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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 |  | — |  | — |  | 7
Current Financial derivatives |  | — |  | 19,934 |  | — |  | — |  | — |  | 19,934 |  | — |  | — |  | 19,934 |  | 19,934
Trade receivables |  |  |  | — |  | 198,010 |  | — |  | — |  | 198,010 |  | — |  | 198,010 |  | — |  | 198,010
Financial assets measured at fair value |  | — |  | 19,941 |  | 198,010 |  | — |  | — |  | 217,951 |  |  |  |  |  |  |  |
Non-current financial assets |  | 107,594 |  | — |  | — |  | — |  | — |  | 107,594 |  |  |  |  |  |  |  |
Other current financial assets |  | 34,031 |  | — |  | — |  | — |  | — |  | 34,031 |  |  |  |  |  |  |  |
Trade and other receivables |  | 163,575 |  | — |  | — |  | — |  | — |  | 163,575 |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 1,033,792 |  | — |  | — |  | — |  | — |  | 1,033,792 |  |  |  |  |  |  |  |
Financial assets not measured at fair value |  | 1,338,992 |  | — |  | — |  | — |  | — |  | 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)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
(b)Impairment losses 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)Interest-rate profile 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)Sensitivity analysis 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.

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