Grifols SA (GRFS) 2024 Q1 法說會逐字稿

Hello, everyone, and welcome to Grifols conference call. Today we will be sharing a business update on our first-quarter financial results. Thank you very much for taking the time to join us. My name is Dani Segarra, I'm Vice President of Investor Relations and Sustainability. Today, I'm joined by Grifols Executive Chairman, Thomas Glanzmann; Chief Executive Officer, Mr. Nacho Abia; and Roland Wandeler, President of Biopharm.

大家好，歡迎參加 Grifols 電話會議。今天，我們將分享第一季財務業績的業務更新。非常感謝您抽空加入我們。我叫丹尼‧塞加拉 (Dani Segarra)，是投資人關係與永續發展副總裁。今天，Grifols 執行主席 Thomas Glanzmann 也加入了我的行列。首席執行官 Nacho Abia 先生；以及 Biopharm 總裁 Roland Wanderer。

Today's call will last about an hour, including the Q&A session. As a reminder, this call is being recorded. All materials used during the call are available on the Investor Relation website at grifols.com. The transcript and video replay will also be available on the Investor Relations website within 24 hours.

今天的電話會議將持續約一個小時，包括問答環節。提醒一下，此通話正在錄音。電話會議期間使用的所有資料均可在投資者關係網站 grifols.com 上取得。文字記錄和視訊重播也將在 24 小時內在投資者關係網站上提供。

Turning to slide number two, I will first like to share a disclaimer on forward-looking statements. Forward-looking statements are subject to substantial risks and uncertainties. They are only valid on the date of the call and the company is under no obligation to update or revise them. Grifols financial statements are prepared in accordance with EU IFRS and other applicable reporting provisions. These include alternative performance measures or APMs prepared under the group financial reporting model as defined by the guidelines of the European securities and Markets Authority.

轉向第二張投影片，我首先想分享有關前瞻性陳述的免責聲明。前瞻性陳述存在重大風險和不確定性。它們僅在通話之日有效，公司沒有義務更新或修改它們。Grifols 財務報表是根據歐盟國際財務報告準則和其他適用的報告規定編製的。其中包括根據歐洲證券和市場管理局指南定義的集團財務報告模型製定的替代績效衡量標準或 APM。

Please note that Grifols management uses APMs to evaluate its financial performance, cash flow and financial position as the basis for its operational and strategic decisions. These APMs are prepared for all time periods presented in these documents. Reconciliation tables can be found in our website.

請注意，Grifols 管理層使用 APM 來評估其財務表現、現金流量和財務狀況，作為其營運和策略決策的基礎。這些 APM 是為這些文件中提供的所有時間段準備的。調節表可以在我們的網站上找到。

With that, I would like to turn the call over to Thomas Glanzmann.

說到這裡，我想把電話轉給湯瑪斯‧格蘭茲曼。

Thank you, Dani. Good evening, afternoon, and morning to all on the call. It is great to be here with you today.

謝謝你，丹尼。各位來電的人晚上好、下午好、早安。很高興今天能和大家在一起。

Now let me start by welcoming our new CEO, Nacho Abia to Grifols. We are truly pleased to have him onboard. He has been on the job for only six weeks, but has hit the ground running and has come up to speed quickly as you will see shortly. We look forward to his leadership as we move into the next successful chapter of the company's history. I also welcome Roland to his first earnings call.

現在讓我先歡迎我們的新任執行長 Nacho Abia 來到 Grifols。我們真的很高興他加入。他上任僅六週，但很快就開始工作，並且很快就跟上了進度，正如您很快就會看到的那樣。當我們進入公司歷史的下一個成功篇章時，我們期待他的領導。我也歡迎羅蘭參加他的第一次財報電話會議。

With the changing of the guard, I would also like to take this moment to thank and recognize Raimon and Victor Grifols, who at the end of May, will step down from their executive roles and become proprietary Directors of Grifols.

隨著換崗，我還想藉此機會感謝並表彰 Raimon 和 Victor Grifols，他們將於 5 月底辭去執行職務，成為 Grifols 的專有董事。

All of their many great contributions to Grifols over the past years have truly left a lasting imprint on the company. I am very pleased and thankful that they will continue to provide their valuable thoughts, insights, and advice as members of our Board in the future. Thank you, Raimon and Victor.

他們過去幾年對 Grifols 做出的所有巨大貢獻確實為公司留下了持久的印記。我非常高興並感謝他們未來將繼續作為我們董事會成員提供寶貴的想法、見解和建議。謝謝你們，雷蒙和維克多。

I also want to share with you another significant change at the company. Alfredo Arroyo, who recently turned 67 decided and already informed me a year ago that he wanted to pursue his next chapter in life after a very successful career of more than 45 years in finance, including the last 17 as Grifols CFO.

我也想與大家分享公司的另一個重大變化。剛滿67 歲的阿爾弗雷多·阿羅約(Alfredo Arroyo) 一年前就已通知我，他在金融領域擁有超過45 年非常成功的職業生涯，其中包括過去17 年擔任Grifols 首席財務官，他希望開啟人生的下一個篇章。

We are grateful to have benefited from Alfredo's leadership and financial expertise since he joined Grifols in 2007 shortly after the company went public. Alfredo has been an invaluable member of the executive team overseeing the company's successful evolution during our critical growth years in effectively managing the impact of the pandemic.

自 Alfredo 於 2007 年公司上市後不久加入 Grifols 以來，我們就受益於 Alfredo 的領導能力和財務專業知識，我們對此深表感激。阿爾弗雷多是執行團隊中寶貴的成員，負責監督公司在關鍵成長年中的成功發展，有效管理這場流行病的影響。

On behalf of the company and the entire Board of Directors, I would like to thank Alfredo for his contributions over the past 17 years, we have begun searching for Alfredo successor. The process will be thoughtful and thorough as he or she will be a key part of the management team taking Grifols into the future. Alfredo will remain with the company throughout 2024 to ensure a smooth transition, which I personally very much appreciate.

我謹代表公司和整個董事會感謝Alfredo在過去17年所做的貢獻，我們已經開始尋找Alfredo的繼任者。這個過程將是深思熟慮和徹底的，因為他或她將成為帶領 Grifols 走向未來的管理團隊的關鍵部分。Alfredo 將在 2024 年留在公司，以確保平穩過渡，我個人對此非常讚賞。

Now let's turn to my presentation. After closing a turnaround year in '23 and delivering on all our commitments. This first quarter of '24, as all of you know, was marked by an unprecedented and completely unwarranted attack by an opportunistic short seller. So this morning, again issued a misleading report for their own financial gain.

現在讓我們開始我的演講。在 23 年結束了扭虧為盈的一年並兌現了我們的所有承諾之後。眾所周知，24 年第一季度，機會主義賣空者發動了史無前例且完全毫無根據的攻擊。於是今天早上，又為了自己的經濟利益發布了一份誤導的報告。

As you all know, we have already refuted all the false allegations and met all regulatory requirements. The Spanish regulator and our external auditors confirmed and validated our financials and accounting practices. They also confirmed that related party transaction took place at arm's length conditions. Also as part of our ongoing progress to strengthen our communication and enhance our reporting practices with the regulators and the capital markets.

眾所周知，我們已經駁斥了所有不實指控，並滿足了所有監管要求。西班牙監管機構和我們的外部審計師確認並驗證了我們的財務和會計實務。他們還確認關聯方交易是在公平條件下進行的。這也是我們不斷加強與監管機構和資本市場的溝通和改進報告實踐的一部分。

We have expanded our financial disclosures and simplified the use of alternative performance measures building on what Dani mentioned. Throughout all of this, we have stayed true to our mission and maintain our business focus. We continued to serve donors and deliver our life-saving medicines and health care solutions to our patients and customers.

在丹尼提到的基礎上，我們擴大了財務揭露範圍，並簡化了替代績效衡量標準的使用。在這一切過程中，我們始終忠於我們的使命並保持我們的業務重點。我們繼續為捐助者提供服務，並向患者和客戶提供救生藥物和醫療保健解決方案。

Furthermore, we successfully executed and remain focused on our priorities, implementing a series of improvements to our corporate governance, leadership, debt management and innovation. With this in mind, I am really proud of the entire team who demonstrated an unwavering commitment to the company and to our mission of making a difference to patients, customers and donors.

此外，我們成功執行並繼續專注於我們的優先事項，對我們的公司治理、領導力、債務管理和創新實施了一系列改進。考慮到這一點，我為整個團隊感到自豪，他們對公司以及我們為患者、客戶和捐贈者帶來改變的使命表現出了堅定不移的承諾。

On the corporate governance front and as part of our commitment to simplify our structure, we have, as already mentioned, separated management from ownership, Raimon Grifols and Victor Grifols made the thoughtful decision to transition out of their management roles to serve as proprietary Directors in our board. Additionally, the Board will soon be reinforced with two new independent members, both of whom will add value in finance and corporate governance. These appointments are pending approval at the upcoming AGM.

在公司治理方面，作為我們簡化結構承諾的一部分，正如已經提到的，我們將管理層與所有權分開，Raimon Grifols 和Victor Grifols 做出了深思熟慮的決定，從他們的管理角色過渡到擔任專有董事。此外，董事會很快將增加兩名新的獨立成員，他們都將在財務和公司治理方面增加價值。這些任命有待即將召開的年度股東大會批准。

Undoubtedly, another key organizational change is the appointment of Nacho as Grifols, CEO, clearly separating the Chairman and CEO role. I will continue in my Executive role until February to support the transition, but at that point in time, the role of the Chairman will no longer be an executive one. All in line with our plan and good corporate governance.

毫無疑問，另一個關鍵的組織變革是任命 Nacho 為 Grifols 首席執行官，明確區分了董事長和首席執行官的角色。我將繼續擔任執行職務直至二月，以支持過渡，但到那時，主席的角色將不再是執行職務。一切都符合我們的計劃和良好的公司治理。

Now let me talk about our debt management. I am very pleased to confirm that the Shanghai RAAS transaction will close in June. Now that all the domestic and overseas government approvals are in hand. Upon the closing of the transaction, all of the proceeds as previously communicated will be fully allocated to reduce secured debt in line with our priority and our commitment.

現在讓我談談我們的債務管理。我很高興地確認上海萊士的交易將於六月完成。現在國內外的政府審核都已經拿到手了。交易完成後，先前通報的所有收益將根據我們的優先事項和承諾全部分配用於減少擔保債務。

We also made significant progress in addressing the '25 maturities through the completed issuance in April of EUR1 billion in senior secured notes due in 2030. This transaction will further streamline our maturity profile and together with the upcoming closing of the Shanghai RAAS transaction position us well on our path to address our overall debt.

