Friday, January 31, 2020
Ecological Evaluation of Environmental Problems Essay Biodiversity refers to the abundance of life forms (bio means life, diversity means variety or assortment). This includes different animals, plants and micro-organisms. The ecosystem where these living organisms belong, as well as their genetic make-up, is also part of biodiversity. Wide biodiversity is advantageous to species development as there will be various interactions going on among the different species. Among the most bio-diverse ecosystems are rainforests and aquatic ecosystems. Both land and water species can be found in these habitats. The existence, however, of these ecosystems are becoming endangered as a lot of human activities negatively impact these ecosystems. Forest destruction has been an existing issue for the longest time. Pollution Ã¢â¬â air and water Ã¢â¬â is also one of the most common problems different ecosystems and the environment itself are facing. Human activities also cause global warming which is not healthy for all living creatures. These things that people do to our environment can definitely be prevented and avoided. We can start by stopping the use of substances with chemicals such as chlorofluorocarbons (CFCs) which were identified as harmful to the ozone layer. This simple deed can help decrease the effects of global warming to the environment. Local governments should also enforce strict laws against forest destruction. Environmentalists can also start a campaign on reforestation to help rebuild destroyed forests and natural habitats. Maintaining biodiversity is important in human sustainability. Each life form is beneficial to one another. Plants are the producers in the food chain. Some primary and secondary consumers are also taken by humans as food, which is our main source of energy. Continuous destruction of the ecosystems leads to the decrease in these food sources. Thus, preserving the ecosystems and maintaining biodiversity should be seriously considered by everyone. Acid deposition starts with the combustion of fossil fuels such as coal and oil. Burning of these fuels produces nitrogen oxides and sulfur dioxide which are considered air pollutants. Volcanic eruptions can also emit these pollutants. When the nitrogen oxides and sulfur dioxides get released to the atmosphere, chemical transformation happens and sulfuric and nitric acid compounds are produced. These compounds make the air acidic. Eventually, these acidic compounds fall to the surface of the Earth Ã¢â¬â the process called Ã¢â¬Å"acid depositionÃ¢â¬ . Deposition can happen in wet or dry form. Wet deposition occurs when the nitric acid and sulfuric acid compounds are transported with rain, fog, or snow. When these compounds are carried as fine particles by the wind, it is called dry deposition. Acid deposition cause severe damages to the ecosystem. Fish species found in lakes affected by acid deposition tend to disappear. Other aquatic resources in lakes and rivers tend to either disappear or die which creates an imbalance to aquatic ecosystems. Acidification also changes phytoplankton composition. Likewise, acid deposition also affects forests by killing a lot of trees due to the acidic compounds settling onto these life forms. This is evident in most forests where there are copper and nickel refineries nearby. This environmental problem can also trigger asthma and some bronchial infections to humans. The effect may not be seen immediately and may take years before it can be realized. In order for us to minimize the cases of acid deposition is to have a global initiative of reducing emission of sulfur dioxide and nitrogen oxides which cause air pollution. Educating the entire world population of this phenomenon can be a good start. Factories and industrial plants burning fossil fuels should try to research and find other earth-friendly alternatives to those harmful chemicals. Cultural eutrophication is the accelerated aging of aquatic ecosystems, especially lakes, through man-made activities. Eutrophication is the natural process of aging of lakes which is characterized by an increase in the growth of algae and aquatic weeds. Eutrophication rate is determined by how fast the lake gets sediments and nutrients from the watershed, and this naturally occurs over a long period of time. However, if the lake is located in an urbanized area or developed region, eutrophication speeds as there is definitely higher number of sediments and nutrients getting into the lake. This is when natural eutrophication becomes cultural eutrophication. The increased sediments and nutrients, which are mainly phosphorous, usually come from road sand, oil, lawn fertilizers, gas, salt and organic matter being transported to the lake through stormwater or groundwater. Inefficient septic systems can also cause cultural eutrophication. This environmental phenomenon can be prevented through continuous monitoring of the local government. Environmental officials should identify the cause of the cultural eutrophication and determine where the increased sediments are coming from. Once this is identified, measures to prevent these nutrients and sediments from getting into the lake could be placed and enforced. Global warming, from the term itself, is the continuous increase in the temperature of our planet. Global warming is mainly caused