After dumping AFI Europe Romania by selling Floreasca Park & Lakeview last year, NEPI is fooling once again the Romanian real estate market with its portfolio of significant loss-making investments

By
Journaliste Euro Economique et Kristine Bago
-
120
60

Reporter Euro Economique: NEPI Rockcastle Group plays counter-strike with the Romanian real estate market and strikes again.

The field targeted this time: Residential Market.

After crossing rudely its way through Romania’s shopping malls, displaying a monopoly with the help of its 43 Group Companies – out of which most of own and manage shopping malls and other similar types of commercial space – NEPI strikes last year when it sells 4 of its “jewels”: (listed below by value)

– Floreasca Business Park SRL, (valued at EUR 105.1 million)

– Timișoara City Business Center One SRL, (valued at EUR 94.2 million)

– Lakeview Office Building SRL (valued at EUR 69.1 million) and

– Aviatorilor 8 Office Building SRL – formerly known as Victoriei Office. (valued at EUR 40.8 million)

to AFI Europe Romania (the company who developed and manages AFI Cotroceni, the largest shopping mall in Romania), in a transaction over EUR 300 million.

But let’s see why I said jewels in quotes…

Dr. Kristine Bago: The “jewels” sold look like “tins” if we look at the figures reported in the last 5 years (2015-2020) by these companies, as can be seen in the table made by me below based on public data available on the Finance Ministry of Romania website:

These projects, as can be seen in the table, have been loss-making almost all the time, with the exception of 2 companies in 2 years – which made rather a modest profit in total amount of EUR 0.44 million, a low amount considering the object and nature of the activity of these companies.

The turnover of these companies is not better either, the four properties registering an annual rental income of ONLY EUR 24.1 million in NEPI’s accountancy books, which means that AFI Europe’s return of investment will be in at least 12.5 years – and this will happen if we don’t take into account the economic crisis that has hit and which has a strong impact over this field, connected to inflation, and the competitive environment that can sometimes drastically change any direction.

Reporter Euro Economique: So basically this NEPI Rockcastle branded investment portfolio is not really a “castle“, but rather a farm…

Dr. Kristine Bago: Overstated I would say, given the reported figures, which are telling the opposite mentioned on the company’s website – “The leading property investment and development in CEE“, with an investment portfolio of EUR 5.8 billion, across 9 European countries.

Reporter Euro Economique: If everything goes “pink” in NEPI’s heaven, according to the data on their website, why would you sell your most important assets in 2020? What’s the reason behind it?

Dr. Kristine Bago: The decision to sell the office portfolio to AFI Europe Romania in a transaction of over EUR 300 million was a good one, as the NEPI Group needed cash at that time when liquidity was important (in times of crisis) and also they stopped the further depreciation of assets – that were already significant loss-making.

Reporter Euro Economique: What did you mean when you said “overstated“?

Dr. Kristine Bago: If we look at the NEPI Rockcastle Group in terms of shareholding, we have the following case:

If we look at the shareholding structure, it includes mainly real estate investment fund companies.

Quite “convenient” to have the help of investment funds in the countries where you work and the relationships of board members (former alumni of significant financial and management consulting companies around the world, bankers, or leaders of local real estate companies). However, in practice, not many have this “luck,” let’s say.

Also, the contribution of small investors (below 0.75%) is very high – 50.3% of the total shares and a value of 2,170,262,676 USD.

Of course, looking at the individual contribution of these investors, it is not a significant one. Still, when looking at the aggregated input, things change. It becomes a significant one, even bigger than the other ten shareholders presented above.

But decisions are made by the top 10 shareholders in the table above. They have the most significant number of shares and therefore “influence” the rest of the non-voting shareholders due to the individually insignificant percentage of shares.

Depending on the decisions issued, the voting shareholders (that have the power) may or may not leave in time to save themselves – as occured with the CEO&CFO of the company this year, when they announced the end of their leadership.

Still, small investors do not receive the same „chance”.

All they will be able to do is find themselves in possession of an overvalued management portfolio of shares. These shares would not sell even for the price of their initial investment, ending their shareholding with a negative result – loss.

It represents exactly the classic case when the CEO/CFO buys overvalued shares/assets, they fill up with cash and suddenly they feel the “need” for something personal and the small investors – who have nothing guaranteed, lose everything.

The NEPI Group had cumulative losses in 2020, from investor’s money, of over EUR 84 million and that is on the Romanian market only.

