,691 4,486,724 4,318,073 Movement in discounts and other reductions in 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 Movement in discounts and other reductions to gross income during 2019 were as follows: Thousands of Euros Cash Volume Medicare / Other Chargebacks discounts rebates Medicaid discounts Total Balance at 31 December 2018 75,175 6,441 24,797 22,941 8,837 138,191 Current estimate related to sales made in current and prior year 1,119,540 70,340 56,426 50,442 34,323 1,331,071 (1) (Actual returns or credits in current period related to sales made in current period) (1,104,493) (64,523) (28,014) (34,486) (22,490) (1,254,006) (2) (Actual returns or credits in current period related to sales made in prior periods) 275 (6,385) (25,050) (20,375) (5,652) (57,187) (3) Translation differences (9) 24 546 389 52 1,003 Balance at 31 December 2019 90,488 5,897 28,705 18,911 15,070 159,072 (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, 2019
Personnel Expenses
Personnel Expenses	(25) Personnel Expenses Details of personnel expenses by function are as follows: Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Cost of sales 988,689 810,512 731,192 Research and development 106,472 93,817 90,495 Selling, general & administration expenses 382,472 345,224 323,880 1,477,633 1,249,553 1,145,567 Details by nature are as follows: Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Wages and salaries 1,178,527 1,000,682 917,810 Contributions to pension plans (see note 29) 29,941 21,363 20,347 Other social charges 28,785 29,055 27,679 Social Security 240,380 198,453 179,731 1,477,633 1,249,553 1,145,567

Expenses by Nature

Expenses by Nature	12 Months Ended
	Dec. 31, 2019
Expenses by Nature
Expenses by Nature	(26) Expenses by Nature (a) Amortization and depreciation Expenses for the amortization and depreciation of intangible assets, rights of use and property, plant and equipment, incurred during 2019, 2018 and 2017 classified by functions are as follows: Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Cost of sales 193,081 146,530 135,186 Research and development 22,471 19,836 14,721 Selling, general & administration expenses 86,903 62,243 65,583 302,455 228,609 215,490 (b) Other operating income and expenses Other operating income and expenses incurred during 2019, 2018 and 2017 by function are as follows: Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Cost of sales 467,705 432,803 416,020 Research and development 166,177 152,670 129,579 Selling, general & administration expenses 457,921 410,753 460,959 1,091,803 996,226 1,006,558 Details by nature are as follows: Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Changes in trade provisions (19,811) (23,125) 3,648 Professional services 244,355 211,305 211,579 Commissions 32,178 21,941 18,473 Supplies and auxiliary materials 170,021 149,831 131,932 Operating leases (note 9) 33,235 84,299 80,136 Freight 130,663 112,340 105,292 Repair and maintenance expenses 136,377 107,806 103,518 Advertising 59,063 44,659 49,893 Insurance 25,647 22,632 21,529 Royalties 10,674 10,726 11,241 Travel expenses 61,346 51,428 58,171 External services 64,099 53,391 82,699 R&D Expenses 103,053 100,889 89,977 Other 40,903 48,104 38,470 Other operating income&expenses 1,091,803 996,226 1,006,558

Finance Result

Finance Result	12 Months Ended
	Dec. 31, 2019
Finance Result
Finance Result	(27) Finance Result Details are as follows: Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Finance income 114,197 13,995 9,678 Finance cost from Senior Unsecured Notes (41,920) (35,471) (65,189) Finance cost from senior debt (note 21 (b)) (262,797) (247,646) (193,183) Finance cost from sale of receivables (note 14) (9,171) (6,053) (3,973) Capitalized interest (note 10) 14,894 8,955 8,839 Finance lease expense (note 9) (34,558) — — Other finance costs (9,413) (13,058) (9,838) Finance costs (342,965) (293,273) (263,344) Impairment and gains / (losses) on disposal of financial instruments (note 11 and 12 (b)) (37,666) 30,280 (18,844) Change in fair value of financial instruments 1,326 — (3,752) Exchange differences (9,616) (8,246) (11,472) Finance result (274,724) (257,244) (287,734) On 29 January 2018 (prior to the date on which the 2017 consolidated financial statements were authorized for issue) Aradigm informed that it had not obtained approval for Linahiq TM from the Antimicrobial Drugs Advisory Committee of the US Food and Drug Administration. As a result, the financial assets related to Aradigm’s convertible note were totally impaired for a total of 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 in 2017. Finance cost from senior debt includes an income of Euros 97,850 thousand related to the refinancing effect (see note 21). During 2019 the Group has capitalized interest at a rate of between 5.34% and 5.46% based on the financing received (between 4.61% and 5.18% during 2018) (see note 4 (f)). As of 31 December 2019, as part of the shares exchange agreement with Shanghai RAAS Blood Products Co. Ltd., Grifols delivered 90 shares of its subsidiary Grifols Diagnostic Solutions, Inc. in exchange of a contractual right resulting in an investment in an associate, which has generated a benefit related to the measurement of the contractual right amounting to EUR 1 million as of 31 December 2019 (see note 2).

Taxation

Taxation	12 Months Ended
	Dec. 31, 2019
Taxation
Taxation	(28) Taxation Grifols, S.A. is authorized to file consolidated tax returns in Spain with Grifols Movaco, S.A., Laboratorios Grifols, S.A., Instituto Grifols, S.A., Biomat, S.A., Grifols Viajes, S.A., Grifols International, S.A., Grifols Engineering, S.A., Gripdan Invest, S.L., Aigües Minerals de Vilajuiga, S.A. 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., Talecris Plasma Resources, Inc and Goetech, LLC.. The profits of the companies domiciled in the USA, determined in accordance with prevailing tax legislation, are subject to tax of approximately 22.6% of taxable income, which may be reduced by certain deductions. Grifols assesses the effect of uncertain tax treatments and recognizes the effect of the uncertainty on taxable earnings. At 31 of December 2019, the potential obligations deriving from tax claims are properly covered. There are no lawsuits or uncertain tax treatments that are individually material. (a) Details of the income tax expense and income tax related to profit for the year are as follows: Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Profit before income tax from continuing operations 817,103 725,842 695,722 Tax at 25% 204,276 181,461 173,931 Permanent differences 6,104 (2,000) 17,163 Effect of different tax rates (22,564) (29,543) 40,981 Tax credits (deductions) (12,702) (18,226) (16,092) Impact related to the US tax legistation modifications — — (171,169) Prior year income tax expense (3,722) 381 (8,614) Other income tax expenses/(income) (2,933) (637) (1,792) Total income tax expense 168,459 131,436 34,408 Deferred tax 58,275 (21,189) (149,444) Current tax 110,184 152,625 183,852 Total income tax expense 168,459 131,436 34,408 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 had on the manner in which the deferred taxes will revert as of 31 December 2017. In the analysis performed, the main impact came from the change in tax rates to be applied to deferred taxes as of 31 December 2017, which fell 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) Details of deferred tax assets and liabilities are as follows: Thousands of Euros Tax effect 31/12/2019 31/12/2018 31/12/2017 Assets Provisions 6,228 7,936 4,564 Inventories 51,838 41,029 35,619 Tax credits (deductions) 61,476 57,357 49,467 Tax loss carryforwards 36,066 32,769 6,179 Other 6,531 8,611 7,513 Subtotal, assets 162,139 147,702 103,342 Goodwill (27,721) (24,691) (22,346) Fixed assets, amortisation and depreciation (2,821) (3,922) (7,780) Intangible assets (8,573) (6,550) (7,059) Subtotal, net liabilities (39,115) (35,163) (37,185) Deferred assets, net 123,024 112,539 66,157 Liabilities Goodwill (194,964) (150,644) (105,963) Intangible assets (214,993) (220,752) (201,921) Fixed assets (88,498) (99,819) (95,029) Debt cancellation costs (65,967) (42,319) (70,503) Inventories — — — Subtotal, liabilities (564,422) (513,534) (473,416) Tax loss carryforwards 24,734 20,833 15,384 Inventories 2,408 5,644 5,063 Provisions 39,366 53,290 47,404 Other 34,087 29,369 16,653 Subtotal, net assets 100,595 109,135 84,504 Net deferred Liabilities (463,827) (404,398) (388,912) Movement in deferred tax assets and liabilities is as follows: Thousands of Euros Deferred tax assets and liabilities 31/12/2019 31/12/2018 31/12/2017 Balance at 1 January (291,859) (322,755) (533,427) Movements during the year (58,275) 21,189 149,444 Movements in equity during the year — — — Business combination (note 3) — 21,328 16,736 Translation differences 9,331 (11,621) 44,492 Balance at 31 December (340,803) (291,859) (322,755) The detail of deferred tax assets and liabilities by jurisdiction at 31 December 2019 is as follow: USA Spain Other Total 31/12/2019 31/12/2019 31/12/2019 31/12/2019 Net deferred tax (392,040) (35,117) (35,921) (463,078) Tax credit rigths 54,340 5,162 1,297 60,799 Tax loss carryforwards — 61,476 — 61,476 (337,700) 31,521 (34,624) (340,803) The detail of deferred tax assets and liabilities by jurisdiction at 31 December 2018 is as follow: USA Spain Other Total 31/12/2018 31/12/2018 31/12/2018 31/12/2018 Net deferred tax (353,116) (34,441) (15,260) (402,817) Tax credit rigths 46,722 5,669 1,210 53,601 Tax loss carryforwards — 57,357 — 57,357 (306,394) 28,585 (14,050) (291,859) The detail of deferred tax assets and liabilities by jurisdiction at 31 December 2017 is as follow: USA Spain Other Total 31/12/2017 31/12/2017 31/12/2017 31/12/2017 Net deferred tax (325,550) (32,396) (35,840) (393,786) Tax credit rigths 15,385 5,759 420 21,564 Tax loss carryforwards — 49,467 — 49,467 (310,165) 22,830 (35,420) (322,755) 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 2019, 2018 and 2017 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 26,840 thousand at 31 December 2019 (Euros 27,097 thousand at 31 December 2018). 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 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 66,364 thousand (Euros 55,282 thousand at 31 December 2018). The commitments from Spanish companies from the reversal of deferred tax related to provisions of investments in subsidiaries are not significant. (c) 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 without any significant adjustment.  Grifols Shared Services North America, Inc. and subsidiaries: In 2018 notification of an inspection was received relating to the State Income Tax for the fiscal year 2016.  Grifols, S.A., Grifols Movaco, S.A., Diagnostic Grifols, S.A. and Instituto Grifols, S.A: In 2019 notification of an inspection has been received from 2014 to 2016 for corporate income tax and from 2015 to 2016 for VAT and withholding tax. Group management does not expect any significant liability to derive from these inspections.

Other Commitments with Third Pa

Other Commitments with Third Parties and Other Contingent Liabilities	12 Months Ended
	Dec. 31, 2019
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) The Group has no significant guarantees extended to third parties. (b) The Group has no significant guarantees extended to third parties, except for those described in note 21. (c) The Group’s annual contribution to defined contribution pension plans of Spanish Group companies for 2019 has amounted to Euros 833 thousand (Euros 777 thousand for 2018). 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 63 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 five executives entitling them to termination benefits ranging from one to four years of their salary in different circumstances. Restricted Share Unit Retention Plan Fod 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 2019, the Group has settled the RSU plan of 2016 for an amount of Euros 8,546 thousand (Euros 7,914 thousand at 31 December 2018 corresponding to the RSU plan of 2015). This commitment is treated as equity instrument and the amount totals Euros 12,498 thousand at 31 December 2019 (Euros 12,652 thousand at 31 December 2018). 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 4% 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 29.4 million in 2019 (US Dollars 20.7 million in 2018). Other plans The Group has a defined benefit pension plan for certain former 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) Details of the Group’s commitments of raw materials at 31 December 2019 are as follows: Thousands of Euros 2020 202,996 2021 107,249 2022 1,713 2023 1,312 2024 1,126 More than 5 years 1,783 (e) Details of legal proceedings in which the Company or Group companies are involved are as follows:  ORTHO-CLINICAL DIAGNOSTICS, INC., GRIFOLS DIAGNOSTIC SOLUTIONS, INC. adv. SIEMENS HEALTHCARE DIAGNOSTICS, INC. Served: 20 November 2018 Contract Dispute Ortho-Clinical Diagnostics, Inc. ("Ortho") and Grifols Diagnostic Solutions, Inc. ("GDS") dispute with Siemens Healthcare Diagnostics, Inc. ("Siemens") regarding sales and commissions under the Supply and Agency Agreement. NEXT ACTION: Dispute Resolution initiated per the Supply and Agency Agreement. Common Interest and Joint Defense Agreement entered between Ortho and GDS. Several meeting with executives and counsel took place in June, September and October 2019. Notice of arbitration filed on 4 December 2019. Siemens filed counterclaims on 10 December 2019. Parties identified prospective arbitrators for panel. • Served: 9 February 2017 US District Court for the Middle District of North Carolina Patent Infringement, Case No. 1:17-CV-102 bioMérieux alleges infringement of U.S. Patent Nos. 8,697,352 and 9,074,262 by Hologic Inc. ("Hologic"), GDS and Grifols SA ("GSA") with respect to identified HIV Assays. NEXT ACTION: The Court issued its ruling on the summary judgment motion, prompting bioMérieux to dismiss claims related to the 9,074,262 patent. A jury trial was held surrounding only claims related to the 8,697,352 patent. On February 25, 2020, the jury returned a verdict in favor of Hologic and Grifols in the U.S. District Court in Delaware. Specifically, the jury held that all claims of the patent asserted by bioMérieux in the case were invalid (1) because they were anticipated by Hologic’s prior invention of the underlying technology and (2) due to obviousness. As a result of this ruling, Hologic and Grifols do not owe any damages to bioMérieux and may continue to sell, service and support the affected Procleix and Aptima products without restriction. BioMérieux may still file post-trial motions and appeal the verdict. • Served: 24 May 2018 on Regeneron US District Court for the Southern District of New York White Plains Division Patent Infringement, Civil Action No. 7:18-cv-2434 Novartis Vaccines and Diagnostics, Inc., Novartis Pharma AG, and Grifols Worldwide Operations Limited ("GWWO") allege patent infringement of U.S. Patent No. 5,688,688 ("the '688 patent"). NEXT ACTION: Joint Defense Agreement with Novartis. Defendants filed a motion to dismiss willful infringement claims on 2 August 2018, which was denied on 24 October 2018. Deposition of Seamus McCooey as 30(b)(6) witness for GWWO taken on 21 March 2019. Court-ordered mediation was held 30 May 2019 with no resolution. Regeneron filed an IPR on 14 May 2019 with the PTAB with respect to the 688 patent. Following the Court's decision on the claim construction, the Court issued its Judgement of Noninfringement and Order of Dismissal on 5 September 2019, parties to bear their own fees and costs. The IPR was dismissed by the PTAB following the parties' Joint Motion to Dismiss of October 2019. The time to appeal has passed and these matters are now closed. • Served: 8 October 2019 US District Court, Northern District of Illinois Patent Infringement, Civil Action No. 1:19-cv-6587 Abbott Laboratories (“Abbott”), GDS, GWWO and Novartis Vaccines and Diagnostics, Inc. are in dispute over unpaid royalties payable by Abbott to GDS and Ortho-Clinical Diagnostics (“Ortho”) under an HIV License and Option agreement dated 16 August 2019 (the “HIV License”). On 12 September 2019, GDS and Ortho filed Notice of Arbitration. On 3 October 2019, Abbott terminated the HIV License and filed for Declaratory Relief seeking to invalidate the licensed patent. GDS filed Motions to Dismiss and to Compel Arbitration, but the Court continued all pending Motions and referred the parties to a magistrate for a mandatory settlement conference. On the 5th February the parties attended a Mandatory Settlement Conference ordered by the District Judge, with the Magistrate Judge presiding. No satisfactory settlement was reached. On March 16, 2020, Grifols and Ortho filed an answer and counterclaim to the litigation, while simultaneously pursuing arbitration for the pre-termination amount owed by Abbot. The arbitration hearing is set for June 15-16, 2020. The arbitration ruling is due on or before July 7, 2020.

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2019
Financial Instruments
Financial Instruments	(30) Financial Instruments Classification Disclosure of financial instruments by nature, category and fair value is as follows: Thousand of Euros 31/12/2018 Carrying amount Fair Value Financial assets Financial assets Financial Financial Other at amortised at FV to assets at FV liabilitites at financial costs profit or loss to OCI amortised costs liabilities Total Level 1 Level 2 Level 3 Total Non-current financial assets — 7 — — — 7 — — 7 Current Financial derivatives — 19,934 — — — 19,934 — — 19,934 19,934 Trade receivables — — — 198,010 — 198,010 — 198,010 Financial assets measured at fair value — 19,941 — — 217,951 Non-current financial assets — — — — 107,594 Other current financial assets — — — — 34,031 Trade and other receivables — — — — 163,575 Cash and cash equivalents — — — — 1,033,792 Financial assets not measured at fair value — — — — 1,338,992 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 — — — (7,105,623) (170,490) (7,276,113) 1,338,992 19,941 198,010 (7,105,623) (170,490) (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. Thousand of Euros 31/12/2019 Carrying amount Fair Value Financial assets Financial assets Financial Financial Other at amortised at FV to assets at FV liabilities at financial costs profit or loss to OCI amortised costs liabilities Total Level 1 Level 2 Level 3 Total Non-current financial assets — 7 — — — 7 7 — — 7 Other current financial assets — 1,716,738 — — — 1,716,738 — — 1,716,738 1,716,738 Trade receivables — — 298,346 — — 298,346 — 298,346 — 298,346 Financial assets measured at fair value — 1,716,745 298,346 — — 2,015,091 Non-current financial assets 138,923 — — — — 138,923 Other current financial assets 12,188 — — — — 12,188 Trade and other receivables 153,960 — — — — 153,960 Cash and cash equivalents 741,982 — — — — 741,982 Financial assets not measured at fair value 1,047,053 — — 1,047,053 Senior Unsecured & Secured Notes — — — (2,576,935) — (2,576,935) (2,749,557) — — (2,749,557) Promissory Notes — — — (100,267) — (100,267) Senior secured debt — — — (3,286,889) — (3,286,889) — (3,623,233) — (3,623,233) Other bank loans — — — (400,850) — (400,850) Lease liabilities — — — (740,690) — (740,690) Other financial liabilities — — — (101,749) — (101,749) Debts with associates — — — (1,258) — (1,258) Other non-current debts — — — — (983) (983) Trade and other payables — — — (747,514) — (747,514) Other current liabilities — — — — (197,399) (197,399) Financial liabilities not measured at fair value — — — (7,956,152) (198,382) (8,154,534) 1,047,053 1,716,745 298,346 (7,956,152) (198,382) (5,092,390) 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 2019 and 2018 the Group has recognized the following derivatives: Notional Notional Thousands of Euros amount at amount at Value at Value at Financial derivatives Currency 31/12/2019 31/12/2018 31/12/19 31/12/18 Maturity Call Option (Interstate Blood Bank,Inc., Bio-Blood Components, Inc and Plasma Biological Services, LLC) US Dollar N/A N/A — 8,733 30/04/2019 Call Option (ADMA Centers) US Dollar N/A N/A — 11,201 01/01/2019 Total Assets — 19,934 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 was exercised by the Group by delivering written notice of its intention on 30 April 2019 (see notes 2 and 3). 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 (see note 12). 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) The carrying amount of financial assets represents the maximum exposure to credit risk. At 31 December 2019 and 2018 the maximum level of exposure to credit risk is as follows: Thousands of Euros Carrying amount Note 31/12/2019 31/12/2018 Non-current financial assets 12 138,930 107,601 Other current financial assets 12 1,728,926 53,965 Trade receivables 14 369,797 269,167 Other receivables 14 29,267 45,327 Cash and cash equivalents 15 741,982 1,033,792 3,008,902 1,509,852 The maximum level of exposure to risk associated with receivables at 31 December 2019 and 2018, by geographical area, is as follows. Thousands of Euros Carrying amount 31/12/2019 31/12/2018 Spain 58,363 46,025 EU countries 44,887 48,354 United States of America 171,345 79,829 Other European countries 13,485 14,289 Other regions 110,984 125,997 399,064 314,494 (b) A breakdown of the trade and other receivables net of the bad debt provision by ageing as of 31 December 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 A breakdown of the trade and other receivables net of the bad debt provision by seniority as of December 31, 2019 is as follows: Thousands of Euros Total net trade Total gross carrying receivable third ECL Rate amount Provision party Not matured 0.19 % 285,942 (585) 285,357 Past due 0-30 days 0.19 % 48,212 (57) 48,155 Past due 31-60 days 0.62 % 15,831 (101) 15,730 Past due 61-90 days 2.03 % 10,364 (156) 10,208 Past due 91-180 days 3.01 % 8,606 (243) 8,363 Past due 181-365 days 8.52 % 2,216 (232) 1,984 More than one year 100.00 % 3,056 (3,056) — Customers with objective evidence of impairment 17,861 (17,861) — 392,088 (22,291) 369,797 Unimpaired receivables that are past due mainly relate to public entities. Movement in the bad debt provision was as follows: Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Opening balance 20,531 19,706 17,987 Net charges for the year 4,971 6,443 8,003 Net cancellations for the year (3,142) (5,650) (4,732) Transfers (19) — — Translation differences (50) 32 (1,552) Closing balance 22,291 20,531 19,706 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 31/12/18 flows or less months years years 5 years Financial liabilities Bank loans 21 5,165,765 6,522,083 195,568 202,437 522,040 3,086,734 2,515,304 Other financial liabilities 21 95,217 95,218 14,167 2,095 21,324 55,863 1,769 Bonds and other marketable securities 21 1,102,978 1,305,645 113,645 16,000 32,000 128,000 1,016,000 Finance lease payables 21 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 22 561,883 561,884 561,559 325 — — — Other current liabilities 23 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 Thousands of Euros Carrying amount at Contractual 6 months 6 - 12 1-2 2 - 5 More than Carrying amount Note 31/12/19 flows or less months years years 5 years Financial liabilities Bank loans 21 3,687,739 4,826,286 204,851 100,083 183,525 715,443 3,622,384 Other financial liabilities 21 101,749 101,749 21,000 20,708 50,646 7,416 1,979 Bonds and other marketable securities 21 2,677,202 3,167,075 128,606 32,016 64,031 2,137,772 804,650 Lease liabilities 21 740,690 740,690 22,335 22,131 41,444 155,300 499,480 Debts with associates 31 1,258 1,258 — 1,258 — — — Payable to suppliers 22 581,882 581,882 581,867 15 — — — Other current liabilities 23 22,320 22,320 21,612 708 — — — Total 7,812,840 9,441,260 980,271 176,919 339,646 3,015,931 4,928,493 Currency risk The Group’s exposure to currency risk is as follows: 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 Thousands of Euros 31/12/2019 Euros (*) Dollars (**) Trade receivables 4,978 29,022 Receivables from Group companies 101,685 3,829 Loans to Group companies 16,053 595 Cash and cash equivalents (8,603) 1,698 Trade payables (18,908) (13,826) Payables to Group companies (75,435) (93,713) Loans from Group companies (42,388) (4,151) Bank loans (63,750) — Balance sheet exposure (86,368) (76,546) (*) 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 2019 and 2018 year ends are as follows: Closing exchange rate Euros 31/12/2019 31/12/2018 US Dollars 1.1225 1.1450 A sensitivity analysis for foreign exchange fluctuations is as follows: Had the US Dollar strengthened by 10% against the Euro at 31 December 2019, equity would have increased by Euros 799,565 thousand (Euros 506,131 thousand at 31 December 2018) and profit due to foreign exchange differences would have decreased by Euros 16,291 thousand (Euros 4,125 thousand at 31 December 2018). 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 2019 and 2018 would have had the opposite effect for the amounts shown above, all other variables being held constant. Interest rate risk (a) To date, the profile of interest on interest-bearing financial instruments is as follows: Thousands of Euros 31/12/2019 31/12/2018 Fixed-interest financial instruments Financial liabilities (2,908,750) (1,244,375) (2,908,750) (1,244,375) Variable-interest financial instruments Financial liabilities (3,587,171) (5,233,638) (3,587,171) (5,233,638) (6,495,921) (6,478,013) (b) If the interest rate had been 100 basis points higher at 31 December 2019, the interest expense would have increased by Euros 51,412 thousand. As the Group does not have any hedging derivatives in place, the net effect on cash interest payments would have increased by the same amount. If the interest rate had been 100 basis points higher at 31 December 2018, the interest expense would have increased by Euros 53,082 thousand. As the Group does not have any hedging 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, 2019
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 31/12/2019 31/12/2018 Receivables from associates (note 14) 1,883 382 Trade payables associates (114) (15,796) Loans to associates (note 12) 18,342 50,304 Loans to other related parties (note 12) 86,363 82,969 Other financial assets with other related parties 34,367 — Debts with associates (1,258) (7,079) Debts with key management personnel (4,005) (4,425) Payables to members of the board of directors — — Payables to other related parties (4,878) (7,706) Other financial liabilities with other related parties (13,000) — 117,700 98,649 Payables are included in trade and other payables (see note 22). (a) 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 income (440) — — — Finance cost 592 — — — (77,136) (13,672) (12,526) (6,694) Group transactions with related parties during 2018 were 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 income 3,951 — — — Finance cost (579) — — — (109,838) (16,070) 460,130 (6,692) Group transactions with related parties during 2019 are as follows: Thousands of Euros Key management Other related Board of directors Associates personnel parties of the Company Net sales 10,196 — — — Purchases (48,300) — — — Other service expenses (25,638) — (5,586) (220) Operating lease expense — — — — Remuneration — (16,795) — (5,517) Payments for rights of use — — (7,104) — Finance income 2,265 — — — Finance cost (158) — — — (61,635) (16,795) (12,690) (5,737) 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 5,586 thousand in 2019 (Euros 4,282 thousand in 2018 and Euros 7,100 thousand in 2017). 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 was renewed and the amount of the fees corresponded to US Dollars 1 million per year. The contract has expired on 31 March 2019 and during 2019 the fees amounted to US Dollars 250 thousand. 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 1,501 thousand in 2019 (Euros 1,610 thousand in 2018). 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) 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, 2019
Subsequent Events
Subsequent Events	(32) (a) As of the date of the financial statements preparation, the Company´s activity has not been materially impacted and it is not expected to be significantly affected by the impacts of COVID-19. Our products are considered lifesaving and have been identified as a strategic industry for most governments and therefore is prevented from being suspended. Our multi-site plasma and industrial facilities highly mitigates any business disruption. In addition, the Company maintains inventory levels to support operations for more than six months of strong demand, which mitigates potential supply chain interruption. However, the full extent, consequences, and duration of the COVID-19 pandemic and the resulting operational and financial impact on the Company cannot be predicted at the time of publication of this Annual Report. The Company will continue to evaluate the impact that these events could have on the financial position, and the results of operations and cash flows during fiscal year 2020. Regarding the SRAAS transaction, although the legal transfer to Shanghai RAAS of the rights of GDS shares was recorded as of 31 December, 2019, due to the COVID-19 outbreak in China the closing of the transaction was delayed until 30 March 2020. (b) 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 30, 2020 Grifols and SR has closed an agreement for asset purchase by share issue, according to which: · Grifols acquires 26.2% voting and economic rights in SR. Grifols contributes 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 Grifols (26.2%), followed by Creat Group Co. Ltd. ("Creat"), (26.18%), and RAAS China Limited (ca. 22.78%). Other minority and institutional investors will hold the remaining shares. · Based on the current shareholding structure of Shanghai RAAS, Grifols will have three members on the Shanghai RAAS’ Board of Directors, which includes a total of nine members. It will also maintain the right of veto for certain decisions such as share issuance, divestment of major assets, mergers, and bylaw amendments, among others; as well as subscription rights in possible capital increases. Two members of Shanghai RAAS will serve on the board of Grifols Diagnostic Solutions, which includes a total of 5 members. · Under the terms of the transaction, Grifols and Shanghai RAAS have signed an Exclusive Strategic Alliance Agreement that establishes international quality and manufacturing standards. To this end, Grifols will appoint an expert to assess and verify compliance of these standards. · Grifols will receive royalties from Shanghai RAAS for technological support and know-how in the field of bioscience and diagnostic for use in China. Grifols will also provide engineering services on a fee basis. Under the agreement, Shanghai RAAS commits to using Grifols Diagnostic Solutions’ NAT donor-screening technology in its plasma collection operations. No external financing was required to fund the transaction.As of 31 December 2019, Grifols transferred the rights of 90 shares of its subsidiary GDS in exchange of a contractual right resulting in a financial asset measured at fair value (equivalent to 1,766 million of SRAAS shares), at that date no shares of SRAAS were received. As a consequence, as of 31 December 2019, SRAAS was the minority shareholder owner of the 45% of GDS. Such contractual right fulfills the definition of financial asset under IFRS 9 – Financial Instruments and has been classified as a financial asset at fair value with changes in results for not complying with the principal and interest payment criteria (because they will be received participations in SRAAS). On 30 March 2020, the SWAP agreement with SRAAS closed resulting in Grifols obtaining 26.2% of SRAAS. As a result of the transaction Grifols has acquired an equity method investment in SRAAS amounting to Euros 1,773 million, which was the fair market value of SRAAS as of 30 March 2020 with a gain of Euros 57 million recognized from the difference in the fair value of the financial instrument recorded as of 31 December 2019.