透過 4 月完成發行 2030 年到期的 10 億歐元優先擔保票據，我們在解決 25 年到期問題方面也取得了重大進展。這項交易將進一步簡化我們的期限結構，再加上即將完成的上海萊士交易，使我們在解決整體債務問題上處於有利地位。

Turning briefly to innovation, we were pleased to report that our phase III top line results for Fibrinogen have met the primary endpoint. We expect the regulatory approval process in Europe and the US to begin in the fourth quarter of this year and are now on track for the launch in '25. Pivoting to our financial results, our first quarter performance was overall aligned with our plan and therefore, in line with our full year guidance, which remains intact.

簡單地談談創新，我們很高興地報告說，我們的纖維蛋白原 III 期頂線結果已達到主要終點。我們預計歐洲和美國的監管審批流程將於今年第四季開始，目前預計在 2025 年推出。就我們的財務表現而言，我們第一季的業績總體上與我們的計劃一致，因此也符合我們的全年指引，該指引保持不變。

Please note all figures are presented on a consolidated basis, which include Biotest unless otherwise highlighted. Our first quarter revenues exceeded EUR1.6 billion, up by 5.5% compared to Q1 '23, a 6.8% increase, excluding the EUR19 million one-time commercial true-up in our diagnostics business last year, both of these figures at constant currency.

請注意，除非另有強調，所有數據均以綜合數據形式呈現，其中包括 Biotest。我們第一季的營收超過 16 億歐元，比 2023 年第一季成長 5.5%，成長 6.8%，不包括去年診斷業務中 1,900 萬歐元的一次性商業調整，這兩個數字均以固定匯率計算。

Revenue growth was primarily driven by the strength of our biopharma business unit, which saw a 9.4% growth on a year over year basis in constant currency. We also delivered solid EBITDA adjusted of EUR350 million, representing a margin of 21.6% on a like-for-like basis, which excludes 20% of Shanghai RAAS EBITDA contribution, this represents a 280 basis points increase.

收入成長主要得益於我們生物製藥業務部門的實力，以固定匯率計算，該業務部門年增 9.4%。我們也實現了 3.5 億歐元調整後的穩健 EBITDA，年比利潤率為 21.6%，其中不包括上海萊士 EBITDA 貢獻的 20%，這意味著成長了 280 個基點。

Our free cash flow was negative EUR253 million, primarily due to nonrecurring impacts in net working capital as we increased our plasma inventory levels to meet expected revenue growth, and simultaneously a delayed commercial payment of USD150 million from China that was expected for March, but came in early April. Improving our free cash flow is Grifols top priority, and we have clear line of sight to a stronger free cash flow generation through the remainder of 2024, Nacho will address this shortly.

我們的自由現金流為負2.53 億歐元，主要是由於我們增加了血漿庫存水平以滿足預期的收入增長，從而對淨營運資本產生了非經常性影響，同時中國推遲了原定於3 月份支付的1.5 億美元商業付款，但在四月初。改善我們的自由現金流是 Grifols 的首要任務，我們有明確的目標，在 2024 年剩餘時間內實現更強勁的自由現金流，Nacho 很快就會解決這個問題。

Turning to our financial position, the company's leverage ratio as per the credit agreement increased in the short term to 6.8 times due to nonrecurrent impacts in working capital. As a reminder, we will use all EUR1.6 billion of Shanghai RAAS proceeds to pay down secured debt. Considering this, the pro forma leverage ratio stands at 5.7 times at the end of March '24. We remain confident of our continued progress and the improvement of all key financial metrics throughout the year as we drive towards our full year '24 guidance.

就我們的財務狀況而言，由於營運資金的非經常性影響，公司根據信貸協議的槓桿率在短期內上升至6.8倍。謹此提醒，我們將使用上海萊士的全部 16 億歐元收益來償還擔保債務。考慮到這一點，截至2024年3月末，準備槓桿率為5.7倍。我們對全年所有關鍵財務指標的持續進步和改善仍然充滿信心，因為我們正在努力實現 24 年全年指導。

Lastly, our plasma supply increased by 8% versus Q1 '23, and the cost per liter declined by 2% in March '24 compared to December '23. This cost decline follows a 22% drop from July '22 to December '23.

最後，與 23 年第一季相比，我們的血漿供應量增加了 8%，與 23 年 12 月相比，24 年 3 月每公升成本下降了 2%。成本從 22 年 7 月到 23 年 12 月下降了 22%。

Taking a closer look at our revenue performance, the first quarter growth was driven primarily by a 9.4% increase of the biopharma unit as mentioned on a constant currency basis. This figure underscores the very strong momentum of our plasma business. Led by the growth of biopharma, Grifols is poised to generate more than EUR7 billion in revenues in '24, exceeding our record high revenue in '23.

仔細觀察我們的營收表現，第一季的成長主要是由生物製藥部門以固定匯率計算成長 9.4% 推動的。這一數字凸顯了我們等離子業務的強勁勢頭。在生物製藥成長的推動下，Grifols 預計將在 24 年創造超過 70 億歐元的收入，超過我們在 23 年創紀錄的最高收入。

This growth is underpinned by strong market dynamics, including robust underlying demand supported by a solid plasma supply. Within biopharma our key contributors are flagship immunoglobulin franchise, which grew by 13%, driven by our subcutaneous immunoglobulin, which had a remarkable increase of 62% in the quarter. Albumin increased by 7% all of these figures on a constant currency basis.

這種成長是由強勁的市場動態支撐的，包括穩定的血漿供應所支持的強勁的潛在需求。在生物製藥領域，我們的主要貢獻者是旗艦免疫球蛋白特許經營權，在我們的皮下免疫球蛋白的推動下，該特許經營權增長了13%，本季度皮下免疫球蛋白顯著增長了62 %。以固定匯率計算，所有這些數字的白蛋白均增加了 7%。

We are observing and benefiting from a significant market growth ex-US, which is offsetting slower growth in the US. Our commercial efforts continue to focus on bolstering our growth trajectory in the US.

我們正在觀察並受益於美國以外市場的顯著成長，這抵消了美國成長放緩的影響。我們的商業努力繼續專注於加強我們在美國的成長軌跡。

Turning to diagnostics, the fundamentals of our diagnostics business remained strong as we saw 2.7% revenue growth on a constant currency basis. Excluding the one-off revenues from the first quarter of '23. Our Blood Typing Solutions reported low double-digit growth, and the performance of NAT was impacted by the timing of shipments to China.

談到診斷，我們的診斷業務的基本面依然強勁，以固定匯率計算，我們的收入成長了 2.7%。不包括 23 年第一季的一次性收入。我們的血型分析解決方案實現了兩位數的低成長，並且 NAT 的業績受到向中國發貨時間的影響。

Turning to bio supplies, despite reporting a significant decline, bio supplies performed as we had planned impacted by phasing, which we anticipated to be more than offset by the robust revenue growth we are expecting starting in the second quarter of this year.

談到生物供應，儘管報告出現大幅下降，但生物供應的表現符合我們的計劃，受到分階段的影響，我們預計今年第二季度開始的強勁收入增長將足以抵消這一影響。

Now turning to margin, adjusted EBITDA increased to EUR350 million, representing a 21.6% margin, up 280 basis points compared to Q1 '23 like-for-like, which excludes 20% of Shanghai RAAS contribution. Please bear in mind that since January 1, '24, in light of the upcoming Shanghai RAAS deal, we are considering Shanghai RAAS as an asset held for sale and consolidating only the 6% of its net profit in '24 versus 26% in '23.

現在轉向利潤率，調整後的 EBITDA 增至 3.5 億歐元，利潤率為 21.6%，比 23 年第一季同期（不包括上海萊士 20% 的貢獻）上升 280 個基點。請記住，自2024 年1 月1 日起，鑑於即將進行的上海萊士交易，我們將上海萊士視為待售資產，並僅合併其24 年淨利潤的6%，而2019 年為26 %。

Therefore, Shanghai RAAS contribute only EUR0.5 million to EBITDA in Q1 '24. For your reference, these contributions represent EUR11 million in Q1 '23 and EUR25 million in Q4 '23. EBITDA margin in Q1 was also impacted by the lower absorption of operating expenses as the weight of revenue in Q1 is lower compared to upcoming quarters.

因此，上海萊士在 2024 年第一季僅為 EBITDA 貢獻了 50 萬歐元。供您參考，這些捐款在 23 年第一季為 1,100 萬歐元，在 23 年第四季為 2,500 萬歐元。第一季的 EBITDA 利潤率也受到營運費用吸收較低的影響，因為第一季營收的權重低於未來幾季。

This sales pattern had an impact on profitability this quarter, which we were already factoring in as part of our full year '24 guidance, and it is the baseline for the sequential improvement throughout the year. As Nacho will explain, we expect to deliver sequential improvement in profitability in the upcoming quarters, driven by increased revenue, improved product mix, operational leverage and ongoing benefits from a decline in the CPO throughout the remainder of the year, considering the nine months inventory lag, which is characteristic of the industry.

這種銷售模式對本季度的盈利能力產生了影響，我們已經將其作為 24 年全年指導的一部分考慮在內，並且它是全年連續改善的基線。正如納喬將解釋的那樣，考慮到九個月的庫存，我們預計未來幾個季度的盈利能力將連續改善，這得益於收入增加、產品組合改善、運營槓桿以及今年剩餘時間原棕油下降帶來的持續效益滯後，這是產業的特徵。

Now turning to cash flow. As I mentioned in my opening remarks, free cash flow was primarily impacted by nonrecurring items that affected net working capital. The negative free cash flow of EUR253 million in the first quarter of '24 was driven primarily by negative net working capital of EUR339 million. Despite this, I want to emphasize our confidence in upcoming improvements and in our underlying actions to make that happen.

現在轉向現金流。正如我在開場白中提到的，自由現金流主要受到影響淨營運資本的非經常性項目的影響。2024 年第一季自由現金流為負 2.53 億歐元，主要是由於淨營運資本為負 3.39 億歐元。儘管如此，我想強調我們對即將到來的改進以及實現這一目標的基本行動充滿信心。

So let me unpack that figure and give you a sense of what the key factors were triggering this result. As the company increased inventories to meet expected strong revenue growth in the upcoming quarters Q1 '24 working capital includes an inventory buildup amounting to EUR130 million, we believe that there is still room for improvement to optimize this, as Nacho will discuss later.