by increase of greenhouse gases in the atmosphere. Greenhouse gases such as carbon dioxide, water vapor, ozone and methane forms a gaseous blanket around the Earth. This blanket traps the heat which is responsible for making the Earth warm; else our planetÃ¢â¬â¢s temperature would be well over 60 degrees colder. Global warming becomes an environmental issue because the gaseous blanket is getting thicker and thicker over the years which make the EarthÃ¢â¬â¢s temperature extra hot. The increase in greenhouse gases which causes global warming is due to burning of fossil fuels, agricultural byproducts, industrial processes, waste disposal and treatment among others. By the year 2100, EarthÃ¢â¬â¢s temperature will rise by 3Ã °C to 5Ã °C and sea levels will rise by 25 meters, at least, because of global warming. This would mean an increase in the occurrence of heat waves, floods, tornadoes and drought. Agricultural yields will be low due to these extreme weather conditions. Diseases will also spread easily. Global warming is already a known issue. The only thing that we have to do is to make significant changes in the way we do things like the use of fuels contributing to the increase of greenhouse gases. Little things can help curtail the effects of global warming such as changing filament light bulbs to fluorescent bulbs, making sure the refrigerator and freezer doors are always shut properly, and other measures of conserving electricity. This will not only help save the Earth from global warming, it will also help you save money due to less electricity consumption. Electricity is the most common form of energy people use daily. Currently, electricity is being generated mainly by burning fossil fuels. We all know from the above discussions that fossil fuel combustion creates air pollutants that contribute to acid deposition and global warming Ã¢â¬â in short, environmental destruction. If this way of using energy continuous, we would be in danger of losing a healthy planet to live in a hundred years. Another danger of this is not having enough fossil fuels to use in the future as this is not a renewable source of energy. Fossil fuels such as coal and oil can be depleted because there can only be as much of them in our planet. In order for us to prevent global environmental destruction, we should all try to use sustainable energy in order for us to have reserves in the future. Examples of sustainable energy are renewable sources such as wind, solar, geothermal, tidal and wave power among others. Power plants and electric companies should slowly convert their electricity generating processes to one of these in order to lessen the waste pollutants of fuel combustion. Big companies may also want to initiate a study if its facilities and offices would run on self-built solar power. Other than the big savings, it will definitely help in reducing the number of fossil fuel electricity consumers.
Thursday, January 23, 2020
Virginia Woolf's Use of Moments of Being Ã Ã Ã Virginia Woolf is recognized as one of the great innovators of modern fiction. Her experiments with point of view and her use of stream of consciousness have influenced many writers that followed her. But one particularly interesting technique that does not seem to receive much attention is her use of "moments of being." Ã She first mentions moments of being in her essay, "A Sketch of the Past," which was to be the beginning of her memoirs. She begins with one of her earliest memories: a night in the nursery at St. Ives. She vividly recalls the way the blinds fluttered in the wind, the light coming through the window and the sound of the sea. She had a feeling of "lying in a grape and seeing through a film of semi-transparent yellow" (65). This memory is so strong that when she recalls those sensations they become more real for her than the present moment. This observation leads her to wonder why some moments are so powerful and memorable--even if the events themselves are unimportant--that they can be vividly recalled while other events are easily forgotten. She concludes that there are two kinds of experiences: moments of being and non-being. Woolf never explicitly defines what she means by "moments of being." Instead she provides examples of these moments and contrasts them with moments of what she calls "non-being." She describes the previous day as: Ã Ã Ã Ã Above the average in 'being.' It was fine; I enjoyed writing these first Ã Ã Ã pages . . . I walked over Mount Misery and along the river; and save that Ã Ã Ã the tide was out, the country, which I n... ...ople. When the cotton wool is rent, when one experiences a moment with full consciousness, one experiences the true intensity of life. These moments of being can be read as brief poems hidden among the trivial details of life that some characters--and readers with them--are fortunate enough to experience. Ã Works Cited Ã Winterson, Jeanette. "A Gift of Wings." In Art Objects: Essays on Ecstasy and Effrontery. New York: Vintage Books, 1995. Ã Woolf, Virginia. Between the Acts. New York: Harcourt Brace & Company, 1969. Ã -------. Mrs. Dalloway. New York: Harcourt Brace Jovanovich, 1981. Ã -------. To the Lighthouse. New York: Harcourt Brace & Company, 1981. Ã -------. "A Sketch of the Past."In Moments of Being.Ed. Jeanne Schulkind. 2nd ed. New York: Harcourt Brace & Company, 1985.
