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Almirall presented a few days ago third quarter results and of course it shows the effect of the measures being taken by the Administration to cut drug costs, so that sales are down by 12.5% and earnings by 23 standard does, 1%. But despite this shows is an excellent company with good managers who are taking appropriate measures to adapt to the new situation and from 2013 to resume growth. The proof of this is that despite the cuts that I said the margin of profit before sales tax is 15.44% and higher would not have the extraordinary losses. An excellent example of what we have company that is in its solvency ratio, over 56%, good liquidity available in debt and how little it is.
Since it went public in 2007 the company has grown in an orderly and sales outside Spain have risen from 34% to 50% and continue to grow with new product launches planned for 2012. Then there is also undergoing a process of rejuvenation of its product, as I said before and, so says the company will allow you to resume the growth path in 2013, but as they are realistic, they admit that 2012 is not going to be good and surely the benefit will continue to fall.
This year will finish with a net profit per share of around 0.70 euros, but if we consider the extraordinary results and apply appropriate tax rate, profit at the end of 2011 could be around € 0.52 and cash flow of around 0.90 euros. Results do not justify the price that is trading now, so it must be assumed that the market is advancing worse results for 2012 as the company also hopes that the presentation of the results of this quarter tells us that expected that in 2012 reducing the benefit is lower than this year that is 23%. Read the rest of this entry »
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Outside her unquestionable practical use, the reign of the chair is a design object made from practically his invention. With a strong real character, many of the names of the different models make reference to the monarch under whom the chair was conceived. Such is the case of the chair Victorian, William & Mary style Dutch root, or the King George, with ornate details such as lion heads or plant motifs. During the twentieth century, many industrial designers, architects and artists who want to make their mark with these objects of worship.
Designs are precisely designed in the middle of last century that break harder. The German Bauhaus school, with Mies van der Rohe, and other names like Breuer, Bertoia and Panton, are classics, and buy one of his original designs for furniture now becomes a true investment.
In the bazaar appears, among other products, a series of models of Italian designers of that era, as a set of chairs in leather and stainless steel of the 70′s, or couple from Cassina chairs in brown leather, a material that never longer trend, cozy and warm (in camel is one of the most effective neutral).
Also France was the cradle of design, as seen in the pair of vinyl seats of the 50 or chair Tolix concerning booming industrial art, synonymous with innovation, quality and timeless vitality. This chair mythical worked in sheet metal, has an unfailing strength, while a very ligerienne weight and easy maintenance, designed to withstand outdoor use. However, the trend today include this brand in the interior furnishings. Chairs that were designed to look old in a garden flood the kitchen table most transgressive. Mixing interior exterior, modern and vintage, design and antiques, today is the way to be current.