Reporter Euro Economique: So, the NEPI Group loses hundreds of millions of EUR annually, but continues to operate in Romania, where the state does not take any money.

Dr. Kristine Bago: Yes, the NEPI Group Romania owns malls and retail spaces valued at 2 billion euros, but avoids paying taxes to the Romanian state – that is if we refer to the few cases where they do not make a loss, but a profit.

The Group does not make a profit and records losses of hundreds of millions of EUR annually.

Precisely, this is the case of what I was saying in the last interviews about the recipe for success on “loss”  – or rather, how to build a successful business being on loss.

The companies in the NEPI Group Romania pay almost no income tax in Romania, despite the dozens of malls and commercial spaces they manage.

If the substantial losses incurred each year are not somehow covered, companies should go bankrupt.

However, this is not the case with NEPI Group Romania, which most likely found another source of financing his activity – mainly through loans that do not need to be repaid and using the Group’s help – probably from the money of the small shareholders mentioned above – those without decision-making rights due to the insignificant percentage of holdings, individually (below 0.75%), but with an aggregate value of over 50% – of approx. 2,170,262,676 USD.

Such a case may also hide the capital transfer from Romania to other subsidiaries of the Group from abroad.

Reporter Euro Economique: On what you rely on when you say that Nepi Romania Group records significant losses and pays almost no taxes to the Romanian state?

Dr. Kristine Bago: In order to find out the real situation in this case, I have made a financial analysis of all companies within the NEPI Group Romania, in the period between 2015-2020 (the last 5 years of financial reporting data available on the Ministry of Finance website – www.mfinante.gov.ro), as can be seen in the tables below:

Reporter Euro Economique: One thing that stands out is represented by the cells with 0 that you have coloured in red. What do they represent?

Dr. Kristine Bago: Cells with 0 in red represent years in which, as can be seen, companies record the amount of Gross Income (Profit) equal to the amount of Net Income (Profit).

Reporter Euro Economique: So basically they are Profit makers, but don’t record any Income Tax expense?

Dr. Kristine Bago: Exactly.

I will also give an example – as you may notice below, for this company IRIS TITAN SHOPPING CENTERS SRL, Tax Code 17545630, founded in 2017, we have the following recordings:

  1. Gross Income (Profit) = 11,023,936 lei, (Romanian currency)
  2. Net Income (Profit)= 11,023,936 lei. (Romanian currency)

And this is the case for all the cells with 0 coloured in red.

Reporter Euro Economique: Deci practic conform tabelului, 90% din companii în ultimii 5 ani înregistrează pierderi, având majoritatea 0 angajați, iar restul de 10% realizează profit brut, dar pentru care nu înregistrează nicio cheltuială cu impozitul pe profit.

So basically according to the table, 90% of companies in the last 5 years are loss-making, most of them having no employees, and the remaining 10% make a gross profit, for which they do not record&pay any income tax expense.

Can we get an idea of what is the amount that would have been paid if these companies had incurred such an expense? (with income tax)

Dr. Kristine Bago: In order to have a point of view regarding the amount: (based on the data collected by me according to profit and loss accounts vs. income tax rate)

Gross Income (Profit) (as per reported data) =  405.411.459  LEI  ( 81.082.292 EUR ) 

Income Tax Expense (as per reported data) = 35.420.345  LEI ( 7.084.069  EUR )

Income Tax Expense (if the Romanian flat Tax Rate of 16% had been used, given also the fact that other elements are also included in the computation of the Income Tax) = 64.865.833 LEI ( 12.973.167 EUR )

Difference Income Tax Expense (Reported Data vs. Flat Tax Rate %) = 29.445.489 LEI ( 5.889.098 EUR )

Reporter Euro Economique: So only from the Corporate Income Tax standalone, in the last 5 years, the NEPI Group Romania made a “saving” of EUR 6 million (approx. 30 mln. LEI).

Money that could have been into the state budget now and thus reduce the local taxes for Romanian citizens.

Obviously this can be, it seems, in Romania, just a movie scenario…

Reporter Euro Economique: Given the EUR 150 million recently mentioned by Nepi Group Romania in a press release – as tax charges generated to the state budget in the last 5 years and your analysis, in which the Corporate Tax Expense represents only approx. EUR 7 million, it seems that there is still a long way to go before these amounts represent the reality…

Dr. Kristine Bago: Of course, there are other taxes such as tax on dividend income tax, social contributions, etc. but it is clear from an approximate point of view that we cannot reach such amounts under any circumstances, and especially with no employees in most of the companies.