因此，讓我解開這個數字，讓您了解觸發這一結果的關鍵因素。由於公司增加庫存以滿足未來幾季預期的強勁收入成長，24 年第一季的營運資金包括總計1.3 億歐元的庫存積累，我們認為仍有改進的空間來優化這一點，正如Nacho 稍後將討論的那樣。

Accounts receivable finished EUR154 million higher due to a delay in the commercial payment of $150 million that I mentioned from our main customer in China, which was subsequently received on April 2. We also had an increase in our accounts payable in the quarter of EUR55 million as the accounts payable ratio abnormally increased to 60 days in December '23.

應收帳款增加了 1.54 億歐元，原因是我提到的我們中國主要客戶的 1.5 億美元商業付款延遲，該付款隨後於 4 月 2 日收到。由於 2023 年 12 月的應付帳款比率異常增加至 60 天，我們的應付帳款在本季也增加了 5,500 萬歐元。

In Q1 '24, it normalized back to 55 days. So we are not expecting such fluctuations going forward. With a $150 million payment collected and receivables and inventory buildup in the process of being normalized. We expect a meaningful recovery of free cash flow starting in Q2 '24 and then continuing throughout the year.

在 2024 年第一季度，它恢復到 55 天。因此，我們預計未來不會出現此類波動。已收回 1.5 億美元付款，應收帳款和庫存累積正在正常化。我們預計自由現金流將從 2024 年第二季開始顯著恢復，然後持續全年。

As it will be discussed in more detail in a moment, we anticipate significant improvements in upcoming quarters, which will enable us to achieve at a minimum full year '24 guidance of EUR5 million positive free cash flow. It is worth mentioning that we had an impact of EUR37 million of extraordinary items in the free cash flow in the first quarter.

我們稍後將對此進行更詳細的討論，我們預計未來幾季將出現重大改進，這將使我們能夠實現至少 24 年全年 500 萬歐元正自由現金流的指導。值得一提的是，我們第一季的自由現金流受到了 3700 萬歐元非經常性項目的影響。

Most of these were related to CapEx in Egypt, where we continue to execute our growth plan. To a lesser extent, it includes some restructuring costs linked to the extension of the operational improvement plan. Be assured that generating free cash flow is our highest priority, and we are focused on activating all possible levers to enhance cash generation in the short, medium and long term.

其中大部分與埃及的資本支出有關，我們繼續在那裡執行我們的成長計劃。在較小程度上，它包括與延長營運改善計劃相關的一些重組成本。請放心，產生自由現金流是我們的首要任務，我們致力於啟動所有可能的槓桿，以增強短期、中期和長期的現金產生。

With that, I will now turn the call over to Nacho, who will not only introduce himself, but also provide you with our priorities and outlook for the rest of the year as we together with the Grifols team continue to move the company forward. Thank you for your attention.

現在，我將把電話轉給 Nacho，他不僅會介紹自己，還會向您介紹我們今年剩餘時間的優先事項和展望，我們將與 Grifols 團隊一起繼續推動公司向前發展。感謝您的關注。

Thank you, Thomas, for your words, and thank you, everyone, for joining the call today. First and foremost as a newcomer to the team, let me begin by sharing a bit about myself. I'm an engineer at heart driven by challenges, and I have a results-oriented mindset and a commitment to facts. This approach has brought me here today, as I'm convinced, Grifols offers incredible opportunity to unlock tremendous potential to build upon its rich history and solid foundation in an exciting and growing industry.

謝謝托馬斯的發言，也謝謝大家今天加入電話會議。首先，作為團隊的新人，讓我先分享一下我自己。我本質上是一名受挑戰驅動的工程師，我有以結果為導向的心態和對事實的承諾。這種方法今天讓我來到這裡，因為我相信，Grifols 提供了難以置信的機會來釋放巨大潛力，在令人興奮和不斷發展的行業中建立其豐富的歷史和堅實的基礎。

By building on our legacy, I'm committed to steering the company forward and serving as a catalyst for positive change. As you know, I am originally from Barcelona and I have spent most of my career at Olympus serving for more than two decades in a number of capacities and geographies, including the United States for the last 13 years.

透過繼承我們的傳統，我致力於引導公司向前發展，並成為積極變革的催化劑。如你所知，我來自巴塞隆納，我職業生涯的大部分時間都在奧林巴斯度過了二十多年，在多個職位和地區服務過，其中包括過去 13 年的美國服務。

At my former company, I led significant strategic initiatives to transform and globalize the company, enhance operations and deliver sustainable business improvement. These experiences will serve me well to define and execute the next chapter of Grifols.

在我以前的公司，我領導了重大策略舉措，以實現公司轉型和全球化、加強營運並實現可持續的業務改進。這些經驗將有助於我定義和執行 Grifols 的下一章。

First, addressing cash flow and leverage followed by a sustainable plan to increase revenue and expand margins over the years to come. And all that with a strong backbone of our powerful commitment to improve patients lives across the world. I see a remarkable combination of opportunities and expertise that will take us to achieve those goals.

首先，解決現金流和槓桿問題，然後制定可持續計劃，以在未來幾年增加收入並擴大利潤。所有這一切都是我們致力於改善世界各地患者生活的堅定承諾的堅強支柱。我看到機會和專業知識的完美結合將幫助我們實現這些目標。

We are a company with an inspiring mission to enhance patient health and well-being, having always been passion and myself about the great honor and responsibility to be part of the health care industry I feel that this step in my career is a natural personal and professional fit. I wanted to begin by telling you what I've learned over my first six weeks in this company and why I'm excited for the future to come.

我們是一家肩負著增強患者健康和福祉的鼓舞人心使命的公司，我和我自己一直充滿熱情，對成為醫療保健行業的一部分感到非常榮幸和責任，我覺得我職業生涯的這一步是自然而然的個人和專業適合。首先，我想告訴你們我在這家公司的前六週學到了什麼，以及為什麼我對未來感到興奮。

During this time, I visited offices and met with people in Spain and in the United States. This insightful meeting span across all functions within the organization. The first thing I notice of Grifols is that our team has an outstanding dedication and devotion to our mission. This idea of human to human medicine is truly embraced by our Grifols employees, and I'm convinced that solid commitment of our people has been and will be a continuous key success factor.

在此期間，我參觀了西班牙和美國的辦公室並會見了人們。這次富有洞察力的會議涵蓋了組織內的所有職能部門。我對 Grifols 的第一印像是我們的團隊對我們的使命有著傑出的奉獻精神和奉獻精神。我們的 Grifols 員工真正擁護這種人與人之間的醫學理念，我相信員工的堅定承諾已經並將成為持續的關鍵成功因素。

The company also has challenges now told later about them, but update at the same time, the business foundation is extremely solid. We operate in a market which is nicely growing high single digits. And this paired with the investments the company has done to prepare for the future gives me confidence that those challenges will be addressed soon.

該公司現在也面臨一些挑戰，但在更新的同時，業務基礎也非常堅實。我們經營的市場正以高個位數成長。再加上公司為未來做好準備所做的投資，讓我相信這些挑戰很快就會得到解決。

The Covid-19 pandemic was a difficult period for the plasma industry and for Grifols as well. But as the saying goes, never let a good crisis go to waste, and Grifols took full advantage from those times to emerge as a renovated company and the efforts and investments and well done following that period will fuel our profitable growth moving forward.

Covid-19 大流行對於血漿行業和 Grifols 來說都是一個困難時期。但正如俗話所說，永遠不要浪費一次好的危機，Grifols 充分利用了那些時期，成為一家煥然一新的公司，而在此期間所做的努力、投資和出色的表現將推動我們向前邁進的盈利增長。

In my first weeks at the company, I have also learned about how capital intensive is this industry, how critical is to act decisively and well in advance in order to be able to meet future demand. Grifols did that and thanks to it. We are now well prepared to successfully face the years to come. However, as you know, well, those necessary investment also increased significantly lower -- significantly our leverage and our cash consumption.

在公司的頭幾週，我還了解了這個產業的資本密集程度，以及果斷、提前採取行動以滿足未來需求的重要性。Grifols 做到了這一點，並感謝它。我們現在已做好充分準備，成功面對未來的歲月。然而，正如你所知，這些必要的投資也顯著降低——顯著降低我們的槓桿率和現金消耗。

And I want to reassure all of you that to improve cash flow and reduce leverage will be my most important priority moving forward. We have aligned the organization and have started to implement already cash flow improvement measures, and I'm confident results will be shown soon.

我想向大家保證，改善現金流和降低槓桿率將是我未來最重要的優先事項。我們已經調整了組織結構，並開始實施現金流量改善措施，我相信結果很快就會顯現。

At the same time, we will continue working to strengthen our commercial organization, especially in the United States to harvest on existing strategic initiatives and product launches to secure a larger market share. As I'm sure that once the concerns about free cash flow and leverage will be substantially mitigated, the focus -- focus as well will be back to growth and further margin expansion.

同時，我們將繼續努力加強我們的商業組織，特別是在美國，以利用現有的策略舉措和產品發布來獲得更大的市場份額。我確信，一旦對自由現金流和槓桿率的擔憂得到大幅緩解，焦點也將回到成長和進一步的利潤率擴張。

From here let me share you with my views on the business and what we can expect this year. Allow me to focus on 2024 and not comment beyond that today as I'm still working with the team to fully assess our mid and long-term opportunities. For now the most important point I'd like to reiterate is that based on all my conversations and observations, my impression is that the company is well on track to reach its full year 2024 guidance, as Thomas already mentioned.

接下來，讓我與您分享我對業務的看法以及我們今年的期望。請允許我關注 2024 年，今天不再發表評論，因為我仍在與團隊合作，全面評估我們的中長期機會。目前，我想重申的最重要的一點是，根據我所有的對話和觀察，我的印像是，正如托馬斯已經提到的那樣，該公司正在順利實現 2024 年全年指引。

In order to do that following the pattern from previous year, we are forecasting a significant revenue surge in the second half of the year with growth accelerating to 10%, 12% on a constant currency basis. Let me walk you through the factors that they will -- that will drive this acceleration to give you more clarity about how we plan to achieve. The first is growth from our immunoglobulin franchise.

為了遵循去年的模式，我們預計下半年營收將大幅成長，以固定匯率計算成長速度將加速至 10%、12%。讓我向您介紹它們將推動這一加速的因素，讓您更清楚地了解我們計劃如何實現目標。首先是我們的免疫球蛋白特許經營權的成長。

We have already seen a significant growth outside the US that will continue. And in US traditionally the market tends to increase inventory days in the channels towards year end. That normalize in the first half of the year to accelerate again in the second half. The commercial and supply chain teams are already working closely to ensure the growing demand will be met.