Appendix I

Appendix I	12 Months Ended
	Dec. 31, 2019
Appendix I
Appendix I	APPENDIX I GRIFOLS, S.A. AND SUBSIDIARIES Information on Group Companies, Associates and others for the years ended 31 December 2019, 2018 and 2017 Acquisition / 12/31/2019 12/31/2018 12/31/2017 Registered Incorporation % shares % shares % shares Name Office 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. — 55.000 % — 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 % 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. 98.600 % 1.400 % 98.600 % 1.400 % 98.600 % 1.400 % 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. — 55.000 % — 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 Procurement of 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. 91.880 % 8.120 % 99.998 % — — 90.230 % 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 % Grifols Diagnostics Solutions Inc (formerly G-C Diagnostics Corp.) 4560 Horton Street 2013 Industrial Manufacture and sale of blood testing products — 55.000 % 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 % 0.000 % 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 % 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 BerKshire House, 25 2014 Commercial Distribution and sale of diagnostic products. — 55.000 % — 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 Pvt.Ltd.,Level15,Dev Corpora, 2014 Commercial Distribution and sale of pharmaceutical products. 99.984 % 0.016 % 99.984 % 0.016 % 99.984 % 0.016 % 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 Rental of industrial buildings 100.000 % — 100.000 % — 100.000 % — Gri-Cel, S.A. (merged with Instituto Grifols, S.A. in 2019) 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 % 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. — 75.100 % — 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 Biotechnology research and development — 100.000 % — 100.000 % — 100.000 % PBS Acquisition Corp. (merged with IBBI in 2019) 2711 Centerville Road Suite 400, Wilmington, 2016 Services Engage in any lawful act or activity for which corporations may be organized under the DGCL (Delaware Code) — — — 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 % — 90.000 % — Chiquito Acquisition Corp. 2711 Centerville Road Suite 400, Wilmington, Delaware, New Castle County, 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 % — 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 obtainment of all necessary administrative concessions for the optimum and widest use of these. 99.990 % 0.010 % 100.000 % — — — Goetech LLC (D/B/A Medkeeper) 7600 Grandview Avenue, Suite 210, Arvada, CO 80002, United States 2018 Industrial Development and distribution of web and mobile-based platforms for hospital pharmacies — 54.760 % — 54.760 % — — Interstate Blood Bank, Inc. 5700 Pleasantville Road 2016 Industrial Procuring human plasma. — 100.000 % — — — — Haema, AG LandsteinerstraBe 1, 04103 Leipzig - Germany 2018 Industrial Procurement of human plasma. — — — — — — Biotest Pharmaceutical Corporation 901 Yamato Rd., Suite 101, Boca Raton FL 33431 - USA 2018 Industrial Procurement of human plasma. — — — — — — Biotest US Corporation 901 Yamato Rd., Suite 101, Boca Raton FL 33431 - USA 2018 Corporate services Corporate services for Biotest Pharmaceutical Corporation — — — — — — APPENDIX I GRIFOLS, S.A. AND SUBSIDIARIES Information on Group Companies, Associates and others for the years ended 31 December 2019, 2018 and 2017 Acquisition / 12/31/2019 12/31/2018 12/31/2017 Incorporation % shares % shares % shares Name Registered Office date Activity Statutory Activity Direct Indirect Direct Indirect Direct Indirect Equity-accounted investees 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 % Mecwins, S.L. Avenida Fernandos Casas 2013 Research Research and production of nanotechnological, biotechnological and chemical solutions. — 24.990 % — 24.990 % — 8.420 % 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. — 49.000 % — 30.000 % — 30.000 % Interstate Blood Bank, Inc. 5700 Pleasantville Road 2016 Industrial Procurement of human plasma. — — — 49.190 % — 49.190 % Bio Blood Components Inc. 5700 Pleasantville Road 2016 Industrial Procurement of human plasma. — — — 48.972 % — 48.972 % Plasma Biological Services, LLC 5700 Pleasantville Road 2016 Industrial Procurement of human plasma. — — — 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 % — 19.330 % Aigües Minerals de Vilajuiga, S.A. Carrer Sant Sebastià, 2, 17493 Vilajuïga, Girona, Spain 2017 Industrial Collection and use of mineral-medicinal waters and obtainment of all necessary administrative concessions for the optimum and widest use of these. — — — — 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 % — 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 % — 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 % — 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 % — 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 % — 43.960 % Plasmavita Healthcare GmbH Colmarer Strasse 22, 60528 Frankfurt am Main - Germany 2018 Industrial Procurement of human plasma. — 50.000 % — 50.000 % — — Medcom Advance, S.A Av. Roma, 35 Entresuelo 1, 08018 Barcelona; Spain 2019 Research Research and development of nanotechnological solutions. — 45.000 % — — — — Plasmavita Healthcare II GmbH Garnisongasse 4/12, 1090 Vienna, Austria 2019 Industrial Procurement of human plasma. — 50.000 % — — — —

Appendix II

Appendix II	12 Months Ended
	Dec. 31, 2019
Appendix II
Appendix II	APPENDIX II GRIFOLS, S.A. AND SUBSIDIARIES Operating Segments for the years ended 31 December 2019, 2018 and 2017 (Expressed in thousands of Euros) Bioscience Hospital Diagnostic Bio Supplies Others Intersegments Consolidated 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Revenues from external customers 3,993,462 3,516,704 3,429,785 134,441 119,454 105,649 733,604 702,265 732,369 266,540 167,004 66,791 22,820 22,451 18,263 (52,176) (41,154) (34,784) 5,098,691 4,486,724 4,318,073 Total operating income 3,993,462 3,516,704 3,429,785 134,441 119,454 105,649 733,604 702,265 732,369 266,540 167,004 66,791 22,820 22,451 18,263 (52,176) (41,154) (34,784) 5,098,691 4,486,724 4,318,073 Profit/(Loss) for the segment 1,079,216 902,402 985,495 (8,674) (12,587) (9,766) 215,828 215,990 248,080 16,246 36,824 35,598 1,279 19,788 (9,632) (3,094) (5,764) (12,305) 1,300,801 1,156,653 1,237,470 Unallocated expenses (169,436) (162,529) (234,127) Operating profit/(loss) 1,131,365 994,124 1,003,343 Finance result (274,724) (257,244) (287,734) Share of profit/(loss) of equity accounted investee — 2,839 (10,434) — — 2,112 (19,794) (10,975) (9,335) — 3,039 1,830 (19,744) (5,941) (4,060) — — — (39,538) (11,038) (19,887) Income tax expense (168,459) (131,436) (34,408) Profit for the year after tax 648,644 594,406 661,314 Segment assets 8,416,922 6,928,220 6,007,153 274,250 250,543 145,477 3,676,011 3,526,136 3,356,185 226,814 117,673 7,409 77,501 54,363 60,449 (32,892) (29,281) (22,196) 12,638,606 10,847,654 9,554,477 Equity-accounted investments 10,368 99,547 83,905 — — — — 19,256 29,322 49,922 47,742 44,220 54,183 60,360 61,562 — — — 114,473 226,905 219,009 Unallocated assets — — — — — — — — — — — — — — — — — — 2,789,532 1,402,487 1,146,778 Total assets 15,542,611 12,477,046 10,920,264 Segment liabilities 1,371,352 764,377 423,415 53,441 32,767 13,560 351,799 230,517 192,720 126,289 6,427 — 35,581 34,698 26,903 — — — 1,938,462 1,068,786 656,598 Unallocated liabilities — — — — — — — — — — — — — — — — — — 6,758,381 6,711,656 6,629,701 Total liabilities 8,696,843 7,780,442 7,286,299 Other information: Allocated amortisation and depreciation 196,335 156,893 157,478 11,686 10,819 6,436 52,224 44,030 40,815 20,415 5,656 — 2,147 1,941 2,237 — — — 282,807 219,339 206,966 Unallocated amortisation and depreciation — — — — — — — — — — — — — — — — — — 19,648 9,270 8,524 Allocated expenses that do not require cash payments 43,524 172,648 7,049 (289) 297 (514) (22,873) (27,651) (4,423) 393 28 — — — — — — — 20,755 145,322 2,112 Unallocated expenses that do not require cash payments — — — — — — — — — — — — — — — — — — 2,416 1,339 (58,752) Allocated additions for the year of property, plant & equipment, intangible assets and rights of use 868,103 220,531 227,635 62,298 15,354 10,429 103,911 58,064 70,032 65,448 2,050 198 1,768 883 20,911 — — — 1,101,528 296,882 329,205 Unallocated additions for the year of property, plant & equipment, intangible assets and rights of use — — — — — — — — — — — — — — — — — — 73,544 19,795 11,268 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 2019, 2018 and 2017 (Expressed in thousands of Euros) Spain Rest of European Union USA + Canada Rest of World Consolidated 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Net Revenue 268,287 264,913 242,894 588,375 535,361 444,089 3,390,811 2,974,429 2,896,505 851,218 712,021 734,585 5,098,691 4,486,724 4,318,073 Assets by geographical area 2,764,054 898,599 899,223 3,425,874 3,177,781 2,397,200 9,059,674 8,133,108 7,341,174 293,009 267,558 282,667 15,542,611 12,477,046 10,920,264 Other information: Additions for the year of property, plant & equipment, intangible assets and rights of use 183,891 70,639 62,271 181,736 69,534 80,910 787,586 166,353 188,557 21,859 10,151 8,735 1,175,072 316,677 340,473 This appendix forms an integral part of note 6 to the consolidated financial statements.

Appendix III

Appendix III	12 Months Ended
	Dec. 31, 2019
Appendix III
Appendix III	APPENDIX III GRIFOLS, S.A. AND SUBSIDIARIES Changes in Other Intangible Assets for the year ended 31 December 2019 (Expressed in thousands of Euros) Balance at Business Translation Balance at 12/31/2018 Additions combinations Transfers Disposals differences 12/31/2019 Development costs 377,312 — — (591) 4,771 435,339 Concessions, patents, licenses brands & similar 196,410 26,222 2,587 293 — 4,485 229,997 Computer software 234,423 17 (518) (105) 2,934 258,597 Currently marketed products 1,071,827 — — — — 21,007 1,092,834 Other intangible assets 174,768 8 (365) 516 (5) 3,437 178,359 Total cost of intangible assets 2,054,740 101,923 2,239 291 (701) 36,634 2,195,126 Accum. amort. of development costs (90,107) (13,357) — — — (67) (103,531) Accum. amort of concessions, patents, licenses, brands & similar (36,760) (6,386) — — — (510) (43,656) Accum. amort. of computer software (126,653) (15,963) — (278) 60 (972) (143,806) Accum. amort. of currently marketed products (278,795) (38,040) — — — (5,284) (322,119) Accum. amort. of other intangible assets (70,553) (8,144) — (763) — (1,376) (80,836) Total accum. amort intangible assets (602,868) (81,890) — (1,041) 60 (8,209) (693,948) Impairment of other intangible assets (66,335) — — — — (1,309) (67,644) Carrying amount of intangible assets 1,385,537 20,033 2,239 (750) (641) 27,116 1,433,534 (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 2018 (Expressed in thousands of Euros) Balance at Business Translation Balance at 12/31/2017 Additions combinations Transfers Disposals differences 12/31/2018 Development costs 311,694 55,439 — — (36) 10,215 377,312 Concessions, patents, licenses brands & similar 182,885 — 6,225 — (757) 8,057 196,410 Computer software 174,945 20,252 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 statments.

Appendix IV

Appendix IV	12 Months Ended
	Dec. 31, 2019
APPENDIX IV
APPENDIX IV	APPENDIX IV GRIFOLS, S.A. AND SUBSIDIARIES Movement in Rights of Use for the year ended 31 December 2019 (Expressed in thousands of Euros) Balance at Translation Balance at 12/31/2018 Additions Business combinations Transfers Disposals differences 12/31/2019 Land and buildings — 728,246 — 381 (531) 6,750 734,846 Machinery — 1,957 — 4,209 — 1 6,167 Computer equipment — 3,324 — 3,156 (4) 28 6,504 Vehicles — 14,346 — 20 (371) 35 14,030 Total cost of rights of use — 747,873 — 7,766 (906) 6,814 761,547 Accum. amort. of land and buildings — (49,786) — — 287 58 (49,441) Accum. amort of machinery — (1,768) — 69 — 1 (1,698) Accum. amort. of computer equipment — (2,204) — 21 3 — (2,180) Accum. amort. of vehicles — (4,613) — — 231 12 (4,370) Total accum. amort of rights of use — (58,371) — 90 521 71 (57,689) Carrying amount of rights of use — 689,502 — 7,856 (385) 6,885 703,858

Appendix V

Appendix V	12 Months Ended
	Dec. 31, 2019
Appendix V
Appendix V	APPENDIX V GRIFOLS, S.A. AND SUBSIDIARIES Movement in Property, Plant and Equipment for the year ended 31 December 2019 (Expressed in thousands of Euros) Balance at Business Translation Balance at 31/12/2018 Additions combination Transfers Disposals differences 31/12/2019 Cost: Land and buildings 726,412 30,209 30,346 10,866 (2,078) 11,440 807,195 Plant and machinery 1,984,853 55,957 19,079 68,107 (13,892) 27,507 2,141,611 Fixed assets under construction 345,391 239,111 926 (91,788) (55) 3,579 497,164 3,056,656 325,277 50,351 (12,815) (16,025) 42,526 3,445,970 Accumulated depreciation: Buildings (89,378) (18,108) (23,288) 23,111 657 (1,632) (108,638) Plant and machinery (1,012,735) (144,086) — (17,402) 11,901 (12,753) (1,175,075) (1,102,113) (162,194) (23,288) 5,709 12,558 (14,385) (1,283,713) Impairment of other property, plant and equipment (2,560) (113) — — — (39) (2,712) Carrying amount 1,951,983 162,970 27,063 (7,106) (3,467) 28,102 2,159,545 (See note 3) This appendix forms an integral part of note 10 to the consolidated financial statements. APPENDIX V 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 10 to the consolidated financial statements.

Appendix VI

Appendix VI	12 Months Ended
	Dec. 31, 2019
Appendix VI
Appendix VI	APPENDIX VI GRIFOLS, S.A. AND SUBSIDIARIES Statement of Liquidity for Distribution of Interim Dividend 2019 (Expressed in thousands of Euros) Thousands of Euros Forecast distributable profit for 2019: Projected profit after tax until 31/12/2019 827,684 Less, provision required to legal reserve — Estimated distributable profit for 2019 827,684 Interim dividends distributed 136,828 Forecast cash for the period 25 October 2019 to 25 October 2020: Cash balances at 25 October 2019 — Projected collections 1,157,200 Projected payments, including interim dividend 557,000 Projected cash balances at 25 October 2020 600,200 This appendix forms an integral part of note 16 to the consolidated financial statements. APPENDIX VI 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 16 to the consolidated financial statements.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
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.
Leases	(i) Leases Leases after IFRS 16 application: The Group had to change its accounting policies as a result of adopting IFRS 16. The Group has changed its accounting policy for leases where the Group is the lessee. The new policy is described in note 2(c) and the impact of the change in note 2 (c) and 9. (i) Definitions Lease contracts A lease contract is a contract that fulfills the following conditions: · There is an identified asset explicitly specified in the contract or implicitly specified when it is made available for use by the Group. When the asset is a portion of an asset’s capacity it could also be an identified asset if it is physically distinct (a floor of a building, a storage location in a warehouse) or the Group has the right to receive substantially all its of capacity. · The lessee has the right to direct the use of the identified asset that means the right to determine how and for what purpose the asset will be used. · The lessee has the right to obtain all the economic benefits from that use throughout the period of use. Non-lease contracts Even if an asset is specified in the contract, if the lessor has a substantive substitution right throughout the period of use, the asset is not identified and the contract does not contain a lease. When the lessee does not have the right to control the use of the asset, the contract does not contain a lease. Non-lease contracts are not under this policy and the accounting treatment will be the one for a service contract (usually recognized as an expense). (ii) Accounting policies Lease contracts, where Grifols acts as lessee, will be recognized at inception of the contract as: · A lease liability representing its obligation to make future lease payments and, · A right of use representing its right to use the identified asset. Exception: lease contracts that fulfill any of the following conditions will be recognized as monthly expense over the lease term:  For lease contracts where the lease term is 12 months or less at the commencement date.  For lease contracts where the value of the leased asset (individually), when new, is lower than US Dollars 5.000 or its equivalent in another currency. Lease liability Initial measurement Lease liability corresponds to the present value of payments during the lease term using the interest rate implicit in the lease or, if this cannot be readily determined, the incremental lending rate, as follows: · Lease payments Only lease components included in the lease contract are part of the liability calculation: - Fixed payments, less any lease incentives receivable; - Variable lease payments that depend on a known index or a rate; - The purchase option price if the lessee is reasonably certain to exercise that option; - Any amount already paid at the contract commencement date must not be included. Non-lease components that could be included in a lease contract (e.g. maintenance services, consumption as utilities…) are not part of the lease liability and must be recognized as an expense as soon as the service is rendered to Grifols using the corresponding account according to its nature. · Lease term The lease term is the non-cancellable period considering the initial term of each contract unless Grifols has a unilateral extension or termination option and there is reasonable certainty that this option will be exercised, in which case the corresponding extension term or early termination will be taken into account. The lease liability is then calculated at the present value of the lease payments during the lease term, using an incremental discount rate specified in the contract, except for those contracts in which implicit interest rate is used because it is specifically mentioned in the contract. · Discount rate Under IFRS 16, a lessee shall discount the future lease payments using the lease implicit interest rate if this can be reliably determined. Otherwise, the lessee shall use the incremental borrowing rate. The Group uses the incremental borrowing rate. This is the rate that a lessee would have to pay at the commencement date of the lease for a loan of a similar term, and with similar security, to obtain an asset of similar value to the right-of-use asset in a similar economic environment. Subsequent assessment Subsequently, the lease financial liability will be increased by the interest on the lease liability and reduced by the payments made. The liability will be remeasured if there are changes in the amounts payable and the terms of the lease. Lease liabilities will: · Increase the carrying amount to reflect the corresponding accrual of interest expense; · Reduce the carrying amount to reflect the lease payments made; and · Remeasure (increase or reduce) the carrying amount to reflect any reassessment or lease modifications. The balancing entry will be a lease expense for retrospective lease payments or right-of-use-assets for future lease payments. The discount rate to be used depends on the event causing the reassessment or modification. Right-of-use asset (ROU asset) Initial measurement ROU assets are initially measured at cost, which comprises: · Initial measurement of the lease liability, · Any lease payments made to the lessor at or before the commencement date, · Estimated costs to dismantle or to remove the underlying asset, · Less any discount or incentive received from the lessor. Subsequent measurement The ROU asset is measured at cost, less any accumulated depreciation and any accumulated impairment losses. Net book value of the ROU asset must be adjusted as for any re-measurement of the lease liability. Depreciation method and useful life Depreciation method: straight-line basis. Depreciation starts at the lease commencement date (when the asset is available for use). Useful life:  If the purchase option is reasonably certain to be exercised: Useful life of the underlying asset.  Otherwise: The earlier of the end of the useful life of the right-of-use asset or the end of the lease term. Leases before IFRS 16 application: (i) 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.
Impairment of goodwill, other intangible assets and other non-financial assets subject to depreciation or amortization	(j) 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.
Financial instruments	(k) Financial instruments (i) 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) 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) 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 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 are initially recognized at their fair value, including the transaction costs incurred, and are subsequently measured at amortized cost, using the effective interest method. (vi) 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) 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) 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) 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 derecognized 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, 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) The Group derecognizes 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 hemoderivatives 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 statement of profit and loss 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.
Income taxes	(s) Income tax 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. Grifols periodically evaluates the positions taken in the tax declarations regarding the situations in which the applicable tax regulations are subject to interpretation and establishes provisions, if necessary, based on the amounts expected to be paid to the tax authorities, whose provision is reflected in the tax gain (loss). (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, 2019
Basis of Presentation
Schedule of amendments to IFRS	Effective date in 2017 Mandatory application for annual periods 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 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 Effective in 2019 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 Prepayment Features with Negative Compensation (issued on 12 October 2017) 1 January 2019 1 January 2019 IAS 28 Long-term interests in Associates and Joint Ventures (issued on 12 October 2017) 1 January 2019 1 January 2019 Various Annual Improvements to IFRS Standards 2015-2017 Cycle (issued on 12 December 2017) 1 January 2019 1 January 2019 IAS 19 Plan Amendment, Curtailment or Settlement (issued on 7 February 2018) 1 January 2019 1 January 2019
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 Buildings and warehouses 10 to 15 years Donor centers 13 to 15 years PCs 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
Schedule of standards issued but not effective in 2019	Standards issued but not effective in 2019 Mandatory Mandatory application for annual application for annual periods beginning on periods beginning on or after: or after: Standards IASB effective date EU effective date IAS 1 Definition of material (issued on 31 October 2018) 1 January 2020 1 January 2020 IAS 8 Amendments to references to the Conceptual Framework in Various IFRS Standards (issued on 29 March 2018) 1 January 2020 1 January 2020 IFRS 3 Amendment to IFRS 3: Business combinations (issued on 22 October 2018) 1 January 2020 pending IFRS 9 IAS 39 Interest rate benchmark reform (issued on 26 September 2019) 1 January 2020 1 January 2020 IFRS 7 IFRS 17 Insurance Contracts (issued on 18 May 2017) 1 January 2021 pending

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2019
Plasma Donor Centers
Business Combinations
Disclosure of detailed information about business combination	Thousands of Euros Cost of the business combination Payment in cash 20,500 Total business combination cost 20,500 Fair value of net assets acquired 1,620 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) (note 7) 18,880
Interstated Blood Bank, Inc. Group
Business Combinations
Disclosure of detailed information about business combination	Thousands of Euros Thousands of US Dollars Consideration paid Cash paid 88,984 100,000 Total consideration paid 88,984 100,000 Fair value of the previous investment in the company 94,126 105,779 Fair value of the call option 8,898 10,000 Fair value of net assets acquired 19,345 21,744 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) (note 7) 172,663 194,035
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) 77 87 Property, plant and equipment (note 10) 23,724 26,661 Inventories 10,271 11,543 Trade and other receivables 12,080 13,575 Other current assets 2,015 2,265 Cash and cash equivalents 1,961 2,204 Total assets 50,128 56,335 Non-current liabilities (10,233) (11,500) Current liabilities (20,550) (23,091) Total liabilities and contingent liabilities (30,783) (34,591) Total net assets acquired 19,345 21,744
Kedplasma Centers
Business Combinations
Disclosure of detailed information about business combination	Thousands of Euros Thousands of US Dollars Cost of the business combination Payment in cash 42,780 50,163 Total business combination cost 42,780 50,163 Fair value of net assets acquired 5,042 5,787 Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) (note 7) 37,738 44,376
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 10) 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) (see note 7)
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 10) 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 10) 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) 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 28) 16,736 18,000 Inventories 30,157 32,434 Total Assets 351,392 377,923 Current Provisions (note 20 (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) 40,101 42,680

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019
Financial Risk Management Policy
Return on equity	Thousand of Euros 2019 2018 Profit attributable to the parent 625,146 596,642 Equity attributable to the Parent 4,822,119 4,225,554 ROE 13 % 14 %

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting
Schedule of details of net sales by groups of products	Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Bioscience Haemoderivatives 3,993,462 3,516,704 Diagnostic Transfusional medicine 680,766 650,180 Other diagnostic 19,937 19,797 Hospital Fluid therapy and nutrition 47,677 52,574 Hospital supplies 67,489 58,014 Bio supplies 266,540 167,004 Others 22,820 22,451 Total 5,098,691 4,486,724

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill
Schedule of details of and movement in goodwill	Details of and movement in this caption of the consolidated balance sheet at 31 December 2018 were 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) Details of and movement in this caption of the consolidated balance sheet at 31 December 2019 are as follows: Thousands of Euros Balance at Business Translation Balance at Segment 31/12/2018 Combination differences 31/12/2019 Net value Grifols UK.Ltd. (UK) Bioscience 7,682 — 425 8,107 Grifols Italia.S.p.A. (Italy) Bioscience 6,118 — — 6,118 Biomat USA, Inc.(USA) Bioscience 255,114 (4,278) 5,060 255,896 Grifols Australia Pty Ltd. (Australia) / Medion Diagnostics AG (Switzerland) Diagnostic 9,271 — 201 9,472 Grifols Therapeutics, Inc. (USA) Bioscience 1,940,776 — 38,902 1,979,678 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 2,550,256 — 50,694 2,600,950 Kiro Grifols S.L. (Spain) Hospital 24,376 — — 24,376 Goetech LLC (USA) Hospital 58,945 — 1,181 60,126 Haema AG (Germany) Bioscience 171,134 18,880 — 190,014 Biotest Pharma Corp (USA) Bioscience 139,042 10,943 2,963 152,948 Interstate Blood Bank, Inc. (USA) Bioscience — 172,663 199 172,862 5,209,230 198,208 99,625 5,507,063 (See note 3)
Schedule of key assumptions used in calculating impairment of CGUs	The key assumptions used in calculating impairment testing of the CGUs for 2018 were as follows: Perpetual Growth rate Pre-tax discount rate Bioscience 2 % 8.90 % Diagnostic 2 % 9.40 % Hospital 1.50 % 13.10 % The key assumptions used in calculating impairment testing of the CGUs for 2019 have been as follows: Perpetual Growth rate Pre-tax discount rate EBITDA multiple Bioscience 2 % 8.80 % — Diagnostic — — 14.5x Hospital 1.50 % 10.80 % —
Schedule of reasonably possible changes in key assumptions considered in the calculation of the CGUs' recoverable amount	Perpetual Growth rate Pre-tax discount rate EBITDA margin Bioscience +/- 50 bps +/- 50 bps — Diagnostic — — +/- 250 bps Hospital +/- 50 bps +/- 50 bps —

Other Intangible Assets (Tables

Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2019
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 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 cost and accumulated amortization of currently marketed products acquired from Talecris and Progenika at 31 December 2019 is as follows: Thousands of Euros Balance at Translation Balance at 31/12/2018 Additions differences 31/12/2019 Cost of currently marketed products - Gamunex 1,048,035 — 21,007 1,069,042 Cost of currently marketed products - Progenika 23,792 — — 23,792 Accumulated amortisation of currently marketed products - Gamunex (264,920) (35,661) (5,284) (305,865) Accumulated amortisation of currently marketed products - Progenika (13,875) (2,379) — (16,254) Carrying amount of currently marketed products 793,032 (38,040) 15,723 770,715

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases
Schedule of details of leases in the consolidated balance sheet	Right-of-use assets Thousands of Euros 31/12/2019 (*) Land and Buildings 685,405 Machinery 4,469 Computer equipment 4,324 Vehicles 9,660 703,858 Lease liabilities Thousands of Euros 31/12/2019 (*) Non-current 696,285 Current 44,405 740,690 (*) In the previous year, the Group only recognised lease assets and lease liabilities in relation to leases that were classified as ‘finance leases’ under IAS 17 Leases. The assets were presented in property, plant and equipment and the liabilities as part of the Group’s borrowings. For adjustments recognised on adoption of IFRS 16 on 1 January 2019 see note 2.
Schedule of maturity details of leases	Maturity: Thousands of Euros 31/12/2019 Up to one year 44,464 Two years 41,444 Between 3 and 5 years 155,300 More than 5 years 499,482 740,690
Schedule of amounts recognized in the consolidated statement of profit and loss related to lease agreements	Right-of-use depreciation Thousands of Euros 31/12/2019 Buildings 49,786 Machinery 1,768 Computer equipment 2,204 Vehicles 4,613 58,371 Thousands of Euros 31/12/2019 Finance lease expenses (note 27) 34,558 34,558 Thousands of Euros 31/12/2019 Expenses related to short-term or low-value agreements 20,247 Other operating lease expenses 12,988 33,235
Schedule of future minimum payments on non-cancellable operating leases	Thousands of Euros 31/12/2018 31/12/2017 Up to one year 63,959 46,541 Between 1 and 5 years 200,156 156,897 More than 5 years 136,464 58,905 400,579 262,343

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment
Schedule of property, plant and equipment under finance leases	The Group 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, 2019
Accounted investees with similar activity to that of the Group
Equity Accounted Investees
Schedule of details of equity accounted investees	Thousands of Thousands of Euros Euros % ownership 31/12/2019 % ownership 31/12/2018 Interstate Blood Bank, Inc. 100.00 % — 49.19 % 29,595 Bio Blood Components Inc. 0.00 % — 48.97 % 38,223 Plasma Biological Services, LLC 0.00 % — 48.90 % 21,809 Access Biologicals LLC 49.00 % 49,922 49.00 % 47,742 Plasmavita HealthCare 50.00 % 10,368 50.00 % 9,920 60,290 147,289
Schedule of movement in investments in equity-accounted investees	Thousands of Euros 2019 Balance at 1 January — Transfer accounted investees with similar activity to that of the Group 147,289 Transfers (94,127) Share of profit / (losses) 8,972 Share of other comprehensive income / translation differences 2,624 Losses for Impairment — Collected dividends (4,468) Balance at 31 December 60,290
Access Biologicals LLC
Equity Accounted Investees
Schedule of movement in investments in equity-accounted investees	Thousand of Euros 31/12/2019 31/12/2018 Balance at 1 January 47,742 44,219 Acquisitions — — Share of profit / (losses) 3,938 3,039 Share of other comprehensive income / translation differences 967 2,073 Collected dividends (2,725) (1,589) Balance at 31 December 49,922 47,742
Interstated Blood Bank, Inc. Group
Equity Accounted Investees
Schedule of movement in investments in equity-accounted investees	Thousands of Euros Thousands of Euros 31/12/2019 31/12/2018 IBBI Bio-Blood PBS IBBI Bio-Blood PBS TOTAL 2019 TOTAL 2018 Balance at 1 January 29,595 38,223 21,809 27,936 32,960 23,010 89,627 83,906 Transfers (31,453) (38,606) (24,068) — — — (94,127) — Share of profit / (losses) 6,853 (2,543) 276 1,830 3,492 (2,181) 4,586 3,141 Share of other comprehensive income / translation differences (3,251) 2,926 1,983 1,298 1,771 980 1,658 4,049 Collected dividend (1,744) — — (1,469) — — (1,744) (1,469) Balance at 31 December — — — 29,595 38,223 21,809 — 89,627
Rest of equity accounted investees
Equity Accounted Investees
Schedule of details of equity accounted investees	Thousands of Euros Thousands of Euros % ownership 31/12/2019 % ownership 31/12/2018 Alkahest, Inc. 47.58 % 14,708 47.58 % 28,336 Albajuna Therapeutics, S.L 49.00 % 5,228 30.00 % 1,106 Singulex, Inc. 0.00 % — 19.33 % 19,256 GigaGen, Inc 43.96 % 23,997 43.96 % 28,363 Mecwins, S.A. 24.99 % 2,338 24.99 % 2,555 Medcom Advance, S.A 45.00 % 7,912 — — 54,183 79,616
Schedule of movement in investments in equity-accounted investees	Thousands of Euros 2019 2018 2017 Balance at 1 January 79,616 219,009 201,345 Acquisitions 12,369 12,222 80,685 Transfers — 500 (16,000) Share of profit / (losses) (19,744) (11,038) (13,195) Share of other comprehensive income / translation differences 1,736 9,270 (27,134) Losses for Impairment (19,794) — (6,692) Collected dividends — (3,058) — Balance at 31 December 54,183 226,905 219,009
GigaGen, Inc
Equity Accounted Investees
Schedule of movement in investments in equity-accounted investees	Thousand of Euros 31/12/2019 31/12/2018 Balance at 1 January 28,363 29,047 Acquisitions — — Share of profit / (losses) (5,002) (1,562) Share of other comprehensive income / translation differences 636 878 Balance at 31 December 23,997 28,363
Singulex, Inc.
Equity Accounted Investees
Schedule of movement in investments in equity-accounted investees	Thousand of Euros 31/12/2019 31/12/2018 Balance at 1 January 19,256 29,322 Share of profit / (losses) — (10,975) Share of other comprehensive income / translation differences 538 909 Losses for Impairment (19,794) — Balance at 31 December — 19,256

Financial Assets (Tables)

