Editia tiparita MCR 2012 - Major Companies of Romania

Transcription

MAJOR
COMPANIES
IN ROMANIA
2012
MCR
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2012 EDITION Major Companies in Romania
3
CONTENTS
FROM THE EDITOR
FOREWORD - Tracing the excellence pattern in Romanian industries Bogdan Ion, Country Managing Partner, Ernst&Young Romania
MCR RANKING METHODOLOGY
TOP 300 MAJOR COMPANIES IN ROMANIA
BANKING & FINANCE
Banking in 2012 towards a more regulated market – Gabriela Bratu,
Senior, Assurance& Advisory Business Services, Ernst&Young
Doing Business In Romania – Steven van Groningen, President Raiffeisen
Bank Romania, President Foreign Investors Council
TOP Banking
2012 on the Merger and Acquisition market in the insurance sector – The
re-launching year? – Cristina Cerbu, Manager, Transaction Advisory
Services, Ernst&Young
2012, a year of challenges in insurance market – Violeta Ciurel,
President & CEO, AXA Life Insurance
TOP Insurance
Financial leasing companies target – survival – Cristina Cerbu, Manager,
Transaction Advisory Services, Ernst&Young
TOP Financial Leasing
Solid reasons to grow – Shane Dowling, General Manager, ALD
Automotive
TOP Operational Leasing
TOP Pension Funding and TOP Capital Market Intermediation
TOP Fund Management
ENERGY
Shining future for solar power – Andreea Stanciu, Senior Manager,
Transaction Advisory Services, Ernst & Young, Mihaela Cuturescu, Senior
Consultant, Transaction Advisory Services, Ernst & Young
The right way? The Green way – Adrian Borotea, Member of the
Board, CEZ Romania
TOP Electric power generation and distribution
TOP Oil & gas extraction and distribution
TOP Whole sale of electricity and fuels
TOP Retail trade of gas - gas stations
CHEMICALS
On way from politics to ECOnomics – Iulian Ernst, Freelance Analyst
TOP Manufacture of basic chemicals
TOP Wholesale of chemical products
TOP Manufacture of rubber and plastic products - except tires
TOP Manufacture of paints, varnishes and similar coatings, printing inks
and mastics
TOP Waste Management
PHARMACEUTICALS
Pharmaceutical Market – Reaping the fruits of past - Bogdan Tenu, Senior
Manager, Transaction Advisory Services, Ernst & Young
Invest in Romania - Dragos Damian, CEO Terapia Ranbaxy
TOP Manufacture of basic pharmaceuticals
TOP Retail trade of pharmaceuticals
TOP Wholesale of pharmaceuticals
GLASS & CERAMICS
An industry war – Magda Munteanu, Freelance Journalist
TOP Manufacture of glass and glass products
TOP Manufacture of ceramic products
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METAL
Metal Industry faces bleak perspectives – Magda Munteanu, Freelance
Journalist
TOP Primary metal manufacturing
TOP Manufacture of metal products
TOP Wholesale of metals and metal ores
MACHINERY
Better than expected – Magda Munteanu, Freelance Journalist
Let’s invest in skilled workforce – Alexandru Blemovici, General Manager,
Schaeffler Romania
TOP Manufacture of machinery, industrial equipment, ships and aircraft
TOP Wholesale of machinery, industrial equipment, ships and aircraft
ELECTRIC & ELECTRONIC EQUIPMENT
Moderate raise keeps market afloat – Corina Mica, Freelance Journalist
TOP Manufacture of electrical and electronic equipment
TOP Trade of electrical and electronic equipment
Manufacture of domestic appliances
IT&C
The mobile maze: when communication goes digital – Mirela Calota,
Manager, Transaction Advisory Services, Ernst & Young
In pursuit of a robust IT market – Carmen Dobre, Senior Manager,
Transaction Advisory Services, Ernst & Young
Growth comes from innovations – Jean - François Fallacher, CEO Orange
Romania
TOP Telecommunications
TOP Communication equipment
TOP Computer programming, consultancy and related activities
TOP Manufacture and sale of computers and peripheral equipment
INDUSTRIAL ENGINEERING
Project Rush – Magda Purice, Journalist
TOP Industrial engineering
CONSTRUCTIONS
Building industry’s performance returns on upward path, after two years of
double-digit decline – Diana Macovei, Freelance Analist
How to predict the unpredictable – Daniel Bach, CEO, Holcim Romania
TOP Construction of residential & industrial buildings
TOP Building materials
TOP Construction of roads, railways, bridges and tunnels
TOP Construction of electric sites
TOP Construction of utility projects for fluids and related services
TOP Hydro-technical constructions
TOP Electrical, plumbing and other construction installation activities
TOP Manufacture of equipment for construction industry
REAL ESTATE
The real state of real estate in Romania – Andreas Hadjidamianou,
Partner, Assurance & Advisory Business Services, Ernst & Young
Low appetite in real estate sight – Adrian Crivii FRICS, MAA, CEO, Darian
DRS SA
TOP Real estate evaluation companies
TOP Real estate agencies
TOP Real estate project developers
TOP Property & facility management
TOP Real estate asset managers
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CONTENTS
WOOD, PAPER & FURNITURE
New investments need Government support – Corina Mica, Freelance
Journalist
A louder voice for Romanian design brands – Camelia Sucu, President,
Class Leaving
TOP Manufacture of wood and wooden products
TOP Manufacture of furniture
TOP Retail trade of furniture, carpets and lighting equipment
TOP Manufacture of paper and paper products
TEXTILE & LEATHER
Production of textiles recovers slowly after the 2009 plunge – Diana
Macovei, Freelance Analyst
TOP Manufacture of wearing apparel
TOP Preparation of textile fibers and textiles manufacture
TOP Retail trade of clothing in specialised stores
TOP Manufacture of footwear and leather goods
TOP Retail trade of footwear and leather goods
AGRICULTURE
Romania’s eternal and fascinating promise – Iulian Ernst, Freelance
Analyst
Traders face unpredictable weathers – Angelo Nicolae, General Manager
AgriBusiness at BriseGroup Constanta
TOP Growing and trading agricultural raw materials
TOP Growing and trading fruit and vegetables
TOP Farming and meat processing
FMCG
How fast are consumer goods moving? – Corina Mica, Freelance Journalist
X-Raying the Romanian coffee market – Marius Melesteu, General
Manager Strauss Romania
TOP Processing of tea and coffee
TOP Manufacture of condiments and seasonings
TOP Manufacture of tobacco products
TOP Manufacture of cocoa, chocolate and confectionery
TOP Manufacture of dairy products
TOP Manufacture of sugar
TOP Manufacture of grain mill products and starches
TOP Manufacture of vegetable and animal oils and fats
TOP Manufacture of wine from grape
TOP Manufacture of beer
TOP Manufacture of soft drinks; production of mineral waters and other
bottled waters
TOP Distilling, rectifying and blending of spirits
TOP Home and personal care
TRADE
With a slow economic recovery ahead, retailers cannot afford to think
short term – Marius Boatca, Manager, Transaction Advisory Services,
Ernst & Young
TOP Cash & Carry
TOP Hypermarkets
TOP Supermarkets
TOP Do-it-yourself
TOP Discount
TOP Malls & Shopping centers
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TRANSPORT & CARGO
Long Road to effectiveness – Magda Purice, Journalist
Getting into gear – Sergiu Iordache, Managing Director, DSV Solutions
TOP Road transport
TOP Maritime & river transport
TOP Air transport
TOP Rail transport
TOP Freight transport
TOP Postal and courier activities
AUTOMOTIVE
The Romanian automotive industry: changing gear or changing lanes? –
Ariadna Oslobeanu, Senior Manager, Assurance & Advisory Business
Services, Ernst & Young
TOP Automotive producers & importers
Back in 2000? – Dana Cortina, General Manager, Porsche Inter Auto
Romania
TOP Car dealers
TOP Automotive parts producers
TOP Automotive parts distributors
PROFESSIONAL SERVICES
Circle of trust: relying on the right partner – Corina Mica, Freelance
Journalist
TOP Legal
TOP Accounting, audit, FAS & tax
TOP Business Process Outsourcing
TOP Management consulting companies
TOP Executive search, recruitment and HR management
TOP Training companies
TOP Market research companies
BUSINESS SERVICES
Tourism, not a walk in the park – Magda Purice, Journalist
TOP Travel agencies
TOP Security companies
TOP Hotels and similar accommodation
TOP Printing services
MEDIA & ADVERTISING
How to survive on a shrinking market – Corina Mica, Freelance Journalist
TOP Advertising agencies
TOP Media agencies
TOP PR agencies
HEALTH CARE
The two-headed healthcare system – the dinosaur and the phoenix –
Mihai A. Pop, MBA, Manager, Transaction Advisory Services,
Ernst & Young
The urge of threating with good will – Mihai Marcu, President, Medlife
TOP Medical centers
TOP Dental centers
MAJOR
COMPANIES
IN ROMANIA
Edited by:
doingbusiness.ro
General Manager:
Dumitru Ion
Project Manager:
Roxana Neacsu
Project team:
Madalina Athanasiu
Mirela Bobe
Nicolae Ion
Magda Purice
Contributors:
Iulian Ernst
Diana Macovei
Corina Mica
Magda Munteanu
Bogdan Preda
IT & Web Development:
DTP & Grafic design:
Production:
Sales:
Copyright © 2012
doingbusiness.ro
Strada Prof. Ion Bogdan
nr. 4-6, etaj 4,
sector 1, Bucureşti
Phone: +40 21 528 0408
Fax: +40 21 528 0409
E-mail: office@ibp.ro
www.doingbusiness.ro
Raluca Butnariu
Marian Caramihai
Ilie Toader
Carmen Popescu
Teodora Danciu
Catalin Luca
Ramona Raicu
Elena Vijoli
Catalin Zafiu
The Publisher cannot, under any circumstances, assume responsibility for any kind of damages
supposing to be resulted from the use of the information provided by this publication. The
information included into printed edition of Major Companies of Romania, was provided by sources
we considered to be reliable: Trade Register, National Bank of Romania, Bucharest Stock Exchange,
The Insurance Supervisory Commission, The Romanian Pension Funds' Association, Romanian
Association of Fund Managers, Ministry of Finance, companies themselves. However the Publisher
cannot take responsibility for the information accuracy.
* the companies from TOPs, marked this way, were, based on our information, on the moment of
our analysis under the incidence of the law 85/2006 – insolvency.
No part of this publication may be reproduced, copied or distributed in any form or by any means,
electronic or printed, without mentioning the source, respectively the publisher or the contributor.
Printed by
Tipografia Everest 2001
Distribution: Major Companies in Romania is distributed for free. Copy available only free
of charge, not for sale.
MCR
7
From the editor
Major Companies in
Romania - Turning
into a MAJOR habit
This note is not about detailed techniques or complicated
numbers. It’s about what prompted us (again) to prepare the
new edition of Major Companies in Romania.
In good times and bad times alike we feel we need to know
who has remained strong, who is struggling to become stronger
and who is fighting to avert weaknesses. That’s because we
want to share these findings with you. We want to be the most
qualified tellers of corporate performance criteria because this
will also make you the happy users of the data, and equally
more qualified critics and observers of the business
environment.
Knowing all these is not as simple as drawing tables or
punching in numbers such as turnovers, revenues or net
incomes into a computer. We believe that wouldn’t be enough
and, above all, wouldn’t be relevant. At least not as far as we’re
concerned. That’s because this is ultimately about helping you
not only with knowing business but also with doing business in
Romania. And that’s also why we called in our partners in this
project, the experts at Ernst & Young Romania to help us again
produce this edition by making a real difference with their
unparalleled knowledge.
We genuinely believe that the product we developed together
with Ernst & Young has become one of a kind in Romania as
far as the truly relevant enterprise rankings and scoring
algorithms are concerned. Firstly, that’s because we believe no
one else uses so many quantitative and qualitative indicators as
we do. Then again, and equally important, because we bring in
experts and observers to tell the story behind each and every
industry that we assess in our Major Companies in Romania.
Additionally, we’ve also added some of the most qualified
opinions for more than half of the industries and sectors that
we’re presenting in this issue. Last but not least, we believe that
making all this data available online will turn our work into a
truly helpful database that all of you can access from
everywhere, at anytime without having to carry the print
version with you at all times.
We happen to know and to understand that the harsher the
economic times are or shall be, the more important it is that
our readers get the right picture about what is, was, or is about
to happen. We’ve already predicted in our latest separate
publication (the Romanian Business Digest) that Romania is
now heading for The Real Crossroad, a junction point that’s
going to determine the way business will be carried forward for
the next few years to come. Therefore, we feel our current
X-ray of the Major Companies in Romania needs to be as
accurate and as real as it can get.
As such, we’ve first selected 5,000 companies from among
which we analyzed, scored and ranked more than 2,400 from
23 different industries and sectors in Romania, with the
primary data obtained from the Trade Registry and the Finance
Ministry. In the case of financial entities and banks, we used
the primary data from the National Bank of Romania and the
Romanian Insurance Supervisory Commission.
We’re happy to also offer you the rankings of the top 300
companies in Romania (bar the banking and financial
institutions that are treated separately due to their specifics)
and 23 chapters that altogether reveal another 100 rankings.
It has been a real effort on our side, and yet we hope a useful
one for you.
We therefore hope you’ll enjoy reading and using this product.
As of now, it belongs to you.
The Editorial Team
MCR
Foreward
Tracing the excellence
pattern in Romanian
industries
BOGDAN ION,
Country Managing Partner,
Ernst & Young Romania
It is four years since many countries
around the world have been struggling
with what we used to call the economic
crisis. We are seeing paradox evolutions
of many economies in Europe, with
various industries acting differently
from one region to another and from
one moment to another.
In Romania, 2012 has been a challenging
year for all players in the market. They
faced the contagious impact of
evolutions in Europe, while the local
political uncertainty hampered the
competitiveness of our economy.
Drawing closer to the end of the year, it
is crucial to identify and acknowledge
the reference players and the industry
landmarks that are driving value
creation in today’s market. By looking at
the performance footprint of industry
leaders, we can map the industry hot
spots and the attractiveness drivers of
the local economy.
It is why the Ernst & Young Transaction
Advisory team has contributed to this
year’s edition of Major Companies in
Romania. As a global company, tapping
into 140 diverse economies all over the
world, at Ernst & Young, we support a
wide range of companies, enabling us to
draw specific insights from every
market where we are present. This year,
we mark a great milestone, by
celebrating 20 years of continuous
achievements in Romania. In this
context, we have committed to
developing and sharing a
comprehensive insight into the
Romanian economic environment.
Together with the doingbusiness.ro
team, we have designed a multifaceted
methodology capturing all the
qualitative and quantitative aspects that
make the profile of the strongest, most
competitive major companies on the
market. We pursued this unique project
with the goal to build a reference
instrument that can assist potential
foreign investors, local firms as well as
entrepreneurs, when looking at the
business landscape in Romania.
This overview book that concludes our
research for 2012 is more than a
collection of rankings and industry
outlooks. It is in a sense a White Paper
of the Romanian economy that can
assist top executives in planning their
strategy for 2013. Emerging countries,
such as Romania, are not only
economically significant at the
moment, but will be the growth engine
for the global economy going forward.
Business leaders across Central and
Eastern Europe are still cautious about
their investments in the region, but
many see reasonable business potential
in Romania, expecting it to act as a
regional power-house.
Romania has a long way to go in
building a strong competitive market.
The foundation is however here,
boasting promising perspectives for the
post-recession years. It is clear that
nobody will step up and put the pieces
together if the business community
doesn’t take the lead. We need to drive
the Romanian market into the regional
and global competition, if we want to
turn its promising opportunities into
reality.
Through Major Companies in Romania,
we bring forward a general ranking of
the most performing 100 companies in
the country, highlighting how positive
results are distributed in the economy
today. But even more importantly,
through our methodology, we have put
together specific analysis of 24
Romanian industry sectors, bringing a
unique outline of market trends and
predictions.
Creating value. Achieving potential.
MCR
9
MCR Methodology
Ranking
methodology
for Major Companies
in Romania
Developed by Ernst & Young Romania
and doingbusiness.ro
doingbusiness.ro and Ernst & Young developed the present
study by analyzing a composite mix of indicators based on
the results reported by companies registered in Romania for
2011. Ernst & Young, together with doingbusiness.ro, have
put together an in-depth assessment algorithm, which
balances the most relevant business performance indicators,
factoring in the particular conditions of today’s economic
context. The ranking methodology includes a scoring system
by which each company is assessed, based on turnover,
financial and non-financial aspects, all considered by separate
weights which reflect our insights regarding the specifics of
doing business in the local market.
The most important criteria taken into consideration by our
methodology was the turnover reported by the companies in
2011. This was further weighted alongside other financial and
non-financial performance aspects. The indicators included
in this methodology are computed based on public
information disclosed either by authorized bodies and
institutions or by the companies themselves.
The analysis of non-financial indicators was applied to
aspects such as average number of employees, type of
company (listed, unlisted), corporate social responsibility and
environmental initiatives developed in Romania as well as the
contribution to developing a local brand.
The financial indicators were computed based on
information extracted from annual financial statements as at
31 December 2011. A number of financial indicators were
selected, such as Earnings before Interest, Taxes,
Amortization and Depreciation (EBITDA) growth, Current
Ratio, Return on Equity Ratio, Debt to Equity Ratio and
Interest Coverage Ratio.
Each indicator has been assessed based on a scoring grid from
1 to 5 allotted for specific value intervals, 1 being the value
assigned for the lowest performance and 5 being assigned for
the highest performance.
This year, we have also developed a separate methodology for
the banking sector. Apart from Total Assets, which represent
the major size measure, we have considered other indicators
such as the Net Banking Income growth, Return on Equity
and Loans/Deposits Ratio.
With this revised approach, Major Companies in Romania
looks at the performance of companies registered in Romania
that have filed the financial statements for the year ended 31
December 2011 with the Trade Register. Companies that have
not submitted their financial statements for 2011 were not
included in this analysis.
Ernst & Young was pleased to bring its contribution to Major
Companies in Romania drawing upon its significant
experience in serving leading companies and investors across
various industry sectors. Our 20 years of experience on the
local market allowed us to thoroughly customize the research
algorithm in order to reflect the particular aspects of doing
business in Romania.
2012 EDITION Major Companies in Romania 11
6th
Romania’s ranking as the most attractive European
country for investments over the next 3 years
Top 300 Major Companies
in Romania
ACTIVE AND PROFITABLE IN 2011
t 626,604 REGISTERED ACTIVE COMPANIES
t 360,333 COMPANIES POSTED PROFITS (58 PERCENT)
t 266,274 COMPANIES POSTED LOSSES (42 PERCENT)
t 623,231 PRIVATE-HELD COMPANIES
t 772 STATE-OWNED COMPANIES
MCR
TOP 300
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
OMV PETROM SA
AUTOMOBILE DACIA SA
BRITISH AMERICAN TOBACCO (ROMANIA)
TRADING SRL
SOCIETATEA NATIONALA DE GAZE NATURALE
ROMGAZ SA
OMV PETROM MARKETING SRL
KAUFLAND ROMANIA SCS
METRO CASH & CARRY ROMANIA SRL
CARREFOUR ROMANIA SA
AZOMURES SA
10 ROMPETROL RAFINARE SA
COMPANIA NATIONALA DE TRANSPORT AL
11 ENERGIEI ELECTRICE - TRANSELECTRICA SA
12 ALRO SA
13 DEDEMAN SRL
14 PIRELLI TYRES ROMANIA SRL
15 GDF SUEZ ENERGY ROMANIA SA
16 ROMPETROL DOWNSTREAM SRL
17 NOKIA ROMANIA SRL
18 HOLZINDUSTRIE SCHWEIGHOFER SRL
19 TAKATA ROMANIA SRL
20 MEGA IMAGE SRL
21 ARCELORMITTAL GALATI SA
22 INTERAGRO SA
23 FARMEXPERT DCI SA
24 COFICAB EASTERN EUROPE SRL
25 LUKOIL ROMANIA SRL
26 ELECTRICA FURNIZARE SA
27 SILCOTUB SA
28 POLISANO SRL
29 CELESTICA ( ROMANIA ) SRL
30 AUTOLIV ROMANIA SRL
31 COCA-COLA HBC ROMANIA SRL
SOCIETATEA COMERCIALA COMPLEXUL
32 ENERGETIC TURCENI SA
SOCIETATEA NATIONALA DE TRANSPORT
33 GAZE NATURALE TRANSGAZ SA
34 BILLA ROMANIA SRL
35 HEINEKEN ROMANIA SA
36 OMV PETROM GAS SRL
37 SAMSUNG ELECTRONICS ROMANIA SRL
38 PETROTEL - LUKOIL SA
39 EON ENERGIE ROMANIA SA
40 MEDIPLUS EXIM SRL
41 ORANGE ROMANIA SA
42 VODAFONE ROMANIA SA
43 ARABESQUE SRL
44 ROMANIA HYPERMARCHE SA
45 DISTRIGAZ SUD RETELE SRL
TURNOVER
MCR SCORING ANNUAL TURNOVER
2011 RANKING
PROFIT/LOSS 2011
NO OF
EMPLOYEES
CONTACT
4.950
4.500
16,565,465,973
1
3,685,607,226
22,052
Bucuresti, Sector 1
13,177,841,584
3
275,111,397
13,652
Mioveni, ARGES
4.475
6,051,829,824
7
317,054,628
299
Bucuresti, Sector 1
4.400
4,211,149,514
13
1,031,748,972
5,779
Medias, SIBIU
4.375
4.350
4.300
4.300
4.263
13,684,564,230
2
125,396,136
356
Bucuresti, Sector 1
5,586,202,967
8
167,624,061
10,493
Bucuresti, Sector 2
4,963,012,603
10
95,208,230
6,003
Bucuresti, Sector 3
4,031,266,685
16
133,799,794
6,951
Bucuresti, Sector 6
1,625,577,204
55
365,196,441
2,688
Tg. Mures, MURES
4.213
10,174,808,952
4
-735,847,584
1,103
Navodari,
CONSTANTA
4.163
3,113,142,778
22
90,913,316
2,197
Bucuresti, Sector 1
4.163
4.063
4.013
3.975
3.963
3.963
3.913
3.913
3.913
3.900
3.875
3.875
3.875
3.863
3.863
3.863
3.825
3.813
3.813
3.813
2,241,390,928
33
228,309,982
2,513
Slatina, OLT
2,016,376,729
39
205,670,978
4,646
Bacau, BACAU
1,501,679,442
63
94,411,056
1,890
Slatina, OLT
4,090,867,846
15
209,555,220
740
Bucuresti, Sector 4
7,645,953,049
5
-108,229,346
2,499
Bucuresti, Sector 1
4,103,613,593
14
-8,770,342
1,866
Cluj-Napoca, CLUJ
1,589,521,923
56
312,866,728
1,267
Sebes, ALBA
1,522,320,748
62
46,228,727
4,230
Arad, ARAD
1,221,043,229
78
13,097,320
4,277
Bucuresti, Sector 1
4,663,330,401
11
-620,130,335
8,755
Galati, GALATI
2,741,108,028
27
162,792,694
257
Bucuresti, Sector 2
1,821,368,650
46
86,369,568
623
Bucuresti, Sector 6
1,133,672,090
84
63,538,680
378
Arad, ARAD
5,458,206,353
9
-115,201,885
3,460
Bucuresti, Sector 1
1,751,474,401
48
84,527,445
1,156
Bucuresti, Sector 2
1,442,409,942
65
107,588,856
1,348
Zalau, SALAJ
1,245,539,397
76
42,157,465
639
Sibiu, SIBIU
2,357,993,685
31
12,519,199
1,163
Bors, BIHOR
1,911,619,925
42
160,959,700
3,101
Brasov, BRASOV
1,738,623,539
50
137,399,050
1,744
Voluntari, ILFOV
3.813
1,529,901,979
61
55,567,882
4,496
Turceni, GORJ
3.813
1,343,321,806
71
379,571,465
4,951
Medias, SIBIU
3.813
3.813
3.800
3.788
3.775
3.775
3.775
3.763
3.763
3.763
3.763
3.763
1,127,473,002
85
5,222,261
2,734
Bucuresti, Sector 2
1,042,285,902
97
182,888,969
1,198
Bucuresti, Sector 1
3,110,115,994
23
137,804,129
45
Bucuresti, Sector 2
1,530,472,159
60
31,852,822
90
Voluntari, ILFOV
6,625,679,238
6
-391,609,120
556
Ploiesti, PRAHOVA
4,261,045,806
12
-191,719,192
2,700,529,658
28
56,231,206
900
Mogosoaia, ILFOV
3,981,959,733
17
805,637,899
2,707
Bucuresti, Sector 1
3,399,602,653
20
425,484,737
2,951
Bucuresti, Sector 1
1,715,508,601
52
34,635,851
2,530
Galati, GALATI
1,378,385,595
69
39,962,988
3,665
Bucuresti, Sector 3
1,099,691,738
92
135,369,392
3,112
Bucuresti, Sector 4
559 Targu Mures, MURES
MCR
TOP 300
RANK COMPANY NAME
TURNOVER
2011 RANKING
PROFIT/LOSS 2011
NO OF
EMPLOYEES
CONTACT
46 HIDROCONSTRUCTIA SA
47 SELGROS CASH & CARRY SRL
48 COMPLEXUL ENERGETIC CRAIOVA SA
3.750
3.713
3.713
1,002,178,651
101
50,428,795
6,528
Bucuresti, Sector 1
3,408,091,410
19
86,702,217
4,248
Brasov, BRASOV
1,228,075,942
77
795,421
2,175
Craiova, DOLJ
49 MECHEL TARGOVISTE SA
3.713
1,099,750,708
91
-133,495,504
2,250
Targoviste,
DAMBOVITA
3.713
1,017,710,306
99
33,385,699
4,380
Rovinari, GORJ
51 ROMSILVA RA
52 JT INTERNATIONAL (ROMANIA) SRL
53 EUROPHARM HOLDING SA
54 CONTINENTAL AUTOMOTIVE PRODUCTS SRL
3.700
1,204,391,260
80
20,787,107
18,601
Bucuresti, Sector
3.675
3.675
3.650
2,375,824,912
29
6,030,690
577
Bucuresti, Sector 2
1,024,526,005
98
11,236,244
344
Brasov, BRASOV
2,224,673,603
34
202,239,107
-
Timisoara, TIMIS
55 DELPHI PACKARD ROMANIA SRL
3.650
1,700,702,239
53
34,612,356
9,812
Sannicolau Mare,
TIMIS
56 DRUMURI NATIONALE DIN ROMANIA SA
57 PHILIP MORRIS TRADING SRL
3.650
1,008,605,903
100
246,292,679
5,867
Bucuresti, Sector 1
3.625
2,362,448,641
30
14,966,343
270
Otopeni, ILFOV
58 DAEWOO-MANGALIA HEAVY INDUSTRIES SA
3.613
1,725,406,261
51
-72,788,618
3,065
59 OLTCHIM SA
3.613
1,533,016,194
59
-278,342,623
3,447
60
61
62
63
64
65
66
67
68
69
70
71
3.613
3.613
3.600
3.600
3.588
3.588
3.575
3.563
3.563
3.550
3.538
3.525
1,073,231,988
95
42,149,099
2,532
856,313,578
116
67,503,261
1,141
Slatina, OLT
1,104,270,989
90
-21,896,147
7
Bucuresti, Sector 1
1,253,875,543
75
22,697,889
45
Bucuresti, Sector 2
2,250,309,163
32
26,778,021
240
Bucuresti, Sector 6
1,402,890,170
67
21,539,140
52
Bucuresti, Sector 1
1,124,597,971
86
20,812,621
574
Chirnogi, CALARASI
2,180,397,722
36
106,854,822
3,100
Bucuresti, Sector 6
2,146,783,116
37
44,927,593
2,657
Bucuresti, Sector 1
2,028,873,472
38
-12,542,312
6,910
Bucuresti, Sector 5
1,798,618,534
47
114,723,266
150
Voluntari, ILFOV
932,083,781
109
85,241,359
630
Bucuresti, Sector 1
72 REWE (ROMANIA) SRL
3.513
1,750,171,052
49
5,145,553
2,493
73 SCHAEFFLER ROMANIA SRL
3.513
1,481,631,232
64
7,417,486
3,267
74 ENEL ENERGIE MUNTENIA SA
3.475
1,842,264,078
45
-1,297,079
257
Bucuresti, Sector 1
3.463
1,588,353,753
57
95,036,272
2,167
Bucuresti, Sector 1
3.463
3.463
1,317,523,227
72
47,686,003
2,070
Bratuleni, IASI
934,039,541
107
13,222,420
2,476
Timisoara, TIMIS
3.450
3,020,591,574
24
6,444,266
5,243
Bucuresti, Sector 2
3.450
1,264,810,799
73
-182,932,177
32,124
Bucuresti, Sector 2
3.450
1,107,684,939
89
-93,452,745
9,145
Bucuresti, Sector 1
3.425
781,211,255
130
106,983,324
473
Urziceni, IALOMITA
3.413
1,160,084,883
81
81,659,837
2,709
Bucuresti, Sector 4
3.400
2,189,750,845
35
1,522,533
13,924
Bucuresti, Sector 1
3.388
1,377,067,121
70
-232,841
237
Buzau, BUZAU
SOCIETATEA COMERCIALA COMPLEXUL
50 ENERGETIC ROVINARI SA
REGIA NATIONALA A PADURILOR
COMPANIA NATIONALA DE AUTOSTRAZI SI
75
76
77
78
79
80
81
82
83
84
ARCTIC SA
TMK-ARTROM SA
WIEE ROMANIA SRL
PROCTER & GAMBLE DISTRIBUTION SRL
OSCAR DOWNSTREAM SRL
TINMAR - IND SA
AGRO-CHIRNOGI SA
ELECTROCENTRALE BUCURESTI SA
MICHELIN ROMANIA SA
RCS & RDS SA
PORSCHE ROMANIA SRL
AGRANA ROMANIA SA
SOCIETATEA NATIONALA
NUCLEARELECTRICA SA
DELPHI DIESEL SYSTEMS ROMANIA SRL
PROFI ROM FOOD SRL
SOCIETATEA COMERCIALA DE PRODUCERE
A ENERGIEI ELECTRICE IN HIDROCENTRALE
&AMP;HIDROELECTRICA&SA
COMPANIA NATIONALA POSTA ROMANA SA
FEROVIAR DE MARFA - CFR MARFA - SA
EXPUR SA
COMPANIA NATIONALA
“LOTERIA ROMANA” SA
FEROVIAR DE CALATORI CFR CALATORI SA
BUNGE ROMANIA SRL
Mangalia,
CONSTANTA
Ramnicu Valcea,
VALCEA
Gaesti, DAMBOVITA
Stefanestii de Jos,
ILFOV
Comuna Cristian,
BRASOV
RANK COMPANY NAME
85 REMAT SA
TURNOVER
2011 RANKING
PROFIT/LOSS 2011
NO OF
EMPLOYEES
CONTACT
3.388
749,609,421
137
10,710,524
133
Calarasi, CALARASI
3.363
1,944,725,623
41
-30,803,300
1,234
Bucuresti, Sector 6
3.363
3.363
3.363
3.363
1,678,989,043
54
-283,414,839
2,325
Nedelea, PRAHOVA
1,119,868,177
87
-10,661,767
3,350
Mioveni, ARGES
1,108,012,643
88
-57,660,007
1,440
Bucuresti, Sector 1
1,047,689,527
96
-141,648,777
1,507
Buzau, BUZAU
3.350
1,149,704,461
82
-708,455,012
23,839
Bucuresti, Sector 1
3.338
3.338
3.313
2,897,665,343
26
31,583,472
249
Bucuresti, Sector 1
848,148,293
118
19,095,940
187
Bucuresti, Sector 5
1,578,059,613
58
-7,152,681
3,289
Bucuresti, Sector 1
95 ALTEX ROMANIA SRL
3.313
882,765,222
113
29,575,030
1,435
Piatra Neamt,
NEAMT
96 TRW AUTOMOTIVE SAFETY SYSTEMS SRL
3.313
878,392,258
114
23,484,769
2,788
Timisoara, TIMIS
3.313
715,991,743
144
37,774,933
3,659
Drobeta Turnu
Severin, MEHEDINTI
86
87
88
89
90
91
92
93
94
97
98
99
100
101
102
103
COSMOTE ROMANIAN MOBILE
TELECOMMUNICATIONS SA
LIDL DISCOUNT SRL
JOHNSON CONTROLS ROMANIA SRL
URSUS BREWERIES SA
DUCTIL STEEL SA
COMPANIA NATIONALA DE CAI FERATE CFR
SA
CARGILL AGRICULTURA SRL
SANOFI-AVENTIS ROMANIA SRL
AUCHAN ROMANIA SA
REGIA AUTONOMA PENTRU ACTIVITATI
NUCLEARE RA
PROSPECTIUNI SA
real,- HYPERMARKET ROMANIA SRL
MOL ROMANIA PETROLEUM PRODUCTS SRL
ROCHE ROMANIA SRL
MERCEDES-BENZ ROMANIA SRL
ENEL ENERGIE SA
3.313
3.300
3.288
3.288
3.288
3.275
315,293,527
345
30,981,821
1,604
Bucuresti, Sector 1
3,008,864,542
25
-120,760,658
5,771
Bucuresti, Sector 3
3,137,003,249
21
-13,397,874
176
Bucuresti, Sector 1
1,090,313,389
93
149,697
225
Bucuresti, Sector 2
764,704,445
132
26,137,904
136
Bucuresti, Sector 1
1,897,153,560
43
-43,137,204
412
Bucuresti, Sector 1
-151,271,747
471
Navodari,
CONSTANTA
104 ROMPETROL PETROCHEMICALS SRL
3.275
1,077,761,809
94
105 GLAXOSMITHKLINE (GSK) SRL
106 CONTINENTAL AUTOMOTIVE SYSTEMS SRL
3.275
3.263
723,741,502
142
21,173,671
300
Bucuresti, Sector 1
1,264,430,015
74
-104,789,414
1,577
Sibiu, SIBIU
3.263
1,208,837,877
79
-904,421,089
4,281
Bucuresti, Sector 3
3.263
3.263
3.263
1,139,142,245
83
-150,597,676
3,461
Timisoara, TIMIS
800,458,510
124
230,492,490
3,747 Targu Mures, MURES
761,053,345
134
28,920,981
2,386
Bucuresti, Sector 1
3.238
1,438,037,720
66
7,148,124
247
Bucuresti, Sector 1
3.225
3.225
3.213
3.213
764,608,960
133
180,109,955
502
Bucuresti, Sector 1
203,467,822
527
4,077,449
395
Deva, HUNEDOARA
814,087,797
120
35,083,922
1,829
Sarbi, MARAMURES
809,391,603
122
130,458,811
1,345
Craiova, DOLJ
3.213
748,109,975
138
-26,449,686
1,149
Roman, NEAMT
3.200
3.200
1,395,974,833
68
-31,316,430
48
Craiova, DOLJ
905,507,808
111
5,699,559
6974
Deva, Hunedoara
3.188
1,848,711,705
44
-17,460,690
138
Bucuresti, Sector 2
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
REGIA AUTONOMA DE DISTRIBUTIE A
ENERGIEI TERMICE BUCURESTI RADET RA
CONTINENTAL AUTOMOTIVE ROMANIA SRL
EON GAZ DISTRIBUTIE SA
GRUP FEROVIAR ROMAN SA
SOCIETATEA COMERCIALA DE DISTRIBUTIE
SI FURNIZARE A ENERGIEI ELECTRICE ELECTRICA SA
LAFARGE CIMENT (ROMANIA) SA
FARMACEUTICA REMEDIA SA
EATON ELECTRO PRODUCTIE SRL
CEZ DISTRIBUTIE SA
ARCELORMITTAL TUBULAR PRODUCTS
ROMAN SA
CEZ VANZARE SA
SEWS ROMANIA SRL
ALFRED C TOEPFER INTERNATIONAL
(ROMANIA) SRL
LLK LUBRICANTS ROMANIA SRL
JT INTERNATIONAL MANUFACTURING SA
MECHEL SERVICE ROMANIA SRL
ADM FARM SRL
3.188
3.175
3.175
3.175
870,188,203
115
12,085,649
98
Ploiesti, PRAHOVA
1,979,436,255
40
-12,647,951
318
Bucuresti, Sector 2
816,528,524
119
14,770,336
365
Bucuresti, Sector 3
781,828,812
129
8,883,553
556
Pantelimon, ILFOV
136
6,830,066
1,300
Popesti-Leordeni,
ILFOV
124 SIEPCOFAR SA
3.163
755,620,215
125 RENAULT INDUSTRIE ROUMANIE SRL
126 PLANOIL SRL
3.150
3.150
3,944,561,044
18
1,048,546
1
Mioveni, ARGES
721,535,851
143
3,716,261
20
Bucuresti, Sector 1
MCR
TOP 300
RANK COMPANY NAME
127
128
129
130
131
132
133
134
135
FARMEXIM SA
CARPATCEMENT HOLDING SA
COMPA SA
ANTIBIOTICE SA
MAIRON GALATI SA
ALUM SA
ROPHARMA SA
ELECTROCENTRALE DEVA SA
ENEL DISTRIBUTIE MUNTENIA SA
ERICSSON TELECOMMUNICATIONS
136 ROMANIA SRL
137 STX RO OFFSHORE BRAILA SA
TURNOVER
2011 RANKING
PROFIT/LOSS 2011
NO OF
EMPLOYEES
CONTACT
3.125
3.125
3.113
3.113
3.075
3.075
3.075
3.063
3.063
972,471,927
102
10,316,324
549
Bucuresti, Sector 2
812,746,577
121
142,116,730
814
Bucuresti, Sector 1
475,420,370
223
17,369,837
1,782
Sibiu, SIBIU
281,847,455
391
20,298,909
1,450
Iasi, IASI
883,323,141
112
29,629,929
367
Galati, GALATI
574,237,971
184
32,562,133
719
Tulcea, TULCEA
385,169,835
283
10,687,756
756
Brasov, BRASOV
778,330,788
131
2,499,075
1,506
Mintia, HUNEDOARA
705,878,691
146
50,470,639
1,302
Bucuresti, Sector 1
3.063
543,675,580
193
26,220,612
1,433
Bucuresti, Sector 1
3.063
375,914,905
291
50,378,911
1,815
Braila, BRAILA
138 ARA SHOES ROMANIA SRL
3.063
220,667,632
483
7,114,881
1,548
Valea lui Mihai,
BIHOR
139 HOLCIM (ROMANIA) SA
140 FILDAS TRADING SRL
141 LAMINORUL SA
3.025
3.025
3.025
943,855,284
105
74,029,255
948
Bucuresti, Sector 1
935,162,376
106
24,596,603
499
Pitesti, ARGES
933,973,827
108
-132,867,299
667
Braila, BRAILA
142 DAN STEEL GROUP BECLEAN SA
3.025
278,347,307
393
5,058,202
684
Beclean,
BISTRITA-NASAUD
143 STIROM SA
144 SENSIBLU SRL
3.025
3.013
207,570,716
515
19,462,703
421
Bucuresti, Sector 3
920,786,955
110
1,166,452
2,133
Mogosoaia, ILFOV
3.013
742,857,431
140
45,403,645
1,545
Bucuresti, Sector 1
3.013
2.975
2.975
2.975
220,997,557
482
26,277,385
1,571
Bucuresti, Sector 2
383,968,466
286
29,874,301
550
Jimbolia, TIMIS
310,406,128
353
21,457,151
533
Buzau, BUZAU
236,541,218
451
27,868,421
429
Ploiesti, Prahova
2.963
701,019,798
147
-27,515,191
1,575
Targu Secuiesc,
COVASNA
2.963
509,780,658
211
40,536,731
1,230
Carei, SATU MARE
2.963
2.963
2.963
2.950
427,871,180
250
25,598,720
1,715
Bucuresti, Sector 1
360,789,334
302
5,492,288
1,955
Timisoara, TIMIS
218,829,078
486
29,715,977
1,124
Campina, PRAHOVA
791,456,834
127
161,456,607
33
145
146
147
148
149
ADMINISTRATIA ROMANA A SERVICIILOR DE
TRAFIC AERIAN ROMATSA RA
GENPACT ROMANIA SRL
CRH ROMANIA SRL
GREENFIBER INTERNATIONAL SA
DALKIA TERMO PRAHOVA SRL
150 DOMO RETAIL SA
CONTITECH FLUID AUTOMOTIVE
151 ROMANIA SRL
152 ORACLE ROMANIA SRL
153 KROMBERG & SCHUBERT ROMANIA SRL
154 CONFIND SRL
155 SPEDITION UMB SRL
Bacau, BACAU
Odorheiu Secuiesc,
HARGHITA
Resita,
CARAS-SEVERIN
156 AMIGO & INTERCOST SRL
2.925
213,184,227
498
7,982,487
488
157 TMK - RESITA SA
2.925
804,234,037
123
50,412,602
782
158 AD AUTO TOTAL SRL
2.925
438,504,261
241
20,289,510
722
Bucuresti, Sector 4
159 AVICOLA CREVEDIA SA
2.925
395,973,057
268
2,256,188
428
Crevedia,
DAMBOVITA
160 TITAN SA
2.925
338,268,130
322
8,287,814
872
161 ALBALACT SA
2.925
338,250,651
323
5,767,484
631
162 CROMSTEEL INDUSTRIES SA
2.925
251,843,625
429
21,560,799
331
163
164
165
166
167
168
2.925
2.913
2.913
2.913
2.913
2.913
231,000,062
464
25,479,269
337
572,444,536
186
124,714,073
1,293
Bacau, BACAU
493,644,646
217
85,732,079
1,951
Bucuresti, Sector 5
MW ROMANIA SA
TEHNOSTRADE SRL
APA NOVA BUCURESTI SA
ROSKO TEXTIL SRL
COMPANIA ROMPREST SERVICE SA
RULMENTI SA
Pantelimon, ILFOV
Galda de Jos, Localitatea Oiejdea, ALBA
Targoviste,
DAMBOVITA
Dragasani, VALCEA
332,469,063
328
21,491,773
1,207
Curtici, ARAD
267,590,738
414
14,912,162
2,920
Bucuresti, Sector 1
261,601,928
423
18,959,099
2,339
Barlad, VASLUI
RANK COMPANY NAME
169
170
171
172
173
174
175
TURNOVER
2011 RANKING
PROFIT/LOSS 2011
NO OF
EMPLOYEES
CONTACT
2.900
2.875
2.875
2.875
2.875
2.875
2.875
715,416,545
145
26,422,338
12
Bucuresti, Sector 1
727,113,466
141
-66,077
279
Bucuresti, Sector 1
176 ARGUS SA
177
178
179
180
ALPIQ ROMENERGIE SRL
UNILEVER SOUTH CENTRAL EUROPE SA
PORSCHE INTER AUTO ROMANIA SRL
ELECTROMAGNETICA SA
CORD ROMANIA SRL
TIMKEN ROMANIA SA
AEDIFICIA CARPATI SA
636,456,271
161
5,915,195
521
Tunari, ILFOV
495,195,622
216
15,075,281
535
Bucuresti, Sector 5
383,708,042
287
18,823,477
458
Slatina, OLT
351,791,919
309
86,447,728
852
Ploiesti, PRAHOVA
310,916,205
351
24,486,956
729
Bucuresti, Sector 5
2.875
231,042,645
463
7,930,422
291
Constanta,
CONSTANTA
REGIOTRANS SRL
PREH ROMANIA SRL
CHIPITA ROMANIA SRL
SIVECO ROMANIA SA
COMPANIA NATIONALA DE TRANSPORTURI
181 AERIENE ROMANE TAROM SA
2.875
2.875
2.875
2.875
225,505,914
472
8,669,801
760
Brasov, BRASOV
216,340,379
493
9,736,777
324
Ghimbav, BRASOV
212,667,390
500
15,464,874
555
Clinceni, ILFOV
204,985,381
525
14,971,311
964
Bucuresti, Sector 1
2.863
946,315,772
104
-262,224,490
2,286
Otopeni, ILFOV
182 LEONI WIRING SYSTEMS RO SRL
2.863
664,314,181
154
16,838,477
3,413
Bistrita,
BISTRITA-NASAUD
183
184
185
186
187
2.863
2.863
2.863
2.863
2.838
646,344,364
158
106,239,205
1,554
Timisoara, TIMIS
612,330,127
169
15,317,650
3,489
Ploiesti, PRAHOVA
510,879,742
210
14,249,600
2,999
Arad, ARAD
372,590,194
294
4,240,589
1,029
Bucuresti, Sector 5
853,231,813
117
2,942,581
146
Bucuresti, Sector 2
188 BRISEGROUP SRL
2.838
544,497,306
192
12,813,660
128
189 AMEROPA GRAINS SA
2.838
483,949,128
220
11,351,261
200
190
191
192
193
194
2.838
2.838
2.825
2.825
2.825
431,773,722
248
5,322,664
122
Mioveni, ARGES
248,839,423
436
10,898,148
75
Bucuresti, Sector 6
436,829,312
244
35,942,357
667
Mioveni, ARGES
314,694,139
346
7,039,912
280
Bucuresti, Sector 1
311,815,348
350
55,891,208
806
Bucuresti, Sector 1
2.825
231,786,310
460
13,346,129
832
Satu Mare,
SATU MARE
2.813
685,740,287
151
67,414,812
2,078
Ploiesti, PRAHOVA
2.813
535,412,637
199
29,100,621
2,016
Oradea, BIHOR
2.813
534,872,284
200
18,550,524
1,988
Voluntari, ILFOV
2.813
474,335,158
225
52,608,755
1,099
Otopeni, ILFOV
200 KOYO ROMANIA SA
2.813
231,283,959
461
4,551,725
1,345
Alexandria,
TELEORMAN
201
202
203
204
205
206
207
208
209
2.813
2.813
2.800
2.800
2.788
2.788
2.788
2.788
2.788
224,843,874
473
4,571,667
1,824
Medias, SIBIU
222,633,218
477
43,993,292
1,137
Bucuresti, Sector 2
242,779,829
445
2,253,653
25
Bucuresti, Sector 1
201,801,702
531
7,527,102
12
Bucuresti, Sector 2
397,865,426
267
2,310,909
187
Buzau, BUZAU
388,851,148
275
9,151,592
190
Bacau, BACAU
386,956,309
281
42,078,764
184
Cluj-Napoca, CLUJ
376,513,172
290
14,112,199
135
Bucuresti, Sector 6
284,986,507
383
55,464,566
174
Calarasi, CALARASI
CONTITECH ROMANIA SRL
YAZAKI ROMANIA SRL
LEONI WIRING SYSTEMS ARAD SRL
STRACO GRUP SRL
ASESOFT DISTRIBUTION SRL
CORTUBI SRL
TRUST MOTORS SRL
EURO AUTO PLASTIC SYSTEMS SRL
TRANS BITUM SRL
IBM ROMANIA SRL
195 ZES ZOLLNER ELECTRONIC SRL
Constanta,
CONSTANTA
Constanta,
CONSTANTA
FILIALA DE DISTRIBUTIE A ENERGIEI ELEC-
196 TRICE - ELECTRICA DISTRIBUTIE MUNTENIA
NORD SA
SOCIETATEA COMERCIALA FILIALA DE DIS197 TRIBUTIE A ENERGIEI ELECTRICE - ELECTRICA DISTRIBUTIE TRANSILVANIA NORD SA
198 RENAULT TECHNOLOGIE ROUMANIE SRL
COMPANIA NATIONALA AEROPORTURI
199 BUCURESTI SA
KROMBERG & SCHUBERT ROMANIA ME SRL
FAN COURIER EXPRESS SRL
METALROM SRL
BRIDGESTONE ROMANIA SRL
AROMET SA
COMFERT SRL
ENERGOBIT SRL
MHS TRUCK & BUS SRL
DONALAM SRL
MCR
TOP 300
RANK COMPANY NAME
210
211
212
213
214
JOHNSON CONTROLS FABRICS ROMANIA SRL
AGRICOVER SRL
GRUP ROMET SA
LS TRAVEL RETAIL ROMANIA SRL
KRONOSPAN SEBES SA
TURNOVER
2011 RANKING
2.788
2.788
2.788
2.788
2.775
PROFIT/LOSS 2011
NO OF
EMPLOYEES
CONTACT
252,556,381
428
16,277,185
123
Timisoara, TIMIS
236,750,800
450
6,605,172
116
Voluntari, ILFOV
624,090,512
164
3,843,537
79
Buzau, BUZAU
264,051,362
419
5,268,709
139
Bucuresti, sector 1
972,230,274
103
-31,620,157
442
Sebes, ALBA
215 HELLA ROMANIA SRL
2.775
592,357,122
174
31,240,868
928
Sannicolau Mare,
TIMIS
216 LINDE GAZ ROMANIA SRL
217 EUROPHARM SA
2.775
2.775
437,597,916
243
64,734,733
437
Timisoara, TIMIS
407,769,055
258
25,704,364
258
Brasov, BRASOV
218 TCE 3 BRAZI SRL
2.775
402,400,692
262
49,741,849
912
Piatra Neamt,
NEAMT
219 WHITELAND IMPORT EXPORT SRL
220 HELP NET FARMA SA
221 KATHREIN ROMANIA SRL
2.775
2.775
2.775
390,726,409
273
5,777,668
420
Bucuresti, Sector 4
350,442,551
313
12,580,059
993
Bucuresti, Sector 2
288,759,340
379
20,997,753
860
Timisoara, TIMIS
222 BOROMIR IND SRL
2.775
264,813,069
418
4,972,163
827
Ramnicu Valcea,
VALCEA
223
224
225
226
2.775
2.775
2.763
2.763
222,340,428
480
29,744,158
282
Carei, SATU MARE
205,770,924
521
28,392,323
698
Cluj-Napoca, CLUJ
635,301,465
163
13,781,420
2,688
Vetis, SATU MARE
518,218,340
207
32,441,032
1,048
Sibiu, SIBIU
2.763
407,736,320
259
49,802,964
1,214
Bucuresti, Sector 3
2.763
2.763
361,214,554
300
28,790,208
2,087
Galati, GALATI
328,377,251
333
27,522,541
1,486
Timisoara, TIMIS
2.763
274,220,700
399
27,755,616
2,594
Bucuresti, Sector 2
2.763
258,532,296
426
22,915,111
1,370
Timisoara, TIMIS
232 GRANI COMERT SRL
2.750
374,804,985
292
7,656,500
49
Constanta,
CONSTANTA
233
234
235
236
2.738
2.738
2.725
2.725
747,454,302
139
-34,583,954
53
Bucuresti, Sector 1
384,794,152
284
3,214,146
525
Voluntari, ILFOV
482,000,196
221
95,848,848
667
Cluj-Napoca, CLUJ
421,239,266
253
95,848,848
667
Cluj-Napoca, CLUJ
237 ARCELORMITTAL HUNEDOARA SA
2.725
388,082,736
277
-19,811,164
683
Hunedoara,
HUNEDOARA
238 ZAHARUL ORADEA SA
239 ELGEKA - FERFELIS ROMANIA SA
2.725
2.725
387,859,569
279
5,623,257
268
Oradea, BIHOR
282,092,710
389
1,887,738
400
Bucuresti, Sector 3
2.725
265,401,137
416
3,012,892
707
Craiova, DOLJ
2.725
2.725
2.725
2.725
262,871,579
421
44,040,102
491
Bucuresti, Sector 3
246,466,069
441
14,140,879
340
Bucuresti, Sector 6
235,648,166
453
33,857,309
555
Bucuresti, Sector 3
221,672,458
481
1,440,302
412
Bucuresti, Sector 2
ARCELORMITTAL TUBULAR PRODUCTS
245 IASI SA
2.725
218,094,258
490
-35,611,590
547
Iasi, IASI
246 TERAPLAST SA
2.725
209,359,979
509
-14,642,198
449
Bistrita,
BISTRITA-NASAUD
247 DELACO DISTRIBUTION SA
2.725
201,896,515
530
2,436,482
400
Codlea, BRASOV
248 RAJA SA
2.713
206,825,742
520
12,112,477
2553
Constanta, CONSTANTA
249 FORD ROMANIA SA
250 LISA DRAXLMAIER AUTOPART ROMANIA SRL
251 LEMARCO SA
2.713
2.713
2.700
797,674,088
125
-471,350,988
3,501
Craiova, DOLJ
295,424,439
368
8,831,594
3,515
Pitesti, ARGES
342,755,084
317
19,994,605
-
Bucuresti, Sector 1
227
228
229
230
231
ARDEALUL SA
EMERSON SRL
UNICARM SRL
MARQUARDT SCHALTSYSTEME SCS
DELTA ANTREPRIZA DE CONSTRUCTII SI
MONTAJ 93 SRL
VEGA 93 SRL
ALCATEL - LUCENT ROMANIA SA
GLOBAL E-BUSINESS OPERATIONS
CENTRE SRL
AEM SA
ENERGY HOLDING SRL
CARMISTIN SRL
FLANCO RETAIL SA
TERAPIA SA
CUMMINS GENERATOR TECHNOLOGIES
240 ROMANIA SA
241 ZARA BUCURESTI SRL
242 VALROM INDUSTRIE SRL
243 ZENTIVA SA
244 INTRAROM SA
RANK COMPANY NAME
TURNOVER
2011 RANKING
PROFIT/LOSS 2011
NO OF
EMPLOYEES
CONTACT
252 MARIA CEREALE SRL
2.700
316,630,800
343
5,619,256
14
Constanta,
CONSTANTA
253 AIR BP SALES ROMANIA SRL
2.700
288,719,992
380
6,230,480
1
Otopeni, ILFOV
254 AUTOCORA SRL
2.700
276,022,388
397
9,484,310
42
255 ROREX TRADER SRL
2.700
205,400,638
523
832,152
10
256 ROMPETROL GAS SRL
257 UNICOM HOLDING SA
2.688
2.688
784,405,200
128
-2,760,637
171
Bucuresti, Sector 1
758,778,507
135
-19,280,605
141
Voluntari, ILFOV
2.688
694,710,373
148
11,638,925
98
Bucuresti, Sector 1
2.688
2.688
2.688
2.688
369,638,427
296
21,063,687
238
Mogosoaia, ILFOV
267,863,415
412
43,900,023
70
Bucuresti, Sector 1
263 GRUP SERVICII PETROLIERE SA
264 CAMERON ROMANIA SRL
265 KRAFT FOODS ROMANIA SA
258
259
260
261
262
266
267
268
269
270
271
272
273
GENERAL ELECTRIC INTERNATIONAL INC WILMINGTON SUCURSALA ROMANIA
IPSO SRL
3M ROMANIA SRL
PUNCTUAL COMIMPEX SRL
WRIGLEY ROMANIA SRL
DANONE - PRODUCTIE SI DISTRIBUTIE DE
PRODUSE ALIMENTARE SRL
SIEMENS SRL
AVON COSMETICS (ROMANIA) SRL
TRANSAVIA SA
EURO CONSTRUCT TRADING 98 SRL
COMPANIA NATIONALA IMPRIMERIA
NATIONALA SA
CARGILL OILS SA
BOS AUTOMOTIVE PRODUCTS ROMANIA SCS
Alexandria,
TELEORMAN
Constanta,
CONSTANTA
249,260,965
435
1,520,548
62
Cluj-napoca, CLUJ
213,525,542
497
30,201,909
196
Bucuresti, Sector 1
2.675
796,938,787
126
-307,319,833
434
Constanta,
CONSTANTA
2.675
2.675
677,011,157
152
51,853,430
845
Campina, PRAHOVA
563,555,504
189
26,064,691
262
Ghimbav, BRASOV
2.675
502,998,666
214
16,396,155
608
Bucuresti, Sector 2
2.675
2.675
2.675
2.675
475,386,469
224
19,781,890
469
Bucuresti, Sector 6
444,432,678
239
56,435,043
315
Oiejdea, ALBA
357,681,199
305
26,299,438
913
Oiejdea, ALBA
354,497,745
308
37,930,724
780
Bucuresti, Sector 6
2.675
342,553,292
319
32,645,355
474
Bucuresti, Sector 1
2.675
2.675
313,656,544
347
-2,839,381
277
Bucuresti, Sector 1
304,484,903
358
16,333,470
855
Arad, ARAD
274 AGRISOL INTERNATIONAL RO SRL
2.675
231,060,622
462
8,441,745
953
Boldesti-Scaeni,
PRAHOVA
275 ANTENA TV GROUP SA
2.675
222,617,199
478
6,248,649
520
Bucuresti, Sector 1
SOCIETATEA COMERCIALA FILIALA DE DIS276 TRIBUTIE A ENERGIEI ELECTRICE - ELECTRICA DISTRIBUTIE TRANSILVANIA SUD SA
2.663
598,510,775
173
19,569,602
1,813
Brasov, BRASOV
277 ROMSTRADE SRL
2.663
539,727,094
197
10,881,044
1,623
Adunatii Copaceni,
GIURGIU
278 TMUCB
279 SUCCES NIC COM SRL
280 SANTIERUL NAVAL DAMEN GALATI SA
2.663
2.663
2.663
284,624,365
384
5,230,113
1,599
Bucuresti, Sector 1
273,925,545
400
2,470,789
1,431
Targu Jiu, GORJ
273,123,588
402
13,581,756
1,573
Galati, GALATI
2.663
208,532,946
512
6,844,761
1,051
Braila, BRAILA
281
282
283
284
285
COMPANIA LOCALA DE TERMOFICARE
COLTERM SA
BRAICONF SA
TRANSENERGO COM SA
ARELCO DISTRIBUTIE SRL
GOODYEAR DUNLOP TIRES ROMANIA SRL
2.663
2.650
2.650
2.650
33,123,548
1,835
1,959,082
1,046
Braila, BRAILA
551,836,290
190
4,721,041
24
Bucuresti, Sector 5
450,128,844
237
1,970,347
12
Bucuresti, Sector 1
391,829,339
272
5,459,887
38
Bucuresti, Sector 1
286 ROMSPEED SRL
2.650
276,478,458
395
668,976
8
Constanta,
CONSTANTA
287
288
289
290
291
2.638
2.638
2.638
2.638
2.638
578,389,137
180
11,303,473
198
Braila, BRAILA
432,010,493
247
4,337,501
136
Braila, BRAILA
321,546,949
341
3,125,023
122
Bucuresti, Sector 1
289,642,596
377
19,151,136
157
Bucuresti, Sector 4
248,723,770
437
5,933,337
100
Bucuresti, Sector 2
REMATHOLDING CO SRL
COMISION TRADE SRL
BULROM GAS IMPEX SRL
CAN-PACK ROMANIA SRL
COLGATE-PALMOLIVE (ROMANIA) SRL
MCR
TOP 300
RANK COMPANY NAME
292
293
294
295
296
297
298
299
MCR SCORING ANNUAL TURNOVER TURNOVER
2011 RANKING
VIVANI SALUBRITATE SA
BV MCCANN ERICKSON SRL
ICME ECAB SA
DANTE INTERNATIONAL SA
STRABAG SRL
HENKEL ROMANIA SRL
PETROM LPG SA
PRUTUL SA
2.638
2.638
2.625
2.625
2.625
2.625
2.625
2.625
205,510,109
300 ENEL DISTRIBUTIE DOBROGEA SA
2.625
522
PROFIT/LOSS 2011
NO OF
EMPLOYEES
CONTACT
10,448,441
191
Slobozia, Ialomita
201,713,544
533
7,577,453
92
Bucuresti, Sector 1
652,464,236
157
13,084,487
563
Bucuresti, Sector 3
621,423,342
166
5,104,301
338
Voluntari, ILFOV
585,828,064
176
6,436,998
448
Bucuresti, Sector 5
542,369,628
194
30,414,936
459
Bucuresti, Sector 2
513,028,100
209
11,501,793
274
Otopeni, ILFOV
489,975,996
219
2,362,422
416
Galati, GALATI
458,996,729
234
108,851,221
995
Constanta,
CONSTANTA
21
CEE lending institutions active in Romania, the
largest presence of region's major banks
Total assets of Romanian banking system is worth
RON 353,91 billion in 2011
Banking & Finance
t BANKING
t INSURANCE
t FINANCIAL LEASING
t OPERATIONAL LEASING
t PENSION FUNDS ADMINISTRATORS
t FUND MANAGEMENT
t CAPITAL MARKET INTERMEDIARIES
MCR
BANKING & FINANCE
Banking in 2012:
towards a more regulated market
Gabriela Bratu, Senior, Assurance & Advisory Business Services, Ernst & Young
Two of the most significant events in the banking sector in
2012 were the introduction of the International Financial
Reporting Standards (IFRS) starting with 1 January 2012 and the
legislative framework of the bridge-bank concept. These
measures converge to the common purpose of the national and
European authorities to have a unified view over the globalised
banking sector as well as to re-enforce their role in financial
stability. These changes were due to the commitment of the
Romanian Authorities to a new preventive finance
arrangement with the European Union, IMF and World Bank.
