Grifols: estimates Covid impact at 200 million euros
(CercleFinance.com) - Spain's Grifols has estimated that the Covid-19 crisis will knock 200 million euros off its earnings in 2020, but the company said it plans to offset this shortfall with cost-cutting measures.
The Barcelona-based company, one of the world's top manufacturers of plasma-based medicines, said that this charge, mainly related to inventory valuation, will be booked at the gross margin level in its first-half results.
In a regulatory filing with the market regulator CNMV, Grifols also said it has launched a cost-cutting plan targeting its non-structural operating expenses to mitigate this impact.
This cost-cutting plan is estimated to have a positive effect of 100 million euros on the 2020 financial year, it said.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The Barcelona-based company, one of the world's top manufacturers of plasma-based medicines, said that this charge, mainly related to inventory valuation, will be booked at the gross margin level in its first-half results.
In a regulatory filing with the market regulator CNMV, Grifols also said it has launched a cost-cutting plan targeting its non-structural operating expenses to mitigate this impact.
This cost-cutting plan is estimated to have a positive effect of 100 million euros on the 2020 financial year, it said.
Copyright (c) 2020 CercleFinance.com. All rights reserved.