Wednesday, January 15, 2020
Almost one in every hundred children gets abused in the United States, and it happens every day. Child abuse is when a child is physically, sexually, emotionally, and mentally abused. Sexual exploitation, neglect, abandonment, and maltreatment are also forms of abuse. Physical abuse includes but not limited to, throwing kicking, burning, or cutting a child. Striking them with a closed fist; shaking them when they are under the age of three, interfering with their breathing, threatening them with a deadly weapon, or doing any other act that is likely to give the child bodily harm and other minor to major injuries to their health, welfare, and safety. Sexual abuse is committing or allowing to be committed to any sexual offense against a child as defined in the criminal code and sexual exploitations when a child is prostituted, being filming in pornographic acts, or being a part of a live action of pornographic acts. Neglect and maltreatment is when the child is not provided with an ade quate amount of food, shelter, clothing, supervision, or healthcare. Abandonment is when a child is deserted by their guardian, left without food, water, shelter, clothing, hygiene, and medical healthcare, or when the guardian is just not doing things they are supposed to do for a child, they relieve themselves from their duties. We are all mandatory reporters. Meaning that any citizen that sees anything suspicious should report, or if you know of a child being abused and donÃ¢â¬â¢t report, you are just as guilty. Almost five children die every day as a result of child abuse. Child abuse is no doubt a hidden epidemic in our society today. Ninety percent of child sexual abuse victims know the perpetrators in some way; sixty-eight percent are abused by family members. Child abuse also happens no matter how rich or poor you are, doesnÃ¢â¬â¢t matter what color you are, and it doesnÃ¢â¬â¢t matter how smart or dumb you are. Thirty percent of women in prison were abused as children, and sixty percent of people in drug rehabilitation centers report being abused or neglected as a child, and are 3.8 times more likely to develop drug addictions. About thirty percent ofÃ abused and neglected as children will continue the cycle with their children as well. Eighty percent of twenty-one year olds that were abused as children met at least one criteria for a psychological disorder. Also abused children are twenty-five percent more likely to experience teen pregnancy. I think child abuse is inclining locally because drugs are becoming more known in younger generations, and their also experimenting sexually earlier, and not being safe about which leads to more teen pregnancies. Some of the reasons child abuse occurs in the first place is because of young parents and drugs/alcohol. So if the rate at which those things or more rapidly happening, and at a younger age, the child abuse rate is bound to incline. It doesnÃ¢â¬â¢t help that we are a bad drug city and we have one of the highest count of child abuse cases in our city. One way to help stop and prevent child abuse is to recognize it, look for the signs and report it. Make your children aware of sexual abuse, teach them the proper names, and tell them that if anyone tries to engage with them in a way that their private parts are involved, to tell their Ã¢â¬Å"support personÃ¢â¬ . Teach young parents how to take care of their children before they leave the hospital. Never discipline children when your anger is out of control, ever leave your children unattended. Listen and believe them. If you see child abuse happening, stop it, donÃ¢â¬â¢t let it happen. To help end abuse, first you should learn how to recognize it in the first place. Child abuse will never truly come to an end, but there are ways to make sure it happens less. CPS needs to better investigate into cases. If youÃ¢â¬â¢ve ever read Ã¢â¬Å"the child called itÃ¢â¬ then you would know that if they go to the house and everything checks out, they believe it. I think they should go deeper into the investigation, if that means surveillance outside their house for a week then so be it. CPS also needs to better background check their own foster parents. I saw on the news a while back that CPS supervisor was abusing the kids she was fostering. CPS is supposed to be a safe haven for kids to go, yet they go to further get abused. I myself was in foster care, and my Ã¢â¬Å"parentsÃ¢â¬ werenÃ¢â¬â¢t the nicest. ItÃ¢â¬â¢s hard to honestly say anything about improving Ã¢â¬Å"familiesÃ¢â¬ considering we arenÃ¢â¬â¢t in there every day life, and we may not even know them. How we can best help families is toÃ make child abuse awareness more public and known, and if we come across a family that has this problem, then intervene. I couldnÃ¢â¬â¢t find much on factors of abuse being Ã¢â¬Å"heredityÃ¢â¬ , but what I could find is that it is not heredity. What generally happens is the child grows up with the type of abuse they know, and because thatÃ¢â¬â¢s all they know, thatÃ¢â¬â¢s how they express their Ã¢â¬Å"loveÃ¢â¬ to their child. Not all abused grow up to do the same to their children, I assume the ones most mentally scarred and got psychological problems from it, grow up to do the same. I donÃ¢â¬â¢t think that our society is necessarily feeding the abuse to anybody. I donÃ¢â¬â¢t really know who would, thatÃ¢â¬â¢s a touchy subject in the first place. Although I can infer that all of the drug, drinking, partying, and sexual innuendo that is seen everywhere is what is feeding to a worse environment for our society. Drugs, alcohol, and partying is such a huge and wide topic everywhere you go in our society, because of that, itÃ¢â¬â¢s more common. Although no one can honestly end child abuse, it is something that we can make more known so that all the poor children that are dying and suffering everyday can also be loved and saved. Learn the signs, report anything unusual.