Financial Assets (Tables)	12 Months Ended
	Dec. 31, 2019
Financial Assets
Schedule of non-current financial assets	Thousands of Euros 31/12/2019 31/12/2018 Financial investments in shares with stock market 7 7 Total Non-current financial assets measured at fair value 7 7 Non-current guarantee deposits 5,433 5,566 Other non-current financial assets (a) 29,504 1,908 Non-current loans to related parties (see note 31) 86,363 82,969 Non-current loans to EEAA (b) (see note 31) 17,623 17,151 Total Non-current financial assets measured at amortized cost 138,923 107,594
Schedule of other current financial assets	Thousands of Euros 31/12/2019 31/12/2018 Current derivatives (c) (see note 30) — 19,934 Other current financial assets (d) (see note 30) 1,716,738 — Total Non-current financial assets measured at fair value 1,716,738 19,934 Thousands of Euros 31/12/2019 31/12/2018 Deposits and guarantees 713 822 Other current financial assets (a) 10,691 — Current loans to third parties 65 56 Current loans to associates (b) (see note 31) 719 33,153 Total other current financial assets 12,188 34,031

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2019
Inventories
Schedule of inventories	Thousands of Euros 31/12/2019 31/12/2018 Goods for resale 139,738 118,876 Raw materials and supplies 766,089 647,399 Work in progress and semi-finished goods 921,240 744,436 Finished goods 515,523 438,649 2,342,590 1,949,360
Schedule of movement in inventory provision	Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Balance at 1 January 48,840 35,764 33,069 Net charge for the year 42,096 10,398 8,232 Cancellations for the year (118) (558) (357) Translation differences 13,433 3,236 (5,180) Balance at 31 December 104,251 48,840 35,764

Trade and Other Receivables (Ta

Trade and Other Receivables (Tables)	12 Months Ended
	Dec. 31, 2019
Trade and Other Receivables
Schedule of trade and other receivables	Thousands of Euros 31/12/2019 31/12/2018 Trade receivables 390,205 289,316 Receivables from associates (note 31) 1,883 382 Bad debt provision (note 30) (22,291) (20,531) Trade receivables 369,797 269,167 Other receivables (note 30) 8,403 9,901 Personnel 2,163 2,082 Advance payments (note 30) 20,864 35,426 Taxation authorities, VAT recoverable 46,561 42,707 Other public entities 4,518 2,302 Other receivables 82,509 92,418 Current income tax assets 38,269 42,205 Total trade and other receivables 490,575 403,790

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	12 Months Ended
	Dec. 31, 2019
Cash and Cash Equivalents
Schedule of cash and cash equivalents	Thousands of Euros 31/12/2019 31/12/2018 Current deposits 63 441,614 Cash in hand and at banks 741,919 592,178 Total cash and cash equivalents 741,982 1,033,792

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Equity
Distribution of profit	The proposed distribution of profit of the Parent Grifols, S.A. for the years ended 31 December 2019, and the distribution of profit approved for 2018, presented at the general meeting held on 24 May 2019, is as follows: Thousands of Euros 31/12/2019 31/12/2018 Voluntary reserve 1,380,207 91,059 Dividends 250,058 238,659 Profit of the Parent 1,630,265 329,718 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 The following dividends were paid in 2019: 31/12/2019 % of par value Euros per share Thousands of Euros Ordinary shares 58 % 0.15 61,850 Non-voting shares 290 % 0.15 37,448 Non-voting shares (preferred dividend) 20 % 0.01 2,614 Total dividends paid 101,912 31/12/2019 % of par value Euros per share Thousands of Euros Ordinary shares (interim dividend) 80 % 0.20 85,226 Non-voting shares (interim dividend) 400 % 0.20 51,602 Total interim dividends paid 136,828
Share capital
Equity
Movement in outstanding shares	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 16 (d)) — 479,355 Balance at 31 December 2018 426,129,798 257,606,659 Movement in outstanding shares during 2019 is as follows: Class A shares Class B shares Balance at 1 January 2019 426,129,798 257,606,659 (Acquisition) / disposal of treasury stock (note 16 (d)) — 403,399 Balance at 31 December 2019 426,129,798 258,010,058
Treasury stock
Equity
Movement in outstanding shares	Movement in Class B treasury stock during 2018 was as follows: 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 Movement in Class B treasury stock during 2019 is as follows: shares Thousands of Euros Balance at 1 January 2019 3,818,451 55,441 Disposal Class B shares (403,399) (5,857) Balance at 31 December 2019 3,415,052 49,584

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share
Schedule of Earnings Per Share	Details of the calculation of basic earnings per share are as follows: Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Profit for the year attributable to shareholders of the Parent (thousands of Euros) 625,146 596,642 662,700 Weighted average number of ordinary shares outstanding 685,115,836 684,709,377 684,197,276 Basic earnings per share (Euros per share) 0.91 0.87 0.97 The weighted average of the ordinary shares outstanding (basic) is as follows: Number of shares 31/12/2019 31/12/2018 31/12/2017 Issued shares outstanding at 1 January 684,794,839 684,346,294 683,854,491 Effect of shares issued — — — Effect of treasury stock 320,997 363,083 342,785 Average weighted number of ordinary shares outstanding (basic) at 31 December 685,115,836 684,709,377 684,197,276 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 31/12/2019 31/12/2018 31/12/2017 Profit for the year attributable to shareholders of the Parent (thousands of Euros) 625,146 596,642 662,700 Weighted average number of ordinary shares outstanding (diluted) 684,719,195 684,686,164 684,243,891 Diluted earnings per share (Euros per share) 0.91 0.87 0.97 The weighted average number of ordinary shares outstanding diluted has been calculated as follows: Number of shares 31/12/2019 31/12/2018 31/12/2017 Issued shares outstanding at 1 January 684,346,294 683,854,491 Effect of RSU shares (396,641) (23,213) 46,615 Effect of shares issued — — — Effect of treasury stock 320,997 363,083 342,785 Average weighted number of ordinary shares outstanding (diluted) at 31 December 684,719,195 684,686,164 684,243,891

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of subsidiaries [line items]
Details of non-controlling interests and movement	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 US Corporation — — — 249,691 (810) 248,881 4,886 (2,236) (914) 469,881 (567) 471,050 Details of non-controlling interests and movement at 31 December 2019 are as follows: Thousands of Euros Balance at Translation Balance at 31/12/2018 Additions Disposals Capital increases differences 31/12/2019 Grifols (Thailand) Pte Ltd 3,935 193 — — 421 4,549 Grifols Malaysia Sdn Bhd 1,735 380 — — 56 2,171 Araclon Biotech, S.A. (3,488) (1,975) — 5,892 — 429 Progenika Biopharma, S.A. 9 0 (9) — — — VCN Bioscience, S.L 140 (292) — — — (152) Kiro Grifols , S.L. (352) (374) — 750 — 24 Haema AG 220,190 5,881 — — — 226,071 Biotest US Corporation 248,881 19,685 — — 11,444 280,010 Grifols Diagnostic Solutions, Inc. (see note 2) — 1,510,547 — — — 1,510,547 471,050 1,534,045 (9) 6,642 11,921 2,023,649
Haema AG and Biotest US Corporation
Disclosure of subsidiaries [line items]
Summary of financial information on the non-controlling interests	Thousands of Euros Thousands of Euros 31/12/2019 31/12/2018 Haema AG Biotest US Corp Haema AG Biotest US Corp Non-current assets 244,107 299,045 199,056 215,072 Current assets 32,576 60,099 19,527 40,352 Total Assets 276,683 359,144 218,583 255,424 Non-current liabilities 22,226 56,425 98 8,766 Current liabilities 28,386 22,709 (1,705) (2,223) Total Liabilities 50,612 79,134 (1,607) 6,543 Total equity 226,071 280,010 220,190 248,881 Thousands of Euros Thousands of USD 31/12/2019 31/12/2019 Non-current assets 3,416,366 3,834,871 Current assets 273,259 306,734 Total Assets 3,689,625 4,141,605 Non-current liabilities 224,635 252,153 Current liabilities 108,220 121,478 Total Liabilities 332,855 373,631 Total equity 3,356,770 3,767,974
GDS Group
Disclosure of subsidiaries [line items]
Summary of financial information on the non-controlling interests	Thousands of Euros Thousands of Euros 31/12/2019 31/12/2018 Haema AG Biotest US Corp Haema AG Biotest US Corp Non-current assets 244,107 299,045 199,056 215,072 Current assets 32,576 60,099 19,527 40,352 Total Assets 276,683 359,144 218,583 255,424 Non-current liabilities 22,226 56,425 98 8,766 Current liabilities 28,386 22,709 (1,705) (2,223) Total Liabilities 50,612 79,134 (1,607) 6,543 Total equity 226,071 280,010 220,190 248,881 Thousands of Euros Thousands of USD 31/12/2019 31/12/2019 Non-current assets 3,416,366 3,834,871 Current assets 273,259 306,734 Total Assets 3,689,625 4,141,605 Non-current liabilities 224,635 252,153 Current liabilities 108,220 121,478 Total Liabilities 332,855 373,631 Total equity 3,356,770 3,767,974 Thousands of Euros Thousands of USD 31/12/2019 31/12/2019 Non-current assets 3,416,366 3,834,871 Current assets 273,259 306,734 Total Assets 3,689,625 4,141,605 Non-current liabilities 224,635 252,153 Current liabilities 108,220 121,478 Total Liabilities 332,855 373,631 Total equity 3,356,770 3,767,974

Grants (Tables)

Grants (Tables)	12 Months Ended
	Dec. 31, 2019
Grants
Summary of details of grants	Thousands of Euros 31/12/2019 31/12/2018 Capital grants 10,785 11,149 Interest rate grants (preference loans) (See note 21 (d)) 592 696 11,377 11,845

Provision (Tables)

Provision (Tables)	12 Months Ended
	Dec. 31, 2019
Provisions
Schedule of details of provisions	Thousands of Euros 31/12/2019 31/12/2018 Non-current provisions (a) Provisions for pensions and similar obligations 5,991 5,296 Other provisions 2,039 818 Non-current provisions 8,030 6,114 Thousands of Euros 31/12/2019 31/12/2018 Current provisions (b) Trade provisions 53,109 80,055 Current provisions 53,109 80,055
Schedule of movement in provisions	(a) Non-current provisions At 31 December 2019, 2018 and 2017 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 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 was 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 Movement in provisions during 2019 is as follows: Thousands of Euros Balance at Translation Balance at 31/12/2018 Net charge Cancellations Reclassifications differences 31/12/2019 Non-current provisions 6,114 1,467 (30) 464 15 8,030 6,114 1,467 (30) 464 15 8,030 (b) Current provisions 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 was as follows: Thousands of Euros Balance at Translation Balance at 31/12/2017 Net charge Cancellations differences 31/12/2018 Trade provisions 106,995 (30,668) (290) 4,018 80,055 106,995 (30,668) (290) 4,018 80,055 Movement in trade provisions during 2019 is as follows: Thousands of Euros Balance at Translation Balance at 31/12/2018 Net charge Cancellations differences 31/12/2019 Trade provisions 80,055 (25,249) (3,142) 1,445 53,109 80,055 (25,249) (3,142) 1,445 53,109

Financial Liabilities (Tables)

Financial Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Financial Liabilities
Schedule of financial liabilities	Thousands of Euros Financial liabilities 31/12/2019 31/12/2018 Non-current obligations (a) 2,588,030 1,000,000 Senior secured debt (b) 3,285,086 4,771,285 Other loans (b) 216,686 239,686 Finance lease liabilities — 9,537 Other non-current financial liabilities (d) 59,981 78,955 Non-current lease liabilities (note 9) 696,285 — Total non-current financial liabilities 6,846,068 6,099,463 Current obligations (a) 89,172 102,978 Senior secured debt (b) 1,803 129,955 Other loans (b) 184,164 24,839 Finance lease liabilities — 3,348 Other current financial liabilities (d) 41,768 16,262 Current lease liabilities (note 9) 44,405 — Total current financial liabilities 361,312 277,382
Schedule of details of movement in the Senior Unsecured Notes	Thousands of Euros Opening outstanding Closing outstanding balance 01/01/19 Refinancing balance 31/12/19 Senior Unsecured Notes (nominal amount) 1,000,000 — 1,000,000 Senior Secured Notes (nominal amount) — 1,675,000 1,675,000 Total 1,000,000 1,675,000 2,675,000
Schedule of current obligation captions including issue of bearer promissory notes to Group employees	31/12/2018 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 05/05/18 04/05/19 3,000 4.00 % 99,990 (1,041) (1,304) 31/12/2019 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 05/05/19 04/05/20 3,000 5.00 % 103,122 (1,170) (1,686)
Schedule of details of loans and borrowings	Thousands of Euros 31/12/2019 31/12/2018 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 Senior debt - Tranche A Euros Euribor + 1.75% 31/01/2017 31/01/2023 — — 607,000 576,650 Senior debt - Tranche B US Dollars Libor + 2.25% 31/01/2017 31/01/2025 — — 2,620,087 2,548,035 Senior debt - Tranche B Euros Euribor + 2.25% 15/11/2019 15/11/2027 1,360,000 1,346,400 — — Senior debt - Tranche B US Dollars Libor + 2.00% 15/11/2019 15/11/2027 2,227,171 2,204,900 — — Total senior debt 3,587,171 3,551,300 5,279,490 5,074,467 EIB Loan Euros 2.40% 20/11/2015 20/11/2025 100,000 53,125 100,000 63,750 EIB Loan Euros 2.02% 22/12/2017 22/12/2027 85,000 74,375 85,000 85,000 EIB Loan Euros 2.15% 25/09/2018 25/09/2028 85,000 85,000 85,000 85,000 Total EIB Loan 270,000 212,500 270,000 233,750 Revolving Credit US Dollars Libor + 1.75% 31/01/2017 31/01/2023 — — 262,009 — Revolving Credit US Dollars Libor + 1.5% 15/11/2019 15/11/2025 445,434 — — — Total Revolving Credit 445,434 — 262,009 — Other non-current loans Euros Euribor - Euribor + 2.30% 25/03/2010 30/09/2024 10,000 4,186 26,680 5,936 Loan transaction costs — (266,214) — (303,182) Non-current loans and borrowings 4,312,605 3,501,772 5,838,179 5,010,971 Thousands of Euros 31/12/2019 31/12/2018 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 (*) — (*) 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 Senior debt - Tranche B Euros Euribor + 2.25% 15/11/2019 15/11/2027 (*) 13,600 (*) — Senior debt - Tranche B US Dollars Libor + 2.00% 15/11/2019 15/11/2027 (*) 22,271 (*) — Total senior debt — 35,871 — 159,172 EIB Loan Euros 2.40% 20/11/2015 20/11/2025 (*) 10,625 (*) 10,625 EIB Loan Euros 2.02% 22/12/2017 22/12/2027 (*) 10,625 (*) — Total EIB Loan — 21,250 — 10,625 Other current loans 0.10% - 3.59% 239,782 162,914 144,571 14,214 Loan transaction costs — (34,068) — (29,217) Current loans and borrowings 239,782 185,967 144,571 154,794 (*)
Schedule of details of maturity of other financial liabilities	Thousands of Euros 31/12/2019 31/12/2018 Maturity at: Up to one year 41,768 16,262 Two years 50,585 21,460 Three years 2,977 49,602 Four years 1,870 2,916 Five years 1,420 1,799 Over five years 3,129 3,178 101,749 95,217
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, 2018 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 New financing 1,778,218 3,780,115 — 12,249 5,570,582 Refunds (100,215) (5,447,842) (73,785) (8,152) (5,629,994) Bear of interests 37,095 171,535 34,558 1,166 244,354 Other movements (note 2) (108,874) 24,121 761,682 — 676,929 Collection / Payment of interests (32,000) (204,179) — — (236,179) Business combination (note 3) — 10,233 — — 10,233 Foreign exchange differences — 187,991 5,350 1,269 194,610 Balance at December 31, 2019 2,677,202 3,687,739 740,690 101,749 7,207,380
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 2019 are as follows: US Tranche B Tranche B in Euros Amortization in thousands Amortization in Amortization in Currency of US Dollars thousands of Euros Currency thousands of Euros Maturity 2020 US Dollars 25,000 22,271 Euros 13,600 2021 US Dollars 25,000 22,271 Euros 13,600 2022 US Dollars 25,000 22,271 Euros 13,600 2023 US Dollars 25,000 22,271 Euros 13,600 2024 US Dollars 25,000 22,271 Euros 13,600 2025 US Dollars 25,000 22,271 Euros 13,600 2026 US Dollars 25,000 22,271 Euros 13,600 2027 US Dollars 2,325,000 2,071,274 Euros 1,264,800 Total US Dollars 2,500,000 2,227,171 Euros 1,360,000

Trade and Other Payables (Table

Trade and Other Payables (Tables)	12 Months Ended
	Dec. 31, 2019
Trade and other payables
Schedule of trade and other payables	Thousands of Euros 31/12/2019 31/12/2018 Suppliers 581,882 561,883 VAT payable 9,999 8,954 Taxation authorities, withholdings payable 26,839 26,299 Social security payable 15,150 12,787 Other public entities 113,644 111,776 Other payables 165,632 159,816 Current income tax liabilities 5,966 1,917 753,480 723,616

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Other Current Liabilities
Schedule of other current liabilities	Thousands of Euros 31/12/2019 31/12/2018 Salaries payable 175,079 153,160 Other payables 847 504 Deferred income 9,791 8,912 Advances received 11,682 6,613 Other current liabilities 197,399 169,189

Net Revenues (Tables)

Net Revenues (Tables)	12 Months Ended
	Dec. 31, 2019
Net Revenues
Schedule of distribution of net consolidated revenues by segment	Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Bioscience 3,993,462 3,516,704 3,429,785 Diagnostic 733,604 702,265 732,369 Hospital 134,441 119,454 105,649 Bio supplies 266,540 167,004 66,791 Others 22,820 22,451 18,263 Intersegments (52,176) (41,154) (34,784) 5,098,691 4,486,724 4,318,073
Schedule of geographical distribution of net consolidated revenues	Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 USA and Canada 3,390,811 2,974,429 2,896,505 Spain 268,287 264,913 242,894 European Union 588,375 535,361 444,089 Rest of the world 851,218 712,021 734,585 Consolidated 5,098,691 4,486,724 4,318,073
Schedule of discounts and other reductions in gross income	Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Gross sales 6,429,762 5,588,257 5,322,618 Chargebacks (1,119,540) (923,023) (826,775) Cash discounts (70,340) (62,518) (57,512) Volume rebates (56,426) (46,922) (43,274) Medicare and Medicaid (50,442) (40,343) (41,722) Other discounts (34,323) (28,727) (35,262) Net sales 5,098,691 4,486,724 4,318,073

Personnel Expenses (Tables)

Personnel Expenses (Tables)	12 Months Ended
	Dec. 31, 2019
Personnel Expenses
Schedule of personnel expenses by function	Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Cost of sales 988,689 810,512 731,192 Research and development 106,472 93,817 90,495 Selling, general & administration expenses 382,472 345,224 323,880 1,477,633 1,249,553 1,145,567
Schedule of personnel expenses by nature	Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Wages and salaries 1,178,527 1,000,682 917,810 Contributions to pension plans (see note 29) 29,941 21,363 20,347 Other social charges 28,785 29,055 27,679 Social Security 240,380 198,453 179,731 1,477,633 1,249,553 1,145,567

Expenses by Nature (Tables)

Expenses by Nature (Tables)	12 Months Ended
	Dec. 31, 2019
Expenses by Nature
Schedule of amortization and depreciation expense classified by functions	Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Cost of sales 193,081 146,530 135,186 Research and development 22,471 19,836 14,721 Selling, general & administration expenses 86,903 62,243 65,583 302,455 228,609 215,490
Schedule of other operating income and expenses by function	Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Cost of sales 467,705 432,803 416,020 Research and development 166,177 152,670 129,579 Selling, general & administration expenses 457,921 410,753 460,959 1,091,803 996,226 1,006,558
Schedule of other operating income and expenses by nature	Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Changes in trade provisions (19,811) (23,125) 3,648 Professional services 244,355 211,305 211,579 Commissions 32,178 21,941 18,473 Supplies and auxiliary materials 170,021 149,831 131,932 Operating leases (note 9) 33,235 84,299 80,136 Freight 130,663 112,340 105,292 Repair and maintenance expenses 136,377 107,806 103,518 Advertising 59,063 44,659 49,893 Insurance 25,647 22,632 21,529 Royalties 10,674 10,726 11,241 Travel expenses 61,346 51,428 58,171 External services 64,099 53,391 82,699 R&D Expenses 103,053 100,889 89,977 Other 40,903 48,104 38,470 Other operating income&expenses 1,091,803 996,226 1,006,558

Finance Result (Tables)

Finance Result (Tables)	12 Months Ended
	Dec. 31, 2019
Finance Result
Schedule of finance result	Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Finance income 114,197 13,995 9,678 Finance cost from Senior Unsecured Notes (41,920) (35,471) (65,189) Finance cost from senior debt (note 21 (b)) (262,797) (247,646) (193,183) Finance cost from sale of receivables (note 14) (9,171) (6,053) (3,973) Capitalized interest (note 10) 14,894 8,955 8,839 Finance lease expense (note 9) (34,558) — — Other finance costs (9,413) (13,058) (9,838) Finance costs (342,965) (293,273) (263,344) Impairment and gains / (losses) on disposal of financial instruments (note 11 and 12 (b)) (37,666) 30,280 (18,844) Change in fair value of financial instruments 1,326 — (3,752) Exchange differences (9,616) (8,246) (11,472) Finance result (274,724) (257,244) (287,734)

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Dec. 31, 2019
Taxation
Schedule of income tax expense and income tax related to profit	Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Profit before income tax from continuing operations 817,103 725,842 695,722 Tax at 25% 204,276 181,461 173,931 Permanent differences 6,104 (2,000) 17,163 Effect of different tax rates (22,564) (29,543) 40,981 Tax credits (deductions) (12,702) (18,226) (16,092) Impact related to the US tax legistation modifications — — (171,169) Prior year income tax expense (3,722) 381 (8,614) Other income tax expenses/(income) (2,933) (637) (1,792) Total income tax expense 168,459 131,436 34,408 Deferred tax 58,275 (21,189) (149,444) Current tax 110,184 152,625 183,852 Total income tax expense 168,459 131,436 34,408
Schedule of deferred tax assets and liabilities	Thousands of Euros Tax effect 31/12/2019 31/12/2018 31/12/2017 Assets Provisions 6,228 7,936 4,564 Inventories 51,838 41,029 35,619 Tax credits (deductions) 61,476 57,357 49,467 Tax loss carryforwards 36,066 32,769 6,179 Other 6,531 8,611 7,513 Subtotal, assets 162,139 147,702 103,342 Goodwill (27,721) (24,691) (22,346) Fixed assets, amortisation and depreciation (2,821) (3,922) (7,780) Intangible assets (8,573) (6,550) (7,059) Subtotal, net liabilities (39,115) (35,163) (37,185) Deferred assets, net 123,024 112,539 66,157 Liabilities Goodwill (194,964) (150,644) (105,963) Intangible assets (214,993) (220,752) (201,921) Fixed assets (88,498) (99,819) (95,029) Debt cancellation costs (65,967) (42,319) (70,503) Inventories — — — Subtotal, liabilities (564,422) (513,534) (473,416) Tax loss carryforwards 24,734 20,833 15,384 Inventories 2,408 5,644 5,063 Provisions 39,366 53,290 47,404 Other 34,087 29,369 16,653 Subtotal, net assets 100,595 109,135 84,504 Net deferred Liabilities (463,827) (404,398) (388,912)
Schedule of movement in deferred tax assets and liabilities	Thousands of Euros Deferred tax assets and liabilities 31/12/2019 31/12/2018 31/12/2017 Balance at 1 January (291,859) (322,755) (533,427) Movements during the year (58,275) 21,189 149,444 Movements in equity during the year — — — Business combination (note 3) — 21,328 16,736 Translation differences 9,331 (11,621) 44,492 Balance at 31 December (340,803) (291,859) (322,755)
Schedule of details about deferred tax assets and liabilities by jurisdiction	The detail of deferred tax assets and liabilities by jurisdiction at 31 December 2019 is as follow: USA Spain Other Total 31/12/2019 31/12/2019 31/12/2019 31/12/2019 Net deferred tax (392,040) (35,117) (35,921) (463,078) Tax credit rigths 54,340 5,162 1,297 60,799 Tax loss carryforwards — 61,476 — 61,476 (337,700) 31,521 (34,624) (340,803) The detail of deferred tax assets and liabilities by jurisdiction at 31 December 2018 is as follow: USA Spain Other Total 31/12/2018 31/12/2018 31/12/2018 31/12/2018 Net deferred tax (353,116) (34,441) (15,260) (402,817) Tax credit rigths 46,722 5,669 1,210 53,601 Tax loss carryforwards — 57,357 — 57,357 (306,394) 28,585 (14,050) (291,859) The detail of deferred tax assets and liabilities by jurisdiction at 31 December 2017 is as follow: USA Spain Other Total 31/12/2017 31/12/2017 31/12/2017 31/12/2017 Net deferred tax (325,550) (32,396) (35,840) (393,786) Tax credit rigths 15,385 5,759 420 21,564 Tax loss carryforwards — 49,467 — 49,467 (310,165) 22,830 (35,420) (322,755)

Other Commitments with Third _2

Other Commitments with Third Parties and Other Contingent Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Other Commitments with Third Parties and Other Contingent Liabilities
Schedule of Group's purchase commitments	Details of the Group’s commitments of raw materials at 31 December 2019 are as follows: Thousands of Euros 2020 202,996 2021 107,249 2022 1,713 2023 1,312 2024 1,126 More than 5 years 1,783

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
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 31/12/2018 Carrying amount Fair Value Financial assets Financial assets Financial Financial Other at amortised at FV to assets at FV liabilitites at financial costs profit or loss to OCI amortised costs liabilities Total Level 1 Level 2 Level 3 Total Non-current financial assets — 7 — — — 7 — — 7 Current Financial derivatives — 19,934 — — — 19,934 — — 19,934 19,934 Trade receivables — — — 198,010 — 198,010 — 198,010 Financial assets measured at fair value — 19,941 — — 217,951 Non-current financial assets — — — — 107,594 Other current financial assets — — — — 34,031 Trade and other receivables — — — — 163,575 Cash and cash equivalents — — — — 1,033,792 Financial assets not measured at fair value — — — — 1,338,992 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 — — — (7,105,623) (170,490) (7,276,113) 1,338,992 19,941 198,010 (7,105,623) (170,490) (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. Thousand of Euros 31/12/2019 Carrying amount Fair Value Financial assets Financial assets Financial Financial Other at amortised at FV to assets at FV liabilities at financial costs profit or loss to OCI amortised costs liabilities Total Level 1 Level 2 Level 3 Total Non-current financial assets — 7 — — — 7 7 — — 7 Other current financial assets — 1,716,738 — — — 1,716,738 — — 1,716,738 1,716,738 Trade receivables — — 298,346 — — 298,346 — 298,346 — 298,346 Financial assets measured at fair value — 1,716,745 298,346 — — 2,015,091 Non-current financial assets 138,923 — — — — 138,923 Other current financial assets 12,188 — — — — 12,188 Trade and other receivables 153,960 — — — — 153,960 Cash and cash equivalents 741,982 — — — — 741,982 Financial assets not measured at fair value 1,047,053 — — 1,047,053 Senior Unsecured & Secured Notes — — — (2,576,935) — (2,576,935) (2,749,557) — — (2,749,557) Promissory Notes — — — (100,267) — (100,267) Senior secured debt — — — (3,286,889) — (3,286,889) — (3,623,233) — (3,623,233) Other bank loans — — — (400,850) — (400,850) Lease liabilities — — — (740,690) — (740,690) Other financial liabilities — — — (101,749) — (101,749) Debts with associates — — — (1,258) — (1,258) Other non-current debts — — — — (983) (983) Trade and other payables — — — (747,514) — (747,514) Other current liabilities — — — — (197,399) (197,399) Financial liabilities not measured at fair value — — — (7,956,152) (198,382) (8,154,534) 1,047,053 1,716,745 298,346 (7,956,152) (198,382) (5,092,390)
Schedule of financial derivatives	Notional Notional Thousands of Euros amount at amount at Value at Value at Financial derivatives Currency 31/12/2019 31/12/2018 31/12/19 31/12/18 Maturity Call Option (Interstate Blood Bank,Inc., Bio-Blood Components, Inc and Plasma Biological Services, LLC) US Dollar N/A N/A — 8,733 30/04/2019 Call Option (ADMA Centers) US Dollar N/A N/A — 11,201 01/01/2019 Total Assets — 19,934
Schedule of exposure to credit risk	The carrying amount of financial assets represents the maximum exposure to credit risk. At 31 December 2019 and 2018 the maximum level of exposure to credit risk is as follows: Thousands of Euros Carrying amount Note 31/12/2019 31/12/2018 Non-current financial assets 12 138,930 107,601 Other current financial assets 12 1,728,926 53,965 Trade receivables 14 369,797 269,167 Other receivables 14 29,267 45,327 Cash and cash equivalents 15 741,982 1,033,792 3,008,902 1,509,852 The maximum level of exposure to risk associated with receivables at 31 December 2019 and 2018, by geographical area, is as follows. Thousands of Euros Carrying amount 31/12/2019 31/12/2018 Spain 58,363 46,025 EU countries 44,887 48,354 United States of America 171,345 79,829 Other European countries 13,485 14,289 Other regions 110,984 125,997 399,064 314,494
Schedule of trade receivables net of the bad debt provision by seniority	A breakdown of the trade and other receivables net of the bad debt provision by ageing as of 31 December 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 A breakdown of the trade and other receivables net of the bad debt provision by seniority as of December 31, 2019 is as follows: Thousands of Euros Total net trade Total gross carrying receivable third ECL Rate amount Provision party Not matured 0.19 % 285,942 (585) 285,357 Past due 0-30 days 0.19 % 48,212 (57) 48,155 Past due 31-60 days 0.62 % 15,831 (101) 15,730 Past due 61-90 days 2.03 % 10,364 (156) 10,208 Past due 91-180 days 3.01 % 8,606 (243) 8,363 Past due 181-365 days 8.52 % 2,216 (232) 1,984 More than one year 100.00 % 3,056 (3,056) — Customers with objective evidence of impairment 17,861 (17,861) — 392,088 (22,291) 369,797
Schedule of movement in the bad debt provision	Thousands of Euros 31/12/2019 31/12/2018 31/12/2017 Opening balance 20,531 19,706 17,987 Net charges for the year 4,971 6,443 8,003 Net cancellations for the year (3,142) (5,650) (4,732) Transfers (19) — — Translation differences (50) 32 (1,552) Closing balance 22,291 20,531 19,706
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 31/12/18 flows or less months years years 5 years Financial liabilities Bank loans 21 5,165,765 6,522,083 195,568 202,437 522,040 3,086,734 2,515,304 Other financial liabilities 21 95,217 95,218 14,167 2,095 21,324 55,863 1,769 Bonds and other marketable securities 21 1,102,978 1,305,645 113,645 16,000 32,000 128,000 1,016,000 Finance lease payables 21 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 22 561,883 561,884 561,559 325 — — — Other current liabilities 23 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 Thousands of Euros Carrying amount at Contractual 6 months 6 - 12 1-2 2 - 5 More than Carrying amount Note 31/12/19 flows or less months years years 5 years Financial liabilities Bank loans 21 3,687,739 4,826,286 204,851 100,083 183,525 715,443 3,622,384 Other financial liabilities 21 101,749 101,749 21,000 20,708 50,646 7,416 1,979 Bonds and other marketable securities 21 2,677,202 3,167,075 128,606 32,016 64,031 2,137,772 804,650 Lease liabilities 21 740,690 740,690 22,335 22,131 41,444 155,300 499,480 Debts with associates 31 1,258 1,258 — 1,258 — — — Payable to suppliers 22 581,882 581,882 581,867 15 — — — Other current liabilities 23 22,320 22,320 21,612 708 — — — Total 7,812,840 9,441,260 980,271 176,919 339,646 3,015,931 4,928,493
Schedule of Group's exposure to currency risk	The Group’s exposure to currency risk is as follows: 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 Thousands of Euros 31/12/2019 Euros (*) Dollars (**) Trade receivables 4,978 29,022 Receivables from Group companies 101,685 3,829 Loans to Group companies 16,053 595 Cash and cash equivalents (8,603) 1,698 Trade payables (18,908) (13,826) Payables to Group companies (75,435) (93,713) Loans from Group companies (42,388) (4,151) Bank loans (63,750) — Balance sheet exposure (86,368) (76,546) (*) 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 2019 and 2018 year ends are as follows: Closing exchange rate Euros 31/12/2019 31/12/2018 US Dollars 1.1225 1.1450
Schedule of profile of interest on interest-bearing financial instruments	Thousands of Euros 31/12/2019 31/12/2018 Fixed-interest financial instruments Financial liabilities (2,908,750) (1,244,375) (2,908,750) (1,244,375) Variable-interest financial instruments Financial liabilities (3,587,171) (5,233,638) (3,587,171) (5,233,638) (6,495,921) (6,478,013)