Reporter Euro Economique: Returning to the case of the “jewels” sold by NEPI Group Romania last year, it seems that if we analyze also in the context mentioned by you – overstated assets, at least for AFI Europe Romania, this acquisition is NOT necessarily an extremely good one – given the significant losses of these companies, as we have seen in the situation exposed by you, NOT a very good ROI (Return on Investment) level as you mentioned, probably requiring, as in the years when it was under NEPI’s ownership, a massive “support” from the Group – AFI Europe, this time, through the contribution of its shareholders.

And theoretically, after you fry, you’ll also blow on the yogurt…

But the Romanian real estate market is not learning, and this year NEPI is entering in the Romanian residential market – building homes near to Vulcan Value Centre, in Bucharest.

A 256-apartment complex is due for completion in 2023.

Dr. Kristine Bago: Probably using the same “recipe for success” as the other investments made so far…

The „Know-how” exists, at least on making losses and overstating assets…

Reporter Euro Economique: Let’s see who will “enjoy” these “jewels” this time…

120 COMMENTS

  10. 6 речей, які не можна купувати уживаними. Взуття з секонд-хенду часто виглядає цілком пристойно і може послужити своєму новому власнику ще не один сезон. Але купувати і носити взуття б/в може бути просто небезпечно — якщо у його попереднього власника був грибок нігтів, то його спори можуть залишитися на устілках взуття навіть після його прання. Такі бактерії дуже життєздатні, і позбавлення від грибка може виявитися складним завданням порадник жінки. 7 секретів, які допоможуть зробити спальню візуально більше. Виявляється, є кілька хитрих прийомів, які збільшать ваш простір. Загальновідомо, що фарбування кімнати в більш світлий колір допоможе зробити її більше. Стіни спальні не обов’язково повинні бути абсолютно білими. Але будь-який колір від блідо-сірого до пастельно-блакитного допоможе візуально збільшити простір.

  54. The information laid out listed below are quick and easy to feature to you, so
    steer clear of excuses and don’t let them hinder your utilization of this information.
    As a way to benefit from the compensate the future, when you spend some time to use natural
    Nope yahoo news, you are going to feel reassurance start making
    alterations nowadays.

  58. Создание и разработка сайтов в Омске
    Разработка сайтов в Омске и области на заказ,
    разработка логотипа, продвижение в yandex and Google, создание сайтов,
    разработка html верстки, разработка дизайна, верстка шаблона сайта, разработка графических программ, создание мультфильмов,
    разработка любых программных продуктов, написание программ для компьютеров,
    написание кода, программирование, создание любых софтов.

    Создание сайтов
    Создание интернет-магазинов в Омске
    Интернет магазин — это сайт, основная деятельность которого не имеет ничего общего с реализацией товаров, а, в лучшем случае, представляет собой иллюстрированную
    историю компании. Сайты подобного рода приводят в восторг многих искушенных потребителей, однако есть
    одно “но”. Такие сайты отнимают очень много
    времени.
    Коммерческий сайт — это совершенно иной уровень, который требует не только
    вложенных сил, но и денег. “Гиганты рынка”, не жалея средств на рекламу, вкладывают сотни
    тысяч долларов в создание и продвижение сайта.

    Сайт несет на себе всю информацию о производимом товаре, на сайте можно посмотреть характеристики,
    примеры использования, а также отзывы, которые подтверждают или опровергают достоинства товара.

    Для чего нужен интернет-магазин, который не имеет точек продаж в оффлайне?
    Нет потребности в сохранении
    торговых площадей, нет необходимости тратить время на бухгалтерские расчеты, не нужно искать
    место для офиса, для размещения
    рекламы и другого дополнительного персонала.

    Почему заказать сайт нужно у нас

    Посетитель заходит на сайт и в первую очередь знакомиться с услугами и
    товарами, которые предоставляет фирма.
    Но эти услуги и товары в интернете трудно
    найти. Большое количество информации “о том, как купить” отсутствует.
    В результате, потенциальный клиент уходит с сайта, так и не получив тех товаров и услуг, которые он хотел.

    Интернет-магазин — это полноценный витрина.
    Человек при подборе товара руководствуется несколькими критериями: ценой, наличием определенного
    товара в наличии, наличием гибкой
    системы скидок и акций. Также он
    ищет отзывы о фирме. На сайте находится раздел “Контакты”,
    из которого потенциальный покупатель
    может связаться с компанией, чтобы узнать интересующую
    его информацию.