Also, in 2012, the enforcement of the cooperation and
harmonization framework in a new collaboration step under
the Viena European Initiative for Banking Coordination 2.0
was set as a primary goal for national regulators. This initiative
sets up a better cooperation between the regulators in the
origin European countries and those in host-countries for the
purpose of preventing erratic financial dealing.
The IFRS transition was guided by the National Bank of
Romania (NBR) in such a way as to prevent any irregularities in
computing prudential indicators. The International Standards
assume that the allowances for loans are to be recorded as a
consequence of a default event, while the former national
regulations imposed that allowances were recorded based on
expected losses. This used to lead to the ex ante recognition of
losses in the financial statements, i.e: a decrease in annual
profits. The concern was that, with the transition to IFRS,
banks would increase their profits and thus improve their own
funds position in the calculation of capital adequacy ratios.
This was prevented by the NBR through the Order 26 issued in
December 2011, which sets the framework for reporting of
prudential filters, starting with January 2012. Based on the
analysis performed on financial reporting as at 31 December
2011 and 31 March 2012, NBR decided to maintain prudential
filters after 1 January 2013 as well.
Additional measures taken by NBR were targeted to the
monitoring of correct capitalization of risks in the Romanian
banking sector. Capitalization was, in 2012 like in previous
periods, assured by the shareholders. Other capitalization
movements referred to the take-over of Emporiki Bank
Romania by the French group Credit Agricole and the recent
takeover by Piraeus Bank of the good assets of ATE Bank
(including the Romanian branch). These restructurings did not
affect the capitalization ratios and did not assume state
intervention. The net increases in the social capital of banks
reached EUR 550 million in the first semester of 2012. The
solvency ratio reached a level of 14.7 in June 2012 (EU
minimum level required: 8%).
The banks’ biggest problem was in 2012 the same as in the
previous 2 years: the quality of the loan portfolio. The level of
non-performing loans (NPLs) continued to grow in 2012 rising
from a level of 14.3% in December 2011 to 16.8% in June 2012.
The growth is due, in part, to the introduction of IFRS,
whereby banks are obliged to recognize losses from loans
previously recognized off-balance sheets. Also, in 2012, banks
re-valued the performance of customers whose loans they had
re-structured in previous years.
The transition to IFRS has been followed-up by the National
Bank through the requirement of prudential filters, whereby
banks are required to compute solvency ratios based on
recognition criteria that are stricter than the ones required by
IFRS. The latest stress-testing results show, that on a two years
horizon, the Romanian banking entities have the capacity to
overcome strong macro-economic shocks. These tests show
that in the adverse scenario case where Romania re-enters the
recession and the national currency incur heavy devaluation
against foreign currencies, the solvency ratio would drop to
12.3%, maintaining an acceptable level.
In 2012, banks continued to record a majority of mortgage
loans in their balance sheet. The mortgage loans granted to
individuals in 2012 grew by RON 13 billion between January
2011 and June 2012. This was mainly due to the “First House”
program. During this period, the program contributed with 53%
to the total mortgage loans, in approximately 30,500
guarantees. These loans are, though, responsible for a
significant increase in the NPL ratios, as the non-performing
mortgage loans granted to individuals raised by 60% in the
period to June 2012. Out of these loans, the most risky ones are
the so-called “American Mortgages”: loans for personal needs,
with real estate collaterals, as opposed to Housing Loans loans used for the construction/acquisition of a real estate
property. A similar situation occurs for mortgage loans granted
to companies. The non performing loans have increased by
66.1% by June 2012. These movements in non-performing loans
cannot be entirely imposed to the bank’s decision to invest, but
more to the market trends between June 2011 and June 2012.
The National Statistics Institute reported a drop of 15% in
prices of real estate properties for the above mentioned period.
Thus, the loan-to-value indicator (“LTV”) deteriorated in this
period, by increasing from 71% to 78% for retail loans and from
70% to 75% for corporate loans.
This drop in real estate prices also worsened the banks’
exposure towards real estate companies. The NPL ratio for
these loans rose from 18% in December 2010 to 28.4% in July
2012. Banks continue to support this sector by re-scheduling
and restructuring the loans granted to developers. This year,
12% of total restructured loans were represented by loans
The legal framework that describes the functionality of the
bridge-bank also brings forward new roles of NBR. The
Romanian Banking regulator will be able from 2012, to suspend
the banks’ shareholders’ right to vote , if it considers that their
decision can endanger the prudential administration of the
respective financial entity. Also, NBR is free to intervene
whenever it observes a current or possible future “significant
deterioration” of prudential indicators and conclude that the
shareholders are not taking appropriate measures to improve
these indicators.
Main prudential indicators
Capital adequacy ratio
Leverage ratio
Loans to clients (% of total assets)
NPL ratio
Total number of overdue clients
Dec-10
15.02%
8.11%
58.64%
11.85%
218,370
Jun-11
14.19%
7.79%
59.86%
13.35%
240,097
Dec-11
14.87%
8.07%
59.24%
14.33%
224,599
Source: NBR
granted to the real estate sector. Banks continue also to grant
new finance to this sector, as they believe that the market was
not fully matured at the inception of the economic crisis, and it
could re-start from where it has left, back in 2009-2010. Their
beliefs is consolidated by the numbers in the construction and
real-estate industry where there has been a raise in volume of
work as well as an increase in number of employees and
investment projects. Other analysts state, however, that this
sector is still to fall, as construction authorizations have
decreased in the previous 18 months.
The other major event in 2012 was the set-up of the legislative
framework of the bridge bank. This is an instrument used by
NBR to intervene promptly when one of the banks faces
problems that might spread to the entire banking system. If
such an event occurs, the NBR will immediately suspend the
mandates of the problem-bank management and transfer all
assets and liabilities to a newly formed entity – the bridge bank.
This entity will have a two-tier administration board, the
members of the Board being elected by NBR. The unique
shareholder of this new entity will be the Banks Deposits
Guarantee Fund who will also finance this new bank from its
own private resources. Public funding could also be provided in
the form of loans granted by the Ministry of Finance to the
Fund. The new entity will function for a period of two years
when the NBR should be able to find a new investor willing to
take-over the assets and liabilities. This period could be
prolonged if no such investor is found by the end of the
two-year period. The troubled bank from which the assets and
liabilities are taken over will be liquidated, as NBR will annul
its authorization.
Mar-12
14.63%
8.60%
61.42%
15.88%
239,571
Jun-12
14.66%
8.42%
60.93%
16.76%
244,820
With regards to the solvency
ratios, NBR is also taking a more
pro-active role, as it will be
obliged to constitute special
administration for banks whose
capital adequacy ratios will fall
lower than 75% of the minimum
required level.
These set of measures are meant to strengthen the regulators’
role, as well as to improve the confidence level of foreign
investors in the Romanian financial system. Once the world
economy will start to recover from the outcome of the
financial crisis, the investors will begin to look for new
investment opportunities, but with a keener eye to regulated
markets. Also, by functioning in this new regulatory
framework, the banks themselves will re-educate their
investment choices and will perhaps learn to identify and
finance those healthy sectors of the real economy.
MCR
Opinion
Doing business
in Romania
STEVEN VAN GRONINGEN,
President Raiffeisen Bank Romania,
President of Foreign Investors
Council (FIC) in Romania
The moderate recovery in Emerging
Europe is still threatened by continued
uncertainty and recession in the
Eurozone. Romania still has difficulties in
boosting growth due to the overall
uncertain international economic
situation, along with the internal
uncertainties. The political turmoil has
diminished Romania’s credibility on the
financial markets and in the eyes of
potential investors. Because the private
sector is directly confronted with the
effects of the political turmoil and the
deterioration of the economic
environment, our voice will be stronger
in expressing our worry with regard to
the future of the business we make in
Romania.
In this context, the business community
in Romania announced the creation of a
coalition for the economic growth and
stability that gathers AmCham, The
Council for Foreign Investors or the
business bilateral chambers of commerce
(Dutch, British, Canadian, Irish, Finnish,
Danish) and has the support of the
diplomatic missions to Romania of some
EU member states as well as of US and
Canada. We call for a strategic dialogue
with the Government to improve the
business environment, to raise the
competitiveness of Romania on a
international plan and to rebuild the trust
in the Romanian economy.
We are a strong voice that can no longer
be avoided because we represent the
majority of the foreign investors in
Romania created and continue to create
thousands of work places for the citizens
of Romania and contribute significantly
to the state budget. Despite the political
landscape, Romania is still a good
business opportunity. According to the
European Attractiveness Survey 2012
report (Ernst & Young’s survey over 840
business leaders) Romania will be the
sixth most attractive European country
for investment over the next three years1.
This is encouraging news for the foreign
investors and it is a call for action for the
political class, which should have no other
concern than end the political turmoil
and stop doing more damage to the
economy and the country’s credibility.
Considering the fact that the FDIs
dropped last year to the lowest value
since 2003, we realize it is crucial to push
through further structural reforms if it is
to boost competitiveness and enable
economic sustainable growth. Here are
some priorities for action which relates
one to the other:
s1SFEJDUBCJMJUZBOETUBCJMJUZPGUIF
legislative and regulatory processes is
vital for the investors. Without a stable,
clear and predictable regulatory
framework, investors' interest to invest in
a market is limited;
s5IFHPWFSONFOUNVTUBMTPEFBMXJUIUIF
challenges related to labor legislation if it
wants to improve productivity. Romania
has productivity by 57% lower than the
EU average. Delaying long-awaited
reforms will diminish the competitive
advantage of the labor market
s3PNBOJBTUJMMIBTBIJHIOVNCFSPGUBY
payments (113 payments are required
during the course of a year which takes
222 hours (9 days) to make) - most of
them relates to labor taxes and the fact
that currently Romania has no functional
electronic payment system available for
companies. Therefore, rationalizing and
simplifying the tax system should be a
priority;
s/PXUIFSFJTBNPSFUIBOFWFSOFFEUP
revitalize economy’s financing through
capital markets; Romania still need to
work hard to improve its capital markets,
which remain less developed than those
in other accession countries.
Romania has been ranked 77 out of 142
countries in the 2011-2012 Global
Competitiveness Index Report issued by
the World Economic Forum (WEF) Romania lost 10 positions from the
previous report. According to WEF, the
most problematic factors for doing
business in Romania: access to financing,
tax rates, policy instability, tax
regulations, inefficient government 38
bureaucracy, inadequate supply of
infrastructure, corruption (based on
average ranking in the last three Global
Competitiveness Reports, 2009-2011).
From now on, the Romanian government
should give special attention to those
measures that help rebuild the country’s
credibility and contribute to sustainable
economic growth.
1
The top five countries in the ranking are Germany, Poland, the United Kingdom, Russia and France. The study is
based on methodology that includes an analysis of the number of foreign investment projects in 2011 and a soft
analysis of the perception of the attractiveness of European countries for foreign investment. The country outperforms
the Czech Republic, Turkey, Switzerland, the Netherlands, Italy, Spain and Sweden.
BANKING
AT 2011
MARKET SHARE
PROFIT/LOSS
RON 2011
4.250
4.000
3.750
3.500
3.500
3.500
3.500
3.250
23,690,300,000
7%
320,068,972
25,745,200,000
7%
131,870,976
17,728,100,000
5%
-698,881,415
48,027,700,000
14%
465,265,368
24,815,600,000
7%
67,445,929
22,346,500,000
6%
103,062,227
16,544,100,000
5%
-117,707,116
71,054,800,000
20%
-510,818,823
4.500
3.500
3.250
3.250
14,509,900,000
4%
129,611,734
5,793,300,000
2%
100,068,925
12,274,100,000
3%
-11,016,904
6,189,500,000
2%
-79,438,040
3.250
5,752,400,000
2%
117,119,398
3.250
4,220,100,000
1%
30,683,869
3.125
8,166,600,000
2%
42,057,757
3.000
2,297,500,000
1%
24,929,252
2.500
4,174,500,000
1%
59,431,557
2.750
7,418,200,000
2%
-122,611,967
2.750
2.750
2.750
4,751,600,000
1%
-62,961,948
3,745,900,000
1%
-21,063,973
2,635,000,000
1%
-15,162,761
2.625
3,964,700,000
1%
-254,956,765
2.250
2.250
3,787,100,000
1%
-31,989,275
2,087,800,000
1%
-104,040,129
PROCREDIT BANK S.A.
2.750
BCR BANCA PENTRU LOCUINTE S.A.
2.750
CAIXABANK SA (BARCELONA) - SUCURSALA ROMANIA
2.500
CREDIT AGRICOLE BANK ROMANIA S.A
2.250
BANCA C.R. FIRENZE ROMANIA S.A
2.250
BLOM BANK FRANCE SA PARIS SUCURSALA ROMANIA
2.250
LIBRA INTERNET BANK S.A.
2.250
ATE BANK ROMANIA SA
1.750
BANK LEUMI ROMANIA S.A
1.750
NEXTEBANK SA
1.750
FORTIS BANK SA/NV BRUXELLES SUCURSALA BUCUR1.750
35 ESTI
1.750
36 PORSCHE BANK ROMANIA S.A.
1.250
37 ROMANIAN INTERNATIONAL BANK S.A.
1.250
38 RAIFFEISEN BANCA PENTRU LOCUINTE S.A.
1.250
39 BANCA COMERCIALA FEROVIARA S.A
SOURCE: NATIONAL BANK OF ROMANIA, TRADE REGISTER, MINISTRY OF FINANCE
1,126,600,000
0%
18,149,547
950,600,000
0%
11,983,539
RANK COMPANY NAME
MCR SCORING
PEERS MORE THAN 5% MARKET SHARE
1
2
3
4
5
6
7
8
RAIFFEISEN BANK SA
BANCA TRANSILVANIA S.A.
VOLKSBANK ROMANIA SA
BRD - GROUPE SOCIETE GENERALE S.A.
CEC BANK SA
UNICREDIT TIRIAC BANK SA
ALPHA BANK ROMANIA S.A.
BANCA COMERCIALA ROMANA SA
PEERS 1% - 4% MARKET SHARE
9
10
11
12
ING BANK N.V. AMSTERDAM SUCURSALA BUCURESTI
RBS BANK (ROMANIA) SA
BANCPOST S.A.
GARANTI BANK SA
CITIBANK EUROPE PLC, DUBLIN - SUCURSALA
13 ROMANIA
BANCA ITALO ROMENA SPA ITALIA VOLPAGO DEL
14 MONTELLO SUCURSALA BUCURESTI
15 PIRAEUS BANK ROMANIA S.A.
BANK OF CYPRUS PUBLIC COMPANY LIMITED NICOSIA
16 SUCURSALA ROMANIA
BANCA DE EXPORT IMPORT A ROMANIEI
17 (EXIMBANK) S.A.
BANCA ROMANEASCA SA MEMBRA A GRUPULUI
18 NATIONAL BANK OF GREECE
19 CREDIT EUROPE BANK (ROMANIA) S.A.
20 OTP BANK ROMANIA S.A.
21 MARFIN BANK (ROMANIA) S.A
BANCA COMERCIALA INTESA SANPAOLO ROMANIA
22 S.A.
23 BANCA COMERCIALA CARPATICA S.A.
24 BANCA MILLENNIUM S.A.
PEERS LESS THAN 1%
25
26
27
28
29
30
31
32
33
34
564,500,000
0%
2,074,100
1,104,800,000
0%
-37,679,814
706,800,000
0%
1,039,889
626,800,000
0%
3,420,610
595,400,000
0%
10,180,829
1,599,400,000
0%
-204,792,307
1,128,100,000
0%
-24,051,333
1,122,700,000
0%
-101,940,963
406,200,000
0%
-147,758
384,800,000
0%
5,813,123
515,900,000
0%
-13,498,368
323,700,000
0%
22,219
176,400,000
0%
-17,096,788
MCR
BANKING & FINANCE
2012
On the Merger and Acquisition market in the
insurance sector – The re-launching year?
Cristina Cerbu, Manager, Transaction Advisory Services, Ernst & Young
According to the results notified by the ISC President, Mr.
Constantin Buzoiuanu within FIAR, the first quarter of 2012
brought a slight increase (0.55%) on the Romanian insurance
market, for the first time since 2009. Is this the sign of a
re-launching of the insurance industry? In spite of the
uncertainties and the volatility which are the current features of
the economic environment in the European Union and not only?
A study concerning the perspectives of the European insurance
market published this January by Ernst & Young indicates 2012 to
be the year of strategic decisions in an economic environment
dominated by stagnation and even recession.
What have these three years of decline meant to the insurance
industry? First of all, losses, especially for the companies
providing general insurance, but also a trend of market
consolidation, materialized in the three mergers that have
rearranged the classifications in the Romanian specialized
market.
The first important merger during this period took place in 2009
between Asiban and BT Asigurari – recently purchased by the
French from Groupama. The French company has chosen to
renounce to the two well-known local brands and to promote its
own brand, unknown on the Romanian market until that time.
The purchase of Asiban was a top transaction in 2008, having a
value of above Euro 350 million. Even though, at that time, the
effects of the crisis were not yet felt, we can say that Groupama
had a vision and they moved fast towards integration and, by
doing so, towards making potential synergies, especially in the
cost area, but not only there. The French strategy seems to have
worked, Groupama Asigurari ranking fourth in the general
classification of insurance companies according to the gross
premiums subscribed in 2011.
2010 was quiet from the merger and acquisition perspective, the
only remarkable event being the entry of another French
company on the Romanian market – AXA – by purchasing
Omniasig Life, a small-sized insurer exclusively on the life
insurance market. The transaction value was much lower this
time - approx. Euro 5 million.
However, 2011 was fruitful from the perspective of the mergers
between insurance companies belonging to the same
international group and being present on the Romanian market,
with two announced mergers - one between Ardaf and Generali,
both belonging to the Italian group Generali, which was closed in
October 2011 and one between the two general insurance
companies held by the Austrian group Vienna Insurance Group BCR Asigurari and Omniasig, concluded at the end of April 2012.
What is the catalyst causing these international groups to
regroup on the local markets and rethink and rationalize the
"corporate” structure? The reasons must be searched, first of all,
in the current economic situation. We refer here to the extended
recession, combined with the worsening of the capitalization
requirements (and not only), caused by the implementation of
the Solvency II regulations.
The international groups which, until recently, were present on
the local market with three or four companies having more or
less similar strategies and objectives, have reanalyzed their
position and strategic choices and reached the conclusion that
cost cuttings, as well as the capitalization requirements that
could result from merging the activity into a single legal entity,
are not at all negligible.
Strictly from the legal perspective such a merger is neutral and its
impact on the market is not considered to be an economic
concentration, but merely group reorganization. However, from
a competitive point of view, the resulting company is usually
better placed on the market than the ones it derives from, and
this not only as a result of elementary arithmetic 1+1=2, but also
from making the synergies between the merged companies
happen.
From the perspective of mergers and acquisitions in the
insurance sector, 2012 started with the announcement of the
MetLife takeover of the operations of Aviva Romania, Czech
Republic and Hungary (the total value of the amount USD 75.3
million or about Euro 57 million at the exchange rate valid on the
date of transaction announcement), which was the first
transaction of this kind between life insurance companies on the
Romanian market. The transaction was closed at the end of
August and the next logical expected move is the group structure
rationalization and the merger between the two entities.
Another but less important transaction on the market of general
insurance was announced in March – the takeover of the
majority stock (98.57%) of ABC Asigurari by the businessman
Nelu Iordache for Euro 6.7 million.
The Germans from Gothaer also entered the Romanian market by
purchasing the majority stock (67%) in another small-sized
general insurance company – Platinum Asigurari – Reasigurari
(one of the main charter members of the Insurance Pool Against
Natural Disasters [PAID] with a 15% shareholding - the maximum
legal threshold). The transaction was also finalized in March 2012.
These transactions prove there is an appetite for acquisitions on
the Romanian market and also available funding, but we consider
it to be rather premature to speak about a trend in this regard.
At least two of the insurance companies on the Romanian market
– Alico (MeLife) and AXA – have publicly stated their interest for
growth by way of acquisitions, to the extent the market provides
interesting opportunities. According to a past statement, Allianz
does not exclude acquisitions as an instrument for portfolio
extension on the Romanian market, either.
However, the fact that the performance of other transactions in
the period to come depends greatly also on the existence of quality
assets/target companies on the market must be mentioned.
Such a target company is ING Asigurari de Viata – the company
ranking first in the classification of Romanian life insurers – given
the Dutch financial group has recently confirmed they intended
to sell the insurance divisions in Europe, North America and Asia,
as a part of the restructuring process agreed with the Dutch State.
The insurance companies with Greek majority shareholding are
also potential targets for mergers and acquisitions on the
background of the problems currently faced by the Greek State,
which are obviously impacting on the financial institutions in this
area and not only on them. If there are interested investors, the
shareholders of these companies could become very motivated in
selling their interests in the companies held in Romania in order
to generate cash.
These recent developments aim at confirming the conclusions of
another Ernst & Young study Global Capital Confidence
Barometer - 5th edition. They foresee a paradigm change, namely,
the mergers and acquisitions coexisting with volatility in the
economic and financial environment, because the large players
have learned to run their businesses under volatility conditions
and have developed their ability and ambition to perform
strategic transactions in the current circumstances.
MCR
Opinion
VIOLETA CIUREL,
President and CEO,
AXA Life Insurance
2012, a year of
challenges in
insurance market
Although compared to Western Europe,
the Romanian insurance market is still
underdeveloped, there is no doubt that
it has a significant growth potential on
medium and long term, if we consider
the low level of insurance penetration
and the higher competition in the last
few years. Yet, in the current crisis
context, there are factors that are
slowing its growth.
Overall, insurers have been less directly
exposed to the international financial
crisis, due to conservative investment
policies, provisions and restrictions
imposed by the Romanian legislation on
the investment of assets, portfolio
diversification, the interdiction or
limitation of alternative investment
instruments. The profitability of
insurance business decreased due to the
crisis, mainly in life insurance sector, by a
poor performance of the investments due
to falling of the stock market indices and
financial market volatility.
The reasons are largely related to the lack
or the inadequacy of fiscal incentives,
lack of financial resources, bad
understanding of the need for insurance
policies, lack of tradition in life insurance
system plus motivations related to the
economic crisis and the worsening
economic activities, to the high debt
accumulated by the population along the
pre-crisis years, the negative growth of
the credit institution, low income levels
and uncertainty about financial security
and even a decreasing level of trust in the
insurance concept.
The downfall of the Romanian insurance
market was also triggered by the decrease
of the corporate sector spending. The
straight focused effects of the crisis on
companies have also been influenced by
the financial statement of the clients. The
decreasing of incomes, thus of disposable
reserves dedicated to achieving insurance
products and the changes in financial
priorities contributed to a significant
negative growth of sales. Besides the facts
listed above, the uncertain political
environment, as well as the situation in
the Euro Zone, also contributed to a
reluctance of companies and individuals
towards acquiring a life insurance.
However, there were also short- term
positive effects of the crisis on the
insurance business as the companies
learned to survive and continue their
business. The offer of insurance products
has kept on growing; the insurers have
launched new products meant to exploit
their opportunities for expansion,
offsetting the poor demand for traditional
insurance products with a fast
development of more flexible and less
costly products for their clients. The
diversification of the distribution
channels, more focused on on-line sales,
communication and higher quality
services for clients with lower costs and
increased flexibility are therefore positive
effects of the crisis.
Acquisitions and mergers have started, and
it is possible to continue in the coming
years, leading to a higher consolidation of
the market. As I mentioned before, there is
a high potential for the growth of the life
insurance industry on the Romanian
market. The level of insurance penetration
for Romania is under 2% compared with
an 8% average at European level. Last year,
the entire Romanian insurance market
was about 1.7 mld EUR with less than 20%
life insurance. I anticipate a stagnation on
the overall market for the next year mainly
because of the global economic
environment, Euro crisis, lower
investment level and, because of the low
level of the direct foreign investments.
These influencing factors, as well as the
very low degree of absorption of European
funds add up to those already mentioned
earlier.
“IN THE NEXT YEARS, THE ROMANIAN
INSURANCE MARKET TARGETS THE INCREASE OF
EFFICIENCY AND PERFORMANCE, THE REVIEW OF
DISTRIBUTION CHANNELS AND THE MORE
FREQUENT USE OF BANCASSURANCE, AS AN
INSURANCE DISTRIBUTION CHANNEL.”
INSURANCE
RANK COMPANY NAME
PROFIT/LOSS 2011
CONTACT
916,123,674
-181,296,117
OMNIASIG VIENNA INSURANCE GROUP SA
1,202,571,506 *
SOCIETATEA COMERCIALA DE ASIGURARE1,083,209,476
-6.9%
81,013,945
1,008,544,317
2 REASIGURARE ASTRA SA
1,020,399,089
-12.0%
24,513,434
898,416,364
3 ALLIANZ - TIRIAC ASIGURARI S.A.
779,579,143
-9.1%
-102,210,913
708,275,597
4 GROUPAMA ASIGURARI S.A.
ASIGURAREA ROMANEASCA - ASIROM VIENNA
530,864,076
18.3%
7,220,520
627,995,991
5 INSURANCE GROUP SA
543,411,301
2.0%
14,709,378
554,442,021
6 ING ASIGURARI DE VIATA S.A.
GENERALI ROMANIA ASIGURARE
439,906,318
-83,168,067
511,437,851**
7 REASIGURARE S.A.
432,393,663
-11.3%
-73,071,009
383,348,634
8 UNIQA ASIGURARI SA
BCR ASIGURARI DE VIATA VIENNA INSURANCE
307,345,995
12.1%
19,621,166
344,646,130
9 GROUP S.A.
EUROINS ROMANIA
301,017,000
-2.9%
-36,639,682
292,275,460
10 ASIGURARE-REASIGURARE S.A.
205,028,899
0.9%
74,029,543
206,948,419
11 ALICO ASIGURARI ROMANIA S.A
291,981,491
-31.6%
-4,553,952
CARPATICA
ASIG
S.A.
199,855,904
12
SOCIETATEA DE ASIGURARE-REASIGURARE
63,106,891
216.6%
17,190,521
199,824,532
13 CITY INSURANCE SA
96,960,026
-16.1%
992,099
81,329,269
14 GARANTA ASIGURARI S.A.
88,893,859
-17.5%
-6,623,031
73,296,035
15 AVIVA ASIGURARI DE VIATA SA
41,045,467
39.4%
1,161,978
57,221,337
16 ASITO KAPITAL S.A.
60,691,937
-9.2%
3,093,690
55,081,650
17 GRAWE ROMANIA ASIGURARE S.A
72,801,905
-33.9%
4,458,172
48,111,070
18 CHARTIS ROMANIA SA
18,388,684
140.8%
-789,510
44,287,809
19 BRD ASIGURARI DE VIATA S.A.
41,356,216
1.7%
-5,660,466
42,039,722
20 EUREKO ASIGURARI S.A.
POOL - UL DE ASIGURARE IMPOTRIVA
29,556,829
19.5%
970,922
35,310,758
21 DEZASTRELOR NATURALE S.A.
38,235,995
-10.2%
1,467,681
34,324,574
22 CREDIT EUROPE ASIGURARI-REASIGURARI SA
CERTASIG - SOCIETATE DE ASIGURARE SI
20,715,448
44.2%
1,710,902
29,875,275
23 REASIGURARE S.A.
17,012,617
59.5%
-6,053,918
27,140,761
24 ERGO ASIGURARI DE VIATA S.A.
20,299,470
22.2%
-39,472,779
24,813,663
25 AXA LIFE INSURANCE S.A.
19,295,510
7.4%
-3,556,350
20,724,549
26 FATA ASIGURARI S.A.
17,202,117
5.1%
295,851
PLATINUM
ASIGURARI
REASIGURARI
S.A.
18,083,610
27
18,153,797
-10.0%
-395,512
16,338,039
28 ABC ASIGURARI - REASIGURARI SA
SOCIETATEA DE ASIGURARE-REASIGURARE LIG
356,635
3855.3%
887,718
14,106,039
29 INSURANCE S.A.
11,932,438
-14.7%
635,477
10,183,405
30 EFG EUROLIFE ASIGURARI DE VIATA S.A.
16,665,742
-41.9%
-583,271
9,690,609
31 CARDIF ASIGURARI S.A.
4,697,540
104.7%
-8,115,789
9,616,464
32 AEGON ASIGURARI DE VIATA S.A.
COMPANIA DE ASIGURARI-REASIGURARI EXIM
429,605
1875.0%
-8,165,234
8,484,688
33 ROMANIA (CARE-ROMANIA) S.A.
2,023,495
297.1%
-11,067,854
8,035,695
34 SIGNAL IDUNA ASIGURARI DE VIATA S.A.
5,501,833
-4.3%
1,409,776
5,262,725
35 EFG EUROLIFE ASIGURARI GENERALE S.A
3,413,923
34.8%
-2,349,329
4,601,296
36 FORTE ASIGURARI - REASIGURARI SA
2,518,237
-23.2%
-292,522
1,933,692
37 ATE INSURANCE ROMANIA S.A.
1,195,704
30.5%
73,499
1,560,863
38 GERMAN ROMANIAN ASSURANCE S.A.
1,307,891
-5.9%
215,443
1,230,668
39 ASIGURARE REASIGURARE ASIMED S.A.
10,629
9712.4%
-4,895,176
1,042,961
40 UNIQA ASIGURARI DE VIATA S.A.
1,221,409
-3,960,579
41 ONIX ASIGURARI S.A.
* GWP together with BCR ASIGURARI VIENNA INSURANCE GROUP SA ** together with GENERALI ASIGURARI SA (fosta ARDAF)
Source: Insurance Supervisory Commission - Annual Reports
Sector 1, BUCURESTI
1
GWP 2011
GWP 2010
GWP GROWTH %
Sector 3, BUCURESTI
Sector 1, BUCURESTI
Sector 1, BUCURESTI
Sector 2, BUCURESTI
Sector 5, BUCURESTI
Sector 1, BUCURESTI
Sector 1, BUCURESTI
Sector 1, BUCURESTI
Voluntari, ILFOV
Sector 1, BUCURESTI
Sibiu, SIBIU
Sector 1, BUCURESTI
Sector 1, BUCURESTI
Sector 1, BUCURESTI
Sector 1, BUCURESTI
Sector 3, BUCURESTI
Sector 1, BUCURESTI
Sector 5, BUCURESTI
Sector 3, BUCURESTI
Bucureti, Sector 1
Sector 6, BUCURESTI
Sector 1, BUCURESTI
Sector 1, BUCURESTI
Sector 1, BUCURESTI
Sector 2, BUCURESTI
Sector 4, BUCURESTI
Sector 1, BUCURESTI
Sector 1, BUCURESTI
Sector 2, BUCURESTI
Sector 1, BUCURESTI
Cluj-Napoca, CLUJ
Sector 1, BUCURESTI
Sector 1, BUCURESTI
Sector 2, BUCURESTI
Bucureti, Sector 1
Sector 1, BUCURESTI
Bucureti, Sector 3
Sector 1, BUCURESTI
Sector 2, BUCURESTI
Pitesti, ARGES
MCR
BANKING & FINANCE
Financial leasing
companies target – survival
Cristina Cerbu, Manager, Transaction Advisory Services, Ernst & Young
What are the news from 2011 financial leasing market?
The good news is that it found its way in the current economic
situation, although its weight in GDP continued to decrease to
2.9% as at the end of 2011 from 3.7% at the end of 2010.
In 2011, the leasing companies wrote new business worth EUR
1.35 billion- a slight increase compared to 2010 (EUR 1.12
billion), but also a decrease in volume of contracts in default.
Market structure by leased asset type continues to be
dominated by vehicles – 68% (from 63% in 2010), followed by
equipment – 25% (from 21% in 2010) and real estate - 7% (16% in
2010). However, inside these broad categories, some positive
evolutions can be noted.
The weight of heavy commercial vehicles grew from 23% to
29% of new business written in 2011 on vehicles, while new
business on passenger cars decreased from 61% to 57%.
Under the equipment category there are three sectors that
captured the leasing companies’ attention: agriculture jumps
on the first place with 24% of the financing granted in 2011
(from 8% in 20120), while constructions stepped down to
second place, with 19%, although in 2010 this sector positioned
first with only 13% of granted financing. Electrical devices
attracted 10%, climbing from 4% in 2010, due to the boom in
the renewable energy in Romania.
Under real estate, the financing of industrial buildings has
jumped from 17% in 2010 to 36% in 2011, driven by the need of
the companies to access new financing sources, namely sale
and leaseback, as well as the enhanced prudential regulations
of the National Bank of Romania (NBR).
These evolutions indicate that leasing companies have oriented
their policies to grant financing for the production sector
rather than for the consumption one.
In terms of ownership structure, banks’ subsidiaries continue
to lead the market with 67% of the new business written in
2011, followed by captive leasing companies (19%) and
independent companies (14%).
Top 5 has not changed in 2011 as compared to 2010. As shown
in the table, Unicredit Leasing continues to be the leader of the
financial leasing market, although its turnover has gone down
by 4%, compared to last year. The downwards trend is present
for the other leasing companies in the top as well, even steeper
than for the leader (i.e. two digits decrease).
However, smaller leasing companies, like BNP Paribas and ING
Lease, achieved a two digits turnover growth in 2011, of 43%
and 38% respectively.
We can finally conclude that the financial leasing market did
not bring any surprises or spectacular evolutions in 2011 and
we expect it to perform similarly in 2012.
Data source: Asociatia Societatilor Financiare – ALB Romania
website www.alb-leasing.ro, NBR’s Report on financial stability
FINANCIAL LEASING
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
UNICREDIT LEASING CORPORATION IFN SA
IVECO CAPITAL LEASING IFN SA
BCR LEASING IFN SA
PORSCHE LEASING ROMANIA IFN SA
NBG LEASING IFN SA
BRD SOGELEASE IFN SA
PIRAEUS LEASING ROMANIA IFN SA
VB LEASING ROMANIA IFN SA
RCI LEASING ROMANIA IFN SA
RAIFFEISEN LEASING IFN SA
IMPULS - LEASING ROMANIA IFN SA
MOTORACTIVE IFN SA
TIRIAC LEASING IFN SA
EFG LEASING IFN SA
VFS INT ROMANIA IFN SA
DEUTSCHE LEASING ROMANIA IFN SA
BT LEASING TRANSILVANIA IFN SA
ING LEASE ROMANIA IFN SA
AGER LEASING IFN SA
BNP PARIBAS LEASE GROUP IFN SA
CREDIT EUROPE LEASING IFN SA
RSL LEASING IFN SA
TBI LEASING IFN SA
OTP LEASING ROMANIA IFN SA
ERSTE GROUP IMMORENT ROMANIA IFN SA
FORTIS LEASE ROMANIA IFN SA
MKB ROMEXTERRA LEASING IFN SA
ALPHA LEASING ROMANIA IFN SA
TEZAUR IMOBILIARE IFN SA
ANNUAL TURNOVER ANNUAL TURNOVER ANNUAL TURNOVER
2011
2010
GROWTH %
222,674,079
130,960,351
106,813,007
96,743,187
81,645,644
75,295,923
64,283,619
64,275,708
61,851,437
49,855,809
47,568,889
42,092,263
38,302,314
36,567,646
35,877,188
30,909,348
29,874,855
27,807,096
25,481,091
23,914,979
21,051,788
20,285,791
17,446,569
17,157,620
16,511,037
14,535,053
13,033,502
12,730,111
10,612,255
PROFIT/LOSS
2011
CONTACT
Bucuresti, Sector 1
232,619,963
-4.3%
1,372,223
164,284,777
-20.3%
-516,927,222
Bucuresti, Sector 1
159,324,170
-33.0%
-42,893,109
Bucuresti, Sector 3
122,295,260
-20.9%
9,609,440
Voluntari, ILFOV
102,772,500
-20.6%
-95,712,694
Bucuresti, Sector 1
96,561,731
-22.0%
19,143,656
Bucuresti, Sector 1
91,391,431
-29.7%
-8,922,936
Bucuresti, Sector 1
74,209,031
-13.4%
41,095,214
Bucuresti, Sector 1
91,398,817
-32.3%
30,623,087
Bucuresti, Sector 1
41,827,581
19.2%
2,679,011
Bucuresti, Sector 2
46,405,634
2.5%
18,970,883
Bucuresti, Sector 2
55,094,108
-23.6%
15,781,097
Bucuresti, Sector 2
63,543,082
-39.7%
5,642,124
Bucuresti, Sector 6
40,127,615
-8.9%
-18,889,811
Bucuresti, Sector 2
63,786,650
-43.8%
72,149,502
Bucuresti, Sector 6
24,504,491
26.1%
-3,123,554
Bucuresti, Sector 2
32,769,017
-8.8%
10,704,507
Cluj-Napoca, CLUJ
20,150,811
38.0%
13,723,108
Bucuresti, Sector 1
31,528,493
-19.2%
3,703,082
Bucuresti, Sector 1
16,671,444
43.4%
11,616,317
Bucuresti, Sector 1
48,794,736
-56.9%
2,235,294
Bucuresti, Sector 6
42,756,548
-52.6%
23,515,097
Bucuresti, Sector 1
29,072,283
-40.0%
9,648,682
Bucuresti, Sector 1
29,472,173
-41.8%
-527,340
Bucuresti, Sector 1
15,312,769
7.8%
3,447,329
Bucuresti, Sector 2
20,749,326
-29.9%
-11,313,391
Bucuresti, Sector 1
25,122,394
-48.1%
-14,735,406
Bucuresti, Sector 5
18,724,080
-32.0%
-12,545,423
Bucuresti, Sector 1
4,965,331
Bucuresti, Sector 1
-
MCR
Opinion
SHANE DOWLING,
General Manager,
ALD Automotive
Solid
reasons
to grow
The operational leasing market in
Romania, including also the fleet
management services has room for
improvement and growth. I estimate
that this segment will surely continue to
expand, as there is a large growth
potential in Romania for operational
leasing and fleet management services.
LOCAL MENTALITY CHANGE, IN
PROGRESS
After S1, there were 41,000 vehicles
managed by the operational leasing
companies, based on the ASLO (The
Association of the Operational Leasing
Companies (ASLO) statistics and if we
consider the growth rhythms of the last
couple of years, we would estimate a
market increase in Romania of around 15
percent for the next year.
There is still a slight reluctance from the
local companies to switch to operational
leasing, which is technically a long term
rental of a vehicle, for a certain duration
and mileage with associated vehicle
services and where title of ownership
does not pass to the client. This
mentality change is in progress and we
expect more and more fleet managers to
become aware of the benefits provided
by this form of vehicle financing.
Other aspects, which may characterize
the local market landscape, refer to the
legal environment concerning
operational leasing, which requires
modifications that can highlight the
particularities of operational leasing
compared to financial leasing. The
market is still in progress of
consolidation and we often notice the
insufficient adaptation of the vehicle
services suppliers to this type of product,
where they should better adjust their
working procedures and provide the
quality service level that the clients
expect. Nevertheless, as more and more
companies and especially multinational
ones demand the product, the market is
steadily progressing and adapting to
their needs.
EYES AT TCO
Considering the evolution so far, the
focus for next year will be to build the
further advance on the market with high
quality operational leasing and customer
care services, innovative solutions for
vehicle mobility and driver’s
communication, while ensuring our
customers a satisfactory TCO (Total
Cost of Ownership) for their car fleet.
The defensive driving program, launched
last year in partnership with Titi Aur, is a
solution for optimizing TCO by
improving the drivers’ behavior, while
increasing their road safety.
Although the car market in Romania has
seen a significant decline in new car
registrations year on year since 2008,
this has mainly been due to retail sales
and consumer loans. The corporate
sector itself has seen the opposite effect,
where company cars are still required
but the method of funding has seen a
radical change.
Furthermore, the client portfolio is
developing in a similar rhythm as last
year while the renewal rate, which is a
reference indicator in operational
leasing that determines the ratio of
renewed vehicle contracts from the
amount of terminated contracts, has
considerably increased. This year we’ve
noticed so far an 86 percent renewal
rate, which is 13 points higher than the
one at end of 2011.
Last year in particular has seen a
substantial rise in operational leasing as
a form of funding. This is due to various
reasons, primarily liquidity shortage and
fleet cost optimization. For this year,
these will remain the main triggers of
market growth. Furthermore, local
companies seem to be becoming more
aware of the benefits of the operational
leasing products, and international
companies, accustomed to this type of
vehicle financing, are mandating this
solution more on the Romanian market.
In 2012, we have noticed a positive
evolution in the used car sale activity,
even though the Romanian second hand
car market volume has increased this
year mainly due to imported vehicles.
After Q3, there were roughly 1,200 ALD
used vehicles sold online, via the ALD
carmarket bidding website, which is
comparable to the total amount sold
online in 2011.
“LAST YEAR IN
PARTICULAR HAS SEEN
A SUBSTANTIAL RISE IN
OPERATIONAL LEASING
AS A FORM OF
FUNDING. THIS IS DUE
TO VARIOUS REASONS,
PRIMARILY LIQUIDITY
SHORTAGE AND FLEET
COST OPTIMIZATION.”
Water covers 70% of the earth
To navigate the rest, count on us
ALD Automotive and Wheels Inc., its North American partner,
have formed a strategic alliance with FleetPartners,
a market leader of the fleet management industry in Australia and New Zealand.
The partnership provides ALD Automotive with crucial local support
for international customers with operations in the emerging Asia-Pacific region.
Today, we offer you the broadest worldwide coverage, with integrated fleet
and account management of over 1.3 million vehicles in 43 countries,
including the fast-growing markets of Brazil, Russia, India and China.
www.aldautomotive.com
MCR
BANKING & FINANCE
OPERATIONAL LEASING
RANK COMPANY NAME
1
2
3
ALD AUTOMOTIVE SRL
LEASEPLAN ROMANIA SRL
ARVAL SERVICE LEASE ROMANIA SRL
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
2011
2010
GROWTH %
PROFIT/LOSS
2011
CONTACT
146,534,829
131,300,336
100,379,695
137,615,126
6.5%
22,817,126
Bucuresti, Sector 3
94,225,449
39.3%
9,023,388
Bucuresti, Sector 2
91,683,422
9.5%
3,591,462
Bucuresti, Sector 1
FELBERMAYR ROMANIA SRL
77,610,479
76,443,892
1.5%
-11,885,832
Dragomiresti-Deal,
ILFOV
ECS INTERNATIONAL ROMANIA SA
PORSCHE MOBILITY SRL
NEW KOPEL ROMANIA SRL
ROLLING STOCK COMPANY SA
DOSCO PETROSERVICES ROMANIA SRL
AUTOTECHNICA FLEET SERVICES SRL
IOT - DOSCO SRL
AGER BUSINESS TECH SA
RCI FINANTARE ROMANIA SRL
BRD SOGELEASE ASSET RENTAL SRL
INDUSTRIAL ACCESS SA
MY CAR TRADING SRL
PREMIUM LEASING SRL
UNICREDIT LEASING FLEET MANAGEMENT SRL
AUTONOM SERVICES SRL
PERI ROMANIA SRL
DOKA ROMANIA TEHNICA COFRAJELOR SRL
AVIROMS RENT-A-CAR SRL
OPERATIONAL AUTOLEASING SRL
GE EQUIPMENT SERVICES RO SRL
FEROCARGO EUROTRANS SRL
CARPAT BETON SERVICII POMPE SRL
GRENKELEASING SRL
RAD-TRANS SRL
ALGECO SRL
DANUBE CRUISES ROMANIA SRL
MANULOC ROMANIA SRL
BT FINOP LEASING SA
FLEET MANAGEMENT SERVICES SRL
DIRENT GROUP SA
MEDICAL DEVELOPMENT SISTEM SRL
KASIM EMAKA SRL
OXIGEN PLUS SRL
CIM SERVICE SPED SRL
360 REVOLUTION SRL
LEA INTERNATIONAL LEASING SA
68,743,269
66,572,992
59,860,233
51,834,741
46,491,862
37,846,814
37,716,546
35,840,045
34,584,167
33,778,170
32,744,234
28,866,715
27,899,779
27,806,706
23,788,362
19,614,883
18,878,825
18,704,936
18,519,000
18,457,569
17,864,193
17,220,630
15,995,280
15,966,917
14,287,487
13,997,905
13,365,192
12,664,666
11,210,552
11,015,342
10,874,169
10,853,984
10,327,271
10,002,271
9,748,518
9,506,145
43,094,851
59.5%
640,940
Bucuresti, Sector 1
57,557,875
15.7%
18,384,516
Voluntari, ILFOV
55,467,013
7.9%
5,307,528
Otopeni, ILFOV
27,363,952
89.4%
-6,765,288
Bucuresti, Sector 1
Bucuresti, Sector 1
41,857,447
11.1%
3,293,346
30,981,246
22.2%
3,455,673
Otopeni, ILFOV
29,630,990
27.3%
4,271,478
Bucuresti, Sector 1
54,952,369
-34.8%
1,626,707
Bucuresti, Sector 4
22,872,234
51.2%
21,481,539
Bucuresti, Sector 1
27,576,988
22.5%
2,255,520
Bucuresti, Sector 1
19,538,065
67.6%
4,199,557
Bucuresti, Sector 2
19,479,346
48.2%
1,925,443
Pitesti, Arges
19,224,071
45.1%
1,438,489
Bucuresti, Sector 1
27,060,225
2.8%
5,035,638
Bucuresti, Sector 1
12,263,755
94.0%
401,092 Piatra Neamt, Neamt
13,352,496
46.9%
2,988,488
13,454,257
40.3%
280,382
Balotesti, ILFOV
Tunari, ILFOV
16,312,383
14.7%
-2,196,833
Bucuresti, Sector 3
13,147,946
40.9%
2,790,281
Scheia, SUCEAVA
15,371,483
20.1%
1,897,091
Bucuresti, Sector 1
10,727,802
66.5%
2,484,804
Ploiesti, PRAHOVA
4,899,936
251.4%
120,286
Mogosoaia, ILFOV
9,984,569
60.2%
329,184
Bucuresti, Sector 3
17,862,903
-10.6%
577,734
Bacau, BACAU
10,712,717
33.4%
-1,487,599
Sibiu, Sibiu
10,462,242
33.8%
84,521
Bucuresti, Sector 3
Bucuresti, Sector 2
9,977,568
34.0%
218,834
11,028,750
14.8%
772,020
Bucuresti, Sector 1
8,218,271
36.4%
755,600
Bucuresti, Sector 5
13,772,672
-20.0%
615,765
Bucuresti, Sector 3
1,230,552
783.7%
37,197
Bucuresti, Sector 5
1,838,736
490.3%
841,345
Brasov, BRASOV
8,795,530
17.4%
2,237,973
Bucuresti, Sector 5
7,171,480
39.5%
4,246
Cluj Napoca, Cluj
5,314,710
83.4%
180,154
Ploiesti, PRAHOVA
8,918,511
6.6%
133,708
Bucuresti, Sector 2
MCR
BANKING & FINANCE
PILLAR II PENSION FUNDS ADMINISTRATORS
RANK COMPANY NAME
1
SC ING PENSII SAFPAP SA
2
SC ALLIANZ-}IRIAC PENSII PRIVATE SAFPP SA
3
4
5
6
7
8
9
SC GENERALI SAFPP SA
SC ALICO SAFPAP SA
SC AVIVA SAFPP SA
SC EUREKO - SAFPP SA
SC BCR PENSII SAFPP SA
SC AEGON SAFPAP SA
SC BRD SAFPP SA
FUND NAME
ING
ATZ
VIITORUL TAU
ARIPI
ALICO
PENSIA VIVA
EURECO
BCR
VITAL
BRD
PILLAR III PENSION FUNDS ADMINISTRATORS
RANK COMPANY NAME
1
2
3
4
5
SC ING ASIGUR~RI DE VIA}~ SA
SC BCR PENSII SAFPP SA
SC ING ASIGUR~RI DE VIA}~ SA
6
SC SAI RAIFFEISEN ASSET MANAGEMENT SA
7
8
9
10
11
SC AVIVA SAFPP SA
SC BRD SAFPP SA
SC GENERALI SAFPP SA
SC EUREKO - SAFPP SA
SC ASIROM - CONCORDIA SAFPF SA
FUND NAME
ING OPTIM
BCR PLUS
ATZ MODERATO
ING ACTIV
ATZ VIVACE
RAIFFEISEN ACUMULARE
PENSIA MEA
BRD MEDIO
STABIL
EURECO CONFORT
CONCORDIA MODERAT
NET ASSETS
NET ASSETS NO OF PARTICIPANTS
(2011, RON) YEAR VARIATION
31 DEC 2011
2,458,306,441
44.8%
1,694,776
35,717,423
1,506,660,247
48.8%
1,341,010
49,584,959
529,428,919
52.0%
533,581
15,662,428
454,293,467
48.2%
358,284
11,969,531
432,490,010
51.9%
413,926
16,456,896
385,525,268
62.3%
404,736
11,072,223
341,420,480
53.9%
388,835
9,578,959
177,289,522
54.1%
206,523
4,318,089
166,946,717
55.4%
174,353
4,953,920
NET ASSETS
NET ASSETS NO OF PARTICIPANTS
(2011, RON) YEAR VARIATION
31 DEC 2011
PROFIT/LOSS
(2011,RON)
147,820,003
41.1%
76,622
1,946,308
74,793,972
26.6%
72,637
1,543,665
66,578,966
32.2%
30,887
1,752,677
52,114,582
20.3%
26,801
-1,189,490
30,756,119
24.6%
19,648
-16,623
22,062,281
30.8%
7,664
169,107
22,061,563
18.6%
9,982
781,174
12,789,724
267.0%
7,976
72,075
3,818,358
148.4%
4,151
42,697
2,294,876
60.2%
3,656
38,218
564,345
47.8%
355
37,740
TRADED VALUE MARKET SHARE %
(JAN-OCT 2012, RON)
( JAN-OCT 2012)
RANK 2011
CAPITAL MARKET INTERMEDIARIES
RANK COMPANY NAME
1
2
SWISS CAPITAL S,A,
BRD Groupe Societe Generale
ING BANK N,V, AMSTERDAM - SUCURSALA
3 BUCURESTI
4 UniCredit CAIB SECURITIES ROMANIA
5 BANCA COMERCIALA ROMANA
6 BT SECURITIES
7 IFB FINWEST
8 RAIFFEISEN CAPITAL & INVESTMENT
WOOD & COMPANY FINANCIAL SERVICES a,s,
9 PRAGA
10 S,S,I,F, BROKER
11 CARPATICA INVEST
12 ACTINVEST
13 EUROBANK SECURITIES
14 INTERCAPITAL INVEST
15 TRADEVILLE (VANGUARD)
16 HARINVEST
17 CONFIDENT INVEST BUCURESTI
AVANTGARDE FINANCE S,A,
19 (fost TARGET CAPITAL)
20 EQUITY INVEST
PROFIT/LOSS
(2011,RON)
TRADED VALUE MARKET SHARE %
(2011, RON)
( 2011)
3,426,575,478
2,132,452,636
19.93
1
5,100,129,226
21.95
12.4
7
1,020,257,157
4.39
1,643,010,469
9.56
3
1,448,465,141
6.23
1,139,644,100
1,059,989,022
770,080,451
723,562,746
612,068,381
6.63
2
1,794,932,231
7.72
6.17
5
1,266,843,057
5.45
4.48
10
803,828,162
3.46
4.21
9
824,686,532
3.55
3.56
4
1,274,263,869
5.48
611,082,162
3.55
6
1,116,744,192
4.81
571,166,890
424,258,351
419,407,067
275,207,090
260,613,500
238,995,027
191,782,046
176,242,646
3.32
11
770,482,284
3.32
2.47
8
829,234,148
3.57
2.44
19
273,375,720
1.18
1.6
12
632,902,245
2.72
1.52
13
540,553,709
2.33
1.39
15
386,315,848
1.66
1.12
22
188,669,850
0.81
1.03
16
378,172,937
1.63
161,126,149
0.94
27
146,740,940
0.63
160,890,179
0.94
17
330,184,938
1.42
MCR
BANKING & FINANCE
FUND MANAGEMENT
ASSET MANAGEMENT COMPANIES
1
2
3
Raiffeisen Asset Management
ERSTE Asset Management
Societatea de Investitii Financiare Oltenia
Societatea de Investitii Financiare Banat 4 Crisana
5 Societatea de Investitii Financiare Transilvania
6 Muntenia Invest (SIF Muntenia)
7 ING Asset Management suc. Bucuresti
8 Societatea de Investitii Financiare Moldova
9 BRD Asset Management
10 BT Asset management
11 OTP Asset management
12 Certinvest
13 Globinvest
14 Carpatica Asset Management
15 Atlas Asset Management
16 Pioneer Asset Management
17 KD Investments Romania
18 Zepter Asset Management
19 SAFI Invest
20 Intercapital Investment Management
21 Swiss Capital Asset Management
22 STAR Asset Management
23 Target Asset Management
24 SIRA
25 Vanguard Asset Management
TOTAL MN. RON
* figures for 30.11.2011 ** foreign funds admin. locally
UCITS
NON UCITS
CLOSED DISCRETIONARY
PORTFOLIO
END FUNDS
MANAGEMENT
ASSETS UNDER
MANAGEMENT
MARKET
SHARE
2658,1
33,71
112,9
37,4
2808,4
19,24
2782,4
35,29
x
2,4
2784,8
19,08
X
1444,2
9,89
1307,0*
1307,0
8,95
1276,5*
1276,5
8,74
1270,6*
1270,6
8,70
F.I.C.
1444,2*
TOTAL
ASSETS
MARKET
SHARE
1104,6**
14,01
X
x
x
1104,6*
7,57
x
x
1072,0*
x
X
1072,0
7,34
619,2
7,85
x
X
619,2
4,24
275,2
3,49
19,3
1,2
295,7
2,03
193,3
2,45
17,9
0,5
211,7
1,45
39,7
0,50
55,0
41,4
136,1
0,93
26,5
0,34
21,1
x
47,6
0,33
42,1
0,53
x
x
42,1
0,29
32,4
0,41
9,5
x
41,9
0,29
35,9
0,46
x
x
35,9
0,25
29,4
0,37
x
x
29,4
0,20
16,6
0,21
x
x
16,6
0,11
x
x
13,6
x
13,6
0,09
1,1
0,01
9,7
x
10,8
0,07
8,5
0,11
x
x
8,5
0,06
7,9
0,10
x
x
7,9
0,05
6,9
0,09
x
x
6,9
0,05
3,4
0,04
x
x
3,4
0,02
2,3
0,03
7885,5
100,0
6370,3
x
x
2,3
0,02
259,0
82,9
14497,7
100%
1.4 GW
wind energy operating currently in Romania,
equaling EUR 2.1 billion investment (for EUR
1.5 million per MW)
Energy
t OIL & GAS EXTRACTION AND DISTRIBUITION
t ELECTRIC POWER GENERATION AND DISTRIBUTION
t WHOLE SALE OF ELECTRICITY AND FUELS
t RETAIL TRADE OF GAS - GAS STATIONS
MCR
ENERGY
Shining future for
solar power
Andreea Stanciu, Senior Manager, Transaction Advisory Services, Ernst & Young
Mihaela Cuturescu, Senior Consultant, Transaction Advisory Services, Ernst & Young
Discussions around global warming, together with reduction
in natural resources traditionally used to generate electricity
(coal, gas) have set the grounds for development of new
sources of energy that would provide an alternative in the
long term.
developers in Romania, with only 5MW being operational to
date, the spotlight is shifting, being propelled by the positive
incentive scheme currently valid in Romania (6GCs/MWh,
compared to 2GCs/MWh for wind technology), one of the
most important in Europe for solar parks.