Balances and Transactions wit_2

Balances and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2019
Balances and Transactions with Related Parties
Schedule of details of balances with related parties	Thousands of Euros 31/12/2019 31/12/2018 Receivables from associates (note 14) 1,883 382 Trade payables associates (114) (15,796) Loans to associates (note 12) 18,342 50,304 Loans to other related parties (note 12) 86,363 82,969 Other financial assets with other related parties 34,367 — Debts with associates (1,258) (7,079) Debts with key management personnel (4,005) (4,425) Payables to members of the board of directors — — Payables to other related parties (4,878) (7,706) Other financial liabilities with other related parties (13,000) — 117,700 98,649
Schedule of group transactions with related parties	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 income (440) — — — Finance cost 592 — — — (77,136) (13,672) (12,526) (6,694) Group transactions with related parties during 2018 were 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 income 3,951 — — — Finance cost (579) — — — (109,838) (16,070) 460,130 (6,692) Group transactions with related parties during 2019 are as follows: Thousands of Euros Key management Other related Board of directors Associates personnel parties of the Company Net sales 10,196 — — — Purchases (48,300) — — — Other service expenses (25,638) — (5,586) (220) Operating lease expense — — — — Remuneration — (16,795) — (5,517) Payments for rights of use — — (7,104) — Finance income 2,265 — — — Finance cost (158) — — — (61,635) (16,795) (12,690) (5,737)

Appendix I (Tables)

Appendix I (Tables)	12 Months Ended
	Dec. 31, 2019
Appendix I
Schedule of information on group companies associates and others	Acquisition / 12/31/2019 12/31/2018 12/31/2017 Registered Incorporation % shares % shares % shares Name Office 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. — 55.000 % — 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 % 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. 98.600 % 1.400 % 98.600 % 1.400 % 98.600 % 1.400 % 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. — 55.000 % — 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 Procurement of 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. 91.880 % 8.120 % 99.998 % — — 90.230 % 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 % Grifols Diagnostics Solutions Inc (formerly G-C Diagnostics Corp.) 4560 Horton Street 2013 Industrial Manufacture and sale of blood testing products — 55.000 % 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 % 0.000 % 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 % 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 BerKshire House, 25 2014 Commercial Distribution and sale of diagnostic products. — 55.000 % — 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 Pvt.Ltd.,Level15,Dev Corpora, 2014 Commercial Distribution and sale of pharmaceutical products. 99.984 % 0.016 % 99.984 % 0.016 % 99.984 % 0.016 % 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 Rental of industrial buildings 100.000 % — 100.000 % — 100.000 % — Gri-Cel, S.A. (merged with Instituto Grifols, S.A. in 2019) 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 % 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. — 75.100 % — 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 Biotechnology research and development — 100.000 % — 100.000 % — 100.000 % PBS Acquisition Corp. (merged with IBBI in 2019) 2711 Centerville Road Suite 400, Wilmington, 2016 Services Engage in any lawful act or activity for which corporations may be organized under the DGCL (Delaware Code) — — — 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 % — 90.000 % — Chiquito Acquisition Corp. 2711 Centerville Road Suite 400, Wilmington, Delaware, New Castle County, 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 % — 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 obtainment of all necessary administrative concessions for the optimum and widest use of these. 99.990 % 0.010 % 100.000 % — — — Goetech LLC (D/B/A Medkeeper) 7600 Grandview Avenue, Suite 210, Arvada, CO 80002, United States 2018 Industrial Development and distribution of web and mobile-based platforms for hospital pharmacies — 54.760 % — 54.760 % — — Interstate Blood Bank, Inc. 5700 Pleasantville Road 2016 Industrial Procuring human plasma. — 100.000 % — — — — Haema, AG LandsteinerstraBe 1, 04103 Leipzig - Germany 2018 Industrial Procurement of human plasma. — — — — — — Biotest Pharmaceutical Corporation 901 Yamato Rd., Suite 101, Boca Raton FL 33431 - USA 2018 Industrial Procurement of human plasma. — — — — — — Biotest US Corporation 901 Yamato Rd., Suite 101, Boca Raton FL 33431 - USA 2018 Corporate services Corporate services for Biotest Pharmaceutical Corporation — — — — — — APPENDIX I GRIFOLS, S.A. AND SUBSIDIARIES Information on Group Companies, Associates and others for the years ended 31 December 2019, 2018 and 2017 Acquisition / 12/31/2019 12/31/2018 12/31/2017 Incorporation % shares % shares % shares Name Registered Office date Activity Statutory Activity Direct Indirect Direct Indirect Direct Indirect Equity-accounted investees 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 % Mecwins, S.L. Avenida Fernandos Casas 2013 Research Research and production of nanotechnological, biotechnological and chemical solutions. — 24.990 % — 24.990 % — 8.420 % 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. — 49.000 % — 30.000 % — 30.000 % Interstate Blood Bank, Inc. 5700 Pleasantville Road 2016 Industrial Procurement of human plasma. — — — 49.190 % — 49.190 % Bio Blood Components Inc. 5700 Pleasantville Road 2016 Industrial Procurement of human plasma. — — — 48.972 % — 48.972 % Plasma Biological Services, LLC 5700 Pleasantville Road 2016 Industrial Procurement of human plasma. — — — 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 % — 19.330 % Aigües Minerals de Vilajuiga, S.A. Carrer Sant Sebastià, 2, 17493 Vilajuïga, Girona, Spain 2017 Industrial Collection and use of mineral-medicinal waters and obtainment of all necessary administrative concessions for the optimum and widest use of these. — — — — 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 % — 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 % — 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 % — 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 % — 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 % — 43.960 % Plasmavita Healthcare GmbH Colmarer Strasse 22, 60528 Frankfurt am Main - Germany 2018 Industrial Procurement of human plasma. — 50.000 % — 50.000 % — — Medcom Advance, S.A Av. Roma, 35 Entresuelo 1, 08018 Barcelona; Spain 2019 Research Research and development of nanotechnological solutions. — 45.000 % — — — — Plasmavita Healthcare II GmbH Garnisongasse 4/12, 1090 Vienna, Austria 2019 Industrial Procurement of human plasma. — 50.000 % — — — —

Appendix II (Tables)

Appendix II (Tables)	12 Months Ended
	Dec. 31, 2019
Appendix II
Schedule of operating segments	(Expressed in thousands of Euros) Bioscience Hospital Diagnostic Bio Supplies Others Intersegments Consolidated 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Revenues from external customers 3,993,462 3,516,704 3,429,785 134,441 119,454 105,649 733,604 702,265 732,369 266,540 167,004 66,791 22,820 22,451 18,263 (52,176) (41,154) (34,784) 5,098,691 4,486,724 4,318,073 Total operating income 3,993,462 3,516,704 3,429,785 134,441 119,454 105,649 733,604 702,265 732,369 266,540 167,004 66,791 22,820 22,451 18,263 (52,176) (41,154) (34,784) 5,098,691 4,486,724 4,318,073 Profit/(Loss) for the segment 1,079,216 902,402 985,495 (8,674) (12,587) (9,766) 215,828 215,990 248,080 16,246 36,824 35,598 1,279 19,788 (9,632) (3,094) (5,764) (12,305) 1,300,801 1,156,653 1,237,470 Unallocated expenses (169,436) (162,529) (234,127) Operating profit/(loss) 1,131,365 994,124 1,003,343 Finance result (274,724) (257,244) (287,734) Share of profit/(loss) of equity accounted investee — 2,839 (10,434) — — 2,112 (19,794) (10,975) (9,335) — 3,039 1,830 (19,744) (5,941) (4,060) — — — (39,538) (11,038) (19,887) Income tax expense (168,459) (131,436) (34,408) Profit for the year after tax 648,644 594,406 661,314 Segment assets 8,416,922 6,928,220 6,007,153 274,250 250,543 145,477 3,676,011 3,526,136 3,356,185 226,814 117,673 7,409 77,501 54,363 60,449 (32,892) (29,281) (22,196) 12,638,606 10,847,654 9,554,477 Equity-accounted investments 10,368 99,547 83,905 — — — — 19,256 29,322 49,922 47,742 44,220 54,183 60,360 61,562 — — — 114,473 226,905 219,009 Unallocated assets — — — — — — — — — — — — — — — — — — 2,789,532 1,402,487 1,146,778 Total assets 15,542,611 12,477,046 10,920,264 Segment liabilities 1,371,352 764,377 423,415 53,441 32,767 13,560 351,799 230,517 192,720 126,289 6,427 — 35,581 34,698 26,903 — — — 1,938,462 1,068,786 656,598 Unallocated liabilities — — — — — — — — — — — — — — — — — — 6,758,381 6,711,656 6,629,701 Total liabilities 8,696,843 7,780,442 7,286,299 Other information: Allocated amortisation and depreciation 196,335 156,893 157,478 11,686 10,819 6,436 52,224 44,030 40,815 20,415 5,656 — 2,147 1,941 2,237 — — — 282,807 219,339 206,966 Unallocated amortisation and depreciation — — — — — — — — — — — — — — — — — — 19,648 9,270 8,524 Allocated expenses that do not require cash payments 43,524 172,648 7,049 (289) 297 (514) (22,873) (27,651) (4,423) 393 28 — — — — — — — 20,755 145,322 2,112 Unallocated expenses that do not require cash payments — — — — — — — — — — — — — — — — — — 2,416 1,339 (58,752) Allocated additions for the year of property, plant & equipment, intangible assets and rights of use 868,103 220,531 227,635 62,298 15,354 10,429 103,911 58,064 70,032 65,448 2,050 198 1,768 883 20,911 — — — 1,101,528 296,882 329,205 Unallocated additions for the year of property, plant & equipment, intangible assets and rights of use — — — — — — — — — — — — — — — — — — 73,544 19,795 11,268
Schedule of reporting by geographical area	(Expressed in thousands of Euros) Spain Rest of European Union USA + Canada Rest of World Consolidated 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Net Revenue 268,287 264,913 242,894 588,375 535,361 444,089 3,390,811 2,974,429 2,896,505 851,218 712,021 734,585 5,098,691 4,486,724 4,318,073 Assets by geographical area 2,764,054 898,599 899,223 3,425,874 3,177,781 2,397,200 9,059,674 8,133,108 7,341,174 293,009 267,558 282,667 15,542,611 12,477,046 10,920,264 Other information: Additions for the year of property, plant & equipment, intangible assets and rights of use 183,891 70,639 62,271 181,736 69,534 80,910 787,586 166,353 188,557 21,859 10,151 8,735 1,175,072 316,677 340,473

Appendix III (Tables)

Appendix III (Tables)	12 Months Ended
	Dec. 31, 2019
Appendix III
Schedule of changes in other intangible assets	(Expressed in thousands of Euros) Balance at Business Translation Balance at 12/31/2018 Additions combinations Transfers Disposals differences 12/31/2019 Development costs 377,312 — — (591) 4,771 435,339 Concessions, patents, licenses brands & similar 196,410 26,222 2,587 293 — 4,485 229,997 Computer software 234,423 17 (518) (105) 2,934 258,597 Currently marketed products 1,071,827 — — — — 21,007 1,092,834 Other intangible assets 174,768 8 (365) 516 (5) 3,437 178,359 Total cost of intangible assets 2,054,740 101,923 2,239 291 (701) 36,634 2,195,126 Accum. amort. of development costs (90,107) (13,357) — — — (67) (103,531) Accum. amort of concessions, patents, licenses, brands & similar (36,760) (6,386) — — — (510) (43,656) Accum. amort. of computer software (126,653) (15,963) — (278) 60 (972) (143,806) Accum. amort. of currently marketed products (278,795) (38,040) — — — (5,284) (322,119) Accum. amort. of other intangible assets (70,553) (8,144) — (763) — (1,376) (80,836) Total accum. amort intangible assets (602,868) (81,890) — (1,041) 60 (8,209) (693,948) Impairment of other intangible assets (66,335) — — — — (1,309) (67,644) Carrying amount of intangible assets 1,385,537 20,033 2,239 (750) (641) 27,116 1,433,534 (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 2018 (Expressed in thousands of Euros) Balance at Business Translation Balance at 12/31/2017 Additions combinations Transfers Disposals differences 12/31/2018 Development costs 311,694 55,439 — — (36) 10,215 377,312 Concessions, patents, licenses brands & similar 182,885 — 6,225 — (757) 8,057 196,410 Computer software 174,945 20,252 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

Appendix IV (Tables)

Appendix IV (Tables)	12 Months Ended
	Dec. 31, 2019
APPENDIX IV
Schedule of movement of rights of use	Balance at Translation Balance at 12/31/2018 Additions Business combinations Transfers Disposals differences 12/31/2019 Land and buildings — 728,246 — 381 (531) 6,750 734,846 Machinery — 1,957 — 4,209 — 1 6,167 Computer equipment — 3,324 — 3,156 (4) 28 6,504 Vehicles — 14,346 — 20 (371) 35 14,030 Total cost of rights of use — 747,873 — 7,766 (906) 6,814 761,547 Accum. amort. of land and buildings — (49,786) — — 287 58 (49,441) Accum. amort of machinery — (1,768) — 69 — 1 (1,698) Accum. amort. of computer equipment — (2,204) — 21 3 — (2,180) Accum. amort. of vehicles — (4,613) — — 231 12 (4,370) Total accum. amort of rights of use — (58,371) — 90 521 71 (57,689) Carrying amount of rights of use — 689,502 — 7,856 (385) 6,885 703,858

Appendix V (Tables)

Appendix V (Tables)	12 Months Ended
	Dec. 31, 2019
Appendix V
Schedule of movement in property, plant and equipment	(Expressed in thousands of Euros) Balance at Business Translation Balance at 31/12/2018 Additions combination Transfers Disposals differences 31/12/2019 Cost: Land and buildings 726,412 30,209 30,346 10,866 (2,078) 11,440 807,195 Plant and machinery 1,984,853 55,957 19,079 68,107 (13,892) 27,507 2,141,611 Fixed assets under construction 345,391 239,111 926 (91,788) (55) 3,579 497,164 3,056,656 325,277 50,351 (12,815) (16,025) 42,526 3,445,970 Accumulated depreciation: Buildings (89,378) (18,108) (23,288) 23,111 657 (1,632) (108,638) Plant and machinery (1,012,735) (144,086) — (17,402) 11,901 (12,753) (1,175,075) (1,102,113) (162,194) (23,288) 5,709 12,558 (14,385) (1,283,713) Impairment of other property, plant and equipment (2,560) (113) — — — (39) (2,712) Carrying amount 1,951,983 162,970 27,063 (7,106) (3,467) 28,102 2,159,545 (See note 3) This appendix forms an integral part of note 10 to the consolidated financial statements. APPENDIX V 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

Appendix VI (Tables)

Appendix VI (Tables)	12 Months Ended
	Dec. 31, 2019
Appendix VI
Schedule of Liquidity for Distribution of Interim Dividend	(Expressed in thousands of Euros) Thousands of Euros Forecast distributable profit for 2019: Projected profit after tax until 31/12/2019 827,684 Less, provision required to legal reserve — Estimated distributable profit for 2019 827,684 Interim dividends distributed 136,828 Forecast cash for the period 25 October 2019 to 25 October 2020: Cash balances at 25 October 2019 — Projected collections 1,157,200 Projected payments, including interim dividend 557,000 Projected cash balances at 25 October 2020 600,200 This appendix forms an integral part of note 16 to the consolidated financial statements. APPENDIX VI 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

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

Dec. 03, 2019EUR (€)item

Jul. 24, 2019EUR (€)shares

Jul. 23, 2019

Jan. 26, 2018USD ($)

Jan. 12, 2018EUR (€)

Jul. 24, 2017EUR (€)

Jul. 31, 2019EUR (€)

Apr. 30, 2019

Mar. 31, 2019shares

Sep. 30, 2018EUR (€)

Oct. 31, 2017EUR (€)

Dec. 31, 2017

Dec. 31, 2019EUR (€)shares

Dec. 31, 2018EUR (€)

Dec. 31, 2017EUR (€)

Apr. 16, 2019EUR (€)item

Dec. 28, 2018USD ($)

Aug. 01, 2018USD ($)

Mar. 19, 2018EUR (€)

Oct. 11, 2017EUR (€)

Jan. 31, 2017USD ($)

May 11, 2016USD ($)Centeritem

May 11, 2016EUR (€)Centeritem

Basis of presentation

Share of Profit (Loss) of Associates and Joint Ventures Accounted for Using Equity Method, Excluding Impairment Loss

€ 8,972

Consideration Received in Shares | shares

1,766,000,000

Increase in other current financial asset

1,717,000

Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity

1,716,147

€ 465,548

€ (389)

Increase (decrease) through changes in ownership interest on non-controlling interests

1,511,000

Gains from change in contractual right value

1,000

Other current assets

58,111

42,344

Non-controlling interests

Basis of presentation

Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity

1,517,180

€ 469,010

€ (43)

Reserves

Basis of presentation

Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity

227,000

Translation differences

Basis of presentation

Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity

€ (22,009)

Shanghai RAAS Blood Products, Co. Ltd. | Grifols Diagnostics Solutions, Inc.

Basis of presentation

Minority shareholders interest

45.00%

Shanghai RAAS Blood Products, Co. Ltd.

Basis of presentation

Proportion of ownership interest in associate

26.20%

Other current assets

€ 12,000

Shanghai RAAS Blood Products, Co. Ltd. | Grifols Diagnostics Solutions, Inc.

Basis of presentation

Number of shares to be delivered | shares

90

Economic rights (as a percent)

45.00%

Ownership interest acquired (as a percent)

40.00%

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

Interstate Blood Bank, Inc., Bio-Blood Components, Inc. and Plasma Biological Services, LLC

Basis of presentation

Cash paid

$ 100,000

€ 88,215

Call option price | $

100,000

Agreed payment amount for call option

$ 10,000

€ 9,007

Interstate Blood Bank, Inc

Basis of presentation

Ownership in subsidiary (as a percent)

100.00%

Ownership interest acquired (as a percent)

49.19%

49.19%

Bio Blood Components Inc.

Basis of presentation

Ownership interest acquired (as a percent)

48.97%

48.97%

Plasma Biological Services, LLC.

Basis of presentation

Ownership interest acquired (as a percent)

48.90%

48.90%

Number of plasma collection centers | Center

26

26

Number of blood donation centers | Center

9

9

Number of laboratories | item

1

1

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)

75.10%

Number of share capital increases | item

2

2

First share capital increase

€ 16,800

Second share capital increase

€ 5,900

Progenika Biopharma, S.A.

Basis of presentation

Ownership in subsidiary (as a percent)

100.00%

99.99%

90.23%

Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity

€ (374,000)

Share capital increase

€ 4

€ 4,333

Cash paid

€ 4

Number of shares acquired | shares

33

Progenika Biopharma, S.A. | Grifols Diagnostics Solutions, Inc.

Basis of presentation

Ownership interest acquired (as a percent)

0.98%

Cash paid

€ 644

Hologic acquisition

Basis of presentation

Cash paid | $

$ 1,865,000

Grifols Diagnostics Solutions, Inc.

Basis of presentation

Economic rights (as a percent)

55.00%

Voting rights (as percent)

60.00%

Consideration Received in Shares | shares

1,766,000,000

Basis of Presentation - IFRS 9

Basis of Presentation - IFRS 9 Financial Instruments (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Impact on reserves due to application of IFRS 9:
Historical credit loss (as a percent)				0.19%	0.17%	0.13%
Total Debt	€ 6,846,068	€ 6,099,463
Impact on Total Debt			€ (2,580)
Impact on Deferred Expenses			(22,056)
Impact of new IFRS
Impact on reserves due to application of IFRS 9:
(Positive) Negative Impact on Reserves		€ 24,636	(24,636)
Senior Unsecured Notes
Impact on reserves due to application of IFRS 9:
Impact on Total Debt			146,333
Impact on Deferred Expenses			(41,035)
Senior Unsecured Notes | Impact of new IFRS
Impact on reserves due to application of IFRS 9:
(Positive) Negative Impact on Reserves			105,298
Senior Secured Debt
Impact on reserves due to application of IFRS 9:
Impact on Total Debt			(148,913)
Impact on Deferred Expenses			18,979
Senior Secured Debt | Impact of new IFRS
Impact on reserves due to application of IFRS 9:
(Positive) Negative Impact on Reserves			(129,934)
Amortised cost
Impact on reserves due to application of IFRS 9:
Total Debt			4,228,824
Amortised cost | Senior Unsecured Notes
Impact on reserves due to application of IFRS 9:
Total Debt			853,667
Amortised cost | Senior Secured Debt
Impact on reserves due to application of IFRS 9:
Total Debt			3,375,157
IFRS 9
Impact on reserves due to application of IFRS 9:
Total Debt			4,226,244
IFRS 9 | Senior Unsecured Notes
Impact on reserves due to application of IFRS 9:
Total Debt			1,000,000
IFRS 9 | Senior Secured Debt
Impact on reserves due to application of IFRS 9:
Total Debt			€ 3,226,244

Basis of Presentation - IFRS 15

Basis of Presentation - IFRS 15 (Details) € in Thousands	12 Months Ended
	Dec. 31, 2018EUR (€)
Basis of Presentation
Costs of obtaining a contract	€ 2,934

Basis of Presentation - IFRS 16

Basis of Presentation - IFRS 16 Leases (Details)	Jan. 01, 2019
Minimum
Leases
Incremental interest rate applied to lease liabilities recognised at date of initial application of IFRS 16	2.07%
Maximum
Leases
Incremental interest rate applied to lease liabilities recognised at date of initial application of IFRS 16	8.18%
Buildings and warehouses | Minimum
Leases
Lease term	10 years
Buildings and warehouses | Maximum
Leases
Lease term	15 years
Donor centers | Minimum
Leases
Lease term	13 years
Donor centers | Maximum
Leases
Lease term	15 years
Computer equipment | Minimum
Leases
Lease term	3 years
Computer equipment | 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

Basis of Presentation - Reconci

Basis of Presentation - Reconciliation of lease liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017
Leases
Operating lease commitments existing as at 31 December 2018			€ 400,579	€ 262,343
Lease liability recognised	€ 740,690
Adoption of IFRS 16
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		€ 664,948

Business Combinations - Cost, F

Business Combinations - Cost, FV of Assets, Goodwill and Other (Details) € in Thousands, $ in Thousands	Apr. 30, 2019EUR (€)	Jan. 26, 2018USD ($)	Jan. 12, 2018EUR (€)	Jun. 30, 2018EUR (€)m²employeeCenteriteml	Dec. 31, 2019EUR (€)	Dec. 31, 2019EUR (€)	Dec. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)l	Dec. 31, 2016EUR (€)	May 31, 2019EUR (€)	Apr. 30, 2019USD ($)	Apr. 30, 2019EUR (€)	Dec. 31, 2018USD ($)Center	Dec. 31, 2018EUR (€)Center	Dec. 28, 2018USD ($)	Dec. 01, 2018EUR (€)	Aug. 31, 2018EUR (€)	Aug. 01, 2018USD ($)Center	Aug. 01, 2018EUR (€)Center	Mar. 19, 2018EUR (€)	Jan. 26, 2018EUR (€)	Jul. 25, 2017EUR (€)	Jun. 01, 2017	Feb. 28, 2017USD ($)	Feb. 28, 2017EUR (€)	Jan. 31, 2017USD ($)	Jan. 31, 2017EUR (€)	Dec. 31, 2016USD ($)	Dec. 27, 2016USD ($)Center	Dec. 14, 2016USD ($)	May 11, 2016USD ($)Centeritem	May 11, 2016EUR (€)Centeritem	Sep. 30, 2014EUR (€)
Biotest Us Corporation and Haema AG
Other disclosures:
Consideration for sale of subsidiary | $															$ 538,014
Plasma Donor Centers
Details of the aggregate business combination cost, fair value or net assets acquired and goodwill:
Payment in cash										€ 20,500
Fair value of net assets acquired										1,620
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired)										18,880
Total business combination cost										20,500
Other disclosures:
Property, plant and equipment recognised as of acquisition date										€ 1,396
Interstated Blood Bank, Inc. Group
Details of the aggregate business combination cost, fair value or net assets acquired and goodwill:
Payment in cash											$ 100,000	€ 88,984																			$ 100,000	€ 88,215
Purchase price for the remaining stakes | $																															100,000
Fair value of the previous investment in the company											105,779	94,126
Fair value of the call option											10,000	8,898
Fair value of net assets acquired											21,744	19,345
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired)											194,035	172,663
Total business combination cost											100,000	88,984
Other disclosures:
Property, plant and equipment recognised as of acquisition date											$ 26,661	€ 23,724
Agreed payment amount for call option																															$ 10,000	€ 9,007
Number of blood donation centers | Center																															9	9
Number of plasma collection centers | Center																															26	26
Number of laboratories | item																															1	1
Increase (decrease) in combined revenue had the acquisition taken place on January 1						€ 10,146
Increase (decrease) in combined profit had the acquisition taken place on January 1						(1,436)
Revenue of acquiree since acquisition date					€ 13,364
Profit of acquiree since acquisition date					€ 280
Variation between the fair value of the previous investment and the book value	€ 4,521
Interstate Blood Bank, Inc
Other disclosures:
Ownership interest acquired (as a percent)																															49.19%	49.19%
Bio Blood Components Inc.
Other disclosures:
Ownership interest acquired (as a percent)																															48.97%	48.97%
Plasma Biological Services, LLC.
Other disclosures:
Ownership interest acquired (as a percent)																															48.90%	48.90%
Biotest Acquisition
Details of the aggregate business combination cost, fair value or net assets acquired and goodwill:
Fair value of net assets acquired																		$ 133,761	€ 114,463
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired)																		152,693	130,663
Total business combination cost																		286,454	245,126
Other disclosures:
Property, plant and equipment recognised as of acquisition date																		$ 25,931	€ 22,190
Number of plasma collection centers | Center																		24	24
Ownership interest acquired (as a percent)																		100.00%	100.00%
Plasma collected in preceding financial year (in litres) | l								850,000
Increase (decrease) in combined revenue had the acquisition taken place on January 1							€ 90,216
Increase (decrease) in combined profit had the acquisition taken place on January 1							5,592
Revenue of acquiree since acquisition date							73,747
Profit of acquiree since acquisition date							7,473
Kedplasma Centers
Details of the aggregate business combination cost, fair value or net assets acquired and goodwill:
Payment in cash													$ 50,163	€ 42,780		€ 21,841	€ 20,939
Fair value of net assets acquired													5,787	5,042
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired)													44,376	37,738
Total business combination cost													$ 50,163	42,780
Other disclosures:
Property, plant and equipment recognised as of acquisition date														€ 4,942
Number of plasma centers owned | Center													6	6
Haema, AG
Details of the aggregate business combination cost, fair value or net assets acquired and goodwill:
Fair value of net assets acquired																				€ 49,057
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired)																				171,134
Total business combination cost				€ 220,191																220,191
Other disclosures:
Property, plant and equipment recognised as of acquisition date																				€ 25,407
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				1,000,000
Increase (decrease) in combined revenue had the acquisition taken place on January 1							39,517
Revenue of acquiree since acquisition date							46,758
Profit of acquiree since acquisition date							€ 53
Goetech, LLC. ("MedKeeper")
Details of the aggregate business combination cost, fair value or net assets acquired and goodwill:
Fair value of net assets acquired		$ 17,207																			€ 14,104
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired)		67,492																			55,321
First repurchase of non-controlling interests		14,000																			11,475
Second repurchase of non-controlling interests (discounted amount)		18,241																			14,952
Purchase of remaining non-controlling interests		52,458																			42,998
Total business combination cost		84,699																			69,425
Other disclosures:
Property, plant and equipment recognised as of acquisition date		82																			€ 67
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
Profit of acquiree since acquisition date						€ 1,778
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
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			$ 1,865,000
Fair value of net assets acquired																										332,923	309,551
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired)																										1,577,134	1,466,420
Result of the cancellation of the existing contract																										45,057	41,894
Total business combination cost																										1,910,057	1,775,971
Other disclosures:
Property, plant and equipment recognised as of acquisition date																										$ 26,424	€ 24,569
Expenses incurred for acquisition								€ 13,000	€ 5,100
Kiro Grifols S.L (formerly Kiro Robotics S.L)
Other disclosures:
Share capital increase																																	€ 21,000
Ownership interest acquired (as a percent)																						40.00%											50.00%
Additional ownership interest acquired, consideration transferred																						€ 12,800
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				$ 47,000
Fair value of net assets acquired																								4,403	4,137
Goodwill (excess of the cost of the business combination over the fair value of net assets acquired)																								42,680	40,101
Total business combination cost																								$ 47,083	44,238
Other disclosures:
Property, plant and equipment recognised as of acquisition date																									€ 3,698
Number of Plasma Donor Centers acquired | Center																													6
Advance paid for acquisition | $																												$ 15,000

Business Combinations - Amounts

Business Combinations - Amounts Determined at Acquisition (Details) € in Thousands, $ in Thousands	Apr. 30, 2019USD ($)	Apr. 30, 2019EUR (€)	Aug. 01, 2018USD ($)	Aug. 01, 2018EUR (€)	Jun. 30, 2018EUR (€)	Mar. 19, 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	€ 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
Interstated Blood Bank, Inc. Group
Amounts determined at the date of acquisition of assets, liabilities and contingent liabilities:
Cash and cash equivalents	$ 2,204	€ 1,961
Trade and other receivables	13,575	12,080
Inventories	11,543	10,271
Intangible assets	87	77
Property, plant and equipment	26,661	23,724
Other current assets	2,265	2,015
Total assets	56,335	50,128
Long-term liabilities	(11,500)	(10,233)
Current liabilities	(23,091)	(20,550)
Total liabilities and contingent liabilities	(34,591)	(30,783)
Total net assets acquired	21,744	19,345
Goodwill	194,035	172,663
Total business combination cost	$ 100,000	€ 88,984