Tuesday, January 7, 2020
Sample details Pages: 9 Words: 2622 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Lavipharm S.A was established in 1911 and is today a leading pharmaceuticals company with operations in Greece and major international markets such as the USA and France. The Company is mainly a commercial distributor not only of drugs but also of cosmetics. Lavipharm S.A offers products derived from own research as well as high-level services not only to pharmacists but also to consumers. DonÃ¢â¬â¢t waste time! Our writers will create an original "Study On Lavipharm And Computer Financial Modelling Finance Essay" essay for you Create order A pioneer in the area of pharmaceutical technology, Lavipharm S.A develops new dynamic strategies that are flexible in the constantly evolving international environment, but are always in line with its vision. At the same time Lavipharm S.A discusses and reviews new collaborations regarding its reinforcement and expansion not only in the Greek but also in the international scene. The companys strongest elements are its strategic focus on the pharmacy market, it research and development and its international co-operations. In Greece it develops, represents, markets and distributes its own RD products as well as products for third parties. Lavipharms market shares which are mostly therapeutic are: 1st position in antiseptics with a percentage of 52.8% 1st position in drugs for cardiovascular diseases, with a percentage of 46.5% 2nd position in drugs concerning the central nervous system, with a percentage of 36% 4th place in anti-lice products with a percentage of 9.7% The company utilizes an extensive network of agents, medical assistants and professionals promoting pharmaceuticals sales of its own account, as well as for third parties. The pharmaceutical industry in Greece Demand The analysis of the drug demand includes both the description of the factor that determine it, such as demographic and epidemiological characteristics of the population and secondly the approximation of the time path through the sizes of pharmaceutical expenditures. According to the National Statistical Service, in 2006 the Greek population exceeded 11.1 million. Furthermore, in 2007 there were 111.9 thousands of births and 109.9 thousand of deaths.ÃâÃ The average lifespan increases significantly, reaching almost 79.6 years. However, apart from the increase in life expectancy, theÃâÃ age compositionÃâÃ ofÃâÃ theÃâÃ populationÃâÃ contributesÃâÃ more to theÃâÃ pharmaceutical expenditure. It is clear that half of the population which is still economically active maintains all the others. In 2007 the pharmaceutical expenditure amounted ÃÆ'Ã ¢Ã ¢Ã¢â ¬Ã ¡ÃâÃ ¬5.4 billion representing the 21.6% of the public expenditure. It is noted that drugs are a small part of health expenditures whilst also a social good as the relative cost is covered by 86.5% from the social security. Pharmaceutical expenditure in Greece is associated with the rise of consumption of drugs as a result of socio-economic and financial factors. Specifically, the ageing population and new discoveries of science are factors that lead to an increase in the consumption of drugs. 2010ÃâÃ wasÃâÃ undoubtedlyÃâÃ oneÃâÃ ofÃâÃ the most challenging periods in recent years, with major changes at all level of the national economy. Specifically, the Greek drug market suffered a lot of disruptions since the beginning of the year which significantly affected sales at pharmaceutical companies. Change s in drug prices were successively held in early June and September prompted a decrease in reserves and resulted in a significant drop in sales, slowing the activity level and influencing margins in the industry. Supply In 2007, there were 150 pharmaceutical wholesales and drugs cooperatives. These numbers rank Greece in the 3rd position in Europe, as there were only 9 in France and 16 in Germany. Moreover, relatively to the population, Greece has got the greatest number of pharmacies among other countries of Europe (94.2 pharmacies per 100.000 citizens). During 2009, the total amount of sales was ÃÆ'Ã ¢Ã ¢Ã¢â ¬Ã ¡ÃâÃ ¬5.5 billion, the 72.5% of which has been sales to wholesalers and pharmacies, while the rest were drained to hospitals. Moreover, both the productivity and investments in the sector as well as the number of employees rose. Exports The Greek pharmaceutical sector has become much more extraverted in recent