Renewable energy appeared to be an interesting idea in this
context, but was considered expensive, unreliable and
immature. Nevertheless, it is one of the sectors that recorded
the highest global growth and spread during the last years,
despite economic recession. According to Bloomberg New
Energy Finance, US$ 240 billion were invested last year in
renewable energy (excluding large hydro plants), of which
wind and photovoltaic sources represent US$ 220 billion.
The price per module stabilized starting end of 2011, after
decreasing by as high as 50% during this year only.
Multicrystalline silicon modules have reached a factory gate
price of approximately 1$/watt (there are also quotes as low as
$0.7/watt). General opinion is that this level of costs is
unsustainable for the majority of manufacturers, which also
materialized in large number of mergers and bankruptcies,
especially for the manufacturers located in Asia.
In Romania, there is 1.4GW of wind energy operating as at
September 2012, representing a total investment of
approximately EUR 2.1 billion (considering a price for MW of
EUR 1.5 million).
Towards the end of 2008, when the current incentive scheme
was approved in Romania, spot prices of solar-grade silicon
were higher than 100$/kg, reaching 30$/kg by the end of 2011.
Support scheme of 6 GCs/MW was approved by European
Commission, considered being adequate in that context.
Moving forward to 2011 - 2012 period, characterized by
extreme price competition for cells, modules and inverters,
the incentive scheme looks very attractive.
EUROPE AND THE SUN
In order to be promoted and made accessible, expensive
technologies were supported by incentive schemes, German
and Spanish governmental programs for photovoltaic energy
in the mid 2000s boosting the development of solar parks.
German market recorded 7.5GW installed capacity within one
year. For a number of reasons, of which it is worth
mentioning the debate around removing large areas of
agricultural land from use for photovoltaic parks or grid
stability, this expansion wave proved unsustainable.
As a result, starting 2009, Spain and Germany severely cut the
incentive scheme and the drop in demand for photovoltaic
technology could not be immediately and entirely offset by
pick-ups in other countries. At the same time, numerous
manufacturers of polysilicon raw materials, cells, inverters or
modules, especially from Asian countries, entered the market,
significantly increasing supply options.
SUN IS POWERING ROMANIA
Photovoltaic industry recorded impressive worldwide growth
in the last 3 years, from 7.7MW installed capacities in 2009 to
29GW in 2011. While solar parks were not the focus point for
Estimations of ANRE (National Agency for Regulations in
Electricity) from June 2010 indicated that expected installed
capacities by end of 2012 will reach 43MW and 78MW by end
of 2013. The most recent data from Transelectrica, the grid
operator indicated that 1.7GW of solar parks have connection
permits as at September 2012 and 0.5GW have grid
connection agreements. Establishment authorizations were
granted for 90MW.
These figures reflect a rapid surge compared to practically
non-existent activity around photovoltaic parks last year.
Except for the positive incentive scheme of the Romanian
government, the local market records a shift from wind
energy, the highlight of the previous years, for a series of
reasons of which most important are:
► solar irradiance estimation is more reliable and easier to
predict compared to wind
► installations of photovoltaic modules take significantly
less time to perform compared to wind turbines
► development process is less cumbersome
Guaranteed IRR for solar energy is 11.6%, as per current
legislation, being the highest threshold for consideration of
overcompensation in the series of renewable energy sources.
ROMANIAN RENEWABLE ENERGY ENVIRONMENT, STILL
CLOUDY
Important legislative changes applicable to renewable sector
in Romania have deterred significant foreign investments to
take place, situation being highly noticeable especially
following July 2012. Furthermore, authorities have identified
that considering recent global developments in this sector, the
incentive scheme developed in 2008 may lead to over-support
and have reserved the right to change the number of
GCs/MW starting 1 January 2014 for solar parks.
Grid upgrade is a matter to consider closely, as the national
strategy for energy does not directly specify clear terms or
actions for envisaged upgrade of grid with a 400kv line.
Adding to this, grid stability affects renewable energy
producers as connections should be balanced by continuous
energy supply. The most important project in this area,
Tarnita-Lapusesti hydro plant with 1,000MW installed
capacity is very expensive and project development is still very
incipient. Thus, cutting off green energy producers may be an
easy solution in this respect.
Despite decreases in prices, photovoltaic energy production is
still very expensive and the costs are transferred to end users.
Economic downturn would probably be a natural obstacle for
high increase in price per MW and local regulator has the
right to intervene to regulate prices.
There are several scenarios developed by different market
players (utilities, regulators, financiers) that model the period
when demand of GCs (quota) will be fulfilled, which would
have direct implications on trading prices of GCs that have
been kept close to the legislative cap. Amongst them, the
pessimistic scenarios envisage the quota being reach as soon
as 2014, with GCs trading close to minimum level starting end
of 2015.
IF YOU BET ON DEBT
Global economic recession has put a burden on financing
investments, which had a significant impact on development
of renewable energy facilities in Romania. Debt financing
became scarce, with conditions for corporate finance
becoming difficult to fulfill. Good projects are defined
through:
► full and correct permitting status
► strong sponsor
► good technical characteristics (high level of irradiation)
► secured sale of brown power and green certificates
through off-take agreements
► minimum level of equity: 30%
► adequate technology
Project finance (non-recourse finance) was not a practice in
Romania. Additionally, raising debt finance has become
increasingly difficult starting July, when the newly approved
law on electricity and gas (Law 123/2012) closed the possibility
of concluding long term power purchase agreements (“PPA”)
between private parties, thus removing one of the most
important pre-conditions of the financing institutions.
Current expectancies in the market, after strong support from
all players involved in the local renewable sector is for the
change of this aspect to occur so as to unblock financing.
Under these market conditions, potential investors with
available funds for investments in renewable energy have a
wide range of projects to select from. Additionally, major
utilities developing their own renewable energy facilities
would be privileged from the perspective of being able to
circumvent the PPA.
For the remaining market players, debt raising is an area
where innovation could be the only agent for moving forward.
Having as example Poland, where significant investments in a
variety of sectors was financed using pension funds and life
insurance capital, local players could try entering capital
markets as a resort for exiting the financing “trap”.
SOLAR POWER, IN THE SPOTLIGHT FOR INVESTORS
Prices of modules will continue to decrease, based on
continuous fierce price competition between manufacturers,
despite the already unsustainable cost levels recorded by Asian
manufacturers, mainly .
Local support scheme is very attractive for photovoltaic
investments, with a large number of foreign investors
speeding their entry into the market. Time is of essence, as
potential downward change in number of GCs granted for
solar energy may be approved after 1 January 2014 and solid
development is the key for smooth project implementation.
Photovoltaic energy will access more widely the small
businesses and household sector, becoming competitive with
electricity price and facilitating savings, even without subsidies.
MCR
ENERGY
The right way?
The Green way
ADRIAN BOROTEA,
Member of the Board,
CEZ Romania
Energy as strategic sector needs more
than ever, a predictable business
environment. During years, national
strategy in energy has changed too many
times. Of course, adjustments should be
done to cope with reality, but too often
changes are scaring away the investors.
THE STRATEGIC CALL FOR INVESTORS
Romania needs a well prepared national
strategy, to involve both state and
investors, and to remain unchanged for
few good years. This would prove not
only realistic and successful, but it
would have big chances to be followed
by real investments. After setting its
priorities, state should not interfere too
much, but only follow its interest and of
course, support investors’ efforts via
proper, specific legislation.
Renewables are the only investments
that happen lately in the electricity
sector.
For any new investment, in addition to a
proper legislative environment, you
need also to have room within end-user
electricity prices. Still, regulated tariffs
are low and do not allow new
investments in production; the reality is
proving that. Not even with bonus for
efficient cogeneration, such projects for
power plants are not on the table.
What it is imperatively needed in 2013 is
an increase of distribution caps, with
two advantages – sources to finance
investments into grid and increase of
investors’ trust. Grid regulations to
welcome renewables and efficient
cogeneration should be improved, also
prioritization in dispatching. Market
regulations should be revised following
new Electricity and gas law.
THE PRICE MATTERS
What is the cheapest option for
consumers? The latest development of
renewable resources is a good answer.
Reaching EU quotas is binding for any
member state. If we talk about green
electricity, cheapest option for
consumers is the wind one, which
receives the smallest supporting scheme.
In terms of electricity itself, renewables
are competing for the market price with
all other classic technologies, difference
in investment being covered by green
certificates. On markets, the electricity
price is set by marginal producer, the
most expensive to cover the electricity
demand. If we have a look on
centralized markets, we notice that
thermal power producers are the
marginal ones. So, we need either to
replace them with cheaper electricity
production, new and more efficient,
including renewables and efficient
cogeneration or to refurbish them, at
high costs, emissions problems and
questionable results.
Romania, among other countries, faces
the need to reduce the exposure to
volatile energy prices. However, the
renewable energy projects are estimated
to transfer a higher final power price to
end-consumers, since the energy
suppliers transfer the costs of subsidies
received by producers in the final price
invoiced to end-user. How can price
volatility be tackled under such
circumstances? According to law
134/2012, contribution to renewable
energy is taken out from electricity
tariffs and shown separately on invoices
for each and every consumer. The
number of green certificates per MWh is
set and published by ANRE, price of
green certificates is published by
OPCOM, so the entire process is
transparent.
The competitive markets mechanisms
for electricity prices didn’t change; it is
the equilibrium point where demand
equals offer. Commodity price volatility
came for the last two years especially
due to hydro dry period, requiring
replacement with more expensive
thermal production. Partially, this price
increase was offset by renewables, which
strangely have decreased electricity
prices, forcing thermal units to bid
lower.
“FOR ANY NEW
INVESTMENT, IN
ADDITION TO A
PROPER LEGISLATIVE
ENVIRONMENT, YOU
NEED ALSO TO HAVE
ROOM WITHIN
END-USER ELECTRICITY
PRICES.”
ELECTRIC POWER GENERATION AND DISTRIBUTION
RANK COMPANY NAME
1
COMPANIA NATIONALA DE TRANSPORT AL ENERGIEI ELECTRICE TRANSELECTRICA SA
SOCIETATEA COMERCIALA COMPLEXUL ENERGETIC
TURCENI SA
COMPLEXUL ENERGETIC CRAIOVA SA
SOCIETATEA COMERCIALA COMPLEXUL ENERGETIC ROVINARI SA
ELECTROCENTRALE BUCURESTI SA
SOCIETATEA NATIONALA NUCLEARELECTRICA SA
SOCIETATEA COMERCIALA DE PRODUCERE A ENERGIEI
ELECTRICE IN HIDROCENTRALE HIDROELECTRICA SA
CEZ DISTRIBUTIE SA
ELECTROCENTRALE DEVA SA
ENEL DISTRIBUTIE MUNTENIA SA
FILIALA DE DISTRIBUTIE A ENERGIEI ELECTRICE ELECTRICA
DISTRIBUTIE MUNTENIA NORD SA
SOCIETATEA COMERCIALA FILIALA DE DISTRIBUTIE A
ENERGIEI ELECTRICE ELECTRICA DISTRIBUTIE TRANSILVANIA NORD SA
SOCIETATEA COMERCIALA FILIALA DE DISTRIBUTIE A
ENERGIEI ELECTRICE ELECTRICA DISTRIBUTIE TRANSILVANIA SUD SA
MCR ANNUAL TURNOVER TURNOVER PROFIT/LOSS
NO OF
SCORING
( 2011 RON) RANKING
(2011 RON) EMPLOYEES
CONTACT
4.163
3,113,142,778
1
90,913,316
2,197
Bucuresti, Sector 1
3.813
1,529,901,979
5
55,567,882
4,496
Turceni, GORJ
3.713
1,228,075,942
6
795,421
2,175
Craiova, DOLJ
3.713
1,017,710,306
7
33,385,699
4,380
Rovinari, GORJ
3.563
3.463
2,180,397,722
3
106,854,822
3,100
Bucuresti, Sector 6
1,588,353,753
4
95,036,272
2,167
Bucuresti, Sector 1
3.450
3,020,591,574
2
6,444,266
5,243
Bucuresti, Sector 2
3.213
3.063
3.063
809,391,603
8
130,458,811
1,345
Craiova, DOLJ
778,330,788
9
2,499,075
705,878,691
10
50,470,639
1,302
Bucuresti, Sector 1
2.813
685,740,287
11
67,414,812
2,078
Ploiesti, PRAHOVA
2.813
535,412,637
16
29,100,621
2,016
Oradea, BIHOR
2.663
598,510,775
13
19,569,602
1,813
Brasov, BRASOV
14 ENEL DISTRIBUTIE DOBROGEA SA
2.625
458,996,729
18
108,851,221
995
Constanta,
CONSTANTA
15 SOCIETATEA COMERCIALA ENEL DISTRIBUTIE BANAT SA
2.613
585,775,612
14
220,456,680
1,230
Timisoara, TIMIS
2.563
462,105,645
17 1,597,218,309
1,664
Bucuresti, Sector 2
2.513
2.375
2.100
636,095,272
12
7,206,519
1,582
Bacau, BACAU
304,421,096
19
-92,957,245
545
Galati, GALATI
571,132,058
15
250,453
3
Bucuresti, Sector 1
1.925
114,525,810
21
15,428,773
425
Arad, ARAD
1.875
95,200,241
22
321,766
582
Drobeta TurnuSeverin, MEHEDINTI
1.825
68,187,398
27
191,147
278
Curtea de Arges,
ARGES
1.800
24,804,324
35
12,946,574
11
Radauti, SUCEAVA
1.725
87,679,820
25
625,289
393
Arad, ARAD
1.713
90,876,610
23
10,090,604
2,797
Bucuresti, Sector 1
1.688
31,102,659
32
945,898
190
Sebes, ALBA
1.588
77,566,638
26
145,912
244
Slatina, OLT
1.550
1.500
1.450
1.375
1.350
1.300
1.300
1.200
40,728,883
31
960,025
11
Buzau, BUZAU
48,573,898
30
3,173,401
8
Bucuresti, Sector 2
133,274,907
20
1.200
48,935,620
29
2
3
4
5
6
7
8
9
10
11
12
13
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
SOCIETATEA COMERCIALA DE PRODUCERE A ENERGIEI
ELECTRICE SI TERMICE TERMOELECTRICA - SA
EON MOLDOVA DISTRIBUTIE SA
ELECTROCENTRALE GALATI SA
RUDNAP SRL
CENTRALA ELECTRICA DE TERMOFICARE ARAD SA (
CETARAD)
SOCIETATEA COMERCIALA DE PRODUCERE A ENERGIEI IN
HIDROCENTRALE HIDROELECTRICA BUCURESTI SA FILIALA
PENTRU REPARATII SI SERVICII HIDROSERV PORTILE DE FIER SA
FILIALA PENTRU REPARATII SI SERVICII HIDROSERV
CURTEA DE ARGES SA
BIO ELECTRICA TRANSILVANIA SRL
CENTRALA ELECTRICA DE TERMOFICARE HIDROCARBURI
(CET HIDROCARBURI) SA
ELECTRIFICARE CFR SA
SOCIETATEA COMERCIALA FILIALA PENTRU REPARATII SI
SERVICII HIDROSERV SEBES SA
HIDROELECTRICA SA BUCURESTI-FILIALA PENTRU REPARATII SI SERVICII HIDROSERV SLATINA SA
ECOGEN ENERGY SA
INVEST DINAMIC PROJECT SRL
GRINSEG CONSTRUCT SRL
UZINA TERMOELECTRICA GIURGIU SA
MW TEAM INVEST SRL
BEPCO SRL
CONTOURGLOBAL SOLUTIONS (PLOIESTI) SRL
TOMIS TEAM SRL
36 ENEL GREEN POWER ROMANIA SRL
1,506 Mintia, HUNEDOARA
29,168,590
33
657,656
26,997,747
34
-29,915,374
269
7 Campina , PRAHOVA
Giurgiu, GIURGIU
53,846,180
28
3,246,795
1
Bucuresti, Sector 1
89,017,172
24
2,570,315
42
Ghimbav, BRASOV
24,794,752
36
-5,168,463
10
Ploiesti, PRAHOVA
-50,480,893
7
Bucuresti, Sector 1
-15,155,405
31
Rusu de Sus,
BISTRITA-NASAUD
MCR
ENERGY
OIL & GAS EXTRACTION AND DISTRIBUTION
RANK COMPANY NAME
1
TURNOVER
MCR SCORING ANNUAL(TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
4.950
16,565,465,973
1
3,685,607,226
22,052
Bucuresti, Sector 1
2
OMV PETROM SA
SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
4.400
4,211,149,514
5
1,031,748,972
5,779
Medias, SIBIU
3
ROMPETROL RAFINARE SA
4.213
10,174,808,952
2
-735,847,584
1,103
Navodari,
CONSTANTA
4
5
6
7
8
9
GDF SUEZ ENERGY ROMANIA SA
PETROTEL - LUKOIL SA
EON ENERGIE ROMANIA SA
DISTRIGAZ SUD RETELE SRL
EON GAZ DISTRIBUTIE SA
LINDE GAZ ROMANIA SRL
3.975
3.775
3.775
3.763
3.263
2.775
4,090,867,846
6
209,555,220
740
Bucuresti, Sector 4
6,625,679,238
3
-391,609,120
556
Ploiesti, PRAHOVA
4,261,045,806
4
-191,719,192
10 GRUP SERVICII PETROLIERE SA
11 ARELCO DISTRIBUTIE SRL
12 BULROM GAS IMPEX SRL
1,099,691,738
7
135,369,392
3,112
800,458,510
8
230,492,490
3,747 Targu Mures, MURES
437,597,916
11
64,734,733
437
Timisoara, TIMIS
2.675
796,938,787
9
-307,319,833
434
Constanta,
CONSTANTA
2.650
2.638
450,128,844
10
1,970,347
12
Bucuresti, Sector 1
321,546,949
13
3,125,023
122
Bucuresti, Sector 1
2.588
230,684,620
16
11,113,022
218
Bucuresti, Sector 2
2.250
2.225
2.200
2.175
2.025
247,556,809
15
5,105,355
20
Cluj Napoca, CLUJ
106,650,103
21
10,781,486
519
Craiova, DOLJ
387,698,880
12
-3,075,300
6
Bucuresti, Sector 4
307,067,902
14
-23,417,660
81,949,051
26
-3,105,204
928
Onesti, BACAU
19 GAZ SUD FURNIZARE SRL
2.000
105,536,961
22
119,392
4
Bucuresti,
BUCURESTI
20
21
22
23
24
1.975
1.975
1.875
1.738
1.738
161,599,658
17
2,008,175
579
Medias, SIBIU
95,272,091
24
2,398,164
554
Ernei, MURES
101,315,303
23
15,631,907
493
Arad, ARAD
89,370,991
25
17,827,097
68
Bucuresti, Sector 1
47,795,098
31
3,537,465
89
Bucuresti, Sector 1
25 CONGAZ SA
1.725
151,103,165
19
13,548,999
253
Constanta,
CONSTANTA
26 TOTAL LUBRICANTS ROMANIA SA
1.688
121,732,402
20
-21,729,994
88
Cristian, BRASOV
27 OIL PROD SRL
1.600
66,933,540
27
284,363
33
Constanta,
CONSTANTA
28 AIR LIQUIDE ROMANIA SRL
29 TACROM DRILLING SRL
1.588
1.588
51,296,896
30
-2,291,637
58
Bucuresti, Sector 1
45,704,480
33
2,537,122
85
Ploiesti, PRAHOVA
30 NABORS DRILLING INTERNATIONAL PLOIESTI SRL
1.588
40,639,795
35
1,571,077
103
Boldesti-Scaeni,
PRAHOVA
31
32
33
34
1.550
1.388
1.388
1.288
46,246,221
32
-658,821
4
Bucuresti, Sector 1
52,299,132
29
-15,491,656
245
Bucuresti, Sector 1
40,867,993
34
-41,265,467
164
Balc, BIHOR
57,499,718
28
-35,257,328
132
Ploiesti, PRAHOVA
1.250
160,383,387
18
132,979
8
Nicolae Balcescu,
CONSTANTA
13
14
15
16
17
18
WEATHERFORD INTERNATIONAL EASTERN
EUROPE SRL
TEN GAZ SRL
FORAJ SONDE SA
CONEF GAZ SRL
BUTAN GAS ROMANIA SA
RAFO SA
DAFORA SA
FORAJ SONDE SA
PETROSANTANDER ROMANIA SRL
AVA EASTERN EUROPE DF&S SRL
WIROM GAS SA
MOL ENERGY TRADE ROMANIA SRL
PETROM DISTRIBUTIE GAZE SRL
ECODIESEL SRL
AMROMCO ENERGY SRL
35 EXCELLA REAL GRUP SRL
Bucuresti, Sector 4
270 Contesti, DAMBOVITA
WHOLE TRADE OF ELECTRICITY AND FUELS
RANK COMPANY NAME
1
2
3
4
5
6
OMV PETROM GAS SRL
WIEE ROMANIA SRL
OSCAR DOWNSTREAM SRL
TINMAR - IND SA
ENEL ENERGIE MUNTENIA SA
ENEL ENERGIE SA
SOCIETATEA COMERCIALA DE DISTRIBUTIE
7 SI FURNIZARE A ENERGIEI ELECTRICE - ELECTRICA SA
8 CEZ VANZARE SA
9 LLK LUBRICANTS ROMANIA SRL
10 PLANOIL SRL
11 ALPIQ ROMENERGIE SRL
12 ENERGY HOLDING SRL
13 AIR BP SALES ROMANIA SRL
14 ROMPETROL GAS SRL
15 UNICOM HOLDING SA
16 TRANSENERGO COM SA
17 COMISION TRADE SRL
18 PETROM LPG SA
19 PETROLEXPORTIMPORT SA
20 MASTER CHEM OIL SRL
21 ENERGY FINANCING TEAM ROMANIA SRL
22 TAN STEEL HOLDING SRL
GEN - I BUCHAREST - ELECTRICITY TRADING
23 AND SALES SRL
24 ALPIQ ROMINDUSTRIES SRL
25 PLANOIL INDUSTRIES SRL
26 EZPADA SRL
27 LIEB-BENZ-OIL COMPANY LTD SRL
28 AXPO ENERGY ROMANIA SA
29 FIDELIS ENERGY SRL
30 ENEL TRADE ROMANIA SRL
31 REPOWER FURNIZARE ROMANIA SRL
32 KDF ENERGY SRL
33 GDF SUEZ ENERGY TRADING ROMANIA SRL
34 ROTTCO CONSULT SRL
35 PETPROD SRL
36 RONEFER SRL
37 PEDATROL ROM SRL
38 EURO-PEC SA
39 RENOVATIO TRADING SRL
40 CASTROL LUBRICANTS RO SRL
41 AIR TOTAL ROMANIA SA
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
Bucuresti, Sector 2
3.800
3.600
3.588
3.588
3.475
3.275
3,110,115,994
1
137,804,129
45
1,104,270,989
8
-21,896,147
7
Bucuresti, Sector 1
2,250,309,163
2
26,778,021
240
Bucuresti, Sector 6
1,402,890,170
6
21,539,140
52
Bucuresti, Sector 1
1,842,264,078
4
-1,297,079
257
Bucuresti, Sector 1
1,897,153,560
3
-43,137,204
412
Bucuresti, Sector 1
3.238
1,438,037,720
5
7,148,124
247
Bucuresti, Sector 1
3.200
3.188
3.150
2.900
2.738
2.700
2.688
2.688
2.650
2.638
2.625
2.600
2.550
2.550
1,395,974,833
7
-31,316,430
48
Craiova, DOLJ
870,188,203
9
12,085,649
98
Ploiesti, PRAHOVA
721,535,851
13
3,716,261
20
Bucuresti, Sector 1
715,416,545
14
26,422,338
12
Bucuresti, Sector 1
747,454,302
12
-34,583,954
53
Bucuresti, Sector 1
288,719,992
30
6,230,480
1
Otopeni, ILFOV
784,405,200
10
-2,760,637
171
Bucuresti, Sector 1
758,778,507
11
-19,280,605
141
Voluntari, ILFOV
551,836,290
16
4,721,041
24
Bucuresti, Sector 5
432,010,493
21
4,337,501
136
Braila, BRAILA
513,028,100
20
11,501,793
274
Otopeni, ILFOV
521,232,193
19
235,341
19
Bucuresti, Sector 1
532,191,283
18
752,797
24
Bucuresti, Sector 1
367,704,728
25
4,462,619
4
Bucuresti, Sector 3
2.500
223,536,342
32
735,955
8
Techirghiol,
CONSTANTA
2.400
350,975,346
26
6,050,023
1
Bucuresti, Sector 3
2.300
2.300
2.300
2.300
2.200
2.200
2.100
2.100
2.100
2.100
2.000
2.000
1.900
1.900
1.788
1.700
1.700
1.600
539,201,651
17
4,951,666
17
Bucuresti, Sector 1
384,169,265
24
74,429
1
Bucuresti, Sector 1
183,596,325
33
6,163,977
1
Bucuresti, Sector 1
180,902,385
34
3,047,482
11
Timisoara, TIMIS
322,573,781
27
-12,079,422
16
Bucuresti, Sector 1
137,670,772
42
1,323,293
8
Valea Lupului, IASI
660,923,321
15
-2,993,187
1
Bucuresti, Sector 1
394,087,027
23
-37,939,523
23
Bucuresti, Sector 1
293,626,202
29
9,398,548
8
Bucuresti, Sector 5
269,992,141
31
-1,033,636
0
Bucuresti, Sector 4
425,993,969
22
257,733
12
Voluntari, ILFOV
306,969,393
28
-3,733,283
3
Bucuresti, Sector 1
178,037,935
35
2,647,408
6
Voluntari, ILFOV
147,681,095
40
1,324,744
0
Ploiesti, PRAHOVA
148,377,325
39
2,186,433
81
Galati, GALATI
155,766,631
37
2,082,865
11
Bucuresti, Sector 1
131,394,842
43
12,351,450
39
Bucuresti, Sector 5
177,791,622
36
-2,689,209
30
Bucuresti, Sector 1
42 INKASSO JOBS SRL
1.500
153,577,115
38
201,576
43 CEZ TRADE ROMANIA SRL
1.400
138,873,857
41
33,504
Mihail Kogalniceanu,
1
CONSTANTA
4
Bucuresti, Sector 1
MCR
ENERGY
RETAIL TRADE OF GAS - GAS STATIONS
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
4.375
3.963
3.863
3.288
2.288
2.188
2.100
1.938
1.850
1.800
13,684,564,230
1
125,396,136
356
Bucuresti, Sector 1
7,645,953,049
2
-108,229,346
2,499
Bucuresti, Sector 1
5,458,206,353
3
-115,201,885
3,460
Bucuresti, Sector 1
3,137,003,249
4
-13,397,874
176
Bucuresti, Sector 1
283,807,441
6
816,666
224
Saliste, SIBIU
526,674,323
5
-24,617,675
214
Bucuresti, Sector 1
271,645,187
7
-2,977,655
19
Bucuresti, Sector 1
69,420,191
17
2,536,165
69
Craiova, DOLJ
190,344,403
8
182,639
46
Medias, SIBIU
46,642,707
20
367,115
15
Nojorid, BIHOR
11 ROMBEER CRINGASU SRL
1.788
66,947,804
18
1,818,771
76
I. L. Caragiale,
DAMBOVITA
12 ANA OIL SRL
13 DESIRA IMPEX SRL
1.650
1.650
162,446,559
9
1,967,932
50
Sibiu, SIBIU
91,320,177
13
963,167
48
Beius, BIHOR
14 TURIST SERVICE SRL
1.600
89,836,799
14
412,605
41
15 ROMAR OIL SRL
1.600
74,504,570
16
28,542
24
16 TRANS IVINIS &CO SRL
1.588
80,508,852
15
604,480
92
Sebes, ALBA
72
Bistrita, BISTRITANASAUD
Chisineu-Cris, ARAD
OMV PETROM MARKETING SRL
ROMPETROL DOWNSTREAM SRL
LUKOIL ROMANIA SRL
MOL ROMANIA PETROLEUM PRODUCTS SRL
ARAL SRL
ENI ROMANIA SRL
BIOROMOIL AUTOMATIC STATIONS SRL
EUROGENETIC SRL
BENZ OIL SRL
VILKY SERV SRL
Adunatii-Copaceni,
GIURGIU
17 OZANA SRL
1.438
57,138,099
19
27,119
18 SMART DIESEL SRL
19 EUROIL SRL
20 AS24 TANKSERVICE SRL
1.400
1.338
1.300
98,419,279
12
-1,374,326
24
112,733,589
11
-2,159,634
184
Saliste, SIBIU
123,970,824
10
67,261
8
Bucuresti, Sector 1
16%
is the average increase of revenues for
manufacturing companies while the companies
trading chemicals registered 25 percent average
increase of revenues in 2011
Chemicals
t MANUFACTURE OF BASIC CHEMICALS
t WHOLESALE OF CHEMICAL PRODUCTS
t MANUFACTURE OF PAINTS, VARNISHES AND SIMILAR COATINGS,
PRINTING INKS AND MASTICS
t MANUFACTURE OF RUBBER AND PLASTIC PRODUCTS - EXCEPT TYRES
t WASTE MANAGEMENT
MCR
CHEMICALS
On way from politics
to ECOnomics
Iulian Ernst, Freelance Analyst
High investments to meet environmental regulations, besides
upgrading technology are tough challenges to Romania’s chemical
industry. Upgrading technology and passively adhering to existing
business models might not be enough in a world of scarce resources
– innovative business models are needed and research is a must.
The [petro] chemical industry inherited from the communist
regime in 1990, driven geo-politics, was hardly compatible with
such requirements. The basic manufacturing, mostly based on
relatively important hydrocarbon resources [compared to Europe],
provided in 2011 a temporary impetus to the overall chemical
industry but it adds dubious gains in terms of value added. Sector’s
competitiveness remains low overall and is mainly driven by cheap
natural gas and labour cost – thus remaining unsustainable. Basic
chemical manufacturing, but also more value added segments like
paints and plastic products manufacturing were in the red in 2011,
while the sectors making profits were fertilizers, rubber [tyre
mostly] production and wholesale trade with chemicals [mostly
importers].
Romania’s chemical companies face the rising challenges of
environmental requirements while operating in highly
competitive European and global markets. Furthermore, even
the companies in developed economies, more market-driven
and having already adhered to high environmental standards,
must develop innovative strategies since basic manufacturing
[which is what most of Romanian companies do] can no
longer thrive in a world of scarce resources. Speaking to a
plastics conference, but relevant for whole chemical
industries, European Commissioner for Environment Janez
Potočnik stressed that the European chemical industry will
not only need technological development and innovation but
also new business models that increase value added.
Romanian companies thus have to cope with multiple
challenges and this is particularly problematic for incumbent
enterprises inherited from the communist regime. Few of
them survived the past two decades. Chemical plant Oltchim,
running losses for years on a combination of corrupt
management and inefficient business model, best illustrates
the sector’s problems. It survived mostly due to its size, but can
hardly further operate after the country’s integrated chemical
complex was dismantled.
Consequently, Romania’s foreign trade in the sectors covered
in the report [chemicals less pharmaceuticals and cosmetics]
remains in the deficit area – with two notable exceptions:
fertilizers, where the competitiveness is provided by the
regulated low price of natural gas [besides strong demand
driven by high food prices] and tyre manufacturing where
three major global groups [Michelin, Pirelli and Continental]
have established production units.
It is thus not by surprise that the local manufacturing
companies in a representative sample of companies that we
have used below increased their revenues in 2011 at a slower
rate than the companies trading chemicals: by 16% y/y against
25% y/y. The net profit to total revenues ratio was also slower
in manufacturing, 2.4% versus 3.7% in wholesale trade – yet up
100%
20%
Total Revenues y/y (2011)
agri-chemicals
21%
15%
rubber
75%
10%
Rubber
24%
wholesale
5%
Plastics
paints
50%
0%
-5%
basic chemicals
-10%
-10%
0%
Chemicals wholesale
29%
plastics
25%
10%
20%
Profit / Total Revenues (2011)
30%
40%
8%
4%
15%
0%
Fertilizers, agri-chemicals
Paints, coatings, adhesive
Basic chemicals
from 1.9% in 2010. The significant rise in revenues and the
rising profitability were driven by progress in the sectors of
fertilizers and tyre making.
SHORT-TERM DEVELOPMENTS
Total turnover of Romanian representative chemical
companies, included in our sample, increased by 18% in 2010 -or by 17% y/y in euros, to RON 30.8bn (EUR 7.26bn). The rise
in manufacturing was however softer and it was particularly
due to the 31% expansion in the fertilizers production segment
and 28% rise in rubber manufacturing. Notably, the
profitability of the two industry segments is also the highest.
The net profit to total revenues ratio increased from 8.1% in
2010 to 13.1% in 2011. This is consistent with the interest of
global commodities trader Ameropa for the largest local
fertilizers Azomures. Ameropa completed the takeover deal
discussed in late 2011 with Azomures’ Turkish owners. The
sector’s profitability is notably provided by the cheap local
natural gas and will predictably diminish as the country is
liberalising the natural gas market. Nonetheless, the need for
high vegetal yields [visible in high grain prices] will keep
strengthening the demand. Separately, the profitability in
rubber manufacturing is mostly due to the foreign ownership
and management of the three large tyre makers.
The toughest problems at the level of industry segments are in
the basic chemicals manufacturing. The paints segment also
features low profitability and this may explain the pressure for
mergers and acquisitions. Fabryo and Atlas’ paints division are
merging this year to create the largest player in terms of sales.
The profitability in plastics manufacturing is also negative, but
the market size is expanding much steeper than the segments
of paints or basic chemicals.
On broader level, the output in the chemical industries
followed in this report has gradually increased in 2009-2011
after a sizeable contraction in 2009. Nonetheless, the output
projected for 2012 based on 1H12 data show that both
Spectrum auction – total license taxes
segments lost ground as the economic growth in Europe
weakened. The gloomy outlook for 2H12 support the
projections based on Jan-June data. Notably the output even
decreased below the 2008 level in both industries. Oltchim’s
problems must have contributed to the problems in the
chemicals industry and will likely make a negative impact. The
rubber and plastics industry also lost ground this year.
CORPORATE ROUND-UP
Oltchim. The company, controlled by the government, ceased
operations in August. The government failed to sell its 55%
stake in September and, according to the calendar drafted
under the stand-by agreement with the IMF, it should
liquidate the 3,300-employees plant. Nonetheless, PM Ponta
announced plans for another privatisation attempt in 2013 after the company resumes operations.
Fabryo, Atlas. The owners of two of Romania's largest
construction material producers - Fabryo Corporation and
Atlas Corporation, have reached an agreement to merge their
home paints and finishing divisions. The merger would create
the largest home paints company on the domestic market with
sales worth some EUR 42mn, higher that the EUR 39mn sales
of current market leader Kober.
Azomures. Swiss grain trader Ameropa wrapped up the
takeover of Romanian fertilizers producer Azomures after
Romania's antitrust body has cleared the deal. Ameropa
acquired 75.8% of Azomures and acquired further 20.6% for
RON 240.8mn (EUR 54mn) via a buyout bid.
Michelin. French Michelin tyre maker, which owns two
production facilities in the western Romanian town of Zalau,
Salaj County, might go forward with a new investment there,
former economy minister Lucian Bode announced earlier this
year. He mentioned that the Michelin's decision on a location
for the new investment will be made in 2012, but he could not
prov
provide
any further details.
200
140.0
150
120.0
100.0
80.0
100
60.0
40.0
50
20.0
chemicals
rubber&plastic
manufacturing
chemicals
plastics&rubber
2007
2005
1H12
2003
2011
2001
2010
1999
2009
1997
2008
1995
2007
1993
2006
1991
2005
1989
0.0
0
MCR
CHEMICALS
MANUFACTURE OF BASIC CHEMICALS
RANK COMPANY NAME
MCR ANNUAL TURNOVER TURNOVER
SCORING
( 2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1
AZOMURES SA
4.263
1,625,577,204
1
365,196,441
2,688
Tg. Mures, MURES
2
OLTCHIM SA
3.613
1,533,016,194
2
-278,342,623
3,447
Ramnicu Valcea,
VALCEA
3
REGIA AUTONOMA PENTRU ACTIVITATI
NUCLEARE RA
UZINELE SODICE GOVORA CIECH CHEMICAL GROUP SA
CHIMCOMPLEX SA BORZESTI
BIOROMOIL SRL
ALCHIMEX SA
TRUST LF TRADE SRL
REDOXIM SRL
D PLAST-EFTEC RO SRL
BIO FUEL ENERGY SRL
AMURCO SRL
3.313
715,991,743
3
37,774,933
3,659
Drobeta Turnu Severin,
MEHEDINTI
2.625
293,116,641
4
-35,286,969
887
Ramnicu Valcea,
VALCEA
2.325
2.300
2.288
1.938
1.888
1.850
1.675
1.675
176,292,965
6
4,979,821
656
Onesti, BACAU
273,777,020
5
186,290
22
Bucuresti, Sector 2
40,163,005
19
4,416,813
51
Bucuresti, Sector 1
64,282,120
16
673,487
179
Focsani, VRANCEA
144,918,651
8
15,921,831
156
Diroda, TIMIS
51,053,932
17
9,942,860
34
Budeasa Mare, ARGES
174,497,945
7
2,160,117
81,127,830
14
-355,470
4
5
6
7
8
9
10
11
12
13 DONAU CHEM SRL
1.663
14
15
16
17
18
19
1.588
1.575
1.575
1.438
1.275
1.200
COMBINATUL DE INGRASAMINTE CHIMICE SA
VIROMET SA
CHEMGAS HOLDING CORPORATION SRL
QUALICAPS ROMANIA SRL
ENERGY BIO CHEMICALS SA
PRIO BIOCOMBUSTIBIL SRL
80,357,858
15
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
COMFERT SRL
AGRICOVER SRL
AGROPORT SA
BAYER SRL
TIMAC AGRO ROMANIA SRL
ATAMETALY SRL
BRENNTAG SRL
BASF COATINGS SERVICES SRL
B A S F SRL
GLISSANDO SRL
SIKA ROMANIA SRL
DAFCOCHIM SRL
ORBIT POLYMERS SRL
SYNGENTA AGRO SRL
AZOCHIM SRL
LINZER AGRO TRADE ROMANIA SRL
SOLEXIM POLYMERS SRL
MAKHTESHIM AGAN MAROM SRL
AGROTEX SRL
MARIA INVEST HOLDING SRL
CHIMAGRI SRL
GENERAL AGRO INTERNATIONAL SRL
ADIDANA SRL
DEN BRAVEN ROMANIA COMEX SRL
Bacau, BACAU
1,021
Turnu Magurele,
TELEORMAN
Navodari, CONSTANTA
88,851,410
12
63,470
89
117,404,005
10
-2,222,484
558
Victoria, BRASOV
81,898,662
13
-9,378,192
744
Slobozia, IALOMITA
48,155,401
18
1,120,583
87
Bucuresti, Sector 1
118,281,866
9
-26,024,157
404
Bucuresti, Sector 2
89,400,854
11
-19,806,660
45
Bucuresti, Sector 3
SCORING
( 2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
WHOLESALE OF CHEMICAL PRODUCTS
RANK COMPANY NAME
1,092,493
381 Zimnicea, TELEORMAN
692
2.788
2.788
2.400
2.338
2.188
2.100
2.088
2.050
2.038
2.038
2.038
2.000
2.000
1.938
1.938
1.900
1.900
1.900
1.850
1.850
1.850
1.800
1.800
1.788
388,851,148
1
9,151,592
190
Bacau, BACAU
236,750,800
4
6,605,172
116
Voluntari, ILFOV
339,979,022
2
2,855,661
27
Galati, GALATI
297,992,728
3
3,761,266
207
Bucuresti, Sector 2
128,062,742
12
11,351,973
60
Bucuresti, Sector 1
82,964,017
20
961,856
6
Targu Mures, MURES
167,392,309
7
5,086,891
91
Chiajna, ILFOV
63,663,078
24
3,096,240
18
Bucuresti, Sector 1
141,384,290
11
13,290,911
76
Bucuresti, Sector 1
110,216,729
17
5,842,760
95
Timisoara, TIMIS
77,883,190
21
1,337,269
51
Brasov, BRASOV
117,966,015
14
6,402,634
37
Targu Mures, MURES
Bucuresti, Sector 2
92,957,883
19
1,245,011
11
172,116,048
6
5,310,991
68
Bucuresti, Sector 1
162,973,825
8
8,545,594
126
Calugareni, GIURGIU
145,880,784
10
4,148,485
29
Bucuresti, Sector 2
127,306,250
13
1,925,693
16
Bucuresti, Sector 1
103,301,994
18
1,071,917
20
Voluntari, ILFOV
157,558,031
9
14,440,750
49
Carei, SATU MARE
114,945,809
15
12,581,746
27
Chirnogi, CALARASI
112,038,211
16
7,341,011
36
Chiscani, BRAILA
66,213,049
22
1,548,980
14
Sector 6, BUCURESTI
64,696,308
23
811,923
16
Pitesti, ARGES
186,397,053
5
-985,634
246
Buftea, ILFOV
MANUFACTURE OF RUBBER AND PLASTIC PRODUCTS
RANK COMPANY NAME
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1
2
ROMPETROL PETROCHEMICALS SRL
VALROM INDUSTRIE SRL
3.275
2.725
1,077,761,809
1
-151,271,747
246,466,069
2
14,140,879
340
Bucuresti, Sector 6
3
TERAPLAST SA
2.725
209,359,979
3
-14,642,198
449
ARTEGO SA
PHOENIX MECANO PLASTIC SRL
ROMCARBON SA
HUTCHINSON SRL
SPUMOTIM SA
PLASTOR SA
STAR EAST PET SRL
CONTITECH THERMOPOL ROMANIA SRL
PET STAR HOLDING SRL
2.563
2.275
2.225
2.075
2.075
2.025
1.938
1.875
1.688
198,265,652
4
4,349,174
1,224
Targu Jiu, GORJ
121,028,027
9
12,634,828
318
Sibiu, SIBIU
107,017,783
10
2,712,128
637
Buzau, BUZAU
13 WAVIN ROMANIA SRL
4
5
6
7
8
9
10
11
12
471 Navodari, CONSTANTA
134,037,800
7
4,382,306
542
Cristian, BRASOV
92,513,645
14
21,871,263
551
Timisoara, TIMIS
90,528,358
15
8,392,241
774
Oradea, BIHOR
85,151,553
18
413,219
55
Brasov, BRASOV
132,367,556
8
13,712,497
401
Nadab, ARAD
135,468,427
6
2,703,731
69
Slobozia, IALOMITA
1.688
96,297,708
12
-5,679,779
69
14 HIPAC ROMANIA SRL
1.650
92,668,344
13
2,517,027
44
15
16
17
18
1.638
1.588
1.575
1.388
100,270,883
11
-495,857
69
Pantelimon, ILFOV
163,163,733
5
-2,692,920
248
Bucuresti, Sector 2
89,691,725
16
-12,749,677
570
Pielesti, DOLJ
87,118,630
17
-4,627,366
187
Buzau, BUZAU
AMRAZ ROMANIA SRL
PUROLITE SRL
CASA NOASTRA SRL
ZENTYSS SRL
Popesti Leordeni,
ILFOV
Dragomiresti-Deal,
ILFOV
MCR
CHEMICALS
MANUFACTURE OF PAINTS, VARNISHES AND SIMILAR COATINGS,
PRINTING INKS AND MASTICS
RANK COMPANY NAME
MCR SCORING
1
2
3
4
5
6
AZUR SA
EUROINK ROMANIA SRL
AXM PROD 93 SRL
METALBAC & FARBE SA
KOBER SRL
VADOVA SRL
2.325
2.150
2.038
2.038
1.825
1.800
8
DAW BENTA ROMANIA SRL
1.688
7
9
10
11
14
12
CHIMTITAN SRL
FABRYO CORPORATION SRL
DILOIL CHIM SRL
HELIOS TRADING CO SRL
POLICOLOR SA
SENTOSA IMPEX SRL
1.688
1.675
1.650
1.600
1.588
1.588
13
SARCOM SRL
15
16
17
18
19
20
21
SWARCO VICAS SA
CHEMPRO CHEMICALS SRL
NATIONAL PAINTS FACTORIES COMPANY SA
IZOCOLOR 92 PROD SRL
DRUCKFARBEN ROMANIA SRL
DEUTEK SA
NUBIOLA ROMANIA SRL
ANNUAL TURNOVER TURNOVER
( 2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
96,775,367
5
123,576
265
Timisoara, TIMIS
19,490,914
12
722,059
16
Bucuresti, Sector 4
24,336,244
11
710,593
128
Bucuresti, Sector 4
15,431,090
14
3,868,132
54
Magura, BACAU
165,807,840
1
9,336,732
426 Dumbrava Rosie, NEAMT
8,384,061
19
49,456
38 Comuna Budesti, VALCEA
73,010,702
6
172,292
248
Sancraiul de Mures,
MURES
13,367,926
15
677,961
68
Bucuresti, Sector 3
126,470,657
2
583,486
252
Popesti Leordeni, ILFOV
10,650,858
17
733,554
4
Slatioara, OLT
7,908,381
20
706,825
40
Popesti-Leordeni, Ilfov
124,256,008
3
-3,052,200
190
Bucuresti, Sector 3
33,450,262
9
7,565,236
95
Cluj-Napoca, CLUJ
1.588
27,737,033
10
114,897
99
Mihaesti, Sat Buleta,
VALCEA
1.550
1.550
1.488
1.400
1.388
1.375
1.338
18,831,345
13
-369,554
43
Targoviste, DAMBOVITA
8,781,426
18
47,660
11,158,101
16
-1,234,899
80
Miroslava, IASI
7,059,151
21
596,152
26
Bucuresti, Sector 3
44 Ramnicu Valcea, VALCEA
59,548,980
7
-3,635,419
105
Magurele, ILFOV
114,497,428
4
-20,175,800
379
Bucuresti, Sector 3
51,771,734
8
-632,492
151
Doicesti, DAMBOVITA
WASTE MANAGEMENT
RANK COMPANY NAME
1
REMAT SA
2
COMPANIA ROMPREST SERVICE SA
3
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
Calarasi, CALARASI
3.388
749,609,421
1
10,710,524
133
2.913
267,590,738
13
14,912,162
2,920
REMATHOLDING CO SRL
2.638
578,389,137
2
11,303,473
198
4
VIVANI SALUBRITATE SA
2.638
205,510,109
18
10,448,441
191
Slobozia, IALOMITA
5
REMAT SCHOLZ SA
2.600
519,985,014
3
6,195,910
9
Bucuresti,
BUCURESTI
6
7
8
9
10
LEKKERLAND CONVENIENCE DISTRIBUTIE SRL
REMAT MG SA
REMAT BRASOV SA
METALIMPEX ROMANIA SRL
REMAT SA
2.588
2.588
2.588
2.588
2.538
210,035,820
17
420,742
115
Chiajna, ILFOV
395,385,211
6
2,558,375
158
Arad, ARAD
274,781,362
10
4,370,861
220
Brasov, BRASOV
248,119,367
14
9,841,195
100
Argeselu, ARGES
212,346,121
16
5,043,198
239
Bucuresti,
BUCURESTI
Bucuresti,
BUCURESTI
Iasi, IASI
Bucuresti,
BUCURESTI
Drobeta-Turnu
Severin, MEHEDINTI
11 ENERGROM SA
2.500
413,549,306
4
9,087,332
36
12 NEW COMPANY RECYCLING SRL
2.488
267,797,770
12
2,219,028
98
13 REMATINVEST SRL
2.475
349,365,153
7
4,185,409
257
Cluj-Napoca, CLUJ
14 IONESCOM COLECT SRL
2.450
348,166,277
8
818,916
14
Constanta,
CONSTANTA
15 ANGHEL NG SRL
16 KIRAZOGLU CORPORATION SRL
2.438
2.388
286,873,869
9
102,173
76
Galati, GALATI
402,460,561
5
1,385,051
55
Agigea, CONSTANTA
17 METAL HOUSE CO SRL
2.300
270,249,430
11
-5,140,563
32
18 SIDEROM STEEL SRL
2.200
223,458,436
15
735,955
27
Constanta,
CONSTANTA
Bucuresti,
BUCURESTI
13.6
billion RON is the value of pharmaceutical market
expected to be reached in 2012, representing a
6.7 percent increase over 2011. In 2016, BMI
estimated the market to reach RON 18.89 billion
Pharmaceuticals
t MANUFACTURE OF BASIC PHARMACEUTICALS
t WHOLESALE OF PHARMACEUTICALS
t RETAIL TRADE OF PHARMACEUTICALS
MCR
PHARMACEUTICALS
Pharmaceutical Market
– Reaping the fruits of past actions
Bogdan Tenu, Senior Manager, Transaction Advisory Services, Ernst & Young
Despite the quite recent change in the reimbursement
mechanism which favors generic drugs and despite the fact
that the low GDP per capita means that patients are unlikely
to be able to afford the most expensive drugs, generic
penetration is not expected to increase significantly.
Despite the rosy surface image, the sector does not seem able
to evolve away from recurrent themes which impact it mostly
in a negative way: deep underfunding, long payment terms,
claw-back tax, and reimbursement lists.
RONbn
THE CLAW-BACK TAX
The claw-back was introduced in 2009 through an Emergency
Ordinance, in an attempt to increase revenues for the public
health insurance system so the government can pay bills
within legal deadlines. However, this was decided under the
assumption that drug suppliers are the main trigger for budget
overruns, without any regard to the lack of prescription
control mechanisms in place. Since the claw-back mechanism,
as it was initially designed, did not produce the desired results,
various new versions of the mechanism have been proposed.
Since September 2012, we have the claw-back version 4, with
the following key amendments:
s7BMVFBEEFEUBYJTFYDMVEFEGSPNUIFDBMDVMBUJPOPGUIF
quarterly consumption reimbursed by the NHIH and the
quarterly budget for reimbursed drugs;
s5IFCVEHFUDFJMJOHGPSSFJNCVSTFEESVHTJODSFBTFTGSPN
RON1.425 billion to RON 1.515 billion;
s.BSLFUBVUIPSJ[BUJPOIPMEFSTPSUIFJSBQQPJOUFE
representatives have to declare and fully pay the claw-back
tax within 30 days from the implementation of the
Government's Emergency Ordinance to be able to benefit
from the cancelation of any potential penalties.
Still, under the latest version of the claw-back tax and after a
lot of opposition, pharmaceutical producers are forced to pay
the tax, not only on their turnover, but also on the margins of
the wholesalers and retailers. Another criticism of the
mechanism relates to the negative impact the claw-back has
on the cheap generic drugs with tight margins which might
become loss making under the current mechanism.
20
50.0%
18
45.0%
16
40.0%
14
35.0%
12
30.0%
10
25.0%
8
20.0%
6
15.0%
4
10.0%
2
5.0%
0
0.0%
2008
2009
2010
Patented drug sales, (RONbn)
2011f
2012f
Over-the-counter medicine (OTC) sales (RONbn)
Source: : BMI, Ernst&Young
2013f
2014f
2015f
Generic drug sales, (RONbn)
2016f
Pharmaceutical sales, % of health expenditure
% of health expenditure
After, 2009 and 2010, years with double-digit growth, the
chronic underfunding and the application of the claw-back
tax have tempered the market in 2011 and 2012. Despite a
seemingly tough year and difficult context, the
pharmaceutical sector has managed to pull off some growth
in 2012 and continue the upward trend. In 2012, according to
BMI, the pharmaceutical market is expected to reach RON
13.6 billion, a 6.7% increase over 2011. According to the same
source, in 2016 the market will reach a value of RON 18.89
billion and a compounded annual growth rate (CAGR), over
the period 2013-1016, of 8.6%.
As per IMF Staff Report, Fifth Review under the Stand-By
Arrangement, the recently introduced claw-back tax will be
fully used to pay down unregistered bills revealed during the
stocktaking exercise and recorded at end-2011. This could be
one explanation why the authorities require payment of
claw-back tax four times per year, while the drugs continue
to be reimbursed after almost one year.
UNDERFUNDING DEEPENS
As a general note, the total level of consolidated state budget
income, well below the EU average, prevents the authorities
to properly finance the healthcare sector and not only.
RONbn
In Romania, as in most European countries, the main source
of financing the healthcare spending is the public sector,
with 2013 and reduce payment terms to 60 days. Given the
current context, the task seems at this point rather
impossible.
The increases in payment terms, as well as the lower prices
for ethical drugs have determined traders to move towards
parallel exports as a means to mitigate local market risks.
There is the fear that an increased level of parallel exports
might lead to drug shortages for internal use.
REIMBURSEMENT LIST
According to CEGEDIM, there are approximately 140 new
molecules pending reimbursement approval. The last
significant update of the reimbursement list has been done in
XJUINJOPSVQEBUFTJOBOENBJOMZXJUI)*7
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
2008
2009
2010
2011f
Pharmaceutical exports (US$mn)
2012f
2013f
2014f
2015f
2016f
Pharmaceutical imports (RONmn)
Source: : BMI, Ernst&Young
which relies heavily on the on the social healthcare system.
Approximately 80% of the healthcare spending is covered by
the public sector, with the rest of the financing coming from
the private sector. As to the health insurance contributions,
at 10.7%, they are among the lowest in Europe. Romania cut
the contributions from 12.5% to 11% in 2008 and again, in
2009, to 10.7%. The decrease in health insurance
contribution, the onset of the crisis, combined with the
removal of the threshold for reimbursed drugs, deepened the
lack of resources and contributed the strong increase in
payment of reimbursed drugs. The measures taken by the
Government, as a counterbalance such as the claw-back tax,
contributions paid by pensioners, have not yielded the
expected results.
The Directive 2011/7/EU of the European Parliament and of
the Council on combating late payment in commercial
transactions forces Romania to become compliant beginning
oncology and orphan drugs. Most of the molecules pending
BQQSPWBMBSFGPSDBODFS)*7EJBCFUFTDBSEJBDEJTFBTFT
nervous system and rare diseases.
HEALTHCARE REFORM
As part of its on-going agreement with IMF, Romania’s
progress on the way to reform the healthcare sector is a key
issue. According to IMF Staff Report, Fifth Review under the
Stand-By Arrangement: “The health system constitutes the
single largest threat to medium-term fiscal sustainability, as
it relies on government budget transfers of nearly ½ percent
of GDP (on top of social contributions)”.
The new healthcare law, if approved, is expected to boost the
healthcare expenditure. An important aspect of the bill is the
introduction of private insurers and consequently the
competition between public and private health insurance
companies.
MCR
Opinion
DRAGOS DAMIAN,
Invest in
Romania!
CEO Terapia Ranbaxy
I find it rather hard to talk about
Romania’s national investment strategy
as efficiently as analysts do, even if I
manage a half billion USD business that
has proved a strategic success.
Yet, I dare to speak about the future of
investments in Romania and about the
significant chance that stands in our
hands to trigger the attention of foreign
capital, due to a rather serious fact:
Within a summit that I have recently
attended, the discussions in the panel
referred to Romania as a country that’s
not attractive for investments. My
patriotic string resonated strong enough
to encourage me to say today why I think
that an investment in Romania depends
on economic reasons, as well as political,
geographical and social ones.
There is no doubt that the current
economic landscape is not the most
welcoming and that an investor would
need to be convinced of the good
evolution of a certain sector, of a
hyper-emergent market, to have a
fantastic vision or to prove an almost
irrational courage in order to make a
strategic investment anywhere now, so
much less in Romania. Taken these
premises, why would an investor take a
step further and bring, let’s say, EUR100
million in Romania?
First of all, because any investment will
continue to cost half the price during the
next five years. That is because the rest of
50 percent is financed either through the
ongoing sectorial operational programs
and the European funds, or through the
state aid programs run by Ministry of
Public Finance. Of course, it is not easy to
access this money. But the process is
TUBOEBSEJ[FEBOEUSBOTQBSFOUTPUIBUBO
investor or project can become eligible if
the procedures, the methodology and the
project are correctly addressed and in a
competitive way. For instance, there are
significant fiscal facilities for investors
who plan to develop R&D centers.
Secondly, the geographic location of
Romania will gain particularly significant
importance in the next four years:
Romania neighbors countries in EastEurope, as well as from Central Asia,
Middle East and Northern Africa. Hence,
Romania positions in very convenient
and safe infrastructure corridors that can
POMZHSPXBOENPEFSOJ[F/PEPVCUUIBU
direct investments in the countries
mentioned before involve much higher
risks compared to Romania and
therefore, why should not a production
plant be established in Romania, as it may
turn into a hub addressing a potentially
regional population of around 500-600
million consumers?
5IJSEMZJGXFBOBMZ[FUIFDVSSFOUGJTDBM
and currency policies and the estimations
in this respect, we can anticipate a trend
of stability and even an evolution. There
is local political will for joining Euro
[POFUIFGMBUUBYSFNBJOTBUQFSDFOU
and the reference interest is bearable.
Also, the newly introduced European
IFRS norms have created the necessary
comparability and the needed
IBSNPOJ[BUJPO*UJTPCWJPVTUIBUUIF
banks should restart the credit engines in
the next three years, as they will benefit
from these politics.
Last but not least, it is clear that the triad
of Romania’s creditors, the designers of
macro-economic discipline in the last
three years, will be interested to direct
investments to Romania. The country has
to return significant amounts of money to
International Monetary Fund, European
Council and World Bank, and they will
want to make sure that Romania’s GDP is
good enough to pay its debts.