Significant Accounting Polici_4

Significant Accounting Policies - Property, plant and equipment (Details)	12 Months Ended
	Dec. 31, 2019
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, 2019EUR (€)
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, 2019EUR (€)
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	1 Months Ended
	Sep. 30, 2018EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)	Nov. 15, 2019USD ($)item	Nov. 15, 2019EUR (€)item	Dec. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)	Dec. 31, 2016EUR (€)
Financial Risk Management Policy
Cash and cash equivalents			€ 741,982			€ 1,033,792	€ 886,521	€ 895,009
Senior Debt
Financial Risk Management Policy
Amount of borrowings refinanced					€ 5,800,000
Senior Secured Notes
Financial Risk Management Policy
Principal amount			1,675,000		€ 1,675,000
Number of bonds issued | item				2	2
Revolving Credit Facility, Maturing in 2025
Financial Risk Management Policy
Carrying amount | $		$ 0
Senior notes
Financial Risk Management Policy
Principal amount			2,675,000			1,000,000
EIB Loan
Financial Risk Management Policy
Carrying amount			233,750			244,375
EIB Loan, Maturing in 2028
Financial Risk Management Policy
Principal amount	€ 85,000
Debt term	10 years
Grace period	2 years
Liquidity risk
Financial Risk Management Policy
Cash and cash equivalents			741,982			1,033,792
Unused credit facility			532,169			404,808
Liquidity risk | Term Loan B
Financial Risk Management Policy
Principal amount				$ 2,500	€ 1,360,000
Liquidity risk | Senior Secured Notes
Financial Risk Management Policy
Principal amount					€ 1,675,000
Liquidity risk | Revolving Credit Facility, Maturing in 2025 | Maximum
Financial Risk Management Policy
Maximum borrowing capacity | $				$ 500
Liquidity risk | EIB Loan
Financial Risk Management Policy
Carrying amount			233,750			244,375
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 | Revolving credit facility
Financial Risk Management Policy
Unused credit facility			€ 445,434			€ 262,008
Interest rate risk | Fixed-interest
Financial Risk Management Policy
Percentage of fixed rate interest debt of the total debt		45.00%	45.00%			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		38.00%	38.00%			12.00%
Interest rate risk | Senior notes
Financial Risk Management Policy
Principal amount			€ 2,675,000
Interest rate risk | Senior notes | Euros
Financial Risk Management Policy
Percentage of fixed rate interest debt of the total debt		63.00%	63.00%
Interest rate risk | EIB Loan
Financial Risk Management Policy
Carrying amount			€ 233,750
Interest rate risk | EIB Loan | Euros
Financial Risk Management Policy
Percentage of additional loans received from EIB of the Group's total debt		5.00%	5.00%

Financial Risk Management Pol_4

Financial Risk Management Policy - Capital Management (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financial Risk Management Policy
Profit attributable to the Parent	€ 625,146	€ 596,642	€ 662,700
Equity attributable to the Parent	€ 4,822,119	€ 4,225,554
Return on equity	13.00%	14.00%
Treasury stock as a percentage of capital, held by parent	0.50%	0.60%

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019locationarea
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, 2019	Dec. 31, 2018	Dec. 31, 2017
Net sales by groups of products
Net revenue	€ 5,098,691	€ 4,486,724	€ 4,318,073
Haemoderivatives
Net sales by groups of products
Net revenue	3,993,462	3,516,704	3,429,785
Transfusional medicine
Net sales by groups of products
Net revenue	680,766	650,180	679,692
Other diagnostic
Net sales by groups of products
Net revenue	19,937	19,797	23,377
Fluid therapy and nutrition
Net sales by groups of products
Net revenue	47,677	52,574	47,699
Hospital supplies
Net sales by groups of products
Net revenue	67,489	58,014	52,466
Bio supplies
Net sales by groups of products
Net revenue	266,540	167,004	66,791
Others
Net sales by groups of products
Net revenue	€ 22,820	€ 22,451	€ 18,263

Segment Reporting - Main Custom

Segment Reporting - Main Customer (Details) - Bioscience - Customer - customer	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of major customers
Number of customers	1	1
Percentage of entity's revenue	10.06%	11.00%

Goodwill - Details of and movem

Goodwill - Details of and movement in goodwill (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Goodwill
Goodwill at beginning of the year	€ 5,209,230	€ 4,590,498
Business Combination	198,208	403,335
Disposals		(2,827)
Translation differences	99,625	218,224
Goodwill at end of the year	5,507,063	5,209,230
Grifols UK Ltd. (UK)
Goodwill
Goodwill at beginning of the year	7,682	7,745
Translation differences	425	(63)
Goodwill at end of the year	8,107	7,682
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	255,114	205,254
Business Combination	(4,278)	42,780
Disposals		(2,827)
Translation differences	5,060	9,907
Goodwill at end of the year	255,896	255,114
Grifols Australia Pty Ltd. (Australia) / Medion Diagnostics AG (Switzerland)
Goodwill
Goodwill at beginning of the year	9,271	9,543
Translation differences	201	(272)
Goodwill at end of the year	9,472	9,271
Grifols Therapeutics, Inc. (USA)
Goodwill
Goodwill at beginning of the year	1,940,776	1,852,905
Translation differences	38,902	87,871
Goodwill at end of the year	1,979,678	1,940,776
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.
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	2,550,256	2,435,907
Translation differences	50,694	114,349
Goodwill at end of the year	2,600,950	2,550,256
Kiro Grifols S.L (formerly Kiro Robotics S.L)
Goodwill
Goodwill at beginning of the year	24,376	26,510
Business Combination		(2,134)
Goodwill at end of the year	24,376	24,376
Goetech, LLC. ("MedKeeper")
Goodwill
Goodwill at beginning of the year	58,945
Business Combination		55,321
Translation differences	1,181	3,624
Goodwill at end of the year	60,126	58,945
Haema, AG
Goodwill
Goodwill at beginning of the year	171,134
Business Combination	18,880	171,134
Goodwill at end of the year	190,014	171,134
Biotest US Corporation
Goodwill
Goodwill at beginning of the year	139,042
Business Combination	10,943	136,234
Translation differences	2,963	2,808
Goodwill at end of the year	152,948	€ 139,042
Interstate Blood Bank, Inc. (USA)
Goodwill
Business Combination	172,663
Translation differences	199
Goodwill at end of the year	€ 172,862

Goodwill - Impairment testing (

Goodwill - Impairment testing (Details) € in Millions	12 Months Ended
	Dec. 31, 2019EUR (€)item	Dec. 31, 2018EUR (€)	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
Term of the government bonds	30 years
Stock market capitalization | €	€ 18,831	€ 13,978
Kiro Grifols S.L (formerly Kiro Robotics S.L)
Impairment Testing
Percentage of voting equity interests acquired				40.00%	50.00%
Goetech, LLC. ("MedKeeper")
Impairment Testing
Percentage of voting equity interests acquired			51.00%
Grifols Diagnostics Solutions, Inc.
Impairment Testing
Percentage of voting equity interests acquired	45.00%
Bioscience
Impairment Testing
Perpetual growth rate	2.00%	2.00%
Pre-tax discount rate	8.80%	8.90%
Diagnostic
Impairment Testing
Perpetual growth rate		2.00%
Pre-tax discount rate		9.40%
EBITDA multiple | item	14.5
Hospital
Impairment Testing
Perpetual growth rate	1.50%	1.50%
Pre-tax discount rate	10.80%	13.10%

Goodwill - Schedule of reasonab

Goodwill - Schedule of reasonable possible changes (Details)	12 Months Ended
	Dec. 31, 2019
Bioscience
Disclosure of information for cash-generating units [line items]
Reasonably possible change in perpetual growth rate (as a percent)	0.50%
Reasonably possible change in pre-tax discount rate (as a percent)	0.50%
Diagnostic
Disclosure of information for cash-generating units [line items]
Reasonably possible change in EBITDA margin multiple (as a percent)	2.50%
Hospital
Disclosure of information for cash-generating units [line items]
Reasonably possible change in perpetual growth rate (as a percent)	0.50%
Reasonably possible change in pre-tax discount rate (as a percent)	0.50%

Other Intangible Assets - Curre

Other Intangible Assets - Currently marketed products acquired from Talecris and Progenika (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Other Intangible Assets
Intangible assets at beginning of the year	€ 1,385,537	€ 1,269,342
Translation differences	27,116	58,744
Intangible assets at end of the year	1,433,534	1,385,537
Gross carrying amount
Other Intangible Assets
Intangible assets at beginning of the year	2,054,740	1,841,207
Translation differences	36,634	80,172
Intangible assets at end of the year	2,195,126	2,054,740
Accumulated depreciation and amortisation
Other Intangible Assets
Intangible assets at beginning of the year	(602,868)	(508,485)
Additions	(81,890)	(71,400)
Translation differences	(8,209)	(18,473)
Intangible assets at end of the year	(693,948)	(602,868)
Currently marketed products
Other Intangible Assets
Intangible assets at beginning of the year	793,032	793,308
Additions	(38,040)	(36,154)
Translation differences	15,723	35,878
Intangible assets at end of the year	770,715	793,032
Currently marketed products | Gross carrying amount
Other Intangible Assets
Intangible assets at beginning of the year	1,071,827	1,024,376
Translation differences	21,007	47,451
Intangible assets at end of the year	1,092,834	1,071,827
Currently marketed products | Accumulated depreciation and amortisation
Other Intangible Assets
Intangible assets at beginning of the year	(278,795)	(231,068)
Additions	(38,040)	(36,154)
Translation differences	(5,284)	(11,573)
Intangible assets at end of the year	€ (322,119)	€ (278,795)
Talecris | Currently marketed products
Other Intangible Assets
Estimated useful life	30 years	30 years
Residual useful life	21 years 5 months	22 years 5 months
Talecris | Currently marketed products | Gross carrying amount
Other Intangible Assets
Intangible assets at beginning of the year	€ 1,048,035	€ 1,000,584
Translation differences	21,007	47,451
Intangible assets at end of the year	1,069,042	1,048,035
Talecris | Currently marketed products | Accumulated depreciation and amortisation
Other Intangible Assets
Intangible assets at beginning of the year	(264,920)	(219,572)
Additions	(35,661)	(33,775)
Translation differences	(5,284)	(11,573)
Intangible assets at end of the year	€ (305,865)	€ (264,920)
Progenika Biopharma, S.A. | Currently marketed products
Other Intangible Assets
Estimated useful life	10 years	10 years
Residual useful life	3 years 2 months	4 years 2 months
Progenika Biopharma, S.A. | 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. | Currently marketed products | Accumulated depreciation and amortisation
Other Intangible Assets
Intangible assets at beginning of the year	(13,875)	(11,496)
Additions	(2,379)	(2,379)
Intangible assets at end of the year	€ (16,254)	€ (13,875)

Other Intangible Assets - Other

Other Intangible Assets - Others (Details) € in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2019EUR (€)	Dec. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)
Other Intangible Assets
Other intangible assets		€ 1,385,537	€ 1,269,342		€ 1,433,534
Intangible asset purchase commitments		589			381
Profit (loss) incurred on disposals of intangible assets	€ 0	8,101
Impairment loss			€ 63,675
Plasma center licenses
Other Intangible Assets
Other intangible assets		26,917			29,960
Regulatory milestones - initial payment
Other Intangible Assets
Other intangible assets | $				$ 30
Regulatory milestones - additional payment
Other Intangible Assets
Other intangible assets | $				$ 17.5
Development costs in progress
Other Intangible Assets
Other intangible assets		206,087			223,161
Self-constructed
Other Intangible Assets
Other intangible assets		€ 58,254			€ 48,797

Leases - Details of leases in t

Leases - Details of leases in the consolidated balance sheet (Details) € in Thousands	Dec. 31, 2019EUR (€)
DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems
Total right-of-use assets	€ 703,858
Lease liabilities
Non-current	696,285
Current	44,405
Lease liability recognised	740,690
Land and Buildings
DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems
Total right-of-use assets	685,405
Machinery
DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems
Total right-of-use assets	4,469
Computer equipment
DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems
Total right-of-use assets	4,324
Vehicles
DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems
Total right-of-use assets	€ 9,660

Leases - Leases After IFRS 16 a

Leases - Leases After IFRS 16 application - Maturity detail (Details) € in Thousands	12 Months Ended
	Dec. 31, 2019EUR (€)
Disclosure of maturity analysis of operating lease payments [line items]
Lease payments	€ 740,690
Additions to right-of-use assets	747,873
Initial additions to right-of-use assets	664,948
2020
Disclosure of maturity analysis of operating lease payments [line items]
Lease payments	44,464
2021
Disclosure of maturity analysis of operating lease payments [line items]
Lease payments	41,444
2-5 years
Disclosure of maturity analysis of operating lease payments [line items]
Lease payments	155,300
More than 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Lease payments	€ 499,482

Leases - Amounts recognized in

Leases - Amounts recognized in the consolidated statement of profit and loss (Details) € in Thousands	12 Months Ended
	Dec. 31, 2019EUR (€)
DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems
Right-of-use depreciation	€ 58,371
Finance lease expenses (note 27)	34,558
Finance lease expenses	34,558
Expenses related to short-term or low-value agreements	20,247
Other operating lease expenses	12,988
Total operating lease expenses	33,235
Lease payments	73,785
Land and Buildings
DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems
Right-of-use depreciation	49,786
Machinery
DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems
Right-of-use depreciation	1,768
Computer equipment
DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems
Right-of-use depreciation	2,204
Vehicles
DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems
Right-of-use depreciation	€ 4,613

Leases - Leases before IFRS 16

Leases - Leases before IFRS 16 application (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Operating leases (as lessee)
Operating leases instalments recognized as an expense	€ 84,299	€ 80,136
Future minimum payments on non-cancellable operating leases	400,579	262,343
2020
Operating leases (as lessee)
Future minimum payments on non-cancellable operating leases	63,959	46,541
Between 1 and 5 years
Operating leases (as lessee)
Future minimum payments on non-cancellable operating leases	200,156	156,897
More than 5 years
Operating leases (as lessee)
Future minimum payments on non-cancellable operating leases	€ 136,464	€ 58,905

Property, Plant and Equipment -

Property, Plant and Equipment - Activity (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment
Capitalized interests	€ 14,894	€ 8,955	€ 8,839
Losses on disposals of property, plant and equipment	€ 1,408	€ 1,401

Property, Plant and Equipment_2

Property, Plant and Equipment - Assets under finance leases (Details) € in Thousands	Dec. 31, 2018EUR (€)
Fixed assets, amortisation and depreciation
Disclosure Of Recognised Finance Lease As Assets By Lessee Line Items
Assets under finance lease	€ 9,944
Land and Buildings
Disclosure Of Recognised Finance Lease As Assets By Lessee Line Items
Assets under finance lease	1,491
Plant and machinery
Disclosure Of Recognised Finance Lease As Assets By Lessee Line Items
Assets under finance lease	8,453
Gross carrying amount | Fixed assets, amortisation and depreciation
Disclosure Of Recognised Finance Lease As Assets By Lessee Line Items
Assets under finance lease	18,079
Gross carrying amount | Land and Buildings
Disclosure Of Recognised Finance Lease As Assets By Lessee Line Items
Assets under finance lease	2,389
Gross carrying amount | Plant and machinery
Disclosure Of Recognised Finance Lease As Assets By Lessee Line Items
Assets under finance lease	15,690
Accumulated depreciation and amortisation | Fixed assets, amortisation and depreciation
Disclosure Of Recognised Finance Lease As Assets By Lessee Line Items
Assets under finance lease	(8,135)
Accumulated depreciation and amortisation | Land and Buildings
Disclosure Of Recognised Finance Lease As Assets By Lessee Line Items
Assets under finance lease	(898)
Accumulated depreciation and amortisation | Plant and machinery
Disclosure Of Recognised Finance Lease As Assets By Lessee Line Items
Assets under finance lease	€ (7,237)

Property, Plant and Equipment_3

Property, Plant and Equipment - Self Constructed PP&E and Commitments (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment
Property, plant and equipment	€ 2,159,545	€ 1,951,983	€ 1,760,053
Self-constructed property, plant and equipment
Property, Plant and Equipment
Property, plant and equipment	€ 102,229	€ 66,995

Property, Plant and Equipment_4

Property, Plant and Equipment - Purchase Commitments (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment
Purchase commitments	€ 52,519	€ 47,148

Property, Plant and Equipment_5

Property, Plant and Equipment - Impairment (Details) - Specific Group of Assets Hospital Segment - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Impairment
Impairment	€ 0	€ 0
Pre-tax discount rate	10.30%	10.10%
Perpetual growth rate	2.00%	2.00%

Equity-Accounted Investees - Eq

Equity-Accounted Investees - Equity accounted investees with similar activity to that of the Group - Ownership and Carrying Amount (Details) - EUR (€) € in Thousands	Jan. 12, 2017	May 11, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Ifrs Schedule Of Equity Method Investments [Line Items]
Carrying value			€ 114,473	€ 226,905	€ 219,009
Accounted investees with similar activity to that of the Group
Ifrs Schedule Of Equity Method Investments [Line Items]
Carrying value			€ 60,290	€ 147,289
Interstate Blood Bank, Inc
Ifrs Schedule Of Equity Method Investments [Line Items]
Ownership (as a percent)		49.19%		49.19%
Ownership interest in subsidiary (as a percent)			100.00%
Carrying value				€ 29,595	27,936
Bio Blood Components Inc.
Ifrs Schedule Of Equity Method Investments [Line Items]
Ownership (as a percent)		48.97%	0.00%	48.97%
Carrying value				€ 38,223	32,960
Plasma Biological Services, LLC.
Ifrs Schedule Of Equity Method Investments [Line Items]
Ownership (as a percent)		48.90%	0.00%	48.90%
Carrying value				€ 21,809	23,010
Access Biologicals LLC
Ifrs Schedule Of Equity Method Investments [Line Items]
Ownership (as a percent)	49.00%		49.00%	49.00%
Carrying value			€ 49,922	€ 47,742	€ 44,219
Plasmavita HealthCare
Ifrs Schedule Of Equity Method Investments [Line Items]
Ownership interest in joint venture (as a percent)			50.00%	50.00%
Carrying value			€ 10,368	€ 9,920

Equity-Accounted Investees - _2

Equity-Accounted Investees - Equity accounted investees with similar activity to that of the Group - Movements In Investments Carrying Amount (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017
Movement in the investments in equity-accounted investees
Share of profit / (losses)	€ 8,972
Investments in equity-accounted investees	114,473		€ 226,905	€ 219,009
Accounted investees with similar activity to that of the Group
Movement in the investments in equity-accounted investees
Balance at 1 January		€ 0
Transfer accounted investees with similar activity to that of the Group	147,289
Transfers	(94,127)
Share of profit / (losses)	8,972
Share of other comprehensive income / translation differences	2,624
Collected dividends	(4,468)
Investments in equity-accounted investees	€ 60,290

Equity-Accounted Investees - Pl

Equity-Accounted Investees - Plasmavita Healthcare GmbH (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2017EUR (€)person€ / sharesshares	Dec. 31, 2017EUR (€)Center€ / sharesshares	Dec. 31, 2019EUR (€)	Dec. 31, 2018EUR (€)
Disclosure of joint ventures [line items]
Share capital			€ 119,603,705	€ 119,603,705
Plasmavita HealthCare
Disclosure of joint ventures [line items]
Contribution		€ 10,000,000
Additional contribution		€ 10,000,000
Ownership interest in joint venture (as a percent)		50.00%
Number of plasma centers | Center		10
European partners | Plasmavita HealthCare
Disclosure of joint ventures [line items]
Ownership interest in joint venture (as a percent)		50.00%
Number of partners in joint venture | person	2
Plasmavita HealthCare
Disclosure of joint ventures [line items]
Consideration transferred to create a joint venture	€ 12,500	€ 12,500
Share capital	€ 25,000	€ 25,000
Number of shares outstanding | shares	25,000	25,000
Par value (in Euros per share) | / shares | € / shares	€ 1	€ 1

Equity-Accounted Investees - Ac

Equity-Accounted Investees - Access Biologicals LLC (Details) € in Thousands, $ in Millions	Jan. 12, 2017USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)
Movement in the investments in equity-accounted investees
Balance		€ 226,905	€ 219,009
Share of profit / (losses)		(39,538)	(11,038)	€ (19,887)
Balance		€ 114,473	€ 226,905	219,009
Access Biologicals LLC
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		€ 47,742	€ 44,219
Acquisitions | $	$ 51
Share of profit / (losses)		3,938	3,039
Share of other comprehensive income / translation differences		967	2,073
Collected dividends		(2,725)	(1,589)
Balance		€ 49,922	€ 47,742	€ 44,219

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 (€)	Apr. 30, 2019	Dec. 31, 2019EUR (€)	Dec. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)	May 11, 2016EUR (€)facilityCenter
Movement in the investments in equity-accounted investees
Balance				€ 226,905	€ 219,009
Share of profit / (losses)				(39,538)	(11,038)	€ (19,887)
Balance				114,473	226,905	219,009
Interstate Blood Bank, Inc
Equity Accounted Investees
Proportion of ownership interest in subsidiary			100.00%
Interstated Blood Bank, Inc. Group
Equity Accounted Investees
Acquisitions	$ 100	€ 88,215
Purchase price for the remaining stakes | $	100
Price of option to purchase remaining stakes	$ 10						€ 9,007
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				89,627	83,906
Transfers				(94,127)
Share of profit / (losses)				4,586	3,141
Share of other comprehensive income / translation differences				1,658	4,049
Collected dividends				€ (1,744)	(1,469)
Balance					€ 89,627	83,906
Interstate Blood Bank, Inc
Equity Accounted Investees
Ownership interest (as a percent)	49.19%	49.19%			49.19%
Proportion of ownership interest in subsidiary				100.00%
Movement in the investments in equity-accounted investees
Balance				€ 29,595	€ 27,936
Transfers				(31,453)
Share of profit / (losses)				6,853	1,830
Share of other comprehensive income / translation differences				(3,251)	1,298
Collected dividends				€ (1,744)	(1,469)
Balance					€ 29,595	27,936
Bio Blood Components Inc.
Equity Accounted Investees
Ownership interest (as a percent)	48.97%	48.97%		0.00%	48.97%
Movement in the investments in equity-accounted investees
Balance				€ 38,223	€ 32,960
Transfers				(38,606)
Share of profit / (losses)				(2,543)	3,492
Share of other comprehensive income / translation differences				€ 2,926	1,771
Balance					€ 38,223	32,960
Plasma Biological Services, LLC.
Equity Accounted Investees
Ownership interest (as a percent)	48.90%	48.90%		0.00%	48.90%
Movement in the investments in equity-accounted investees
Balance				€ 21,809	€ 23,010
Transfers				(24,068)
Share of profit / (losses)				276	(2,181)
Share of other comprehensive income / translation differences				€ 1,983	980
Balance					€ 21,809	€ 23,010

Equity-Accounted Investees - Ot

Equity-Accounted Investees - Other equity method investees - Ownership and Carrying Amount (Details) - EUR (€) € in Thousands	Oct. 22, 2018	May 17, 2016	Feb. 28, 2019	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019	Dec. 31, 2017	Dec. 31, 2016
Disclosure of associates [line items]
Investments in equity-accounted investees				€ 114,473	€ 226,905		€ 219,009
Rest of equity accounted investees
Disclosure of associates [line items]
Investments in equity-accounted investees					79,616	€ 79,616
Investments in equity-accounted investees				€ 54,183	€ 226,905		219,009	€ 201,345
Alkahest, Inc.
Disclosure of associates [line items]
Ownership interest (as a percent)				47.58%	47.58%
Investments in equity-accounted investees				€ 14,708	€ 28,336
Albajuna Therapeutics, S.L.
Disclosure of associates [line items]
Ownership interest (as a percent)				49.00%	30.00%
Investments in equity-accounted investees				€ 5,228	€ 1,106
Singulex, Inc.
Disclosure of associates [line items]
Ownership interest (as a percent)		19.33%		0.00%	19.33%
Investments in equity-accounted investees					€ 19,256		29,322
GigaGen, Inc
Disclosure of associates [line items]
Ownership interest (as a percent)				43.96%	43.96%
Investments in equity-accounted investees				€ 23,997	€ 28,363		€ 29,047
Mecwins, S.A
Disclosure of associates [line items]
Ownership interest (as a percent)	24.99%			24.99%	24.99%
Investments in equity-accounted investees				€ 2,338	€ 2,555
Medcom Advance, S.A.
Disclosure of associates [line items]
Ownership interest (as a percent)			45.00%	45.00%
Investments in equity-accounted investees				€ 7,912

Equity-Accounted Investees - _3

Equity-Accounted Investees - Other equity method investees - Movements In Investments Carrying Amount (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019	Dec. 31, 2016
Movement in the investments in equity-accounted investees
Share of profit / (losses)	€ 8,972
Investments in equity-accounted investees	114,473	€ 226,905	€ 219,009
Rest of equity accounted investees
Movement in the investments in equity-accounted investees
Acquisitions	12,369	12,222	80,685
Transfers		(500)	16,000
Share of profit / (losses)	(19,744)	(11,038)	(13,195)
Share of other comprehensive income / translation differences	1,736	9,270	(27,134)
Losses for Impairment	(19,794)		(6,692)
Collected dividends		(3,058)
Investments in equity-accounted investees		79,616		€ 79,616
Investments in equity-accounted investees	€ 54,183	€ 226,905	€ 219,009		€ 201,345

Equity-Accounted Investees - Me

Equity-Accounted Investees - Medcom Advance,S.A. (Details) - Medcom Advance, S.A. - EUR (€) € in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2019	Dec. 31, 2019
Disclosure of associates [line items]
Ownership interest (as a percent)	45.00%	45.00%
Consideration	€ 8,602

Equity-Accounted Investees - _4

Equity-Accounted Investees - Mecwins, S.A. (Details) - Mecwins, S.A - EUR (€) € in Millions	Oct. 22, 2018	Dec. 31, 2019	Dec. 31, 2018
Equity Accounted Investees
Share capital increase	€ 2
Ownership interest (as a percent)	24.99%	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, 2019EUR (€)	Dec. 31, 2018EUR (€)
Movement in the investments in equity-accounted investees
Balance		€ 226,905	€ 219,009
Share of profit / (losses)		8,972
Balance		€ 114,473	€ 226,905
GigaGen, Inc
Equity Accounted Investees
Ownership interest (as a percent)		43.96%	43.96%
Movement in the investments in equity-accounted investees
Balance		€ 28,363	€ 29,047
Share of profit / (losses)		(5,002)	(1,562)
Share of other comprehensive income / translation differences		636	878
Balance		€ 23,997	€ 28,363
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%
Acquisitions | $	$ 35
Collaboration fee | $	15
Movement in the investments in equity-accounted investees
Acquisitions | $	$ 35

Equity-Accounted Investees - Si

Equity-Accounted Investees - Singulex (Details) € in Thousands, $ in Millions	May 17, 2016USD ($)	May 17, 2016EUR (€)	Dec. 31, 2019EUR (€)	Dec. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)	May 16, 2016USD ($)
Movement in the investments in equity-accounted investees
Balance			€ 226,905	€ 219,009
Share of profit / (losses)			(39,538)	(11,038)	€ (19,887)
Balance			€ 114,473	€ 226,905	219,009
Singulex, Inc.
Equity Accounted Investees
Acquisitions	$ 50	€ 44,107
Ownership interest (as a percent)	19.33%	19.33%	0.00%	19.33%
Pre-money valuation | $						$ 200
Movement in the investments in equity-accounted investees
Balance			€ 19,256	€ 29,322
Share of profit / (losses)				(10,975)
Share of other comprehensive income / translation differences			538	909
Losses for Impairment			€ (19,794)
Balance				€ 19,256	€ 29,322

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, 2019	Dec. 31, 2018
Financial Assets
Financial investments in shares with stock market	€ 7	€ 7
Total Non-current financial assets measured at fair value	7	7
Non-current guarantee deposits	5,433	5,566
Other non-current financial assets (a)	29,504	1,908
Non-current loans to related parties (see note 31)	86,363	82,969
Non-current loans to EEAA (b) (see note 31)	17,623	17,151
Total Non-current financial assets measured at amortized cost	€ 138,923	€ 107,594

Financial Assets - Other curren

Financial Assets - Other current financial assets (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financial Assets
Current derivatives		€ 19,934
Other current financial assets	€ 1,716,738
Total Non-current financial assets measured at fair value	1,716,738	19,934
Deposits and guarantees	713	822
Other current financial assets	10,691
Current loans to third parties	65	56
Current loans to associates	719	33,153
Total other current financial assets	€ 12,188	€ 34,031

Financial Assets - Financial in

Financial Assets - Financial investments in quoted shares, current derivatives and Non-current loans to EEAA (Details) € in Thousands, $ in Thousands

Jun. 30, 2018USD ($)

Jun. 30, 2018EUR (€)

Oct. 02, 2017USD ($)

Oct. 02, 2017EUR (€)

Feb. 08, 2017USD ($)

Feb. 08, 2017EUR (€)

Apr. 30, 2019

Jun. 30, 2018

Dec. 31, 2019EUR (€)

Dec. 31, 2018USD ($)

Dec. 31, 2020USD ($)

Dec. 31, 2020EUR (€)

Singulex, Inc.

Financial Assets

Impairment loss recognized in statement of profit and loss | €

€ 35,565

Indirect ownership interest (as a percent)

19.33%

Alkahest, Inc.

Financial Assets

Loans to associates | $

$ 100,000

Interest rate on non-current loans (as a percent)

5.00%

Amount used by the associate

$ 20,000

€ 18,342

Grifols Diagnostics Solutions, Inc. | Singulex, Inc.