years than it did in the past. Companie s export in about 60 countries all over the world and in almost all EU countries. Furthermore, Greek companies have been modernized, with a significant acceptance by other countries as to the quality of the drugs they produce, constantly opening to markets. Porters five forces analysis Fig.1: Porter, M., (1980), Competitive Strategy, Free Press, New York. Bargaining power of suppliers Lavipharm depends upon organic chemicals suppliers. The chemical industry is very competitive and fragmented. The chemicals used in the company are largely a commodity. The suppliers have very low bargaining power and Lavipharm can switch from them without incurring a very high cost. However, what can happen is that the supplier can go for forward integration to become a pharmaceutical company Bargaining power of customers Customers of the companies that constitute the industry are mainly pharmacies and wholesalers. Their bargaining power is limited, as the profit margin is institutio nally limited. It is claimed that only the big companies of the industry have some bargaining power, which is relevant to the amount of products they trade. This, give them flexibility and an ability of negotiation as for the trading conditions. Threat of new entrants The pharmaceutical industry is governed by a specific institutional framework which creates strong obstacles in new entries. Moreover, new entered competitors have to deal with a significant amount of required capital and the creation of a sufficient promotion network. In the pharmaceutical industry, a new entrant may be faced with various hurdles erected by established businesses, such as: Economies of scale manufacturing, RD, marketing, sales, distribution product differentiation established products, brands and relationships capital requirements and financial resources access to distribution channels: preferred arrangements regulatory policy: patents, regulatory standards switching costs e mployee retraining, new equipment, technical assistance The number of companies is already significant, as there are also international instances apart from the Greek once, and covers the needs of the market. Threat of substitute products There are no substitute products for medicine. This is one of the great advantages of the industry. Whatever happens, demand for pharmaceutical products continues and the industry thrives. One of the key reasons for high competitiveness in the industry is that as an ongoing concern the pharmaceutical industry seems to have an infinite future. Competitive rivalry within an industry The total pharmaceutical industry is characterized by a strong competition because of the large number of companies. Strong strategic movements are used from the side of the industrys companies, through of which they try to create expanded partnerships with collaborations and mergers. They move to acquisitions and establish subsidiaries in order to cope with competition. The larger companies of the industry make investments so as to replenish the mechanical equipment they owe and continuously invest on research and development of new products. In the table shown above, 20 of the largest companies with international presence are classified in accordance to the amount of sales they achieved in 2008. Table 1: The 20 largest international pharmaceutical companies, ranked according to the amount of global sales in prescribed medicine, (2009), IMS Health According to an ICAP research which was held in 2008 the three Greek leaders of the industry are: Genesis Pharma: the first purely Greek company. In 2008 its sales reached ÃÆ'Ã ¢Ã ¢Ã¢â ¬Ã ¡ÃâÃ ¬220 million and its profits ÃÆ'Ã ¢Ã ¢Ã¢â ¬Ã ¡ÃâÃ ¬31 million. Elpen: After an increase of 15% its companys turnover approached ÃÆ'Ã ¢Ã ¢Ã¢â ¬Ã ¡ÃâÃ ¬121 million in 2008. Accordingly, net income increased by 27.3% and reached ÃÆ'Ã ¢Ã ¢Ã¢â ¬Ã ¡Ãâ Ã ¬11.4 million. Demo: Demo was established 42 years ago. During 2007 and 2008 it investment activities reached ÃÆ'Ã ¢Ã ¢Ã¢â ¬Ã ¡ÃâÃ ¬40 million. Its turnover was ÃÆ'Ã ¢Ã ¢Ã¢â ¬Ã ¡ÃâÃ ¬90 million while it had a profit of ÃÆ'Ã ¢Ã ¢Ã¢â ¬Ã ¡ÃâÃ ¬696.000. SWOT Analysis Strengths Weaknesses Products with popular trademarks Organised distribution channels Market experience There are no subsidiaries for drugs, as it is an irreplaceable good Increased demand for drugs as a matter of the increased life expectancy Innovative drug solutions by its