Factors as undergoing development, the
local industrial tradition that it is not
used at its fair potential, the geo-strategic
positioning, the safety and security, the
NPEFSOJ[JOHJOGSBTUSVDUVSFBOEUIFMPDBM
human capital, qualified and competent
(why not to admit, cost-effective), are not
political stereotypes. I see them as the
strong points that will make Romania the
sixth most attractive country for
investments in Europe during the next
three years, according to Ernst & Young
2012 European Attractiveness Survey.
“THE LOCAL
ECONOMIC SETTING
HAS SEVERAL STRONG
POINTS THAT WILL
MAKE IT THE SIXTH
MOST ATTRACTIVE
COUNTRY FOR
INVESTMENTS IN
EUROPE IN THE NEXT
THREE YEARS.”
MANUFACTURE OF BASIC PHARMACEUTICALS
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
3.113
2.775
2.725
2.725
2.425
2.225
2.138
2.125
2.038
281,847,455
3
20,298,909
1,450
Iasi, IASI
407,769,055
2
25,704,364
258
Brasov, BRASOV
421,239,266
1
95,848,848
667
Cluj-Napoca, CLUJ
235,648,166
5
33,857,309
555
Bucuresti, Sector 3
10 MAGISTRA C&C SRL
11
12
13
14
15
16
ANTIBIOTICE SA
EUROPHARM SA
TERAPIA SA
ZENTIVA SA
BIOFARM SA
ASTRAZENECA PHARMA SRL
FITERMAN PHARMA SRL
HOFIGAL EXPORT IMPORT SA
SANDOZ SRL
INFOMED FLUIDS SRL
PFIZER ROMANIA SRL
BIOTEHNOS SA
GEDEON RICHTER ROMANIA SA
ARENA GROUP SA
BBRAUN PHARMACEUTICALS SA
93,443,090
10
14,220,788
362
Bucuresti, Sector 3
116,178,490
9
6,501,355
297
Bucuresti SECTOR 1
40,486,745
15
8,010,168
120
Iasi, IASI
22,925,761
21
2,108,543
318
Bucuresti, Sector 4
272,698,827
4
-15,669,154
2.038
23,312,787
20
3,212,001
1.875
1.838
1.838
1.825
1.788
1.788
121,732,229
6
14,416,592
391
Bucuresti, Sector 3
117,720,908
8
777,373
195
Bucuresti SECTOR 1
68,178,204
12
35,978,988
144
Otopeni, ILFOV
119,516,919
7
-119,441,475
121
Constanta,
CONSTANTA
30,350,226
18
3,796,276
99
25,161,982
19
1,647,053
110
Timisoara, TIMIS
320
Filipestii de Padure,
PRAHOVA
Cluj Napoca, CLUJ
Bucuresti, Sector 2
17 PASTEUR - FILIALA FILIPESTI SRL
1.775
49,994,572
13
18
19
20
21
22
1.738
1.588
1.575
1.475
1.438
37,826,236
16
-76,941
89
84,427,664
11
4,280,342
231
Otopeni, ILFOV
37,490,359
17
523,971
366
Voluntari, ILFOV
46,064,676
14
-1,222,841
269
Cornu, PRAHOVA
21,125,255
22
3,333,342
182
Bucuresti, Sector 1
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1,300
Popesti-Leordeni,
ILFOV
FERROSAN SRL
ROMPHARM COMPANY SRL
ROMVAC COMPANY SA
SWISSCAPS ROMANIA SRL
SINDAN - PHARMA SRL
RETAIL TRADE OF PHARMACEUTICALS
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
6,007,874
S.I.E.P.C.O.F.A.R. SA
3.163
755,620,215
2
6,830,066
ROPHARMA SA
SENSIBLU SRL
HELP NET FARMA SA
CENTROFARM SA
REMEDIUM FARM SRL
GENERAL TRADE PHARM SRL
HERMES PHARMA SA
MED-SERV UNITED SRL
URGENT FARM SRL
VILEUS MED-COM SRL
MC SERV TOUR SRL
FARMACEUTICA ARGESFARM SA
GENERAL CONCEPT PHARM SRL
SIBPHARMAMED SRL
CATENA HYGEIA SRL
MINI-FARM SRL
PASSIFLORA COM SRL
FARMACIA ACSADEMIA SRL
GEDEON RICHTER FARMACIA SA
3.075
3.013
2.775
2.125
2.000
1.988
1.975
1.938
1.900
1.888
1.888
1.738
1.688
1.688
1.688
1.638
1.400
1.400
1.375
385,169,835
3
10,687,756
756
Brasov, BRASOV
920,786,955
1
1,166,452
2,133
Mogosoaia, ILFOV
350,442,551
4
12,580,059
993
Bucuresti, Sector 2
159,275,207
8
2,966,174
422
Bucuresti, Sector 2
53,376,346
17
5,096,844
49
Cluj-Napoca, CLUJ
190,423,351
5
204,676
57
Magurele, ILFOV
174,948,813
6
1,567,006
491
Bucuresti, Sector 1
133,442,454
10
1,804,090
122
Bucuresti, Sector 5
47,834,811
18
1,603,906
26
Bucuresti, Sector 1
69,886,021
14
3,631,791
74
Pitesti, ARGES
69,597,067
15
2,018,161
125
Bucuresti, Sector 2
149,132,452
9
2,086,873
240
Pitesti, ARGES
104,662,108
11
635,260
120
Magurele, ILFOV
100,393,142
12
791,012
151
Sibiu, SIBIU
63,080,781
16
742,965
213
Pitesti, ARGES
42,233,299
20
230,791
111
Babadag, TULCEA
70,041,325
13
126,070
15
Bucuresti, Sector 4
47,107,113
19
1,875,043
14
Bucuresti, Sector 4
169,929,654
7
-4,022,939
457
Corunca, MURES
MCR
PHARMACEUTICALS
WHOLESALE OF PHARMACEUTICALS
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
TURNOVER
2011 RON)
RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
3.875
3.825
3.775
3.675
3.338
3.288
3.275
3.225
3.175
3.125
3.025
2.600
2.538
2.538
2.525
2.375
1,821,368,650
2
86,369,568
623 Bucuresti, Sector 6
1,245,539,397
3
42,157,465
639
Sibiu, SIBIU
2,700,529,658
1
56,231,206
900
Mogosoaia, ILFOV
Brasov, BRASOV
17 BBRAUN MEDICAL SRL
18
19
20
21
22
23
24
FARMEXPERT DCI SA
POLISANO SRL
MEDIPLUS EXIM SRL
EUROPHARM HOLDING SA
SANOFI-AVENTIS ROMANIA SRL
ROCHE ROMANIA SRL
GLAXOSMITHKLINE (GSK) SRL
FARMACEUTICA REMEDIA SA
ADM FARM SRL
FARMEXIM SA
FILDAS TRADING SRL
SERMEDIC SRL
A &G MED TRADING SRL
MEDIMFARM SA
ROMASTRU TRADING SRL
PHARMAFARM SA
1,024,526,005
5
11,236,244
344
848,148,293
8
19,095,940
1,090,313,389
4
149,697
723,741,502
10
21,173,671
203,467,822
16
4,077,449
395 Deva, HUNEDOARA
781,828,812
9
8,883,553
556 Pantelimon, ILFOV
972,471,927
6
10,316,324
935,162,376
7
24,596,603
499
471,296,283
11
5,107,052
Pitesti, ARGES
361,001,582
12
429,453
61,581,767
40
2,095,257
196 Ploiesti, PRAHOVA
358,430,923
13
2,779,524
302,650,945
15
-35,790,671
413
Cluj-Napoca, CLUJ
2.288
63,031,123
37
3,126,970
77
Remetea Mare
Nr.636, TIMIS
2.188
2.188
2.088
2.000
2.000
2.000
1.975
330,279,371
14
-16,131,988
66,888,151
36
9,272,612
94,054,504
27
2,047,457
130
Iasi, IASI
148,175,571
20
23,639,862
49
Mogosoaia, ILFOV
25 BIO EEL SRL
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
ACTAVIS SRL
SOF MEDICA SRL
PHARMA SA
A &D PHARMA MARKETING &SALES SERVICES SRL
THREE FARM SRL
STERIMED COM SRL
FARMAVET SA
PICARA TRADING SRL
GEMEDICA SRL
SERVIER PHARMA SRL
GLAXOSMITHKLINE CONSUMER HEALTHCARE SRL
JOHNSON &JOHNSON ROMANIA SRL
FARMASTORE PREST SRL*
NYCOMED PHARMA SRL
FARMACOM SA
BOEHRINGER INGELHEIM RCV GMBH &CO KG
VIENA SUCURSALA BUCURESTI
FRESENIUS MEDICAL CARE ROMANIA SRL
ANGELINI PHARMACEUTICALS ROMANIA SRL
MEDICAROM GROUP SRL
A &A MEDICAL SRL
TERAPIA DISTRIBUTIE SRL
ALCON ROMANIA SRL
TEVA PHARMACEUTICALS SRL
EGIS ROMPHARMA SRL
ZENTIVA INTERNATIONAL A S HLOHOVEC
SUCURSALA BUCURESTI
62,679,205
38
1,347,026
57,865,440
42
1,149,440
111,150,740
25
2,424,587
1.938
112,706,001
24
4,158,819
172
1.900
1.850
1.825
1.688
1.688
1.650
1.650
1.638
87,709,030
29
3,960,148
97,973,084
26
4,588,999
80,410,583
30
3,414,623
Targu Mures,
MURES
145,496,366
21
3,872,178
58,367,534
41
-2,140,069
158,322,262
19
8,459,105
67,243,577
35
1,533,170
68,192,385
33
526,522
1.588
161,209,343
18
3,157,259
1.588
1.588
1.588
1.588
1.588
1.550
1.488
1.400
116,585,286
23
9,759,300
92,235,542
28
1,886,515
71,175,240
31
-4,538,886
69,249,789
32
-5,804,949
57,529,105
43
829,997
62,302,728
39
394,549
170,016,509
17
-9,437,515
67,728,965
34
-7,037,027
1.350
124,687,293
22
4,481,438
242
Brasov, BRASOV
128
8
Cluj-Napoca, CLUJ
Cluj-Napoca, CLUJ
250
million EUR local production in 2011
EUR 270 million local production in 2010
50,000 workers in the sector in 1989
8,000 workers in the sector in 2011
Glass & Ceramics
t MANUFACTURE OF GLASS AND GLASS PRODUCTS
t MANUFACTURE OF CERAMIC PRODUCTS
MCR
GLASS & CERAMICS
An industry at war
If glass producers saw an increase in demand
starting with the second part of 2011,
manufacturers of ceramic products struggle to
survive the harsh competition of Chinese imports.
Magda Munteanu, Freelance Journalist
The glass and ceramics industries have taken completely
different routes during the last couple of years. Both of them
continue to be affected by the economic recession, but in
distinct ways. If in 1989 the sector employed 50,000 people, it
currently has around 8,000 employees, while the value of its
local production has decreased from EUR 270mn in 2010 to
EUR 250mn in 2011, according to Maria Danciulescu, former
executive director of glass and ceramics association STICEF.
Glass producers, whose sales depend mostly on the
constructions and food & beverages market evolutions, had to
face a highly volatile demand. Prices for glass in the
constructions industry went down to historical minimums
during the last couple of years, mainly because of the
economic crunch. However, demand has started to pick up in
the second part of 2011 and selling prices have partially been
readjusted. “Prices tend to reach the levels before the crisis. I
think this trend of price and demand increase will continue
this year as well,” said Jerome Lionet, general manager of
Saint-Gobain Glass Romania, the largest glass producer in the
country.
for interior finishing come especially from the office and
commercial market segments.
Demand of glass packaging, which depends mostly on local
consumption of beverages, such as wine, champagne and beer,
and of jar-based products, is slowly picking up. The largest
producer in this sector, Stirom Bucharest, owned by the Greek
company Yioula Glassworks, increased its turnover by 7% y/y
in 2011, up to RON 207mn (EUR 49mn). However, the growth
is much lower compared to the 20% recorded the previous
year. The company’s H1 financial results for 2012 don’t look
encouraging either. Its net turnover has decreased by 5.25%
y/y in H1, while net profit saw a sharp correction of almost
59%, down to RON 4.8mn (EUR 1.1mn). According to its
manager, the company plans to attract EUR 10mn financing
on the stock exchange, to invest in new products, in
optimizing energy consumption and in environment
protection projects.
The company, which controls the regional activities of the
French group Saint-Gobain, plans to increase its production
capacity at Calarasi by 3%. Its orders for window glasses come
from both residential and non-residential sectors, while those
Household glassware producers are the most affected by the
increasing prices of raw materials such as gas and electricity,
which count for up to 50% of their total production costs. “If
raw material costs exceed 60% of the total production costs, a
factory can no longer survive. There are two-three companies
currently in danger, where this percent has exceeded 50%,”
said Danciulescu from STICEF.
Romanian ceramics industry
Cost evolution, ceramics industry (thous euro)
19,000
1,600
9,000
18,000
1,400
8,000
17,000
1,200
16,000
7,000
6,000
1,000
15,000
800
14,000
600
13,000
12,000
400
11,000
200
10,000
0
2007
2008
2009
2010
2011
Employment
Production
(tons)
Sales in the EU
(tons)
5,000
4,000
3,000
2,000
1,000
0
2007
Source: STICEF
2008
Raw materials
2009
Gas
Electricity
2010
Labour
2011
Closures of Romanian ceramic tableware producers
Company name
Product type
Production (tones)
No of Employees
Year of closure
Iris Cluj
Stipo Dorohoi
Arpo
Faimar Baia Mare
Vitron Tarnaveni
Ceramar Baia Mare
porcelain
porcelain
porcelain
earthenware
stoneware
earthenware
8,000
5,000
5,000
6,000
4,000
100
2,000
1,000
1,200
800
600
100
Apr-03
2006
Jul-08
2008
Jul-05
Apr-12
Source: STICEF
This is the main reason why some producers shifted their focus
towards art glassware, which uses fewer raw materials and has
a good export market. Local production in this sector has
steadily increased by 10% each year and companies export
almost all their products to the EU (90%), Canada, the US and
Russia. In Romania, consumption is mainly focused on cheaper
products of Turkish origin.
In spite of the difficult conditions, the Turkish group Trakya
Cam decided to enter the Romanian market by acquiring Glass
Corp Buzau earlier this year, in a deal estimated at EUR 3.6mn.
The company, which ranks among the top six flat glass
companies in the world and top four companies in Europe by
its production capacity, plans to invest over EUR 55mn in the
Romanian producer. Trakya Cam had $751mn net sales in 2011
and employs more than 2,700 people. In 2009, it decided to
develop its flat glass activities together with Saint-Gobain in
Egypt and Russia.
CERAMICS FIGHT AGAINST CHEAP IMPORTS
The ceramics sector is under huge pressure. In spite of constant
demand, of around 660,000 tons per year at the EU level,
producers struggle to survive. Their main concern is the unfair
competition of similar products imported from China.
Problems began in 2005, when the European countries
liberalized the access of such products on their markets. The
result was an avalanche of Chinese imports, which currently
count for more than 65% of the total products sold in the EU,
compared to the 22% in 2004. The average export prices from
China are some 70% lower than the average 2011 prices of all
other countries exporting to the EU.
Statistics show that Chinese exports of ceramic table and
kitchenware to the EU have increased by 260% since 2004,
while the union lost 56% of its jobs in the sector within the
same timeframe.
In an attempt to limit the negative effects of these imports on
the local production, certain countries such as Colombia,
Indonesia and Argentina have instituted anti-dumping
measures against Chinese imports. The European Commission
also initiated, in February 2012, an anti-dumping proceeding
concerning imports of ceramic tableware and kitchenware
from China.
The EU is currently investigating the extent to which such
products are dumped and cause material injury to EU
producers, in order to define the level of duties to impose to
them. The process may result in an increase in customs duties
for all imported ceramic products from 7% at present to up to
37%. “I expect these duties will slightly increase the prices of
our products and will allow us to have a decent profit ratio,”
said Radu Pupaza, executive direct at STICEF and
representative of household ceramics producer Cesiro
Sighisoara.
Until these measures are implemented, local ceramic producers
continue to be in a deep crisis. The Romanian market absorbs
only 5% of their production and the rest goes to the export,
mainly to the EU countries. “The ceramic tiles market shall not
recover this year,” estimates Toni Teau, CEO of Lasselsberger
Romania, which has the Cesarom brand.
However, Lasselsberger, one of the most important players on
this market, which also owns Sanex Cluj-Napoca, plans to
increase its sales in the short and mid-term runs, as well as its
output capacity. The company had RON 83.2mn (EUR 19.4mn)
turnover in 2011, while Sanex had RON 94.9mn (EUR 22mn)
revenues.
In 2011, Romanians bought on average some 35 sqm of wall and
floor tiles, which is 10% less than in 2008. Market analysis
shows that customers tend to be less interested in small size
ceramic tiles and more in favor of bigger, more elegant models.
This is in line with the international trends of home design.
Renovations generate the most sales and customers tend to
focus more on medium-priced products. Producers in this
segment count on increasing their tile sales in the rural areas,
where the number of houses connected to the sewage and gas
networks has increased.
THE EUROPEAN COMMISSION
INITIATED AN ANTI-DUMPING
PROCEEDING CONCERNING
IMPORTS OF CERAMIC TABLEWARE
AND KITCHENWARE FROM CHINA.
THE PROCESS MAY RESULT IN AN
INCREASE IN CUSTOMS DUTIES
FOR ALL IMPORTED CERAMIC
PRODUCTS FROM 7% AT PRESENT
TO UP TO 37%.
MCR
GLASS & CERAMICS
MANUFACTURE OF GLASS AND GLASS PRODUCTS
RANK COMPANY NAME
1
2
3
4
5
STIROM SA
SAINT-GOBAIN GLASS ROMANIA SRL
STICLA TURDA SA
SPECTRUM INDUSTRIES SRL
GEROM SA
TURNOVER
2011 RON) RANKING
3.025
2.375
2.225
2.088
2.038
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
207,570,716
2
19,462,703
421
Bucuresti, Sector 3
282,599,447
1
12,843,212
270
Bucuresti, Sector 1
10,968,427
15
390,261
313
Turda, CLUJ
14,598,289
10
709,444
57
Bucuresti, Sector 4
34,368,930
5
-2,485,408
227
Buzau, BUZAU
282
Valenii de Munte,
PRAHOVA
Zalau, SALAJ
6
PIETTA GLASS WORKING SRL
2.025
41,614,135
4
1,991,401
7
8
9
10
11
12
13
14
15
16
17
18
WEST CO IMPEX SRL
MILLEFIORI SRL
GECSAT SA
CRISTAL BRAD SERVICE SRL
DELTA GLASS SRL
LIPOPLAST SRL
FABRICA DE STICLA AVRIG SA
GECSATHERM SA
VISPESTI PROD SRL
LUSTIC INVEST SA
GLASSCORP SA
UNION GLASS SRL
1.950
1.888
1.838
1.788
1.788
1.588
1.538
1.500
1.488
1.488
1.438
1.200
13,776,375
11
433,960
44
10,859,173
17
851,854
162
Arad, ARAD
22,033,250
7
172,428
67
Tarnaveni, MURES
49,770,204
3
819,263
183
Bucuresti, Sector 4
13,025,469
13
717,311
61
Bucuresti, Sector 4
25,663,148
6
340,927
122
Timisoara, TIMIS
12,221,902
14
1,002,475
83
Avrig, SIBIU
10,901,629
16
253,949
50
Tarnaveni, MURES
18,141,478
8
449,074
105
Ploiesti, PRAHOVA
14,927,879
9
-23,427,894
80
Brasov, BRASOV
13,211,728
12
68,651
131
Buzau, BUZAU
10,161,745
18
-506,332
43
Carei, SATU MARE
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
Bucuresti, Sector 1
MANUFACTURE OF CERAMIC PRODUCTS
RANK COMPANY NAME
2
3
4
5
6
7
SAINT-GOBAIN CONSTRUCTION PRODUCTS
ROMANIA SRL
CERAMICA SA IASI
LAZAR SRL
HELIOS SA
APULUM SA
SICERAM SA
IPEC SA
8
REGATA SRL
1.938
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
DAFERMANN SRL
CERSANIT ROMANIA SA
CESIRO SA
WIENERBERGER - SISTEME DE CARAMIZI SRL
SANEX SA
SAWA SA
ELECTROCERAMICA SA
MONDIAL SA
YALCO ROMANIA SRL
ROCA OBIECTE SANITARE SRL
PREMIER COM SRL
LASSELSBERGER SA
PIASTRELLE SRL
ARCOROM SRL
KAI CERAMICS SRL
1.850
1.825
1.813
1.788
1.725
1.700
1.688
1.675
1.650
1.638
1.588
1.588
1.588
1.450
1.400
24
SANOTECHNIK COM RUMANIEN SRL
1.200
1
2.275
268,050,248
1
-5,251,351
543
2.088
2.088
2.088
2.025
2.025
1.975
68,841,065
11
4,376,705
229
Iasi, IASI
41,716,288
16
4,409,185
106
Reghin, MURES
26,126,709
18
781,727
175
Astileu, BIHOR
66,464,729
12
1,907,634
858
Alba Iulia, ALBA
56,203,451
14
6,732,313
265
Sighisoara, MURES
62,408,814
13
6,472,707
511
Alba Iulia, ALBA
96,991,777
5
10,967,785
169
Targoviste,
DAMBOVITA
25,564,049
19
3,068,782
20
Bacau, BACAU
81,361,096
9
-1,417,541
533
Roman, NEAMT
90,187,932
7
-565,676
1,346
Sighisoara, MURES
118,089,518
3
-4,477,345
203
Bucuresti, Sector 1
94,854,054
6
-5,562,016
440
Cluj-Napoca, CLUJ
74,076,933
10
17,399
42
Cluj-Napoca, CLUJ
22,469,935
23
-1,225,473
240
Turda, CLUJ
126,599,166
2
-4,185,956
814
Lugoj, TIMIS
23,222,418
22
117,308
27
Bucuresti, Sector 1
21,607,264
24
-6,663,822
139
Bucuresti, Sector 6
97,158,125
4
268,245
55
Slobozia, IALOMITA
83,232,361
8
-428,002
54
Bucuresti, Sector 5
35,640,574
17
365,936
103
Timisoara, TIMIS
23,817,257
21
979,251
15
Otopeni, ILFOV
42,082,896
15
-1,201,573
17
Bucuresti, Sector 1
24,277,107
20
-1,605,344
30
Tancabesti, Comuna
Snagov, ILFOV
3.8
million tons local crude steel production in 2011,
a 2.9 percent growth compared with 2010
Metal
t PRIMARY METAL MANUFACTURING
t MANUFACTURE OF METAL PRODUCTS
t WHOLESALE OF METALS AND METAL ORES
MCR
METAL
Metal industry faces
bleak perspectives
Negative market evolution forced the largest
steel producers in the world to take drastic
measures, to cut their losses.
Magda Munteanu - Freelance Journalist
The optimism generated by the good results obtained in 2010
faded a year later, as local crude steel production was unable to
maintain a stable growth rhythm. After the sharp 45% y/y
decline in 2009, the industry had a 35% comeback in 2010, based
on the gradual recovery of the Euro zone, where Romania
exports most of its metal products. However, the growth lost
steam in 2011 and slowed down to only 2.9%, up to 3.8mn tons.
The slight increase of Romania’s medium export prices for
steel products, up to USD 1,054 per ton in 2011, contributed to
the positive evolution of the industry, shows Steel Producers’
Union in Romania (UniRomSider) data. Yet, prices were still
below the USD 1,094 per ton recorded in 2008.
The situation worsened in 2012, when prices and demand for
steel, which represent a barometer for the economy evolution,
reached their minimum levels within the last three years. Spot
iron prices went down to USD 87 per ton in September, which
was almost 30% below this year’s high of USD 149.4 per ton.
Steel was traded at USD 344 per ton on the London Metal
Exchange (LME) in October, close to the minimum recorded
in 2009, of around USD 300 per ton.
In Romania, crude steel production decreased by 7.51% y/y in
the first nine months of 2012, down to 2.62mn tons, according
to World Steel Association (WSA) data.
“The metal industry is still deep in crisis and I expect it will not
get out of it in 2013 either,” said Mircea Budur, executive
director of UniRomSider.
The WSA forecasted in October that the global apparent steel
use will increase by 2.1% in 2012, which is considerably lower
than the 6.2% growth achieved in 2011 and the 3.6% forecasted
in April. The association lowered its growth expectations for
2013 as well, from 5.6% in April to 3.2% in October.
The higher growth forecast earlier this year was based on some
signs of recovery after the slowdown in the last quarter of 2011.
However, the ongoing uncertainty generated by the debt crisis
in the euro zone and a slower growth in China, which is both
the world’s largest steel producer and consumer, deteriorated
the economic situation in the second quarter of this year. The
moderate growth expectations for 2013 can be achieved only if
the euro zone controls the crisis, the US manages to deal with
its fiscal tightening due next year and if the economic stimuli
measures show their effects in China.
“In 2012, the world has realized that China's economy is
slowing down well beyond initial expectations. That is a
structural event which is going to maintain negative pressures
on the metals markets in 2013,” said Mihai Nichisoiu,
international market analyst at Tradeville brokerage firm.
Steel demand in China is expected to increase by 2.5% in 2012,
up to 639mn tons, down from the 6.2% growth in 2011,
according to the WSA. China has been the main engine of
global economic growth for the last few years, and a
significant part of its economic growth comes from real-estate
and infrastructure projects. The government’s stimulus
measures are likely to slightly improve the country’s economic
situation and apparent steel use could increase by 3.1% in 2013.
“Global demand for industrial metals is poised to calm down
further over the longer-term since developed economies like
the US and the Eurozone will continue to record sub-par
growth rates,” said Nichisoiu.
Statistics show that the European Union countries produced
129.6mn tons of crude steel in the first three quarters of 2012,
down by 4.6% compared to the same period of 2011. Overall,
the apparent steel use in EU 27 is expected to decline by 5.6%
in 2012.
TOUGH DECISIONS
Steel demand is tightly connected to the evolution of the real
economy, since it is used in capital-intensive industries such as
Romanian steel and cast production (thous tons)
Steel and iron production in Romania (thous tons)
6,000
5,000
4,000
3,000
2,000
1,000
0
15,000
10,000
5,000
0
2007
2008
2009
Steel
2010
2011
Cast
Crude Steel Production
Blast furnace iron production
Source: UniRomSider
Source: World Steel Association
shipbuilding, car manufacturing, air industry and
constructions. As long as these sectors lag behind new orders,
demand for steel is unlikely to increase.
approximately 261,000 tons, up from 241,000 in 2010. However,
the international aluminum market started to deteriorate this
year. Aluminum prices decreased by almost 20% between
January and September 2012, down to USD 2,030 per ton. World
aluminum production is expected to grow faster than
consumption, leading to stock increase from an estimated 8.6
weeks at the end of 2011 to 11.7 weeks at the end of 2012.
On top of all these problems, the heavy industry in Romania
and in Europe will be confronted, starting with 2013, with
significant cost increases generated by emission certificates.
UniRomSider, the Steel Producers’ Union in Romania, warns
that energy-related for steel producers costs will double
between 2013 and 2020 because of the new emission trading
scheme. The association tries to convince the Economy
Ministry to compensate a certain quota of producers’
electricity expenses, to avoid relocation risks created by higher
costs.
Pundits warn that the stimulus measures on the global market
have reached their limits and that the current measures are no
longer efficient. As a result, the negative market evolution
forced the largest steel producers in the world to take drastic
measures to cut their losses.
It is the case of the Russian group Mechel, owned by the
Russian billionaire Igon Zyuzin, which announced in
September it put up for sale 14 of its worldwide assets for USD
859mn, less than half of their acquisition price. The group had
USD 605mn loss in H1 2012, compared to USD 501mn profit in
H1 2011, mostly because the steel and mining markets went
down and because of the currency rate evolution. The
company intends to obtain USD 150mn from selling four of its
five production capacities in Romania – Mechel Targoviste
(USD 46mn), Mechel Campia Turzii (USD 33mn), Laminorul
Braila (USD 32mn) and Ductil Steel (USD 39mn).
The largest steel mill in Romania, ArcelorMittal Galati, faces
problems selling its production that is less than half the level
of 2008. The plant currently operates with only one furnace,
compared to the four that were functional before the crisis,
and started a program of voluntary layoffs for 1,300 workers.
At an international level, the company, led by Indian
billionaire Lakshmi Mittal, decided to permanently close
furnaces in France, Belgium and Spain.
The difficult international market conditions reflected also
into the financial results of Alro, the largest aluminum
producer in Central and Eastern Europe. The company
decreased its net profit by 92% y/y in H1 2012, down to USD
4.5mn, while reducing its primary aluminum production by
4.5%, down to 125,000 tons. “Lower demand and price for
aluminum in the first half of this year, to which added the
energy deficit, affected the company’s results,” said Marian
Nastase, vice-president of Alro’s board.
The Romanian aluminum industry reported a recovery in
output in 2011, with Alro’s total casted aluminum production of
Romanian steel products evolution
Export/import
Tons/price
Export
Thous tons
3,863
3,269
2,090
3,023
3,304
Mil $/€
3,367
3,576
1,751
1,847
2,514
864
1,094
838
611
760
Thous tons
3,570
3,648
1,846
2,775
3,425
Mil $/€
3,455
4,395
2,784
2,056
2,739
968
1,205
938
741
800
Medium
price/ton
Import
Medium
price/ton
2007 *
2008 *
2009*
2010 **
2011 **
* f o r 2 0 0 7 , 2 0 0 8 , 2 0 0 9 , th e v al u e i s i n $
* * f o r 2 0 1 0 , 2 0 1 1 , th e v al u e i s i n eu r o
Source: UniRomSider
“THE METAL INDUSTRY IS STILL DEEP
IN CRISIS AND I EXPECT IT WILL NOT
GET OUT OF IT IN 2013 EITHER” Mircea Budur, Executive Director of
UniRomSider
MCR
METAL
PRIMARY METAL MANUFACTURING
RANK COMPANY NAME
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
NO OF
CONTACT
1
2
3
ALRO SA
ARCELORMITTAL GALATI SA
SILCOTUB SA
4.163
3.900
3.863
2,241,390,928
2
228,309,982
2,513
Slatina, OLT
4,663,330,401
1
-620,130,335
8,755
Galati, GALATI
1,442,409,942
3
107,588,856
1,348
Zalau, SALAJ
4
MECHEL TARGOVISTE SA
3.713
1,099,750,708
4
-133,495,504
2,250
Targoviste,
DAMBOVITA
5
6
7
8
9
TMK-ARTROM SA
DUCTIL STEEL SA
ARCELORMITTAL TUBULAR PRODUCTS ROMAN SA
ALUM SA
LAMINORUL SA
3.613
3.363
3.213
3.075
3.025
856,313,578
7
67,503,261
1,141
Slatina, OLT
1,047,689,527
5
-141,648,777
1,507
Buzau, BUZAU
748,109,975
9
-26,449,686
1,149
Roman, NEAMT
574,237,971
11
32,562,133
719
Tulcea, TULCEA
933,973,827
6
-132,867,299
667
Braila, BRAILA
Beclean, BISTRITANASAUD
Resita, CARASSEVERIN
Targoviste,
DAMBOVITA
10 DAN STEEL GROUP BECLEAN SA
3.025
278,347,307
16
5,058,202
684
11 TMK - RESITA SA
2.925
804,234,037
8
50,412,602
782
12 CROMSTEEL INDUSTRIES SA
2.925
251,843,625
18
21,560,799
331
13 DONALAM SRL
2.788
284,986,507
15
55,464,566
174
Calarasi, CALARASI
14 ARCELORMITTAL HUNEDOARA SA
2.725
388,082,736
14
-19,811,164
683
Hunedoara,
HUNEDOARA
15
16
17
18
2.725
2.613
2.538
2.488
218,094,258
19
-35,611,590
547
Iasi, IASI
621,503,917
10
-107,212,223
1,925
Campia Turzii, CLUJ
423,360,921
12
30,975,112
88
Topoloveni, ARGES
200,212,145
20
1,826,823
218
Slatina, OLT
19 ERDEMIR-ROMANIA SRL
2.275
266,713,034
17
-4,653,705
292
Targoviste,
DAMBOVITA
20
21
22
23
24
25
2.238
2.188
2.175
2.175
2.088
2.038
27,549,536
37
1,628,494
240
Fagaras, BRASOV
20,747,894
43
125,334
406,365,952
13
-19,551,634
707
Bucuresti, Sector 4
77,689,319
29
1,674,618
513
Alba Iulia, ALBA
21,202,183
41
859,409
70
Oradea, BIHOR
55,909,679
30
1,432,394
68
Brasov, BRASOV
ARCELORMITTAL TUBULAR PRODUCTS IASI SA
MECHEL CAMPIA TURZII SA
BAMESA OTEL SA
VIMETCO EXTRUSION SRL
UPRUC CTR SA
ZIMTUB SA
DOOSAN IMGB SA
SATURN SA
TURNATORIE IBERICA SRL
METALSIL PROD SRL
164 Zimnicea, TELEORMAN
26 EUCASTING RO SRL
2.038
32,561,111
36
1,674,545
175
Geamana, Localitate:
Bradu, ARGES
27 TURNOVI SRL
2.000
20,782,499
42
1,628,870
20
Deva, HUNEDOARA
28 COZMIRCOM SA
1.938
45,020,674
33
8,068,970
91
Baia Sprie, MARAMURES
29
30
31
32
33
34
35
36
37
38
39
40
1.900
1.788
1.788
1.738
1.725
1.700
1.688
1.688
1.638
1.588
1.588
1.500
113,086,640
25
2,496,031
7
Brasov, BRASOV
162,833,787
22
9,565,159
125
Ghimbav, BRASOV
21,853,182
40
737,271
115
Brasov, BRASOV
93,986,039
28
1,078,217
98
Bucuresti, Sector 3
24,404,047
39
-1,048,819
294
Campina, PRAHOVA
46,770,429
32
445,917
163,564,334
21
7,011,241
89
141,175,850
24
235,987
192
Iasi, IASI
49,356,551
31
-6,047,620
198
Galati, GALATI
104,290,242
26
-2,960,365
183
Galati, GALATI
35,370,409
35
412,692
182
Slatina, OLT
37,539,105
34
926,493
21
Slatina, OLT
EURO ALIAJ SRL
BECOTEK METAL SRL
AMORELLI EXPORT IMPORT SRL
MAIRON TUBES SRL
TURNATORIA CENTRALA ORION SA*
ALMET SA
HOEGANAES CORPORATION EUROPE SA
TECHNOSTEEL LBR SRL
INTFOR SA
ARCELORMITTAL TUBULAR PRODUCTS GALATI SRL
DELTA ALUMINIU SRL
PRODNEF COM SRL
41 Navodari, CONSTANTA
Buzau, BUZAU
41 UNIVERSAL ALLOY CORPORATION EUROPE SRL
1.488
101,198,120
27
16,569,378
234
Dumbravita,
MARAMURES
42 FONDAL INTERNATIONAL SRL
1.488
25,743,081
38
202,821
130
Letcani , IASI
43 OTELINOX SA
1.475
144,150,551
23
-17,178,546
847
Targoviste,
DAMBOVITA
MCR
METAL
MANUFACTURE OF METAL PRODUCTS
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
CONFIND SRL
CORD ROMANIA SRL
AROMET SA
CAN-PACK ROMANIA SRL
ELSID SA
ROMTEM SA
VILMAR SA
GIC NOSAG METAL SRL
SCORING
( 2011 RON) RANKING
2.963
2.875
2.788
2.638
2.625
2.400
2.225
2.125
NIMET SRL
2.088
INSERV STEEL SRL
ELDON SRL
DUCTIL SA
EMAILUL SA
ESTROM CONSULTING SRL
ISOPAN EST SRL
ARMAX GAZ SA
HECKLER ROMANIA SRL
METAL WORK INDUSTRY SRL
IMUC SA
LINDAB SRL
PROINVEST GROUP SRL
MEGAPROFIL SRL
2.088
2.075
2.025
2.025
2.000
1.988
1.975
1.900
1.888
1.825
1.788
1.788
1.738
PROFIT/LOSS
NO OF
CONTACT
218,829,078
6
29,715,977
1,124
383,708,042
2
18,823,477
458
Slatina, OLT
397,865,426
1
2,310,909
187
Buzau, BUZAU
Campina, PRAHOVA
289,642,596
5
19,151,136
157
Bucuresti, Sector 4
369,766,683
3
74,532,525
255
Titu, DAMBOVITA
295,573,210
4
1,350,989
18
Buzau, BUZAU
180,160,932
7
13,008,314
128,464,820
9
5,474,244
99,917,169
15
7,052,781
331 Ramnicu-Valcea, VALCEA
389
Bradu, ARGES
182
Lazuri, Comisani,
DAMBOVITA
50,447,272
41
1,020,125
68
Baia Mare, MARAMURES
105,249,279
13
4,272,169
478
Prejmer, BRASOV
144,001,341
8
7,947,937
262
Buzau, BUZAU
77,718,407
26
1,715,657
914
Medias, SIBIU
62,531,240
30
1,048,593
2
Galati, GALATI
96,994,032
18
7,466,197
60
Popesti Leordeni, ILFOV
81,328,034
24
2,321,621
343
Medias, SIBIU
52,433,230
38
629,376
28
Selimbar, SIBIU
54,399,696
36
-1,618,713
84
Popesti-Leordeni, ILFOV
30,111,110
43
2,550,030
276
Bradu, ARGES
89,906,865
23
-805,446
138 Stefanestii de Jos, ILFOV
76,605,829
28
1,651,310
173
Pascani, IASI
117,635,936
11
1,803,005
115
Buzias, TIMIS
23 PLASTSISTEM SA
1.738
79,252,850
25
408,015
68
Crainimat, Comuna
Sieu-Magherus,
BISTRITA-NASAUD
24 CSI ROMANIA SRL
25 ALLSTAR PROD SRL
26 CARDO PRODUCTION HUNEDOARA SRL
1.738
1.738
1.738
58,829,471
33
2,888,325
184
Cluj-Napoca, CLUJ
54,730,338
35
8,251,005
191
Cristesti, MURES
51,873,897
39
533,811
170 Hunedoara, HUNEDOARA
27 MIRO SA
1.725
46,326,513
42
561,060
290
28
29
30
31
32
33
34
35
36
37
38
39
40
41
1.713
1.700
1.688
1.675
1.675
1.650
1.638
1.600
1.588
1.550
1.550
1.538
1.538
1.488
93,236,632
21
-30,652,033
1,022
Bucuresti, Sector 4
58,360,433
34
118,560
VULCAN SA
UZINGRUP VEST SRL
FIERCTC SIBEL SRL
FAIST MEKATRONIC SRL
METABET CF SA
TOPANEL PRODUCTION PANELS SA
MARTIFER CONSTRUCTII SRL
DOLADELA COMPANY SRL
AUTOHTON TIM SRL *
TUREX SA
TEHNIC GRUP MC SRL
PROFILAND STEEL SRL
COMPANIA NATIONALA ROMARM SA
BOG ART STEEL SRL
COMPANIA NATIONALA ROMARM SA BUCUR42 ESTI FILIALA SOCIETATEA COMERCIALA UZINA
MECANICA CUGIR SA
43 METALICPLAS IMPEX SRL
* under law 85
38 Hunedoara, HUNEDOARA
110,408,192
12
3,043,429
131
Galati, GALATI
96,509,648
19
8,922,896
305
Oradea, BIHOR
77,436,260
27
8,216,093
503
Bucuresti, Sector 1
59,309,641
31
2,393,487
98,636,643
16
1,451,981
183
69,540,016
29
3,571,422
49
Galati, GALATI
59,162,824
32
-8,671,642
99
Timisoara, TIMIS
95,448,116
20
79,364
1
Buzau, BUZAU
51,374,427
40
83,151
1
Buzau, BUZAU
118,469,615
10
467,705
86
Galati, GALATI
97,860,666
17
23,832
82
Bucuresti, Sector 6
54,188,230
37
-394,707
57
Bucuresti , Sector 3
1.463
104,772,094
14
-8,520,645
1,080
Cugir, ALBA
1.388
93,029,267
22
-283,422
228
Dej, CLUJ
47 Ramnicu Valcea, VALCEA
Bucuresti, Sector 3
WHOLESALE OF METALS AND METAL ORES
TURNOVER
2011 RON) RANKING
RANK COMPANY NAME
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
Bucuresti, Sector 3
1
2
3
MECHEL SERVICE ROMANIA SRL
MAIRON GALATI SA
METALROM SRL
3.175
3.075
2.800
816,528,524
2
14,770,336
365
883,323,141
1
29,629,929
367
Galati, GALATI
242,779,829
5
2,253,653
25
Bucuresti, Sector 1
4
DAN STEEL GROUP NEGRESTI OAS SA
2.600
259,028,625
4
6,129,485
26
Negresti-Oas,
SATU MARE
5
6
7
8
9
10
11
IZOMETAL - MAGELLAN SRL *
ALUMIL ROM INDUSTRY SA
BAUROM CONSTRUCT SRL
MIRAS INTERNATIONAL SRL
STEELMET ROMANIA SA
PROSIDER INTERNATIONAL TRADING SRL
CLEMANS SRL
2.438
2.338
1.938
1.938
1.900
1.850
1.788
363,253,552
3
2,265,908
241
Timisoara, TIMIS
74,007,746
17
3,683,071
171
Bucuresti, Sector 5
12 TURBO TUB SRL
13 TEHNOINVEST TRADE SRL
176,424,237
7
3,792,485
131
Chitila, ILFOV
138,963,541
9
10,360,008
91
Buftea, ILFOV
101,938,573
12
1,510,887
29
Bucuresti, Sector 3
80,288,612
16
2,065,196
36
Bucuresti, Sector 3
85,977,641
15
4,369,405
107
Bascov, ARGES
1.750
64,925,990
19
871,723
40
Bucuresti,
BUCURESTI
1.750
59,385,388
21
94,600
20
Bucuresti, Sector 1
131
Odorheiu Secuiesc,
HARGHITA
14 MELINDA-IMPEX STEEL SA
1.688
157,017,358
15
16
17
18
19
20
21
22
23
1.600
1.538
1.500
1.500
1.500
1.488
1.438
1.425
1.300
ARCELORMITTAL DISTRIBUTION ROMANIA SRL
ITALINOX
COMTECH CO SRL
FRANKSTAHL ROMANIA SRL
ADIMET SA
THYSSENKRUPP MATERIALS ROMANIA SRL
METALICPLAS DISTRIBUTION SRL
METALTRADE
SIDMA ROMANIA SRL
8
5,780,942
176,549,307
6
-6,907,545
26
Bucuresti, Sector 6
64,718,035
20
1,138,151
51
Bucuresti, Sector 1
98,755,432
13
2,664,552
34
Slatina, OLT
91,477,607
14
897,574
35
Bucuresti, Sector 4
54,819,787
22
238,011
25
Iasi, IASI
121,386,745
10
-4,882,470
56
Bucuresti, Sector 1
69,702,850
18
3,016
127
Dej, CLUJ
50,705,495
23
-3,879,191
296
Galati, GALATI
109,564,984
11
-4,050,353
39
Caldararu, ILFOV
DIE CASTING ALUMINIUM
A52 Grivitei Street, 500173, Brasov, Brasov County
Telefon: +40-268-47.33.01; +40-268-40.60.50 ; +40-268-40.60.70; Fax: +40-268-47.33.02
e-mail: morelli@artelecom.net; morelli@morelli-ro.net
WEB site: www.morelli.ro
1.25
billion EUR is the overall turnover of the
8 Romanian shipyards in 2011,
25 percent increase over 2010
Machinery
t MANUFACTURE OF MACHINERY, INDUSTRIAL EQUIPMENT,
SHIPS AND AIRCRAFT
t WHOLESALE OF MACHINERY, INDUSTRIAL EQUIPMENT,
SHIPS AND AIRCRAFT
MCR
MACHINERY
Better than expected
Naval shipyards specialized and started to
receive new orders, while rolling stock
producers fight overcapacities and lack of
projects.
Magda Munteanu - Freelance Journalist
The Romanian machinery sector, which includes aircraft,
railway, military and naval producers, saw its first ray of
sunshine in 2012, after the several-year storm that haunted the
industry. Producers managed to reduce their losses from 33.2%
y/y in 2010 to 5.48% a year later, according to the sector’s
production index in terms of volume released by Eurostat. The
sun started to beam in 2012, when the index showed a 21.6% y/y
growth in the first eight months of the year, compared to the
5.6% growth at the European Union level.
The industries included in this sector had completely different
evolutions as reported to the sector’s overall trend.
The Romanian shipyards, which export almost their entire
productions, increased their turnover by 25% y/y in 2011, up to
EUR 1.25bn, shows the ANCONAV (Romanian Shipbuilders
Association) data. However, in spite of the higher turnover,
2011 wasn’t a good year for the industry and continued the
descending trend started in 2008. The eight local shipyards
received 41 new orders through IHC Fairplay (the company
that gives each ship its unique IMO number), of which only 16
were for new ships, compared to the 21 received the previous
year. The rest were orders placed for ship bodies, with an
outfitting degree of 80% to 90%.
Producers adapted to the market and tried to cut their costs by
giving up 1,500 subcontractors. Local shipyards currently
employ 8,800 people, less than half compared to 2008.
THE AIRCRAFT INDUSTRY HAD THE
BEST EVOLUTION WITHIN THE
SECTOR, AS ITS PRODUCTION INDEX
IN TERMS OF VOLUME INCREASED
IN THE EUROPEAN UNION BY 10.9%
Y/Y DURING THE FIRST EIGHT
MONTHS OF 2012.
Things started to improve in 2012, when 16 new ships had already
been ordered by October. “The trend is positive this year and I
expect 3% to 4% growth of the shipyards’ turnover. I think the
number of new orders will increase by additional 50% by the
summer of 2013,” said Gelu Stan, general manager of ANCONAV.
The eight shipyards don’t compete among each other for new
projects, as they are specialized on different niches. STX OSV
Tulcea and STX OSV Braila produce supply vessels/AHTS
(anchor handling tug supply) vessels and tugs. Damen Galati
builds military ships and tugs/AHTS. Daewoo Mangalia Heavy
Industries is specialized on containers of minimum 5,500 TEU
and bulk carriers of 80,000 to 180,000 tdw. Constanta
Shipyard specializes in 40,000 to 55,000 tdw oil tanks and does
construction works. The other three – Severnav Drobtea Turnu
Severin, Orsova Shipyard and Shipyard ATG Giurgiu – are
located at the Danube and focus especially on fluvial ships and
coastal vessels.
“There is a big demand for special and military vessels.
Romanian shipyards need to adapt to the demand for green
vessels, such as windmill-related offshore ships,” said Stan.
That’s why the Tulcea and Braila shipyards, which produce
special ships such as offshore specialized vessels, have the
highest workload in Romania, of 110%. Next comes Damen
Galati, which is building several special ships like a military
vessel for the Dutch navy and a Swedish nuclear waste
transport vessel. The workload is nevertheless low compared to
the 200% in 2006.
TROUBLE ON WHEELS
The situation looks more dramatic for the rolling stock sector,
which has contracted for the fourth year in a row, by 2.4% y/y
in the first half of 2012, according to Eurostat data. The Baltic
Dry index, a barometer of the world commerce, continues to
have very low values compared to the years before the crisis.
Demand for railway equipment has decreased sharply both in
Romania and in Europe. Previous investments in this sector
have led to a surplus of production capacities that suffer from
Manufacture of other transport equipment (%, y/y, MA12)
10.0
30.0
8.0
20.0
6.0
10.0
4.0
0.0
2.0
-10.0
Aug-12
Jun-11
Jan-12
Apr-10
Nov-10
Sep-09
Jul-08
Feb-09
Dec-07
Oct-06
May-07
Mar-06
Jan-05
Aug-05
Jun-04
Apr-03
Nov-03
Sep-02
Jul-01
Feb-02
-2.0
Dec-00
0.0
-20.0
-30.0
-4.0
-6.0
-40.0
European Union
Romania (rhs)
Source: Eurostat, SSIF Broker
lack of new orders. Prices have decreased and competition has
fueled, as projects are less available in Europe. Chances that the
market will improve in 2013 are small. The Romanian market
suffers from lack of financing, in spite of a real need to upgrade
its railway infrastructure.
Electroputere Craiova, one of the largest local producers of
locomotives, electric engines, power transformers and
electrical equipment, has struggled for years to reduce its losses
and grow business. The company, which was privatized in 2007
and acquired by Saudi firm Al-Arrab Contracting Company,
was forced to close its locomotive business this year because of
low demand and outdated technology. The division had
focused on locomotive repairing works during the last two
years and had worked with the GFR group and a private
Slovakian operator.
“By the end of this year we will finalize the restructuring
process of the company, which took much longer than
expected. We will focus on export of power transformers and
electric engines in the MENA region and the Gulf countries,”
said Adrian Dumitriu, CEO of Electroputere Craiova.
The company decreased its turnover by 32% y/y in 2011, down
to EUR 47mn, while losses soared up to EUR 11.4mn. The same
trend continued in H1 2012, with losses increasing by 8.66%
y/y, up to EUR 6.6mn.
The industry consolidated in July this year, when the German
group Astra Rail Industries acquired Astra Vagoane Arad, Meva
Drobeta Turnu Severin and Romvag Caracal for EUR 30mn.
The Germans plan EUR 10mn investments within the first year
from the takeover in new equipment and will focus on the
European markets, followed by Russia and Middle East.
EASIER LANDING
The aircraft industry had the best evolution within the sector,
as its production index in terms of volume in the European
Union increased by 10.9% y/y during the first eight months of
2012. The Eurostat data indicates the growth was of 6.5% y/y in
2011. “This evolution shows that passenger air traffic continues
to increase, in spite of the great recession,” said Andrei
Radulescu, senior investment analyst at SSIF Broker.
In comparison, the military vehicles sector decreased by 1.6%
y/y in the EU during the first eight months of 2012, following a
20% y/y growth in 2011. The decrease is the result of the budget
constraints operated by Western countries.
The evolution of the machinery sector in 2013 will depend
directly on how the US economy solves its budgetary and fiscal
problems, on how the ongoing European crisis develops and on
how China manages to avoid a forced landing. “US sentiment
indicators show there are premises for the world economy to
reach an inflection point in the last quarter of 2012 or the first
quarter or 2012 and to start a gradual growth process in 2013,”
said Radulescu. However, the analyst warns the aircraft
industry could see a slowdown next year, no matter the world
macro-financial climate.
“US SENTIMENT INDICATORS SHOW
THERE ARE PREMISES FOR THE
WORLD ECONOMY TO REACH AN
INFLECTION POINT IN THE LAST
QUARTER OF 2012 OR THE FIRST
QUARTER OR 2013 AND TO RESTART
A GRADUAL GROWTH PROCESS IN
2013” - Andrei Radulescu, Senior
Investment Analyst at SSIF Broker.
MCR
Opinion
ALEXANDRU BLEMOVICI,
General Manager Schaeffler Romania
One of the main factors of attraction for
major foreign investment, but also for
local investors, has always been the level
of qualification of the workforce.
Unfortunately, for investors this factor
also represents one of the main risk
factors in terms of growth opportunities.
Availability of well-qualified workforce is
one of the most often cited factors by
investors in recent years regarding the
risks of future growth, the emergence of
new investments and even the stability of
existing local investments. These fears are
primarily connected to the quality of the
graduates training in both undergraduate
education, and higher education, but also
to the reduced number of young people
who are training in occupations that are
in high demand in the industry.
In the undergraduate education system,
these fears can be removed by setting up
vocational schools, teaching searched
specializations and raising the level of
training in both content and quality of
education. In both directions, an
important role has to be taken by
economic agents. Through the
government ordinance in February 2012
on the (re)establishment of vocational
education was made a first step by
creating a legal framework in which
businesses can get involved to raise the
level of training.
Companies will need to get involved both
in defining school profiles and adapt
curricula, as well as in taking
responsibility for training students, their
management and financial support
through scholarships, organizing practice
Let’s invest
in skilled
workforce
programs in enterprises. The economic
environment has made the first steps and
we hope for consistency, collaboration
and political continuity to achieve a first
major success in the Romanian school
education of the last 20 years. In this way
we will form true professionals, we will
increase the employability of young
generations and we will finally enable the
economic growth that we need so much.
In such circumstances economic agents
must react by adapting costs and
consumption to the reduced level of
orders. Unfortunately, these measures
may not circumvent labor costs and this
can ultimately mean, depending on the
intensity and duration of the unfavorable
conjuncture, staff reductions. Certainly,
the business community has never
seriously expected a miracle solutions
from the state to re-launch the economy,
and support the economic agents. We
often heard the expression "it would be
sufficient if the state would not confuse
us more than usual", but it would be a
pleasant surprise to see that the
Romanian state would be concerned at
some point about how they could
improve the "rules of the game" towards
the mutual interest of all parties involved
and ultimately its own citizens.
So you might find that the legislation
which provides for the possibility of
reducing staff costs in times of recession
by applying a "technical unemployment",
in which the company would have to pay
affected employees 75% of their salary,
provided that they remain home, is
outdated and probably only a company
with bad management would apply it.
Instead, there could be created, for
example, a formula where the economic
agent could reduce for a determined
period working time and labor costs by a
certain percentage, the state would
support the deficit to complete the
income of the affected employees, by the
reduction of social contributions of the
economic agent in this period and
redirecting those funds to these
employees. In this way a company could
overcome certain circumstances, avoiding
negative effects on individual employees
through layoffs, while also reducing
additional efforts of the state with
unemployment benefits in unfavorable
economic periods.
“PILOT VOCATIONAL
SCHOOLS COULD BE A
GOOD START
TOWARDS
MAINTAINING AND
INCREASING THE
ATTRACTIVENESS OF
ROMANIA AS A
SERIOUS INVESTMENT
DESTINATION
THROUGH A STRONG
QUALITY/COST OF
LABOR RATIO.”
MANUFACTURE OF MACHINERY, INDUSTRIAL EQUIPMENT, SHIPS AND AIRCRAFT
RANK COMPANY NAME
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
Mangalia,
CONSTANTA
Comuna Cristian,
BRASOV
1
DAEWOO-MANGALIA HEAVY INDUSTRIES SA
3.613
1,725,406,261
1
-72,788,618
3,065
2
SCHAEFFLER ROMANIA SRL
3.513
1,481,631,232
2
7,417,486
3,267
3
4
5
STX RO OFFSHORE BRAILA SA
RULMENTI SA
TIMKEN ROMANIA SA
3.063
2.913
2.875
375,914,905
5
50,378,911
1,815
Braila, BRAILA
261,601,928
9
18,959,099
2,339
Barlad, VASLUI
351,791,919
6
86,447,728
852
Ploiesti, PRAHOVA
6
KOYO ROMANIA SA
2.813
231,283,959
11
4,551,725
1,345
Alexandria,
TELEORMAN
7
8
9
10
11
12
GRUP ROMET SA
EMERSON SRL
CAMERON ROMANIA SRL
SANTIERUL NAVAL DAMEN GALATI SA
STX RO OFFSHORE TULCEA SA
ELECTROPRECIZIA SA
2.788
2.775
2.675
2.663
2.613
2.588
624,090,512
3,843,537
79
Buzau, BUZAU
205,770,924
12
28,392,323
698
Cluj-Napoca, CLUJ
677,011,157
3
51,853,430
845
Campina, PRAHOVA
273,123,588
8
13,581,756
1,573
Galati, GALATI
505,287,393
4
9,137,030
2,745
Tulcea, TULCEA
450,614
127
Sacele, BRASOV
13 ROMBAT SA
2.575
319,058,489
7
14,888,862
630
Bistrita,
BISTRITA-NASAUD
14
15
16
17
2.488
2.450
2.425
2.413
90,153,992
23
7,163,903
205
Buzau, BUZAU
370,500
12
Buzau, BUZAU
VAE APCAROM SA
ECOFOREST SA
BOSCH REXROTH SRL
AEROSTAR SA
216,284,347
238,608,873
243,591,907
10
9,054,261
598
Blaj , ALBA
158,402,223
13
11,618,296
1,219
Bacau, BACAU
18 UNIO SA
2.363
98,090,445
22
272,924
1,017
19 SEVERNAV SA
2.275
118,965,970
19
1,409,754
664
20 RIG SERVICE SA
2.275
78,211,202
27
15,069,527
468
21
22
23
24
25
26
27
28
29
2.275
2.200
2.175
2.125
2.025
2.025
2.025
2.025
2.025
UZTEL SA *
MADIROM PROD SRL
SMR SA
ROTEC SA BUZAU
REMARUL 16 FEBRUARIE SA
EUROSPORT DHS SA
ATELIERELE CFR GRIVITA SA
REMAR SA
IAR SA
Satu Mare,
SATU MARE
Drobeta-Turnu
Severin, MEHEDINTI
Constanta,
CONSTANTA
76,985,891
28
5,443,317
596
Ploiesti, PRAHOVA
153,293,655
15
4,965,550
19
Timisoara, TIMIS
72,858,798
31
40,167
974
Bals, OLT
64,419,150
34
1,250,786
446
Buzau, BUZAU
119,602,038
18
1,209,916
507
Cluj-Napoca, CLUJ
105,382,434
21
1,404,255
255
Deva, HUNEDOARA
85,532,721
24
3,201,018
614
Bucuresti, Sector 1
79,061,602
26
599,358
570
Pascani, IASI
62,378,408
36
2,897,416
323
Ghimbav, BRASOV
Resita,
CARAS-SEVERIN
30 UCM RESITA SA *
2.013
123,083,808
17
-328,082,796
2,264
31 SANTIERUL NAVAL CONSTANTA SA
2.013
67,465,911
33
-10,469,904
1,352
32 POPECI UTILAJ GREU SA
33 ASTRA VAGOANE ARAD SA *
1.975
1.963
81,784,790
25
3,093,758
668
Craiova, DOLJ
147,006,528
16
37,053,917
1,354
Arad, ARAD
1.950
75,579,567
30
10,849,724
48
Bucuresti, Sector 2
1.938
70,784,378
32
488,046
135
Bucuresti, Sector 2
1.925
57,875,838
37
1,385,411
374
Rimnicu Valcea,
VALCEA
1.888
1.875
1.875
1.825
1.775
76,114,857
29
2,473,977
121
Chisineu-Cris, ARAD
62,708,554
35
4,090,333
315
Iasi, IASI
57,614,188
38
397,545
964
Bucuresti, Sector 1
106,362,543
20
7,780,188
876
Arad, ARAD
153,964,812
14
9,072,461
720
Bucuresti, Sector 4
EMERSON PROCESS MANAGEMENT ROMANIA
34 SRL
35 DANEX CONSULT SRL
FILIALA PENTRU REPARATII SI SERVIC - HIDRO36 SERV RAMNICU VALCEA SA
37 MASCHIO-GASPARDO ROMANIA SRL
38 TOTALGAZ INDUSTRIE SRL
39 ROMAERO SA
40 ASTRA VAGOANE CALATORI SA
41 GENERAL TURBO SA
* under law 85/2006
MCR
MACHINERY
WHOLESALE OF MACHINERY, INDUSTRIAL EQUIPMENT, SHIPS AND AIRCRAFT
RANK COMPANY NAME
1
2
3
4
5
6
7
IPSO SRL
SIEMENS SRL
ABB S.R.L.
