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groonster that's correct, the PHIL. president he talks wildly and he must be carefully how to talk with the government of China.
Does any body else likes the green color as much as I do?
I hope Monday will hit .01
Soon will see this sub penny
I wish to see every day green even with .001 but green.
I have a feeling they will rich a deal is about time.
I believe that the PHIL. president will come in agreement on his visit in China this month. After all it is about time and I think will drill with 50/50. (This is my personal feeling)
Yesrerday I add 200k more at.005, I dont know if I did good or I will loose everything.
SOUTH CHINA SEA | Thu Oct 6, 2016 | 9:31am EDT
Amid South China Sea uncertainty, Indonesia stages a show of force
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Indonesian Air Force Sukhoi fighter jets land after training for an upcoming military exercise at Hang Nadim Airport, Batam, Riau Islands, Indonesia October 3, 2016 in this photo taken by Antara Foto. Picture taken October 3, 2016. Antara Foto/M N Kanwa/ via REUTERS
By Eveline Danubrata | RANAI, INDONESIA
Indonesian warplanes on Thursday staged a large-scale exercise on the edge of South China Sea territory claimed by Beijing, a show of force that adds to regional uncertainty sparked by the Philippines' sudden tilt away from the United States.
President Joko Widodo watched from Ranai, capital of the Natuna Islands archipelago, with hundreds of military officials as about 70 jets carried out manoeuvres that included a dog fight and dropping bombs on targets off the coast.
"The president has a policy that all the outer islands that are strategic will be strengthened, be it air, maritime or land," Gatot Nurmantyo, commander of the Indonesian National Armed Forces, told reporters.
"Our country needs to have an umbrella. From corner to corner, we have to safeguard it."
Foreign Minister Retno Marsudi told reporters in Ranai that the exercise was "routine", but it was also Indonesia's biggest so far and follows a move by Widodo in June to hold a cabinet meeting on board a warship off the Natuna islands.
Indonesian officials described Widodo's visit at that time as a strong message to Beijing following a spate of face-offs between Indonesia's navy and Chinese fishing boats in the gas-rich southern end of the South China Sea.
China, while not disputing Indonesia's claims to the Natuna islands, has raised Indonesian anger by saying the two countries had "overlapping claims" to waters close to them, an area Indonesia calls the Natuna Sea.
China claims almost the entire South China Sea, through which about $5 trillion worth of trade passes each year. Brunei, Malaysia, the Philippines, Taiwan and Vietnam also have claims to parts of the sea.
While Indonesia is not part of the dispute over the South China Sea, it objects to China's inclusion of waters around the Natuna Islands within its 'nine-dash line', a demarcation line used by China to show its claims there.
Jakarta has traditionally taken a neutral position on the South China Sea itself, acting as a buffer between China and fellow members of the Association of Southeast Asian Nations (ASEAN) that have the most at stake, the Philippines and Vietnam.
"The overall strength of ASEAN depends in great part on the willingness of Indonesia to play that role of diplomatic broker ... and that's where I think we're seeing some of this wobbliness," said Euan Graham, director of International Security at the Lowy Institute, a Sydney-based think-tank.
"A VERY FLUID SITUATION"
Diplomats and analysts say that, even before the Indonesian military exercise, recent events had thrown the status quo around the South China Sea into doubt, with some countries buttressing long-held positions and others moving toward Beijing.
An open war-of-words between Singapore and China, and Vietnam letting two U.S. warships visit its highly-strategic naval base at Cam Ranh Bay this week, contrasted with more pro-Beijing moves taken by the Philippines and Malaysia.
"We're facing a very fluid situation right now," said Ian Storey, a South China Sea expert at Singapore's ISEAS Yusof Ishak Institute.
ALSO IN SOUTH CHINA SEA
Indonesia air force holds its largest military exercise in South China Sea
China armed forces warn Japan against South China sea patrols
"We can see some countries taking actions that effectively reveal their consistent positions and others are being much more deferential to China, rolling over and waiting for a tummy rub from Beijing."
Storey and other analysts said the hostility toward the United States from new Philippine President Rodrigo Duterte, and his questioning of the decades-old security alliance between Manila and Washington, would fuel uncertainty long-term.