international holdings In Greece there is a significant delay on the payments from the side of the public sector (up to 12 months) Difficult to take the licence of authorization for new products The industry of pharmaceuticals is rigid Not a good financial position Opportunities Threats Development of organic and homeopathic medicine Use e-commerce as a new distribution channel for the sector of cosmetics Participation in research processes Enhance of the export activities Changing way of pricing policies of drugs Increased amounts of counterfeit medicine Strong competition from international companies By law, the amount of money which could be used for promotion can be limited Low margins, as in Greece the prices of drugs are regulated by the governmentFig 2: SWOT Analysis Strengths Weaknesses Alternative strategies for Lavipharm S.A Products with popular trademarks Organised distribution channels Market experience There are no subsidiaries for drugs, as it is an irreplaceable good Increased demand for drugs as a matter of the increased life expectancy Innovative drug solutions by its international holdings In Greece there is a significant delay on the payments from the side of the public sector (up to 12 months) Difficult to take the licence of authorization for new products The industry of pharmaceuticals is rigid Not a good financial position Opportunities S O Strategies W O Strategies Development of organic and homeopathic medicine Use e-commerce as a new distribution channel for the sector of cosmetics Participation in research processes Enhance of the export activities S2, S3, S5 O4 : Expand abroad and meet the demand S3, O1: Focus on organic and homeopathic medicine and occupy new market shares W4 O2, O4: Use e-commerce to increase sales and decrease administrative expenses Threats S T Strategies Changing way of pricing policies of drugs Increased amounts of counterfeit medicine Strong competition from international companies By law, the amount of money which could be used for promotion can be limited Low margins, as in Greece the prices of drugs are regulated by the government S2, S3 O3 : Decrease threats from competition by taking advantage of the market Fig 3: SWOT Matrix Analysis Strengths One of the main points of industry is the nature of the products and the market they appeal. Drugs are an irreplaceable good with a continuously increased demand. Greek pharmaceutical industries have developed promotion networks as well as a successful growth in research and development of new products. Moreover, during the last decade Greek companies achieved increased exports of their products in almost EU countries as well as to other countries all over the world. Weaknesses The weakest point that the industry faces is the institutionally controlled p rofit. Furthermore, the public health funds significantly delay their accruals to the companies, usually for about 12 months. This factor in accordance to the limited funding from the side of the banks threatens the operating capital of the companies. Also, it is time and money consuming for a company which has developed a new product to take the licence needed in order to have the acceptance to place this product on market. Opportunities Actions of researching and developing new types of products, as for example homeopathic and biological medicine, as well as the enhancement of their brand names refreshes the demand for products and as a matter of fact commerce. Moreover, e-commerce can play a vital role for the industry and enhance not only their recognition from the market but also decrease the amount of operational costs. Threats A serious threat for the industry is the expansion of foreign companies in the Greek market. Thereby, the share of the market that its comp any is addressed is getting smaller and competition increases. What is of equal importance is the fact that over the last years a serious amount of counterfeit medicine have been detected and sometimes confiscated at their attempt to enter European borders. Scenarios Scenario 1: Stability In this scenario it is assumed that the company will continue to operate like it did during the last year. Ãâ Scenario 1 Sales Growth Rate 0.24% Cost of Goods/Sales 74.59% Administrative Expenses/Sales 36.87% Fixed assets growth 3.73% Table 2: Stability scenario The sales growth rate is 0.24%. Even though the percentage is very low, it could be claimed that mainly because of the global