    На сайте фирмы должна размещаться информация об оказываемых услугах,
    прайс-листы, контакты, скидки и акции, а так же
    контактные данные. Это те элементы, благодаря которым пользователь
    не уходит с интернет-магазина, а остается на
    сайте и покупает товар.
    Реализация любого бизнес-проекта начинается с организационных и технических вопросов.
    Именно они определяют конечный результат.
    В качестве такого этапа можно выделить разработку интернет-сайта,
    которая требует предварительного изучения
    особенностей бизнеса заказчика.
    Это позволяет понять, какие материалы сайта и его функционал будет оптимальным для использования в конкретной ситуации.

    Кроме того, при разработке сайта компании должны
    учитывать, что на его создание потребуется время.
    Разработка интернет-ресурса может занять от
    одного до трех месяцев, в зависимости
    от сложности проекта. Это время также необходимо
    для того, чтобы клиент получил возможность ознакомиться
    с информацией о товаре и
    услугах, предоставляемых фирмой.

  68. Properly, now you can see what green Minions: The Rise of Gru boxoffice is all about, and
    you also should be able to utilize it in your house.
    Apply the ideas that you’ve just learned,
    and initiate becoming enviromentally friendly nowadays.
    The use of environment pleasant natural Minions:
    The Rise of Gru imdb should be utilized by anyone.Whether you would like to make
    tiny changes or take action big, you will be assisting our surroundings.
    Continue reading for additional details on how to turn to natural
    Minions: The Rise of Gru.

  80. When you have compiled a lot of books due to your passion for studying, think consuming those to a neighborhood used book shop.
    You can sell utilized books to get extra space and also get retailer credit at
    bookstores to hold you looking at. Looking at is a type of calming Laal Singh Chaddha
    update that calms you.

  81. Ремонт кондиционеров

    Наша компания предоставляет полный спектр монтажных услуг, работ по сервисному обслуживанию, а также ремонту кондиционеров.Доступен и срочный ремонт кондиционеров Aerotek, Ballu, Daikin, Dantex, Electrolux, Fuji Electric, Gree, Haier, LG, Mitsubishi Electric, Mitsubishi Heavy, Panasonic, Sakura, Samsung, Toshiba.

    Ремонт кондиционеров

  82. Nice post. I used to be checking continuously this blog and
    I’m inspired! Extremely helkpful info specifically the ultimate section 🙂 I deal with such information a lot.
    I uused to be looking for this particular info for a very lengthy
    time. Thanks and good luck.

    Feell free to surf to my website … Air bubble

  87. Excellent post. Keep writing such kind of information on your
    page. Im really impressed by it.
    Hi there, You have done an incredible job. I’ll certainly digg it and
    personally recommend to my friends. I am sure they’ll be benefited from this web site.

  93. In case you are apprehensive regarding what eco-friendly
    alterations to help make to your residence, retain the
    services of specialists that could check out your methods and provide you tips of
    what to do to produce your home far more environmentally friendly.

    They will tell you how costly your appliances are, and in addition give you a great idea
    of how much it is going to charge.

  108. Все, что касается допусков и вступления в СРО, то на сайте компании СРО «Гост Строй » , Вы найдете много полезной для Вас информации.
    Смотрите по ссылке – http://kroy.forum2.net/viewtopic.php?id=49
    Но я бы советовала Вам обратиться к специалистам компании, они смогут помочь Вам организовать все очень быстро и без лишней бумажной волокиты, да еще и по доступной цене.
    Допуск и вступления в СРО 1f4e7f3

  110. Вывод из запоя в Уфе

    Центр «Спасение» – лидер в области лечения алкоголизма в Уфе. Наши специалисты работают по выводу из запоя с выездом к вам в любое время суток и готовы быстро помочь даже в самой сложной ситуации. Мы боремся за здоровую полноценную жизнь каждого пациента.

    Вывод из запоя в Уфе

  114. What does it mean.
    See for yourself.
    https://trendsmi.com.ua/links.html
    https://trendsmi.com.ua/linkss.html
    Picture of Benjamin Franklin and a caption that says “Aphorist Extraordinaire”
    It’s easier to do it yourself rather than try to explain it to someone else.
    Not so much.
    Give it a try!
    But one key difference is that for a phrase to be truly aphoristic, it needs to be a short statement.
    But, the aphorism is short and sweet.
    This famous motto highlights the truism that life is full of ups and downs.
    Michael Corleone from The Godfather II disagreed with that.
    Like George Washington, Sandys believed that telling the truth is always the way to go.
    Sometimes, though.
    Now you might be asking.
    It’s time.
    Curiosity killed the cat.
    Both sayings highlight the benefits of waking up early.