The potential for a much closer security relationship between China and Russia, which recently staged their first joint exercises in the South China Sea, was another driver.
"Make no mistake, if Duterte follows through on his rhetoric it has the potential to shift the overall dynamics of not just the South China Sea issue, but broader strategic assumptions across Southeast Asia," he said.
Zhang Baohui, a mainland security expert at Hong Kong's Lingnan University, said China may be swift to exploit a tilt away from Washington by Duterte.
"Some Chinese elites are seeing this as a God-sent gift to China," Zhang said. "This represents a huge potential shift."
(Additional reporting by Greg Torode in HONG KONG and Lincoln Feast in SYDNEY; Writing by John Chalmers; Editing by Alex Richardson)
NEXT IN SOUTH CHINA SEA
Singapore accuses Chinese paper of fabricating South China Sea story
BEIJING Singapore's ambassador to China on Tuesday accused a major state-run Chinese newspaper of fabricating a report about Singapore's position on the South China Sea, but the paper stuck by its story.
China says Japan trying to 'confuse' South China Sea situation
BEIJING China on Monday accused Japan of trying to "confuse" the situation in the South China Sea, after its neighbor said it would step up activity in the contested waters, through joint training patrols with the United States.
Japan to boost South China Sea role with training patrols with U.S.: minister
WASHINGTON Japan will step up its activity in the contested South China Sea through joint training patrols with the United States and bilateral and multilateral exercises with regional navies, Japanese Defense Minister Tomomi Inada said on Thursday.
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The R/S is coming soon? any opinion?
The next news I think will be the Co. will increase the O/S shares, now they have 2.9 million and Authorized 200 million . Maybe all of them (the Authorized) will be O/S with the Co. to keep most of them
then we will see good news and the stock will sky if they have good selling and profit ,I believe they do.
FinsDonRule, does this means that the City Bank will buy the GLUC?
I am sory I make this question, I am not too expert to understand this news. Have a good day.
At 12/31/15 as Yahoo report says, maybe is a mistake
12/31/2014 12/31/2013
Total Revenue 5,788.177 3,317.039 4,095.907
Cost of Revenue 4,268.743 2,682.399 3,895.091
Gross Profit 1,519.434 634.64 200.816
Operating Expenses
Research Development - - -
Selling General and Administrative 1,322.36 1,916.511 828.148
Non Recurring - - 406.211
Others - - -
Total Operating Expenses - - -
Operating Income or Loss 197.074 -1,281.871 -1,033.543
Income from Continuing Operations
Total Other Income/Expenses Net 1.438 2.213 1,812.724
Earnings Before Interest and Taxes 198.512 -1,279.658 779.181
Interest Expense 2.701 4.67 14.806
Income Before Tax 195.811 -1,284.328 764.375
Income Tax Expense - - -
Minority Interest - - -
Net Income From Continuing Ops 195.811 -1,284.328 764.375
Non-recurring Events
Discontinued Operations - - -
Extraordinary Items - - -
Effect Of Accounting Changes - - -
Other Items - - -
Net Income
Net Income 195.811 -1,284.328 764.375
Preferred Stock And Other Adjustments - - -
Net Income Applicable To Common Shares 195.811 -1,284.328 764.375
SUNVALLEY SOLAR, INC. Financials at EDGAR Online Financials Fri 1:04pm
Financials report outtoday at 1:00PM
At last, 10 Q out
PH president will visit China Oct. or Nov. as I have read it somewhere. If there will make any official agreement with signatures then we have to hope, China is a greedy I don't trust what he says, but there is a hope.
I think tomorrow will go .003 up. As of yet is not this report on any American news like Reuters, CNN, NY Times etc. If we read it on theses news FECOF will fly. (This is my personal opinion and reflects my wish)
Gnoonster, this is the best news, thank you.
The Co.has 200 million A/S shares, those soon will issue as O/S and then the price?
I think there will not be any news soon.
One month today from the notification for late Q. Any comment?
Any body around? Any news, opinion, hope? news from cured person if any. No way, something is cooking here.
People, expect soon to issue more shares and this means delusion, or maybe F/S, but what ever will be it will come out also news for the sales, I think the sales (the income) will be ok. I see after this happens the price down to 2-3 cents and then in sky with good reports. In one wall mart every 10 days the self where thy put their product is empty and then full up again, it takes 25-30 items that part of self, that means they sell.