我們已經看到美國以外地區的顯著成長並將持續下去。在美國，傳統上市場傾向在年底增加通路的庫存天數。這種情況在上半年趨於正常化，下半年將再次加速。商業和供應鏈團隊已經在密切合作，以確保滿足不斷增長的需求。

The second driver is that we expect our highly profitable subcutaneous immunoglobulin to continue gaining traction and contributing to the product mix. There is one of our more relevant products and the spine being launched in 2019. We've seen it as a critical driver of growth, and we expect to keep on tapping the full potential.

第二個驅動因素是，我們預計我們高利潤的皮下免疫球蛋白將繼續獲得關注並為產品組合做出貢獻。我們有一款更相關的產品，即 2019 年推出的脊椎。我們將其視為成長的關鍵驅動力，並希望繼續充分發揮潛力。

A revenue projections also supported by the improved performance of Albumin, and we know China will continue to grow in the coming quarters. We also see our Alpha 1 franchise continuing to show a stronger positive momentum in key markets following the switch of the newest specialty pharmacy partner in the US, which further enhance our service offering.

白蛋白業績的改善也支持了收入預測，我們知道中國將在未來幾季繼續成長。我們還看到，在美國最新的專業藥房合作夥伴更換後，我們的 Alpha 1 特許經營權繼續在關鍵市場表現出更強勁的積極勢頭，這進一步增強了我們的服務範圍。

In addition to all this, we have as well as solid deal pipeline that provide good expectations in diagnostics and bio supplies divisions and Biotest will be launching key products in the second half of the year. All in all, I believe we have a strong drivers to continue building momentum and to deliver as committed in the upcoming quarters and into full 2024.

除此之外，我們還擁有堅實的交易管道，為診斷和生物供應部門提供了良好的預期，Biotest 將在今年下半年推出關鍵產品。總而言之，我相信我們有強大的驅動力來繼續累積動力，並在未來幾季和整個 2024 年兌現承諾。

Following revenue growth, we know it will be translated into a significant EBITDA sequential improvement throughout the year, going from 23%, 24% adjusted margin in the first half to 27%, 28% in the second half allowing us to achieve the EUR1,800 million EBITDA adjusted for the whole year as we previously guided. The most relevant driver for this will be, of course, the increase in revenues in the second half of the year.

隨著收入成長，我們知道這將轉化為全年EBITDA 的顯著連續改善，從上半年的23%、24% 調整後利潤率增至下半年的27%、28%，使我們能夠實現1 歐元、按照我們先前的指導，全年調整了 8 億 EBITDA。當然，最相關的驅動因素是下半年收入的成長。

It will be also supported by an improving product mix, including more subcutaneous immunoglobulin, albumin, alpha-1 specialty proteins and bio supplies, all of them higher margin items. Equally important will be the contribution of the lower cost of goods as the cost per liter initiatives and the yield improvement efforts has been delivering and we're improving our inventory cost significant.

它還將得到改進的產品組合的支持，包括更多的皮下免疫球蛋白、白蛋白、α-1 特種蛋白和生物用品，所有這些都是利潤率較高的產品。同樣重要的是降低商品成本的貢獻，因為每公升成本計畫和產量改進工作已經取得成效，而且我們正在顯著改善我們的庫存成本。

And finally, revenue increases throughout the year. It will trigger higher absorption of operating expenses, thus having a significant positive impact on our EBITDA. So to conclude with this slide, and for the reasons explained, I'm very confident we can achieve the guidance that was provided for 2024.

最後，收入全年增加。它將引發更高的營運費用吸收，從而對我們的 EBITDA 產生重大積極影響。因此，以這張投影片作為結束語，出於所解釋的原因，我非常有信心我們能夠實現為 2024 年提供的指導。

Let me address that now the elephant in the room, the cash flow. As I mentioned before, this is going to be my top priority we have already started to work on it. Despite the negative free cash flow in Q1 2024, which, as Thomas explained, was impacted by a nonrecurring impact of EUR150 million. The cash flow development follows established plan, and the company remains on track to deliver positive free cash flow as per the guidance provided back in February.

讓我來談談現在房間裡的大象：現金流。正如我之前提到的，這將是我的首要任務，我們已經開始致力於此。儘管 2024 年第一季自由現金流為負，但正如 Thomas 所解釋的那樣，受到了 1.5 億歐元的非經常性影響。現金流發展遵循既定計劃，公司仍有望按照 2 月提供的指導實現正自由現金流。

From now on, we expect a slightly positive free cash flow in Q2 and a clear improvement in the second half. Please note that this 2024 free cash flow trajectory includes extraordinary investment CapEx items like repayments related to the acquisition of ImmunoTek in Q2 and Q3, as well as other items, including restructuring and transaction costs, which add up to EUR480 million for the year.

從現在開始，我們預計第二季自由現金流將略有正值，下半年將有明顯改善。請注意，2024 年自由現金流軌跡包括特殊投資資本支出項目，例如與第二季和第三季收購 ImmunoTek 相關的還款，以及其他項目，包括重組和交易成本，全年總計達 4.8 億歐元。

The primary drivers that will bridge to our fiscal year '24 guidance are first, the EBITDA expansion, followed by working capital normalization. But in addition, we have started already an organization-wide cash flow improvement plan. A plan to significantly increased free cash flow generation, not only in 2024, but in the years to come.

影響我們 24 財年指引的主要驅動因素首先是 EBITDA 擴張，其次是營運資本正常化。但除此之外，我們已經啟動了一項全組織範圍的現金流量改善計畫。一項不僅在 2024 年而且在未來幾年顯著增加自由現金流產生的計劃。

As a result of those efforts, we plan to update our fiscal year '24 guidance accordingly, as we gain more visibility into any potential upsides brought by that plan in this year. Our cash flow improvement plan started with a simple but solid, an exhaustive analysis of the current situation that has already identified opportunities comprising five main levers, working capital normalization, continuous operational improvement, SG&A and spend control, optimizing real estate and a thorough portfolio analysis.

由於這些努力，我們計劃相應地更新我們的 24 財年指引，因為我們對今年該計劃帶來的任何潛在好處有了更多的了解。我們的現金流改善計劃始於對當前情況的簡單而紮實的詳盡分析，已經確定了機會，包括五個主要槓桿、營運資本正常化、持續營運改善、SG&A 和支出控制、優化房地產和徹底的投資組合分析。

Some of these initiatives will have an impact sooner than others. Some will be recorded and improvement and some just onetime off. But altogether, we must consider and plan this exercise as a new mindset for the company. And this will be our most important priority to our cash flow generation and our leverage will be at the required level.

其中一些措施將比其他措施更早產生影響。有些會被記錄並改進，有些只是一次性的。但總而言之，我們必須考慮和規劃這次活動，並將其作為公司的新思維方式。這將是我們產生現金流的最重要的優先事項，我們的槓桿率將達到所需的水平。

Particularly important in 2024 will be the optimization of our working capital, starting with our important inventory levels that will reduce our revenue will increase in upcoming quarters, especially in the second half. In addition, as previously mentioned, from the second quarter, we're already seeing a normalization of our receivables and payables that we expect to continue throughout the year.

2024 年特別重要的是我們的營運資金的優化，首先是我們重要的庫存水平，這將減少我們的收入，而在接下來的幾個季度，尤其是下半年，我們的收入將會增加。此外，如前所述，從第二季開始，我們已經看到應收帳款和應付帳款正常化，我們預計這一情況將在全年持續。

Another important contributor to cash flow in 2024 and beyond will be the implementation of the continuous improvement program at the start of last year, which includes more than 50 business-led initiatives to streamline our operations. Some of these projects have already showed the impact in our financials and its incremental impact in upcoming years is expected to be very significant.

2024 年及以後現金流的另一個重要貢獻者將是去年初實施的持續改進計劃，其中包括 50 多項以業務為主導的精簡營運舉措。其中一些項目已經顯示出對我們財務的影響，預計未來幾年的增量影響將非常顯著。

These initiatives include improvement of yields in both plasma donation and our manufacturing operations, including donor fee optimization and industrial process improvements. In addition and while the company has made good efforts to rebase our cost structure over the past few years, we will continue to focus on SG&A and spending control to operate more efficiently with a continuous improvement and zero-based budgeting mentality.

這些措施包括提高血漿捐贈和製造業務的產量，包括捐贈者費用優化和工業流程改善。此外，雖然公司在過去幾年中努力調整我們的成本結構，但我們將繼續關注SG&A和支出控制，以持續改善和零基預算的心態更有效地運作。

Finally, and although these two efforts will most likely impact only 2025 and beyond, we have already started the process to look into our real estate footprint, which offer some interesting opportunities and initiated a portfolio analysis of all our projects, affiliates and businesses to ensure all of them deliver as expected level.

最後，雖然這兩項努力很可能只會影響2025 年及以後，但我們已經開始調查我們的房地產足跡，這提供了一些有趣的機會，並對我們所有的項目、附屬機構和業務進行了投資組合分析，以確保所有這些都達到了預期水平。

I know you probably will have a lot of questions about this, but let me manage expectations say that at this point, there's still work to do before being able to provide information regarding the specific activities or to provide guidance for our future cash flows beyond 2024, please be patient and give us the time to work in in all these matters.

我知道您可能對此有很多疑問，但讓我管理期望說，在這一點上，在能夠提供有關具體活動的信息或為 2024 年以後的未來現金流提供指導之前，仍有工作要做，請耐心等待，給我們時間來處理所有這些問題。

Most importantly, it is clear to me that the company has the levers to improve its cash flow profile and generate additional substantial free cash flow in the years to come. Ultimately, cash flow generation will be key to others, our leverage and so the leverage impact will continue moving forward. Our focus remains on reducing our leverage ratio below 4 times.

最重要的是，我很清楚，該公司有能力改善其現金流狀況並在未來幾年產生額外的大量自由現金流。最終，現金流的產生將對其他人、我們的槓桿作用至關重要，因此槓桿影響將繼續向前發展。我們的重點仍然是將槓桿率降至 4 倍以下。

And this year, we are expecting to bring our leverage down to 4.5 times by the end of 2024. Mostly thanks to the proceeds from Shanghai RAAS divested EBITDA and cash position improved. As an immediate and important step as it has been explained already, we are well addressing our 2025 maturities, and this will be primarily accomplished by using the EUR1 billion private -- EUR1 billion private placement to repay the 2025 unsecured notes and the Shanghai RAAS profit proceeds to review the 2025 and 2027 secured notes.

今年，我們預計在 2024 年底將槓桿率降至 4.5 倍。這主要得益於上海萊士剝離 EBITDA 的收益以及現金狀況的改善。正如已經解釋的那樣，作為立即且重要的一步，我們正在很好地解決 2025 年到期問題，這將主要透過使用 10 億歐元私募來償還 2025 年無擔保票據和上海萊士利潤來完成繼續審查2025 年和2027 年的擔保票據。

I think there's enough of numbers and figures for today. And I would like now to share some of my views on what will be the key priorities for Grifols in the years to come. I already say I am a pragmatic person. I like to set goals in a way, which is simple focus and with clear expectation, time convinced the sales organization to align and progress.