NHR AGROPARTNERS S.R.L.
DUTCH MARINE TRADING DESIGN S.A.
DAAS IMPEX SRL
AGROCOMERT HOLDING S.A.
MEWI IMPORT EXPORT AGRAR INDUSTRIETECHNIK SRL
NITECH S.R.L.
SANDVIK S.R.L.
ANDREAS STIHL MOTOUNELTE SRL
HAUSER SRL
GENERAL LEASING SA
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
Mogosoaia, ILFOV
2.688
2.675
2.488
2.338
2.288
2.238
2.238
369,638,427
2
21,063,687
238
475,386,469
1
19,781,890
209,675,907
3
2,288,361
50,098,140
18
2,436,059
133
Otopeni, ILFOV
38,811,697
24
3,297,195
60
Galati, GALATI
87,640,902
8
2,488,836
73,431,911
12
9,130,774
74
Timisoara, TIMIS
2.138
113,756,391
4
10,798,800
52
Ortisoara, TIMIS
2.138
2.050
2.000
2.000
1.988
64,449,192
14
6,813,162
42,397,655
22
344,949
102,643,534
5
17,270,967
62,147,135
15
2,622,098
78,734,866
9
14,051,084
14 SYSCOM - 18 S.R.L.
1.988
46,169,737
20
261,672
15 PROENERG SA
16 HEPA PROIECT SRL
1.938
1.900
32,428,390
27
2,147,147
76,216,643
11
1,094,120
22
Birlad, VASLUI
17 MECRO SYSTEM SRL
1.900
34,956,383
25
2,617,103
49
Bucuresti,
BUCURESTI
18
19
20
21
22
23
24
25
26
27
28
29
1.900
1.888
1.850
1.800
1.788
1.750
1.750
1.700
1.700
1.650
1.600
1.500
30,534,661
28
5,478,130
52,555,351
16
2,945,188
53
Otopeni, ILFOV
89,315,600
7
13,103,406
30
Otopeni, ILFOV
34,901,615
26
2,949,015
47,262,566
19
4,614,262
51
Chiajna, ILFOV
96,617,784
6
1,726,298
38
Cernica, ILFOV
40,197,772
23
1,247,868
78,559,035
10
10,711,665
51,264,303
17
1,678,671
30,400,833
29
1,040,788
43
Pitesti, ARGES
64,585,817
13
537,879
1
Galati, GALATI
43,443,470
21
6,598,241
8
9
10
11
12
13
KAESER KOMPRESSOREN SRL
ATLAS COPCO ROMANIA SRL
WIRTGEN ROMANIA S.R.L.
ISIS DEVELOPMENT SRL
WILO ROMANIA SRL
MAP - MASINI AGRICOLE PERFORMANTE S.R.L.
FRESCO PROIECT SRL
HUSQVARNA PADURE & GRADINA SRL
UZINSIDER TECHNO S.A.
DOLSCH IMPORT-EXPORT SRL
AGRIROM IMPEX S.R.L.
INDUSTRIAL M.D.TRADING SRL
- Bucuresti, Sector 5
23
132
Otopeni, ILFOV
Bucuresti,
BUCURESTI
58
million EUR worth sales of electronics as of Q2
of 2012
EUR 43 million, the value of mobile phones and
smartphones market as of Q2 of 2012
Electric & Electronic
Equipment
t MANUFACTURE OF ELECTRICAL AND ELECTRONIC EQUIPMENT
t TRADE OF ELECTRICAL AND ELECTRONIC EQUIPMENT
t MANUFACTURE OF DOMESTIC APPLIANCES
MCR
Moderate raise keeps
market af loat
Corina Mica - Freelance Journalist
What has by now become a cliché is the degree to which the
economic crisis has impacted on the Romanian purchasing
power and, subsequently, on the consumer behaviour
throughout a wide range of sectors.
Still, by reshuffling budgets or making an extra effort to
secure a desired commodity, Romanians seem to have pushed
the electronics market forward, according to a Gfk survey on
the segment.
The market research company released figures for the second
quarter of 2012, analyzing the moves on the market which is
very volatile and is subject to overnight changes driven by a
sensitive pricing factor.
ELECTRONICS: TV SETS SEEM MEANT TO ‘SAVE’ THE MARKET
Sales for electronic equipments went up three per cent in the
second quarter of 2012, reaching 58 million Euro, according
to the Gfk survey. Significant increases were registered
mainly in the total sales of flat-screen TVs, the two-digit
increase rates on this market being supported by promotions,
linked mainly to special events, such as the European
Championships.
The TV market has also managed to generate added value by
switching from LCD to LED devices. More than half of the
sales were generated by the sale of LED models. Worth
mentioning is the fact that sales for other electronic devices
were either stable or negative in the second quarter of the
year.
IT: TABLETS STILL REIGN AT THE BORDER BETWEEN IT AND
TELECOM
This year’s second quarter seemed relatively stable for the IT
market. The sector dropped two per cent over the year-ago
period, reaching 84 million Euro. Computer screens and desk
computers also registered decreases of two per cent, while
laptop sales were close to the value registered in the second
quarter of 2011. What was revealed as a pleasant surprise in
Q2 2012, was the slight increase in sales for peripherals (mice,
keyboards, and webcams)
However, the ‘star’ at the frontier between IT and Telecom –
the tablets – has this quarter as well managed to level the
market, owing to the advantages it offers to the consumer:
mobility, flexibility and a friendly interface.
PRINTERS: LASER MULTIFUNCTIONALS ENSURE STABILITY
The market for printers and multifunctionals remains stable,
at around seven million Euro in the second quarter of 2012,
with a slight decrease of 2.9 per cent over the previous year.
This was largely due to an increase in sales for
multifunctional devices mainly bought by home users. The
inkjet market seems to lose ground to devices that come with
laser technology, but they still rank high in the overall office
equipment market.
The study says consumption stimulation instruments are
needed to surpass the seven million Euro mark, both in the
home segment and in the business-to-business one.
TELECOM: SMARTPHONES CONTINUE TO BOOST THE SECTOR
The total value of the mobile phones and smartphones
market in the second quarter of the year saw a slight increase,
of just 0.7 per cent, over the corresponding period in 2011, to
a total of 43 million Euro. Smartphones continue to grow in
sales and managed to steer the Telecom segment on an
uptrend.
SMALL HOME APPLIANCES: SEGMENT SEES CHALLENGES
The instable political environment, as well as the recession in
many Euro zone countries, has led to a slow down of the
Romanian economy growth, which was considerably felt on
the segment of small home appliances. With a decrease of
nine per cent in Euro, the value of the small home appliances
market stood at 22 million Euro in the second quarter of the
year, compared to 24 million Euro in Q2 2011.
As a particularity, Romanians prefer Android-endowed
smartphones, which come with a 5.5 MP camera and a touch
screen. Despite losing ground to smartphones, mobile
phones are still dominating the telecom market, according
to Gfk.
Main product categories that have contributed to the decline
were among the largest small home appliances segments,
such as appliances to prepare food, vacuum cleaners and
appliances that remove body and facial hair (for both male
and female).
Only one category managed to ‘shine’ in this quarter again:
beverage-making appliances. The remarkable increase in this
quarter was pushed forward by sales of high-pressure
equipment (full-automated espresso machines, capsule-based
espresso machines and traditional espresso makers), as well
as a good performance in sales by low-pressure,
capsule-based coffee makers.
Despite descending tendencies in the category of small home
appliances, there were also segments which registered a good
evolution: vacuum cleaners without dust collectors – an
increase of three per cent; ironing systems saw a two per cent
increase, while fruit and vegetable squeezers also saw a slight
increase of two per cent in sales.
LARGE HOME APPLIANCES: TWO-DIGIT DECREASE RATE IN Q2
With over ten million Euro more in sales in the first quarter,
but still ten per cent less than in Q2 2011, the segment of
large home appliances ranks second in the long-term use
consumer goods category. As a particularity, the interest rate
had an impact on this market - while if evaluated in Euro, the
segment decreased by ten per cent, in the national currency,
the decrease stood at only three percent. When compared to
the national currency, some categories, such as ovens,
washing machines, freezers and cookers have witnessed
increase rates.
Evolutions within the sector were diverse; whether the
largest segments of large home appliances dropped two-digits
in percentages, developing segments, such as ovens, cookers,
dishwashers and dryers have decreased just slightly compared
to the equivalent period of last year, in Euro. Despite these
small segments registering good results from a quarter to
another and promising good future results, they stand for
only 12 per cent of the entire large home appliances market.
Despite retailers’ and producers’ expectations, aggressive
promotions on the refrigerators and freezers markets did not
manage to push forward sales above the 2011 value.
Moreover, the microwave market sells 20 per cent less units
than last year.
The washing machines market continues the decrease it
began in Q1 2012, some types even by two digits. Consumers
lose their trust and mood to buy, with a tendency to become
reluctant in purchasing large home appliances this time of
the year.
MCR
MANUFACTURE OF ELECTRICAL AND ELECTRONIC EQUIPMENT
RANK COMPANY NAME
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1
2
3
4
COFICAB EASTERN EUROPE SRL
EATON ELECTRO PRODUCTIE SRL
ELECTROMAGNETICA SA
LEONI WIRING SYSTEMS ARAD SRL
3.875
3.213
2.875
2.863
1,133,672,090
1
63,538,680
378
Arad, ARAD
814,087,797
2
35,083,922
1,829
Sarbi, MARAMURES
495,195,622
6
15,075,281
535
Bucuresti, Sector 5
510,879,742
5
14,249,600
2,999
Arad, ARAD
5
ZES ZOLLNER ELECTRONIC SRL
2.825
231,786,310
13
13,346,129
832
Satu Mare,
SATU MARE
6
7
8
ENERGOBIT SRL
MARQUARDT SCHALTSYSTEME SCS
AEM SA
CUMMINS GENERATOR TECHNOLOGIES
ROMANIA SA
ICME ECAB SA
FLEXTRONICS ROMANIA SRL
2.788
2.763
2.763
386,956,309
9
42,078,764
184
Cluj-Napoca, CLUJ
518,218,340
4
32,441,032
1,048
Sibiu, SIBIU
258,532,296
12
22,915,111
1,370
Timisoara, TIMIS
2.725
265,401,137
11
3,012,892
707
Craiova, DOLJ
2.625
2.613
652,464,236
3
13,084,487
563
Bucuresti, Sector 3
207,076,079
14
7,117,714
2,090
Timisoara, TIMIS
6,579,817
531
Curtea de Arges,
ARGES
9
10
11
12 STEINEL ELECTRONIC
2.525
323,142,325
10
13 FRIGOGLASS ROMANIA SRL
14 PRYSMIAN CABLURI SI SISTEME SA
2.463
2.375
408,958,638
8
-3,093,989
1019
Parta, TIMIS
466,725,014
7
-32,241,259
255
Slatina, OLT
15 IPROEB SA
2.275
110,591,040
25
5,090,943
419
16 ELECTRO SISTEM SRL
2.238
64,696,370
36
3,775,057
244
17
18
19
20
ENERGOBIT PROD SRL
RETEC SA
ASKOLL ROMANIA SRL
KUHNKE PRODUCTION ROMANIA SRL
HARTING ROMANIA MANUFACTURING SOCIE21 TATE IN COMANDITA
22 ELECTRO-ALFA INTERNATIONAL SRL
23 ELSACO ELECTRONIC SRL
24 SYSTRONICS SRL
25 ELECTROPUTERE SA
2.188
2.188
2.175
2.175
86,663,140
30
11,079,839
155
Jibou, SALAJ
80,058,909
32
4,363,330
222
Galati, GALATI
160,441,683
17
5,611,213
483
Stefanesti, ARGES
137,213,319
20
2,411,769
494
Sibiu, SIBIU
2.175
124,188,493
22
5,415,022
474
Sibiu, SIBIU
2.138
2.125
2.125
2.113
144,591,479
19
10,680,134
248
Botosani, BOTOSANI
127,443,961
21
8,519,613
378
Botosani, BOTOSANI
115,157,289
24
1,591,295
340
Arad, ARAD
199,082,319
15
-48,063,969
1,557
Craiova, DOLJ
26 ZOPPAS INDUSTRIES ROMANIA SRL
2.113
156,078,164
18
18,111,893
2,461
Sannicolau Mare,
TIMIS
27 PSICONTROL MECHATRONICS SRL
2.088
53,714,303
39
4,677,526
96
Rasnov, BRASOV
28 ELECTROPLAST SA
2.038
104,491,311
27
1,717,020
174
Bistrita,
BISTRITA-NASAUD
29 DIETAL ROUMANIE SRL
30 EKR-ELEKTROKONTAKT ROMANIA SRL
31 MIELE TEHNICA SRL
2.038
2.013
1.988
61,341,804
37
1,279,210
204
Codlea, BRASOV
79,971,117
33
2,147,750
2,009
Santana, ARAD
88,405,313
29
2,201,886
92
Feldioara, BRASOV
32 RCB ELECTRO 97 SA
1.988
78,127,725
34
1,136,704
84
Bistrita,
BISTRITA-NASAUD
33
34
35
36
37
DUCATI ENERGIA ROMANIA SA
GEA GRASSO SRL
EXIMPROD GRUP SRL
HONEYWELL LIFE SAFETY ROMANIA SRL
SIBER ROMANIA SRL
1.975
1.950
1.938
1.925
1.925
109,035,533
26
4,141,655
359
Busteni, PRAHOVA
30,976,842
41
1,480,151
29
Cluj-Napoca, CLUJ
55,316,277
38
7,498,224
196
Buzau, BUZAU
193,368,216
16
2,506,296
639
Lugoj, TIMIS
80,530,055
31
1,279,925
314
Lipova, ARAD
38 WEIDMULLER INTERFACE ROMANIA SRL
1.925
75,119,652
35
2,116,069
360
Tautii Magherus,
MARAMURES
39 EXIMPROD POWER SYSTEMS SRL
40 CABLETEAM SRL
41 ELECTROPRECIZIA ELECTRICAL MOTORS SRL
1.900
1.875
1.825
50,261,286
40
10,898,894
49
Buzau, BUZAU
123,667,612
23
235,825
318
Sighisoara, MURES
95,684,040
28
3,315,061
542
Sacele, BRASOV
Bistrita,
BISTRITA-NASAUD
Baia Mare,
MARAMURES
TRADE OF ELECTRICAL AND ELECTRONIC EQUIPMENT
RANK COMPANY NAME
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1
SAMSUNG ELECTRONICS ROMANIA SRL
3.788
1,530,472,159
1
31,852,822
90
Voluntari, ILFOV
2
ALTEX ROMANIA SRL
3.313
882,765,222
2
29,575,030
1,435
Piatra Neamt,
NEAMT
3
ERICSSON TELECOMMUNICATIONS ROMANIA SRL
3.063
543,675,580
4
26,220,612
1,433
Bucuresti, Sector 1
4
DOMO RETAIL SA
2.963
701,019,798
3
-27,515,191
1,575
Targu Secuiesc,
COVASNA
5
6
7
8
9
10
11
12
13
14
15
HUAWEI TECHNOLOGIES SRL
GERSIM IMPEX SRL
LG ELECTRONICS ROMANIA SRL
PHILIPS ROMANIA SRL
SCHNEIDER ELECTRIC ROMANIA SRL
MOBILE DISTRIBUTION SRL
ELBI ELECTRIC & LIGHTING SRL
EL&CAB BIZZ SRL
MARELVI IMPEX SRL
TOTAL ENERGY BUSINESS SA
BSH ELECTROCASNICE SRL
2.575
2.500
2.388
2.388
2.388
2.288
2.088
1.950
1.938
1.900
1.900
355,269,374
6
-4,686,479
400
Bucuresti, Sector 6
249,941,334
7
9,978,978
13
Bucuresti, Sector 2
387,977,842
5
1,014,569
73
Bucureti, Sector 1
240,308,308
8
-9,643,483
85
Bucuresti, Sector 2
180,153,041
10
5,852,663
168
Bucuresti, Sector 2
206,918,547
9
1,801,571
129
Cluj-Napoca, CLUJ
89,698,557
16
7,467,266
121
Bragadiru, ILFOV
43,204,053
25
909,937
23
16 B&K ELECTRO SYSTEM SRL
17
18
19
20
21
162,461,444
11
3,704,998
96
Radauti, SUCEAVA
62,403,904
19
7,321,090
33
Bucuresti, Sector 1
61,847,437
20
3,219,573
25
Bucuresti, Sector 1
1.900
31,118,213
29
1,084,327
13
Baia Mare,
MARAMURES
1.900
1.850
1.850
1.838
1.800
30,402,756
30
2,627,496
31
Bucuresti, Sector 4
40,193,244
27
1,711,765
20
Carcea, DOLJ
31,252,566
28
10,529,015
28
Bucuresti, Sector 6
51,895,356
23
6,564,092
61
Cluj-Napoca, CLUJ
161,041,071
12
398,447
21
Bucuresti, Sector 1
22 BANESTO SRL
1.800
53,100,277
22
135,381
21
Piatra Neamt,
NEAMT
23 GENTRADE COM SRL
24 OBERTHUR TECHNOLOGIES ROMANIA SRL
25 HAT GROUP CO ROMANIA SA *
1.650
1.650
1.600
80,481,990
17
121,517
4
Bucuresti, Sector 1
50,242,059
24
4,367,431
27
Bucuresti, Sector 2
42,958,516
26
-2,958,951
9
Bucuresti, Sector 1
65
Viisoara, BISTRITANASAUD
ECAS ELECTRO SRL
TOP TECH SRL
ENERGOTECH SA
SECPRAL COM SRL
WHIRLPOOL ROMANIA SRL
26 GOMAR LUX SA
1.538
92,195,932
27
28
29
30
31
32
1.488
1.488
1.488
1.475
1.438
1.250
117,037,090
13
-120,788
109
Bucuresti, Sector 1
57,713,351
21
-1,446,108
147
Bucuresti, Sector 1
PAYPOINT SERVICES SRL
CHORUS MARKETING AND DISTRIBUTION SRL
ELTRIX SRL
GENCO TRADE SRL
AVITECH CO SRL
NEXTELEKOM SRL
15
26,626,479
31
71,963
180
Bucuresti, Sector 1
93,980,460
14
-12,522,158
342
Bucuresti, Sector 1
70,729,067
18
150,270
155
Voluntari, ILFOV
22,225,839
32
-584,352
1
Timisoara, TIMIS
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
2,532
Gaesti, DAMBOVITA
MANUFACTURE OF DOMESTIC APPLIANCES
RANK COMPANY NAME
323,996
1
2
ARCTIC S.A.
SOGECO ROMANIA S.R.L.
3.613
2.575
1,073,231,988
1
42,149,099
283,666,391
3
8,372,275
479 Orastie, HUNEDOARA
3
ELECTROARGES S.A.
2.525
125,615,939
4
7,310,566
558
Curtea de Arges,
ARGES
4
5
6
7
8
ELECTROLUX ROMANIA S.A.
GRUPUL DE FIRME OMEGA - TEHNOTON
METALICA S.A.
HT EST DIVISION SRL
TECNOWIND EAST EUROPE S.R.L.
2.363
2.188
1.838
1.488
1.488
453,284,799
2
-3,500,017
1,002
Bucuresti, Sector 1
20,872,173
8
1,007,027
143
Iasi, IASI
23,438,072
7
27,043
185
Oradea, BIHOR
30,936,320
5
2,676,915
156
Pecica, ARAD
29,262,854
6
-1,286,034
71
Arad, ARAD
3.5
billion EUR, the value of telecom market in 2011,
a 3 percent decrease compared with 2010
IT & C
t TELECOMMUNICATIONS
t COMMUNICATION EQUIPMENT
t COMPUTER PROGRAMMING, CONSULTANCY AND
RELATED ACTIVITIES
t MANUFACTURE AND SALE OF COMPUTERS AND
PERIPHERAL EQUIPMENT
MCR
IT & C
The mobile maze:
when communication goes digital
Mirela Calota, Manager, Transaction Advisory Services, Ernst & Young
In an environment influenced by the eurozone’s macroeconomic
conditions, Romania’s telecom market continued its decreasing
trend and reached EUR 3.5 bln in 2011, representing a 3% decrease
compared to previous year, as mentioned in the Romania
Telecom Sector Report issued in June 2012 (Intellinews).
One of the most important events on the telecom market this
year was the recent auction of new spectrum, which will
introduce the next phase of development of the wireless data
market. We have seen ANCOM's biggest process of frequency
allocation, with bandwidths for wireless services granted for the
period 2013-2029, including spectrum in the 800MHz, 900MHz,
1,800MHz and 2,600MHz bands. The auction was successfully
completed, reporting an increase by 77% in the spectrum
available for mobile communications and raising EUR 682.1
million in license taxes. Amongst the five operators that
participated in the auction, Vodafone and Orange won most of
the public blocks, for which they paid license fees totaling EUR
228.5 million and EUR 227.1 million respectively. The other three
players, i.e. Cosmote, RCS&RDS and 2K Telecom, obtained the
rest of the frequencies for a total amount of EUR 226.5 million.
This confirms once again the mobile operators’ commitment to
the Romanian market in introducing the 4G technology. The use
of 4G spectrum will allow for the provision of high-speed
internet services in areas of low population density where fixed
networks would be prohibitively expensive.
Over the past few years, we have witnessed a continuous
atmosphere of increased competition between the three major
operators Cosmote, Orange and Vodafone, basing their strategies
primarily on price wars, which led to a significant number of
subscriptions and penetration rates of up to 130%.
Between July 2011 and June 2012, Cosmote, Orange and Vodafone
reported subscription losses, mainly due to inactive subscription
discounting, which reached a level of 1.19 million.
Given the market saturation, the operators have shifted their
focus on wireless data. In 2012, Orange and Vodafone announced
upgrades to wireless data infrastructure. Vodafone already
upgraded mobile internet speeds for its highest tariffs to
43.2/5.76Mbps in Bucharest, Constanta and Mamaia.
Furthermore, Vodafone expanded its HSPA+ coverage to 30
cities, with speeds of up to 21.6Mbps. At the same time, in 2011
Orange increased its 3G coverage from 55% to 98%. Although
there has been a steady decline in the fixed line market over the
past years, some signs of market stabilization have been present,
driven by moderate subscription increases in the first half of 2011,
as fixed-voice services are bundled with broadband and TV
services.
As for internet users, ANCOM recent data revealed a slowdown
in the growth of dedicated mobile broadband subscriptions
compared to 2010 and 2011 respectively. The latest report
revealed 0.93 million dedicated mobile broadband subscriptions
in 2010, rising to only 1.05 million in 2011. This deceleration in
growth could reflect a slow-down in the market. Mobile
broadband will become an increasingly important rival to fixed
broadband services, since mobile operators offer competitive
packages, covering large geographical areas, which could be
extended to more rural areas of Romania. However, fixed
operators can compete on the speeds they can offer, as well as
through bundled triple pay services. Despite the lack of data on
the number of internet users in Romania, it is estimated that the
country had approximately 9.5 million regular users at the end of
2011, as per the report issued by BMI for Q4 2012.
Growth in the overall telecom market is expected to be modest in
the near future. Moreover, the telecom market future evolution
heavily depends on the economic environment, purchase power
of consumers and regulatory changes as well. However, the
increased sophistication in smartphone users corroborated with
Romanians’ great appetite for latest technology developments
and increased trend in social media instruments adoption might
trigger increased 3G subscribers. Facebook’s April purchase of
mobile photo network Instagram demonstrates just how
important new products and expertise are to web giants seeking
to exploit the convergence of mobile and the internet.
Furthermore, future 4G technology developments to be
implemented on the local telecom market are also an important
driver for growth.
35,000
30,000
29,724
29,760
27,782
27,461
27,515
27,582
27,666
27,767
25,000
20,000
15,000
10,000
5,000
4,580
6,021
7,609
8,302
8,981
9,421
10,404
9,895
0
2009
2010
2011
2012E
No of mobile phone subscribers (000)
Source: ANCOM
2013F
2014F
2015F
2016F
No of 3G phone subscribers (000)
In pursuit of a robust
IT market
Carmen Dobre, Senior Manager, Assurance and Advisory Services, Ernst & Young
The Romanian IT market grew steadily in 2011 and the upswing
continued at a lower pace in 2012, considering the economic
headwinds and fiscal austerity created an atmosphere of
caution. The Government is using EU structural funds to draw
investors and to encourage the ongoing development in the
information technology sector. In 2011 alone, Romania was
provided with EUR 252 million in EU funds for IT&C projects.
In July 2012, the government made public its intention to
support the IT companies, both multinationals and local ones,
to create new jobs in the sector through a state aid scheme of
EUR 100 million.
Growth should emerge from several areas of opportunity since
there is an ongoing transformation of political and economic
structures. We expect to encounter such opportunities in nearly
all economic sectors, government bodies and state-owned
enterprises, along with telecom companies and banks, while the
utilities sector is a spending leader. The public sector generates
about half of local sales of software, service and equipment in
the IT market.
Credit unavailability made the private businesses reluctant to
commit to new projects that require large investment of time
and money leading to a slowdown of the market. The mix
between tighter credit conditions, rising unemployment and
deteriorating economic outlook limited the consumers’ demand
in the household segment. The decline of the local currency
impacted prices which further increased the pressure on
consumers.
The projections shows that the Romanian hardware market will
worth EUR 618 million in 2012, with almost 5% more as
compared to prior year. According to vendors, SMEs account
for an estimated of 35% of the Romanian PC market, while
corporations account for about 15%. The retail PC segment still
holds a promising footprint supplying almost half of the
existing demand. With a nationwide figure for computer
penetration of less than 25%, retailers could find in this an
opportunity for hardware sales. This could be further exploited
with better results if the government would spend more on IT
education, since 70% of Romanians lack basic computing skills.
Similarly with other countries in the region, a government
scheme was implemented for granting young people from poor
families aid of up to EUR 200 to buy a PC. However, the results
are still expected to come, as this scheme did not meet vendors’
expectations.
The software market is estimated to be flat, at EUR177 million,
after a promising year such as 2011. The current demand is
driven by applications that incorporate high flexibility of
response to customer needs, efficient solutions and process
optimization at reduced costs, thus creating a business
environment for native solutions. The ERP market is still in its
early phase where larger companies and organizations provide
most of the demand, mainly due to high prices. Growth of
packaged software sales will depend much on the actions taken
by the Romanian government for limiting software piracy
incidents, as a BMI report reveals that 70% of sales for Windows
products are subject to piracy compared to 20% in Germany.
The expansion of e-cash environment, through increased
utilization of bank cards by 38% and the growing volume of
online purchases by 24%, fuel the demand of Romanian
companies for back-office platforms.
The cloud computing system which proved to be an efficient
solution in the West-European countries is starting to be
appealing for Romanian companies as well. However, for the
moment, cloud computing is limited to applications such as
mail, phone systems and document management.
Despite the fiscal constraints, one of the main drivers in the
software segment consists of e-government and e-public
services projects. A mid-term project is represented by
e-Romania agenda aimed to decentralize public services,
increase efficiency in interactions between citizens and state
institutions, simplify access to public services and lower the
costs in the system.
The IT services segment is perceived by the Romanian
government as an opportunity to develop the domestic
economy through general economic reform, consolidation of
the public system and privatization.
The negative financial outlook for the last years, combined with
an increased level of piracy and low PC penetration, positioned
Romania’s IT market as one of the smallest and most immature
in the Eastern Europe area. However, in the medium term, on
the basis of financial recovery, economic reform, coherent policy
for the public sector combined with a good absorption rate of
EU funds, Romania is potentially the country that will attract
the highest interest for providing informatics services and
solutions, as well as investments in technology in all segments.
MCR
Opinion
JEAN-FRANÇOIS FALLACHER,
CEO Orange Romania
With the launch of new technologies, the
Romanian market is expected to become
a better integrated market in terms of
communication services. We estimate
progressive growth in mobile data
services adoption, which will be available
on smarter and more affordable devices.
Romanian customers will be using faster
widespread data communication
networks, a wider range of smartphones
and tablets and will search for richer
content on their mobile, as it happens
now on their PCs. The worldwide trend
in this industry is to have all telemedia
services available on all screens.
BUNDLES ADJUSTED TO CONSUMER
NEEDS
At Orange we have identified common
needs and interests among our
customers and grouped them into our
segmented offer portfolio. Therefore we
tried to fit each segment with the best
matching offers, both in terms of services
& devices. Starting with tariff plans
calibrated to different consumption
patterns, going further to service
packages dedicated to seniors,
youngsters, kids, football supporters up
to fully integrated communication
solutions for companies, our strategy is
to approach our customers with offers
that are tailored depending on their
specific needs and interests.
We gladly observe that mobile data are
showing immense growth potential
among both residential and business
customers. More and more customers
start using mobile data each day, trend
supported by smartphones and tablets
Growth
comes from
innovation
evolution. Further on, 4G technology will
offer enhanced user experience to
enthusiast mobile data customers. Of
course mobile voice continues to be the
core of our business and we see strong
performance in this area as well.
MAKE WAY FOR 4G
We are confident that an important share
of our customers will embrace the
benefits of the new generation
technologies and, on the medium term,
as the device portfolio will evolve, 4G
service will penetrate the market at an
even faster pace than previous generation
technologies. Given our customers’
appetite for mobile broadband services,
we estimate that a significant share of our
customer base will be using 4G services in
next 3 to 4 years.
Romanian operators are in the first line
of embracing new technologies and
introducing new services to their
customers. Innovation is highly valued
on this market. Our challenge is to make
the right decisions and become a friendly
digital coach to our customers,
introducing not technology, but
promoting the benefits that innovation
brings to people.
ADDRESSING A VERY COMPETITIVE
MARKET
The residential market is a very
competitive one, it is characterized by
very good offers both in prepay and
contracts. If the drivers in prepay market
are the flexible affordable offers, the
drivers in contracts market are the
handsets together with good deals for
tariff plans. In September we launched a
new simplified proposition for our
contract customers, with better
integrated data bundles and matching
handsets. Therefore we are now able to
propose them better customized offers,
both in terms of services and devices.
As for the business market, after the
integration of Orange Business Services,
we can offer to our clients the benefits of
double convergence: IP convergence
(fixed voice, data, fixed and mobile),
fundamental to increase company
productivity and improve their customer
relationship and IT-telecom convergence
that ensures end-to-end at highest
standards of quality and data security for
communications and a fine alignment of
telecom network strategy to our
customers business objectives.
“WITH THE 4G
TECHNOLOGY, NEW
OPPORTUNITIES WILL
OPEN AS WE WILL BE
ABLE TO DELIGHT OUR
CUSTOMERS WITH A
WIDER RANGE OF
APPLICATIONS AND
ENHANCED CONTENT
SERVICES.”
TELECOMMUNICATIONS
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
ORANGE ROMANIA SA
VODAFONE ROMANIA SA
RCS & RDS SA
COSMOTE ROMANIAN MOBILE TELECOMMUNICATIONS SA
SOCIETATEA NATIONALA DE RADIOCOMUNICATII
SA
DIAL TELECOM SRL
UPC ROMANIA SRL
D & D COMPANY SRL
MEDIA SAT SA
COMBRIDGE SRL
NET TEAM SRL
NOBEL ROMANIA SRL
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
NO OF
CONTACT
3.763
3.763
3.550
3,981,959,733
1
805,637,899
2,707 Bucuresti, Sector 1
3,399,602,653
2
425,484,737
2,028,873,472
3
(12,542,312)
3.363
1,944,725,623
4
(30,803,300)
2.363
331,603,407
6
(44,152,492)
39,598,241
17
1,833,925
438,288,517
5
(311,569,415)
2.300
2.263
2.000
1.938
1.900
1.900
1.888
31,007,479
22
370,931
31,177,488
21
844,132
60,636,372
12
6,033,656
20,689,110
28
1,735,991
23,871,406
25
909,450
1.888
17,308,331
29
2,250,823
106
14 TELECOMUNICATII SI TEHNOLOGIA INFORMATIEI IN
1.838
52,365,849
15
5,022,587
15
16
17
18
1.825
1.800
1.788
1.750
105,074,226
7
2,344,996
5,983,718
34
1,029,157
56,283,665
13
4,479,901
63,061,705
10
2,409,786
1.700
24,755,715
23
145,179
- Bucuresti, Sector 4
1.650
1.650
1.600
1.563
1.550
1.500
1.500
1.488
1.488
1.488
1.438
1.400
1.375
1.300
1.300
1.288
1.288
1.200
35,735,725
18
2,926,980
21,444,987
26
2,375,297
62,631,883
11
(6,026,161)
53,337,350
14
(34,677,406)
13 GMB COMPUTERS SRL
Constanta,
CONSTANTA
SOCIETATEA COMERCIALA PENTRU SERVICII DE
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
RETELE ELECTRICE DE TRANSPORT TELETRANS SA
DIGITAL CABLE SYSTEMS SA
IDILIS SRL
RADCOM SRL
NET-CONNECT INTERNET SRL
BT GLOBAL SERVICES LIMITED LONDRA
SUCURSALA BUCURESTI
DIRECT ONE SA
INES GROUP SRL
EQUANT ROMANIA SA
TELECOMUNICATII CFR SA
MEDIATEL DATA SRL
EAD TELECOM SRL
ACCESSNET INTERNATIONAL SRL
EUROWEB ROMANIA SA
PRIME TELECOM SRL
MARCTEL - SIT SRL
GTS TELECOM SRL
NOKIA SIEMENS NETWORKS ROMANIA SRL
CCC BLUE TELECOM SA*
VOXLINE COMMUNICATION SRL
INTEX PRIM UNIVERSAL SRL
TELEMOBIL SA
FOCUS SAT ROMANIA SRL
NEW COM TELECOMUNICATII SA
6,031,927
33
943,808
24,338,778
24
1,433,192
11,873,893
30
271,449
34,811,585
19
(5,060,780)
33,511,715
20
572,581
10,630,141
31
153,105
87,013,852
8
(6,234,835)
21,012,974
27
(1,018,078)
7,533,312
32
(166,563)
4,165,456
35
15,059
14
Brasov, BRASOV
291
Galati, GALATI
145,271
37
(12,954)
69,346,671
9
(103,302,159)
5
48,517,611
16
(22,742,198)
743,414
36
(144,926)
4
Targu Jiu, GORJ
Cluj-Napoca, CLUJ
MCR
IT & C
COMMUNICATION EQUIPMENT
RANK COMPANY NAME
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
2
3
4
5
6
NOKIA ROMANIA SRL
KATHREIN ROMANIA SRL
ALCATEL - LUCENT ROMANIA SA
INTRAROM SA
GERMANOS TELECOM ROMANIA SA
3.963
2.775
2.763
2.725
2.463
4,103,613,593
1
-8,770,342
1,866
Cluj-Napoca, CLUJ
288,759,340
4
20,997,753
860
Timisoara, TIMIS
328,377,251
3
27,522,541
1,486
Timisoara, TIMIS
221,672,458
5
1,440,302
390,223,671
2
-47,732,168
7
LESSOR SRL
2.200
39,362,828
17
492,896
20
Piatra-Neamt,
NEAMT
ILEX COM SRL
CELLULAR ONE SRL
ASGO TELECOM SA
ROMKATEL SRL
COSMOS MOBILE SRL
ROHDE & SCHWARZ TOPEX SA
VERTA TEL SRL
DELTATEL SRL
ECCO GROUP DEVELOPMENT SRL
ARSIS TRADING SRL
BRITCOM DIRECT SRL
TELELINK SERVICES ROMANIA SRL
CENTRUL PENTRU SERVICII DE
20 RADIOCOMUNICATII SRL
21 FELIX TELECOM SRL
1.988
1.988
1.975
1.938
1.900
1.900
1.875
1.875
1.850
1.775
1.738
1.738
34,332,554
21
621,826
161
Craiova, CRAIOVA
23,796,946
29
823,616
92
Braila, BRAILA
34,790,015
20
3,747,176
44,129,048
15
3,051,228
42,182,400
16
2,055,244
37,000,562
19
3,540,867
58,643,236
12
1,279,656
50,465,270
14
19,418
57,300,871
13
571,490
128,503,620
6
465,865
22,594,615
30
12,437
20,861,082
33
1,528,850
1.688
62,514,001
11
3,921,486
1.688
22,152,269
32
1,178,390
22 MONDO PLAST SRL
1.638
34,018,945
22
358,186
70
Bocsa,
CARAS-SEVERIN
23
24
25
26
27
1.638
1.625
1.575
1.550
1.550
25,838,978
27
261,140
136
Carcea, DOLJ
98,785,167
7
153,090
421
Arad, ARAD
66,858,341
10
-6,059,941
28 ADVANCED TECHNOLOGIES SRL
29
30
31
32
33
34
8
9
10
11
12
13
14
15
16
17
18
19
ROBEST COM SRL
GDS MANUFACTURING SERVICES SA
AVENIR TELECOM SA
MOBILIS SRL
UNIVERSAL CARD SYSTEMS SA
CISCO SYSTEMS ROMANIA SRL
STAR PRINT TRADE CO SRL
DATANET SYSTEMS SRL
FRONTAL COMMUNICATION SRL
ACCORD 93 SRL
MCS COMMUNICATIONS SRL
424
Timisoara, TIMIS
27,793,955
26
41,553
28
22,157,006
31
82,855
1.500
30,818,264
25
198,526
1.500
1.488
1.450
1.350
1.300
1.288
24,739,429
28
1,851,759
31,232,144
24
-2,950,944
72,833,869
9
5,613,065
33,051,464
23
422,475
82,730,592
8
-1,316,250
39,301,000
18
-5,177,600
17
11
Iasi, IASI
Bucuresti,
BUCURESTI
Otopeni, ILFOV
COMPUTER PROGRAMMING, CONSULTANCY AND RELATED ACTIVITIES
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
ORACLE ROMANIA SRL
SIVECO ROMANIA SA
IBM ROMANIA SRL
ROMSYS SRL
UTI SYSTEMS SA
ENDAVA ROMANIA SRL
IQUEST TECHNOLOGIES SRL
MICROSOFT ROMANIA SRL
TEAMNET INTERNATIONAL SA
BITDEFENDER SRL
XOR-IT SYSTEMS SRL
NET BRINEL SA
FREESCALE SEMICONDUCTOR ROMANIA SRL
CRESCENDO INTERNATIONAL SRL
IXIA SRL
PENTALOG ROMANIA SRL
STAR SOFT INTERNATIONAL SRL
SYSCO SRL
SOFTWIN SRL
METRO SYSTEMS ROMANIA SRL
STAR STORAGE SRL
GAMELOFT ROMANIA SRL
MISYS INTERNATIONAL FINANCIAL SYSTEMS
SRL
BULL ROMANIA SRL
SAP ROMANIA SRL
EON IT ROMANIA SRL
AXWAY ROMANIA SRL
UBISOFT SRL
S & T ROMANIA SRL
TOTAL NETWORK SOLUTION SRL
NOVENSYS CORPORATION SRL
TSE DEVELOPMENT ROMANIA SRL
LUXOFT PROFESSIONAL ROMANIA SRL
ASESOFT INTERNATIONAL SA
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
2.963
2.875
2.825
2.588
2.288
2.275
2.225
2.188
2.175
2.175
2.088
2.088
2.088
2.038
2.025
2.025
2.000
2.000
1.975
1.975
1.975
1.975
427,871,180
1
25,598,720
204,985,381
5
14,971,311
311,815,348
2
55,891,208
268,795,207
4
8,960,904
183,454,683
6
11,459,212
38,609,068
36
315,447
314
Cluj-Napoca, CLUJ
50,922,905
29
11,058,848
265
Cluj-Napoca, CLUJ
134,792,343
10
12,669,362
148,630,435
8
10,084,136
135,614,898
9
4,583,174
58,521,015
25
567,578
55,816,806
26
6,383,473
43,858,334
30
1,928,994
69,248,903
17
6,148,482
53,643,070
27
1,389,801
69
Cluj-Napoca, CLUJ
40,180,630
34
2,228,202
283,473,881
3
350,055
79,284,182
15
5,471,539
66,221,297
19
14,856,742
65,963,292
21
2,909,047
392
63,675,725
23
1,642,384
43,687,869
31
432,757
1.925
43,527,452
32
8,463,166
1.850
1.838
1.838
1.788
1.775
1.738
1.700
1.688
1.688
1.625
1.588
39,051,239
35
36,045
66,803,240
18
7,509,193
66,138,521
20
2,440,088
36,918,956
38
5,690,917
85,915,604
14
3,390,434
181,107,458
7
163,762
35 ROMSOFT SRL
36 TOTAL SOFT SA
37 BRODOS ROMANIA SRL
38 PROVISION SOFTWARE DIVISION SRL
23
24
25
26
27
28
29
30
31
32
33
34
81
Voluntari, ILFOV
Iasi, IASI
62,422,144
24
129,384
119,893,975
11
955,675
37,293,061
37
3,302,863
78,571,721
16
20,998,421
140
110,275,389
12
4,556,414
1.550
65,344,490
22
136,800
43
Ramnicu Valcea,
VALCEA
1.525
1.450
1.450
91,782,302
13
215
388
Voluntari, ILFOV
53,257,477
28
1,116,927
42,541,300
33
66,945
Cluj-Napoca, CLUJ
47
Voluntari, ILFOV
MCR
IT & C
MANUFACTURE AND SALE OF COMPUTERS AND PERIPHERAL EQUIPMENTS
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
CELESTICA ( ROMANIA ) SRL
ASESOFT DISTRIBUTION SRL
DANTE INTERNATIONAL SA
HEWLETT - PACKARD ROMANIA SRL
RHS COMPANY SA
BENCHMARK ELECTRONICS ROMANIA SRL
SCOP COMPUTERS SRL
MB TELECOM-LTD SRL
SYSTEM PLUS SRL
ETA-2U SRL
TONERFILL ROMANIA SRL
OMNILOGIC SRL
KONICA MINOLTA BUSINESS SOLUTIONS
ROMANIA SRL
PRODUCTON SRL
LASTING SYSTEM SRL
ROYAL COMPUTERS SRL
PRINTEC GROUP ROMANIA SRL
AGIS COMPUTER SRL
DIM SOFT SRL
ASBIS ROMANIA SRL
NEODIGITAL SRL
MB DISTRIBUTION SRL
XEROX ROMANIA ECHIPAMENTE SI SERVICII SA
FIT DISTRIBUTION SRL
GEMINI SP SRL
MITCRIS SRL
GRUPUL INDUSTRIAL GIR SA
RTC PROFFICE EXPERIENCE SA
ELKOTECH ROMANIA SA
QNET INTERNATIONAL SRL
SKIN MEDIA SRL
TREND IMPORT EXPORT SRL
DESPEC ROMANIA SRL
ATLAS CORPORATION SRL
GAPI SRL
GMN DISTRIBUTIE SRL
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1163
Bors, BIHOR
3.813
2.838
2.625
2.625
2.588
2.475
2.388
2.238
2.238
2.188
2.175
2.138
2,357,993,685
1
12,519,199
853,231,813
2
2,942,581
621,423,342
3
5,104,301
338
294,515,580
6
37,722,915
Voluntari, ILFOV
342,704,922
4
2,356,299
218,503,106
8
1,905,010
584
326,259,145
5
3,581,992
49,052,492
33
21,636,786
48,790,972
34
2,253,375
79,959,463
22
4,084,704
203
87,063,922
21
5,471,908
579 Oltenita, CALARASI
234,353,121
7
890,876
100
2.138
79,471,027
23
643,082
2.088
2.088
2.050
2.038
2.000
2.000
2.000
2.000
1.988
1.988
1.950
1.900
1.850
1.850
1.788
1.750
1.738
1.688
1.600
1.588
1.538
1.400
1.300
63,832,912
27
1,885,448
57,119,914
31
3,314,407
76
44,984,019
35
1,106,229
81
Ghimbav, BRASOV
Otopeni, ILFOV
Timisoara, TIMIS
Otopeni, ILFOV
Timisoara, TIMIS
59,270,931
30
7,195,580
159,466,270
10
6,117,580
39
111,742,052
13
9,137,361
Cluj-Napoca, CLUJ
101,739,302
17
548,857
89,759,296
20
1,017,040
33
128,961,876
11
5,053,677
109,405,352
14
13,812,866
103,960,730
16
387,099
69,809,424
25
1,525,472
96,993,234
19
287,222
30,903,758
36
6,586,119
103,983,289
15
-6,857,470
98,144,075
18
142,076
60,156,096
28
4,227,745
116,742,538
12
3,588,319
59,716,248
29
372,200
Cluj-Napoca, CLUJ
32
Oradea, BIHOR
167,253,178
9
1,512,980
71,462,388
24
-8,189,248
49,529,779
32
-126,949
67,248,842
26
-2,910,350
2
Timisoara, TIMIS
2.8
billion RON is the aggregate turnover registered
in 2011 by top ten companies in the sector
Industrial Engineering
MCR
Projects rush
Magda Purice, Journalist
The cumulative turnover of the top ten companies comprised
in 2011’s industrial engineering top exceeds 2.8 billion RON.
Compared to previous year’s cumulative turnover of the
companies comprised in the top at that time, the amount is
smaller by approximate EUR 300 million. The most common
explanation is that on the overall global markets, the
industrial production and demand of projects decreased in
the last few years, including the design and engineering
services.
purchasing a Swiss company specializing in engineering
services, MTAG Marti Technologie AG.
Thus, this year started with several investments developed by
the companies comprised in the industry ranking and some of
them, targeted projects in energy, either it was about green or
archetypal, as oil.
PROJECTS AND INDUSTRIAL WORKINGS
Another major company placing on the second ranking in the
top of industrial engineering, following the turnover achieved
in 2011 is Renault Technologie Roumanie, with a turnover of
near 535 million RON.
A GOLDEN SAFARI
One of the companies operating on the volatile market of
industrial engineering and that marked an exotic deal at the
end of last year is Prospectiuni, owned by businessman Ovidiu
Tender.
If the company recorded a drop of sales of 27 percent in 2010,
the recovery came soon in 2011, and Prospectiuni exceeded 315
million RON at the end of the last year. The company climbed
the top of industrial engineering up to the fourth ranking in
2012. Tender’s company felt the gold-rush at the end of 2011
and announced it received the exploiting and exploration
permits for gold, heavy and rare metals in Senegal to prospect
seven areas with mineral resources and also expended
through other contracts in countries as Guinea Bisau and
Capo Verde.
THE STEEL BAROMETER
The worldwide price of steel is said to be the best barometer
in order to indicate the real state of the global economy. As
players in the industry state, the price of steel reached a very
low level, it touched a new low record, since the debut of
crisis. This only stresses again that the overall consumption
rates position at a still low level.
For instance, a balanced price for steel would mean a level of
700 to 800 USD per tonne. For a blunt comparison, few years
ago, before it all started in 2008, the steel price reached a level
1,000 USD per tonne.
Now, a tonne of steel is valued at less than 400 USD, at 344
USD. According to the manager, the next year is not expected
to bring many surprises in this respect. Still, the company
signed several significant deals in the last year, marking
recently an important transaction worth EUR 2 million by
Also, Adrem Invest, through its process engineering division –
the first division of the Romanian company, established in
1992, it signed this year a contract for the largest facility for
degassing of liquid steel in the world and the project is being
done for a Chinese company, with deadline in September
2013.
In June this year, Renault Technologie Roumanie (RTR)
announced the delivery of its newest project, the construction
of the pre-treatment plant wastewater at Titu Technical
Center. Built on a plot of approximately 2500 sqm, the plant
treats water before being sent to the city's wastewater
treatment plant.
RTR has invested about EUR 350,000 in this project, from an
overall engagement worth EUR 2 million spent between
2008–2012 for water resources preservation in Titu Technical
Center area.
Romelectro, ranking third in current industrial engineering
top with a turnover of more than 351 million RON, recently
announced that the company started to implement the
rehabilitation project at station in Galati county, delivering
220/110 kV. The project developed by a joint-venture of
Romelectro and Carpathian Electromontaj Sibiu is to
modernize the station by complete refurbishment in order to
eliminate the risk of events in the area and minimizing annual
maintenance and operating costs.
The contract was signed on in October this year, with
deadline and it is due for 2014. Transelectrica is financing the
project, from its own funds.
Operating industrial engineering services through its division
Martifer Energia Ro, Martifer group and Martifer Solar
Romania announced in September this year the completion of
the company’s first photovoltaic project, a power production
park developed in Vrancea area and established following a
partnership with Eurowind Energy A/S. According to the
company, the photovoltaic park stands on 4 hectares and has
an installed capacity of 1.5 MW.
RANK COMPANY NAME
1
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1,988
Voluntari, ILFOV
2.813
534,872,284
3
18,550,524
2.688
694,710,373
1
11,638,925
2.663
2.563
2.538
2.513
2.275
2.138
2.138
2.088
284,624,365
5
5,230,113
261,414,217
6
11,012,418
351,350,620
4
46,541,408
691,443,065
2
1,869,784
11 JCR - CHRISTOF CONSULTING SRL
12 IPIP SA
2
3
4
5
6
7
8
9
10
RENAULT TECHNOLOGIE ROUMANIE SRL
GENERAL ELECTRIC INTERNATIONAL INC WILMINGTON SUCURSALA ROMANIA
TMUCB
IMSAT
ROMELECTRO SA
ROMINSERV
ADREM INVEST SRL
METROUL SA
TRACTEBEL ENGINEERING SA
CORNEL & CORNEL TOPOEXIM SRL
125,010,954
8
12,693,704
57,166,844
17
20,891,805
47,595,850
20
5,667,039
39,372,875
25
3,391,197
2.025
69,832,192
16
1,563,937
288
2.025
44,151,201
22
5,233,763
1.975
72,519,913
15
1,510,670
1.975
1.875
35,146,503
28
1,073,731
157,727,641
7
1,287,615
16 PROIMSAT *
1.875
81,944,471
12
171,762
17 HALCROW ROMANIA SRL
18 UTI TRAFFIC MANAGEMENT SA
1.838
1.838
39,344,892
26
320,146
35,411,495
27
626,887
1.800
74,192,155
14
1,208,962
1.775
75,802,752
13
-132,985
1.725
53,142,944
19
6,276,404
1.688
93,351,740
10
5,005,593
1.675
31,240,849
29
-270,248
1.650
1.650
1.588
1.575
103,755,839
9
5,863,344
41,327,119
24
6,476,131
28 MARTIFER ENERGIA RO SRL
29 SNAMPROGETTI ROMANIA SRL
13
14
15
INSTITUTUL DE STUDII SI PROIECTARI ENERGETICE SA
IPTANA SA
TIAB
INDUSTRIAL ENGINEERING AND CONTRACTING
19 RO SRL
20 KREMSMUELLER ROMANIA SRL
INSTITUTUL DE STUDII SI PROIECTARI
21 HIDROENERGETICE - ISPH SA
22 ROMENERGO SA
ISAF-SOCIETATE DE SEMNALIZARI SI AUTOMA23 TIZARI FEROVIARE SA
24 KH PROCESS ENGINEERING SRL
25 MAX STREICHER ROMANIA SRL
26 KRAFTANLAGEN ROMANIA SRL
27 COMAU ROMANIA SRL
423
Brazii de Sus,
PRAHOVA
Ramnicu Valcea,
VALCEA
43,226,140
23
409,265
83,670,615
11
-758,474
268
Oradea, BIHOR
1.400
55,261,678
18
-9,093,519
6
Bucuresti,
BUCURESTI
1.338
45,235,588
21
-2,865,117
2.8%
is the yearly increase of construction works volume
in 2011, after two years of double-digit plunge.
It still remains by 3.9 percent below the 2007 level
Constructions
t CONSTRUCTION OF RESIDENTIAL & INDUSTRIAL BUILDINGS
t BUILDING MATERIALS
t CONSTRUCTION OF ROADS, RAILWAYS, BRIDGES AND TUNNELS
t CONSTRUCTION OF UTILITY PROJECTS FOR FLUIDS AND RELATED SERVICES
t HYDRO-TECHNICAL CONSTRUCTIONS
t MANUFACTURE OF EQUIPMENT FOR CONSTRUCTION INDUSTRY
t CONSTRUCTION OF ELECTRIC SITES
t ELECTRICAL, PLUMBING AND OTHER CONSTRUCTION INSTALLATION ACTIVITIES
MCR
CONSTRUCTIONS
Building industry’s
performance returns on upward path, after
two years of double-digit decline
Diana Macovei, Freelance Analyst
The performance of the building industry returned in the
positive area in 2011, after two years of double-digit plunge.
The construction works volume increased by 2.8% y/y last
year, but remained however by 3.9% below the 2007 level,
official statistics show. Nonetheless, the advance last year,
partially explained by low-base comparison, is moderate and
indicates a certain stabilisation of the market rather than
resumption of steady, sustainable growth.
Construction works index by type of construction (%, y/y)
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
-10.0%
2008
2009
2010
2011
2012f
2013f
2014f
-20.0%
-30.0%
-40.0%
Total
Buildings
Residential
Non-residential
Civil engineering
The still sluggish demand in 2011 came mostly from the
non-residential segment and civil engineering works, as
residential constructions remained overall frozen. The
shopping centre supply added to the market in 2011 was
similar to peak years 2007 and 2009, and considering the
announced projects for 2012 it is likely that the
non-residential segment will continue to drive the overall
construction market upwards this year as well.
ROMANIA’S CONSTRUCTION SECTOR RECOVERS AT FASTER
PACE THAN EU AVERAGE
The performance of the construction sector followed the
same upward pattern as in the EU27 countries, yet Romania’s
BUILDING MATERIALS SEGMENT STABILISES IN 2011
The building materials output last year was above the
2009-2010 level, thus paralleling the improving performance
of the construction sector. The increase in production of
construction materials in 2011 was propped by the 5% y/y
advance of the cement market, while the brick segment
continued on downward path for the third year in a row. The
decline of the brick market is expected to ease this year, but
prospects are not very optimistic, as residential building
constructions show no clear signs of recovery. The number of
permits issued for residential buildings dropped by 6.6% y/y in
2011 and further by 3.8% y/y in H1 2012, according to
statistical data. The stabilisation of the building materials
market in 2011 reflected in improving revenues of local
producers, but the profitability of the sector continued to be
hampered by hiking energy and raw materials prices. The
construction materials retailers also felt the overall market
stabilisation. The DIY chains resumed expansion in H1 this
year, after having consolidated market positions and
redefining strategies in 2011.
Manufacturing of other non-metallic mineral products - Monthly
output indices 2005=100, unadjusted series
250
200
150
100
50
0
Construction output in 2011
Jan
Q1
Q2
Q3
Q4
FY
EU27
0.8%
-2.0%
1.8%
2.2%
0.7%
Romania
-4.9%
-4.1%
8.0%
8.3%
1.8%
Bulgaria
-15.9%
-13.4%
-11.4%
-10.3%
-12.8%
Slovenia
-25.3%
-31.1%
-25.5%
-19.4%
-25.3%
Source: EUROSTAT
construction output seems to have been recovering at a faster
pace than the European average and is outstandingly above
the other countries in the region, where the building sector
recorded double-digit plunge last year.
Feb
2007
Mar
Apr
2008
May
Jun
2009
Jul
Aug
2010
Sep
2011
Oct
Nov
Dec
2012
S
C
S THE SEGMENT
S G
G S
INFRASTRUCTURE
REMAINS
WITH THE HIGHEST
GROWTH POTENTIAL
The infrastructure segment and road construction in
particular remains the segment with the highest growth
potential, given the current poor state of the road
infrastructure. According to official statistics, nearly 42% of
Infrastructure spending of Public Roads Company in 2007-2012 (RON bn, % of GDP)
2007
Spending on road infrastructure investments
% of GDP
2008
2009
2010
2012
2011
Initial
Revised*
2.4
3.8
5.7
5.2
6.4
7.6
7.0
0.6%
0.7%
1.1%
1.0%
1.1%
1.3%
1.2%
Source: Ministry of Finance
the roads were not asphalt-paved at the end of 2011 and of the
roads paved, approximately half are outdated.
However, road infrastructure output was rather disappointing
last year. The public roads company CNADNR announced the
addition of only 55.4km of highways in 2011, namely 32.2km of
Arad-Timisoara highway, 14.6km of the Medgidia-Constanta
highway and 8.6km of Constanta ring-road. On the upside,
works did progress and more constant and consistent
deliveries are expected in 2012-2013.
Civil engineering works indeed surged by an impressive 18.1%
y/y in H1 2012, while the overall construction works volume
rose by 6.8% y/y during the period, according to official
statistics. The infrastructure segment however relies on
public funding and the encouraging performance in H1 will
most likely be offset by the political developments and the
Manufacturing of other non-metallic mineral products - Monthly
output indices 2005=100, unadjusted series
200
150
100
50
Total
May-12
Sep-11
Jan-12
Jan-11
May-11
Sep-10
Jan-10
May-10
Sep-09
Jan-09
May-09
Sep-08
Jan-08
May-08
Sep-07
Jan-07
May-07
Sep-06
Jan-06
May-06
Sep-05
Jan-05
May-05
0
Construction materials
authorities’ measures in the second half of the year.
year
The political turmoil in July-August virtually froze public
investments. In addition to this, the government cut down
significantly funds for infrastructure under the autumn
budget adjustment, impacting upon works in large projects,
such as motorways or the Bucharest underground sections.