  115. 1607 00117 All Your Playing Cards Are Belong To Us:
    Understanding On-line Carding Forums

    The part also incorporates information from around the globe associated to hacking so even when you’re not a hacker and aren’t here to buy playing cards, it nonetheless can be
    utilized for academic functions. The info board obviously contains
    info and announcements from the team, although additionally includes an “Introduction” section where users can introduce themselves to other
    members of the discussion board. Do not use something even remotely similar to your real name/address or some other knowledge when signing up at these forums.
    Discuss different ways to monetize your websites and different
    methods to generate income online. Post your cracking
    tutorials and different strategies which you understand, share with Dr.Dark Forum users.
    Sign up for our publication and learn to shield your pc from threats.

    The discussion board statistics haven’t been mentioned
    and hence it’s not clear what quantity of members, posts, threads or messages the Forum consists
    of. You can post or get ccv, hacked paypal accounts, hacked different accounts, facebook accounts, bank card,
    bank account, hosting account and much more
    all free of change. Share your cardable web sites and it
    is strategies on the way to card them right here.To unlock this section with over
    10,000+ content and counting every day please upgrade to VIP.
    Get the most recent carding tutorials and discover ways to card successfully!

    So, despite the fact that it doesn’t have 1000’s of registrations its
    member rely stands at about 7000. It additionally has a novel, spam-free advert interface, you aren’t bombarded with advertisements like
    different forums, somewhat small tabs containing the ads are animated
    close to the thread names which isn’t that intrusive.
    The forum additionally has a support-staff
    which could be reached by way of Jabber. And as
    for registration, it’s absolutely free and you may also use your Google+ account to login. Although it requires no separate registration and hence in case you have your accounts
    on A-Z World Darknet Market, the identical credentials can be
    used to login to the discussion board as nicely.
    The forum doesn’t appear to offer an Escrow thread, though
    the marketplace does for trades done by way of the market.

    Thread which consists of sellers who have been verified by
    the discussion board administration. Hence, shopping for
    from these group of vendors on the forum is safest.
    The Unverified advertisements thread is the place any person can post adverts about his/her products and the forum doesn’t assure safety or
    legitimacy or these trades/vendors. These are usually the kinds of trades you can use
    the Escrow with.
    A few days later, it was announced that six more suspects had been arrested
    on costs linked to promoting stolen credit card data, and the identical
    seizure discover appeared on extra carding forums. Trustworthy carding forums with good
    playing cards, and lively members are a rarity,
    and it’s pretty onerous deciding on that are the trusted and best ones
    out of the lots of obtainable. Russia arrested six individuals at present, allegedly a part
    of a hacking group involved within the theft and selling of stolen bank cards.
    CardVilla is a carding forum with 92,137 registered
    members and 19,230 particular person messages posted till date.

    Latest and best exploits, vulnerabilities, 0days, and so on. found
    and shared by other hackers here. Find all the instruments and
    tools corresponding to backdoors, RATs, trojans and rootkits
    here. You have to be equipped to realize access to methods using malware.

    To unlock this section with over 70,000+ content and counting
    daily please upgrade to VIP. Carding forums are websites
    used to change data and technical savvy about the illicit trade of stolen credit or debit card
    account data. Now I by no means could claim these to be the ultimate
    best, ultimate underground bank card forum , however they sure high the charts in phrases of a ranking system.

    Carding Team is another discussion board which even though doesn’t boast hundreds of thousands of
    users as a variety of the other options on this listing
    do, nonetheless manages to cater to what most customers look for
    on such a site. ” thread which lists numerous ads from distributors who’ve
    proved their status on the marketplace. Bottomline, I’ve gone by way of its posts similar
    to Carding basics, safety tips for starters and so forth.
    and it appears the folks there do know what they’re speaking about, atleast most of them, so yeah take your time over there.
    Starting with the user-interface, a lot of the top-half screen is bombarded with adverts and featured listings, which obviously
    the advertisers have to pay the forum for. In reality, the very bottom of the forum is what’s more useful than the highest of it.