I hope within a month will make officially the deal. The deal and the demands from Philippines is ready only needs signature from China. I don't understand what China wants 2.000 miles away, and calls the coast of Philippines Chinese. Is like Greece will come out side the coast of Canada or North US States to make the area theirs because at Alexander the great era they came for fishing. (2.500 thousand years ago.)
Sept 15 is one month from the day they report that the Q will be out late. What about if not Sept 15 release the Q, (pink sheets?)
Gnoonster, do you think I have to start to make plans where Christmas Holidays I will make a long-delay Vacation?
Chinese Premier Li Keqiang told Philippines President Rodrigo Duterte he hopes the two countries can work together to bring bilateral ties back to a normal track, the Chinese foreign ministry said in a statement posted on its website on Friday.
The two leaders met on the sidelines of a regional summit in the Lao capital Vientiane on Thursday at a time of tension between China and the Philippines over disputed territory in the South China Sea.
Li said he hoped bilateral relations could "realize healthy, stable development", the statement said.
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Duterte said Li's remarks represented one of his own principles and he said improving relations with China was his "active desire", according to the statement.
China claims much of the South China Sea, through which more than $5 trillion of trade moves annually. Vietnam, the Philippines, Malaysia, Brunei and Taiwan also have claims.
China has over the past year alarmed other claimants, and outside powers such as the United States and Japan, by re-claiming land on several disputed reefs through dredging, and building air fields and port facilities.
In July, an international arbitration case brought and won by Manila ruled that China's building of numerous artificial islands was illegal and its claims to most of the South China Sea had no legal basis. China has rejected the ruling.
(Reporting by John Ruwitch; Editing by Michael Perry)
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Wed Sep 7, 2016 5:21pm EDT
Tensions over South China Sea belie summit cordiality
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( L to R) Myanmar's State Counsellor Aung San Suu Kyi, Singapore's Prime Minister Lee Hsien Loong, Thailand's Prime Minister Prayuth Chano-cha, Vietnamese President Tran Dai Quang, Chinese Premier Li Keqiang, Laos Prime Minister Thongloun Sisoulith, Philippines President Rodrigo Duterte, Brunei's Sultan Hassanal Bolkiah, Cambodia's Prime Minister Hun Sen, Indonesia's President Joko Widodo and Malaysian Prime Minister Najib Abdul Razak pose for photo during ASEAN-China Summit in Vientiane, Laos September 7, 2016. REUTERS/Soe Zeya Tun
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By Amy Sawitta Lefevre and Manuel Mogato | VIENTIANE
The Philippines said on Wednesday it was "gravely concerned" that Chinese boats were preparing to build structures at a disputed shoal in the South China Sea, shattering an appearance of cordiality at an Asian summit in Laos.
Officials said talks between Southeast Asian leaders and Chinese Premier Li Keqiang went smoothly. There was no reference to a July ruling by an court in The Hague that declared illegal some of China's artificial islands and invalidated its claims to almost the entire waterway.
But, hours before the meeting, the Philippines' defense ministry released photographs and a map showing what it said was an increased number of Chinese vessels near Scarborough Shoal, which China seized after a standoff in 2012.
"We believe that this is a precursor to possible building of structures on the shoal," spokesman Arsenio Andolong said in Manila, adding that a denial by China's ambassador was "even more disturbing."
"We are gravely concerned," he said.
China said there had been no change in the situation around the shoal and it had not taken any new action there. Chinese Foreign Ministry spokeswoman Hua Chunying told a daily briefing in Beijing that "some people" were spreading information that was "hyping the situation".
China's embassy in Manila said in a statement on Wednesday that there had been no dredging or building at the shoal and China had maintained a coastguard presence there for law enforcement patrols.
China, Taiwan, the Philippines, Vietnam, Malaysia and Brunei claim parts or all of the South China Sea, making it a hot spot of regional tension.
China has over the past year alarmed other claimants, and outside powers such as the United States and Japan, by re-claiming land on several disputed reefs through dredging, and building air fields and port facilities.
A Philippines official said the release of the pictures and a map showing the ships' positions was ordered by the defense minister, who was at the Association of South East Asian Nations (ASEAN) summit in Vientiane.