Earlier in May, the government had already decided to
terminate the financing of the national infrastructure
development plan PNDI as of mid-year. Furthermore, the
European Commission discontinued in August intermediary
payments under the sectoral programme POS-T, while
awaiting the results of an investigation regarding the fund
destination.
STATE ARREARS, SCARCE FINANCING, INCREASING COSTS
CONTINUE TO BE MAJOR DRAWBACK FACTORS FOR
COMPANIES
The revenues of the top construction companies showed
some improvement in 2011 compared to the previous year, yet
profitability in the sector continued to be affected by adverse
market circumstances. Besides the sluggish demand, the
companies continued to face obstacles such as scarce
financing, state arrears and energy price unpredictability.
Prospects for 2012 are rather gloomy, as the building
companies have also to deal with the strong depreciation of
the local currency against EUR. The construction costs
increased by 7.1% y/y in the first half of the year. The costs of
building materials alone hiked by 12% y/y during the period.
MCR
Opinion
DANIEL BACH,
CEO Holcim Romania
The construction market, including the
cement market, had a good start in 2012,
continuing the positive trend that raise
the level of the consumption of building
material products in 2011. But, in the
middle of the year the evolution of the
economy changed dramatically and we
can only guess when it will return to
healthy growth.
The infrastructure projects were the main
drivers of the demand in the first half of
2012, but there were also some important
non-residential projects under
development, like commercial centers,
office buildings and industrial spaces that
stimulated the cement consumption.
Unfortunately, the development in the
economies of the Euro zone and the
changes in the budgetary priorities of the
new government, made us to change our
estimations for the evolution of the
cement market in 2012.
If at the beginning of the year we
estimated a slight increase of the market,
by 2-3 percent, now we will be glad if we
finish at the same level as the last year.
One of the biggest challenges now is the
delay of payments made by the
Government to the construction
companies, which has an impact on the
whole chain of the construction projects,
including construction material
producers and suppliers.
MONEY PLAYS HARD TO GET
Another challenge is that the investments
in the private sector are decreasing,
How to
predict the
unpredictible
where the actual development is very
weak, and the future doesn’t look any
brighter, because the level of building
permits is continously decreasing month
by month in comparison to last year.
In addition, the level of absorbtion of EU
fund is still at a low level and this should
be a focal point for the Government in
order to boost the infrastructure
segment, which can provide significant
growth to the GDP and has the potential
to attract external financing.
It’s too early to make predictions for 2013,
but the next year can be more difficult
than this year, because of the crisis
situation that continues in Euro zone and
the difficult market conditions in the
construction sector, which is affected by
the diminished level of private and public
investments.
SEIZING LOCAL POTENTIAL
Despite the actual economic
development, Romania has a very
important position for Holcim Group in
the South-East European region, due to
the size of the market and our significant
presence in the market, as well as because
of our more than 700 million EUR
investments made in the last 15 years in
Romania.
We believe in the potential of the local
market and in the competitive advantages
that Romania has for attracting foreign
investments.
Our strategy on the Romanian market
involves being close to our clients and to
improve our performance and efficiency
in the operational sector.
Despite the economic context within the
last years, Holcim Romania has
intensified its communication activity
regarding the solutions it provides to the
specialists and end users in the market.
In Romania, especially in the crisis
period, the ratio of individuals that are
building their own houses vs. developers
has increased. Many of them decide
nowadays not to contract a construction
firm and to make the project on their
own.
“IN ROMANIA,
ESPECIALLY IN THE
CRISIS PERIOD, THE
RATIO OF INDIVIDUALS
THAT ARE BUILDING
THEIR OWN HOUSES
VS. DEVELOPERS HAS
INCREASED.”
CONSTRUCTION OF RESIDENTIAL & INDUSTRIAL BUILDINGS
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
AEDIFICIA CARPATI SA
VEGA 93 SRL
STRABAG SRL
BUILD CORP SRL
BOG ART SRL
APOLODOR COM IMPEX SRL
ACI CLUJ SA
PORR CONSTRUCT SRL
CONSTRUCTII ERBASU SA
ASTALDI SPA ITALIA SUCURSALA ROMANIA
10 BUCURESTI
11 CON-A SRL
STRABAG AG AUSTRIA SUCURSALA BUCURESTI
12 ROMANIA
13 ACOMIN SA
14 NM CONSTRUCT SRL
15 ALPINE SA
16 SELINA SRL
HOCHTIEF SOLUTIONS AG ESSEN - SUCURSALA
17 BUCURESTI
18 PAB ROMANIA SRL
19 NESS PROIECT EUROPE SRL
20 TEHNODOMUS SA
BUILDING MATERIALS
RANK COMPANY NAME
1
2
3
4
5
6
LAFARGE CIMENT (ROMANIA) SA
CARPATCEMENT HOLDING SA
HOLCIM (ROMANIA) SA
KROMBERG & SCHUBERT ROMANIA ME SRL
HENKEL ROMANIA SRL
MITLIV EXIM SRL
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
2.875
2.763
2.625
2.625
2.475
2.425
2.425
2.375
2.375
310,916,205
5
24,486,956
361,214,554
2
28,790,208
585,828,064
1
6,436,998
268,733,063
7
4,382,430
420
325,273,623
4
2,931,631
208,057,401
11
1,874,569
188,662,832
12
8,940,963
233,349,059
8
-46,295,500
185,161,688
14
29,022,404
2.275
330,052,870
3
-739,268
2.275
232,894,875
9
7,387,054
2.200
272,871,504
6
-8,191,969
2.175
2.125
2.075
2.025
188,461,462
13
3,922,883
300
160,868,791
17
8,980,234
419
Timisoara, TIMIS
209,637,384
10
-36,619,194
361
Mogosoaia, ILFOV
149,637,017
18
20,938,636
551
Oradea, BIHOR
1.988
125,791,277
20
23,914,599
1.888
1.800
1.788
134,186,373
19
10,516,664
165,842,372
16
6,814,575
175,549,055
15
11,132,417
207
Arad, ARAD
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
3.225
3.125
3.025
2.813
2.625
2.488
2,087
496
494
Galati, GALATI
Iasi, IASI
Cluj-Napoca, CLUJ
Selimbar, SIBIU
Cluj-Napoca, CLUJ
165
Arad, ARAD
6 Ploiesti, PRAHOVA
764,608,960
3
180,109,955
812,746,577
2
142,116,730
943,855,284
1
74,029,255
224,843,874
7
4,571,667
542,369,628
4
30,414,936
232,545,816
6
4,625,422
7
DAMILA SRL
2.438
8
DURAZIV SRL
2.088
76,083,558
19
1,160,554
9
LAFARGE AGREGATE BETOANE SA
10
-21,431,595
261,972,839
5
1,296,950
1,824
Medias, SIBIU
177
243
127
Craiova, DOLJ
Ramnicu-Valcea,
VALCEA
Popesti Leordeni,
ILFOV
2.025
135,903,340
10 MIKE ALEX SRL
1.950
80,021,012
18
2,940,880
45
11 FIVE-HOLDING SA
1.938
75,144,050
20
1,148,070
182
12 GEALAN ROMANIA SRL
1.888
119,382,431
12
-1,996,115
13 MENATWORK EST PREFABRICATE SRL
1.838
153,344,954
8
756,441
14
15
16
17
18
19
20
1.788
1.788
1.738
1.738
1.688
1.650
1.638
142,478,126
9
6,435,768
155
Oradea, BIHOR
121,295,115
11
2,422,320
234
Margineni, BACAU
109,448,331
13
9,742,677
120 Focsani, VRANCEA
102,338,901
14
422,969
95,884,958
15
-3,092,601
ADEPLAST SA
RUSTRANS SRL
METALE INTERNATIONAL SRL
INTERTRANSCOM IMPEX SRL
LAFARGE ARCOM GIPS SA
ECO VEGA CONSTRUCT SRL
GENERAL BETON ROMANIA SRL
93,518,132
17
455,791
95,633,548
16
558,236
Darmanesti,
SUCEAVA
Constanta,
CONSTANTA
160
88
Popesti-Leordeni,
ILFOV
Buhusi, BACAU
139
Timisoara, TIMIS
MCR
CONSTRUCTIONS
CONSTRUCTION OF ROADS, RAILWAYS, BRIDGES AND TUNNELS
RANK COMPANY NAME
SCORING
( 2011 RON) RANKING
PROFIT/LOSS
NO OF
CONTACT
1
2
3
4
5
SPEDITION UMB SRL
TEHNOSTRADE SRL
STRACO GRUP SRL
DELTA ANTREPRIZA DE CONSTRUCTII SI MONTAJ 93 SRL
EURO CONSTRUCT TRADING 98 SRL
2.950
2.913
2.863
2.763
2.675
791,456,834
1
161,456,607
33
572,444,536
3
124,714,073
1,293
Bacau, BACAU
372,590,194
7
4,240,589
1,029
Bucuresti, Sector 5
407,736,320
6
49,802,964
1,214
Bucuresti, Sector 3
354,497,745
8
37,930,724
780
Bucuresti, Sector 6
6
ROMSTRADE SRL
2.663
539,727,094
4
10,881,044
1,623
Adunatii Copaceni,
GIURGIU
2.625
2.575
2.563
2.563
2.388
2.125
2.100
258,246,094
11
25,877,958
431
Oituz, BACAU
525,731,236
5
11,074,420
956
Timisoara, TIMIS
584,307,327
2
23,489,181
2,546
Bucuresti, Sector 6
280,969,243
10
6,377,622
1,119
Brasov, BRASOV
207,780,105
12
5,928,033
70
Bucuresti, Sector 5
193,301,624
13
10,032,706
299,672,016
9
(29,364,539)
1
Bucuresti, Sector 2
2.075
105,082,473
24
1,477,547
548
Bucuresti, Sector 2
1.988
1.988
1.938
1.888
1.888
157,769,876
16
13,108,790
216
Galati, GALATI
129,537,856
20
19,071,128
225
Nadrag, TIMIS
139,925,805
19
1,228,653
192
Bucuresti, Sector 2
173,530,540
14
36,549,939
181
Bucuresti, Sector 1
148,165,257
18
11,441,844
192
Banesti, PRAHOVA
1.875
161,892,895
15
(39,178,338)
273
Bucuresti, Sector 3
1.838
39,228,422
27
1,562,349
185
Suceava, SUCEAVA
1.825
152,753,686
17
2,098,383
312
1.825
129,455,525
21
7,308,075
305
Cluj-Napoca, CLUJ
1.800
104,888,838
25
257,433,177
-
Valisoara, CLUJ
1.675
1.638
105,760,403
23
100,190
442
Iasi, IASI
100,467,169
26
558,183
128
Timisoara, TIMIS
1.588
114,488,846
22
27,686,490
52
Voluntari, ILFOV
PROFIT/LOSS
NO OF
CONTACT
7
8
9
10
11
12
13
PA & CO INTERNATIONAL SRL
CONFORT SA
TEHNOLOGICA RADION SRL
VECTRA SERVICE SRL
MAX BOEGL ROMANIA SRL
TEL DRUM SA
PORR BAU GMBH VIENA - SUCURSALA BUCURESTI
SOCIETATEA DE CONSTRUCTII IN TRANSPORTURI
14 BUCURESTI SA
15 TANCRAD SRL
16 TECHNOCER SRL
17 VIAROM CONSTRUCT SA
18 ROMAIRPORT SRL ROMA SUCURSALA BUCURESTI
19 CAST SRL
ASTALDI SPA ITALIA SUCURSALA GHEORGHE
20 PETRASCU BUCURESTI
21 SUCT SA
REGIA AUTONOMA JUDETEANA DE DRUMURI SI
22 PODURI CONSTANTA RA
23 ANTREPRIZA DE REPARATII SI LUCRARI A R L CLUJ SA
ENKA CONSTRUCTION AND DEVELOPMENT BV
24 AMSTERDAM SUCURSALA CLUJ ROMANIA
25 CONSTRUCTII FEROVIARE IASI - GRUP COLAS SA
26 AXELA CONSTRUCTII SRL
BILFINGER BERGER BAUGESELLSCHAFT MBH WIEN
27 - SUCURSALA BUCURESTI
CONSTRUCTION OF ELECTRIC SITES
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
SOCIETATEA COMERCIALA FILIALA DE INTRETINERE
SI SERVICII ENERGETICE ELECTRICA SERV SA
ELECTROMONTAJ SA
ELCOMEX-IEA SA
ELECTROGRUP SA
ELECTROMONTAJ CARPATI SA
CAMUSAT ROM-TELECOMUNICATII SRL
ELM ELECTROMONTAJ CLUJ SA
ELECTROECHIPAMENT INDUSTRIAL SRL
EGNATIA ROM SRL
ELECTROCONSTRUCTIA ELCO BUCURESTI SA
OBFIIRCOM WOOFER SRL
VINTEERVIEL SRL
AMPEL DACIA SRL
EMFOR MONTAJ SA
SCORING
( 2011 RON) RANKING
Bacau, BACAU
754 Alexandria, TELEORMAN
2.550
615,540,933
1
-108,331,565
5,836
BucureSti, Sector 1
2.363
2.225
2.225
2.088
2.038
1.975
1.975
1.900
1.838
1.688
1.538
1.500
1.438
218,674,815
2
15,920,377
1,503
Bucuresti, Sector 4
157,037,488
3
5,772,649
133,145,637
4
20,861,680
267
24,532,871
10
208,333
186
Sibiu, SIBIU
107,472,723
5
11,442,865
163
Balotesti, ILFOV
62,112,962
6
1,716,084
331
Cluj Napoca, CLUJ
49,890,717
7
3,398,589
252
Resita, CARAS-SEVERIN
24,568,209
9
7,526,285
41
Bucuresti, BUCURESTI
28,742,461
8
563,244
195
Bucuresti, Sector 4
13,587,093
12
7,171,719
97
Dorobantu, CALARASI
10,822,994
13
7,055,405
147
Schitu, GIURGIU
21,814,034
11
-178,434
8
10,599,571
14
99,429
88
Bucuresti, Sector 4
517 Cernavoda, CONSTANTA
Cluj-Napoca, CLUJ
MCR
CONSTRUCTIONS
CONSTRUCTION OF UTILITY PROJECTS FOR FLUIDS AND RELATED SERVICES
RANK COMPANY NAME
1
SCORING
( 2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
3.313
315,293,527
1
30,981,821
1,604
Bucuresti, Sector 1
2
PROSPECTIUNI SA
SCHLUMBERGER LOGELCO INC PANAMA
CIUDAD DE PANAMA SUCURSALA BUCURESTI
2.388
310,672,870
2
18,448,822
198
Bucuresti, Sector 1
3
CIS GAZ SA
2.250
51,585,372
18
2,014,366
41
Santana de Mures,
MURES
84,657,979
10
15,815,814
145
Pitesti, ARGES
127,285,218
4
15,862,747
302
Ploiesti, PRAHOVA
95,488,935
8
15,813,330
351
Ploiesti, PRAHOVA
73,074,443
12
18,866,419
90
Targu Mures, MURES
100,127,153
7
2,269,156
94
Bucuresti, Sector 1
82,046,651
11
2,223,171
252
Bucuresti, Sector 2
54,955,627
15
1,869,346
124
Iasi, IASI
1.838
54,057,459
16
352,939
100
Bucuresti, Sector 3
1.825
1.825
1.688
1.688
1.588
1.575
1.575
1.475
1.475
113,716,459
5
850,645
925
Brasov, BRASOV
35,522,481
20
6,056,806
267
Ploiesti, PRAHOVA
4
5
6
7
8
9
10
COMESAD RO SA
CDI OILFIELD SERVICES SRL
ROMPETROL WELL SERVICES SA
ANVERGO SRL
M I PETROGAS SERVICES ROMANIA SRL
ACVATOT SRL
GEPROCON SA
HOLDING-AKTOR-ATHENA SA-GRECIA11 SUCURSALA BUCURESTI
12 CONDMAG SA
13 PETROSTAR SA
14 GRUP 4 INSTALATII SA
15 IRIDEX GROUP CONSTRUCTII SRL
16 APROV SA
17 INSPET SA
18 IREM SERVICII SRL
19 ATLAS-GIP SA
20 PETROCONST SA
2.188
2.025
2.025
1.938
1.888
1.875
1.838
103,969,650
6
381,440
242
Cluj-Napoca, CLUJ
70,143,058
13
2,079,212
158
Voluntari, ILFOV
38,875,833
19
424,206
75
Medias, SIBIU
182,405,099
3
14,092,109
867
Ploiesti, PRAHOVA
52,558,450
17
568,754
746
Bucuresti, Sector 3
90,210,777
9
-2,887,820
343
Ploiesti, PRAHOVA
61,487,985
14
2,002,135
516
SCORING
( 2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
HYDRO-TECHNICAL CONSTRUCTIONS
RANK COMPANY NAME
1
2
3
4
HIDROCONSTRUCTIA SA
SOCOT SA
CONSTRUCTII HIDROTEHNICE SA
DRAGOS CONSTRUCT GRUP SRL
3.750
2.375
2.175
2.088
1,002,178,651
1
50,428,795
6,528
Bucuresti, Sector 1
138,509,790
2
6,085,184
837
Targu Mures, MURES
99,247,937
4
8,721,317
428
Iasi, IASI
20,696,244
10
2,594,099
51
Bascov, ARGES
5
BENY ALEX SRL
1.888
21,597,946
9
3,974,958
187
Negresti-Oas, SATU
MARE
6
7
8
9
10
11
12
13
TRANS CARPAT SRL
ARGOS SA
REPCON SA
CONTEHNO SRL
ECOLOGIC CONSTRUCT SRL
SIBAREX SA
APASCO SA
VIDELI SRL
1.888
1.875
1.838
1.838
1.838
1.788
1.775
1.750
16,789,481
14
763,401
51
Onesti, BACAU
77,513,770
5
468,528
633
Cernavoda, CONSTANTA
127,860,296
3
1,480,719
56
Oradea, BIHOR
34,075,243
7
552,542
66
Oradea, BIHOR
23,673,692
8
591,751
66
Oradea, BIHOR
14,466,421
16
140,155
126
Campineanca, VRANCEA
67,320,246
6
2,508,312
570
Maneciu, PRAHOVA
9,475,072
20
117,839
44
Satu Mare, SATU MARE
14 HIDROTERRA SA
1.738
12,063,924
17
296,922
67
Slobozia Sucevei ,
SUCEAVA
15 BELLA CONSULTING CONSTRUCTION SRL
1.688
17,081,962
12
111,489
52
Satu-Mare, SATU MARE
16 MIF SA
1.688
14,763,098
15
19,733
138
17 HIDROTRAN SRL
1.600
20,186,159
11
178,471
47
1.600
11,077,067
18
2,262,488
11
1.600
1.588
9,539,204
19
-48,097
0
Bucuresti, Sector 3
16,974,888
13
158,246
60
Bucuresti, Sector 6
ANDRITZ HYDRO GMBH RAVENSBURG -
18 SUCURSALA PORTILE DE FIER II SRL
19 HIDRO ESTE CONSTRUCTII SRL
20 GRUP HIDROCON SA
Sangeorgiu de Mures,
MURES
Miercurea Ciuc,
HARGHITA
Gogosu, MEHEDINTI
ELECTRICAL, PLUMBING AND OTHER CONSTRUCTION INSTALLATION ACTIVITIES
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
ELECTRICA SERV SRL
ROMSTAL IMEX SRL
ENERGOMONTAJ SA
SOCIETATEA COMERCIALA PENTRU SERVICII
DE MENTENANTA A RETELEI ELECTRICE DE
TRANSPORT & SMART SA
PAULUS SRL
UTI SECURITY & FIRE SOLUTIONS SA
DAS SRL
LUXTEN LIGHTING COMPANY SA
CIVITAS SYSTEMS SRL
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
76
Buftea, ILFOV
2.488
2.475
2.463
245,000,654
3
4,673,615
515,800,661
1
14,788,911
466,558,469
2
2,393,572
2.275
185,422,258
4
5,787,945
902
2.188
2.088
2.075
1.975
1.938
50,412,930
16
1,974,875
58,566,755
14
2,733,720
157,390,222
6
20,729,273
392
183,529,321
5
15,286,055
79,747,720
8
6,324,856
118
Odorheiu Secuiesc,
243
HARGHITA
Craiova, DOLJ
Iasi, IASI
Craiova, DOLJ
10 MELINDA-IMPEX INSTAL SA
1.888
156,744,723
7
2,145,561
11
12
13
14
15
1.888
1.888
1.838
1.838
1.838
70,550,075
10
6,789,430
53
Tulcea, TULCEA
15,366,639
19
1,203,294
112
Targu Jiu, GORJ
54,391,798
15
2,649,882
132
Craiova, DOLJ
48,436,099
18
519,048
52
-
13,255,916
20
541,505
66
Brasov, BRASOV
1.825
70,964,380
9
168,222
417
Cluj-Napoca, CLUJ
1.800
1.788
1.750
68,818,766
11
1,529,692
31
Sag, TIMIS
62,885,105
12
2,897,547
157
Ghiroda, TIMIS
59,571,114
13
1,232,939
1.750
48,742,619
17
2,225,420
23
16
17
18
19
BRODRENE DAHL SRL
ELECTROCONSTRUCTIA ELCO TIRGU JIU SA
POLYSTART CLIMA SISTEMS SRL
TECHNOVA INVEST SRL
ELECTROCONSTRUCTIA ELECON SA
TRUSTUL DE INSTALATII MONTAJ
SI CONSTRUCTII SA
RADEL HAHN SRL
D & T INDUSTRIAL EQUIPEMENT SRL
VAILLANT GROUP ROMANIA SRL
20 COM GAZ SA
MANUFACTURE OF EQUIPMENT FOR CONSTRUCTION INDUSTRY
RANK COMPANY NAME
TURNOVER
2011 RON) RANKING
Ploiesti,
PRAHOVA
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1
MAKITA EU SRL
2.575
420,037,140
1
32,428,804
601
Branesti, ILFOV
2
COMELF SA
2.213
142,154,245
3
923,006
1,020
Bistrita,
BISTRITA-NASAUD
3
4
5
6
7
8
BERGERAT MONNOYEUR SRL
MARCOM RMC 94 SRL
BUTAN GRUP SRL
TERRA ROMANIA UTILAJE DE CONSTRUCTII SRL
ASCENSORUL SA
IFMA SA
2.188
1.988
1.988
1.888
1.838
1.825
161,595,496
2
7,545,209
119
Mogosoaia, ILFOV
121,102,098
4
10,640,615
78
Otopeni, ILFOV
11,505,607
19
4,044,948
115
Galati, GALATI
103,141,440
7
33,064
71
Tunari, ILFOV
16,432,022
14
341,435
30,281,922
12
-5,352,323
9
EL-CAR SRL
1.800
12,684,817
16
448,480
26
10 ROMVERSIS TOP SRL
1.800
7,978,432
20
139,453
33
11
12
13
14
15
16
17
18
19
20
1.750
1.738
1.738
1.725
1.700
1.688
1.688
1.675
1.675
1.600
14,492,559
15
1,736,882
111,611,452
5
8,859,356
75,912,632
8
1,180,960
243
16,474,219
13
909,332
VERNI & FIDA ROMANIA SRL
SCHINDLER ROMANIA SRL
ELMAS SRL
ASCENSORUL ROMSERVICE COMPANY SA
IRCAT-CO SRL
HONEST GENERAL TRADING SRL
LUGOMET SA
PROMEX SA
UMT SA
KONECRANES SA
24
Bistrita,
BISTRITA-NASAUD
Bucuresti,
Sector 6
Timisoara, TIMIS
Brasov, BRASOV
41,431,481
10
3,717,341
109,737,893
6
3,462,361
47
11,660,879
18
98,921
144
Lugoj, TIMIS
50,770,673
9
99,125
760
Braila, BRAILA
31,836,143
11
-1,087,639
264
Timisoara, TIMIS
12,371,727
17
728,577
27
Timisoara, TIMIS
8%
yield for office buildings
8.75% yield for commercial centers
10.25% yield for storehouses
Real Estate
t REAL ESTATE EVALUATION COMPANIES
t REAL ESTATE AGENCIES
t REAL ESTATE PROJECT DEVELOPERS
t PROPERTY & FACILITY MANAGEMENT
t REAL ESTATE ASSET MANAGERS
MCR
REAL ESTATE
The real state of real
estate in Romania
Andreas Hadjidamianou, Partner, Assurance, Ernst & Young
There are some good news and some bad news regarding the
Real Estate industry in Romania over the last couple of years.
The bad news is that the long awaited recovery has not arrived
yet, or at least is not visible to most people. The good news is
that there are some positive signs that market contraction is
reaching the end and opportunities that will lead to recovery
under specific conditions are here.
WHERE ARE WE STANDING?
Four years after the global credit crisis, the Romanian market in
general struggles to stabilize before starting to grow dynamically
in all sectors again.
While Romania still remains an attractive market in terms of
real estate transactions, the severe restrictions put in bank
financing, as well as the Euro crisis have raised the investment
risk and quelled investment appetite.
The continuous crisis in the Eurozone, which accounts for the
vast majority of investments in the Romanian economy, is
clearly an obstacle in attracting further investments from
countries in this region (but not only). FDI is down by 30% in the
current year. Unless the environment regarding the survival of
the Euro does not become clear, this instability will continue to
affect the Romanian economy and consequently the Real Estate
market.
Banking finance is still deteriorating and the costs and terms
imposed are not affordable for many players. Finance is very
limited, very expensive and directed to very few heavily
scrutinized investors. Furthermore, the political environment in
Romania is another factor which could withhold the prospects
of the country.
Despite this however, there were a number of facts and
transactions indicating that some of the most solid and dynamic
players in the market position themselves in Real Estate
investments. This suggests they believe that the worse is gone or
at least is approaching to its end and now it is the right time to
invest.
One of the most dynamic investors, AIM and Johannesburg
listed property investor New Europe Property Investments
(NEPI) concluded in 2011 and 2012 a number of big deals:
In early 2011, they acquired the office project Floreasca Business
Park, in a deal of over EUR 100 million (remaining the biggest
deal in Romanian Real Estate after crisis).
Following this, by December 2011, NEPI completed its capital
increase through rights issue of approximately 14.3 million new
shares to raise about EUR 40 million in fresh equity. It is said,
the issue was oversubscribed by 48%.
In January 2012, NEPI acquired the City Business Centre project
in Timisoara, from businessman Ovidiu Sandor and partners.
Beyond this, in December 2011, NEPI started works on its 50,000
sqm shopping centre in Ploiesti. On another project, NEPI
bought and undertook the renovation of a 4,500 sqm historical
building at a 12,000 sqm class business centre in the Romanian
capital.
Under these circumstances, not surprisingly, funds invested in
the European Real Estate are directed to the markets with
national economic performance and stability. Around 75% of
total transaction volume was completed in prime property in
just five countries.
Another company, Portuguese shopping centre specialist Sonae
Sierra, started in July 2011 the construction of its EUR 110
million Adora mall in Craiova. The mall will have 190 shops on a
leasable area of 59,000 sq m and has signed contracts for 40% of
this surface. Starting work on Adora, confirms Sonae Sierra’s
commitment to Romania, said the local Managing Director,
Ingo Nissen. The largest Chinatown complex in South Eastern
Europe opened in summer 2011, 16 km from Bucharest,
following an investment by 19 Chinese businessmen of around
EUR 150 million. The China Town complex covers 40 hectares
and hosts 3,275 commercial areas, 1,380 logistic warehouses,
cafes, restaurants, casinos, banks and kindergartens.
LOOKING TWO YEARS BACK
Taking for granted the specific global, European and local
political and economical environment, 2011 and first half of 2012
overall could not have been great years for the Real Estate
market. Yields in Romania are stabilized to 8% for offices, 8.75%
for commercial centres and 10.25% for storehouses.
Property investor and developer Iannis Papalekas has completed
a couple of remarkable transactions in 2011 and 2012. In
November 2011, he got what was characterized by the market
“the golden deal” from the most famous bankruptcy of a
Romanian mall. Papalekas sold the City Mall for EUR 103 million
in 2005 and bought it back in 2011 for just EUR 17 million.
In addition, in 2012, Iannis Papalekas and Dragos Bilteanu
acquired Tower Center International – the developer of Victoria
Square office tower, in a transaction whose value amounts to
approximately EUR 50 million. The company in (one of
Bucharest landmark buildings) had failed to rent it because of a
litigation process, which is now settled.
The housing market in Romania is also seeing important
developments. Austria’s listed property group Immofinanz
completed at the end of 2011 the acquisition of the additional
69.2% stake in South-Eastern Europe residential developer
Adama Holding. It sees Adama as the ideal platform for
expansion in the region, especially in Romania. Adama
completed 1,500 apartments since its founding in 2005, with 10
projects under way. It has a development portfolio of 1.36
million sqm in 40 further projects. Immofinanz Romanian
portfolio includes undeveloped sites in Bucharest And the
mid-term objective is to create entire city quarters.
LOOKING AHEAD
Everybody agrees that the prospects for the Real Estate market
in Romania, as well as for the overall Romanian economy are
very promising; it is just a matter of when this will happen.
Current affairs regarding Eurozone crisis, instability in the Arab
world and uncertainty about Iran, as well as local political
environment are obviously factors that could negatively affect
growth potentials.
Despite this, in the past couple of years we have seen some good
signs indicating that slowly, but steadily, trust in the market is
regained, following two years (2009, 2010) with virtually zero
activity, which deteriorated investments and returns. The
positive indications are expected to continue:
London’s AIM-listed East Balkan Properties (EBP), active in
Romania, Bulgaria and Serbia, started plans to divest its stake in
the so-called Glorient portfolio of retail, logistics and office
properties, plus land holdings, worth approximately EUR 108
million in order to raise cash. EBP has appointed Raiffeisen
Investments to market the portfolio. This carries mortgage debt
of EUR 20 million, which is rapidly amortizing and could be
repaid from cash-flows by late 2013, it said. EBP’s portfolio at
end-June included a 40% stake in Glorient, consisting of 13 land
and 35 retail assets valued at EUR 35 million in Romania.
In cooperation with Knight Frank affiliate and Prime Property
Advisors, EBP is also selling its logistics warehouses, a prime
asset with stable occupancy. Six land assets and two small shops
valued at EUR 8 million are also up for sale in Romania, Serbia
and Slovakia. EBP swung into a first-half net profit of EUR 3.5
million from a EUR 3 million loss in 2010.
Real4You, an Austrian developer and investor operating in
Central Europe, announced in January 2012 that it is resuming
its Mega Mall shopping centre projects in Bulgaria and Romania,
which were delayed by the financial crisis. The firm has opened
10 retail centres in the Czech Republic, Slovakia, Hungary and
Romania in the past three years. Financing remains difficult, but
good projects in good locations are feasible, based on company
executives. In the fourth quarter of 2012, Real4You will start
building its 70,000 sqm Mega Mall centre in Bucharest,
scheduled to open in 3Q14. Real4You also plans to develop
smaller malls in other Romanian cities, anchored by a
hypermarket or supermarket.
The market research company, PMR Publications, expects
Romania to become the second largest shopping mall market in
Central and Eastern Europe - behind Poland but ahead of
Hungary and the Czech Republic. It is said that some 6sqm of
new Gross Leasable Area is planned for completion by end 2013,
and existing investment plans could absorb over EUR 12 billion
in 2013.
Romania’s share of shopping malls in the big six countries of the
East European region - Poland, Czech Republic, Hungary,
Slovakia, Bulgaria and Romania - grew to 16% in 2010 from 9%
in 2007, and is predicted to reach 18% by 2013. The total market
grew by 50% to 12 million sqm between 2007 and 2010. Investors
in Romania plan to launch new mall spaces of 1.3 million sqm by
2013 and the country is soon due to overtake the Czech Republic
in terms of total shopping centre space.
Moreover, following the creation of numerous distressed assets
in the Global Real Estate business, there will be a tendency for
consolidation over the next years. This will be driven mainly by
American hedge funds, some of which have already proceeded
fund raising to this respect.
US-based private equity group, Blackstone, has raised over USD
6 billion of equity capital for a new real estate fund to acquire
mainly distressed-property assets, and is aiming for final closing
at committed capital of USD 10 billion. The funds will be
targeted globally.
Blackstone’s fund is only one of many other funds of similar
nature recently created. It is understood that should a fair part
of these funds be attracted to Romanian projects, a boost in the
Real Estate market will emerge.
IN CONCLUSION...
The real estate market of the SEE region is still in its beginnings,
compared with Western markets. Although the region enjoyed
few years of pre-crisis boom, it did not get the chance to grow
and stabilize before crushing down. But with the market
contraction reaching the end, opportunities start rising once
again.
With a positive resolution in the exogenous threats, the good
years are ahead, probably not generating the pro-crisis returns
but definitely standing on a much more sound and sustainable
basis.
MCR
Opinion
ADRIAN CRIVII,
FRICS, MAA,
CEO Darian DRS SA
The chronic global economic-financial
crisis and particularly the uncertain
situation generated by the sovereign
debt crisis in Europe, decreased the
private or institutional investors'
appetite for Romania. The direct effect
of this situation has led to a negative
evolution of the local real estate market
in 2012, although the declines were less
pronounced than the first years of
crisis. They generally occurred in the
bubble's area and the development
lands' area, the latter having the
strongest speculative character.
TRENDS REVERSED
If in the boom period between 2004 and
the first half of 2008 the real estate
trading prices have risen spectacularly
due to the flow of foreign capital and
the prospect of Romania's accession to
the EU, in the next period the trend
reversed and the number of
transactions reduced dramatically, and
Low appetite
in real estate
sight
after a severe correction in 2009 the
values began to steadily decline.
Some examples of real estate market
analysis conducted by Darian DRS are
significant to observe the influence of
financing restraint on the branch. The
fact that the value of commercial,
industrial or office properties fell
during June 2008 and June 2012 by 15% 20%, is one example. In addition to,
during the same period, the residential
properties fell by 40% - 60%, and
development lands by 60% - 65%, noting
that this analysis refers to average
trading values and represents properties
of 27 major cities.
FINDING ROOTS IN AGRICULTURE
LANDS
The evolution of the real estate market
is closely correlated with the economic
status, the income of the population
and the financing costs, and because
these parameters haven't
registered positive
developments, the outlook
does not seem to contain a
significant recovery. I
estimate that in the near
future we will face
decreases in property
values for all real estate
segments.
Even if we cannot speak of
price increases in the real
estate industry sector
mentioned, I do believe
that the value of
agricultural lands will have an
increasing evolution in the next period,
considering the quality and the
potential of these lands in Romania, but
also the global situation regarding
agriculture and food.
Analyzing the perspective, in the long
run, starting from the infrastructure
situation, the quality of buildings and
real estates in Romania, there is a large
investment coverage as well as a
growing real estate industry, but this
can only be achieved on the basis of
efficiency and sustainability.
“THE GENERAL GLOBAL
CONTEXT MAKES THE
VALUE OF
AGRICULTURAL LANDS
TO FIND AN
INCREASING
EVOLUTION IN THE
NEXT PERIOD IN
ROMANIA AND
ELSEWHERE.”
REAL ESTATE EVALUATION COMPANIES
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
DARIAN DRS
ROMCONTROL
R.E.A.G. REAL ESTATE ADVISORY GROUP SRL
PRIME PROPERTY ADVISERS - KNIGHT FRANK
FAIRVALUE CONSULTING
TERRAVAL VALUATION AND PROPERTY
MANAGEMENT SRL
PARKER LEWIS & ASSOCIATES
GBF VALUATION & RESEARCH
CBAR RESEARCH & VALUATION ADVISORS
(COLDWELL BANKER AFFILIATES)
COHISPANIA CONSULTING
EVAL CORP
( 2011 RON)
(2010 RON)
GROWTH %
PROFIT/LOSS
(2011 RON)
CONTACT
12,842,747
11,586,374
4,944,195
3,886,875
3,444,162
11,115,009
15.5%
2,767,980
Cluj Napoca
12,352,861
-6.2%
385,910
Bucuresti
3,774,175
31.0%
736.137
Bucuresti
5,012,717
-22.5%
498,705
Bucuresti
3,163,049
8.9%
800,472
Bucuresti
2,032,816
1,784,541
13.9%
209,567
Bucuresti
1,709,599
1,046,397
1,610,968
6.1%
4,867
Bucuresti
844,045
24.0%
269,953
Bucuresti
1,031,553
1,315,475
-21.6%
-50,705
Bucuresti
777,098
575,205
1,030,496
-24.6%
8,168
Bucuresti
108,990
427.8%
-135,392
Bucuresti
MCR
REAL ESTATE
REAL ESTATE AGENCIES
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
DTZ ECHINOX CONSULTING SRL
EHL REAL ESTATE ROMANIA SRL
ESOP CONSULTING SRL
WINTERHILL (ROMANIA) SRL
CONADI IMOB CONSTRUCT SRL
EUROEST INVEST SRL
CBAR MANAGEMENT SRL
PRIME PROPERTY ADVISERS SRL
COLLIERS INTERNATIONAL SRL
CUSHMAN & WAKEFIELD ROMANIA SRL
LONGBRIDGE CONSULTING SRL
MEDIA CITY SRL
REGATTA SRL
CBRE REAL ESTATE CONSULTANCY SRL
BNP PARIBAS REAL ESTATE ADVISORY SA
BLACKSHIRE CONSULTING SRL
EVEREST MANAGEMENT GROUP SRL
IMOINVEST CO SRL
GRUP DE LUX SRL
CITA CONSULTANTA IMOBILIARA SRL
TURNOVER
2011 RON) RANKING
2.188
1.788
1.750
1.700
1.650
1.550
1.500
1.450
1.400
1.400
1.400
1.350
1.350
1.300
1.300
1.300
1.300
1.250
1.250
1.200
1
2
3
4
5
6
IULIUS MANAGEMENT CENTER SRL
ANCHOR GRUP SA
NIRO INVESTMENT SA
IMPACT DEVELOPER & CONTRACTOR SA
RE PROJECT DEVELOPMENT SRL
CONARG SA
NO OF
EMPLOYEES
CONTACT
11,943,575
2
1,226,582
7,210,245
4
1,468,609
1,574,295
13
436,020
2,329,275
9
322,054
2,505,726
8
681,083
622,363
19
76,185
2,194,086
10
7,109,459
3,886,875
7
498,705
18,125,713
1
245,488
6,920,053
5
-1,865,871
1,317,867
15
-296,342
1,346,630
14
22,534
1,247,406
16
-395,918
9,699,059
3
-1,088,794
4,440,084
6
18,047
1,652,937
12
-5,620
1,087,429
17
-137,729
1,658,091
11
-1,077,369
1
Arad, ARAD
832,072
18
-271,350
5
Cluj-Napoca, CLUJ
588,842
20
-156,220
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
593
Iasi, IASI
REAL ESTATE PROJECT DEVELOPERS
RANK COMPANY NAME
PROFIT/LOSS
(2011 RON)
2.275
1.788
1.775
1.700
1.650
1.650
44,951,361
12
1,900,689
56,873,508
9
8,866,702
146,912,403
2
-23,098,693
456
Dobroiesti, ILFOV
13,540,400
19
-22,261,046
27
Voluntari, ILFOV
105,806,424
3
781,211
50,586,684
10
8,842,444
24
Pitesti, ARGES
21
Stefanesti de Jos,
ILFOV
7
OPUS LAND DEVELOPMENT SA
1.500
65,703,631
5
-43,437,533
8
9
10
11
12
13
ALPHA PROPERTY DEVELOPMENT SRL
REWE PROJEKTENTWICKLUNG ROMANIA SRL
UPGROUND ESTATES SRL
BANEASA INVESTMENTS SA
CONARG REAL ESTATE SRL
ANCHOR REAL ESTATE DEVELOPMENT SRL
1.450
1.450
1.400
1.388
1.350
1.300
66,911,023
4
1,124,904
49,082,579
11
6,540,526
161,461,695
1
-50,147,779
14,583,443
18
-6,578,392
20,031,378
15
-1,827,632
19,215,457
16
-36,019,925
Bucuresti,
BUCURESTI
14 PROPRIETATI IMOBILIARE LAR SRL
1.300
11,114,417
20
-741,677
15 PORTLAND ROMANIA INDUSTRIAL ONE SRL
1.250
29,592,337
14
-4,620,982
1.200
59,944,526
7
-30,622,411
1.200
1.200
58,324,855
8
-17,053,295
6
18,087,295
17
-2,659,493
1.150
61,428,073
6
-18,297,180
1.150
31,286,421
13
-12,977,914
SOCIETATE DEZVOLTARE COMERCIAL SUDULUI
16 (SDCS) SRL
17 PLUS DEVELOPMENT SRL
18 GREENLAKE DEVELOPMENT SRL
ITALIAN-ROMANIAN INDUSTRIAL DEVELOP19 MENT ENTERPRISE - IRIDE SA
20 HERCESA IMOBILIARA SRL
0
Voluntari, ILFOV
PROPERTY & FACILITY MANAGEMENT
RANK COMPANY NAME
1
4
2
3
5
6
7
8
UTI CONSTRUCTION & FACILITY
MANAGEMENT SA
ISS FACILITY SERVICES
BUILDING SUPPORT SERVICES SRL
MT & T PROPERTY MANAGEMENT SRL
CORAL CONSTRUCT
P DUSSMANN SERV ROMANIA SRL
ATALIAN ROMANIA
SOLEIL’S GROUP MANAGEMENT SRL
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
2.075
148,803,805
1
4,277,845
1.863
2.075
1.938
1.688
1.475
1.388
1.300
62,353,239
2
6,265,667
39,011,585
3
2,708,349
28,954,240
4
2,963,155
10,440,881
5
1,430,058
7,101,821
6
-1,617,979
6,540,444
7
-601,093
4,726
8
-49,632
MCR
REAL ESTATE
REAL ESTATE ASSET MANAGERS
RANK COMPANY NAME
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1
2
3
4
5
PRACTIC SA
EQUEST INVESTMENTS SRL
BILLA INVEST CONSTRUCT SRL
COCOR SA
WEST GATE SRL
2.138
1.750
1.700
1.650
1.650
31,940,194
12
16,061,785
3,558,698
26
556,753
32,907,838
10
12,629,449
21,629,373
8
-34,845,683
35,697,080
19
10,669,923
6
METROPOLIS INVESTITII IMOBILIARE SRL
1.600
26,619,053
15
7,948,488
0
Bucuresti,
BUCURESTI
7
OASIS SRL
CA IMMO REAL ESTATE MANAGEMENT
ROMANIA SRL
MERCUREAL SRL
BUCURESTI MALL DEVELOPMENT AND
MANAGEMENT SRL
PORSCHE IMMOBILIEN SRL
OPERA CENTER ONE SRL
FLOREASCA BUSINESS PARK SRL
1.600
10,526,371
21
4,782,860
11
Sibiu, SIBIU
1.550
5,896,171
3
354,862
1.550
33,161,298
9
21,463,909
1
1.550
69,446,545
17
19,426,873
1.550
1.550
1.500
24,118,764
23
385,672
7,928,022
24
958,082
44,780,304
5
1,593,643
14 METROPOLIS GRUP SRL
1.488
39,962,296
6
86,421
15 METEX BIG SA
16 ALIA INMOBILIARIA SRL
17 BANEASA BUSINESS & TECHNOLOGY PARK SA
1.450
1.400
1.350
36,478,572
7
24,204,523
22,886,121
18
-12,190,407
28,362,452
14
-72,324
1.300
52,605,344
4
-17,786,550
1.300
1.250
1.250
1.200
1.200
1.150
1.100
1.088
24,250,831
16
-4,237,324
4,784,316
20
825,763
8
9
10
11
12
13
PLAZA MALL DEVELOPMENT
18 AND MANAGEMENT SRL
19 IULIUS GROUP SRL
20 NEPI INVESTMENT MANAGEMENT SA
21 TRI INVESTMENTS ERPF SRL
22 VICTORIA HOLDING SA
23 RETAIL GROUP SRL
24 PVN ROMANIA SRL
25 EUROPOLIS PARK BUCHAREST ALPHA SRL
26 BCR REAL ESTATE MANAGEMENT SRL
41
Bucuresti,
23
150
Timisoara, TIMIS
Voluntari, ILFOV
Bistrita,
BISTRITA-NASAUD
1
Iasi, IASI
15,178,997
25
-6,253,068
8,553,491
13
-38,131,981
30,363,431
22
10,173
93,144,665
2
4,621,582
32,408,421
11
-6,536,385
118,866,909
1
-1,456,192
WDP ROMANIA
Company name: WDP DEVELOPMENT RO S.R.L.
Contact:
1 Baia de Arama Street,
022204, sector 2, Bucharest
Phone: +40-31-225.71.16
+40-730-09.27.01
Fax:
+40-31-225.71.16
E-mail: info-romania@wdp.eu
Website: www.wdp.eu
Members of the board:
TONY DE PAUW - CEO
JOOST UWENTS - CEO
JEROEN BIERMANS Managing Partner
Top management:
JEROEN BIERMANS Managing Partner
VALENTIN ST~NCIULESCU Business Development
Manager
Financial information:
Registered capital
34,411,260 RON (2009)
Shareholders:
Warehouses De Pauw Comm.
Va, Belgium: 51%
JB Top Pro Invest SRL,
Romania: 49%
Certificates / Inducements:
BREEAM certificates
Environment - friendliness
buildings
Green energy
Photovoltaic panels
Fiscal facilities
Ownership:
Private-owned: 100%
Romanian: 49%
Foreign: 51%
Brands:
WDP, Warehouses with brains
Company profile:
WDP (Warehouses De Pauw) is the market leader in Benelux and a major global player through its efficient
customized services of development, letting and management of logistical and industrial properties, with a
portfolio of approx. 2 million square meters of warehouses, distribution centers and industrial spaces in Europe.
In Romania, on an overall area of approx 200 hectares, WDP is developing a strategic portfolio of 10 logistic and
industrial parks (that grant land and building tax payment exemptions for tenants), with direct access or close to
the highways and main roads. The company secured also a financing line for future developments in Romania
from the European Investment Bank and, depending on the size of the project, can follow the client in areas in
which it is not yet active.
WDP is present near Bucharest (Corbii Mari – with access to Bucharest - Pite[ti highway, Fundulea and S`rule[ti
– with access to Bucharest – Constan]a highway), near Pite[ti (Oarja – with access to A1 highway), in Bra[ov
(Codlea), near Ploie[ti (Arice[tii Rahtivani – with access to DN72 and Pùle[ti, both of them with easy access to
DN1 and the future Bucharest - Bra[ov highway). Nearby Constan]a, two industrial parks will also be developed:
Mihail Kog`lniceanu (access to International Airport and E60) and Agigea (access to the container loading terminal
and Danube - Black Sea canal).
WDP timely delivered in 2011 two production facilities of approx 14,000 sqm for Roechling Automotive and HP
Pelzer Pimsa, within the Industrial Park in Oarja, Arge[, on Pan European Corridor IV, close to automotive
manufacturers (and their suppliers) Dacia Renault and Ford. These buildings are compliant with all specifications
agreed with the client and the quality and conditions of a state-of-the-art warehouse and production space,
according to WDP’s approach regarding its developments worldwide.
WDP is a flexible company with top quality logistic & production spaces
The company proves its flexibility through its willingness to adjust A Class facilities to the expectations of its
potential customers (built to suit projects) who seek to efficiently use their space, may it be ambient or refrigerated,
with special contamination regime, for ADR goods or specific warehouse or production halls.
WDP is a transparent stock exchange company with great financial clout. Joining forces with WDP means choosing
a long term relationship. Companies can keep on focusing on their core business, WDP takes care of their real estate.
In short, everything about WDP is added value.
Time after time, the result is warehouses with brains.
18%
increase of exports for furniture products in 2011
20% decrease for the Romanian furniture
consumption in 2011
Wood, Paper & Furniture
t MANUFACTURE OF FURNITURE
t RETAIL TRADE OF FURNITURE, CARPETS AND LIGHTING EQUIPMENT
t MANUFACTURE OF WOOD AND WOODEN PRODUCTS
t MANUFACTURE OF PAPER AND PAPER PRODUCTS
MCR
New investments need
Government support
Romania is ranked as one of the cheapest producers of raw
wood in the region, but still battles ailing problems that
include poor logistics, dirty wood and rock damage. And if we
count that the past five years have witnessed almost half a
billion Euro invested in the wood sector by European
frontrunners, one might wonder why no EU money was used
to subsidize the building of forest roads, for starters.
So, we’ve got the wood, what to do with it?
Romanian tastes in furniture changed in recent times, with
consumers increasingly seeking modern and practical
furniture, which encourages companies such as Ikea to
reconsider their development and possibly to open new
outlets. Kika is another multinational player which offers
self-assembly furniture. Locally, strong players such as
Mobexpert and Elvila are also taking a closer look at ways to
attract more customers.
HAIL TO THE NEW KING!
On the wood processing side, the market has a new leader, as
Austrian-based Holzindustrie Schweighofer has overtaken
Kronospan and Egger, also Austria-based companies, but also
national wood company Romsilva, which manages
state-owned forests and held the local supremacy until 2010.
Holzindustrie Schweighofer operates in four locations in
Romania, in Sebes, Alba County, Radauti and Siret, in
Suceava and Comanesti, in Bacau County.
In turn, Kronospan, which has to date invested 500 million
Euro in three locations in Romania (two factories and a
logistics center), expects its turnover to increase by 15 per
cent this year, despite rough beginnings of the year. Egger
Group focuses on developing an integrated production site in
Radauti, which includes creating almost 1,000 new jobs.
Investments announced by companies active in wood
processing are likely to move forward a market which already
overpasses one billion Euro per year, considering the
cumulated turnovers of the largest five market players, as
shown by Trade Registry data. At the same time, state-owned
Romsilva manages 3.4 million hectares of forests owed by the
state and 1.1 million hectares of private forests, held by both
local authorities and individuals. The company could be
considered one of the most valuable firms in Romania, but
has failed to produce spectacular results in recent years.
RETAILERS REMAIN CAUTIOUSLY OPTIMISTIC
At the beginning of the year most of the furniture industry
leaders were optimistic with regards to 2012 being a growth
year, considering exports, expansions or new collections that
could pour life in an industry which has been quite hit by the
economic crisis. At the same time, the need for cash flow has
driven companies to turn to foreign markets, where the
money is. Furniture and interior decorations retailer Ikea has overpassed
the 90 million Euro mark in the September 2011 – August 2012
timeframe, up 10.8 per cent over the previous fiscal year. With
these results, Ikea increases competition at the top, in an
industry where the 100 million Euro mark has so far only been
surpassed by Mobexpert, Elvila and Aramis Invest.
With the year now coming to an end, the local furniture
market enjoys good retail sales as well as increased export
moves, according to data by the Romanian Furniture
Producers Association (AMPR).
Whether they are local or multinational, retailers count on
sales boosts related to the winter holidays, which could lead
to an overall market increase of five per cent. Furniture
retailers the likes of Kika and Ikea count on such seasonal
promotions to add to an already hefty business balance sheet.
Local frontrunner Mobexpert is also seeing good sales
nationwide in the first three quarters of 2012, but its owner,
Dan Sucu, remains cautious about further increase of his
business throughout the whole year.
Nevertheless, overall consumption seems to have picked up
the pace and this adds to the general optimism, as well as
signs of recovery in the governmental sector, with the
increase in wages for state employees. Market players hope
part of the money the government gives back to its
employees will eventually end up in the furniture industry.
Development was divided in several categories in the last
year. Small players bet on expansion, like in the case of
Campina-based Lemet. In the last few years, the firm has
accessed six million Euro of European funds to expand its
production facilities and for investments in a new production
line. Lemet produces 1.2 million sqm of wooden boards (PAL)
and 360,000 items of furniture yearly. The production plans
involve over 30,000 sqm. Items under the brand “Lem’s” are
sold through a current countrywide network of 102
franchised stores.
Elsewhere, niche products were the winning card for
heavyweights, the likes of Mobexpert, while companies such
as Elvila found solid ground for development on foreign
markets.
Still, another problem facing local producers is the increasing
cost of raw materials worldwide, such as PAL, accessories,
iron materials and adhesives. To compensate for the need to
raise product prices, producers have started to renegotiate
contracts with suppliers, increase production, implement
cost-cutting strategies and reduce profit margins.
FURNITURE PRODUCERS ON A HIRING SPREE
Ikea said it wants to increase its local acquisitions pool, which
translates into national producers investing into expanding
production lines and hiring new staff to service them. Such a
case is Sighetu Marmatiei-based Plimob, which is one of
Ikea’s local suppliers, for which it delivers about 92 per cent
of its chairs production. The firm recently hired 100 new
people to face up the increased demand. Another such
supplier is Sortilemn, which delivers to companies such as
Stokke and Elano in Norway and Holsag in Canada. The
company started to feel the increased demand towards the
end of last year, when the foreign market has started to show
an increased interest for products made in eastern Europe.
Sortilemn also employed 80 new people last year to face the
demand.
Consumption crisis or not, it seems that both producers and
retailers need to fight to get more accessible products, which
will, in turn, increase foot traffic in stores nationwide, on a
market which has been estimated at around one billion Euro.
MCR
Opinion
CAMELIA SUCU,
President Class Living
The Romanian furniture consumption
decreased by 20 percent in 2011, y-o-y
evolution yet, in this context, the local
businesses increased due to the exports
and the larger foreign demand registered
on the European markets and not only.
These are the facts.
WELCOMING EXPORTS
Indeed, if we are to underline an
evolution root, it may be built around the
exports. In 2011, Romania exported 18
percent more furniture products all
around the world, not only in the
European Union countries. For the end of
this year there are no statistics yet but, I
do not have any reason to believe that the
exports will see a decline. This proves
that, both qualitatively and technically,
the furniture and probably also the raw
wood materials, are appreciated abroad.
What we lack are Romanian brands and a
better communication of the brands on
external markets.
The challenge in the local furniture
industry is to find the end-user /
consumer. But the quest for consumers is
not specific to furniture industry as it is
being felt all around the economy, in each
industry, being determined by the
downsized demand. What we should do
is to adjust, to build new strategies in
order to meet the consumer’s needs with
the right products.
Regarding the furniture production, I
think Romania is doing well and most of
the factories work for the export. As we
know, “nobody is a prophet in his land" and it is probably better for us to be
A louder voice
for Romanian
design brands
appreciated abroad, it's good that
Romanian products are requested on
European markets.
CONSUMERS ADJUST, NO MATTER WHAT
The furniture producers and importers in
Romania are feeling the effects of the
overall economic turmoil and the results
can be easily perceived in the market.
Hence, the furniture consumption
declined, since the consumers lowered
their spending budget for interior design
works. Also, the buyers slowed down the
pace of acquiring large furniture products
such as beds, coaches and closets and
now they are targeting accessories. In this
way, they manage to revamp the interiors
with lower costs.
Even if the spending declined and the
industry is noticing a slower acquisition
pace, this doesn’t mean that the
consumption has nearly ceased. The
regular customers who buy premium
brands adjust easily to changes and the
ones who can afford it, will even adjust to
trends.
LUXURY COSTS MONEY
It is said that the luxury consumption
doesn’t tend to decline in the same
rhythm as the mainstream level and I
must admit that this proves to be quite
true, if we analyze our experience in the
last years. It is also true that
redecorations are no longer such a
frequent habit as it used to be in times of
economic well- being. Several years ago,
there were clients who could afford new
decorations every six months or yearly.
However, the luxury segment is keen on
maintaining its gained status even now,
during crisis, and plans to keep it like this
in spite of a larger financial effort. This
segment usually pays attention to trends
and looks for best quality materials.
BELIEVING IN ROMANIAN BRANDS
I am a really tireless ambassador of
Romanian brands and Romanian
investments but I don’t always find an
echo to my beliefs. Romanian designers
are very talented and they convey a
strong creative force, that is why I
encourage and support them. In a
concept store opened in Aleea Alexandru
- Iconic - I often exhibit their creations.
Yet, unfortunately, the Romanian design
is not aspirational for the luxury segment,
which looks for high-awareness brands
and international logos. Although
Romanian furniture design probably is as
qualitative and creative as the luxury
brands, it does not have the same
reputation or tradition, it is rather
experimental.
“IN 2011, ROMANIA
EXPORTED 18 PERCENT
MORE FURNITURE ALL
AROUND THE WORLD,
NOT ONLY IN THE
EUROPEAN UNION
COUNTRIES.”