我認為今天的數字和數字已經足夠了。現在我想就 Grifols 未來幾年的主要優先事項分享一些我的看法。我已經說過我是一個務實的人。我喜歡以簡單的方式來設定目標，這種方式是簡單的重點和明確的期望，時間說服銷售組織協調和進步。

Based on that thought, the core of our activities will be a solid financial discipline and focusing cash flow generation. But this itself will not be effective unless we can continue meeting the needs of our patients and donors, to continue improving our commercial operations to better meet customers and market demand and to leverage and continue the operational improvements already started.

基於這個想法，我們活動的核心將是嚴格的財務紀律和重點關注現金流的產生。但除非我們能夠繼續滿足患者和捐贈者的需求，繼續改進我們的商業運營以更好地滿足客戶和市場需求，並利用和繼續已經開始的營運改進，否則這本身不會有效。

Also very critical will be to accelerate innovation in a pragmatic and a strategic way, and bring to market new products, new indications in a time and cost efficient manner. In order to create a self-reinforcing cycle that will aim not only to enhance financial metrics but also to ensure enhanced competitiveness.

同樣非常重要的是，以務實和策略性的方式加速創新，並以時間和成本有效的方式將新產品、新適應症推向市場。為了創建一個自我強化的循環，不僅旨在提高財務指標，而且旨在確保增強競爭力。

And our next interactions, you will hear me talk a lot about these foundational pillars, and I will be happy to share more as the specific action plans are to develop and implement. For now and in the short term in addition to the cash flow improvement plan already explained, our immediate focus will be to strengthen our commercial operations to be able to successfully face fore common product launches, to work in a talent assessment across the organization to make sure we have the right people in the right place and to initiate the process should aim to reduce company complexity, both in our processes and in our structures.

在我們的下一次互動中，您會聽到我談論很多有關這些基本支柱的內容，並且隨著具體行動計劃的製定和實施，我將很樂意分享更多內容。目前和短期內，除了已經解釋過的現金流改善計劃外，我們當前的重點將是加強我們的商業運營，以便能夠成功應對常見產品的發布，並在整個組織內進行人才評估，以確保確保我們在正確的位置擁有合適的人員，並且啟動流程的目的應該是降低公司流程和結構的複雜性。

I think this slide is a good summary of what you can expect from me and Grifols in the months and years to come, and I look forward to a continuous dialogue about all these important topics. As a summary of what has been said, and before we move on to Q&A, I'd like to reemphasize a few points that we have already made that are worth repeating.

我認為這張投影片很好地總結了您對我和 Grifols 在未來幾個月和幾年裡的期望，我期待著就所有這些重要主題進行持續對話。作為上述內容的總結，在我們進行問答之前，我想再次強調我們已經提出的值得重複的幾點。

The Boards of Directors of Grifols has made to join the company as CEO to lead Grifols by building upon his previous success. To achieve this, we must, first of all, improve cash flow generation and reduce leverage. And while doing this, we must continue enhancing operational execution, maintain financial discipline and improve business performance overall.

Grifols 董事會已決定加入公司擔任首席執行官，在他之前的成功基礎上領導 Grifols。要實現這一目標，我們首先必須改善現金流產生並降低槓桿。在此過程中，我們必須持續增強營運執行力，維持財務紀律，提升整體經營績效。

Thanks to our cumulative workforce today, Grifols operate in a solid growing market is well invested in plasma centers, production facilities, a global footprint, and cutting-edge technologies. This positions the company to drive significant and sustainable growth. And therefore, I'm convinced that by acting decisively and with a strong focus on execution, we can significantly unleash shareholder value as well. This is my mission, and this is what I plan to do.

由於我們今天不斷累積的員工隊伍，Grifols 在一個穩定成長的市場中運營，並在血漿中心、生產設施、全球足跡和尖端技術方面進行了大量投資。這使公司能夠推動顯著且可持續的成長。因此，我相信，透過果斷行動並高度重視執行力，我們也可以顯著釋放股東價值。這是我的使命，也是我打算做的事。

Finally, I'm pleased to announce that we will be hosting an investor and analyst day on October 10, 2024. We will dig deeper into some of the things mentioned today and in our future plans, we aim to provide a comprehensive view of the company's long-term goals and strategy. Thank you all for joining us today and for your continued support and engage. I look forward to meeting many of you in person over the next weeks and months to come.

最後，我很高興地宣布，我們將於 2024 年 10 月 10 日舉辦投資者和分析師日。我們將更深入地研究今天提到的一些事情，並在未來的計劃中，我們的目標是提供公司長期目標和策略的全面視圖。感謝大家今天加入我們並持續支持與參與。我期待在接下來的幾週和幾個月內與你們中的許多人見面。

And with that, I'll turn it back to Dani.

有了這個，我會把它轉回給丹尼。

Thank you, Nacho. With regard to our agenda for the rest of the year, we have several key dates to share with you. First on July 30, we will discuss our financial performance for the second quarter of 2024. As mentioned, just now on October 10, we will host our annual investor and analyst day here in Barcelona.

謝謝你，納喬。關於我們今年剩餘時間的議程，我們有幾個關鍵日期可以與您分享。首先，我們將在 7 月 30 日討論 2024 年第二季的財務表現。如前所述，就在 10 月 10 日，我們將在巴塞隆納舉辦年度投資者和分析師日活動。

Finally, on November 7, we will be reporting our third-quarter financial results. These events play an essential role in our efforts to strengthening our communication and ongoing dialogue with market participants.

最後，我們將在 11 月 7 日報告第三季財務業績。這些活動對於我們加強與市場參與者的溝通和持續對話發揮著至關重要的作用。

Now I will open it up four questions. (Event Instructions)

現在我將提出四個問題。（活動須知）

Peter from Citi.

來自花旗銀行的彼得.

Thank you, it's Peter Verdult here, from Citi. Two questions and Nacho appreciate giving us your first impressions after being at the helm for a matter of weeks. Forgive me for pushing, but yeah, I mean, the market very focused on free cash, and I understand that you can't give guidance beyond this year, but it's also fair to say that the prior management team are also communicating the message that they were very focused on free cash flow.

謝謝，我是花旗銀行的 Peter Verdult。有兩個問題，納喬感謝您在掌舵幾週後給我們的第一印象。請原諒我的推動，但是，是的，我的意思是，市場非常關注自由現金，我知道你無法在今年之後提供指導，但公平地說，之前的管理團隊也在傳達這樣的信息：他們非常關注自由現金流。

So just what low hanging fruit is there this year that allows you to make you confident that you can accelerate efforts to improve free cash flow? And if I can chance my arm knew, what have you like what you see as you travel around the Grifols sites?

那麼，今年有哪些容易實現的目標可以讓您確信自己可以加快努力改善自由現金流呢？如果我的手臂知道的話，您喜歡在 Grifols 遺址中看到的什麼？

And then just secondly on because we got Roland on, and you are calling out your product mix is a big driver. Can we just make sure we're on the same page. I mean, my assumptions are that Xembify is probably a 50% premium IVIG, but it only represents 5% of IG sales currently. Can you correct me where I'm wrong. And if I could squeeze one last one in time is important. You called out the specialty pharma switch benefiting off of one. Could you maybe just explain that a little bit more? Thank you.

其次，因為我們啟用了 Roland，並且您指出您的產品組合是一個很大的推動力。我們能確保我們意見一致嗎？我的意思是，我的假設是 Xembify 可能是溢價 50% 的 IVIG，但它目前僅佔 IG 銷售額的 5%。你能糾正我哪裡錯了嗎？如果我能及時擠出最後一粒，這一點很重要。您呼籲專業製藥公司從中受益。您能再解釋一下嗎？謝謝。

This is Nacho and I think I cannot add much more than what I already said. I think that the free cash flow, our cash flow focus in general is very well established in the company. I think in the last two weeks, we've been working across the organization to make sure that the mindset is there. And I see a lot of activity already moving forward in that direction.

這是納喬，我想我不能再補充更多了。我認為自由現金流，我們的現金流重點在公司已經非常明確。我認為在過去的兩周里，我們一直在整個組織內努力確保這種心態存在。我看到很多活動已經朝著這個方向前進。

And it's not rocket science, to be honest. I think it's mostly the five levers I mentioned before. And if I think in 2024, clearly, working capital is going to play a very significant role as this is probably the highest impact. But we've been working already for months in a lot of operational improvements that will also generate a significant benefit in the year. And ultimately, I think we need to control well, all our expenses and the things we can control within this year.

老實說，這不是火箭科學。我認為主要是我之前提到的五個槓桿。如果我認為到 2024 年，營運資本顯然將發揮非常重要的作用，因為這可能是影響最大的。但我們已經進行了幾個月的營運改善工作，這些改進也將在今年產生顯著的效益。最終，我認為我們需要控制今年所有的開支和我們可以控制的事情。

So there is no magic, Peter, I think this is all about focus is about the attention, is about mindset, is about aligning the company in that direction, and that's what we are doing.

所以，沒有什麼神奇的，彼得，我認為這一切都與焦點有關，與注意力有關，與心態有關，與使公司朝這個方向調整一致有關，這就是我們正在做的事情。

The next question, Roland, would love to answer.

下一個問題，羅蘭很樂意回答。

Absolutely. Thank you, Nacho and Peter, to your first point on Xembify, you're correct on both points that, yes, there is a price premium and especially Xembify currently at 5%, we see tremendous growth potential for the future for this very important pillar of our immunoglobulin franchise.

絕對地。謝謝Nacho 和Peter，關於Xembify 的第一點，您在這兩點上都是正確的，是的，存在價格溢價，特別是Xembify 目前為5％，我們看到未來的巨大增長潛力，因為這一點非常重要我們免疫球蛋白系列的支柱。

And to your second questions on Alpha 1, our switch in specialty pharmacy partner will allow us to dramatically enhance our service offering for patients currently on therapy in a big part of the market that is counting on home infusion as their way to receive their treatment and as well help us in onboarding of new patients as we aim to further expand diagnosis rates in this market that still has a lot of untapped potential with 90% of patients not diagnosed yet.

關於Alpha 1 的第二個問題，我們與專業藥房合作夥伴的轉變將使我們能夠顯著增強我們為目前正在接受治療的患者提供的服務，這些患者在市場上很大一部分依靠家庭輸液作為接受治療的方式，而這也有助於我們吸收新患者，因為我們的目標是進一步提高這個市場的診斷率，該市場仍有大量未開發的潛力，90% 的患者尚未得到診斷。

Tom Jones, Berenberg.