But there was no row over the issue at the summit.
"It seems that every country played down the level of conflict, therefore the tone of the meeting was quite friendly and emphasized peace and security within the region," said Weerachon Sukhondhapatipak, a Thai government spokesman.
ROW WITH WASHINGTON
The Philippines' expression of concern comes after a dispute with the United States, its former colonial power. Ties turned frosty when Philippine President Rodrigo Duterte insulted U.S. counterpart Barack Obama on Monday, prompting the cancellation of a meeting between them.
They made some steps towards clearing the air late on Wednesday, however, chatting briefly, and exchanging pleasantries as they prepared to take their seats at a leaders' dinner.
"It all springs from the fact that the relationship between the Philippines and the United States is firm, very strong," Philippines' foreign minister, Perfecto Yasay, said of their meeting.
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The United States has been a staunch ally of the Philippines and China has repeatedly blamed Washington for stirring up trouble in the South China Sea, through which more than $5 trillion of trade moves annually.
The United States says it has no position on the territorial disputes but wants to ensure freedom of navigation.
With that in mind, it has conducted patrols close to Chinese-held islands, to Beijing's anger, while China has been bolstering its military presence in the sea.
Although the Scarborough Shoal is merely a few rocks poking above the sea, it is important to the Philippines because of the fish stocks in the area. Manila says China's blockade of the shoal is a violation of international law.
The dispute has become more significant since the Permanent Court of Arbitration ruled in July that no country had sovereign rights over activity at Scarborough Shoal. China has refused to recognize the ruling by the court in The Hague.
Duterte wants China to abide by the ruling and stuck to his promise not to raise the issue during the meeting in Laos.
An ASEAN communique on Wednesday listed eight points related to the South China Sea, but made no mention of the arbitration ruling.
The bloc traditionally shies away from taking a position on thorny diplomatic issues, especially where China is concerned, because of its influence in the region.
(Additional reporting by Mai Nguyen and Roberta Ramption; Writing by John Chalmers and Martin Petty; Editing by Robert Birsel and Raju Gopalakrishnan)
Or he forgot it.
Obama urges China to stop flexing muscles over South China Sea: CNN
China needs to be a more responsible power as it gains global influence and avoid flexing its muscles in disputes with smaller countries over issues like the South China Sea, U.S. President Barack Obama told CNN in an interview to be aired on Sunday.
Obama, who meets with President Xi Jinping at a G20 summit next week in China, told CNN the United States supports the peaceful rise of China but that Beijing had to recognize that "with increasing power comes increasing responsibilities," according to excerpts released on Friday.
"If you sign a treaty that calls for international arbitration around maritime issues, the fact that you're bigger than the Philippines or Vietnam or other countries ... is not a reason for you to go around and flex your muscles," Obama said. "You've got to abide by international law."
China, a signatory to the U.N. Convention on the Law of the Sea, recently lost an arbitration dispute over the South China Sea. A court in the Hague found China had no historic title over the waters of the South China Sea and had infringed on the rights of the Philippines. Beijing has rejected the ruling.
Obama said Washington had urged Beijing to bind itself to international rules and norms to help build a strong international order.
"Where we see them violating international rules and norms, as we have seen in some cases in the South China Sea or in some of their behavior when it comes to economic policy, we've been very firm," Obama told CNN. "And we've indicated to them that there will be consequences."
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The U.S. president said China could not expect to "pursue mercantilist policies that just advantage" itself now that China has become a more affluent, middle-income country.
"Even though you still have a lot of poor people, you know, you can't just export problems. You've got to have fair trade and not just free trade," Obama said. "You have to open up your markets if you expect other people to open up their markets."
(Reporting by David Alexander; Editing by Eric Beech)
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Philippines worried, says more Chinese boats spotted at disputed shoal
By Manuel Mogato | VIENTIANE
The Philippines expressed "grave concern" on Sunday and demanded an explanation from China's ambassador over what it said was an increasing number of Chinese boats near the disputed Scarborough Shoal in the South China Sea.
A Philippines air force plane flew over the rocky outcrop on Saturday and spotted more boats than usual in a flotilla China has maintained since seizing the shoal after a tense standoff in 2012, Defense Secretary Delfin Lorenzana said.
