EUR 100.00 For Business Accounts Only

GRIFOLS: COST SAVINGS PLAN (ANÁLISIS BANCO SABADELL)

 At yesterday’s closing bell, the company announced the implementation of a € ~400 M savings plan (~9% costs’22 BS(e)), focused, on the one hand, on cost optimisation and plasma operations (foreseeing € 300 M of savings), and on the other hand, on the streamlining of corporate tasks and improved efficiency within the organisation. GRF estimates that the implementation of the plan will have a non-recurring cost of € 140 M (~1.7% market cap) to be accounted in the 1Q’23, including, among other factors, the compensation to lay off around ~2,300 employees (~8.3% personnel BS(e)). The estimated savings of these measures will total € 100 M in 2023, whereas the € 400 M annually will be fully visible starting in 2024.