financial crisis, it presents reality. As a matter of fact, the company is going to continue its businesses by producing, promoting and selling the same products. All ratios are considered to remain stable. ROA as well as ROE are slightly increasing during the forecasting years even though they are still negative. The net present value of the company is ÃÆ'Ã ¢Ã ¢Ã¢â ¬Ã ¡ÃâÃ ¬99,974,275.01 and its value of shares is ÃÆ'Ã ¢Ã ¢Ã¢â ¬Ã ¡ÃâÃ ¬1.14. What is disappointing in this scenario is that net earnings are increasingly negative over the forecasted period. Scenario 2: Maturity In this scenario it is assumed that the company will continue its operations and gradually mature. Ãâ Scenario 2 Sales Growth Rate 3.73% Cost of Goods/Sales 74.59% Administrative Expenses/Sales 36.87% Fixed assets growth 3.73% Table 3: Maturity scenario It is assumed that the sales growth rate will be 3.73%. In fact, this a rather optimistic scenario as the financial crisis has affected the pharmaceutical sector as well. The company is going to operate in the average of the last five years and gradually enter the maturity phase, by selling apart from the already existing products some new developed ones. All the other ratios will remain stable. It could be claimed that the increase on sales could be a result of developing new lines for the company products, as for example biological and homeopathic. The examination of this scenario shows that this could be a very good perspective for the viability of the company. Net present value of the company significantly increases (ÃÆ'Ã ¢Ã ¢Ã¢â ¬Ã ¡ÃâÃ ¬ 192,254,228.74) and the value of its shares reaches ÃÆ'Ã ¢Ã ¢Ã¢â ¬Ã ¡ÃâÃ ¬2.98. It is proposed that the company should re-organize its operations, handling expenses in a differe nt, more efficient way. Scenario 3: Harsh competition In this scenario it is assumed that the company will face harsh competition. Ãâ Scenario 3 Sales Growth Rate 2.50% Cost of Goods/Sales 74.59% Administrative Expenses/Sales 28.00% Fixed assets growth 3.73% Table 4: Harsh competition scenario Despite the good position that the company has achieved to gain, there is always the threat of displacement by other competitors, not only new but existing as well. It is a common phenomenon especially nowadays because of the financial crisis, having companies merged and conquers very good market positions with significant power. The sales growth rate of the company s considered to be less than the previous examined years. If Lavipharm S.A has to deal with such a case in the future it should make efforts to decrease its expenses. Net present value continues to be positive and equal to ÃÆ'Ã ¢Ã ¢Ã¢â ¬Ã ¡ÃâÃ ¬69,211,229.95 and it value of shares ÃÆ'Ã ¢Ã ¢Ã¢â ¬Ã ¡ÃâÃ ¬0.53. Scenario 4: Enter new markets In this scenario it is assumed that the company will expand in new markets apart from those in which it already does. Ãâ Scenario 4 Sales Growth Rate 6.50% Cost of Goods/Sales 74.59% Administrative Expenses/Sales 36.87% Fixed assets growth 8.00% Table 5: Enter new markets scenario Lavipharm S.A has embarked in an international course since 1984. France was its first international attempt which was followed by USA and Cyprus. Balkan countries are a very attractive destination for the majority of the Greek companies. This scenario requires an increase in fixed assets as the company is going to need buildings and this is the reason why fixed assets growth is almost doubled. It is also estimated that sales growth rate will increase by 6.50% considering the demand in the new entered country. If this scenario happens, then the NPV of the company will become ÃÆ'Ã ¢Ã ¢Ã¢â ¬Ã ¡ÃâÃ ¬985,454,204.64 and its value of shares is expected to be ÃÆ'Ã ¢Ã ¢Ã¢â ¬Ã ¡ÃâÃ ¬18.82. Even though the companys cash flows are expected to significantly fall and remain negative. Conclusions As it is presented in the scenarios analyzed above, net present value of the company will remain positive, but its cash flows are in all cases expected to be negative. This is a very crucial observation, important for the viability of Lavipharm. The market experience and its presence, not only in the Greek market but the US and Cyprus as well, cannot change the already bad financial position of the company. At this current time, Lavipharm should be well prepared and ready to handle any situation which may lead to unpleasant and risky for it situation. Its capital should be efficiently and effectively managed.