"There were four Chinese coastguard ships and six other vessels, including blue-colored barges, around Scarborough Shoal," he said in a text message sent to reporters.
"The presence of many ships other than coastguard in the area is a cause of grave concern."
China's embassy in Manila could not be reached for comment.
Though the shoal is merely a few rocks poking above the sea, it is important to the Philippines because of its tranquil waters and rich stocks of fish. Manila says China's blockade of the shoal is a violation of international law.
The dispute has become more significant since the Permanent Court of Arbitration (PCA) on July 12 ruled that no one country has sovereign rights over activity in the Scarborough Shoal, a traditional fishing ground for Chinese, Filipino and Vietnamese.
China has refused to recognize the ruling and the latest comment from the Philippines could cause a stir ahead of two regional summits in Laos from Tuesday, where leaders of Southeast Asian states as well as China, Japan and United States will meet.
Philippine President Rodrigo Duterte wants China to abide by the ruling but has pledged not raise the issue next week. He wants to smooth the way for bilateral negotiations and last month sent former president Fidel Ramos as his special envoy to meet Chinese representatives in Hong Kong.
Defense Secretary Lorenzana said Beijing had earlier this year tried to send dredging barges to the shoal, but there was no sign of any reclamation activity so far.
China has previously used barges to dredge sand for its seven man-made islands in the Spratlys.
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"We don't know yet if those barges are precursors of future dredging operations," he said.
"If they try to construct anything in Scarborough it will have far reaching adverse effect on the security situation."
China's maintains claims to almost the entire South China Sea, which is a vital waterway for global trade. Malaysia, the Philippines, Taiwan, Brunei and Vietnam have competing jurisdictional claims.
U.S. President Barack Obama pressed his Chinese counterpart Xi Jinping on Saturday on territorial disputes in the South China Sea, urging Beijing to uphold its legal obligations and stressing the United States' commitments to its regional allies.
Tensions over the disputed waters between China and its neighbors were expected to hang over the G20 summit, which opens in the eastern Chinese city of Hangzhou on Sunday.
(Editing by Martin Petty and Kim Coghill)
U.S. President Barack Obama on Saturday pressed his Chinese counterpart Xi Jinping on territorial disputes in the South China Sea, urging Beijing to uphold its legal obligations and stressing the United States' commitments to its regional allies.
Tensions over the disputed waters between China and its neighbors were expected to hang over the G20 summit, which opens in the eastern Chinese city of Hangzhou on Sunday.
China is keen to ensure a smooth summit, its highest profile event of the year, as it looks to enhance its global standing and avoid acrimony over a long list of tensions with Washington.
Obama, now in the last five months of his presidency, wants to put a final stamp on his signature policy shift toward the Pacific, setting the tone for his White House successor, who will be elected in November and take office on Jan. 20.
He has invested in developing closer ties with nations in Southeast Asia, and is taking pains in his last scheduled trip to the region to reassure partners worried about the economic and military might of China.
After more than four hours of meetings with Xi and his top officials, Obama emphasized the importance for China to "abide by its obligations" to an international maritime treaty in the dispute over rights to a territory rich in oil and fish through which $5 trillion in trade travels each year.
An arbitration court in The Hague ruled in July that China had no historic title over the waters of the South China Sea and had infringed on the rights of the Philippines, which brought the case under the U.N. Convention on the Law of the Sea.
China rejected the ruling and accused the United States of stirring up trouble in the sea where its territorial claims overlap in parts with Vietnam, the Philippines, Malaysia, Brunei and Taiwan.
"China will continue to firmly safeguard its sovereignty and maritime rights in the South China Sea," Xi said according to a statement on the foreign ministry's website.
"At the same time, it will persist in peacefully resolving disputes through consultations with parties directly involved," Xi said, urging the United States to "play a constructive role" in the peace and stability of the region.
In an unusually lengthy statement following the meeting, the White House said Obama had "underscored the United States' unwavering commitment to the security of its treaty allies."
"The president reaffirmed that the United States will work with all countries in the region to uphold the principles of international law, unimpeded lawful commerce, and freedom of navigation and over-flight," the White House said.