MANUFACTURE OF WOOD AND WOODEN PRODUCTS
RANK COMPANY NAME
1
2
3
4
5
HOLZINDUSTRIE SCHWEIGHOFER SRL
KRONOSPAN SEBES SA
EGGER ROMANIA SRL
HOLZINDUSTRIE SCHWEIGHOFER BACO SRL
CARPAT STICKS SRL
MCR SCORING
3.913
2.775
2.575
2.425
2.288
( 2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1,267
Sebes, ALBA
1,589,521,923
1
312,866,728
972,230,274
2
-31,620,157
442
Sebes, ALBA
591,358,419
3
9,019,206
421
Radauti, SUCEAVA
148,857,030
6
9,088,642
587
Comanesti, BACAU
28,545,402
21
2,131,414
137
Timisoara, TIMIS
Sighetu Marma]iei,
MARAMURES
6
SIGSTRAT SA
2.125
29,512,260
20
1,029,947
473
7
8
KRONOSPAN ROMANIA SRL
APICOM SRL
1.988
1.938
333,002,622
4
-41,395,337
230
Brasov, Brasov
38,818,983
15
711,323
117
Ciumani, HARGHITA
9
RGHOLZ COMPANY SRL
1.925
56,493,171
12
582,464
528
Viseul de Sus,
MARAMURES
1.925
48,176,072
13
1,695,537
251
Lugoj, TIMIS
1.875
110,435,385
8
4,445,228
463
Brasov, BRASOV
WERZALIT LEMN TECH SOCIETATE
10 IN COMANDITA
11 LOSAN ROMANIA SRL
11
436,516
301
Miercurea Sibiului,
SIBIU
85,317,857
9
2,102,202
249
Sebes, ALBA
30,124,090
19
1,563,041
177
Arad, ARAD
12 DEKO RAME SRL
1.875
60,762,632
13 SIMPE SRL
14 PORTA KMI ROMANIA SRL
1.788
1.688
15 VITRAROM SRL
1.588
16
17
18
19
1.575
1.550
1.500
1.438
JF FURNIR SRL
UNIROM SA
VIMAN WOOD SRL
HOLVER SRL
35,539,625
16
1,040,845
181
Lunca Calnicului,
BRASOV
68,512,778
10
1,351,456
299
Brasov, BRASOV
151,116,670
5
120,907
27
Buzau, BUZAU
45,199,951
14
-142,228
11
Bulz, BIHOR
145,045,032
7
-5,335,397
226
Brasov, BRASOV
20 APLAST WOOD INDUSTRY SRL
1.288
30,151,367
18
-7,941,645
150
21 ECO - ENERG - LEMN SA
1.238
33,287,487
17
-4,181,096
70
Ceptura de Jos,
PRAHOVA
Campulung la Tisa,
MARAMURES
MCR
MANUFACTURE OF FURNITURE
RANK COMPANY NAME
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1
TAPARO SA
2.513
235,860,894
2
8,037,080
1,025 Borcut, MARAMURES
2
ARAMIS INVEST SRL
2.463
462,621,227
1
6,727,816
2,728
Baia Mare,
MARAMURES
3
4
PARISOT GREEN SOFA SRL
COTTA INTERNATIONAL SRL
2.375
2.275
88,095,643
9
3,617,414
499
Oradea, BIHOR
195,710,802
3
8,081,585
667
Arad, ARAD
468
Satu Mare, SATU
MARE
5
COUNTRY ELEMENTS SRL
2.125
79,292,073
6
7
8
9
10
ECOLOR SRL
POLIPOL MOBILA SRL
LEMET SRL
ADA FABRICA DE MOBILA SRL
SORTILEMN SA
2.088
2.075
2.025
1.975
1.975
10
3,124,579
136,599,965
4
21,744,892
240
Jucu, CLUJ
68,519,023
13
3,210,911
555
Foieni, SATU MARE
77,163,547
11
6,584,447
425
Campina, PRAHOVA
100,937,770
5
4,004,835
501
Salonta, BIHOR
127,349,789
7
10,292,827
888
Gherla, CLUJ
1,253
Sighetu Marmatiei,
MARAMURES
11 PLIMOB SA
1.863
120,220,699
6
8,148,992
12
13
14
15
16
17
18
1.825
1.825
1.813
1.788
1.725
1.675
1.588
70,429,121
8
6,048,115
434
Arad, ARAD
88,267,833
12
5,507,625
305
Lugoj, TIMIS
65,699,347
15
-341,516
1,242
Bucuresti, Sector 1
49,770,401
20
6,236,516
225
Sebes, ALBA
63,428,790
17
7,990,145
326
Dudestii Noi, TIMIS
49,682,667
21
-1,371,357
253
Bucuresti, Sector 2
66,148,225
14
587,021
205
DITRE INTERNATIONAL SRL
GAMMET 2000 SRL
ELVILA SA
SAVINI DUE SRL
RUS-SAVITAR SRL
MOBILUX SA
MAXSTILE SRL
Arad, ARAD
Mediesu Aurit,
SATU MARE
Sighetu Marmatiei,
MARAMURES
19 TOP DESIGN FURNITURE SRL
1.475
43,535,940
16
-2,697,201
275
20 TRANSVAL MOB SA
1.475
63,932,669
18
-1,517,837
365
21 ITALROM LEATHER SRL
22 FORTISMOB SRL
1.475
1.388
60,373,138
22
-8,752,869
398
Mintia, HUNEDOARA
52,857,296
19
-7,385,331
189
Ploiesti, PRAHOVA
RETAIL TRADE OF FURNITURE, CARPETS AND LIGHTING EQUIPMENT
RANK COMPANY NAME
1 MOBEXPERT PIPERA SRL
2 POLTERGEIST SRL
3 CASA DI ADRIANO SRL
4 MOBEXPERT BRASOV SRL
5 MOBEXPERT BANEASA SRL
6 SORTEM COM SRL
7 BOGDAN MOB TRADING SRL
8 MIVALIS COMPANY SRL
9 VENUS MOB SRL
10 PHYLOSOPHY DESIGN SRL
11 CASA RUSU SRL
12 2B GROUP SRL
13 MOBILIER OVO DESIGN SRL
14 FURNITURE DESIGN DISTRIBUTION SRL
15 MOBEXPERT BERCENI SRL
16 ROMATEX SA
17 MOBEXPERT MILITARI SRL
18 MOBEXPERT PANTELIMON SRL
19 MOBEXPERT IASI SRL
20 ROMEUR SRL
TURNOVER
2011 RON) RANKING
2.288
2.138
1.938
1.750
1.738
1.688
1.600
1.600
1.600
1.500
1.488
1.488
1.450
1.400
1.388
1.388
1.338
1.338
1.300
1.200
59,663,229
2
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
2,898,976
135
Bucuresti, Sector 1
51,547,741
3
858,921
94
Timisoara, TIMIS
13,631,552
15
397,282
60
Bucuresti, Sector 5
11,773,641
18
1,123,744
39
Brasov, BRASOV
64,330,807
1
7,159,208
122
Bucuresti, Sector 1
17,841,247
9
26,809
74
Roman, NEAMT
16,573,833
12
24,590
2
Bucuresti, Sector 1
15,468,702
14
-2,039
0
Gilau, CLUJ
12,872,171
17
16,428
50
Nanov, TELEORMAN
20,886,410
7
165,371
46
44,023,647
5
-50,686
146
Dumbravita, TIMIS
20,404,337
8
63,021
87
Regin, MURES
9,328,287
20
194,423
14
Chitila, ILFOV
46,600,540
4
-5,864,440
48
Bucuresti, Sector 1
17,830,650
10
-3,125,057
67
Bucuresti, Sector 2
13,460,165
16
-1,994,932
95
Otopeni, ILFOV
16,741,155
11
-326,782
56
Bucuresti, Sector 6
16,124,509
13
-837,269
71
Bucuresti, Sector 2
11,117,014
19
-1,337,215
42
Iasi, IASI
26,577,772
6
-7,649,101
31
Oradea, BIHOR
MANUFACTURE OF PAPER AND PAPER PRODUCTS
RANK COMPANY NAME
( 2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1
VRANCART SA
2.613
163,751,672
4
1,997,353
1,134
Adjud, VRANCEA
2
RONDOCARTON SRL
2.525
227,136,348
1
3,390,861
256
Sannicoara/
apahida, CLUJ
3
PEHART TEC SA
2.325
210,733,160
2
2,110,088
366
Petresti, ALBA
4
DUNAPACK RAMBOX PRODIMPEX SRL
2.088
95,450,789
8
4,671,711
Sfantu Gheorghe,
162
COVASNA
Odorheiu Secuiesc,
118
HARGHITA
5
ABC-IMPEX SRL
2.088
31,913,712
19
4,862,684
6
7
8
ECOPAPER SA
ECOPACK SA
ROMPRIX EXIM SRL
2.038
2.038
1.988
115,333,200
6
12,443,820
140
Zarnesti, BRASOV
86,129,630
9
1,705,689
193
Ghimbav, BRASOV
42,356,469
16
1,455,185
140 Pantelimon , ILFOV
9
PETROCART SA
1.925
28,584,328
20
489,451
10
11
12
13
14
15
16
17
18
AMBRO SA
COMCEH SA
PENTAROM SRL
ROMCARTON SA
TIGER SOMES IMPEX SA
MAYR MELNHOF PACKAGING ROMANIA SRL
BARLETA SRL
SEGEZHA PACKAGING SRL
SCA PACKAGING ROMANIA SRL
1.825
1.675
1.650
1.638
1.638
1.638
1.638
1.588
1.588
161,795,924
5
9,263,547
382 Suceava, SUCEAVA
165,631,973
3
-8,639,888
256 Calarasi, CALARASI
19
AVERY DENNISON MATERIALS ROM SRL
1.400
1.288
20 VPK PACKAGING SRL
254
Piatra Neamt,
NEAMT
39,215,539
17
196,859
46 Campulung, ARGES
115,133,219
7
1,991,635
74,343,508
10
1,171,181
65
Dej, CLUJ
51,360,418
15
3,462,819
124
Blejoi, PRAHOVA
33,144,531
18
319,355
174
Bacau, BACAU
60,298,883
12
-4,495,789
72
Ploiesti, PRAHOVA
55,983,189
14
-5,398,928
119
Timisoara, TIMIS
63,164,414
11
-460,760
16
Comuna Remetea
Mare, TIMIS
58,204,240
13
-6,852,283
145
Salonta, BIHOR
Manufacturer for ready
to wear garments
85%
of local production of textiles is exported
Textile & Leather
t PREPARATION OF TEXTILE FIBERS AND TEXTILES MANUFACTURE
t MANUFACTURE OF WEARING APPAREL
t RETAIL TRADE OF CLOTHING IN SPECIALISED STORES
t MANUFACTURE OF FOOTWEAR AND LEATHER GOODS
t RETAIL TRADE OF FOOTWEAR AND LEATHER GOODS
MCR
TEXTILE & LEATHER
Production of textiles
recovers slowly after the 2009 plunge
Diana Macovei, Freelance Analyst
The domestic consumption of textiles shrank dramatically
during 2009-2011, by even two or three times, according to
market estimates. In 2009 a large number of producers
relocated manufacturing facilities in Asia, while a part of the
local companies closed or downsized significantly their output.
This resulted in around 25% y/y decline of the domestic textiles
production in 2009. Such abrupt plunge has not been alleviated
yet, even though in 2011 and H1 2012 the market showed some
signs of revival. Statistical data however reveal that clothing
apparel output index further dropped by 1.5% y/y in 2011, after
the marginal 0.1% y/y decline in 2010 and 25.5% y/y plunge in
2009. In H1 2012, the index turned in the positive area,
increasing by 6.6% y/y.
Even so, Romania remained among the top European clothing
and footwear producers in 2011 and the financial results of the
top players show that large companies have managed to adapt
to market circumstances. The total revenues of major 20
companies neared EUR 900mn in 2011. Nonetheless, very few
of the top producers are present on the domestic retail market,
as most of them shifted focus to orders under lohn system.
Foreign trade with apparel, accessories, knit or crochet in
2007-2011 (EUR mn)
394.8
339.4
2011
2010
377.4
305.7
2009
330.4
304.1
734.2
683.1
Balance
634.5
372.4
350.9
2008
2007
810.7
100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0
Foreign trade with apparel, accessories, not knit or crochet in
2007-2011 (EUR mn)
Manufacturing of textile products - Monthly output indices
(2005=100, unadjusted series)
140
1,411.3
400.7
2011
1,812.0
120
1,204.0
332.1
2010
100
1,536.1
80
40
Balance
1,169.2
329.7
2009
60
1,498.9
Import
1,565.6
437.0
2008
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2008
2009
2010
2011
2,281.0
Dec
0.0
2007
1,921.2
359.9
2007
0
500.0
1,000.0
1,500.0
713.1
592.4
2011
100
473.6
2010
80
60
404.2
2009
1,305.5
637.8
1,111.4
Balance
570.8
975.0
40
501.7
2008
20
0
2007
Mar
Apr
2008
May
Jun
2009
Jul
Aug
2010
Sep
2011
2,500.0
Foreign trade with footwear, gaiters in 2007-2011 (EUR mn)
120
Feb
2,000.0
2012
Manufacturing of clothing apparel - Monthly output indices
(2005=100, unadjusted series)
Jan
Export
2,002.6
20
Jan
Export
509.3
301.4
0.0
Import
723.3
Oct
Nov
2012
Dec
1,188.8
831.7
468.7
2007
0.0
200.0
400.0
600.0
Import
687.1
1,300.4
800.0
1,000.0 1,200.0 1,400.0
Export
IMPORTS OF TEXTILES SHOW MORE DYNAMIC
PERFORMANCE THAN EXPORTS, BUT TRADE BALANCE
REMAINS POSITIVE IN 2011
The imports of clothing and footwear products showed more
dynamic performance than exports in 2011, yet the trade
balance remains safely on the positive side. Imports of knitted
apparel and accessories increased by 11% y/y in 2011, versus 7.5%
y/y advance of exports during the year, but their value did not
reach half of exports, statistical data show. The same situation
is noted for the not knitted apparel and accessories, where
imports surged by 20.7% y/y to EUR 400.3mn, versus exports
advancing by 18% y/y to EUR 1.8bn in 2011. Footwear and
gaiters exports reached EUR 1.3bn last year, up by 17.5% y/y,
while imports rose by 25.1% y/y to EUR 592.4mn. The fervent
dynamics of clothing and footwear imports last year is partially
explained by the retailers’ expansion and the trade balance is
unlikely to witness abrupt changes in the short run.
TEXTILE PRODUCERS CONTINUE TO FACE WITH QUALIFIED
LABOUR FORCE SHORTAGE, INCREASING COSTS, DIFFICULT
ACCESS TO FINANCING
The Romanian textiles industry includes approximately
100,000 manufacturing companies, of which most are small
and medium sized. Even though the larger players managed to
generally overcome the adverse market conditions in 2011, the
smaller companies continued to face with endogenous
demand-side deterrents, as well as exogenous drawback
factors, in the broader macroeconomic context impacting
negatively on costs and financing conditions. The small and
medium-sized companies have limited distribution options and
are more vulnerable to the retailers’ shifting preference
towards cheaper products, disregarding quality level, under the
shrinking purchase power of customers. In addition to this, the
sector is still facing a shortage of qualified labour force.
According to market data, around 85% of the textiles
production is exported. Traditionally, the main export
countries have been Italy, Germany and the United Kingdom.
There were no significant changes in this regard in 2011
compared to the previous year.
FOREIGN PLAYERS EXPAND AGGRESSIVELY ON RETAIL MARKET
The clothing and footwear retailers resumed expansion, taking
advantage of the more advantageous terms offered by the
shopping centre owners and of the modern retail space supply
added to the market in 2011, which allowed them access to new
locations across the country.
Prospects for the exports’ performance in the near future
remain volatile and linked to the economic developments in
the EU, as the economic downturn continues to affect
European countries thus exerting downward pressure on
external demand.
The retail chains’ expansion was rather linked to market
circumstances, namely the availability of new spaces under
more convenient conditions, than demand-driven, as the
purchase power continued to shrink in 2011 and players
actually reported declining sales per store last year.
Exports of apparel, accessories, not knit or crochet by country in
2010-2011 (% of total not knit, EUR mn)
Besides the expansion of the international retailers already
present on the domestic market, Romania continued to be
attractive for new entrants. Mas-market brands such as H&M,
Calzedonia, New Look and Petit Bateau, but also luxury brands
Burberry, Escada, Valentino entered the Romanian market last
year.
Inner circle: 2010
Outer circle: 2011
10.6%
2.7%
9.0%
10.8%
2.2%
Italy
39.0%
38.9%
9.5%
Germany
United Kingdom
15.5%
15.5%
France
Spain
23.2%
23.3%
Others
The local clothing and footwear retailers, on the other hand,
besides harsh competition from international companies, faced
with difficult access to financing and liquidity problems for the
past two years, which added to the rising cost of utilities.
Accordingly, the Romanian companies could not keep up the
pace in expansion with international players and could not
offset the shrinking sales per store with higher volumes sold in
enlarged retail network, as it was the case of foreign companies.
Some local players were forced to file for insolvency, while
others restructured business and product portfolios.
MCR
TEXTILE & LEATHER
MANUFACTURE OF WEARING APPAREL
RANK COMPANY NAME
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1
2
ROSKO TEXTIL SRL
BRAICONF SA
2.913
2.663
332,469,063
2
21,491,773
1,207
Curtici, ARAD
33,123,548
36
1,959,082
1,046
Braila, BRAILA
3
BENROM SRL
2.488
637,218,673
1
43,536,804
165
4
NORADA SA
2.325
50,860,168
24
8,928,338
873
5
6
7
8
9
10
11
12
COTTONTEX SRL
TIME INTERNATIONAL TRADING SRL
IC COMPANYS ROMANIA SRL
FORMENS SRL
PANCARPROD SRL
TANEX SRL
ROMANITA SA
ARIES TEXTILE SRL
2.275
2.263
2.200
2.175
2.175
2.125
2.113
2.075
68,382,284
16
6,997,326
651
Timisoara, TIMIS
84,186,970
13
10,356,453
1,082
Bucuresti, Sector 6
182,429,489
3
3,073,763
31
Bucuresti, Sector 2
121,839,417
7
12,043,477
580
Botosani, BOTOSANI
Miercurea Sibiului,
SIBIU
Odorheiu Secuiesc,
HARGHITA
33,604,197
35
857,062
658
Vaslui, VASLUI
54,244,777
21
2,579,863
740
Bucuresti, Sector 5
Caracal, OLT
39,659,278
31
21,163
1,200
135,028,106
4
10,894,723
430
Arad, ARAD
23
7,625,780
1,211
Odorheiu - Secuiesc,
HARGHITA
13 IKOS - CONF SA
2.063
51,380,178
14 PANDORA PROD SRL
15 BIANCOSPINO SRL
2.025
2.025
92,496,436
9
9,309,121
897
Focsani, VRANCEA
55,045,378
20
11,953,845
338
Breaza, PRAHOVA
16 PRODUCTIE ZARAH MODEN SRL
1.975
123,467,384
6
13,318,427
705
Targu Secuiesc,
COVASNA
17
18
19
20
21
22
23
24
25
26
1.938
1.938
1.875
1.875
1.863
1.863
1.850
1.813
1.763
1.725
46,849,867
27
2,235,103
130
Slatina, OLT
41,605,777
28
4,446,164
175
Alba Iulia, ALBA
61,022,269
18
4,042,225
457
Bucuresti, Sector 6
31,500,551
37
1,380,746
730
Macin, TULCEA
90,419,019
10
-24,343,450
1,042
Cluj-Napoca, CLUJ
59,759,438
19
-6,402,083
1,026
Bucuresti, Sector 3
87,609,569
12
7,900,751
36
Paulesti, PRAHOVA
39,987,615
30
1,835,760
1,005
Calafat, DOLJ
49,539,671
26
1,213,918
1,091
Braila, BRAILA
62,696,249
17
893,274
732
UNICONFEX EXIM SRL
KOSMOS TRE SRL
VERSO CORPORATION SRL
GRECALE IMPEX SRL
JOLIDON IMPORT EXPORT SRL
STAFF COLLECTION SRL *
OZTASAR SRL
MAGLIERIE CRISTIAN IMPEX SRL
BLAZER SRL
SONOMA SRL
Bacau, BACAU
Turnu Magurele,
TELEORMAN
Targu Secuiesc,
COVASNA
27 IMPERIAL SA
1.725
50,104,648
25
1,192,933
641
28 NEW-FASHION SA
1.725
40,446,948
29
5,848,662
876
29
30
31
32
33
34
35
36
37
38
1.688
1.675
1.675
1.625
1.625
1.613
1.575
1.388
1.375
1.300
36,533,517
33
1,099,180
228
Pitesti, ARGES
53,482,902
22
-2,583,478
367
Bucuresti, Sector 4
31,227,674
38
1,345,467
604
Focsani, VRANCEA
88,299,960
11
1,911,690
876
Focsani, VRANCEA
33,883,461
34
2,686,663
678
Calarasi, CALARASI
126,114,708
5
2,654,329
1,499
Urziceni, IALOMITA
69,100,733
15
1,326,868
422
Cluj-Napoca, CLUJ
38,918,164
32
-2,141,495
227
Bucuresti, Sector 4
70,648,929
14
-6,961,917
865
Sacele, BRASOV
103,597,149
8
-222,458
43
Comanesti, BACAU
FRANCESCA INDUSTRIES SA
ADESGO SA
INCOM-VRANCO SA
ARTIFEX SRL
CATEX SA
ALISON HAYES (ROMANIA) SRL
MAGREB KNITWEAR EAST SA
STEILMANN ROMANIA SRL
ROULEAU - GUICHARD ROUMANIE SRL
BETACOM PROD SRL
PREPARATION OF TEXTILE FIBRES AND TEXTILES MANUFACTURE
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
RIFIL SA
INTEX SA
ROSEYARNS SRL
TEXTILA OLTUL SA
READY GARMENT TECHNOLOGY SRL
TREVERTEX SRL
MINET SA
TRANSILANA SA
TURNOVER
2011 RON) RANKING
2.525
2.475
2.375
2.375
1.988
1.938
1.938
1.938
CONTACT
Savinesti, NEAMT
1
2,610,062
525
98,854,440
6
3,478,047
276 Nasaud, BISTRITA-NASAUD
41,825,255
14
15,948,632
33,215,784
16
3,538,773
430 Sfantu Gheorghe, COVASNA
32,157,662
17
11,046,119
193 Sfantu Gheorghe, COVASNA
65,296,445
10
2,790,918
56
Curtici, ARAD
46,309,331
13
2,098,699
71
Ramnicu Valcea, VALCEA
26,606,051
19
52,541
167
Ghimbav, BRASOV
448
Odorheiu-Secuiesc,
HARGHITA
Buzau, BUZAU
337
Bistrita, BISTRITA-NASAUD
COATS ODORHEI SRL
1.925
134,480,934
4
6,860,252
INDUSTRIA FILATI BUZAU SRL
IASITEX SA
MARTELLI EUROPE SRL
TEXTOR DISTRIBUTIE SA
ITALTEXTIL SARATA SRL
TE-ROX PROD SRL
SUN GARDEN ROMANIA SRL
SILVANIA WORSTED SPINNING SRL
COATS ROMANIA IMPEX SRL
YARNEA SRL
CARREMAN ROMANIA SRL
1.925
1.925
1.925
1.888
1.875
1.875
1.875
1.875
1.838
1.825
1.825
93,890,803
7
2,519,063
392
65,834,003
9
261,660
362
Iasi, IASI
55,225,449
12
7,922,826
639
Buzau, BUZAU
26,580,119
20
1,290,062
105
Targu Mures, MURES
146,365,120
3
1,356,102
374
Sarata, BISTRITA-NASAUD
86,822,477
8
911,674
271
Pascani, IASI
55,370,304
11
581,214
829
Sat Pucioasa, DAMBOVITA
26,635,053
18
2,198,131
309
Simleu Silvaniei, SALAJ
40,371,340
15
4,903,105
57
Bucuresti, Sector 6
159,759,425
2
5,852,338
434
Savinesti, NEAMT
129,688,829
5
3,354,762
421
Botosani, BOTOSANI
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
RANK COMPANY NAME
22
NO OF
EMPLOYEES
269,519,650
RETAIL TRADE OF CLOTHING IN SPECIALISED STORES
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
PROFIT/LOSS
(2011 RON)
ZARA BUCURESTI SRL
PEEK & CLOPPENBURG SRL
RENANIA TRADE SRL
ROUMASPORT SRL
M - FASHION COM SRL
PULL & BEAR RO SRL
BERSHKA CARPATI SRL
EMPORIO COM SRL
HIGH FASHION CONCEPT SRL
STRADIVARIUS RO SRL
PEERAJ BRANDS INTERNATIONAL SRL
MASSIMO DUTTI RO SRL
TAKKO FASHION INTERNATIONAL SRL
SONYA MOD SA
NYER ROMANIA SRL
KENVELO ROMANIA SRL
SPRIDER STORES SRL
SOLMAR TRADING GRUP SRL
PUMA SPORTS ROMANIA SRL
HERVIS SPORTS AND FASHION SRL
MIROGLIO ROMANIA SRL
MARKS & SPENCER MARINOPOULOS
ROMANIA SA
TURNOVER
2011 RON) RANKING
2.725
2.238
2.088
1.975
1.925
1.838
1.788
1.788
1.700
1.688
1.688
1.650
1.575
1.575
1.538
1.525
1.488
1.438
1.400
1.388
1.338
1.288
262,871,579
1
44,040,102
491
Bucuresti, Sector 3
71,925,189
8
11,203,464
53
94,476,260
4
13,957,184
89
Targu Mures, MURES
144,087,186
2
951,049
262
Bucuresti, Sector 6
61,663,697
10
2,977,545
310
Otopeni, ILFOV
69,394,397
9
11,283,055
109
Bucuresti, Sector 3
76,608,716
7
3,756,720
137
Bucuresti,
36,902,451
15
377,338
119
23,977,148
22
99,952
27
41,815,468
13
4,658,004
79
Bucuresti, Sector 3
25,502,551
18
3,714,314
143
Bucuresti, Sector 2
43,621,315
12
12,991,149
46
Bucuresti, Sector 3
103,478,625
3
-8,345,510
335
Bucuresti, Sector 1
26,841,455
16
-1,652,380
356
83,145,828
5
571,626
172
Cluj-Napoca, CLUJ
81,739,445
6
-4,414,465
350
Bucuresti, Sector 6
25,218,049
20
-10,767,388
170
39,708,856
14
290,614
175
Bucuresti, Sector 1
25,433,770
19
-5,870,381
25
Voluntari, ILFOV
60,562,141
11
-5,459,083
169
Voluntari, ILFOV
26,224,695
17
-3,913,564
112
Bucuresti, Sector 1
24,107,143
21
-11,814,336
55
Bucuresti, Sector 1
MCR
TEXTILE & LEATHER
MANUFACTURE OF FOOTWEAR AND LEATHER GOODS
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
Valea Lui Mihai,
BIHOR
ARA SHOES ROMANIA SRL
3.063
220,667,632
2
7,114,881
1,548
RIEKER ROMANIA SRL
REKORD SRL
CLASS SHOE SRL
CFS-COMPONENTS FOR SHOES SRL
MUSETTE EXIM SRL
ALPINA SHOE PRODUCTION SRL
COSTE SHOES SRL
BELLARMA SRL
SIR SAFETY SRL
TRICOSTAR SRL
GLOBAL FASHION SRL
SOMAREST SRL
RO ALTO GRADIMENTO SRL
RAFFAELLO SHOES FACTORY SRL
PROGRESS SA
REROPAM SRL
ROMIPEL SRL
2.488
2.375
2.188
2.188
2.175
2.125
2.088
2.088
2.075
2.025
2.025
1.975
1.825
1.775
1.738
1.725
1.650
337,861,521
1
3,864,433
169
Lugoj, TIMIS
102,048,080
5
6,522,836
481
Alba Iulia, ALBA
Cluj-Napoca, CLUJ
58,811,136
12
5,610,338
192
37,633,792
19
2,772,151
157
Ghisoda, TIMIS
33,048,794
24
4,650,070
251
Bucuresti, Sector 4
53,605,974
14
708,609
458
Reghin, MURES
119,623,710
4
4,509,611
71
Arad, ARAD
59,973,928
10
2,912,636
180
Sibiu, SIBIU
36,351,483
20
1,203,963
434
Bacau, BACAU
44,260,961
16
2,708,683
748
Oradea, BIHOR
35,996,600
21
207,129
269
Sibiu, SIBIU
80,747,433
7
6,641,449
793
Cisnadie , SIBIU
41,927,533
18
854,957
569
Timisoara, TIMIS
80,627,804
8
339,108
712
Bucuresti, Sector 4
33,222,369
23
368,184
154
Brasov, BRASOV
75,343,598
9
1,531,277
252
Bors, BIHOR
59,779,322
11
4,893,622
35
Sibiu, SIBIU
19 LLOYD SHOES ROMANIA SRL
1.625
146,964,251
3
6,914,154
624
Valea Lui Mihai,
BIHOR
20 BIHORE SRL
1.625
92,147,809
6
985,195
625
Oradea, BIHOR
1.625
50,891,352
15
2,059,105
625
Codlea, BRASOV
1.600
57,671,552
13
2,564,245
0
Brasov, BRASOV
1.500
1.288
42,073,816
17
-2,146,950
38
Bucuresti, Sector 6
35,051,675
22
-281,292
164
Topliceni, BUZAU
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
DTR DRAXLMAIER SISTEME
21 TEHNICE ROMANIA SRL
CALZATURIFICIO SKANDIA SA SAN BIAGIO DI
22 CALLALTA TREVISO-ITALIA SUCURSALA
BRASOV-ROMANIA
23 STAR INTERNATIONAL SRL
24 KROMO PIELMO COM SRL
RETAIL TRADE OF FOOTWEAR AND LEATHER GOODS
RANK COMPANY NAME
1
2
3
4
5
6
7
8
LEONARDO SRL *
BENVENUTI SRL
OTTER - DISTRIBUTION SRL
E-QUATION SRL
ELMEC ROMANIA SRL
ADIDAS ROMANIA SRL
DEICHMANN COMERCIALIZARE INCALTAMINTE
SRL
LEATHER & SHOE SRL
2.313
2.188
2.038
1.950
1.775
1.688
251,342,774
1
-26,830,032
1,690
Oradea, BIHOR
55,559,053
7
927,681
228
Oradea, BIHOR
Chiajna, ILFOV
1.338
136,476,318
1.338
36,821,329
69,708,737
6
5,963,041
203
199,276,625
2
1,893,817
1
Sebes, ALBA
129,595,856
4
-21,320,778
560
Bucuresti, Sector 5
82,270,130
5
621,765
153
Bucuresti, Sector 1
3
-2,406,082
211
Bucuresti, Sector 1
8
-1,357,959
68
Sibiu, SIBIU
1.2
million tons worth exports of sunflower from
record production of 2 million tons in 2011
1.57 million tons worth exports of wheat in 2011,
a 63 percent plunge y/y
Agriculture
t GROWING AND TRADING AGRICULTURAL RAW MATERIALS
t GROWING AND TRADING FRUIT AND VEGETABLES
t FARMING AND MEAT PROCESSING
MCR
AGRICULTURE
ROMANIA’S
ethernal and fascinating promise
Iulian Ernst, Freelance Analyst
The national under-regulation and the strict regulation at EU level
are paradoxically both responsible for weak investments in
Romania’s agriculture – which consequently lags behind potential.
The lack of a predictable environment at home (plus atomised
ownership inherited from the 90’s), added to the differential
farming subsidies and discouraged foreign investors to pour their
money in agriculture when their interest increased in the past
decade.
Lack of capital and infrastructure left Romania’s farmers
vulnerable to the natural, unpredictable drivers – as it happened
in the last 2011-12 marketing year and might happen again in
2012-13 if the weather remains adverse. On the upside, strong global
demand generates broadly favourable circumstances for the sector
as the prices are still high.
CHANGE OF PARADIGM: FEEDING PEOPLE VS. GENERATING VALUE
Romania could feed up to 80mn people, experts conclude from
time to time. It is often evoked the “golden age” when the large
fields provided the country with a competitive advantage at
European level in the context of extensive farming at the
beginning of last century. However, today’s farming is quite a
different business. Indeed, hypothetically country’s natural
resources could produce more food than its population needs.
paradigm is not a well-posed problem for many reasons. But it
is followed by so many at microeconomic level that a shift in
paradigm is unlikely to happen until the families actually
feeding themselves from one-to-two ha plot of land effectively
disappear: by either extinction, or migration to more developed
European areas where their labour is better valued so they
prefer trading it than using the plot of land back home.
FOREIGN TRADE: TRADING INPUTS FOR PROCESSED FOOD
The foreign trade statistics for 2011 for the food sector shows one
interesting fact: while “other” items account for 29% of exports,
its share in imports is 54%. It means that while the exports is
relatively dominated by several key [basic] items like maize and
other grains, Romania imports a bit of everything. Local food
producers hardly face the competition of foreign producers that
have benefitted for decades of abundant subsidies extended by
the EU under the Common Agricultural Policy.
The sunflower seeds exports increased markedly, doubling in
volume to nearly 1.2mn tonnes in 2011, according to the
government’s foreign trade agency. . The imports were 0.24mn
tonnes and indeed the net exports were slightly below 1mn
tonnes – but this is still notable. The high records were
supported by the record sunflower crop of nearly 2mn tonnes.
Problem is that country’s agriculture should not effectively
feed as many people as possible – but to optimise the
utilisation of natural resources and generate as much as
possible value. While the former paradigm is more of political
nature, of the same nature of “food security”, the latter is what
is generally defined as a well-posed problem. People-feeding
The domestic crop increased more precisely by 0.6mn tonnes
to 1.86mn tonnes in 2011. The whole supplementary
production went to export. The effects of record sunflower
crop last year was enhanced by certain increase in the average
FOB export maize price to EUR 434 per ton – in 2011 against
EUR 391 per ton in 2010.
2011-12: SOUND 2011 CROPS FUEL COUNTRY’S ECONOMY
Average Wheat Prices (USD per ton)
The wheat exports on
the opposite plunged
in volume terms by
63% y/y to 1.57mn
tonnes. On base
effects after the
record crop harvested
the year before.
Hopefully, the
average wheat FOB
export price increased
from EUR 154 per ton
in 2010 to EUR 200
per ton in 2011.
The rise in imports was more moderated in 2011, only 12.5% y/y
against 26.9% y/y rise of the exports. Romania imported mainly
sugar and pork. The imports of sunflower surprisingly increased
surprisingly in spite of the record crop. Imports of soy groats
remain very high, as well as the imports of animal feed-like,
prepared, as the cultivation of GM soy is still banned in the
country.
2011-12: SOUND 2011 CROPS FUEL COUNTRY’S ECONOMY
Romania’s vegetal crop, but also the animal produce, must have
decreased in 2012 because of the dry weather one year earlier
and because of the farmers’ difficult financial conditions.
Maize crop drops by some 60% to 4.7mn tonnes in 2012,
according to estimates of the agriculture ministry dated late
September. The country was the second largest European
maize producer last year with 11.6mn tonnes harvested from
2.6mn ha. In 2012, farmers increased their exposure to maize to
2.8mn ha after the rapeseed crop was severely damaged by the
adverse weather.
Romania’s potential for maize exports have diminished
dramatically this year [2012-13], but the actual exports will
finally depend on the distribution of the crop between large
farms [more inclined to put on the market their crops] and
small-sized farms that use predominantly the output for own
consumption.
Wheat crop has decreased 32.7% to 4.78mn tonnes this year.
Country’s wheat exports will decrease to 1.3mn tonnes in the
2012-2013 marketing year from 2mn tonnes a year earlier, the
country’s agriculture minister Daniel Constantin was quoted as
saying. Yet, the wheat quality is very good, with 100% of it
qualifying as milling wheat, Constantin stressed.
Sunflower crop is 1.3mn tonners, down from 1.87mn tonnes
last year, EU official projections show. Nonetheless, the line
ministry announced that even at 1.5 tonnes per ha, the
0.65-0.7mn ha cultivates will yield enough sunflower to cover
domestic demand.
INVESTORS GAIN INTEREST IN ROMANIA’S MEAT INDUSTRY
The US Smithfield was the sole Romanian pork producer that
received license to export fresh and processed pork from
Romania to EU after January 1, when the Union lifted the ban
on Romanian pork. The US company, which operates a
large-sized farm in Western Romania, plans to export to EU
and Asian countries.
Out of the 12 farms applying for the permit, only two qualified
and Marex [the other one] gave up export plans meanwhile.
The pork imports decreased significantly from nearly 250
thousand tonnes in 2008 to less than 160 thousand tonnes in
2011 – while the domestic pork production [weight in carcass]
stagnated around 455 thousand tonnes.
Investors’ interest in Romania’s meat industry is witnessed by
HKD Industries putting EUR 10mn into the takeover of
Romanian meat processor Integra – a company that delivers its
output mainly on the local market. Some 70% of the meat
processed by Integra is of local origin, while the rest is
imported from EU countries. The EUR 10mn include the cash
injection as well as the service of Integra’s debt – in addition to
the price paid for the 100% share to local owners.
MCR
Opinion
ANGELO NICOLAE,
General Manager, Agri Business
at Brise Group Constanta
The agricultural trading market in
Romania is fairly competitive, operated
by almost all the large groups active in
this segment. Yet, it didn’t reach the
maturity, neither as business models
nor as stability and predictability. The
local agricultural trading states a similar
level or even a superior one compared
with the other neighboring countries,
due to its main logistics features: the
Black Sea’s port at Constanta and the
riverine positioning of the Southern
part of the country on the Danube.
CHALLENGED FROM WITHIN
The state of Romanian agriculture is
rather unpredictable and even if the
latest production volumes, especially
the corn harvests have been
significantly reduced by the dry
weather, this industry triggers a lot of
attention on a larger economic scale.
The agriculture, as a strategic field of
Romanian economy should benefit
from a more coherent operational
strategy and the development of a
countrywide irrigation network should
be a priority for investments. The
country has the advantage of large
agriculture areas and high quality of soil
but the natural benefits sustained also
by a national strategy could convey an
enviable position of Romania among
the worldwide agricultural industries.
The global economy turmoil affected
every industry but, agriculture is a
segment in economy that addresses the
basic feeding needs of a population,
hence, it cannot cease from existing.
Traders face
unpredictable
weather
I think that Romanian farmers could
face better the harsh conditions
delivered by the weather or the lack of
subsidies and poor agricultural
infrastructure if they found support.
However, those who have understood
to run a proper business in agriculture
are now harvesting the results.
The performance obtained by
Romanian farmers due to a national
irrigation system could weight against
the large differences regarding the
subsidies granted for the agriculture
industry in Romania, compared with
other EU countries. Also, a coherent
strategy in agriculture might
significantly reduce the risks in this
segment.
THE PRICE GAME
The price of grains saw a significant
increase in the last years and especially
this year due to the dry weather and its
effects on the autumn harvest. The
prices increased not only locally but
worldwide. If 2013 will benefit from
normal weather conditions, the prices
of grains could see a certain decline but
not a significant one. Hence, the
profitability in this segment will go on
attracting investors as it delivers
promising businesses and it will
significantly impact the national
economy.
The fortunate natural setting of
Romania within the Black Sea’s coastal
region and the Constanta harbor, one of
the most dynamic logistic hubs in
Europe, offers significant potential for
exports. Overall, the goods delivered by
sea targets the Middle East markets
while the cargos which are being
delivered by Danube or leaving from the
Western part of Romania are exported
on EU large markets as Italy, Austria, or
Germany. Of course, the demand comes
also from the local market, due to the
large processors and consumers but,
overall, Romania is a country with a
large potential for exports in
agriculture.
As for the challenges of this year, 2012
has been in deed a challenge for any
trader on this market, no matter its size.
I think that whoever managed to
maintain a profitable business or at
least tried to survive this year, will be
ready to face future challenges in this
segment. However, the unpredictability
factor in agricultural trading is the
highest challenge of all.
“2012 HAS BEEN A
CHALLENGE FOR ANY
SMALL OR BIG TRADER
OPERATING IN
ROMANIAN
AGRICULTURAL
MARKET.”
GROWING AND TRADING AGRICULTURAL RAW MATERIALS
RANK COMPANY NAME
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1
INTERAGRO SA
3.875
2,741,108,028
2
162,792,694
2
AGRO-CHIRNOGI SA
3.575
1,124,597,971
4
20,812,621
574
3
3.338
2,897,665,343
1
31,583,472
4
CARGILL AGRICULTURA SRL
ALFRED C TOEPFER INTERNATIONAL
(ROMANIA) SRL
3.188
1,848,711,705
3
-17,460,690
5
BRISEGROUP SRL
2.838
544,497,306
7
12,813,660
128
6
AMEROPA GRAINS SA
2.838
483,949,128
8
11,351,261
200
7
POPASUL TREBES SRL
2.800
233,903,759
19
13,234,054
31
8
TCE 3 BRAZI SRL
2.775
402,400,692
9
49,741,849
912
9
GRANI COMERT SRL
2.750
374,804,985
11
7,656,500
49
10 MARIA CEREALE SRL
2.700
316,630,800
14
5,619,256
14
11 ROREX TRADER SRL
2.700
205,400,638
21
832,152
10
12 ROMSPEED SRL
2.650
276,478,458
17
668,976
8
13 ROMSILOZ CEREALE SRL
14 AGRICOVER SA
2.600
2.575
297,149,260
15
13,105,972
640,188,662
5
2,351,989
451
15 TOTALAGRO SA
2.450
209,576,565
20
694,605
33
16 INTERAGRO SRL
2.425
608,128,611
6
459,977
884
17
2.325
187,004,012
24
6,061,306
501
Vaslui, VASLUI
18 BARTER TRADING ROMANIA SRL
2.288
386,507,424
10
145,781
77
Agigea,
CONSTANTA
19
20
21
22
23
24
25
26
27
28
29
30
2.288
2.275
2.188
2.000
2.000
2.000
1.988
1.988
1.950
1.938
1.938
1.938
346,567,101
12
526,398
213
Segarcea, DOLJ
248,582,527
18
-8,243,566
288,577,232
16
-31,706,571
323,679,543
13
-19,770,426
196,182,861
23
3,139,657
167,779,717
27
5,204,998
18
Sindrilita, ILFOV
136,821,412
32
10,728,407
117
Sindrilita, ILFOV
100,030,353
38
5,395,670
198,399,718
22
928,468
20
Buzau, BUZAU
143,831,151
31
21,500,744
213
Movila, IALOMITA
129,508,176
35
7,041,071
67
Oradea, BIHOR
100,250,519
37
6,910,783
31 PROMAT COMIMPEX SRL
1.850
130,858,626
34
11,252,227
32
33
34
35
1.800
1.738
1.688
1.688
114,675,482
36
2,430,833
164,069,569
29
1,620,399
167,030,490
28
143,900
142
Braila, BRAILA
150,009,152
30
2,514,385
115
Carei, SATU MARE
36 CARCO HOLDING SRL
1.600
132,731,618
33
1,058,374
11
Constanta,
CONSTANTA
37 SOUFFLET MALT ROMANIA
38 PROVIMI ROMANIA SRL
39 KWS SEMINTE SRL
1.550
1.338
1.288
168,213,178
26
-4,676,298
26
Buzau, BUZAU
182,142,951
25
-15,344,623
140
Craiova, DOLJ
91,673,720
39
-6,516,082
COMCEREAL SA
CEREALCOM DOLJ SA
INTERSNACK ROMANIA SRL
MONSANTO ROMANIA SRL
NIDERA ROMANIA SRL
GLENCORE PROTEIN ROMANIA SRL
PIONEER HI-BRED ROMANIA SRL
PIONEER HI - BRED SEEDS AGRO SRL
RODBUN GRUP SRL
AGROGLOBAL SA
INTERCEREAL SA
AGROIND CAUACEU SA
COMCEREAL SA
AGRIGROS SRL
ATIFCO INTERNATIONAL SA
CEREALCOM SA
ARDEALUL TRADING SRL
Chirnogi,
CALARASI
Constanta,
CONSTANTA
Constanta,
CONSTANTA
Margineni, BACAU
Piatra Neamt,
NEAMT
Constanta,
CONSTANTA
Constanta,
CONSTANTA
Constanta,
CONSTANTA
Buzau, BUZAU
Posta Calnau,
BUZAU
Zimnicea,
TELEORMAN
29
Tasnad, SATU
MARE
15
Timisoara, TIMIS
MCR
AGRICULTURE
GROWING AND TRADING FRUIT AND VEGETABLES
RANK COMPANY NAME
( 2011 RON) RANKING
1
2
3
4
5
CONTEC FOODS SRL
ALFREDO FRESH SRL
AKPAROM SRL
TOTAL PRODUCE BUCHAREST SRL
SMT FRUCT SRL
2.175
2.138
2.050
1.950
1.900
6
ENB SRL
7
8
9
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
75,023,439
7
7,440,021
436
Tecuci, GALATI
104,327,777
5
1,998,316
98
Afumati, ILFOV
100,961,199
6
3,162,612
9
Chiajna, ILFOV
43,779,969
18
677,480
1
Afumati, ILFOV
126,852,040
3
291,441
2
Chiajna, ILFOV
1.888
70,086,927
9
575,574
66
LUCO FRUCHT MARKETING SRL
1.850
63,077,771
13
2,526,074
26
FLIPPER COMIMPEX SRL
BELLA INTERNATIONAL SRL
1.838
1.800
105,753,089
4
272,489
201
Tunari, ILFOV
63,939,653
12
1,739,995
28
Oradea, BIHOR
10 FRESH PLAZA SRL
1.750
188,081,029
1
692,379
36
Stefanestii de Jos,
ILFOV
11
1.738
64,517,059
11
413,936
94
Afumati, ILFOV
12 LUCIDIUS SRL
1.700
47,205,639
17
354,767
13
LEOSER SA
1.675
47,519,056
16
245,238
14
15
16
17
18
19
20
SEMT INTERNATIONAL FRUCT SA
DOLE ROMANIA SRL
ORLANDO IMPORT - EXPORT 2001 SRL
HORTIFRUCT SRL
ROXI FRUCT COM SRL
AGRICANTUS SRL
DOMINO TRADING SRL
1.500
1.500
1.488
1.475
1.400
1.388
1.388
57,870,322
14
145,754
39,416,379
19
-18,325,522
INTERFRUCT SRL
Constanta,
CONSTANTA
Stefanestii de Jos,
ILFOV
Bucuresti,
BUCURESTI
Popesti - Leordeni,
262
ILFOV
28
5
Chiajna, ILFOV
50,327,688
15
302,335
163,840,604
2
163,377
94
38,745,625
20
-296,196
14
70,608,564
8
-862,008
59
Buftea, ILFOV
66,218,484
10
-3,276,780
76
Afumati, ILFOV
Clinceni, ILFOV
Afumati, ILFOV
FARMING AND MEAT PROCESSING
RANK COMPANY NAME
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1
AVICOLA CREVEDIA SA
2.925
395,973,057
5
2,256,188
428
Crevedia, DAMBOVITA
2
3
UNICARM SRL
TRANSAVIA SA
2.763
2.675
635,301,465
1
13,781,420
2,688
Vetis, SATU MARE
357,681,199
7
26,299,438
913
Oiejdea, ALBA
Boldesti-Scaeni,
PRAHOVA
4
AGRISOL INTERNATIONAL RO SRL
2.675
231,060,622
13
8,441,745
953
5
CRISTIM 2 PRODCOM SRL
2.625
289,090,147
11
2,979,569
734
Bucuresti SECTOR 1
Filipestii de Padure,
PRAHOVA
6
RECUNOSTINTA PRODCOM IMPEX SRL
2.575
227,983,546
14
7,736,300
785
7
8
ELIT SRL
MAREX SA
2.563
2.525
355,471,527
8
13,884,870
1258
Cugir, ALBA
398,187,149
4
3,546,829
371
Braila, BRAILA
9
DIANA SRL
2.525
232,632,287
12
1,285,435
557
Ramnicu-Valcea,
VALCEA
10
11
12
13
14
15
16
AGRICOLA INTERNATIONAL SA
ALDIS SRL
VEGETAL TRADING SRL
SAFIR SRL
SMITHFIELD PROD SRL
SMITHFIELD FERME SRL
AGROALIM DISTRIBUTION S.R.L.
2.463
2.463
2.450
2.425
2.375
2.313
2.275
332,841,739
9
4,090,384
1,805
Bacau, BACAU
329,845,455
10
-9,374,090
1,391
Calarasi, CALARASI
372,982,639
6
13,448,456
20
Braila, BRAILA
91,746,073
36
2,923,190
254
Vaslui, VASLUI
572,703,369
2
-17,153,428
593
Timisoara, TIMIS
17 SERGIANA PRODIMPEX SRL
18 AVICOLA BUZAU SA
551,803,463
3
6,639,474
1,048
Timisoara, TIMIS
214,006,504
16
-13,229,272
376
Bucuresti SECTOR 6
2.275
90,471,377
37
3,095,788
438
Poiana Marului,
BRASOV
2.225
94,375,282
34
1,815,149
372
Buzau, BUZAU
12,508,843
120
Com Glodeanu
Silistea, BUZAU
19 VIS AGRI SRL
2.138
125,146,607
23
20 CAROLI FOODS GROUP SRL
21 FOX COM SERV SRL
22 NUTRICOM SA
2.125
2.075
2.025
218,510,899
15
-888,427
821
Pitesti, ARGES
116,447,424
26
4,391,375
304
Bucuresti, Sector 4
164,585,238
20
3,668,303
431
Oltenita, CALARASI
23 MARIA TRADING SRL
2.025
145,930,702
22
4,039,797
264
24
25
26
27
28
29
30
1.975
1.938
1.838
1.825
1.825
1.825
1.825
105,702,863
31
617,935
480
Brasov, BRASOV
171,177,839
19
1,214,049
158
Palota, BIHOR
80,616,889
38
1,835,022
201
BACAU
123,066,698
24
770,380
471
Focsani, VRANCEA
91,775,055
35
687,081
324 Ucea de Jos, BRASOV
77,817,738
39
8,747,871
431
Tulcea, TULCEA
76,161,260
40
2,033,444
291
Podu Iloaiei, IASI
31 AVICOLA MIHAILESTI SRL
1.788
198,416,888
17
1,170,892
179
Draganescu,
GIURGIU
32
33
34
35
36
37
SCANDIA FOOD SRL
AVICARVIL SRL
GALLI GALLO SRL
MEDA PROD 98 SA
AGRIMON SRL
ANGST RO SRL
1.775
1.775
1.775
1.775
1.738
1.725
164,517,002
21
2,913,421
358
Sibiu, SIBIU
121,587,413
25
5,799,997
616
Francesti, VALCEA
112,757,402
29
587,902
273
Codlea, BRASOV
102,082,463
33
534,060
462
Bucuresti, Sector 3
75,153,608
41
47,452
178
Oprisenesti, BRAILA
186,333,586
18
11,773
692
Buftea, ILFOV
38 FERMA ZOOTEHNICA SRL
1.725
104,063,191
32
249,832
279
39 C+C SA
1.700
113,085,226
28
133,595
0
40 AVE IMPEX SRL
1.675
116,048,412
27
234,477
498
41 AVICOLA CALARASI SA
1.675
109,081,963
30
-3,237,573
467
AVICOLA BRASOV SA
NUTRIENTUL SA
INTERAGROALIMENT SRL
AVICOLA FOCSANI SA
CARMOLIMP SRL
CARNIPROD SRL
ROM TRADING COMPANY SRL
Baia Mare,
MARAMURES
Resita,
CARAS-SEVERIN
Satu Mare,
SATU MARE
Calarasi, CALARASI
2.3
kg per capita is the annual coffee consumption
in Romania, placing the country on the 49th place
in a global ranking
FMCG
t PROCESSING OF TEA AND COFFEE
t MANUFACTURE OF COCOA, CHOCOLATE AND CONFECTIONERY
t MANUFACTURE OF SUGAR
t MANUFACTURE OF CONDIMENTS AND SEASONINGS
t MANUFACTURE OF VEGETABLE AND ANIMAL OILS AND FATS
t MANUFACTURE OF DAIRY PRODUCTS
t MANUFACTURE OF GRAIN MILL PRODUCTS AND STARCHES
t MANUFACTURE OF WINE FROM GRAPE
t MANUFACTURE OF BEER
t MANUFACTURE OF SOFT DRINKS; PRODUCTION OF MINERAL WATERS AND
OTHER BOTTLED WATERS
t DISTILLING, RECTIFYING AND BLENDING OF SPIRITS
t MANUFACTURE OF TOBACCO PRODUCTS
t HOME AND PERSONAL CARE
MCR
FMCG
How fast are consumer
goods moving?
Confronted with the financial crisis, consumers are now
shopping in a more tempered and cost-effective way, they
have reduced the value of the daily shopping basket and have
given up on buying things they don’t really need. Otherwise
put, the buying decision has become more and more a
rational one, the quantity of products is now smaller and the
price and offers are key factors in the decision to buy a
product; consumers’ budgets have shifted mainly towards
basic food supplies.
How did the market react?
A sector analysis by market research company Nielsen puts
the 2011 fast moving consumer goods market slightly below
the volumes it registered in 2010, however, in absolute value,
the FMCG market has grown to some extent, testifying to an
increase in prices in 2011.
The Nielsen study shows that the sectors most hit by the
financial and economic crisis were the food one (a decrease of
over five per cent in volume) and the juice one (minus six per
cent in overall sales). Speaking about non-food products, it
seems that heavy water treatment, home care products,
electric toothbrushes and bleachers have witnessed the
steepest decline in 2011, according to the Nielsen study.
Regardless of the field of activity (be them producers, retailers
or distributors), all major market players bet on further
development in 2012, as opportunities still exists when it
comes to finding cheaper locations or better selling points.
Large expansion projects go hand in hand with emphasizing
brand value and in-store advertising, as well as strengthening
existing relations with traditional partners.
For example, beer consumption went up four per cent in the
first half of this year as compared to the similar period in 2011,
according to the Romanian Brewers Association. Romanians
drank 8.3 million hectoliters in the first six months of 2012,
the volume of sales registered between January and June 2012
by the Association’s members – Bergenbier, Heineken
Romania, Romaqua Group, Ursus Breweries and United
Romanian Breweries – also registering an uptrend, reaching
7.8 million hectoliters, up 5.4 per cent over the year-ago
period. The association says, at present, 98.4 per cent of all
beer consumed in Romania is produced locally, with the beer
market witnessing the lowest level of imports in the food
industry.
Still, the beer market was severely hit by the economic crisis,
which in turn induced a major decline in the Romanians’
purchasing power. The Brewers Association says the
cumulated decrease of the market in 2009 and 2010 stood at
16 per cent, followed by a short stable setting in 2011 which
was, unfortunately, canceled in the first three months of 2012,
when the decline started again.
The decrease in beer consumption in the past four years had
major negative social implications, as, in just three years, jobs
in the sectors at a national level were cut by 21 per cent, says
the Association. Based on the latest census data, the
Romanian beer consumption per capita stood at 89 liters in
2011.
An indirect but positive influence seems to come from the
fierce competition in modern retail, which is actively looking
to attract new consumers through the best offers and price
promotions. Almost all major European players are active in
Romania, and the ratio of the modern sales channel in the
overall sales mix is becoming a more and more important
partner for FMCG producers, be them food or non-food ones.
Market analysts hint towards viewing the current moment in
Romania not as a crisis, but as a different context. The crisis
is, in fact, a general framework dominated by volatility, with
small increases immediately replaced by small decreases. Most
talk about a consumption crisis no one knows when it’ll come
to an end, hence the need to find ways to counteract it. FMCG
players need to identify the market’s strong points, look for
opportunities given by this context and find a way to exploit
them at full impact and be prudent, as well as thinking on the
long term
Along these lines, rethinking communication strategies based
on consumer behavior might be the way out.
At the end of 2011, official economic predictions were positive
for 2012; however, the deepening of the EU crisis has brought
new reasons of concern for Romania. Not to mention the
political debacle the country has seen this summer and the
increased European Commission scrutiny with regards to the
rule of law in this country…
In this context, what were the main consumer trends in 2012?
The focus on budgeting continued to deepen, buoyed by the
ability of consumers to easier monitor outgoings – from
spending on grocery shopping to household energy usage – in
real time. Recession had a strong impact on the consumers’
budgets and lifestyle. Faced with the reduction of personal
income and increasing price rates, they learned to cut out
spending on goods considered unessential or they delayed
major purchases like cars, houses and electronics. They became
smarter shoppers looking for the best prices, comparing
between products alternatives, searching for more information
before any purchase and finally, reducing quantity and
frequency of consumption, resulting in a negative effect on
loyalty towards brands, products or service providers.
The consumer market seemed to be mainly driven by the
aging of population. In the near future, there are likely to be
more people with a traditional mindset, placing high stability
on life, respecting rules and conventions, resistant to anything
new and innovative or longing for the past. According to one
of the latest Euromonitor predictions, it is expected that all
age groups below 43 will see a decline in numbers in the next
years. The steepest decline, in both percentage terms and
actual numbers, will be for those aged 20-35. The trends are
driven by a combination of factors, and the variations in the
natural rate of change are caused by the low birth rate, the
ageing population and the emigration of young adults.
Given all these, FMCG players should think about
approaching consumers through the “Me Branding”
paradigm. It’s about being different and recognized by others,
or showing off, also about being faithful to the personal style
more than being trendy, about building one’s own personal
brand in society (investing in personal image and striving for a
better position in society), in the digital space (personal
blogging and social networking sites). This will also be
reflected in consumption – demand for products and
experiences that are deemed to be authentic, those offerings
that feel “really real” and different.
MCR
Opinion
MARIUS MELESTEU,
General Manager,
Strauss Romania
Nowadays, CAUTION is what
Romanian consumers have in mind as
far as their spending habit is concerned
and what companies guide their actions
by. Spending intentions have declined
across all sectors and it is more crucial
than ever that companies adjust to the
current situation.
The Romanian coffee market has
gradually decreased over the last years
mainly owing to the consumers’
financial uncertainty. According to the
World Research Institute, the annual
coffee consumption in Romania is of 2,3
kg per capita, placing our country on the
49th place in a global ranking. In
comparison, Finland comes first with
over five times as much coffee drunk per
capita, on an annual basis (12 kg).
X-Raying the
Romanian
coffee market
believe that the espresso holds that
characteristic.
The fact that Romania is not an avid
coffee drinking country, such as the
northern European states, can be
explained by its recent history. During
the communist regime, coffee was hard
to find, being handed out in rations. As a
result, people would only enjoy a cup of
coffee when guests would come to visit
– coffee was seen as a luxury. Although
times have changed and now coffee is
easily accessible in a variety of blends,
such perceptions are hard to shift.
Irrespective of the financial situation,
Romanian coffee consumers have not
resorted to down-trading, to switching
their favourite coffee brand for a more
economical one; generally, they would
rather drink less coffee but at the same
quality they are used to. Brand loyalty is
something that defines the entire coffee
market.
In one way, coffee continues to be
treated as a luxury. Although scheduled
to be eliminated in 2010, after a gradual
decrease as of 2007, the coffee excise
duty is still applicable in our country.