湯姆瓊斯，貝倫伯格。

Good afternoon. Thank you for taking my questions. I had two really, one was just on the potential for future cost savings. You talked quite a lot about them in the prepared remarks and you're looking to spend EUR110 million this year on one-off costs related to the extension of the operational improvement plan, that's quite a decent number to spend so it'd be helpful if you could touch on the just give us some steer of kind of what future cost savings you might be expecting to come from these projects and perhaps in what areas?

午安.感謝您回答我的問題。我真的有兩個想法，一個是關於未來節省成本的潛力。您在準備好的演講中對此進行了很多討論，並且您希望今年花費 1.1 億歐元用於與延長運營改進計劃相關的一次性成本，這是一個相當不錯的支出，因此會有所幫助如果您能給我們一些指導，您可能會期望從這些項目中獲得哪些未來成本節省，也許在哪些領域？

And then my second question was just on the leverage target. You did previously have a target of 4 times by year end 2024. And on previous calls, you'd said that that was pretty much out of range unless you consider further asset sales and the slide today. So suggest 4.5 times is where you're going to land for the year end.

然後我的第二個問題是關於槓桿目標。您之前確實設定了 2024 年底達到 4 倍的目標。在先前的電話會議中，您曾表示，除非您考慮進一步的資產出售和今天的下滑，否則這幾乎超出了範圍。因此，建議 4.5 倍是您年底的目標。

And can we conclude from that sort of further asset sales are probably not on the cards now for this year and you have a sale kind of projects that are underway or should we just forget about them forever, really?

我們是否可以得出這樣的結論：今年可能不會出現進一步的資產出售，而你有一個正在進行的出售項目，或者我們應該永遠忘記它們，真的嗎？

Hi, Tom just to give you a little bit of color, right. So on the operational improvement plan is something that started last year and most of the restructuring cost or the last part of the cost of the plan at the start to be implemented. And then so it has been explained in the past that this plan was across the entire organization, mostly on the operational part, industrial part, but also publishing procurement activities, generating additional yield in all areas, et cetera.

嗨，湯姆只是給你一點顏色，對吧。所以關於營運改善計畫是從去年開始的事情，大部分重組成本或最後一部分成本的計畫在開始時就得到了實施。然後，過去已經解釋過，該計劃涉及整個組織，主要是營運部分、工業部分，但也發布採購活動，在所有領域產生額外收益，等等。

So I think that the last money that you will see in terms of restructuring is coming from the last payment related to the year for that has been done. And all that is already been visible in either in our inventory or in our operational model and as we move forward. As part of the leverage and I will make some comments, and I'm sure that Thomas probably would like to complement, what we have shown today 4.5 is what we believe is a very realistic expectation based on Shanghai RAAS divested or under 20% of Shanghai RAAS divestiture plus the operational improvement that we are seeing.

因此，我認為您在重組方面看到的最後一筆資金來自與已完成的當年相關的最後一筆付款。所有這些都已經在我們的庫存或我們的營運模式以及我們前進的過程中可見。作為槓桿的一部分，我將發表一些評論，我相信託馬斯可能會補充，我們今天所展示的 4.5 是我們認為基於上海萊士剝離或低於 20% 的非常現實的預期上海萊士資產剝離以及我們所看到的營運改善。

Of course, we remain committed to 4 times leverage or below, and it will come over time. And I think at this point and realistically speaking, in 2024, we can commit to 4.5 and maybe Thomas wants complement that.

當然，我們仍然致力於 4 倍或以下槓桿，並且隨著時間的推移它會實現。我認為在這一點上，現實地說，到 2024 年，我們可以承諾實現 4.5，也許湯瑪斯想要補充這一點。

No, happy. Hey, Tom, how are you? Great question. So let me just go back to the fact that we said when we started '23 that four was the target that we're aiming at that point in time. We also were assuming that we would do a major asset -- that we would do a major sale of Shanghai RAAS, actually, we'd be selling all of it. And as you know, at this point in time, we're only selling 20% of it.

不，快樂。嘿，湯姆，你好嗎？很好的問題。讓我回顧一下我們在 23 年開始時所說的事實，即我們當時的目標是四個。我們也假設我們將出售一項主要資產——我們將大規模出售上海萊士，實際上，我們將出售全部資產。如您所知，目前我們只出售其中的 20%。

But as Nacho now said, we're for this year 4.5. We're still targeting to get below the four. I think at this point in time, we're not expecting to do any other asset sales for this year, really just focusing now on cash flow generation and the free cash flow generation as we address the year.

但正如 Nacho 現在所說，我們今年的目標是 4.5。我們的目標仍然是低於四個。我認為目前，我們預計今年不會進行任何其他資產出售，實際上，我們現在只關注現金流生成和自由現金流生成。

Good, that's perfect. And then just one cheeky follow-up, if I may, on the IG strategy, kind of reading between the lines, it looks like will grow is probably going to take over as one of your primary brands of IG, but it feels like this will ramp up in production of that is perhaps running a little bit behind plan and any kind of color you can shed company, you can give us on that ramp up and maybe anything else you can share at this point on the sort of pathway to business replacing some of your older legacy IG products with the Yimmugo, which I assume as high yield and therefore significantly higher margin on a sort of per liter basis?

很好，那就完美了。然後只是一個厚臉皮的後續行動，如果可以的話，關於 IG 戰略，一種字裡行間的解讀，看起來將會增長，可能會成為你們 IG 的主要品牌之一，但感覺是這樣的將會增加產量，這可能有點落後於計劃，並且您可以擺脫公司的任何顏色，您可以向我們提供有關該增加的信息，也許您現在可以分享有關業務途徑的任何其他信息用Yimmugo 取代一些舊的傳統IG 產品，我認為這是高產量，因此每公升的利潤率明顯更高？

Yeah, Tom, you move or indeed adds to our portfolio of immunoglobulins that we have in addition, of course, to our Gamunex flagship that we have and are Xembify. And as we look at time, we see that Yimmugo can play an important role in substituting our label gamma in the markets, which is the older version of our IG. But you know, with Yimmugo in addition, in our portfolio that is open for us, a set of quite interesting strategic possibilities as we think about positioning in the marketplace and is a key part of our plan to further growth our immunoglobulin franchise.

是的，湯姆，您移動或確實添加了我們的免疫球蛋白組合，當然，還有我們擁有的 Gamunex 旗艦產品，即 Xembify。隨著時間的推移，我們發現 Yimmugo 可以在市場上取代我們的廠牌 gamma（即我們 IG 的舊版本）方面發揮重要作用。但你知道，除了 Yimmugo，在我們向我們開放的產品組合中，當我們考慮市場定位時，有一系列非常有趣的策略可能性，並且是我們進一步發展免疫球蛋白特許經營計劃的關鍵部分。

I just want to reiterate the point that Yimmugo had a growth of 62% in the first quarter and as Roland said, it only really represents 5% of our RIG franchise. So the opportunity obviously is significant for us, particularly when you think that is almost 40% of our competitors are already in sub-Q. So we see this as one of our significant really big opportunities. And I know that Roland and team are extremely focused on driving the growth of this product.

我只是想重申一下，Yimmugo 第一季的成長率為 62%，正如 Roland 所說，它只占我們 RIG 特許經營權的 5%。因此，這個機會顯然對我們來說意義重大，特別是當你認為我們幾乎 40% 的競爭對手已經處於 sub-Q 階段時。因此，我們認為這是我們非常重要的機會之一。我知道羅蘭和團隊非常專注於推動產品的成長。

And just adding Yimmugo as an IVIG, of course, will help us on the IV side and Xembify, as mentioned before.

當然，只需將 Yimmugo 添加為 IVIG，就會對我們在 IV 方面和 Xembify 方面有所幫助，如前所述。

I'm sorry, I meant Xembify, obviously. So let me just correct that.

抱歉，顯然我指的是 Xembify。讓我糾正一下。

That’s all right, I caught that.

沒關係，我明白了。

There's so many Ys here. So I have a little confused.

這裡有很多Y。所以我有點困惑。

Charles Pitman, Barclays.

查爾斯·皮特曼，巴克萊銀行。

Hi, guys. Thanks so much for taking my questions. I'm Charles Pitman from Barclays. A couple from me. Just firstly, could you just confirm on the Shanghai RAAS asset sale. I think when you put out a release recently talking about announcing features of this deal, can you just confirm that does feel like in relation to the comments made on this call about using those to address your FY25 and FY27 senior secured bonds?

嗨，大家好。非常感謝您回答我的問題。我是巴克萊銀行的查爾斯‧皮特曼。我的一對。首先，請您確認上海萊士資產出售的情況。我認為，當您最近發布一份新聞稿，談論宣布這項交易的功能時，您能否確認這確實與本次電話會議上關於使用這些功能來解決您的2025 財年和27 財年高級擔保債券的評論有關？

And then just secondly, just coming back to Biotest the next level project and the general consolidation of that part of your business. Can you just talk us through like how we got from it being so dilutive in the past when you expect to become accretive, but on what the delay has been since the completion of the projects FY22 and the reason for the contribution to the working capital impact to 1Q '24 as you've been building up inventory. Yeah, I think it would be helpful based on conversations we've been having with investors. Thank you.

其次，回到 Biotest 的下一個層級專案以及這部分業務的整體整合。您能否向我們介紹一下，當您期望變得增值時，我們是如何從過去的稀釋中得到的，但自 2022 財年項目完成以來的延遲情況以及對營運資本影響的貢獻的原因到2024 年第一季度，因為您一直在增加庫存。是的，我認為根據我們與投資者的對話，這會很有幫助。謝謝。

First of all, we will close the transaction in June, and we will use the proceeds as you outlined and as we said in our document. On biotest, the clearly the focus on biotech right now is to for them to bring the two new product -- or the new products to market which they're doing you. I mean, I mentioned the fibrinogen trial that has done gone extremely well.

首先，我們將在六月完成交易，我們將按照您概述的以及我們在文件中所述的方式使用所得款項。在生物測試方面，目前生物技術的重點顯然是讓他們將兩種新產品或他們正在做的新產品推向市場。我的意思是，我提到了纖維蛋白原試驗，進展非常順利。

They're also in the process of ramping up now, I'll say the right thing, Yimmugo, which they intend to be launching here in the US later they've launches in Europe and they expect to launch it later in the US. Clearly, one of the things we've said all along is that they are actually not going to be contributing to EBITDA until basically the launch of fibrinogen and the new products that take place. And we stand by that at this point in time. So, you know, biotest still got a bit of runway until it will contribute significantly to the group.

