On January 9, the analysis and investment firm Gotham published a report questioning Grifols' accounts and causing a spectacular drop in its share price, with a loss of 46% to date, amid great volatility. A few days later, in La Vanguardia, I questioned the ethical dimension of short sales that are accompanied by reports that attack the affected companies. Following the article, some readers asked me about Grifols' accounts and I responded that it would be necessary to know the opinion of the National Securities Market Commission (CNMV), which had announced that it was investigating the matter.
On March 7 and 21, the auditors and the CNMV, respectively, made their reports public. Therefore, in this article, we comment on the accounts in light of these positions. The auditor's report is very clear: favorable opinion and without qualifications. Therefore, they approve Grifols' accounts. The CNMV has concluded that, although there are certain aspects that require greater clarity and precision, no significant errors have been identified that compromise the reliability of its annual accounts.
The CNMV has also validated the two issues most questioned by Gotham: the debt and the consolidation of the two subsidiaries Haema AG and BPC Plasma Inc. Over the latter, Grifols exercises control over them and, therefore, following the regulations, it has them. to consolidate in your accounts. I agree with Horacio Molina of the Loyola University of Andalusia that the CNMV report, together with the favorable opinion of the auditors, could improve investor and market confidence in Grifols. However, the CNMV report does not exempt the company from improving and correcting certain deficiencies, especially with regard to the detail in its informative breakdowns, especially in operations with some related parties and the calculation of Ebitda. And, in parallel, in recent months Grifols has been taking important measures to improve its corporate governance.
In summary, the auditors have validated Grifols' accounts and the CNMV has also confirmed their correctness in key issues, diluting the concerns triggered by the Gotham report. At the same time, Grifols must persist in improving transparency and corporate governance, a path in which it has already begun to advance with relevant changes, some already made in 2023. On the other hand, the 2023 accounts have shown that Grifols has value , against Gotham's criteria, and who has a great ability to increase his income.
In the coming years, it will be essential to recover the profit levels that the company had before the pandemic. It is crucial to strengthen investor confidence. Therefore, Grifols, as in the school grades, has passed, and must continue with its improvement efforts.