'CANDID' TALKS, ENDING IN A NIGHTTIME STROLL
Obama is at his last summit of the world's 20 major economies, and the White House said the Hangzhou visit would likely be his final meeting as president with Xi, with whom he has grappled over hacking incidents, commercial tensions, and differences over human rights.
Obama stressed the need for a "an open trade and investment environment" and "the need for China to protect religious freedom for all of its citizens," the White House said.
China rejects criticism of its human rights record, arguing it has lifted millions out of poverty.
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Cyber issues, from concern over hacking and cyber espionage to emerging Chinese policies on information technology that foreign companies fear could limit their operations in the country, have also strained ties.
The visit got off to a rocky start when a Chinese government official angrily scuffled with Obama's top national security adviser, Susan Rice, at the airport, and yelled at a press aide.
Obama and Xi tried to strike a cooperative tone, formally agreeing to join the Paris agreement to curb climate-warming emissions, a deal they worked together to cement.
But then they got down to more thorny issues. For his part, Xi told Obama that China objects to the deployment of a U.S. missile shield in South Korea to help protect against the North Korean nuclear threat.
Xi also told Obama it was the responsibility of China and the United States to carry out a successful G20 summit and to "inject momentum to the global economy while lifting confidence," Xinhua said.
The leaders met for more than four hours, first flanked by their top security and economic advisers, and later talking one-on-one as they took a night-time stroll around the picturesque West Lake, where Xi is hosting the G20 summit.
Video footage of the walk showed Xi asking Obama about his daily exercise routine, and describing growth and change in the region as the leaders sat down for tea.
"We're also setting the stage so that the next U.S. administration comes in with a relationship that is on a strong and productive footing," Obama told Xi.
(Reporting by Roberta Rampton; Writing by Michael Martina; Editing by Gareth Jones and James Dalgleish)
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I say the same thing, something is cooking.
I see dilution, they might issue 1-2 hundreds of million shares, the Co. can not survive with just 3 million O/S shares no matter how good is the sales and or the profit, (or F/S?)
Sound good, Thank you and we hope.
Today Financials out ended Dec. 2015 (At Yahoo) Nothing mention for 2016
If you read every thing some where they mention for Global Medical Products, I don't understand it at all. This is from last October.
ating Action: Moody's affirms Grifols SA's Ba2 CFR; changes outlook to stable from negative
Global Credit Research - 13 Oct 2015
London, 13 October 2015 -- Moody's Investors Service (Moody's) has today affirmed the Ba2 corporate family rating (CFR) and the Ba2-PD probability of default rating (PDR) of Grifols S.A. (Grifols), a global healthcare company primarily focused on blood plasma-derived products and transfusion medicine. Concurrently, Moody's also affirmed the Ba1 rating of the USD4.5 billion senior secured bank loans and the B1 rating of the unsecured USD1 billion notes issued by Grifols World Wide Operations Ltd. Moody's has changed the outlook to stable from negative.
RATINGS RATIONALE
"The affirmation of Grifols' Ba2 CFR and the change in the outlook to stable from negative reflects the fact that Grifol's performance in 2014 and in first half of 2015 has been in line with Moody's expectations. Based on LTM June 2015's results, Grifols leverage as measured by Moody's Adjusted Gross Debt-to-EBITDA was 4.2x. However, based on Moody's revised forecast, Grifols' leverage will trend toward 3.9x in the next 12-18 months." says Andrey Bekasov, AVP and lead analyst at Moody's.
"Moody's expects mid-single digit organic growth in Bioscience driven by sales of IVIG and Alpha-1 because of marketing efforts in the US and EU and by global sales of albumin particularly in China after the renewal of the import licence. Moody's expects Diagnostics to have low-single digit organic growth mainly driven by demand in Asia. Grifols will likely need to adjust its inventory levels upwards after the introduction of additional production capacity in the US, which will slightly suppress CFO-to-Debt. This will also require expansion of collection centres. However, Moody's expects Grifols to continue generating positive free cash flows also thanks to the lower capex and R&D requirements (not more than 10% of sales) compared to traditional pharmaceutical companies." adds Andrey Bekasov.
As Moody's expected, in the first half of 2015 Grifols' EBITDA has benefitted from the depreciation of the EUR (the reporting currency) versus the USD as earnings in USD (translated in EUR) were gradually "catching up" with mainly USD-denominated debt. Moody's believes Grifols has an adequate natural currency hedge in place by closely matching its debt in USD with cash flows in USD. However, large moves in EUR/USD exchange rate can add volatility to EBITDA.