他們現在也在加大力度，我會說正確的事情，Yimmugo，他們打算稍後在歐洲推出，然後在美國推出，他們預計稍後在美國推出。顯然，我們一直在說的一件事是，在纖維蛋白原和新產品推出之前，它們實際上不會為 EBITDA 做出貢獻。我們目前堅持這一點。所以，你知道，生物測試仍然有一點跑道，直到它能為團隊做出重大貢獻。

Thank you.

謝謝。

Alvaro Lenze.

阿爾瓦倫茨.

Hi. Thanks for taking my questions. The first one would be, if you could update us on the capacity situation, both in plasma collection and industrial capacity and center in terms of fractionation and purification before in what way it looks like after you complete the extraordinary CapEx efforts that you're doing.

你好。感謝您回答我的問題。第一個是，您能否向我們介紹血漿收集和工業產能的最新情況，以及分餾和純化方面的中心情況，在您完成正在進行的非凡資本支出工作後，情況會是什麼樣子。

And my second question would be, regarding the free cash flow guidance. You mentioned it a bit too early to provide guidance beyond 2024. But if I'm not mistaken, you have previous guidance of EUR2 billion to EUR2.5 billion of free cash flow cumulative over 2025 and 2027. Just to know whether that guidance still holds. Thank you.

我的第二個問題是關於自由現金流指導。您提到提供 2024 年之後的指導有點為時過早。但如果我沒記錯的話，您之前的指導是 2025 年和 2027 年累計自由現金流為 20 億至 25 億歐元。只是想知道該指導是否仍然有效。謝謝。

Hi, Alvaro. This is Nacho and let me comment on capacity raise again on my observations of this first weeks. And again, Thomas might want to complement. I mean, I think what I've seen is that, as I mentioned before, the company is well positioned in terms of capacity, I mean, our investment in plasma collection centers and also in our industrial footprint is well established.

嗨，阿爾瓦羅。我是納喬，讓我根據我對第一週的觀察再次評論容量提升。湯瑪斯可能想再次補充。我的意思是，我認為我所看到的是，正如我之前提到的，該公司在產能方面處於有利地位，我的意思是，我們對血漿收集中心以及工業足跡的投資已經很完善。

I mean, we don't see a significant need of significant investments at least in the next three, four years to come as both the plasma collection and an industrial footprint ready for the growth that we are expecting to have in the next years. So I think you said that's good, I think we're in good shape in that front.

我的意思是，我們認為至少在未來三、四年內不需要大量投資，因為血漿收集和工業足跡都已為我們預計未來幾年的成長做好了準備。所以我認為你說的很好，我認為我們在這方面狀況良好。

As our fiscal year 2025 and beyond, cash flow as I say in my remarks, please be patient, right. I just have started to work on this. I think that we're doing good progress, 2024 looks good. And next step will be to focus in 2025, '26, '27, and we will provide you an update on information as soon as it's ready.

作為我們2025財年及以後的現金流，正如我在演講中所說，請耐心等待，對吧。我剛開始從事這方面的工作。我認為我們正在取得良好進展，2024 年看起來不錯。下一步將重點放在 2025 年、26 年、27 年，一旦資訊準備就緒，我們將立即向您提供最新資訊。

So just to complement what Nacho said, you know, our capacity, particularly on the fractionation, is about 70%. So we've got significant room to grow in the coming years. And with regard to plasma centers, Nacho said, we're well set up right now, and we do not expect to add any new centers until basically '27 where we think you know, we will probably start to need to implement about 20 centers going forward.

因此，為了補充 Nacho 所說的，我們的產能，特別是在分餾方面，約為 70%。因此，我們在未來幾年有很大的成長空間。關於血漿中心，Nacho 說，我們現在已經建立得很好，我們預計直到 27 年才會增加任何新的中心，我們認為你知道，我們可能會開始需要建立大約 20 個中心向前走。

So we're well positioned. I also do want to mention, obviously, the Egypt project where we're going to have there's going to be 20 centers there, 10 centers now. And then we also got to Canada project, which also is not only going to add capacity but also centers as we move forward. So overall, I think we're very well positioned to take advantage of the significant opportunities that we see in front of us in the coming years.

所以我們處於有利位置。顯然，我還想提一下埃及項目，我們將在那裡設立 20 個中心，現在有 10 個中心。然後我們還談到了加拿大項目，該項目不僅會增加產能，而且會隨著我們的前進而成為中心。總的來說，我認為我們處於非常有利的位置，可以充分利用未來幾年擺在我們面前的重大機會。

Thank you very much, and welcome Nacho.

非常感謝，歡迎納喬。

Bank of America, Graham.

美國銀行，葛拉漢。

Thanks for taking my questions. So firstly, on the CMD that you're planning for October, is that a timeframe which we could potentially expect to see some concrete midterm sales, EBITDA, or EPS guidance from the company. I think that's something that investors would definitely welcome.

感謝您回答我的問題。首先，在您計劃的 10 月 CMD 上，我們可能會在這個時間範圍內看到公司提供的一些具體的中期銷售、EBITDA 或 EPS 指導。我認為這肯定會受到投資者的歡迎。

Secondly, just on 2024 I guess, either your EBITDA guidance, you could just give us a feel for just the level of confidence you have in that now and presumably you've collected the majority of the plasma and you know your cost per liter for most of your cost of goods for the year, we contracted to sell at that level what are the variables that could derail you from achieving our guidance? We were pretty much in the bag now.

其次，我想，就在 2024 年，無論是你的 EBITDA 指導，你都可以讓我們感受到你現在的信心程度，大概你已經收集了大部分血漿，並且你知道每升的成本您今年的大部分商品成本，我們都按照合約規定以該水平銷售，哪些變數可能會導致您無法實現我們的指導？現在我們幾乎已經勝券在握了。

And then just lastly, just wonder if you could comment on the latest report from your friendly short seller that Grifols funnels cash to Scranton via BPC. If you could just address that point and confirm all payments to be PC with a plasma, our market rate as validated by the CNMV investigation. Thank you.

最後，想知道您是否可以對友好的賣空者關於 Grifols 透過 BPC 向斯克蘭頓輸送現金的最新報告發表評論。如果您能解決此問題並確認所有付款都是透過等離子 PC 進行的，那麼我們的市場價格已通過 CNMV 調查驗證。謝謝。

Thank you. I'll take the first two and Thomas will take the last one, as per the Investor Day. I mean, we are building the agenda as we speak, and obviously, we plan to provide as much as possible information to the market. But it's early to say how much and what would be the level of detail.

謝謝。根據投資者日的規定，我將選擇前兩個，托馬斯將選擇最後一個。我的意思是，我們正在製定議程，顯然，我們計劃向市場提供盡可能多的信息。但現在說具體程度和詳細程度還為時過早。

I mean, obviously, we'll be talking to all of you and provide independently of our strategies and our directional goals and probably some specific figures in the areas we can. But I think it's early to confirm right now, what will be those metrics. As per the EBITDA generation this year, I think for what I pretty much what I explained why in my presentation, right?

我的意思是，顯然，我們將與你們所有人交談，並提供獨立於我們的策略和方向目標的訊息，以及我們可能提供的領域的一些具體數字。但我認為現在確認這些指標是什麼還為時過早。根據今年的 EBITDA 世代，我認為我在演講中解釋的原因差不多，對吧？

I mean, the first six weeks, I've spent significant amount of time trying to understand our 2024 situation with the team, both the commercial team and the finance team. And for the reasons I explained, I feel quite confident that the EUR1,800 million plus that we committed at the beginning of the year will be delivered as part of a short seller report.

我的意思是，在前六週，我花了大量時間試圖與團隊（包括商業團隊和財務團隊）了解我們 2024 年的情況。出於我所解釋的原因，我非常有信心我們在年初承諾的 18 億歐元以上將作為賣空報告的一部分交付。

Maybe Thomas wants to comment.

也許托馬斯想發表評論。

Happy to. Well, first of all the short seller keeps on dishing out misleading reports and statements. Grifols has provided full detail of all its transaction in its financial statements and in specific reports, all the information is public it's been verified by both the regulator and our auditors, and we really stand by we've got nothing more to add to that then standing by that statement.

高興。首先，賣空者不斷發布誤導性的報告和聲明。Grifols 在其財務報表和具體報告中提供了所有交易的完整細節，所有資訊都是公開的，並且已經過監管機構和我們的審計師的驗證，我們確實支持我們沒有更多可補充的堅持這一聲明。

So you know, I mean, it's quite amazing to having continuation from the short-sellers like we're seeing now.

所以你知道，我的意思是，像我們現在看到的那樣，賣空者繼續做空是相當令人驚訝的。

Jaime, Banco Santander.

海梅，桑坦德銀行。

Hi, good afternoon. So a couple of questions from my side. The first one regarding liquidity, you had around EUR700 million. So I just wanted to know how comfortable you are with the liquidity, you have ImmunoTek commitments for Q2/Q3 amounting around EUR500 million. I'm building on this. Would you consider to use part of Shanghai RAAS proceeds? You know, to be more comfortable on your short-term liquidity? This would be my first question.

嗨，下午好。我這邊有幾個問題。第一個關於流動性，你大約有 7 億歐元。所以我只是想知道您對流動性的滿意度如何，您對第二季/第三季的 ImmunoTek 承諾金額約為 5 億歐元。我正在以此為基礎。您會考慮使用上海萊士的部分收益嗎？您知道嗎，為了讓您的短期流動性更舒適？這是我的第一個問題。

And the second one, in terms of strategic assets, naturally, you probably have time to do an assessment, is there anything you have identified that you can maybe sell in order to further reduce debt?

第二個，在策略資產方面，當然你可能有時間做評估，你已經確定有什麼東西可以出售，以進一步減少債務？

And another question that probably investors want to know is what are you would consider a capital increase to further deleverage the balance sheet? Thank you very much.

投資人可能想知道的另一個問題是，您會考慮增加什麼資本來進一步去槓桿化資產負債表？非常感謝。

All right. So on the liquidity level, I mean, again, as you can imagine this has been one of my focus on the first weeks to understand where we are. I think we are operating at a liquidity level that is comfortable at anything above EUR500 million, I think is something that we can comfortably operate. We are on the EUR700 million plus and with prospects to increase it over the year. So I think we feel confident on that.

好的。因此，在流動性層面上，我的意思是，正如你可以想像的那樣，這是我在前幾週了解我們狀況的重點之一。我認為我們的營運流動性水準在 5 億歐元以上就足夠了，我認為這是我們可以輕鬆運作的水平。我們的資金已超過 7 億歐元，並預計在年內增加。所以我認為我們對此充滿信心。

On this strategic asset, I knew the question would come and I already anticipated in my remarks. I mean, it's too early to say we are doing a portfolio analysis. I don't know what the conclusions will be. We're looking at all our not only the strategic assets but the projects initiatives affiliates. And I mean there is not only about potential or not divestitures or acquisitions is also about making sure that all the projects that we have been running, the company operates at the district level as well.