Financial Assets

Loans to associates

$ 12,339

€ 11,063

$ 20,000

€ 16,676

Interest rate on non-current loans (as a percent)

5.00%

5.00%

Grifols Worldwide Operations Limited | Interstate Blood Bank, Inc. (USA)

Financial Assets

Loans to associates

$ 11,000

€ 10,809

Interest rate on non-current loans (as a percent)

4.00%

4.00%

Interstate Blood Bank, Inc. (USA)

Financial Assets

Ownership interest in subsidiary (as a percent)

100.00%

Financial Assets - Other curr_2

Financial Assets - Other current financial assets (Details) € in Millions	12 Months Ended
	Dec. 31, 2019EUR (€)shares
Financial Assets
Acquisition of Capital	90
Number of instruments or interests issued or issuable	1,766,000,000
Increase in other current financial asset | €	€ 1,717
Grifols Diagnostics Solutions, Inc. | Shanghai RAAS Blood Products, Co. Ltd.
Financial Assets
Minority shareholders interest	45.00%

Inventories (Details)

Inventories (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Details of inventories
Goods for resale	€ 139,738	€ 118,876
Raw materials and supplies	766,089	647,399
Work in progress and semi-finished goods	921,240	744,436
Finished goods	515,523	438,649
Total inventories	2,342,590	1,949,360
Inventory provision
Movement in the inventory provision
Balance at 1 January	48,840	35,764	€ 33,069
Net charge for the year	42,096	10,398	8,232
Cancellations for the year	(118)	(558)	(357)
Translation differences	13,433	3,236	(5,180)
Balance at 31 December	€ 104,251	€ 48,840	€ 35,764

Trade and Other Receivables - S

Trade and Other Receivables - Summary (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Trade and Other Receivables
Trade receivables	€ 390,205	€ 289,316
Receivables from associates (note 31)	1,883	382
Bad debt provision (note 30)	(22,291)	(20,531)	€ (19,706)	€ (17,987)
Trade receivables	369,797	269,167
Other receivables (note 30)	8,403	9,901
Personnel	2,163	2,082
Advance payments (note 30)	20,864	35,426
Taxation authorities, VAT recoverable	46,561	42,707
Other public entities	4,518	2,302
Other receivables	82,509	92,418
Current income tax assets	38,269	42,205
Total trade and other receivables	€ 490,575	€ 403,790

Trade and Other Receivables - O

Trade and Other Receivables - Other Receivables (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
IFRS Statement [LineItems]
Amount due from financial institutions relating to the deferred collection of the remaining nominal amount of the sold receivables from several public entities	€ 675	€ 1,220
Amount of receivables sold without recourse to financial institutions	1,593,260	1,188,216	€ 912,204
Finance costs from sale of receivables	€ 9,171	€ 6,053	€ 3,973
Minimum
IFRS Statement [LineItems]
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%
Advanced collection of rate on transferred credits	70.00%	70.00%	70.00%
Maximum
IFRS Statement [LineItems]
Initial payment usually received under some contracts, expressed as a percentage of the nominal amount of receivables sold less associated sale and purchase costs	100.00%	100.00%	100.00%
Advanced collection of rate on transferred credits	100.00%	100.00%	100.00%

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash and Cash Equivalents
Current deposits	€ 63	€ 441,614
Cash in hand and at banks	741,919	592,178
Total cash and cash equivalents	€ 741,982	€ 1,033,792	€ 886,521	€ 895,009

Equity - Share Capital - Genera

Equity - Share Capital - General Information (Details) - EUR (€)	Dec. 31, 2019	Dec. 31, 2018
Equity
Share capital	€ 119,603,705	€ 119,603,705
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, 2019item€ / shares	Dec. 31, 2018item€ / 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, 2019	Dec. 31, 2018
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	257,606,659	257,127,304
(Acquisition) / disposal of treasury stock	403,399	479,355
Number of shares outstanding at end of the year	258,010,058	257,606,659

Equity - Reserves - Drawdown of

Equity - Reserves - Drawdown of Accumulated Gains (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018
Equity
Restricted reserves	€ 12,891	€ 35,613

Equity - Reserves - Subsidiarie

Equity - Reserves - Subsidiaries (Details) € in Thousands, EquityInstruments in Millions

1 Months Ended

12 Months Ended

Dec. 31, 2019EUR (€)EquityInstruments

Jul. 31, 2019EUR (€)shares

Jun. 30, 2019EUR (€)

Apr. 30, 2019EUR (€)

Sep. 30, 2018EUR (€)shares

Jun. 30, 2018EUR (€)

Oct. 31, 2017EUR (€)shares

Dec. 31, 2019EUR (€)EquityInstrumentsshares

Dec. 31, 2018EUR (€)

Dec. 31, 2017EUR (€)

Aug. 31, 2018

May 31, 2018

Sep. 30, 2017

Equity

Increase (decrease) in working capital

€ 481,537

€ 112,639

€ 65,800

Increase (decrease) in reserves

1,716,147

€ 465,548

€ (389)

Reserves

Equity

Increase (decrease) in reserves

€ 227,000

Araclon Biotech , S.L

Equity

share capital increases

€ 5,900

€ 16,800

Grifols [Member]

Equity

Indirect (as a percent)

75.10%

Progenika Biopharma, S.A.

Equity

Increased capital

€ 4

€ 4,333

Acquired Capital (in shares) | shares

33

41,387

12,020

Indirect (as a percent)

100.00%

99.99%

99.99%

90.23%

96.64%

89.25%

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%

Kiro Grifols [Member]

Equity

Increase (decrease) in working capital

€ 7,500

Proportion of ownership interests held by non-controlling interests

90.00%

Proportion of voting rights held by non-controlling interests

10.00%

GDS Group

Equity

Acquired Capital (in shares) | shares

90

Increase (decrease) in reserves

€ 227,000

Consideration transferred, in shares | EquityInstruments

1,766

1,766

Shanghai RAAS Blood Products, Co. Ltd.

Equity

Acquired Capital (in shares) | shares

0

Equity - Reserves - Legal Reser

Equity - Reserves - Legal Reserve (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018
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	2,066	2,527
Foreign companies other than Spanish companies and parent
Equity
Legal reserve	€ 892	€ 843

Equity - Treasury Stock - Class

Equity - Treasury Stock - Class A Treasury Stock (Details) - Class A, Ordinary shares - shares	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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, 2019	Dec. 31, 2018
Reconciliation of number of shares outstanding
Number of shares outstanding at beginning of the year	(257,606,659)	(257,127,304)
Number of shares outstanding at end of the year	(258,010,058)	(257,606,659)
Treasury stock
Reconciliation of number of shares outstanding
Number of shares outstanding at beginning of the year	3,818,451	4,297,806
Disposal of shares	(403,399)	(479,355)
Number of shares outstanding at end of the year	3,415,052	3,818,451

Equity - Treasury Stock - Tab_2

Equity - Treasury Stock - Tabular Disclosure - Value (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Equity
Balance at beginning of the year	€ (4,696,604)	€ (3,633,965)
Balance at end of the year	(6,845,768)	(4,696,604)
Treasury stock
Equity
Balance at beginning of the year	55,441	62,422
Balance at end of the year	49,584	55,441
Treasury stock | Class B, Preference shares
Equity
Balance at beginning of the year	55,441	62,422
Disposal of shares	(5,857)	(6,981)
Balance at end of the year	€ 49,584	€ 55,441

Equity - Treasury Stock - Addit

Equity - Treasury Stock - Additional Information (Details) - shares	1 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Equity
Treasury stock as a percentage of capital, held by parent			0.50%	0.60%
Treasury stock | Class B, Preference shares
Equity
Treasury stock as a percentage of capital, held by parent			0.50%	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	403,399	480,661

Equity - Distribution of Profit

Equity - Distribution of Profit - Proposed Distribution of Profit (Details) € in Thousands	12 Months Ended
	Dec. 31, 2019EUR (€)
Equity
Voluntary reserve	€ 1,380,207
Dividends	250,058
Profit of the Parent	€ 1,630,265

Equity - Distribution of Prof_2

Equity - Distribution of Profit - Approved 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_3

Equity - Distribution of Profit - Dividends Paid (Details) - EUR (€) € / shares in Units, € in Thousands	May 24, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity
Dividends paid		€ 101,912	€ 142,094
Interim dividends paid		136,828	136,747
Dividends paid		€ 238,740	€ 278,841	€ 218,260
Class A, Ordinary shares
Equity
Dividends paid, % of par value (as a percent)		58.00%	82.00%
Dividends paid, per share (in Euros per share)		€ 0.15	€ 0.20
Dividends paid		€ 61,850	€ 86,929
Interim dividends paid, % of par value (as a percent)		80.00%	80.00%
Interim dividends paid, per share (in Euros per share)		€ 0.20	€ 0.2
Interim dividends paid		€ 85,226	€ 85,226
Class B, Preference shares
Equity
Interim dividends paid, % of par value (as a percent)		400.00%	400.00%
Interim dividends paid, per share (in Euros per share)		€ 0.20	€ 0.2
Interim dividends paid		€ 51,602	€ 51,521
Preference shares, no preferred dividend
Equity
Dividends paid, % of par value (as a percent)		290.00%	408.00%
Dividends paid, per share (in Euros per share)		€ 0.15	€ 0.20
Dividends paid		€ 37,448	€ 52,551
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. 25, 2019	Oct. 26, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity
Interim dividend	€ 136,828	€ 136,747	€ 136,828	€ 136,747	€ 122,986
Class A, Ordinary shares
Equity
Dividend approved (in Euros per share)	€ 0.20	€ 0.20
Class B, Preference shares
Equity
Dividend approved (in Euros per share)	€ 0.20	€ 0.20

Equity - Distribution of Prof_5

Equity - Distribution of Profit - Additional Information (Details) - € / shares	May 24, 2019	Dec. 31, 2019	Dec. 31, 2018
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, 2019	Dec. 31, 2018
Equity
Cumulative accrual amount	€ 12,498	€ 12,652

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share
Profit for the year attributable to shareholders of the Parent	€ 625,146	€ 596,642	€ 662,700
Weighted average number of ordinary shares outstanding (in shares)	685,115,836	684,709,377	684,197,276
Basic earnings per share (in Euros per share)	€ 0.91	€ 0.87	€ 0.97

Earnings Per Share - Weighted A

Earnings Per Share - Weighted Average Ordinary Shares Outstanding Basic (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract]
Issued shares outstanding at 1 January (in shares)	684,794,839	684,346,294	683,854,491
Effect of treasury stock (in shares)	320,997	363,083	342,785
Average weighted number of ordinary shares outstanding (basic) at 31 December (in shares)	685,115,836	684,709,377	684,197,276

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Profit (loss), attributable to ordinary equity holders of parent entity [abstract]
Profit for the year attributable to shareholders of the Parent	€ 625,146	€ 596,642	€ 662,700
Weighted average number of ordinary shares outstanding (diluted) (in shares)	684,719,195	684,686,164	684,243,891
Diluted earnings per share (in Euros per share)	€ 0.91	€ 0.87	€ 0.97

Earnings Per Share - Weighted_2

Earnings Per Share - Weighted Average Ordinary Shares Outstanding Diluted (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract]
Issued shares outstanding at 1 January (in shares)	684,794,839	684,346,294	683,854,491
Effect of RSU shares (in shares)	(396,641)	(23,213)	46,615
Effect of treasury stock (in shares)	320,997	363,083	342,785
Average weighted number of ordinary shares outstanding (diluted) at 31 December (in shares)	684,719,195	684,686,164	684,243,891

Non-Controlling Interests - Mov

Non-Controlling Interests - Movement (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of subsidiaries [line items]
Balance at beginning of the year	€ 4,696,604	€ 3,633,965	€ 3,727,978
Profit/(loss) for the year	648,644	594,406	661,314
Balance at end of the year	6,845,768	4,696,604	3,633,965
Non-controlling interests
Disclosure of subsidiaries [line items]
Balance at beginning of the year	471,050	4,886	6,497
Profit/(loss) for the year	23,498	(2,236)	(1,386)
Additions		(2,236)
Additions	1,534,045
Disposals	(9)	(914)
Business combinations/ Additions to consolidated Group		469,881
Capital increases	6,642
Translation differences	11,921	(567)
Balance at end of the year	2,023,649	471,050	4,886
Grifols (Thailand) Ltd | Non-controlling interests
Disclosure of subsidiaries [line items]
Balance at beginning of the year	3,935	3,579
Profit/(loss) for the year	193	193
Disposals		(43)
Translation differences	421	206
Balance at end of the year	4,549	3,935	3,579
Grifols Malaysia Sdn Bhd | Non-controlling interests
Disclosure of subsidiaries [line items]
Balance at beginning of the year	1,735	1,372
Profit/(loss) for the year	380	326
Translation differences	56	37
Balance at end of the year	2,171	1,735	1,372
Araclon Biotech, S.A | Non-controlling interests
Disclosure of subsidiaries [line items]
Balance at beginning of the year	(3,488)	(1,477)
Profit/(loss) for the year	(1,975)	(2,011)
Capital increases	5,892
Balance at end of the year	429	(3,488)	(1,477)
Progenika Biopharma, S.A. | Non-controlling interests
Disclosure of subsidiaries [line items]
Balance at beginning of the year	9	880
Profit/(loss) for the year	0
Disposals	(9)	(871)
Balance at end of the year		9	880
VCN Bioscience, S.L. | Non-controlling interests
Disclosure of subsidiaries [line items]
Balance at beginning of the year	140	421
Profit/(loss) for the year	(292)	(281)
Balance at end of the year	(152)	140	421
Kiro Grifols , S.L. | Non-controlling interests
Disclosure of subsidiaries [line items]
Balance at beginning of the year	(352)	111
Profit/(loss) for the year	(374)	(463)
Capital increases	750
Balance at end of the year	24	(352)	€ 111
Haema, AG | Non-controlling interests
Disclosure of subsidiaries [line items]
Balance at beginning of the year	220,190
Profit/(loss) for the year	5,881
Business combinations/ Additions to consolidated Group		220,190
Balance at end of the year	226,071	220,190
Biotest US Corporation | Non-controlling interests
Disclosure of subsidiaries [line items]
Balance at beginning of the year	248,881
Profit/(loss) for the year	19,685
Business combinations/ Additions to consolidated Group		249,691
Translation differences	11,444	(810)
Balance at end of the year	280,010	€ 248,881
Grifols Diagnostic Solutions, Inc. | Non-controlling interests
Disclosure of subsidiaries [line items]
Additions	1,510,547
Balance at end of the year	€ 1,510,547

Non-Controlling Interests - Sum

Non-Controlling Interests - Summary of Financial Information (Details) € in Thousands, $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)	Dec. 31, 2016EUR (€)
Disclosure of subsidiaries [line items]
Non-current assets		€ 10,180,427	€ 8,993,795
Current assets		5,362,184	3,483,251
Total assets		15,542,611	12,477,046	€ 10,920,264
Non-current liabilities		7,330,285	6,523,121
Current liabilities		1,366,558	1,257,321
Total liabilities		8,696,843	7,780,442	7,286,299
Total equity		6,845,768	4,696,604	3,633,965	€ 3,727,978
Non-controlling interests
Disclosure of subsidiaries [line items]
Total equity		2,023,649	471,050	€ 4,886	€ 6,497
Non-controlling interests | Haema AG
Disclosure of subsidiaries [line items]
Non-current assets		244,107	199,056
Current assets		32,576	19,527
Total assets		276,683	218,583
Non-current liabilities		22,226	98
Current liabilities		28,386	(1,705)
Total liabilities		50,612	(1,607)
Total equity		226,071	220,190
Non-controlling interests | Biotest US Corp
Disclosure of subsidiaries [line items]
Non-current assets		299,045	215,072
Current assets		60,099	40,352
Total assets		359,144	255,424
Non-current liabilities		56,425	8,766
Current liabilities		22,709	(2,223)
Total liabilities		79,134	6,543
Total equity		280,010	€ 248,881
Non-controlling interests | GDS Group
Disclosure of subsidiaries [line items]
Non-current assets	$ 3,834,871	3,416,366
Current assets	306,734	273,259
Total assets	4,141,605	3,689,625
Non-current liabilities	252,153	224,635
Current liabilities	121,478	108,220
Total liabilities	373,631	332,855
Total equity	$ 3,767,974	€ 3,356,770

Grants (Details)

Grants (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Grants
Capital grants	€ 10,785	€ 11,149
Interest rate grants (preference loans) (See note 21 (d))	592	696
Total Grants	11,377	11,845
Grants transferred to consolidated statement of profit and loss	€ 1,388	€ 1,166

Provisions - Summary (Details)

Provisions - Summary (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Non-current provisions (a)
Provisions for pensions and similar obligations	€ 5,991	€ 5,296
Other provisions	2,039	818
Non-current provisions	8,030	6,114	€ 5,763	€ 5,118
Current provisions (b)
Trade provisions	53,109	80,055
Current Provisions	€ 53,109	€ 80,055	€ 106,995	€ 89,588

Provisions - Non-current provis

Provisions - Non-current provisions (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Non-current provisions (a)
Beginning balance, Non-current provisions	€ 6,114	€ 5,763	€ 5,118
Business combinations			23
Net charge	1,467	635	422
Cancellations	(30)	(565)	(23)
Reclassifications	464	277	290
Translation differences	15	4	(67)
Ending balance, Non-current provisions	€ 8,030	€ 6,114	€ 5,763

Provisions - Current provisions

Provisions - Current provisions (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current provisions (b)
Beginning balance, Trade provisions	€ 80,055	€ 106,995	€ 89,588
Business combinations			41,841
Net charge	(25,249)	(30,668)	(4,812)
Cancellations	(3,142)	(290)	(2,886)
Reclassifications			(2,600)
Translation differences	1,445	4,018	(14,136)
Ending balance, Trade provisions	€ 53,109	€ 80,055	€ 106,995

Financial Liabilities - Summary

Financial Liabilities - Summary (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financial Liabilities
Non-current obligations	€ 2,588,030	€ 1,000,000
Senior secured debt	3,285,086	4,771,285
Other loans	216,686	239,686
Finance lease liabilities		9,537
Other non-current financial liabilities	59,981	78,955
Non-current lease liabilities (note 9)	696,285
Total non-current financial liabilities	6,846,068	6,099,463
Current obligations	89,172	102,978
Senior secured debt	1,803	129,955
Other loans	184,164	24,839
Finance lease liabilities		3,348
Other current financial liabilities	41,768	16,262
Current lease liabilities (note 9)	44,405
Total current financial liabilities	€ 361,312	€ 277,382

Financial Liabilities - Other (

Financial Liabilities - Other (Details) € in Thousands, $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2018EUR (€)	Dec. 31, 2019EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)	Nov. 15, 2019USD ($)item	Nov. 15, 2019EUR (€)item	Dec. 31, 2018EUR (€)	Dec. 05, 2017EUR (€)	Oct. 28, 2015EUR (€)
Borrowings
Gain on modification of financial liabilities after adoption of IFRS 9		€ 97,850
Senior Debt
Borrowings
Amount of borrowings refinanced						€ 5,800,000
Gain on modification of financial liabilities after adoption of IFRS 9		€ 97,850
Senior Debt Tranche B, Maturity in 2027 | US Dollars
Borrowings
Face amount | $					$ 2,500
Senior Debt Tranche B, Maturity in 2027 | Euros
Borrowings
Face amount						1,360,000
Revolving Credit Facility, Maturing in 2025
Borrowings
Maximum borrowing capacity | $			$ 500		$ 500
Carrying amount | $			$ 0
EIB Loan
Borrowings
Loan arrangements								€ 85,000	€ 100,000
Carrying amount				€ 233,750			€ 244,375
EIB Loan, Maturing in 2028
Borrowings
Face amount	€ 85,000
Debt term	10 years
Grace period	2 years
Senior Secured Notes
Borrowings
Face amount				€ 1,675,000		€ 1,675,000
Number of bonds issued | item					2	2

Financial Liabilities - Senior

Financial Liabilities - Senior Notes (Details) € in Thousands	Dec. 31, 2019EUR (€)	Nov. 15, 2019EUR (€)item	Dec. 31, 2018EUR (€)	Apr. 18, 2017EUR (€)
Senior Secured Notes
Borrowings
Face amount	€ 1,675,000	€ 1,675,000
Number of notes issued | item		2
Secured Secured Notes, Maturing in 2027
Borrowings
Face amount		€ 770,000
Borrowings, interest rate		2.25%
Secured Secured Notes, Maturing in 2025
Borrowings
Face amount		€ 905,000
Borrowings, interest rate		1.625%
Senior Unsecured Notes
Borrowings
Face amount	€ 1,000,000		€ 1,000,000	€ 1,000,000
Borrowings, interest rate				3.20%

Financial Liabilities - Movemen

Financial Liabilities - Movement in Senior Notes (Details) € in Thousands	12 Months Ended
	Dec. 31, 2019EUR (€)
Senior notes
Borrowings
Nominal amount, beginning balance	€ 1,000,000
Refinancing	1,675,000
Nominal amount, ending balance	2,675,000
Senior Unsecured Notes
Borrowings
Nominal amount, beginning balance	1,000,000
Nominal amount, ending balance	1,000,000
Senior Secured Notes
Borrowings
Refinancing	1,675,000
Nominal amount, ending balance	€ 1,675,000

Financial Liabilities - Promiss

Financial Liabilities - Promissory Notes (Details) - EUR (€)	Dec. 31, 2019	Dec. 31, 2018
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)
Promissory Notes Maturing May 2020
Borrowings
Nominal amount of promissory notes	€ 3,000
Borrowings, interest rate	5.00%
Promissory notes subscribed	€ 103,122,000
Buy back	(1,170,000)
Interest pending accrual	€ (1,686,000)

Financial Liabilities - Loans a

Financial Liabilities - Loans and Borrowings (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Nov. 15, 2019
Borrowings
Amount extended	€ 4,312,605	€ 5,838,179
Amount extended	239,782	144,571
Non-current, Loan transaction costs	(266,214)	(303,182)
Non-current loans and borrowings	3,501,772	5,010,971
Current loans, Loan transaction costs	(34,068)	(29,217)
Current loans and borrowings	185,967	154,794
Current loans and borrowings, accrued interest	6,266	2,546
Senior Debt
Borrowings
Amount extended	3,587,171	5,279,490
Non-current loans and borrowings, Carrying amount	3,551,300	5,074,467
Current loans and borrowings, Carrying Amount	35,871	159,172
EIB Loan
Borrowings
Amount extended	270,000	270,000
Non-current loans and borrowings, Carrying amount	212,500	233,750
Current loans and borrowings, Carrying Amount	21,250	10,625
Revolving credit facility
Borrowings
Amount extended	€ 445,434	262,009
Revolving Credit Facility, Maturing in 2025
Borrowings
Interest rate basis	US Libor
Adjustment to interest rate basis (as a percent)	1.50%
Other Current Loans
Borrowings
Amount extended	€ 239,782	144,571
Current loans and borrowings, Carrying Amount	€ 162,914	€ 14,214
Other Current Loans | Minimum
Borrowings
Borrowings, interest rate	0.10%
Other Current Loans | Maximum
Borrowings
Borrowings, interest rate	3.59%
US Dollars | Senior Debt Tranche A Maturing in 2023
Borrowings
Interest rate basis		Libor
Adjustment to interest rate basis (as a percent)		1.75%
Amount extended		€ 2,052,403
Non-current loans and borrowings, Carrying amount		1,949,782
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%
Amount extended		€ 2,620,087
Non-current loans and borrowings, Carrying amount		2,548,035
Current loans and borrowings, Carrying Amount		€ 26,201
US Dollars | Senior Debt Tranche B, Maturity in 2027
Borrowings
Interest rate basis	Libor
Adjustment to interest rate basis (as a percent)	2.00%		2.00%
Amount extended	€ 2,227,171
Non-current loans and borrowings, Carrying amount	2,204,900
Current loans and borrowings, Carrying Amount	€ 22,271
US Dollars | Revolving Credit Facility, Maturing in 2023
Borrowings
Interest rate basis		Libor
Adjustment to interest rate basis (as a percent)		1.75%
Amount extended		€ 262,009
US Dollars | Revolving Credit Facility, Maturing in 2025
Borrowings
Interest rate basis	Libor
Adjustment to interest rate basis (as a percent)	1.50%
Amount extended	€ 445,434
Euros | Senior Debt Tranche A Maturing in 2023
Borrowings
Interest rate basis		Euribor
Adjustment to interest rate basis (as a percent)		1.75%
Amount extended		€ 607,000
Non-current loans and borrowings, Carrying amount		576,650
Current loans and borrowings, Carrying Amount		€ 30,350
Euros | Senior Debt Tranche B, Maturity in 2027
Borrowings
Interest rate basis	Euribor
Adjustment to interest rate basis (as a percent)	2.25%		2.25%
Amount extended	€ 1,360,000
Non-current loans and borrowings, Carrying amount	1,346,400
Current loans and borrowings, Carrying Amount	€ 13,600
Euros | EIB Loan, Maturing in 2025
Borrowings
Borrowings, interest rate	2.40%	2.40%
Amount extended	€ 100,000	€ 100,000
Non-current loans and borrowings, Carrying amount	53,125	63,750
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	74,375	€ 85,000
Current loans and borrowings, Carrying Amount	€ 10,625
Euros | EIB Loan, Maturing in 2028
Borrowings
Borrowings, interest rate	2.15%	2.15%
Amount extended	€ 85,000	€ 85,000
Non-current loans and borrowings, Carrying amount	€ 85,000	€ 85,000
Euros | Other Non-current Loans
Borrowings
Interest rate basis	Euribor	Euribor
Adjustment to interest rate basis (as a percent)	2.30%	2.30%
Amount extended	€ 10,000	€ 26,680
Non-current loans and borrowings, Carrying amount	€ 4,186	€ 5,936

Financial Liabilities - Senio_2

Financial Liabilities - Senior Debt (Details) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019EUR (€)	Dec. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)	Dec. 31, 2019USD ($)tranche	Dec. 31, 2019EUR (€)tranche
Disclosure of detailed information about borrowings [line items]
Refinance costs	€ 342,965	€ 293,273	€ 263,344
Income from refinancing effect	97,850
Senior Debt
Disclosure of detailed information about borrowings [line items]
Refinance costs		€ 84,400
Income from refinancing effect	€ 97,850
Senior Debt Tranche B Maturing 2027
Disclosure of detailed information about borrowings [line items]
Debt term	8 years
Number of tranches | tranche				2	2
US Dollars | Senior Debt Tranche B Maturing 2027
Disclosure of detailed information about borrowings [line items]
Principal amount				$ 2,500,000	€ 2,227,171
Adjustment to interest rate basis (as a percent)				2.00%	2.00%
Interest rate basis	US Libor
Details by maturity:
Principal amount				$ 2,500,000	€ 2,227,171
US Dollars | Senior Debt Tranche B Maturing 2027 | 2020
Disclosure of detailed information about borrowings [line items]
Principal amount				25,000	22,271
Details by maturity:
Principal amount				25,000	22,271
US Dollars | Senior Debt Tranche B Maturing 2027 | 2021
Disclosure of detailed information about borrowings [line items]
Principal amount				25,000	22,271
Details by maturity:
Principal amount				25,000	22,271
US Dollars | Senior Debt Tranche B Maturing 2027 | 2022
Disclosure of detailed information about borrowings [line items]
Principal amount				25,000	22,271
Details by maturity:
Principal amount				25,000	22,271
US Dollars | Senior Debt Tranche B Maturing 2027 | 2023
Disclosure of detailed information about borrowings [line items]
Principal amount				25,000	22,271
Details by maturity:
Principal amount				25,000	22,271
US Dollars | Senior Debt Tranche B Maturing 2027 | 2024
Disclosure of detailed information about borrowings [line items]
Principal amount				25,000	22,271
Details by maturity:
Principal amount				25,000	22,271
US Dollars | Senior Debt Tranche B Maturing 2027 | 2025
Disclosure of detailed information about borrowings [line items]
Principal amount				25,000	22,271
Details by maturity:
Principal amount				25,000	22,271
US Dollars | Senior Debt Tranche B Maturing 2027 | 2026
Disclosure of detailed information about borrowings [line items]
Principal amount				25,000	22,271
Details by maturity:
Principal amount				25,000	22,271
US Dollars | Senior Debt Tranche B Maturing 2027 | 2027
Disclosure of detailed information about borrowings [line items]
Principal amount				2,325,000	2,071,274
Details by maturity:
Principal amount				$ 2,325,000	2,071,274
Euros | Senior Debt Tranche B Maturing 2027
Disclosure of detailed information about borrowings [line items]
Principal amount					€ 1,360,000
Adjustment to interest rate basis (as a percent)				2.25%	2.25%
Interest rate basis	Euribor
Details by maturity:
Principal amount					€ 1,360,000
Euros | Senior Debt Tranche B Maturing 2027 | 2020
Disclosure of detailed information about borrowings [line items]
Principal amount					13,600
Details by maturity:
Principal amount					13,600
Euros | Senior Debt Tranche B Maturing 2027 | 2021
Disclosure of detailed information about borrowings [line items]
Principal amount					13,600
Details by maturity:
Principal amount					13,600
Euros | Senior Debt Tranche B Maturing 2027 | 2022
Disclosure of detailed information about borrowings [line items]
Principal amount					13,600
Details by maturity:
Principal amount					13,600
Euros | Senior Debt Tranche B Maturing 2027 | 2023
Disclosure of detailed information about borrowings [line items]
Principal amount					13,600
Details by maturity:
Principal amount					13,600
Euros | Senior Debt Tranche B Maturing 2027 | 2024
Disclosure of detailed information about borrowings [line items]
Principal amount					13,600
Details by maturity:
Principal amount					13,600
Euros | Senior Debt Tranche B Maturing 2027 | 2025
Disclosure of detailed information about borrowings [line items]
Principal amount					13,600
Details by maturity:
Principal amount					13,600
Euros | Senior Debt Tranche B Maturing 2027 | 2026
Disclosure of detailed information about borrowings [line items]
Principal amount					13,600
Details by maturity:
Principal amount					13,600
Euros | Senior Debt Tranche B Maturing 2027 | 2027
Disclosure of detailed information about borrowings [line items]
Principal amount					1,264,800
Details by maturity:
Principal amount					€ 1,264,800

Financial Liabilities - Revolvi

Financial Liabilities - Revolving Facility and Other (Details) - Revolving Credit Facility, Maturing in 2025 - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Nov. 15, 2019
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	$ 500	$ 500
Borrowings, interest rate basis	US Libor
Adjustment to interest rate basis (as a percent)	1.50%
Borrowings	$ 0
Percentage of consolidated assets and consolidated EBITDA applied as guaranty of borrowings	80.00%

Financial Liabilities - Other F

Financial Liabilities - Other Financial Liabilities (Details) € in Thousands, $ in Millions	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2018EUR (€)
Financial Liabilities
Amount of interest free loans extended by governmental institutions		€ 14,787	€ 16,559
Portion of interest-free loans extended by governmental institutions that is considered a grant		592	696
Repurchase option of Goetech, LLC included in other current financial liabilities | $	$ 20
Other financial liabilities		101,749	95,217
2020
Financial Liabilities
Other financial liabilities		41,768	16,262
2021
Financial Liabilities
Other financial liabilities		50,585	21,460
2022
Financial Liabilities
Other financial liabilities		2,977	49,602
2023
Financial Liabilities
Other financial liabilities		1,870	2,916
2024
Financial Liabilities
Other financial liabilities		1,420	1,799
More than 5 years
Financial Liabilities
Other financial liabilities		€ 3,129	€ 3,178