    Show off your profitable carded websites with screenshots here.To unlock this part
    with over 5,000+ content material and counting every day
    please improve to VIP. Grab the most recent tools and applications to assist
    you card successfully! To unlock this part with over 50,000+ content material and counting day by day please
    upgrade to VIP. Discuss something associated to carding the web, news, help, basic discussions.To unlock this part with over
    120,000+ content and counting day by day please improve to VIP.

  116. Another aphorism that’s adapted is, Don’t count your chickens before they hatch.
    Keep your friends close, but your enemies closer.
    https://trendsmi.com.ua/links.html
    https://trendsmi.com.ua/linkss.html
    Let me ask you.
    The origins of this saying are open for debate, but it’s primarily attributed to Abraham Lincoln.
    Skilled writers use aphorisms to evoke big ideas in a relatable way.
    Aphorisms can act as a guideline to help narrow the focus of your work.
    Practice what you preach.
    20 Aphorism Examples
    It’s better safe than sorry, right.
    But Yoda isn’t having it.
    This aphorism is short and sweet, but it teaches us a valuable truth.
    Sometimes, though.
    But these days.
    Your stories can benefit from this method too.
    Today, I’ll define aphorism and show you how these handy little sayings make your writing more memorable.
    We see this in literature all the time.

  117. Get out of the house and possibly journey a bike.
    Enthusiast motorcycle riders will find diverse tracks to trip through the
    weeks. If you have the appropriate apparel, it is possible to journey your
    motorcycle all year long. This is a wonderful After Ever Happy 2022 that comes with its health and fitness benefits and the quantity of enjoyable you
    may have.

  118. Proverbs, on the other hand, can be much longer than aphorisms and adages.
    Fall seven times, stand up eight.
    Remember that.
    Honesty is the best policy.
    Oftentimes, it makes sense to delegate tasks.
    ’Ah, all things come to those who wait,’
    Pick an aphorism that relates to your message and use it to stay focused on your overarching theme.
    That’s why aphorisms, adages, and proverbs are synonyms for each other.
    The early bird gets the worm.
    Because let’s face it, perseverance is the key to success in life.
    Take a look.
    We’ve all probably had to learn that the hard way.
    It’s easier to do it yourself rather than try to explain it to someone else.
    ’Ah, all things come to those who wait,’
    Aphorisms can act as a guideline to help narrow the focus of your work.
    What is an Aphorism.

  120. The early bird gets the worm.
    https://yandex.ru/health/turbo/articles?id=4982 https://yandex.ru/health/turbo/articles?id=4367 https://yandex.ru/health/turbo/articles?id=5010 https://yandex.ru/health/turbo/articles?id=6334 https://yandex.ru/health/turbo/articles?id=5416 https://yandex.ru/health/turbo/articles?id=4736 https://yandex.ru/health/turbo/articles?id=3030 https://yandex.ru/health/turbo/articles?id=7707 https://yandex.ru/health/turbo/articles?id=3902 https://yandex.ru/health/turbo/articles?id=6430 https://yandex.ru/health/turbo/articles?id=6608 https://yandex.ru/health/turbo/articles?id=5479 https://yandex.ru/health/turbo/articles?id=4532 https://yandex.ru/health/turbo/articles?id=5775 https://yandex.ru/health/turbo/articles?id=5381 https://yandex.ru/health/turbo/articles?id=5177 https://yandex.ru/health/turbo/articles?id=6961 https://yandex.ru/health/turbo/articles?id=7562 https://yandex.ru/health/turbo/articles?id=7949 https://yandex.ru/health/turbo/articles?id=110 https://yandex.ru/health/turbo/articles?id=5636
    This quote originated from Thomas Howell in New Sonnets and Pretty Pamphlets.
    Remember that.
    Aphorism Examples in Everyday Speech
    Interestingly enough, this saying was initially intended as a compliment.
    Aphorisms state universal truths about life that encourage reflection.
    And get this.
    The term aphorism originates from late Latin aphorismus and Greek aphorismos.
    20 Aphorism Examples
    It reminds us to take precautionary measures, so we don’t end up with bad results.
    Keep your friends close, but your enemies closer.
    Like George Washington, Sandys believed that telling the truth is always the way to go.
    One of his most notable is, An ounce of prevention is worth a pound of cure.
    Let’s talk about that.
    You’re prepared to use these handy little sayings to make your prose more relatable.
    Now here’s the big question.

LEAVE A REPLY

Please enter your comment!
Please enter your name here