Grifols' Ba2 corporate family rating (CFR) incorporates (1) Grifols' narrow, albeit improving, diversification, with a high dependence on plasma-derived products and vulnerability to market imbalances and negative pricing movements; (2) our view of the potential high impact -- albeit low probability -- of safety risks relating to product contamination; and finally (3) Grifols' credit metrics, which we expect will remain adequate for the rating in the next 12-18 months.
These negative rating drivers are balanced by (1) Grifols' scale, with a high degree of vertical integration and the solid market position; (2) the barriers to entry to the blood plasma-derived products market including, but not limited to, a high degree of capital-intensity and regulatory constraints in combination with a highly consolidated market that is dominated by three players (Grifols, CSL and Baxalta); (3) favourable market dynamics, with attractive volume growth supported by earlier and enhanced diagnosis of patients; and (4) the generally strong capacity to generate free cash flow.
Grifols' liquidity profile is good. The 2014's refinancing resulted in a lengthening of the new debt maturity profile which is a positive factor for the rating. The term loans will amortize until 2020 and 2021, albeit at a very slow pace, while the revolving credit facility (RCF) of USD300 million will mature in 2019. Grifols retains a solid liquidity position, including EUR788.7 million in cash and cash equivalents and an undrawn USD300 million RCF as of 30 June 2015. The senior secured bank credit facilities contain one financial covenant for leverage with good headroom. Grifols' only medium-term debt maturities include small amortization payments on the term loans.
In 2014, Grifols refinanced its term loans of about USD4.5 billion, including the unsecured bridge facility of USD1.5 billion used to fund the acquisition of the diagnostic division, with new term loans of USD4.5 billion. The new term loans are guaranteed by subsidiaries of the group representing at least 80% of the consolidated assets and consolidated EBITDA and secured on all material assets of the group. Grifols also refinanced its 8.25% USD1.1 billion unsecured notes due 2018 with the new 5.25% USD1.0 billion unsecured notes due 2022. The senior secured instrument ratings are Ba1/LDG3, one notch higher than the corporate family rating, and the unsecured notes are rated B1/LGD6, to reflect their subordination to the term loans.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook reflects Moody's view that Grifols credit metrics will be within the target range for the rating, and that the pace of deleveraging will be slow. The stable outlook does not incorporate significant capital structure changes from shareholder friendly actions or large debt-financed acquisitions.
WHAT COULD CHANGE THE RATING - UP
An upgrade of the CFR to Ba1 is unlikely in the next 12-18 months, but could be considered if:
Moody's Adjusted Gross Debt-to-EBITDA trends towards 3.0x
CFO-to-Debt improves sustainably above 20%
Stable operating performance continues with share gains in major products
WHAT COULD CHANGE THE RATING - DOWN
Downward pressure could arise if:
Moody's Adjusted Gross Debt-to-EBITDA remains sustainably over 4.0x
CFO-to-Debt falls towards 10%
Moody's Adjusted EBITDA margin notably drops
Liquidity deteriorates significantly
Quality concerns emerge about Grifols' major products
PRINCIPAL METHODOLOGY
The principal methodology used was the Global Medical Product and Device Industry published in October 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.
Grifols S.A. (Grifols), based in Barcelona, Spain, is a global healthcare company primarily focused on blood plasma-derived products for transfusion medicine. Grifols extracts essential proteins from human plasma, the liquid portion that constitutes 50% of the total blood volume, and uses these proteins to produce therapeutic medicines to treat a range of rare, chronic and acute conditions. Grifols also supplies devices, instruments and reagents for clinical diagnostic laboratories. In 2014, Grifols reported revenues of EUR3.35 billion broken down by geography as follows: USA and Canada, 60.9%; EU, 19.8%; and the rest of the world, 15.5%. The company had 13,980 employees and operated subsidiaries in 30 countries as of 31 December 2014. Grifols is listed (also via ADR in the US) on the Madrid Stock Exchange and is part of the IBEX 35 Index.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.
Andrey Bekasov
Asst Vice President - Analyst
Corporate Finance Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Mario Santangelo
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
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