Financial Liabilities - Changes

Financial Liabilities - Changes in Liabilities Derived from Financing Activities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Changes in liabilities derived from financing activities
Balance at beginning of year	€ 6,376,845	€ 6,056,885
New financing	5,570,582	191,779
Refunds	(5,629,994)	(158,511)
Bear of interests	244,354	286,641
Other movements	676,929	4,335
Collection / Payment of interests	(236,179)	(225,146)
Business combination	10,233	61,823
Foreign exchange differences	194,610	159,039
Balance at end of year	7,207,380	6,376,845
Obligations
Changes in liabilities derived from financing activities
Balance at beginning of year	1,102,978	949,205
New financing	1,778,218	99,990
Refunds	(100,215)	(92,244)
Bear of interests	37,095	31,694
Other movements	(108,874)	146,333
Collection / Payment of interests	(32,000)	(32,000)
Balance at end of year	2,677,202	1,102,978
Senior Secured debt & Other loans
Changes in liabilities derived from financing activities
Balance at beginning of year	5,165,765	5,052,680
New financing	3,780,115	85,000
Refunds	(5,447,842)	(45,225)
Bear of interests	171,535	253,673
Other movements	24,121	(141,998)
Collection / Payment of interests	(204,179)	(193,146)
Business combination	10,233
Foreign exchange differences	187,991	154,781
Balance at end of year	3,687,739	5,165,765
Finance lease payable
Changes in liabilities derived from financing activities
Balance at beginning of year	12,885	9,360
Refunds	(73,785)	(1,001)
Bear of interests	34,558	409
Other movements	761,682
Business combination		4,007
Foreign exchange differences	5,350	110
Balance at end of year	740,690	12,885
Other financial liabilities
Changes in liabilities derived from financing activities
Balance at beginning of year	95,217	45,640
New financing	12,249	6,789
Refunds	(8,152)	(20,041)
Bear of interests	1,166	865
Business combination		57,816
Foreign exchange differences	1,269	4,148
Balance at end of year	€ 101,749	€ 95,217

Trade and Other Payables (Detai

Trade and Other Payables (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018
Trade and other payables
Suppliers	€ 581,882	€ 561,883
VAT payable	9,999	8,954
Taxation authorities, withholdings payable	26,839	26,299
Social security payable	15,150	12,787
Other public entities	113,644	111,776
Other payables	165,632	159,816
Current income tax liabilities	5,966	1,917
Total trade and other payables	€ 753,480	€ 723,616

Other Current Liabilities (Deta

Other Current Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018
Other Current Liabilities
Salaries payable	€ 175,079	€ 153,160
Other payables	847	504
Deferred income	9,791	8,912
Advances received	11,682	6,613
Other current liabilities	€ 197,399	€ 169,189

Net Revenues - Distribution by

Net Revenues - Distribution by Segment (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Distribution of net consolidated revenues by segment
Net revenue	€ 5,098,691	€ 4,486,724	€ 4,318,073
Operating Segments
Distribution of net consolidated revenues by segment
Net revenue	5,098,691	4,486,724	4,318,073
Intersegments
Distribution of net consolidated revenues by segment
Net revenue	(52,176)	(41,154)	(34,784)
Bioscience | Operating Segments
Distribution of net consolidated revenues by segment
Net revenue	3,993,462	3,516,704	3,429,785
Diagnostic | Operating Segments
Distribution of net consolidated revenues by segment
Net revenue	733,604	702,265	732,369
Hospital | Operating Segments
Distribution of net consolidated revenues by segment
Net revenue	134,441	119,454	105,649
Bio supplies | Operating Segments
Distribution of net consolidated revenues by segment
Net revenue	266,540	167,004	66,791
Others | Operating Segments
Distribution of net consolidated revenues by segment
Net revenue	€ 22,820	€ 22,451	€ 18,263

Net Revenues - Geographical Dis

Net Revenues - Geographical Distribution (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Geographical distribution of net consolidated revenues
Net revenue	€ 5,098,691	€ 4,486,724	€ 4,318,073
USA and Canada
Geographical distribution of net consolidated revenues
Net revenue	3,390,811	2,974,429	2,896,505
Spain
Geographical distribution of net consolidated revenues
Net revenue	268,287	264,913	242,894
European Union
Geographical distribution of net consolidated revenues
Net revenue	588,375	535,361	444,089
Rest of the world
Geographical distribution of net consolidated revenues
Net revenue	€ 851,218	€ 712,021	€ 734,585

Net Revenues - Discounts and Ot

Net Revenues - Discounts and Other Reductions (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Discounts and other reductions in gross income
Gross sales	€ 6,429,762	€ 5,588,257	€ 5,322,618
Chargebacks	(1,119,540)	(923,023)	(826,775)
Cash discounts	(70,340)	(62,518)	(57,512)
Volume rebates	(56,426)	(46,922)	(43,274)
Medicare and Medicaid	(50,442)	(40,343)	(41,722)
Other discounts	(34,323)	(28,727)	(35,262)
Total net sales	€ 5,098,691	€ 4,486,724	€ 4,318,073

Net Revenues - Movement in Disc

Net Revenues - Movement in Discounts and Other Reductions (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Movement in Chargebacks
Balance at beginning of year	€ 75,175	€ 105,890	€ 87,249
Current estimate related to sales made in current and prior year	1,119,540	923,023	826,775
(Actual returns or credits in current period related to sales made in current period)	(1,104,493)	(957,695)	(795,449)
(Actual returns or credits in current period related to sales made in prior periods)	275		31
Translation differences	(9)	3,957	(12,716)
Balance at end of year	90,488	75,175	105,890
Movement in Cash discounts
Balance at beginning of year	6,441	5,114	6,632
Current estimate related to sales made in current and prior year	70,340	62,518	57,512
(Actual returns or credits in current period related to sales made in current period)	(64,523)	(56,568)	(52,270)
(Actual returns or credits in current period related to sales made in prior periods)	(6,385)	(4,909)	(6,024)
Translation differences	24	286	(736)
Balance at end of year	5,897	6,441	5,114
Movement in Volume rebates
Balance at beginning of year	24,797	17,991	26,507
Current estimate related to sales made in current and prior year	56,426	46,922	43,274
(Actual returns or credits in current period related to sales made in current period)	(28,014)	(24,648)	(28,976)
(Actual returns or credits in current period related to sales made in prior periods)	(25,050)	(16,384)	(20,210)
Translation differences	546	916	(2,604)
Balance at end of year	28,705	24,797	17,991
Movement in Medicare / Medicaid
Balance at beginning of year	22,941	16,204	21,757
Current estimate related to sales made in current and prior year	50,442	40,343	41,722
(Actual returns or credits in current period related to sales made in current period)	(34,486)	(21,324)	(28,198)
(Actual returns or credits in current period related to sales made in prior periods)	(20,375)	(13,232)	(16,659)
Translation differences	389	950	(2,418)
Balance at end of year	18,911	22,941	16,204
Movement in Other discounts
Balance at beginning of year	8,837	10,143	4,442
Current estimate related to sales made in current and prior year	34,323	28,727	35,262
(Actual returns or credits in current period related to sales made in current period)	(22,490)	(26,493)	(26,072)
(Actual returns or credits in current period related to sales made in prior periods)	(5,652)	(3,781)	(2,864)
Translation differences	52	241	(625)
Balance at end of year	15,070	8,837	10,143
Total movement in discounts and other reductions
Balance at beginning of year	138,191	155,342	146,587
Current estimate related to sales made in current and prior year	1,331,071	1,101,533	1,004,545
(Actual returns or credits in current period related to sales made in current period)	(1,254,006)	(1,086,728)	(930,965)
(Actual returns or credits in current period related to sales made in prior periods)	(57,187)	(38,306)	(45,726)
Translation differences	1,003	6,350	(19,099)
Balance at end of year	€ 159,072	€ 138,191	€ 155,342

Personnel Expenses (Details)

Personnel Expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Details of personnel expenses by function:
Cost of sales	€ 988,689	€ 810,512	€ 731,192
Research and development	106,472	93,817	90,495
Selling, general & administration expenses	382,472	345,224	323,880
Total personnel expenses	1,477,633	1,249,553	1,145,567
Details by nature:
Wages and salaries	1,178,527	1,000,682	917,810
Contributions to pension plans (see note 29)	29,941	21,363	20,347
Other social charges	28,785	29,055	27,679
Social Security	240,380	198,453	179,731
Total personnel expenses	€ 1,477,633	€ 1,249,553	€ 1,145,567

Expenses by Nature - Amortizati

Expenses by Nature - Amortization and Depreciation (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Amortization and depreciation
Amortization and depreciation, cost of sales	€ 193,081	€ 146,530	€ 135,186
Amortization and depreciation, research and development	22,471	19,836	14,721
Amortization and depreciation, selling, general & administration expenses	86,903	62,243	65,583
Total amortization and depreciation	€ 302,455	€ 228,609	€ 215,490

Expenses by Nature - Other Oper

Expenses by Nature - Other Operating Income and Expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other operating income and expenses by function
Other operating income and expenses, cost of sales	€ 467,705	€ 432,803	€ 416,020
Other operating income and expenses, research and development	166,177	152,670	129,579
Other operating income and expenses, selling, general & administration expenses	457,921	410,753	460,959
Total other operating income and expenses	€ 1,091,803	€ 996,226	€ 1,006,558

Expenses by Nature - Other Op_2

Expenses by Nature - Other Operating Income and Expenses, Components (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Details by nature:
Changes in trade provisions	€ (19,811)	€ (23,125)	€ 3,648
Professional services	244,355	211,305	211,579
Commissions	32,178	21,941	18,473
Supplies and auxiliary materials	170,021	149,831	131,932
Operating leases (note 9)	33,235
Operating leases (note 9)		84,299	80,136
Freight	130,663	112,340	105,292
Repair and maintenance expenses	136,377	107,806	103,518
Advertising	59,063	44,659	49,893
Insurance	25,647	22,632	21,529
Royalties	10,674	10,726	11,241
Travel expenses	61,346	51,428	58,171
External services	64,099	53,391	82,699
R&D Expenses	103,053	100,889	89,977
Other	40,903	48,104	38,470
Total other operating income and expenses	€ 1,091,803	€ 996,226	€ 1,006,558

Finance Result (Details)

Finance Result (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finance Result
Finance income	€ 114,197	€ 13,995	€ 9,678
Finance cost from Senior Unsecured Notes	(41,920)	(35,471)	(65,189)
Finance cost from senior debt (note 21 (b))	(262,797)	(247,646)	(193,183)
Finance cost from sale of receivables (note 14)	(9,171)	(6,053)	(3,973)
Capitalized interest (note 10)	14,894	8,955	8,839
Finance lease expense (note 9)	(34,558)
Other finance costs	(9,413)	(13,058)	(9,838)
Finance costs	(342,965)	(293,273)	(263,344)
Impairment of financial assets at amortized cost	(37,666)	30,280	(18,844)
Change in fair value of financial instruments	1,326		(3,752)
Exchange differences	(9,616)	(8,246)	(11,472)
Finance result	(274,724)	€ (257,244)	(287,734)
Income from refinancing effect	€ 97,850
Minimum
Finance Result
Capitalized interest rate (as a percent)	5.34%	4.61%
Maximum
Finance Result
Capitalized interest rate (as a percent)	5.46%	5.18%
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	Dec. 21, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of accounting and taxable income
Profit before income tax from continuing operations		€ 817,103	€ 725,842	€ 695,722
Tax at 25%		204,276	181,461	173,931
Permanent differences		6,104	(2,000)	17,163
Effect of different tax rates		(22,564)	(29,543)	40,981
Tax credits (deductions)		(12,702)	(18,226)	(16,092)
Impact related to the US tax legislation modifications				(171,169)
Prior year income tax expense		(3,722)	381	(8,614)
Other income tax expenses/(income)		(2,933)	(637)	(1,792)
Total income tax expense		€ 168,459	€ 131,436	34,408
United States
Taxation
Tax rate of the companies domiciled in the U.S.A (as a percent)		22.60%
Reconciliation of accounting and taxable income
Tax rate (as a percent)	35.00%	21.00%
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	Dec. 21, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of accounting and taxable income
Deferred tax		€ 58,275	€ (21,189)	€ (149,444)
Current tax		110,184	152,625	183,852
Total income tax expense		€ 168,459	€ 131,436	34,408
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)	35.00%	21.00%
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, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets and liabilities
Deferred assets, net	€ 123,024	€ 112,539	€ 66,157
Net deferred Liabilities	(463,827)	(404,398)	(388,912)
Assets
Deferred tax assets and liabilities
Deferred assets, net	162,139	147,702	103,342
Net deferred Liabilities	100,595	109,135	84,504
Assets | Provisions
Deferred tax assets and liabilities
Deferred assets, net	6,228	7,936	4,564
Net deferred Liabilities	39,366	53,290	47,404
Assets | Inventories
Deferred tax assets and liabilities
Deferred assets, net	51,838	41,029	35,619
Net deferred Liabilities	2,408	5,644	5,063
Assets | Tax credit rights
Deferred tax assets and liabilities
Deferred assets, net	61,476	57,357	49,467
Assets | Tax loss carryforwards
Deferred tax assets and liabilities
Deferred assets, net	36,066	32,769	6,179
Net deferred Liabilities	24,734	20,833	15,384
Assets | Other
Deferred tax assets and liabilities
Deferred assets, net	6,531	8,611	7,513
Net deferred Liabilities	34,087	29,369	16,653
Liabilities
Deferred tax assets and liabilities
Deferred assets, net	(39,115)	(35,163)	(37,185)
Net deferred Liabilities	(564,422)	(513,534)	(473,416)
Liabilities | Goodwill
Deferred tax assets and liabilities
Deferred assets, net	(27,721)	(24,691)	(22,346)
Net deferred Liabilities	(194,964)	(150,644)	(105,963)
Liabilities | Fixed assets, amortisation and depreciation
Deferred tax assets and liabilities
Deferred assets, net	(2,821)	(3,922)	(7,780)
Net deferred Liabilities	(88,498)	(99,819)	(95,029)
Liabilities | Intangible assets
Deferred tax assets and liabilities
Deferred assets, net	(8,573)	(6,550)	(7,059)
Net deferred Liabilities	(214,993)	(220,752)	(201,921)
Liabilities | Debt cancellation costs
Deferred tax assets and liabilities
Net deferred Liabilities	€ (65,967)	€ (42,319)	€ (70,503)

Taxation - Movement in Deferred

Taxation - Movement in Deferred Tax Assets and Liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets and liabilities
Balance at 1 January	€ (291,859)	€ (322,755)	€ (533,427)
Movements during the year	(58,275)	21,189	149,444
Business combination (note 3)		21,328	16,736
Translation differences	9,331	(11,621)	44,492
Balance at 31 December	€ (340,803)	€ (291,859)	€ (322,755)

Taxation - Deferred Tax Asset_2

Taxation - Deferred Tax Assets and Liabilities by Jurisdiction (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax	€ (340,803)	€ (291,859)	€ (322,755)	€ (533,427)
United States
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax	(337,700)	(306,394)	(310,165)
Spain
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax	31,521	28,585	22,830
Others
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax	(34,624)	(14,050)	(35,420)
Net deferred tax
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax	(463,078)	(402,817)	(393,786)
Net deferred tax | United States
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax	(392,040)	(353,116)	(325,550)
Net deferred tax | Spain
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax	(35,117)	(34,441)	(32,396)
Net deferred tax | Others
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax	(35,921)	(15,260)	(35,840)
Tax credit rights
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax	60,799	53,601	21,564
Tax credit rights | United States
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax	54,340	46,722	15,385
Tax credit rights | Spain
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax	5,162	5,669	5,759
Tax credit rights | Others
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax	1,297	1,210	420
Tax loss carryforwards
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax	61,476	57,357	49,467
Tax loss carryforwards | Spain
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax	€ 61,476	€ 57,357	€ 49,467

Taxation - Deferred Tax Asset_3

Taxation - Deferred Tax Assets and Liabilities, Others (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets and liabilities
Net deferred tax assets	€ 123,024	€ 112,539	€ 66,157
Unrecognized deferred tax assets	66,364	55,282
2020
Deferred tax assets and liabilities
Net deferred tax assets	€ 26,840	€ 27,097
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

Other Commitments with Third _3

Other Commitments with Third Parties and Other Contingent Liabilities (Details) € in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)itemdirector	Dec. 31, 2018USD ($)	Dec. 31, 2018EUR (€)
Other Commitments with Third Parties and Other Contingent Liabilities
Annual contribution to defined contribution pension plans		€ 833		€ 777
Agreements with employees/directors | director		63
Number of executives with whom contract entered | item		5
Percentage of annual bonus in Grifols Class B Shares or Grifols ADS		50.00%
Vesting Period	2 years 1 day	2 years 1 day
Exchange ratio		1
Amount settled under RSU plan		€ 8,546		7,914
Equity-settled commitment		€ 12,498		€ 12,652
Percentage of Group contribution matching to first 4% of employee contributions		100.00%
Percentage of Group contribution matching to the next 2% following the first 4% of employee contributions		50.00%
Total cost of matching contributions | $	$ 29.4		$ 20.7
Minimum
Other Commitments with Third Parties and Other Contingent Liabilities
Number of years of salary for employees/directors	2 years	2 years
Number of years of salary for executives	1 year	1 year
Maximum
Other Commitments with Third Parties and Other Contingent Liabilities
Number of years of salary for employees/directors	5 years	5 years
Number of years of salary for executives	4 years	4 years
Matching percentage to the employees contribution		50.00%

Other Commitments with Third _4

Other Commitments with Third Parties and Other Contingent Liabilities - Purchase commitments (Details) € in Thousands	Dec. 31, 2019EUR (€)
2020
Other Commitments with Third Parties and Other Contingent Liabilities
Purchase commitments	€ 202,996
2021
Other Commitments with Third Parties and Other Contingent Liabilities
Purchase commitments	107,249
2022
Other Commitments with Third Parties and Other Contingent Liabilities
Purchase commitments	1,713
2023
Other Commitments with Third Parties and Other Contingent Liabilities
Purchase commitments	1,312
2024
Other Commitments with Third Parties and Other Contingent Liabilities
Purchase commitments	1,126
More than 5 years
Other Commitments with Third Parties and Other Contingent Liabilities
Purchase commitments	€ 1,783

Financial Instruments - Classif

Financial Instruments - Classification by Nature, Category and Fair Value (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018
Measured at fair value
Financial instruments
Financial assets	€ 2,015,091	€ 217,951
Measured at fair value | Non-current financial assets
Financial instruments
Financial assets	7	7
Financial assets, at fair value	7	7
Measured at fair value | Current Financial derivatives
Financial instruments
Financial assets		19,934
Financial assets, at fair value		19,934
Measured at fair value | Trade receivables
Financial instruments
Financial assets	298,346	198,010
Financial assets, at fair value	298,346	198,010
Measured at fair value | Other current financial assets
Financial instruments
Financial assets	1,716,738
Financial assets, at fair value	1,716,738
Measured at fair value | Level 1 | Non-current financial assets
Financial instruments
Financial assets, at fair value	7	7
Measured at fair value | Level 2 | Trade receivables
Financial instruments
Financial assets, at fair value	298,346	198,010
Measured at fair value | Level 3 | Current Financial derivatives
Financial instruments
Financial assets, at fair value		19,934
Measured at fair value | Level 3 | Other current financial assets
Financial instruments
Financial assets, at fair value	1,716,738
Not measured at fair value
Financial instruments
Financial assets	1,047,053	1,338,992
Financial liabilities	(8,154,534)	(7,276,113)
Net financial liabilities	5,092,390	5,719,170
Not measured at fair value | Senior Unsecured and Secured Notes
Financial instruments
Financial liabilities	(2,576,935)
Financial liabilities, at fair value	(2,749,557)
Not measured at fair value | Senior Unsecured Notes
Financial instruments
Financial liabilities		(1,005,333)
Financial liabilities, at fair value		(985,480)
Not measured at fair value | Promissory Notes
Financial instruments
Financial liabilities	(100,267)	(97,645)
Not measured at fair value | Senior Secured debt
Financial instruments
Financial liabilities	(3,286,889)	(4,901,240)
Financial liabilities, at fair value	(3,623,233)	(5,055,323)
Not measured at fair value | Other bank loans
Financial instruments
Financial liabilities	(400,850)	(264,525)
Not measured at fair value | Lease liabilities
Financial instruments
Financial liabilities	(740,690)
Not measured at fair value | Finance lease payable
Financial instruments
Financial liabilities		(12,885)
Not measured at fair value | Other financial liabilities
Financial instruments
Financial liabilities	(101,749)	(95,217)
Not measured at fair value | Debts with associates
Financial instruments
Financial liabilities	(1,258)	(7,079)
Not measured at fair value | Other non-current debt
Financial instruments
Financial liabilities	(983)	(1,301)
Not measured at fair value | Trade payables
Financial instruments
Financial liabilities	(747,514)	(721,699)
Not measured at fair value | Other current liabilities
Financial instruments
Financial liabilities	(197,399)	(169,189)
Not measured at fair value | Non-current financial assets
Financial instruments
Financial assets	138,923	107,594
Not measured at fair value | Other current financial assets
Financial instruments
Financial assets	12,188	34,031
Not measured at fair value | Trade and other receivables
Financial instruments
Financial assets	153,960	163,575
Not measured at fair value | Cash and cash equivalents
Financial instruments
Financial assets	741,982	1,033,792
Not measured at fair value | Level 1 | Senior Unsecured and Secured Notes
Financial instruments
Financial liabilities, at fair value	(2,749,557)
Not measured at fair value | Level 1 | Senior Unsecured Notes
Financial instruments
Financial liabilities, at fair value		(985,480)
Not measured at fair value | Level 2 | Senior Secured debt
Financial instruments
Financial liabilities, at fair value	(3,623,233)	(5,055,323)
Amortised cost | Not measured at fair value
Financial instruments
Financial liabilities	(7,956,152)	(7,105,623)
Amortised cost | Not measured at fair value | Senior Unsecured and Secured Notes
Financial instruments
Financial liabilities	(2,576,935)
Amortised cost | Not measured at fair value | Senior Unsecured Notes
Financial instruments
Financial liabilities		(1,005,333)
Amortised cost | Not measured at fair value | Promissory Notes
Financial instruments
Financial liabilities	(100,267)	(97,645)
Amortised cost | Not measured at fair value | Senior Secured debt
Financial instruments
Financial liabilities	(3,286,889)	(4,901,240)
Amortised cost | Not measured at fair value | Other bank loans
Financial instruments
Financial liabilities	(400,850)	(264,525)
Amortised cost | Not measured at fair value | Lease liabilities
Financial instruments
Financial liabilities	(740,690)
Amortised cost | Not measured at fair value | Finance lease payable
Financial instruments
Financial liabilities		(12,885)
Amortised cost | Not measured at fair value | Other financial liabilities
Financial instruments
Financial liabilities	(101,749)	(95,217)
Amortised cost | Not measured at fair value | Debts with associates
Financial instruments
Financial liabilities	(1,258)	(7,079)
Amortised cost | Not measured at fair value | Trade payables
Financial instruments
Financial liabilities	(747,514)	(721,699)
Other financial liabilities | Not measured at fair value
Financial instruments
Financial liabilities	(198,382)	(170,490)
Other financial liabilities | Not measured at fair value | Other non-current debt
Financial instruments
Financial liabilities	(983)	(1,301)
Other financial liabilities | Not measured at fair value | Other current liabilities
Financial instruments
Financial liabilities	(197,399)	(169,189)
Amortised cost | Not measured at fair value
Financial instruments
Financial assets	1,047,053	1,338,992
Amortised cost | Not measured at fair value | Non-current financial assets
Financial instruments
Financial assets	138,923	107,594
Amortised cost | Not measured at fair value | Other current financial assets
Financial instruments
Financial assets	12,188	34,031
Amortised cost | Not measured at fair value | Trade and other receivables
Financial instruments
Financial assets	153,960	163,575
Amortised cost | Not measured at fair value | Cash and cash equivalents
Financial instruments
Financial assets	741,982	1,033,792
Financial assets at fair value through profit or loss | Measured at fair value
Financial instruments
Financial assets	1,716,745	19,941
Financial assets at fair value through profit or loss | Measured at fair value | Non-current financial assets
Financial instruments
Financial assets	7	7
Financial assets at fair value through profit or loss | Measured at fair value | Current Financial derivatives
Financial instruments
Financial assets		19,934
Financial assets at fair value through profit or loss | Measured at fair value | Other current financial assets
Financial instruments
Financial assets	1,716,738
Financial assets at fair value through profit or loss | Not measured at fair value
Financial instruments
Financial assets	1,716,745	19,941
Financial assets at fair value through OCI | Measured at fair value
Financial instruments
Financial assets	298,346	198,010
Financial assets at fair value through OCI | Measured at fair value | Trade receivables
Financial instruments
Financial assets	298,346	198,010
Financial assets at fair value through OCI | Not measured at fair value
Financial instruments
Financial assets	€ 298,346	€ 198,010

Financial Instruments - Financi

Financial Instruments - Financial Derivatives (Details) € in Thousands, $ in Thousands	May 11, 2016USD ($)	May 11, 2016EUR (€)	Dec. 31, 2018EUR (€)
Financial derivatives
Financial instruments
Financial assets			€ 19,934
Call Option
Financial instruments
Amount paid for call right	$ 10,000	€ 8,960
US Dollars | Call Option
Financial instruments
Financial assets			8,733
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, 2019	Dec. 31, 2018
Credit risk
Maximum exposure to credit risk	€ 3,008,902	€ 1,509,852
Non-current financial assets
Credit risk
Maximum exposure to credit risk	138,930	107,601
Other current financial assets
Credit risk
Maximum exposure to credit risk	1,728,926	53,965
Trade receivables
Credit risk
Maximum exposure to credit risk	369,797	269,167
Other receivables
Credit risk
Maximum exposure to credit risk	29,267	45,327
Cash and cash equivalents
Credit risk
Maximum exposure to credit risk	741,982	1,033,792
Trade and other receivables
Credit risk
Maximum exposure to credit risk	399,064	314,494
Trade and other receivables | Spain
Credit risk
Maximum exposure to credit risk	58,363	46,025
Trade and other receivables | Rest of European Union
Credit risk
Maximum exposure to credit risk	44,887	48,354
Trade and other receivables | United States
Credit risk
Maximum exposure to credit risk	171,345	79,829
Trade and other receivables | Other European countries
Credit risk
Maximum exposure to credit risk	13,485	14,289
Trade and other receivables | Other regions
Credit risk
Maximum exposure to credit risk	€ 110,984	€ 125,997

Financial Instruments - Credit

Financial Instruments - Credit Risk - Trade receivables net of the bad debt provision by ageing (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Credit risk
Total gross carrying amount	€ 392,088	€ 289,698
Allowance account for credit losses of financial assets	(22,291)	(20,531)	€ (19,706)	€ (17,987)
Trade receivables	€ 369,797	€ 269,167
Not matured
Credit risk
ECL Rate	0.19%	0.19%
Total gross carrying amount	€ 285,942	€ 180,448
Allowance account for credit losses of financial assets	(585)	(335)
Trade receivables	€ 285,357	€ 180,113
Less than 1 month
Credit risk
ECL Rate	0.19%	0.19%
Total gross carrying amount	€ 48,212	€ 52,310
Allowance account for credit losses of financial assets	(57)	(92)
Trade receivables	€ 48,155	€ 52,218
Past due 31-60 days
Credit risk
ECL Rate	0.62%	0.62%
Total gross carrying amount	€ 15,831	€ 11,125
Allowance account for credit losses of financial assets	(101)	(67)
Trade receivables	€ 15,730	€ 11,058
Past due 61-90 days
Credit risk
ECL Rate	2.03%	2.03%
Total gross carrying amount	€ 10,364	€ 10,729
Allowance account for credit losses of financial assets	(156)	(208)
Trade receivables	€ 10,208	€ 10,521
Past due 91-180 days
Credit risk
ECL Rate	3.01%	3.01%
Total gross carrying amount	€ 8,606	€ 12,158
Allowance account for credit losses of financial assets	(243)	(353)
Trade receivables	€ 8,363	€ 11,805
6 - 12 months
Credit risk
ECL Rate	8.52%	8.52%
Total gross carrying amount	€ 2,216	€ 4,158
Allowance account for credit losses of financial assets	(232)	(1,222)
Trade receivables	€ 1,984	€ 2,936
More than one year
Credit risk
ECL Rate	100.00%	100.00%
Total gross carrying amount	€ 3,056	€ 7,549
Allowance account for credit losses of financial assets	(3,056)	(7,033)
Trade receivables		516
Customers with Objective Evidence of Impairment [Member]
Credit risk
Total gross carrying amount	17,861	11,221
Allowance account for credit losses of financial assets	€ (17,861)	€ (11,221)

Financial Instruments - Trade R

Financial Instruments - Trade Receivables - Movement in the bad debt provision (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Movement in the bad debt provision
Opening balance	€ 20,531	€ 19,706	€ 17,987
Net charges for the year	4,971	6,443	8,003
Net cancellations for the year	(3,142)	(5,650)	(4,732)
Transfers	(19)
Translation differences	(50)	32	(1,552)
Closing balance	€ 22,291	€ 20,531	€ 19,706

Financial Instruments - Contrac

Financial Instruments - Contractual Maturity Dates of Financial Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2019	Dec. 31, 2018
Carrying amount at
Bank loans	€ 3,687,739	€ 5,165,765
Other financial liabilities	101,749	95,217
Bonds and other marketable securities	2,677,202	1,102,978
Finance lease payables		12,885
Lease liabilities	740,690
Debts with associates	1,258	7,079
Payable to suppliers	581,882	561,883
Other current liabilities	22,320	16,029
Total carrying amount	7,812,840	6,961,836
Contractual flows
Bank loans	4,826,286	6,522,083
Other financial liabilities	101,749	95,218
Bonds and other marketable securities	3,167,075	1,305,645
Finance lease payables		13,423
Lease liabilities	740,690
Debts with associates	1,258	7,079
Payable to suppliers	581,882	561,884
Other current liabilities	22,320	16,028
Total contractual flows	9,441,260	8,521,360
6 months or less
Contractual flows
Bank loans	204,851	195,568
Other financial liabilities	21,000	14,167
Bonds and other marketable securities	128,606	113,645
Finance lease payables		1,946
Lease liabilities	22,335
Payable to suppliers	581,867	561,559
Other current liabilities	21,612	15,861
Total contractual flows	980,271	902,746
6 - 12 months
Contractual flows
Bank loans	100,083	202,437
Other financial liabilities	20,708	2,095
Bonds and other marketable securities	32,016	16,000
Finance lease payables		1,630
Lease liabilities	22,131
Debts with associates	1,258	7,079
Payable to suppliers	15	325
Other current liabilities	708	167
Total contractual flows	176,919	229,733
2021
Carrying amount at
Other financial liabilities	50,585	21,460
Contractual flows
Bank loans	183,525	522,040
Other financial liabilities	50,646	21,324
Bonds and other marketable securities	64,031	32,000
Finance lease payables		3,367
Lease liabilities	41,444
Total contractual flows	339,646	578,731
2-5 years
Contractual flows
Bank loans	715,443	3,086,734
Other financial liabilities	7,416	55,863
Bonds and other marketable securities	2,137,772	128,000
Finance lease payables		5,655
Lease liabilities	155,300
Total contractual flows	3,015,931	3,276,252
More than 5 years
Carrying amount at
Other financial liabilities	3,129	3,178
Contractual flows
Bank loans	3,622,384	2,515,304
Other financial liabilities	1,979	1,769
Bonds and other marketable securities	804,650	1,016,000
Finance lease payables		825
Lease liabilities	499,480
Total contractual flows	€ 4,928,493	€ 3,533,898

