Anca Vlad, Fildas: Cash flow problems are becoming overwhelming
"It is very unpleasant for a Romanian entrepreneur to go to
their partner ashamed that they are unable to pay their bills on
time," says Anca Vlad, who controls an over 200 million-euro
business on the pharmaceutical market. Anca Vlad, who controls drug
distributor Fildas and drugstore chain Catena, says "it feels like
the business world has never before been as difficult for
entrepreneurs," due to the lack of a dialogue with the authorities.
"Like every October, cash flow issues become overwhelming. My
colleagues in the financial department only handle negotiations,
and extending payment deadlines with the suppliers. We would manage
to reach an agreement (with the suppliers. i.e.) if things were
predictable, but under these uncertain times, they are extremely
reserved," said Anca Vlad. Anca Vlad says some of the suppliers are
tougher, other are more "trusting", so negotiations don't always
have a positive outcome. 'We are trying to show them that it is not
our fault we don't get the money in time," she went on to say. An
important part when it comes to contracts sealed with suppliers is
played by the country rating, which, according to Fildas officials,
can affect the discount and the deadline set. "We are keeping in
touch with rating agencies in order to secure their support," Vlad
says. Anca Vlad controls one of the biggest businesses in the
pharmaceutical industry, with Fildas Trading budgeting an around
770 million-RON (183 million-euro) turnover for this year. Last
year the company posted a 188 million-euro turnover and 12.3
million euros in losses, according to data from the Finance
Ministry. The pharmaceutical business is dependent on contracts
with the CNSAS (National Health Insurance House), and, according to
Anca Vlad, payments are over three months late.