tag:blogger.com,1999:blog-5882645467378797266.post5285483766378167825..comments2023-07-17T11:55:51.363+02:00Comments on ObservingGreece: More Stars of the Greek Economykleinguthttp://www.blogger.com/profile/12491174042954678023noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-5882645467378797266.post-58812130318898406982014-09-30T11:12:35.852+02:002014-09-30T11:12:35.852+02:00A Non Pharma company that is doing quite well, is ...A Non Pharma company that is doing quite well, is Sarantis. Consistant growth, high profit, low debt, exports and investment in manufacturing. <br /><br />Being in product development i am aware of many projects of many greek companies. (Pharma, Consumer Goods, Foods and Materials Manufacturers). There are many great things in the near future that is to come from the greek companies. And it is these project's prospects that create even stronger future of companies, aside from the good or rising star balance sheets. <br /><br />The crisis was unfortunate of the whole of Greece. I am a believer everyone was hurt one way or another. Some more, some less. But the crisis has indeed changed us. It has brought us to our selves, to who we are, meanwhile found ways within the hell of an economy to survive, meanwhile create prospects which will begin to pay off. I am hopeful for the prospects the private industry is creating and this outside of the toursim industry. I am also a strong believer that argriculture is still "untapped" or at least to the degree we should take advanatge of.<br /><br />(BTW, the above may sound politically from ND party, but i am and always was, unaligned to political party. I will refrain from describing what i think of 99% of modern politicians.). <br /><br />Fortunately, the greek citezen has found ways to survive deal and create without political structure. This alone is a prototype which once again greeks will be the first to achieve. <br /><br />I am proud and working hard along with my colleagues, in this dark period, to help achieve and create this prosper, in my economically bombarded nation. <br /><br />I follow your blog and i enjoy your objective articles and critique.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-68943149501371700872014-09-27T08:01:26.456+02:002014-09-27T08:01:26.456+02:00Addendum: I would bet money that Vianex is not doi...Addendum: I would bet money that Vianex is not doing what Elpen is doing!kleinguthttps://www.blogger.com/profile/12491174042954678023noreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-20002861006721714552014-09-27T07:55:30.750+02:002014-09-27T07:55:30.750+02:00I disagree with you.
Elpen has trade accounts pay...I disagree with you.<br /><br />Elpen has trade accounts payable. When you owe money and don't pay it when due, the questions are: inability or unwillingness to pay? There are many companies whose liquidity runs dry because the state doesn't pay them so they, in turn, can't pay their suppliers on time. That is the inability to pay. Elpen is not one of them.<br /><br />Elpen sat on 40 MEUR of cash at Y/E 2012 when they had trade accounts payable of 61 MEUR, about 180 days of sales. They clearly could have paid but were not willing to pay their trade creditors on time. No wonder! Interest rates were pretty high in 2012, so it's much more profitable to leave your money at the bank instead of giving it to your suppliers. And you can always tell your suppliers that you can't pay because the state doesn't pay you. That's why I said that I would have to meet management before passing judgment on this company because I would like to know what kind of characters they are.<br /><br />Too bad that we don't have 2013 financials about this company! kleinguthttps://www.blogger.com/profile/12491174042954678023noreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-35354415660405863062014-09-25T21:03:50.983+02:002014-09-25T21:03:50.983+02:00To give you an idea of the "history", be...To give you an idea of the "history", behind the balance sheets. Teva is a famous israeli pharmaceutical, very big in the sector, sells worldwide. I am positive you will find its balance sheets very satisfactory. But, has repeated such incidents:<br /><br />http://www.accessdata.fda.gov/scripts/enforcement/enforce_rpt-Event-Detail.cfm?action=detail&id=68610&w=07232014&lang=eng<br /><br />http://www.forbes.com/sites/davidmaris/2012/10/10/fda-recall-points-to-serious-problems-at-the-fda/<br /><br />http://www.fiercepharmamanufacturing.com/story/teva-recalls-parkinsons-disease-drug-because-it-may-be-superpotent/2014-08-26<br /><br />You know what "subpotent" means? Generic drugs are allows +-20% potency compared to the original. Subpotent, means it's more than -20% the potency of the originally patent drug. In practice, this may mean suboptimal treatment or non drastic treatment at all (meaning, you are getting a placebo medicine):<br /><br />Good balance sheets, but who knows how many people paid with their health...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-23534686068660810532014-09-25T20:52:15.204+02:002014-09-25T20:52:15.204+02:00"Why does a company which has so much cash pa..."Why does a company which has so much cash pay its suppliers so slowly? "<br /><br />Because, ELPEN, being heavily involved in the domestic market, has to deal with the very high delays of the chain of payments that deal with the state. For the same reason, the pharmacists have made various strikes, because they were asked to sell "on credit" basically. The state delays payments on pharmacists, the pharmacist delays the payment to the pharmaceutical, the pharmaceutical will delay payment to suppliers. And in a situation like the greek one, where today it was pubblished that 80% of bank deposits (non company) have less than 10.000 euros inside, nobody wants to give cash in time, when he isn't paid in time (drachma ante portas, always a danger). Just like the pharmacists at a certain point made strikes, saying "we can't give drugs to the patients for free, waiting 6 months for the state to pay us, while we have to pay the pharmaceutical out of our own pocket for new deliveries". Anonymousnoreply@blogger.com