Financial Instruments - Currenc

Financial Instruments - Currency Risk (Details) € in Thousands	Dec. 31, 2019EUR (€)$ / €	Dec. 31, 2018EUR (€)$ / €	Dec. 31, 2017
US Dollars
Sensitivity analysis
Closing foreign exchange rate | $ / €	1.1225	1.1450
Currency risk
Sensitivity analysis
Rate increase (as a percent)	10.00%
Increase in equity if exchange rate strengthened	€ 799,565	€ 506,131
Increase (decrease) in profit due to foreign exchange differences if exchange rate strengthened	(16,291)	€ (4,125)
Rate decrease (as a percent)		10.00%	10.00%
Decrease in equity if exchange rate weakened	(799,565)	€ (506,131)
Increase (decrease) in profit due to foreign exchange differences if exchange rate weakened	16,291	4,125
Currency risk | Euros
Financial instrument risk
Balance sheet exposure	86,368	24,601
Currency risk | Euros | Trade receivables
Financial instrument risk
Balance sheet exposure	4,978	2,691
Currency risk | Euros | Receivables from Group companies
Financial instrument risk
Balance sheet exposure	101,685	54,903
Currency risk | Euros | Loans to Group companies
Financial instrument risk
Balance sheet exposure	16,053	40,387
Currency risk | Euros | Cash and cash equivalents
Financial instrument risk
Balance sheet exposure	(8,603)	120,281
Currency risk | Euros | Trade payables
Financial instrument risk
Balance sheet exposure	18,908	13,354
Currency risk | Euros | Payables to Group companies
Financial instrument risk
Balance sheet exposure	75,435	60,363
Currency risk | Euros | Loans from Group companies
Financial instrument risk
Balance sheet exposure	42,388	94,771
Currency risk | Euros | Bank loans
Financial instrument risk
Balance sheet exposure	63,750	74,375
Currency risk | US Dollars
Financial instrument risk
Balance sheet exposure	76,546	16,650
Currency risk | US Dollars | Trade receivables
Financial instrument risk
Balance sheet exposure	29,022	45,801
Currency risk | US Dollars | Receivables from Group companies
Financial instrument risk
Balance sheet exposure	3,829	6,291
Currency risk | US Dollars | Loans to Group companies
Financial instrument risk
Balance sheet exposure	595	4,343
Currency risk | US Dollars | Cash and cash equivalents
Financial instrument risk
Balance sheet exposure	1,698	1,296
Currency risk | US Dollars | Trade payables
Financial instrument risk
Balance sheet exposure	13,826	6,113
Currency risk | US Dollars | Payables to Group companies
Financial instrument risk
Balance sheet exposure	93,713	63,932
Currency risk | US Dollars | Loans from Group companies
Financial instrument risk
Balance sheet exposure	€ 4,151	€ 4,336

Financial Instruments - Interes

Financial Instruments - Interest Rate Risk (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fixed-interest
Financial instrument risk
Financial liabilities	€ (2,908,750)	€ (1,244,375)
Variable-interest
Financial instrument risk
Financial liabilities	(3,587,171)	(5,233,638)
Interest rate risk
Financial instrument risk
Financial liabilities	€ (6,495,921)	€ (6,478,013)
Sensitivity analysis
Higher rate increment (as a percent)	1.00%	1.00%
Increase in interest expense if rate had been higher	€ 51,412	€ 53,082

Balances and Transactions wit_3

Balances and Transactions with Related Parties (Details) € in Thousands, $ in Thousands	Dec. 28, 2018USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2018USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2017EUR (€)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2011USD ($)director	Dec. 28, 2018EUR (€)
Details of balances with related parties
Net receivable (payable)			€ 117,700		€ 98,649
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%	0.70%
Contributions to non-profit organization			€ 5,586		€ 4,282		€ 7,100
Number of directors involved in consulting services contract | director										1
Term of consulting services contract (in years)										3 years
Consulting services fee | $		$ 250		$ 1,000		$ 1,000		$ 1,000	$ 1,000	$ 1,000
Additional bonus | $										$ 2,000
Remuneration of directors representing shareholders interest			1,501		1,610
Biotest Us Corporation and Haema AG
Group transactions with related parties
Consideration for sale of subsidiary | $	$ 538,014
Scranton Enterprises BV
Details of balances with related parties
Loans	$ 95,000										€ 82,969
Scranton Enterprises BV | Fixed-interest
Group transactions with related parties
Compensation percentage	2.00%										2.00%
Scranton Enterprises BV | Variable-interest
Group transactions with related parties
Compensation on loan	EURIBOR
Associates
Details of balances with related parties
Receivables			1,883		382
Trade payables			(114)		(15,796)
Loans			18,342		50,304
Debts			(1,258)		(7,079)
Group transactions with related parties
Net sales			10,196		5,846		3,009
Purchases			(48,300)		(97,941)		(68,335)
Other service expenses			(25,638)		(21,065)		(11,798)
R&D agreements					(50)		(164)
Finance income			2,265		3,951		(440)
Finance cost			(158)		(579)		592
Total income (expense)			(61,635)		(109,838)		(77,136)
Key management personnel
Details of balances with related parties
Debts			(4,005)		(4,425)
Group transactions with related parties
Remuneration			(16,795)		(16,070)		(13,672)
Total income (expense)			(16,795)		(16,070)		(13,672)
Other related parties
Details of balances with related parties
Trade payables			(4,878)		(7,706)
Loans			86,363		82,969
Other financial assets with other related parties			34,367
Other financial liabilities with other related parties			(13,000)
Group transactions with related parties
Other service expenses			(5,586)		(4,282)		(7,100)
Operating lease expense					(5,469)		(5,426)
Payments for rights of use			(7,104)
Sale of investments					469,881
Total income (expense)			(12,690)		460,130		(12,526)
Directors
Group transactions with related parties
Other service expenses			(220)		(844)		(939)
Remuneration			(5,517)		(5,848)		(5,755)
Total income (expense)			€ (5,737)		€ (6,692)		€ (6,694)

Subsequent Events - Consequence

Subsequent Events - Consequences due to COVID-19 (Details)	12 Months Ended
	Dec. 31, 2019
Consequences due to COVID-19
Disclosure of non-adjusting events after reporting period [line items]
Minimum period for inventory levels to support operations	6 months

Subsequent Events - Acquisition

Subsequent Events - Acquisition of ownership interest in Shanghai RAAS (Details) € in Thousands	Mar. 30, 2020EUR (€)person	Dec. 31, 2019EUR (€)shares	Mar. 31, 2019	Dec. 31, 2019EUR (€)shares	Dec. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)
Disclosure of non-adjusting events after reporting period [line items]
Number of subsidiary's shares delivered in exchange for investment | shares				90
Number of shares received in exchange for investment | shares		1,766,000,000		1,766,000,000
Investments accounted for using equity method | €		€ 114,473		€ 114,473	€ 226,905	€ 219,009
Grifols Diagnostics Solutions, Inc.
Disclosure of non-adjusting events after reporting period [line items]
Economic rights (as a percent)			55.00%
Voting rights (as percent)			60.00%
Shanghai RAAS Blood Products, Co. Ltd. | Grifols Diagnostics Solutions, Inc.
Disclosure of non-adjusting events after reporting period [line items]
Minority shareholders interest				45.00%
Shanghai RAAS Blood Products, Co. Ltd.
Disclosure of non-adjusting events after reporting period [line items]
Proportion of ownership interest in associate			26.20%
Number of shares received in exchange for investment | shares		1,766,000,000		1,766,000,000
Gain recognized, fair value adjustment | €		€ 57,000
Shanghai RAAS Blood Products, Co. Ltd. | Grifols Diagnostics Solutions, Inc.
Disclosure of non-adjusting events after reporting period [line items]
Number of subsidiary's shares delivered in exchange for investment | shares				90
Shanghai RAAS Blood Products, Co. Ltd. | Grifols Diagnostics Solutions, Inc.
Disclosure of non-adjusting events after reporting period [line items]
Economic rights (as a percent)			45.00%
Voting rights (in percent)			40.00%
Acquisition of ownership interest | Grifols Diagnostics Solutions, Inc.
Disclosure of non-adjusting events after reporting period [line items]
Economic rights (as a percent)	55.00%
Voting rights (as percent)	60.00%
Acquisition of ownership interest | Grifols Diagnostics Solutions, Inc.
Disclosure of non-adjusting events after reporting period [line items]
Total number of board members | person	5
Acquisition of ownership interest | Shanghai RAAS Blood Products, Co. Ltd.
Disclosure of non-adjusting events after reporting period [line items]
Total number of board members | person	9
Acquisition of ownership interest | Shanghai RAAS Blood Products, Co. Ltd. | Grifols Diagnostics Solutions, Inc.
Disclosure of non-adjusting events after reporting period [line items]
Number of members that serve of the board of an associate | person	2
Acquisition of ownership interest | Shanghai RAAS Blood Products, Co. Ltd.
Disclosure of non-adjusting events after reporting period [line items]
Proportion of ownership interest in associate	26.20%
Number of members that serve of the board of an associate | person	3
Investments accounted for using equity method | €	€ 1,773,000
Acquisition of ownership interest | Shanghai RAAS Blood Products, Co. Ltd. | Grifols Diagnostics Solutions, Inc.
Disclosure of non-adjusting events after reporting period [line items]
Economic rights (as a percent)	45.00%
Voting rights contributed (as a percent)	40.00%
Acquisition of ownership interest | Shanghai RAAS Blood Products, Co. Ltd. | Creat Group Co. Ltd.
Disclosure of non-adjusting events after reporting period [line items]
Proportion of ownership interest in associate	26.18%
Acquisition of ownership interest | Shanghai RAAS Blood Products, Co. Ltd. | RAAS China Limited
Disclosure of non-adjusting events after reporting period [line items]
Proportion of ownership interest in associate	22.78%

Appendix I - Information on Gro

Appendix I - Information on Group Companies, Associates and others (Details)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Diagnostic Grifols, S.A.
Information on group companies associates and others
Proportion of indirect ownership interest	55.00%	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%
Laboratorios Grifols, S.A.
Information on group companies associates and others
Proportion of direct ownership interest	98.60%	98.60%	98.60%
Proportion of indirect ownership interest	1.40%	1.40%	1.40%
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	55.00%	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	91.88%	99.998%
Proportion of indirect ownership interest	8.12%		90.23%
Asociacion I+D Progenika
Information on group companies associates and others
Proportion of indirect ownership interest		99.998%	90.23%
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%
Proportion of indirect ownership interest	55.00%
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%
Proportion of indirect ownership interest	0.00%
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%
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	55.00%	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	99.984%	99.984%	99.984%
Proportion of indirect ownership interest	0.016%	0.016%	0.016%
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%
Proportion of indirect ownership interest		99.999%	99.999%
Araclon Biotech, S.L.
Information on group companies associates and others
Proportion of indirect ownership interest	75.10%	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%
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%	90.00%
Chiquito Acquisition Corp.
Information on group companies associates and others
Proportion of indirect ownership interest	100.00%	100.00%	100.00%
Aiges Minerals de Vilajuiga, S.A.
Information on group companies associates and others
Proportion of direct ownership interest	99.99%	100.00%
Proportion of indirect ownership interest	0.01%
Goetech LLC (D/B/A Medkeeper)
Information on group companies associates and others
Proportion of indirect ownership interest	54.76%	54.76%
Interstate Blood Bank, Inc
Information on group companies associates and others
Proportion of indirect ownership interest	100.00%
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%
Mecwins, S.L.
Information on group companies associates and others
Proportion of indirect ownership interest	24.99%	24.99%	8.42%
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	49.00%	30.00%	30.00%
Interstate Blood Bank, Inc. (USA)
Information on group companies associates and others
Proportion of indirect ownership interest		49.19%	49.19%
Bio Blood Components Inc.
Information on group companies associates and others
Proportion of indirect ownership interest		48.972%	48.972%
Plasma Biological Services, LLC.
Information on group companies associates and others
Proportion of indirect ownership interest		48.90%	48.90%
Singulex, Inc.
Information on group companies associates and others
Proportion of indirect ownership interest	19.33%	19.33%	19.33%
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%	49.00%
Access Biologicals IC - DISC, Inc.
Information on group companies associates and others
Proportion of indirect ownership interest	49.00%	49.00%	49.00%
Access Cell Culture, LLC.
Information on group companies associates and others
Proportion of indirect ownership interest	49.00%	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%	49.00%
GigaGen Inc.
Information on group companies associates and others
Proportion of indirect ownership interest	43.96%	43.96%	43.96%
Plasmavita HealthCare
Information on group companies associates and others
Proportion of indirect ownership interest	50.00%	50.00%
Medcom Advance, S.A.
Information on group companies associates and others
Proportion of indirect ownership interest	45.00%
Plasmavita Healthcare II 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, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting
Revenues from external customers	€ 5,098,691	€ 4,486,724	€ 4,318,073
Profit /(loss)	1,131,365	994,124	1,003,343
Finance result	(274,724)	(257,244)	(287,734)
Share of profit / (losses)	(39,538)	(11,038)	(19,887)
Income tax expense	(168,459)	(131,436)	(34,408)
Consolidated profit for the year	648,644	594,406	661,314
Investments in equity-accounted investees	114,473	226,905	219,009
Assets	15,542,611	12,477,046	10,920,264
Liabilities	8,696,843	7,780,442	7,286,299
Other information:
Amortisation and depreciation	302,455	228,609	215,490
Additions for the year of property, plant & equipment, intangible assets and rights of use	1,175,072	316,677	340,473
Operating Segments
Segment Reporting
Revenues from external customers	5,098,691	4,486,724	4,318,073
Total operating income	5,098,691	4,486,724	4,318,073
Profit /(loss)	1,300,801	1,156,653	1,237,470
Segment assets	12,638,606	10,847,654	9,554,477
Liabilities	1,938,462	1,068,786	656,598
Other information:
Amortisation and depreciation	282,807	219,339	206,966
Expenses that do not require cash payments	20,755	145,322	2,112
Additions for the year of property, plant & equipment, intangible assets and rights of use	1,101,528	296,882	329,205
Unallocated
Segment Reporting
Profit /(loss)	(169,436)	(162,529)	(234,127)
Assets	2,789,532	1,402,487	1,146,778
Liabilities	6,758,381	6,711,656	6,629,701
Other information:
Amortisation and depreciation	19,648	9,270	8,524
Expenses that do not require cash payments	2,416	1,339	(58,752)
Additions for the year of property, plant & equipment, intangible assets and rights of use	73,544	19,795	11,268
Intersegments
Segment Reporting
Revenues from external customers	(52,176)	(41,154)	(34,784)
Total operating income	(52,176)	(41,154)	(34,784)
Profit /(loss)	(3,094)	(5,764)	(12,305)
Segment assets	(32,892)	(29,281)	(22,196)
Bioscience
Segment Reporting
Share of profit / (losses)		2,839	(10,434)
Investments in equity-accounted investees	10,368	99,547	83,905
Bioscience | Operating Segments
Segment Reporting
Revenues from external customers	3,993,462	3,516,704	3,429,785
Total operating income	3,993,462	3,516,704	3,429,785
Profit /(loss)	1,079,216	902,402	985,495
Segment assets	8,416,922	6,928,220	6,007,153
Liabilities	1,371,352	764,377	423,415
Other information:
Amortisation and depreciation	196,335	156,893	157,478
Expenses that do not require cash payments	43,524	172,648	7,049
Additions for the year of property, plant & equipment, intangible assets and rights of use	868,103	220,531	227,635
Hospital
Segment Reporting
Share of profit / (losses)			2,112
Hospital | Operating Segments
Segment Reporting
Revenues from external customers	134,441	119,454	105,649
Total operating income	134,441	119,454	105,649
Profit /(loss)	(8,674)	(12,587)	(9,766)
Segment assets	274,250	250,543	145,477
Liabilities	53,441	32,767	13,560
Other information:
Amortisation and depreciation	11,686	10,819	6,436
Expenses that do not require cash payments	(289)	297	(514)
Additions for the year of property, plant & equipment, intangible assets and rights of use	62,298	15,354	10,429
Diagnostic
Segment Reporting
Share of profit / (losses)	(19,794)	(10,975)	(9,335)
Investments in equity-accounted investees		19,256	29,322
Diagnostic | Operating Segments
Segment Reporting
Revenues from external customers	733,604	702,265	732,369
Total operating income	733,604	702,265	732,369
Profit /(loss)	215,828	215,990	248,080
Segment assets	3,676,011	3,526,136	3,356,185
Liabilities	351,799	230,517	192,720
Other information:
Amortisation and depreciation	52,224	44,030	40,815
Expenses that do not require cash payments	(22,873)	(27,651)	(4,423)
Additions for the year of property, plant & equipment, intangible assets and rights of use	103,911	58,064	70,032
Bio supplies
Segment Reporting
Share of profit / (losses)		3,039	1,830
Investments in equity-accounted investees	49,922	47,742	44,220
Bio supplies | Operating Segments
Segment Reporting
Revenues from external customers	266,540	167,004	66,791
Total operating income	266,540	167,004	66,791
Profit /(loss)	16,246	36,824	35,598
Segment assets	226,814	117,673	7,409
Liabilities	126,289	6,427
Other information:
Amortisation and depreciation	20,415	5,656
Expenses that do not require cash payments	393	28
Additions for the year of property, plant & equipment, intangible assets and rights of use	65,448	2,050	198
Others
Segment Reporting
Share of profit / (losses)	(19,744)	(5,941)	(4,060)
Investments in equity-accounted investees	54,183	60,360	61,562
Others | Operating Segments
Segment Reporting
Revenues from external customers	22,820	22,451	18,263
Total operating income	22,820	22,451	18,263
Profit /(loss)	1,279	19,788	(9,632)
Segment assets	77,501	54,363	60,449
Liabilities	35,581	34,698	26,903
Other information:
Amortisation and depreciation	2,147	1,941	2,237
Additions for the year of property, plant & equipment, intangible assets and rights of use	€ 1,768	€ 883	€ 20,911

Appendix II - Reporting by Geog

Appendix II - Reporting by Geographical Area (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of products and services
Net revenue	€ 5,098,691	€ 4,486,724	€ 4,318,073
Assets by geographical area	15,542,611	12,477,046	10,920,264
Other information:
Additions for the year of property, plant & equipment, intangible assets and rights of use	1,175,072	316,677	340,473
Spain
Disclosure of products and services
Net revenue	268,287	264,913	242,894
Assets by geographical area	2,764,054	898,599	899,223
Other information:
Additions for the year of property, plant & equipment, intangible assets and rights of use	183,891	70,639	62,271
Rest of European Union
Disclosure of products and services
Net revenue	588,375	535,361	444,089
Assets by geographical area	3,425,874	3,177,781	2,397,200
Other information:
Additions for the year of property, plant & equipment, intangible assets and rights of use	181,736	69,534	80,910
USA and Canada
Disclosure of products and services
Net revenue	3,390,811	2,974,429	2,896,505
Assets by geographical area	9,059,674	8,133,108	7,341,174
Other information:
Additions for the year of property, plant & equipment, intangible assets and rights of use	787,586	166,353	188,557
Rest of the world
Disclosure of products and services
Net revenue	851,218	712,021	734,585
Assets by geographical area	293,009	267,558	282,667
Other information:
Additions for the year of property, plant & equipment, intangible assets and rights of use	€ 21,859	€ 10,151	€ 8,735

Appendix III - Changes in Other

Appendix III - Changes in Other Intangible Assets (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Changes in Other Intangible Assets
Intangible assets at beginning of the year	€ 1,385,537	€ 1,269,342
Business combinations	2,239	54,421
Additions	20,033	4,339
Transfers	(750)	(516)
Disposals	(641)	(793)
Translation differences	27,116	58,744
Intangible assets at end of the year	1,433,534	1,385,537
Currently marketed products
Changes in Other Intangible Assets
Intangible assets at beginning of the year	793,032	793,308
Additions	(38,040)	(36,154)
Translation differences	15,723	35,878
Intangible assets at end of the year	770,715	793,032
Gross carrying amount
Changes in Other Intangible Assets
Intangible assets at beginning of the year	2,054,740	1,841,207
Additions	101,923	75,739
Business combinations	2,239	60,293
Transfers	291	(762)
Disposals	(701)	(1,909)
Translation differences	36,634	80,172
Intangible assets at end of the year	2,195,126	2,054,740
Gross carrying amount | Development costs
Changes in Other Intangible Assets
Intangible assets at beginning of the year	377,312	311,694
Additions	53,847	55,439
Disposals	(591)	(36)
Translation differences	4,771	10,215
Intangible assets at end of the year	435,339	377,312
Gross carrying amount | Concessions, patents, licenses brands & similar
Changes in Other Intangible Assets
Intangible assets at beginning of the year	196,410	182,885
Additions	26,222
Business combinations	2,587	6,225
Transfers	293
Disposals		(757)
Translation differences	4,485	8,057
Intangible assets at end of the year	229,997	196,410
Gross carrying amount | Computer software
Changes in Other Intangible Assets
Intangible assets at beginning of the year	234,423	174,945
Additions	21,846	20,252
Business combinations	17	34,319
Transfers	(518)	(762)
Disposals	(105)	(1,116)
Translation differences	2,934	6,785
Intangible assets at end of the year	258,597	234,423
Gross carrying amount | Currently marketed products
Changes in Other Intangible Assets
Intangible assets at beginning of the year	1,071,827	1,024,376
Translation differences	21,007	47,451
Intangible assets at end of the year	1,092,834	1,071,827
Gross carrying amount | Other Intangible assets
Changes in Other Intangible Assets
Intangible assets at beginning of the year	174,768	147,307
Additions	8	48
Business combinations		19,749
Business combinations	(365)
Transfers	516
Disposals	(5)
Translation differences	3,437	7,664
Intangible assets at end of the year	178,359	174,768
Accumulated depreciation and amortisation
Changes in Other Intangible Assets
Intangible assets at beginning of the year	(602,868)	(508,485)
Business combinations		(5,872)
Additions	(81,890)	(71,400)
Transfers	(1,041)	246
Disposals	60	1,116
Translation differences	(8,209)	(18,473)
Intangible assets at end of the year	(693,948)	(602,868)
Accumulated depreciation and amortisation | Development costs
Changes in Other Intangible Assets
Intangible assets at beginning of the year	(90,107)	(79,349)
Additions	(13,357)	(10,660)
Translation differences	(67)	(98)
Intangible assets at end of the year	(103,531)	(90,107)
Accumulated depreciation and amortisation | Concessions, patents, licenses brands & similar
Changes in Other Intangible Assets
Intangible assets at beginning of the year	(36,760)	(29,783)
Additions	(6,386)	(6,132)
Translation differences	(510)	(845)
Intangible assets at end of the year	(43,656)	(36,760)
Accumulated depreciation and amortisation | Computer software
Changes in Other Intangible Assets
Intangible assets at beginning of the year	(126,653)	(106,319)
Business combinations		(5,872)
Additions	(15,963)	(12,918)
Transfers	(278)
Disposals	60	1,116
Translation differences	(972)	(2,660)
Intangible assets at end of the year	(143,806)	(126,653)
Accumulated depreciation and amortisation | Currently marketed products
Changes in Other Intangible Assets
Intangible assets at beginning of the year	(278,795)	(231,068)
Additions	(38,040)	(36,154)
Translation differences	(5,284)	(11,573)
Intangible assets at end of the year	(322,119)	(278,795)
Accumulated depreciation and amortisation | Other Intangible assets
Changes in Other Intangible Assets
Intangible assets at beginning of the year	(70,553)	(61,966)
Additions	(8,144)	(5,536)
Transfers	(763)	246
Translation differences	(1,376)	(3,297)
Intangible assets at end of the year	(80,836)	(70,553)
Accumulated impairment | Other Intangible assets
Changes in Other Intangible Assets
Intangible assets at beginning of the year	(66,335)	(63,380)
Translation differences	(1,309)	(2,955)
Intangible assets at end of the year	€ (67,644)	€ (66,335)

Appendix IV - Movement in Right

Appendix IV - Movement in Rights of Use (Details) € in Thousands	12 Months Ended
	Dec. 31, 2019EUR (€)
Movement in Right of Use
Additions	€ 747,873
Additions	(58,371)
Additions	689,502
Transfers	7,856
Disposals	(385)
Translation differences	6,885
Right-of-use assets, at end of period	703,858
Land and Buildings
Movement in Right of Use
Additions	(49,786)
Right-of-use assets, at end of period	685,405
Machinery
Movement in Right of Use
Additions	(1,768)
Right-of-use assets, at end of period	4,469
Computer equipment
Movement in Right of Use
Additions	(2,204)
Right-of-use assets, at end of period	4,324
Vehicles
Movement in Right of Use
Additions	(4,613)
Right-of-use assets, at end of period	9,660
Gross carrying amount
Movement in Right of Use
Additions	747,873
Transfers	7,766
Disposals	(906)
Translation differences	6,814
Right-of-use assets, at end of period	761,547
Gross carrying amount | Land and Buildings
Movement in Right of Use
Additions	728,246
Transfers	381
Disposals	(531)
Translation differences	6,750
Right-of-use assets, at end of period	734,846
Gross carrying amount | Machinery
Movement in Right of Use
Additions	1,957
Transfers	4,209
Translation differences	1
Right-of-use assets, at end of period	6,167
Gross carrying amount | Computer equipment
Movement in Right of Use
Additions	3,324
Transfers	3,156
Disposals	(4)
Translation differences	28
Right-of-use assets, at end of period	6,504
Gross carrying amount | Vehicles
Movement in Right of Use
Additions	14,346
Transfers	20
Disposals	(371)
Translation differences	35
Right-of-use assets, at end of period	14,030
Accumulated depreciation and amortisation
Movement in Right of Use
Additions	(58,371)
Transfers	90
Disposals	521
Translation differences	71
Right-of-use assets, at end of period	(57,689)
Accumulated depreciation and amortisation | Land and Buildings
Movement in Right of Use
Additions	(49,786)
Disposals	287
Translation differences	58
Right-of-use assets, at end of period	(49,441)
Accumulated depreciation and amortisation | Machinery
Movement in Right of Use
Additions	(1,768)
Transfers	69
Translation differences	1
Right-of-use assets, at end of period	(1,698)
Accumulated depreciation and amortisation | Computer equipment
Movement in Right of Use
Additions	(2,204)
Transfers	21
Disposals	3
Right-of-use assets, at end of period	(2,180)
Accumulated depreciation and amortisation | Vehicles
Movement in Right of Use
Additions	(4,613)
Disposals	231
Translation differences	12
Right-of-use assets, at end of period	€ (4,370)

Appendix V - Movement in Proper

Appendix V - Movement in Property, Plant and Equipment (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Movement in Property, Plant and Equipment
Property, plant and equipment at beginning of period	€ 1,951,983	€ 1,760,053
Additions	162,970	83,810
Business combination	27,063	48,416
Transfers	(7,106)	516
Disposals	(3,467)	(2,888)
Translation differences	28,102	62,076
Property, plant and equipment at end of period	2,159,545	1,951,983
Gross carrying amount
Movement in Property, Plant and Equipment
Property, plant and equipment at beginning of period	3,056,656	2,640,332
Additions	325,277	240,938
Business combination	50,351	100,093
Transfers	(12,815)	539
Disposals	(16,025)	(16,135)
Translation differences	42,526	90,889
Property, plant and equipment at end of period	3,445,970	3,056,656
Gross carrying amount | Land and Buildings
Movement in Property, Plant and Equipment
Property, plant and equipment at beginning of period	726,412	673,534
Additions	30,209	1,223
Business combination	30,346	19,344
Transfers	10,866	6,051
Disposals	(2,078)	(280)
Translation differences	11,440	26,540
Property, plant and equipment at end of period	807,195	726,412
Gross carrying amount | Plant and machinery
Movement in Property, Plant and Equipment
Property, plant and equipment at beginning of period	1,984,853	1,704,679
Additions	55,957	57,699
Business combination	19,079	79,003
Transfers	68,107	100,961
Disposals	(13,892)	(15,855)
Translation differences	27,507	58,366
Property, plant and equipment at end of period	2,141,611	1,984,853
Gross carrying amount | Under construction
Movement in Property, Plant and Equipment
Property, plant and equipment at beginning of period	345,391	262,119
Additions	239,111	182,016
Business combination	926	1,746
Transfers	(91,788)	(106,473)
Disposals	(55)
Translation differences	3,579	5,983
Property, plant and equipment at end of period	497,164	345,391
Accumulated depreciation and amortisation
Movement in Property, Plant and Equipment
Property, plant and equipment at beginning of period	(1,102,113)	(877,547)
Additions	(162,194)	(157,209)
Business combination	(23,288)	(51,677)
Transfers	5,709	(23)
Disposals	12,558	13,247
Translation differences	(14,385)	(28,904)
Property, plant and equipment at end of period	(1,283,713)	(1,102,113)
Accumulated depreciation and amortisation | Buildings
Movement in Property, Plant and Equipment
Property, plant and equipment at beginning of period	(89,378)	(66,765)
Additions	(18,108)	(15,224)
Business combination	(23,288)	(4,682)
Transfers	23,111
Disposals	657	222
Translation differences	(1,632)	(2,929)
Property, plant and equipment at end of period	(108,638)	(89,378)
Accumulated depreciation and amortisation | Plant and machinery
Movement in Property, Plant and Equipment
Property, plant and equipment at beginning of period	(1,012,735)	(810,782)
Additions	(144,086)	(141,985)
Business combination		(46,995)
Transfers	(17,402)	(23)
Disposals	11,901	13,025
Translation differences	(12,753)	(25,975)
Property, plant and equipment at end of period	(1,175,075)	(1,012,735)
Accumulated impairment
Movement in Property, Plant and Equipment
Property, plant and equipment at beginning of period	(2,560)	(2,732)
Additions	(113)	81
Translation differences	(39)	91
Property, plant and equipment at end of period	€ (2,712)	€ (2,560)

Appendix VI - Statement of Liqu

Appendix VI - Statement of Liquidity for Distribution of Interim Dividend (Details) - EUR (€) € in Thousands	12 Months Ended
	Oct. 25, 2020	Dec. 31, 2019	Oct. 26, 2019	Dec. 31, 2018
Appendix VI
Projected profits net of taxes		€ 827,684		€ 258,091
Estimated distributable profit		827,684		258,091
Interim dividends distributed		€ 136,828		€ 136,747
Projected collections	€ 1,157,200		€ 572,263
Projected payments, including interim dividend	557,000		544,112
Projected cash balances	€ 600,200		€ 28,151