關於這項戰略資產，我知道問題將會出現，而且我在發言中已經預料到了。我的意思是，現在說我們正在進行投資組合分析還為時過早。我不知道會得出什麼結論。我們不僅關注我們所有的策略資產，而且關注專案計劃的附屬機構。我的意思是，這不僅關係到是否有可能進行資產剝離或收購，還關係到確保我們一直在運行的所有項目，公司也在地區一級運營。

Too early to confirm anything, the only thing I can assure you is that we are doing the analysis. We are looking everywhere, and we will be doing the work and provide information as it come. As part of the capital increase, there is absolutely no plan at this point to consider a capital increase.

現在確認任何事情還為時過早，我唯一可以向您保證的是我們正在進行分析。我們正在到處尋找，我們將開展工作並提供資訊。作為增資的一部分，目前絕對沒有計劃考慮增資。

Thibault, Morgan Stanley.

蒂博，摩根士丹利。

Yes, thank you very much. So my first question is on financial costs. I think you could you see an increase or previously suggested that interest expenses could decline in 2024 versus 2023 and it is difficult to reconcile this with debt being refinanced at a higher rate, even with the survey and proceeds being used to repay. So if you could comment on this but it's a bit more visibility on the financing rates.

是的謝謝你。所以我的第一個問題是關於財務成本。我認為您可能會看到增加或先前建議的利息支出在2024 年可能會比2023 年有所下降，而且很難將這一點與以更高利率再融資的債務相協調，即使調查和收益都用於償還。因此，您是否可以對此發表評論，但融資利率的可見度更高一些。

And second question, connected to this, you provided a helpful free cash flow bridge after FY23 results. As just wondering if there's any elements that now look materially different from when you issued vis-a-vis bridge reconciliation if there are elements that are meaningfully higher or lower in terms of cash consumption? Thank you.

與此相關的第二個問題，您在 2023 財年業績公佈後提供了一個有用的自由現金流橋樑。只是想知道是否有任何元素現在看起來與您發布過橋調節表時有重大不同，是否有一些元素在現金消耗方面明顯更高或更低？謝謝。

Yeah, let me answer the second one and Dani will talk about the financial bridge. So no, there is no items with our material on the free cash flow bridge that we present. And I think right now, we have identified all the key elements. And the free cash flow is going to be mostly determined by operational rate is mostly the working capital and an improvement in the operation, as I mentioned.

是的，讓我回答第二個問題，丹尼將談論金融橋樑。所以不，我們提供的自由現金流橋上沒有包含我們材料的項目。我認為現在我們已經確定了所有關鍵要素。正如我所提到的，自由現金流將主要取決於營運率，主要是營運資金和營運的改善。

And for the financial rates, Dani, if you want to mention.

至於財務費率，丹尼，如果你想提一下的話。

The financial expenses for the year are expected to be lower compared to current situation. As Thomas was saying, we expect we are going to close the Shanghai RAAS transaction in June. He's gone -- it's going to be the most important lever to see a reduction of our debt, as Thomas was mentioning as well, I mean, we are going to go repaying part of 2025, but also part of 2027, especially on the '27, we are paying a variable interest expense. So when you're putting all in all, you know, even including, you know, the private placement for EUR1 billion at 7.5%, the total financial expenses is expected to be lower.

預計今年的財務費用將低於目前的情況。正如湯瑪斯所說，我們預計六月完成上海萊士的交易。他走了——這將是減少我們債務的最重要槓桿，正如托馬斯也提到的，我的意思是，我們將在2025 年部分償還債務，但也會在2027 年部分償還債務，特別是在「 27、我們正在支付可變利息費用。所以當你把所有的事情都算進去的時候，你知道，即使包括你知道的，10億歐元的私募，利率為7.5%，總的財務費用預計會更低。

Thank you.

謝謝。

Guilherme, CaixaBank.

吉列爾梅，Caixa 銀行。

Hello. Thank you for taking my question. So one, I don't know if it is too early, but at least could you provide us a sense of or would you expect deleverage or where do you want to put the leverage of this company over the midterm. We understand it's going to about 4 times over the past 15 years, 2025. But over the mid term, where do you feel comfortable with?

你好。感謝您回答我的問題。所以，我不知道現在是否為時過早，但至少您能否向我們提供一種感覺，或者您是否期望去槓桿化，或者您希望在中期將這家公司的槓桿率放在哪裡。我們了解到，到 2025 年，這一數字在過去 15 年將增加約 4 倍。但從中期來看，你對哪些方面感到滿意？

And the second one is small question. Just if you could provide some reconciliation of the free cash flow generated in the quarter with the increase in net debt that you reported? I have seen some increase in the IFRS 16 related liabilities. You can provide some color on this?

第二個是小問題。如果您可以提供本季產生的自由現金流與您報告的淨債務增加的一些調節表？我發現 IFRS 16 相關負債增加。你能對此提供一些顏色嗎？

Yeah, on the leverage level, I assume that I mean, there are many -- there are many probably opinions about what is the adequate level of leverage that the company should have. If you ask in my opinion, and this is a general statement not only have to go to reprocessing, I mean around between 3 and 3.5 is a reasonable level to operate.

是的，在槓桿水平上，我想我的意思是，對於公司應該擁有的適當槓桿水平，可能有很多意見。如果你問的話，我認為這是一個籠統的說法，不僅必須去重新處理，我的意思是大約在3到3.5之間是一個合理的操作水平。

I think it also depends a lot on whether the strategic considerations, as you are having rightsizing at some point, you may need to lower your leverage. You are facing some potential opportunities of acquisitions, but our work as a first step is obviously are committed the 4 times leverage and we were working towards that.

我認為這在很大程度上取決於戰略考慮，當你在某個時候進行規模調整時，你可能需要降低槓桿率。你們面臨著一些潛在的收購機會，但我們的第一步顯然是致力於 4 倍槓桿，我們正在努力實現這一目標。

Once we get there, then we will provide guidance about what is the next step, as for the free cash flow Dani, you want to mention.

一旦我們到達那裡，我們將提供下一步的指導，至於自由現金流丹尼，你想提一下。

Sure. On the free cash flow and net debt, I mean, this first quarter, the major increase that we had is pretty much in connection with the free cash flow now that we have basically on the net working capital impact of the non-recurring items that we were disclosing and even for growth to have this net debt increase.

當然。關於自由現金流和淨債務，我的意思是，今年第一季度，我們的主要增長幾乎與自由現金流有關，因為我們基本上對非經常性項目的淨營運資本影響我們披露了這一淨債務增加，甚至是為了成長。

Yes, as Nacho was mentioning on the deleveraging path, you will see that, you know, we expect to recover this piece is going to be part of our deleveraging path. So as long as we expect to generate more cash flow in the next three quarters, it's going to help, it's going to support our deleveraging path in connection, not only with an improvement in terms of EBITDA, but also reduction in our in terms of net debt on top of the Shanghai RAAS transaction it has been well discussed.

是的，正如納喬在去槓桿化道路上提到的那樣，你會看到，我們期望恢復這塊將成為我們去槓桿化道路的一部分。因此，只要我們預計在未來三個季度產生更多的現金流，它將有所幫助，它將支持我們的去槓桿化道路，不僅會改善 EBITDA，還會減少我們的淨負債之上的上海萊士交易也得到了很好的討論。

Okay, thank you so much, Guillerme. We are going to take the last one is going to be Charles your second kind of like opportunity here.

好的，非常感謝你，吉列姆。我們將抓住最後一個機會，查爾斯，你在這裡的第二個機會。

Hi guys, just a couple of clarifications. Just earlier you said capacity, fractionation of that 70% you gave about the current utilization of your full capacity and that the centers that you've got 2027, hopefully starting centers, that's just on top of what you've already announced. And then could you address to the comment around your midterm for your cash flow cumulative guidance. So big based on value-add nature, you're still getting. And so the and the company are we just kind of talking about owned today? And could you reiterate that? Or should we wait for 2Q? Thank you.

大家好，有幾點需要澄清。就在早些時候，您提到了容量，您給出的關於當前全部容量利用率的70% 的分數，以及您在2027 年擁有的中心（希望是啟動中心），這只是您已經宣布的內容的基礎。然後您可以針對期中期間的評論發表評論，以獲取現金流累積指導。基於增值性質，您仍然可以獲得如此大的收益。那我們今天所說的公司和公司是不是就是擁有的呢？能重申一下嗎？還是應該等到2Q？謝謝。

Let me just try the 70% that is the current capacity, number one and the 20 centers that I mentioned that's not until '27. So we're well situated today with the centers we have. And again, we reiterate now we've got centers coming online in Egypt and we got centers coming online in Canada. And obviously, the key focus for us is to continue to improve the efficacy and or efficiency of our current centers in the US, which we are in the process of doing.

讓我嘗試一下目前容量的 70%、第一和我提到的 20 年之前的 20 個中心。所以我們今天的中心位置很好。我們再次重申，我們在埃及和加拿大都有中心上線。顯然，我們的重點是繼續提高我們目前在美國的中心的功效和/或效率，我們正在這樣做。

As part of the cash flow projection. Charles, I think I mentioned already several times. I think I'm from now and forward in a lot in 2024. And this is where we provided guidance today. I'm comfortable and I see a lot of opportunities. I see a lot of things that we can do. We have to do the work, but I'm very comfortable and confident about the cash flow we can generate in the years to come. But I'm not ready yet to give you a number.

作為現金流預測的一部分。查爾斯，我想我已經提到好幾次了。我想從現在開始，到 2024 年，我會經歷很多事情。這就是我們今天提供指導的地方。我很舒服，而且我看到了很多機會。我看到我們可以做很多事。我們必須完成這項工作，但我對我們在未來幾年可以產生的現金流感到非常放心和有信心。但我還沒準備好給你一個數字。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Thank you, Charles. With that, I think that we took all the questions. So I just wanted to say thank you all for joining us today. If you have any follow-up question of further inquiries, please contact the IR team. That is a dedicated one to keep engaging with you. Thank you so much.

謝謝你，查爾斯。至此，我認為我們已經回答了所有問題。所以我想說謝謝大家今天加入我們。如果您有任何後續疑問或進一步詢問，請聯絡 IR 團隊。這是一位致力於與您保持互動的人。太感謝了。

Thank you.

謝謝。

Thank you.

謝謝。