Romania is one of the few states to
maintain this tax in the European
Union, alongside Belgium, Latvia and
Germany. Bulgaria eliminated it on
entering the European Union. The
coffee excise duty rate applicable in
Romania varies between EUR 153 /tone
and EUR 900/tone, depending on the
type of coffee.
Another aspect relevant for the
Romanian consumers is the kind of
coffee they drink and the way they
prefer to prepare it. The roast and
ground coffee is by far the most sought
after and they usually prepare it using
the kettle. This kind of preparation
brings out the most caffeine in coffee,
although most people are tempted to
The existence of this tax brings about at
least two issues: one is the growth of the
black coffee market and the other, easier
to measure, is the increased price
consumers have to pay for their daily
cup of coffee. The exchange rate at
which all the taxes will be calculated in
2013 is of 4,5223 lei per euro, 5,1% higher
than in 2011.
Coffee producers have to cope with a
series of realities having to do with
coffee prices and the way they impact
end-consumers. Being a commodity
traded in the stock exchange, green
coffee prices may vary on several
grounds: poor or rich harvests, changes
in climate, speculations, to name just a
few. When green coffee prices are on
the rise, local producers such as Strauss
Romania have a very difficult task at
hand: try not to transfer the entire
financial burden to end consumers.
How can we do that? By effectively
managing all the operational costs but,
at the same time, keeping an eye on the
quality of our products.
“AT THE END OF THE
DAY THE WINNERS WILL
BE THE COMPANIES
THAT WILL LOOK
ABOUT OPERATIONAL
EXCELLENCE,
EXCEPTIONAL
EXECUTION AND
DEVELOP A PORTFOLIO
OF POWERFULL
BRANDS.”
PROCESSING OF TEA AND COFFEE
RANK COMPANY NAME
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
262
Ghimbav, BRASOV
1
2
3
4
5
6
KRAFT FOODS ROMANIA SA
STRAUSS ROMANIA SRL
PANFOODS ROMANIA SRL
TCHIBO BRANDS SRL
PRO SOFT SRL
ALKA CO SRL
2.675
2.025
1.938
1.900
1.888
1.688
563,555,504
1
26,064,691
212,401,106
2
-15,372,091
50,954,363
8
4,531,213
58,485,996
7
1,100,621
93,652,073
6
2,629,640
46,898,271
9
-9,533,491
7
MERIDIAN CC SRL
1.588
94,847,857
5
92,323
91
8
CAFEA FORTUNA SRL
1.488
105,783,963
3
181,449
94
9
DUO SRL
1.488
98,028,392
4
-2,918,029
182
( 2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
446
Curtea de Arges,
ARGES
MANUFACTURE OF CONDIMENTS AND SEASONINGS
RANK COMPANY NAME
137
Brasov, BRASOV
Orsova,
MEHEDINTI
Dragomiresti Deal, ILFOV
1
DR OETKER RO SRL
2.525
219,308,602
2
3
4
5
6
7
SOCIETATEA NATIONALA A SARII SA
ION MOS SRL
ALEX & COMP SRL
DOHLER ROMANIA SRL
COMPANIA INDIILOR ORIENTALE PROD SRL
KAMIS - CONDIMENTE SRL
2.363
2.038
1.938
1.850
1.838
1.700
250,210,387
1
1,363,946
83,178,716
4
9,082,812
157
Chiajna, ILFOV
62,360,964
5
1,019,011
242
Vanatori, GALATI
33,052,403
7
2,454
25
Chiajna, ILFOV
31,551,779
8
2,086,055
20,202,828
9
1,826,626
8
PACOVIS ROMANIA SRL
1.700
15,325,539
10
494,257
28
9
FUCHS CONDIMENTE RO SRL
1.688
56,421,713
6
2,202,165
223
10 SUPREMIA GRUP SRL
11 KOTANYI CONDIMENTE SRL
12 CONDIMENTE ROMANIA SRL
1.638
1.600
1.300
114,270,456
3
2,010,176
190
4,819,761
11
198,271
3,772,500
12
-245,942
( 2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
MANUFACTURE OF TOBACCO PRODUCTS
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
BRITISH AMERICAN TOBACCO (ROMANIA)
TRADING SRL
JT INTERNATIONAL (ROMANIA) SRL
PHILIP MORRIS TRADING SRL
JT INTERNATIONAL MANUFACTURING SA
LUZAN LOGISTIC SRL
PAMIMAI DISTRIBUTION SRL
SHARK GROUP SRL
PHILIP MORRIS ROMANIA SRL
HTS HONGTA SERVICES SRL
BRITISH - AMERICAN TOBACCO ROMANIA
INVESTMENT SRL
MCR SCORING
2
4.475
6,051,829,824
1
3.675
3.625
3.175
2.538
2.438
2.100
1.975
1.700
2,375,824,912
2,362,448,641
1.575
23,042,119
NO OF
EMPLOYEES
Targul Mures,
MURES
Curtea de Arges,
ARGES
Alba Iulia, ALBA
CONTACT
317,054,628
2
6,030,690
3
14,966,343
1,979,436,255
4
-12,647,951
230,165,760
6
1,696,090
351,135,243
5
261,989
181,286,815
7
233,032
135,787,077
9
18,662,086
127,716,486
10
-521,448
144,825,508
8
5,559,206
270
Otopeni, ILFOV
66
Targu Jiu, GORJ
166 Bucuresti , Sector 1
519
Otopeni, ILFOV
MCR
FMCG
MANUFACTURE OF COCOA, CHOCOLATE AND CONFECTIONERY
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
Clinceni, ILFOV
2.875
2.688
2.625
2.625
2.613
2.488
2.438
2.375
2.363
212,667,390
8
15,464,874
555
213,525,542
7
30,201,909
322,565,844
4
1,347,558
312,020,361
5
2,309,541
575,287,107
2
1,205,208
208,940,371
10
468,060
213
Afumati, ILFOV
210,035,820
9
420,742
115
Chiajna, ILFOV
664,906,677
1
-9,294,735
416,744,657
3
-91,088,189
1,525
Oradea, BIHOR
10 DOBROGEA GRUP SA
2.275
229,889,470
6
-3,983,303
845
Constanta,
CONSTANTA
11 DE SILVA EXCLUSIV SRL
12 OVERSEAS GROUP IMPEX SRL
2.188
2.088
92,840,001
24
9,588,750
121,115,344
17
2,122,180
13 T&O PRODCOM SRL
2.088
117,705,987
18
2,746,149
14 LIDO GIRBEA SRL
15 TECSA BUSINESS SRL
2.088
2.075
79,928,170
30
11,095,845
233 Paulesti, PRAHOVA
66,273,198
35
1,045,538
16 ELAN-TRIO SRL
2.025
151,425,381
13
2,076,188
458
Odorheiul Secuiesc,
HARGHITA
17
18
19
20
21
22
23
24
25
26
27
28
29
2.025
1.975
1.938
1.900
1.888
1.888
1.888
1.850
1.825
1.775
1.775
1.775
1.738
73,468,766
33
7,022,411
505
Carcea, DOLJ
81,526,639
28
4,320,178
545 Suceava, SUCEAVA
111
CHIPITA ROMANIA SRL
WRIGLEY ROMANIA SRL
STAR FOODS EM SRL
SECA DISTRIBUTION SRL
INTERBRANDS MARKETING & DISTRIBUTION SA
MERSEL COMPANY SRL
LEKKERLAND CONVENIENCE DISTRIBUTIE SRL
NESTLE ROMANIA SRL
EUROPEAN FOOD SA
TOP GEL PROD SRL
BETTY ICE SRL
RESCO SA
FERRERO ROMANIA SRL
MARS ROMANIA SRL
ECUATOR SRL
NARDO TRADING CO SRL
FREE MARKET PRODCOM SRL
SUPREME CHOCOLAT SRL
NORDIC IMPORT EXPORT CO SRL
DRIM DANIEL SRL
PHOENIXY SRL
BOEMA SRL
145
Hunedoara,
HUNEDOARA
62,975,844
37
3,122,703
173,236,182
11
11,757,643
170,676,783
12
13,249,207
125,717,415
15
1,430,275
75,673,074
31
1,004,969
103,585,786
21
2,720,292
83,190,984
27
693,226
143,530,753
14
4,352,445
107,339,706
19
641,119
315 Maracineni, ARGES
74,685,428
32
7,174,983
258
90,782,410
25
491,932
247
Sibiu, SIBIU
183
Olteni, Comuna
Clinceni, ILFOV
30 CREAM LINE ROMANIA SA
1.688
67,345,972
31
32
33
34
35
36
37
38
39
1.675
1.638
1.588
1.575
1.538
1.488
1.450
1.338
1.338
KANDIA DULCE SA
GENERAL PARMA FOOD SRL
SAFF TRADING SRL
HEIDI CHOCOLAT SA
DINAMICA IMPEX SRL
ROMPAK SRL
PET PRODEXIM SRL
ALKA TRADING CO SRL
PURATOS PROD SRL
Arad, ARAD
178
Ipotesti, SUCEAVA
Baicoi, PRAHOVA
34
-4,999,725
122,656,470
16
-3,814,949
92,868,504
23
17,344
63,610,001
36
123,608
61,411,965
38
-1,389,671
116
Carcea, DOLJ
106,231,946
20
4,032,008
93,663,848
22
15,574,616
59,182,075
39
1,634,473
87,520,215
26
-4,984,728
80,666,146
29
-864,842
210
150
Pascani, IASI
Tunari, ILFOV
MANUFACTURE OF DAIRY PRODUCTS
RANK COMPANY NAME
SCORING
( 2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1
ALBALACT SA
2.925
338,250,651
4
5,767,484
631
Galda de Jos, Localitatea Oiejdea, ALBA
2
3
2.775
2.725
390,726,409
2
5,777,668
420
Bucuresti, Sector 4
201,896,515
6
2,436,482
400
Codlea, BRASOV
2.675
502,998,666
1
16,396,155
608
Bucuresti, Sector 2
5
6
7
8
WHITELAND IMPORT EXPORT SRL
DELACO DISTRIBUTION SA
DANONE - PRODUCTIE SI DISTRIBUTIE DE
PRODUSE ALIMENTARE SRL
FRIESLANDCAMPINA ROMANIA SA
NAPOLACT SA
SIMULTAN SRL
HOCHLAND ROMANIA SRL
2.375
2.325
2.238
2.225
382,720,738
3
6,800,873
617 Satu Mare, SATU MARE
222,374,112
5
9,226,634
348
127,754,068
9
13,334,310
158
Faget, TIMIS
197,954,114
7
8,076,424
365
Sighisoara, MURES
9
CARMO-LACT PROD SRL
2.038
47,831,233
17
1,542,233
178
Monor,
BISTRITA-NASAUD
10 ALMERA INTERNATIONAL SRL
11 INDLACTO MURES SRL
1.988
1.950
44,494,711
18
1,979,994
156
Galati, GALATI
35,248,619
22
639,185
37
Targu Mures, MURES
12 COVALACT SA
1.875
90,434,113
13
-2,796,873
371
Sfantu Gheorghe,
COVASNA
13
14
15
16
17
18
19
20
21
1.788
1.775
1.775
1.725
1.688
1.650
1.650
1.638
1.638
169 Targoviste, DAMBOVITA
4
LACTATE NATURA SA
DORNA LACTATE SA
INDUSTRIALIZAREA LAPTELUI MURES SA
DORNA SA
GORDON-PROD SRL
DANONE BABY NUTRITION ROMANIA SRL
LACTALIS
LACTO FOOD SRL
PRODLACTA SA
32,545,143
24
-2,568,237
185,200,945
8
-2,318,955
124,344,812
10
80,919
104,414,981
11
489,098
Cluj-Napoca, CLUJ
608 Vatra Dornei, SUCEAVA
316
Targu Mures, MURES
265 Vatra Dornei, SUCEAVA
42,664,986
20
5,067,945
158
Lupeni, HARGHITA
68,160,437
15
-1,006,887
41
Bucuresti, Sector 1
18,420,802
27
1,532,607
48,420,743
16
215,565
60
Sofronea, ARAD
18,190,357
28
-6,879,332
164
Brasov, BRASOV
160
Popesti-Leordeni,
ILFOV
5 Vatra-Dornei, SUCEAVA
22 TRD - TNUVA ROMANIA DAIRIES SRL*
1.588
72,240,440
14
-75,232,306
23 LACTAPROD SRL
24 OLYMPUS DAIRY INDUSTRY SA
25 MULLER DAIRY RO SRL
1.588
1.488
1.488
13,898,661
29
-3,100,680
90
Braila, BRAILA
97,112,904
12
-1,118,141
120
Halchiu, BRASOV
43,623,222
19
-21,311,243
123
Bragadiru, ILFOV
26 PRIMULACT SA
1.488
42,015,624
21
-2,450,008
226
Miercurea-Ciuc,
HARGHITA
27 LACTO-SOLOMONESCU SRL
1.488
29,231,999
25
486,645
164
Vlasinesti, BOTOSANI
28 RARAUL SA
1.388
34,541,901
23
-4,789,250
155
29 SANLACTA SA
1.388
19,322,344
26
15,280
30 TRM - TNUVA ROMANIA MILK SRL
1.300
8,524,397
30
-5,478,870
SCORING
( 2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
MANUFACTURE OF SUGAR
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
AGRANA ROMANIA SA
LEMARCO SA
ZAHARUL ORADEA SA
FABRICA DE ZAHAR BOD SA
ZAHARUL LUDUS SA
ZAHAR CORABIA SA
ZAHARUL LIESTI SA
LEMARCO CRISTAL SRL
ZAMUR TARGU MURES SA
3.525
2.788
2.725
1.975
1.938
1.788
1.550
1.475
1.250
Campulung
Moldovenesc, SUCEAVA
Santana de Mures,
87
MURES
Popesti Leordeni,
9
ILFOV
932,083,781
1
85,241,359
630
Bucuresti, Sector 1
342,755,084
3
19,994,605
100
Bucuresti, Sector 1
387,859,569
2
5,623,257
268
Oradea, BIHOR
53,133,724
8
3,773,926
256
Bod, BRASOV
72,534,749
6
11,148,970
213
Ludus, MURES
68,568,500
7
5,786,233
111
Corabia, OLT
130,279,550
4
-6,599,794
40
Liesti, GALATI
108,592,549
5
-8,484,317
418
Urziceni, IALOMITA
21,325,972
9
-12,365
13
Targu-Mures , MURES
MCR
FMCG
MANUFACTURE OF GRAIN MILL PRODUCTS AND STARCHES
RANK COMPANY NAME
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
Pantelimon, ILFOV
1
TITAN SA
2.925
338,268,130
1
8,287,814
872
2
BOROMIR IND SRL
2.775
264,813,069
3
4,972,163
827
3
SAPTE SPICE SA
2.525
230,834,578
4
199,521
495
4
5
6
7
ROMPAN PROIECT - SERVICE SA
OLTINA IMPEX PROD COM SRL
BOROMIR PROD SA
PAMBAC SA
2.450
2.388
2.363
2.325
208,717,028
5
12,545,799
8
Bucuresti, Sector 6
110,318,424
12
12,491,745
205
Urlati, PRAHOVA
148,719,552
8
1,177,362
1,032
Buzau, BUZAU
156,688,866
7
3,476,449
605
Bacau, BACAU
2,754
Ramnicu Valcea,
VALCEA
Botiz, SATU MARE
Ramnicu Valcea,
VALCEA
Ramnicu Valcea,
Valcea
8
VEL PITAR SA
2.263
292,290,286
9
10
11
12
SAM MILLS SRL
TRANS AGAPE SRL
MP BANEASA - MOARA SA
PAN GROUP SA
2.238
2.175
2.038
2.025
201,783,415
6
2,086,174
149
71,535,797
13
1,971,678
384
Sibiu, SIBIU
135,420,438
9
5,040,712
62
Bucuresti, Sector 1
111,483,843
11
165,784
926
Craiova, DOLJ
13 PANGRAM SA
2.025
65,055,411
14
782,009
324
Resita,
CARAS-SEVERIN
14 MORARIT-PANIFICATIE BANEASA SA
15 MOPAN SA
1.838
1.825
24,878,393
18
561,738
147
Bucuresti, Sector 1
123,535,310
10
5,336,994
674
Vaslui, VASLUI
16 DOBRE SI FIII SRL
1.738
25,260,321
17
669,467
158
Constanta,
CONSTANTA
17
18
19
20
21
22
23
24
1.688
1.638
1.600
1.588
1.488
1.388
1.375
1.288
32,966,304
15
1,571,433
77
Bucuresti, Sector 6
18,827,387
19
686,880
161
Bucuresti, Sector 2
2,708,225
24
-153,166
43
Tulcea, TULCEA
5,456,121
21
69,558
77
Bucuresti, Sector 6
9,035,912
20
-140,414
145
Galati, GALATI
4,626,182
22
-2,657,373
61
Zalau, SALAJ
29,898,195
16
-762,080
281
Galati, GALATI
3,453,141
23
-1,614,965
96
Iasi, IASI
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
LUJERUL SA
ANA PAN SA
DELTAPAN SA
PLEVNEI SA
DEMOPAN SA
ABO MILL SA
GALMOPAN SA
COMPAN SA
2
-15,129,451
MANUFACTURE OF VEGETABLE AND ANIMAL OILS AND FATS
RANK COMPANY NAME
TURNOVER
2011 RON) RANKING
1
2
EXPUR SA
BUNGE ROMANIA SRL
3.425
3.388
781,211,255
106,983,324
473
Urziceni, IALOMITA
1,377,067,121
-232,841
237
Buzau, BUZAU
3
ARGUS SA
2.875
231,042,645
7,930,422
291
Constanta,
CONSTANTA
UNILEVER SOUTH CENTRAL EUROPE SA
ARDEALUL SA
CARGILL OILS SA
PRUTUL SA
ULEROM SA
ULTEX SA
ORKLA FOODS ROMANIA SA
2.875
2.775
2.675
2.625
1.588
1.538
1.488
727,113,466
-66,077
279
Bucuresti, Sector 1
222,340,428
29,744,158
282
Carei, SATU MARE
313,656,544
-2,839,381
277
Bucuresti, Sector 1
489,975,996
2,362,422
416
Galati, GALATI
150,584,476
947,357
172
Vaslui, VASLUI
17,182,391
11,583,757
193
Tandarei, IALOMITA
101,480,930
-1,725,867
216
Bucuresti, Sector 1
4
5
6
7
8
9
10
MANUFACTURE OF WINE FROM GRAPE
RANK COMPANY NAME
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1
2
COTNARI SA
ZAREA SA
2.125
2.038
99,618,820
2
3,475,123
292
Cotnari, IASI
47,281,446
8
118,712
147
Bucuresti, Sector 1
3
TOHANI SA
1.938
4,087,347
20
1,301,207
75
Comuna Gura
Vadului, PRAHOVA
4
VINCON VRANCEA SA
1.925
80,438,619
4
3,973,723
611
Focsani, VRANCEA
5
MURFATLAR ROMANIA SA
1.888
139,737,790
1
887,282
207
Murfatlar,
CONSTANTA
6
7
8
9
10
11
12
13
14
15
16
17
18
19
CRAMELE RECAS SA
JIDVEI SRL FILIALA ALBA
CASA DE VINURI ZORESTI SA
AGROINDUSTRIALA BUCIUM SA
ANGELLI SPUMANTE & APERITIVE SRL
CRAMELE HALEWOOD SA
VINEXPORT SA
DOMENIILE VITICOLE TOHANI SRL
VINEXPORT TRADE-MARK SA
VINIA SA
CARL REH WINERY SRL
VINARTE SA
VINCON DISTRIBUTION SRL
VERITAS PANCIU SA
1.838
1.788
1.638
1.638
1.588
1.588
1.588
1.488
1.488
1.488
1.438
1.438
1.400
1.388
59,875,383
5
9,118,628
76
Recas, TIMIS
93,329,997
3
7,994,179
165
Jidvei, ALBA
53,917,877
6
137,591
57
Vernesti, BUZAU
15,572,854
14
65,420
60
Iasi, IASI
50,555,688
7
2,978,627
99
Bucuresti, Sector 6
41,107,552
10
-2,739,783
171
Ploiesti, PRAHOVA
29,120,920
12
149,515
113
Focsani, VRANCEA
20 ROVIT SA
MANUFACTURE OF BEER
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
HEINEKEN ROMANIA SA
URSUS BREWERIES SA
UNITED ROMANIAN BREWERIES BEREPROD
SRL
BERMAS SA
CARLSROM BEVERAGE CO SRL
BERGENBIER SA
MARTENS SA
ALBRAU PROD SA
ALBRAU GRUP SRL
43,227,338
9
546,141
153
PRAHOVA
40,149,626
11
-8,315,797
123
Focsani, VRANCEA
11,205,053
17
-9,407,736
113
Iasi, IASI
15,205,307
15
-1,547,968
196
Bucuresti, Sector 2
11,225,494
16
166,134
67
Bucuresti, Sector 2
28,261,050
13
27,775
35
Bucuresti, Sector 3
10,812,290
18
-14,404,175
85
Panciu, VRANCEA
19
8,216
58
Valea Calugareasca,
PRAHOVA
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1.338
4,771,255
3.813
3.363
1,042,285,902
2
182,888,969
1,198
Bucuresti, Sector 1
1,108,012,643
1
-57,660,007
1,440
Bucuresti, Sector 1
2.325
293,197,720
5
4,004,899
306
Pantelimon, ILFOV
23,098,100
8
1,915,904
205
Scheia, SUCEAVA
463,388,608
3
-10,806,238
471
Bucuresti, Sector 5
448,984,447
4
-20,831,109
573
Bucuresti, Sector 2
29,088,607
6
-988,297
137
Galati, GALATI
26,332,010
7
509,312
121
Onesti, BACAU
9,178,605
9
-16,101,888
5
Onesti, BACAU
2.288
2.275
2.175
1.838
1.738
1.400
MCR
FMCG
MANUFACTURE OF SOFT DRINKS;
PRODUCTION OF MINERAL WATERS AND OTHER BOTTLED WATERS
RANK COMPANY NAME
1
COCA-COLA HBC ROMANIA SRL
TURNOVER
2011 RON) RANKING
3.813
1,738,623,539
1
PROFIT/LOSS
NO OF
137,399,050
CONTACT
1,744
Voluntari, ILFOV
707
Valenii de Munte,
PRAHOVA
Bucuresti, Sector 5
2
TYMBARK MASPEX ROMANIA SRL
2.625
264,040,470
5
3
4
5
QUADRANT AMROQ BEVERAGES SRL
EUROPEAN DRINKS SA
ROMAQUA GROUP SA
2.425
2.413
2.313
601,077,902
2
4,909,540
982
307,716,772
4
-51,633,401
1,014
Stei, BIHOR
541,539,708
3
-11,128,080
2,004
Borsec, HARGHITA
6
APEMIN TUSNAD SA
1.988
38,455,778
13
1,028,717
152
Tusnadu Nou,
HARGHITA
7
8
9
10
11
LA FANTANA SRL
RIO BUCOVINA SRL
APEMIN ZIZIN SA
CUMPANA 1993 SRL
AQUADOR SRL
1.925
1.875
1.788
1.725
1.700
12 MINERAL QUANTUM SRL
7,991,071
83,571,198
7
9,719,118
439
Bucuresti, Sector 2
107,383,318
6
1,843,344
500
Bucuresti, Sector 1
22,389,840
16
-568,389
106
Zizin, BRASOV
38,996,387
12
413,068
378
Bucuresti, Sector 4
2,931,054
20
178,732
30
Cristian, SIBIU
1.688
28,389,721
15
1,800,081
87
13 PERLA HARGHITEI SA
1.675
67,631,345
9
42,576
322
14
15
16
17
18
19
20
1.638
1.600
1.588
1.400
1.388
1.388
1.300
38,049,926
14
-728,914
107
Tunari, ILFOV
16,719,196
18
2,321,688
23
Vaslui, VASLUI
PARMALAT ROMANIA SA
AGRANA JUICE ROMANIA VASLUI SRL
ALCONOR COMPANY SRL
RED BULL ROMANIA SRL
RIENI DRINKS SA
AQUA-NAT PROD & DISTRIB SRL
RAUCH ROMANIA SRL
64,279,300
10
310,185
209
Carei, SATU MARE
48,721,372
11
-3,825,282
46
Bucuresti, Sector 3
79,309,562
8
-406,618
102
Rieni, BIHOR
19,658,137
17
-4,235,876
136
Suditi, BUZAU
11,232,136
19
-4,266,693
8
Bucuresti, Sector 1
PROFIT/LOSS
NO OF
CONTACT
DISTILLING, RECTIFYING AND BLENDING OF SPIRITS
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
Sancraieni,
HARGHITA
Sancraieni,
HARGHITA
TURNOVER
2011 RON) RANKING
2.238
2.088
2.088
2.050
2.038
1.938
1.938
1.850
1.838
116,240,514
4
3,514,705
195
Acatari, MURES
309,396,216
1
-132,423,780
109
Bucuresti, Sector 1
160,570,274
2
6,891,413
82
Bucuresti, Sector 1
107,813,532
6
2,263,203
34
Bucuresti, Sector 4
17,043,540
19
1,128,056
117
Urziceni, IALOMITA
59,111,991
10
2,490,801
126
Cluj-Napoca, CLUJ
32,829,349
17
744,671
96
Cluj-Napoca, CLUJ
19,270,649
18
515,448
21
Bucuresti, Sector 1
98,622,495
7
59,454
71
Caldararu, ILFOV
10 EXCELSIOR SRL
1.738
62,600,628
8
3,091,455
120
11
12
13
14
15
16
1.738
1.738
1.688
1.688
1.638
1.538
47,308,103
14
-156,918
112
Iasi, IASI
35,599,744
16
1,731,860
101
Cernica, ILFOV
111,531,286
5
-3,080,338
238
Otopeni, ILFOV
42,082,493
15
149,843
90
Bucuresti, Sector 5
FAREL IMPEX SRL
ALLIED DOMECQ SPIRITS & WINE SA
BDG IMPORT SRL
PERNOD RICARD ROMANIA SRL
ALCOPROD SERVICE SA
TOP MARKET COMIMPEX SRL
PRODVINALCO SA
LERIDA INTERNATIONAL SRL
GRANDDIS SRL
OTED GRUP SA
PRODAL 94 SRL
ALEXANDRION GRUP ROMANIA SRL
EDRINKSRO SRL
DEFEL COM SRL
ANTONY GROSS EXIM SRL
59,172,812
9
21,123
126
Suceava, SUCEAVA
50,915,256
13
465,447
78
Bucuresti, Sector 4
300
Resita,
CARAS-SEVERIN
17 MIRUNA INTERNATIONAL IMPEX SRL
1.525
117,698,377
3
1,678,186
18 RODISTRIB SRL
19 SCANDIC DISTILLERIES SA
1.400
1.288
54,002,530
12
-741,898
48
Focsani, VRANCEA
57,993,697
11
507,807
164
Oradea, BIHOR
HOME AND PERSONAL CARE
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
PROCTER & GAMBLE DISTRIBUTION SRL
AVON COSMETICS (ROMANIA) SRL
COLGATE-PALMOLIVE (ROMANIA) SRL
L'OREAL ROMANIA SRL
SILNEF MG SRL
INTERBRANDS MARKETING & DISTRIBUTION
SRL
RECKITT BENCKISER (ROMANIA) SRL
FICOSOTA SINTEZ ROMANIA SRL
JOHNSON WAX SRL
DETERGENTI SA
BEIERSDORF ROMANIA SRL
CALIFORNIA FITNESS ROMANIA SRL
PROFESSIONAL BRANDS MARKETING &
DISTRIBUTION SRL
PROCTER & GAMBLE MARKETING
ROMANIA SRL
SCA HYGIENE PRODUCTS SRL
COSMETICS ORIFLAME ROMANIA SRL
FARMEC SA
UNILEVER ROMANIA SA
AMWAY ROMANIA MARKETING SRL
POINT DISTRIBUTION GRUP SRL
CLEOPATRA CENTER SRL
COTY COSMETICS ROMANIA SRL
ROLICOM IMPORT EXPORT SRL
INTERSTAR CHIM SA
SUPERFOOD COMPANY SRL
SANO ROMANIA SRL
FOREVER LIVING PRODUCTS ROMANIA SRL
EVERET ROMANIA DISTRIBUTION SRL
LA-RO IMPEX 2001 SRL
SARANTIS ROMANIA SA
ZEPTER INTERNATIONAL ROMANIA IMPORT
EXPORT SRL
BELLA ROMANIA IMPEX SRL
TOTAL DISTRIBUTION GROUP & LOGISTICS SRL
SCORING
( 2011 RON) RANKING
PROFIT/LOSS
NO OF
CONTACT
3.600
2.675
2.638
2.588
2.575
1,253,875,543
1
22,697,889
45
444,432,678
4
56,435,043
315
248,723,770
6
5,933,337
100
219,764,897
7
7,802,082
136
541,039,974
3
3,144,958
434
Brasov, BRASOV
2.413
575,287,107
2
1,205,208
1,951
2.388
2.300
2.250
2.225
2.188
2.188
250,903,910
5
45,207,089
78
65,362,403
23
3,503,244
32
151,115,239
10
2,626,997
34
142,063,583
11
15,777,982
644
Timisoara, TIMIS
183,861,295
8
1,364,241
69
33,399,974
32
1,687,390
65
Ghiroda, TIMIS
2.138
39,941,741
30
3,434,520
73
2.125
124,383,347
13
5,525,616
409
2.100
2.038
2.025
2.025
2.000
1.988
1.938
1.900
1.888
1.888
1.888
1.888
1.888
1.888
1.888
1.875
108,846,535
15
196,396
26
139,387,827
12
7,065,004
123
110,890,565
14
8,302,959
544
Cluj-Napoca, CLUJ
61,788,268
25
1,525,026
300
Ploiesti, PRAHOVA
78,257,667
20
2,928,380
29
62,608,993
24
302,770
94
Vanatori, GALATI
82,118,348
19
334,637
156
Barlad, VASLUI
69,129,698
22
879,673
41
44,455,336
29
423,098
186
Cluj-Napoca, CLUJ
91,457,657
17
172,459
210
74,216,156
21
1,674,820
213
Pantelimon, ILFOV
60,552,169
26
908,154
77
Pantelimon, ILFOV
57,914,808
27
954,792
69
56,224,497
28
281,343
97
30,450,054
33
186,165
160
156,573,733
9
9,645,701
348
Chiajna, ILFOV
1.788
33,722,581
31
-592,187
84
1.788
1.638
91,838,171
16
-910,214
118
82,222,829
18
-5,124,213
242
1%
net profit margin for retailers in 2011, compared
with a 3 percent – 5 percent net profit margin
registered in the boom years
Trade
t CASH & CARRY
t HYPERMARKETS
t SUPERMARKETS
t DO-IT-YOURSELF
t DISCOUNT
t MALLS & SHOPPING CENTERS
MCR
TRADE
With a slow economic
recovery ahead, retailers cannot afford to
think short term
Marius Boatca, Manager, Transaction Advisory Services, Ernst & Young
One year ago, I was writing about how mass grocery retailers
bet on accelerated expansion, private labels and diversification
of store formats to cope with a shrinking market. It appears
nothing has changed since.
to other European countries. Take all these factors into
equation, and the conclusion is obvious.
The rush for additional selling space continued to be the main
trend in the last year, and we will continue to see
consolidation in the sector. Selling surface of modern retail
increased by 50% in the last 3 years, despite the double digit
drop in consumption. The most active players Kaufland, Lidl,
Penny Market, Auchan or Mega Image have added more than
50% to their selling area in only one year, during 2011. And
2012 started more furious than ever, with 42 new stores in the
first quarter. The same pattern was followed by the
Do-It-Yourself sector, Romania recording the second largest
expansion in the Central Europe in the last 3 years, despite the
20% decrease in the DIY market.
Everyone is predicting that consumer demand is likely to
return in the long term. Retailers are arguing the potential of
the market is great, so they continue to announce impressive
capital expenditure budgets. But what does long term mean –
(is it 3 years? Is it 5 years? ) and what are retailers’ growth
expectations – are we thinking at the pre-crisis peak levels?
The most interesting trend is the rise of the local convenience
stores: the ones that survived the first recession years have
maintained the number of stores and even invested in new
locations. Domestic players are mainly small, specialized
networks developed by meat processors as an adjacent
distribution channel of their products and for cashflow
improvement.
INVESTMENTS TO CONTINUE, AS THE MARKET RECORDS A
SLIGHT RECOVERY
As everyone is betting on the increase in the private
consumption and on the shift of consumers from traditional
to modern retail, it all comes down to fighting for the pole
position in a race with a postponed start. An expensive pole
position, but big players seem to be willing to spare no
expense.
Somewhere in the corporate headquarters, Group CEOs and
CFOs have drawn up their business plans, and have concluded
that Romania is the place to be, once the recession will end.
They have taken into account the real –estate opportunities
created by the market downturn and by the availability of
attractive locations, abandoned by local players going
bankrupt. They have also considered the population size (and
statistics show that Romanians spend half of their disposable
income on food, drinks and tobacco), and the low degree of
penetration of modern retail and private spending, compared
But is it?
Why not happen now? For a start, let’s remember that the
growth in the retail market in the boom years has been fueled
by a rapidly increase in disposable income (not correlated with
productivity) and most important, by credit availability.
With an un-restructured banking sector, and continued
increase in the non performing loans, banks have their own
issues to sort out first and some of them are reducing their
retail operations. That means we will not see anytime soon
bankers willing to lend in the same relaxed manner as before.
On the other hand, consumers have learned to be more
prudent, as consumer confidence is rather low: population
cash savings have increased, but are sitting in bank deposits,
instead of fueling consumption. According to the latest study
performed by GfK, although the willingness to make major
purchases has risen in the last months, it is still at a very low
level.
The austerity measures from 2010 and especially the salary
cuts in the public sector have had their direct hit in the
households’ consumption. The average salary level increased
in August 2012 by only 1.5% (in real terms) compared to the
same month one year ago, hardly a sign of recovery. This year,
the new Government had increased salaries in the public
sector, and a new rise was recently announced for December
this year, a predictable move, given the upcoming
parliamentary elections. However, this would not be enough
to boost consumption, as the private sector was also faced
with salary corrections.
And yet, the key indicator in this sector - consumption of food,
drinks and tobacco - has increased this year. In the first 8
months of the year, retail sales increased by 4.3%, compared to
Consumption of food, drinks and tobacco (INSSE Index) –
adjusted series
145
Points
140
135
130
125
A good private labels offering has become more necessary than
ever, and private labels sales continued to increase, as we have
anticipated. There is still huge potential on the private labels
line of business, especially on the non-food sector, which is
under-developed. Private labels and the multi-format network
are the two main weapons retailers use in the battle for the
wallets of new consumers: a consumer which is price sensitive,
with more frequent visits in the shops, more informed and less
loyal to the store.
120
Consumption of food, drinks and tobacco (INSSE Index) - adjusted series
the same period in 2011. A higher growth (+9.3%) was reported
on sales of fuel and consumption of food, drinks and tobacco
(+4.5%), while non-food trade increased by 1.9%.
Could this be the revival sign that everyone was expecting?
Modern retailers have already announced increased revenues
last year compared to 2010 (driven by an expanding network).
However, the August 2012 retail index represents only 55% of
the August 2008 level. Assuming a constant 4.5% year-on-year
growth, it will take 15 years to reach the August 2008 peak
level (this is however, only arithmetics, the economy might
surprise us).
IN THE MEANTIME, THE PRICING WARS AND INCREASED
OPERATING COSTS ERODE RETAILERS’ PROFIT MARGINS
Main players have continued to experience a decrease in
profitability, from a net profit margin of 3%-5% in the boom
years, to 2-3% in 2009 and to a minimum net profit margin of
0-1% in 2010 and 2011.
Gross profit margins of the most important players decreased
by 3-5% in 2011, except for Auchan and Mega Image, who
improved their gross margins in 2011. But at the current sales
level, a 15-20% gross margin (and lower for discount stores)
barely covers the increased operating costs of a higher
network.
With the common strategy of the smallest price in the market,
the truth is it is difficult to distinguish between different
formats, simply by comparing shelf prices. Making a simplistic
calculation, using the sales and the selling areas at the end of
2011, there is no difference in the sales per square meter
between Mega Image, Kaufland or Auchan. As the price is the
one criteria consumers seem to care about, retailers are
reluctant to differentiate, or implement value added services.
Now is not the right time. Now is the time for price cuts,
promotional sales and value for money. The larger the
network, the higher the negotiating power and the ability to
pass the price squeeze on the producers.
The problem with price cuts is that it puts pressure on the
whole chain, from producers to retailers. Food prices are
already considered too low, compared to the European
average. The poor agricultural season has led to rising food
prices, inflation and conflicts between farmers and processors.
Meat processors are unwilling to pay more, as they are aware
that an increased shelf price would drive away consumers,
which puts extra pressure on the producers. The announced
price increases on meat, bakery and dairy products expected to
occur in the following months are not good news for anyone.
CONSUMPTION GROWTH PROSPECTS CONTINUE TO LURE
INTERNATIONAL PLAYERS’ INVESTMENTS
So what should we expect in the near future? Modern retail
will continue to gain market share from the traditional retail.
There is still room for development, although the “white
spots” period is over. According to a study by retail and
property experts, international retailers regards Romania as
the third most attractive CEE investment prospect over the
next two years, after Russia and the Czech Republic. However,
in August there were rumors about Carrefour making an exit,
contrary to the market trends, as part of its 3 billion euro
revival plan for its underperforming European hypermarkets.
This raises new concerns, as we see the development of
modern retail in Romania is exposed to the international
groups’ results on their larger, strategic markets, affected by
the Eurozone problems.
Should the consumption level increase at a slower pace than
anticipated, it will be interesting to observe what will be the
next move of the main players, once the expansion will
slow-down. And with so many variables (volatility of the
exchange rate, parliamentary elections, low consumer
confidence, Eurozone context), having the financial means to
tolerate and sustain the current low profit margins, while
continuing to burn cash in capital expenditure in a market
that has not shown a clear sign of recovery, will make the
difference between success and an unplanned exit.
One thing is sure: modern retail is here to stay and demands a
bigger slice of the market. And the word of the day in the rush
for space is location, location, location. Who said real-estate is
suffering?
MCR
TRADE
CASH & CARRY
RANK COMPANY NAME
1
2
METRO CASH & CARRY ROMANIA SRL
SELGROS CASH & CARRY SRL
HYPERMARKETS
RANK COMPANY NAME
1
2
3
4
5
KAUFLAND ROMANIA SCS
CARREFOUR ROMANIA SA
ROMANIA HYPERMARCHE SA
AUCHAN ROMANIA SA
real,- HYPERMARKET ROMANIA SRL
SUPERMARKETS
RANK COMPANY NAME
1
2
3
4
MEGA IMAGE SRL
BILLA ROMANIA SRL
SUCCES NIC COM SRL
ARTIMA SA
TURNOVER
2011 RON) RANKING
4.300
3.713
95,208,230
3,408,091,410
86,702,217
4,248
Brasov, BRASOV
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1
167,624,061
4,031,266,685
2
133,799,794
1,378,385,595
5
39,962,988
1,578,059,613
4
-7,152,681
3,008,864,542
3
-120,760,658
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
3.913
3.813
2.663
2.513
ANNABELLA SRL
1.925
6
7
8
9
10
11
12
13
GENERAL NIC IMPORT-EXPORT SRL
KONSTA SPLENDID SRL
TREI G RETAIL BEIUS SRL
ZANFIR SNC
DACIA SA
CDE R INTEREX SA
DM DROGERIE MARKT SRL
GIMROM HOLDING SA
1.838
1.738
1.675
1.675
1.638
1.575
1.575
1.388
RANK COMPANY NAME
CONTACT
5,586,202,967
5
DISCOUNT
NO OF
EMPLOYEES
4,963,012,603
TURNOVER
2011 RON) RANKING
4.350
4.300
3.763
3.313
3.300
PROFIT/LOSS
(2011 RON)
1,221,043,229
1
13,097,320
NO OF
EMPLOYEES
CONTACT
1,127,473,002
2
5,222,261
273,925,545
5
2,470,789
1,431
522,216,337
4
728,778
1,374
Chiajna, ILFOV
Ramnicu Valcea,
VALCEA
Targu Jiu, GORJ
187,116,579
6
1,434,457
750
64,572,510
12
2,778,497
102,517,047
8
1,791,677
171
Medias, SIBIU
98,721,275
9
283,049
311
Oradea, BIHOR
97,507,273
10
-196,597
45,626,272
13
1,317,803
163,639,312
7
-69,630,445
90,687,194
11
-17,846,822
277
45,563,939
14
-19,995,134
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
5,145,553
2,493
Stefanestii de Jos,
ILFOV
2,476
Timisoara, TIMIS
166
Alba Iulia, ALBA
Timisoara, TIMIS
1
REWE Romania - Penny Market
3.513
1,750,171,052
1
2
3
4
PROFI ROM FOOD S.R.L.
LIDL DISCOUNT S.R.L.
MINIMAX DISCOUNT S.R.L
3.463
3.363
2.263
934,039,541
3
13,222,420
1,678,989,043
2
-283,414,839
2,325 Nedelea, PRAHOVA
433,791,519
4
-125,915,708
1,323
Voluntari, ILFOV
DO IT YOURSELF
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
DEDEMAN SRL
ARABESQUE SRL
AMBIENT SA
PRAKTIKER ROMANIA SRL
BRICOSTORE ROMANIA SA
BAUMAX ROMANIA SRL
ARTSANI COM SRL
HORNBACH CENTRALA SRL
OBI ROMANIA SRL
BRICO EXPERT SA
MALLS & SHOPPING CENTERS
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
UNIREA SHOPPING CENTER SA
BANEASA DEVELOPMENTS SRL
IULIUS MALL SUCEAVA SRL
IULIUS MALL CLUJ SRL
COMETEX SA
SUCEAVA SHOPPING CITY SRL
LAND DEVELOPMENT PROIECT SRL
COTROCENI PARK SA
ARENA CITY CENTER SRL
IULIUS MALL TIMISOARA SRL
WIN MAGAZIN SA
ARMONIA CENTER ARAD SRL
CITY PARK MANAGEMENT SRL
TOMIS SA
LIBERTY CENTER SRL
VITANTIS SRL
17 RIVER PLAZA MALL SRL
DISTRIBUTION COMPANIES
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
SCORING
( 2011 RON) RANKING
4.063
3.763
2.563
2.363
2.313
2.313
2.125
2.025
1.775
1.388
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
2,016,376,729
1
205,670,978
4,646
Bacau, BACAU
1,715,508,601
2
34,635,851
2,530
Galati, GALATI
585,819,692
5
-17,013,917
1,363
Sibiu, SIBIU
661,978,291
3
-82,224,954
1,905
Voluntari, ILFOV
611,763,639
4
-2,906,016
1,584
Bucuresti, Sector 6
574,396,085
6
-54,771,939
1,175
Bucuresti, Sector 2
123,580,415
9
4,096,985
304
Ploiesti, PRAHOVA
358,916,451
7
-32,024,497
506
Domnesti , ILFOV
178,540,150
8
-50,956,765
632
Oradea, BIHOR
70,983,714
10
-3,882,203
245
Bucuresti, Sector 3
SCORING
( 2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
Bucuresti, Sector 3
1.988
1.638
1.588
1.500
1.500
1.500
1.400
1.350
1.350
1.300
1.300
1.300
1.300
1.288
1.200
1.200
78,596,802
3
3,493,802
145
141,041,775
1
21,909,530
88
Bucuresti, Sector 1
27,575,816
8
-52,607,385
135
Suceava, SUCEAVA
58,727,215
5
-33,781,929
1
Cluj-Napoca, CLUJ
22,082,611
9
1,745,714
28
Suceava, SUCEAVA
20,844,184
11
133,729
0
Suceava, SUCEAVA
40,074,605
7
-11,411,227
0
Bucuresti, Sector 6
106,905,396
2
7,172,507
27
Bucuresti, Sector 6
20,933,037
10
443,436
20
Bacau, BACAU
66,676,307
4
-80,274,434
2
Timisoara, TIMIS
52,746,403
6
6,016,350
0
Bucuresti, Sector 5
11,464,599
15
-22,124,964
0
-
8,188,332
17
69,971
35 Constanta, CONSTANTA
14,414,440
14
-56,446,351
17,660,233
12
-22,850,387
7
Bucuresti, Sector 4
17,070,648
13
-7,229,841
0
Bucuresti, Sector 4
10,400,191
16
-5,181,368
0
Ramnicu Valcea,
VALCEA
SCORING
( 2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1.000
AMIGO & INTERCOST SRL
2.925
213,184,227
12
7,982,487
488
Odorheiu secuiesc,
HARGHITA
LS TRAVEL RETAIL ROMANIA SRL
CARMISTIN SRL
PUNCTUAL COMIMPEX SRL
SIMBA INVEST SRL
SECA DISTRIBUTION S.R.L.
MACROMEX SRL
MARATHON DISTRIBUTION GROUP SRL
LICURICI IMPEX SRL
ELGEKA - FERFELIS ROMANIA SA
SECA DISTRIBUTION SRL
TOP BRANDS DISTRIBUTION SRL
DUO SRL
2.788
2.738
2.688
2.625
2.625
2.575
2.575
2.538
2.525
2.175
2.075
1.788
264,051,362
8
5,268,709
139
Bucuresti, sector 1
384,794,152
4
6,815,105
72
Mizil, PRAHOVA
249,260,965
9
1,520,548
62
Cluj-Napoca, CLUJ
388,199,105
3
11,903,010
487
Bacau, BACAU
312,020,361
5
2,309,541
631
Ploiesti, PRAHOVA
394,501,573
2
4,021,904
376
Bucuresti, sector 1
246,426,412
10
7,312,277
424
Afumati ILFOV
242,035,692
11
648,884
221
Onesti, BACAU
282,092,710
7
1,887,738
400
Bucuresti, Sector 3
312,020,361
6
2,309,541
631
Prahova, PLOIESTI
457,603,358
1
-13,751,072
436
Otopeni, ILFOV
98,028,392
13
-2,918,029
200
million EUR, the estimated value of carriers market
in 2011
50 percent is the share of fuel price within the total
transportation price. Three years ago, the share of
fuel price was about 30 percent of the total price
Transport & Cargo
t ROAD TRANSPORT
t RAIL TRANSPORT
t AIR TRANSPORT
t MARITIME & RIVER TRANSPORT
t FREIGHT TRANSPORT
t POSTAL AND COURIER ACTIVITIES
MCR
TRANSPORT & CARGO
The long road to
effectiveness
Transport and cargo industry in Romania carries some of the
most important privatization assignments to the local economy
and seemingly, the year comes to an end close to a bitter
conclusion, that of a hard and very slow process. The only
company in this industry that seems to have seen an advance is
Romanian Post National Company (Posta Romana), where the
consultancy group has been selected. On the other hand, the
state-owned postal company started already to compete side by
side with private carriers, many of them part of multinational
groups. This segment saw recently a large joint-venture of two
large international operators and the companies feel the rush
of market share on a very competitive market.
PRIVATIZATIONS, HARDER THAN NEVER
The largest operator on the couriers market, Romanian Post
National Company, is heading towards a long-waited
privatization after a consortium established by KPMG Romania
and law firm Tuca Zbarcea si Asociatii has been selected in
September this year to offer consultancy services in the
privatization process conducted by the Ministry of
Communications and Information Society (MCTI). According
to the ministry, the first stage of privatization has been
completed so far and a strategic investor has to be selected. The
new investor at the national postal services company will own
more than 20 percent share package and the operation will be
done through a capital increase procedure. The state company
runs over 7,000 postal offices, over 32,000 employees and its
main shareholders are the Romanian state with 75 percent of
shares and Proprietatea Fund, with 25 percent.
CEO FOR STATE, WRETCHED RESULT
As the privatization of “Posta Romana” is part of the agreement
with the International Monetary Fund and European Union,
another major privatization on the IMF list and expected to
happen is the national air company Tarom. October came with
a surprise, that of the selection of a new board for Tarom,
including names as Dumitru Prunariu, Dan Pascariu, Lucian
Isar, Marius Ghenea, Ciprian Ladunca, Valentin Macec.
Though, the helm of the company was empty at the end of
October as the would-be CEO of Romanian flag air carrier
Tarom, Heinrich Vystoupil, has reportedly refused to take the
post at the end of October. The naming marked an
unsuccessful debut of the national program “CEO for state”
agreed with IMF at one year since it started.
Another state-owned company on the privatizations list is
The National Rail Freight Company “C.F.R. Marfa” S.A. The
privatization procedure is pending until the year-end, as the
privatization strategy has got a red line from the Supreme
Council of National Defense (CSAT). The strategy has been
firstly approved by the Ministry of Finances, Ministry of
Administration and Interior, Justice and Competition
Council.
PRIVATE VS. STATE: COMPETING SIDE BY SIDE
For 2012, carriers estimate a rather modest growth of this
industry, of some 3-4 percent. According to Fan Courier, the
local market’s value remains at an amount around EUR 200
million.
Transport 2007 - 2011 (Romania)
Air transport of passengers
Air transport of goods
Sea transport of goods(1,000 tonnes)
Goods transport by inland waterways (1,000 tones)
Goods transport by road (1,000 tones)
2007
6,908,599
6,908,599
48,928
29,425
356,971
2008
8,031,267
8,031,267
50,458
30,295
364,952
2009
7,984,057
7,984,057
36,094
24,743
293,422
2010
8,848,949
8,848,949
38,122
32,088
174,124
2007
2008
2009
2010
80.7
78.8
87.2
86.7
Transport of passenger 2007 - 2010 (Romania)
Volume of passenger transport relative
to GDP - Index (2000 = 100)
Source: Eurostat
2011
9,687,456
9,687,456
29,396
183,935
Postal traffic 2010 - 2011 (Romania)
2010
Domestic postal items
Cross-border traffic
352,420,570
262,735,000
2011 Growth y-o-y
496,367,000
30,910,000
29%
15%
Processing rate
The National
Postal Services
Company
Processing rate
Private carriers
79%
21%
Source: The National Authority for Management and Regulation in Communications (ANCOM)
The ANCOM statistics noticed spectacular leap in the
cross-border traffic in 2011, with reference to the items sent
from abroad to Romania, which grew by over 300 percent as
against 2010 - to 3,196,000 items. At the same time, the postal
items sent from Romania to other countries went down by 16
percent (from 235,716 processed in 2010 to 198,584 processed in
2011).
The services outside the scope of universal service also
registered increases in terms of total traffic. In this segment,
103,250,000 items were collected and distributed, accounting
for 20 percent of the overall mail traffic in 2011. Domestic
items grew by 21 percent compared to 2010, while the
cross-border traffic fell by 6 percent.
CARRIERS: A GROWING PRIVATE MARKET
Postal services grew in the last two years and become more
differentiated as services. The companies understood that, in
order to perform, they need to add innovation and more
efficient operations. As DPD Romania’s CEO states, the postal
services market can be defined as “mature”, both as parcel and
express services and the main trigger for its maturity is
represented by the growth of online trade in Romania in the
last few years. For DPD Romania, as the manager says, 2012
seems to be a good year and the target of 15 percent growth of
the company’s turnover this year is estimated to be reached”.
The company budgeted over 800.000 EUR to launch new
online services and tailored solutions.
Still, within the mature and steady landscape of a market
growing and adjusting to the new consumer trends, the main
challenge remains “the innovation”. “The postal services
evolved a lot in the last years, they have nothing in common
with those offered in times when Romanian Post National
Company (Posta Romana) was the mammoth company
functioning on the same recipe for decades. Now, the market is
deeply impacted by an intense competition that faces more and
more selective and exigent customers. Also, a challenge of this
market and impacting the competition of costs and profits, is
represented by the increasing costs for fuel, a very significant
indicator for the couriers’ P&Ls.
Another big player on the this market, Fan Courier, states that
the this industry can be compared as a true barometer of the
overall economy, as the postal services stand for regular
services for all the companies: international or medium-sized,
entrepreneurial, start-ups, developing or mature. The
company’s officials estimate that the strong competition
defining this industry which have registered a fast growing
rhythm in the last ten to twelve years, didn’t fundamentally
changed its profile. It is still a heterogenic market, defined by
indigene or foreign companies, large international groups or
smaller entrepreneurial businesses. “What we have noticed in
the last years is an attempt to concentrate de money capitals
and, by saying that, we surely refer to the merger between TNT
and UPS, from this spring.
THE CARGO QUEST FOR CLIENTS
“What really matters is how and when the product reaches the
shelf,” one said the general manager of one of the largest
logistics company in Romania, KLG Europe Logistics, the
Romanian office of Dutch company KLG Europe. Along with
companies as Gefco, Ekol, Gebruder Weiss, DSV Solutions, FM
Logistic, Delamode Romania, DHL Logistics and DHL Freight,
Belgian groups Essers and Van Moer, Ahead Logistics, the
company is sharing a market that states a continuous growth.
The players on the market base their estimations on the
premises that the companies will transform the fix costs in
variable costs, in order to optimize the logistics process by
reducing stocks and increasing the volume of direct deliveries.
Still, the logistics market is operating in the same economic
context, as all the others industries and some of the market’s
challenges are: the pressure on prices, the sharp demands of
the clients. For instance, the delivery time has decreased
significantly since 2008, when a transport order could have
been completed within 48-72 hours, according to the players
on this market. The pressure on profit margins is being felt all
over this market, the companies admit.
MCR
Opinion
SERGIU IORDACHE,
Managing Director DSV Solutions
The pressure on prices, integrated
logistics solutions and the delivery factors
are being felt across the entire logistics
market, an industry that speaks loudly
about the consumption and production
regional trends, especially in the FMCG
industry.
INCREASING OPERATIONAL COSTS
The transport & cargo market is one of
the most sensitive industries to the
economic challenges as it is also
influenced by the business performances
of producers and suppliers. The business
of logistic operators are influenced by a
sum of factors as infrastructure, fuel
price, the unpredictability of law
environment, exchange rates, the strategy
of local and central authorities for
attracting and stimulating foreign and
Romanian investors, evolution of
consumer market.
Getting
into
gear
components cover more than 90 percent
of the operations costs. The staff costs
also increased, the only decrease was
related to the warehouse terminals rent,
that today reached at the level of 4 or
even less than 4 euro/sqm.
THE PURSUIT OF GROWTH ON A
FRAGMENTED MARKET
One aspect of the market will be that
existing players will enhance some
specific services within their portfolio,
some of us being focused more on
forwarding rather than logistics or vice
versa. Also, it is possible that some
Romanian haulers will face downturns or
even closure of the business due to the
lack of cash flow and external financing.
M&A would be possible in the near
future, because the forwarding market is
fragmented.
Being a freight forwarder and logistics
provider our main cost is the cost of
haulers, and this is closely linked to the
evolution of fuel price. During last years,
the fuel price has constantly increased.
Three or four years ago, the fuel price
represented about 30 percent of the total
transportation price. Today, it is more
than 50 percent. This is related to the
domestic transportation market, the
proportion is slightly different for
international transportation, where the
fuel price weights lower in the total
transportation price.
Most of the big names in forwarding are
present on the Romanian market and for
sure, they want to grow their business.
This will be done both organic and by
acquisition. DSV is also aiming to keep
pace with the double digits growth, and
our strategy will include both options.
Even if today the market is fragmented,
on long and medium-range forecast it
will be “dominated” by the same big
names because of their experience and
know-how and also their resources,
which afford them to invest year after
year, and they will be able to offer
services to any kind of customer.
Other major components of the cost are
the staff costs and, of course, the logistics
terminals costs. Basically those 3 main
The local logistics market is not as
transparent as it is flexible, but it still has
a significant growth potential. The
outsourcing of logistics services towards
specialized companies makes from this
segment to be a fast developing one, as it
still has to catch up with the level
registered on the European markets. For
Danish mother company of DSV
Solutions, running offices in 60
countries, Romania is a hot spot due to
the increasing potential and the generous
offer of large growth rate. The mature
markets are also delivering growth rates
but in a smaller and slower pace, while
Romania still has the features of a
fast-growing market.
A SNEAK PEEK TOWARDS THE CLIENTS
Within the last few years, all logistics
solutions providers have observed a
tendency in the clients’ business to
optimize stocks, sell warehoused goods
fast and rotate merchandise in the
deposits more quickly, through cross
docking. Regarding the volumes of
transported goods, we have noticed an
increase of the transported automotive
spare parts, like tires, while the FMCG
segment has shrunk. But, in the same
time, clients coming from growing
industries such as pharmaceutical and
automotive sectors are compensating for
the variability of the other businesses.
“BEING A FREIGHT
FORWARDER AND
LOGISTICS PROVIDER,
WE PAY ATTENTION TO
THE COST OF HAULERS
AS THIS IS CLOSELY
LINKED TO THE
EVOLUTION OF FUEL
PRICE.”
ROAD TRANSPORT
RANK COMPANY NAME
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
Bucuresti, Sector 1
1
2
3
4
5
6
7
8
TRANS BITUM SRL
ATLASSIB SRL
AQUILA PART PROD COM SRL
REGIA AUTONOMA DE TRANSPORT BUCURESTI RA
TRANSPECO LOGISTICS &DISTRIBUTION SA
DUVENBECK LOGISTIK SRL
GEFCO ROMANIA SRL
WABERER`S ROMANIA SA
2.825
2.613
2.563
2.550
2.375
2.275
2.188
2.175
314,694,139
3
7,039,912
280
276,344,037
4
17,304,682
1,249
Sibiu, SIBIU
492,476,568
2
2,654,818
1,712
Ploiesti, PRAHOVA
9
ALPHA CONSTRUCT SISTEM SA
686,099,298
1
0
11,190
Bucuresti, Sector 1
131,088,864
14
32,774,741
430
Bucuresti, Sector 1
110,108,031
17
5,014,082
328
Cristian, BRASOV
184,596,684
8
12,731,190
76
Bucuresti, Sector 2
207,315,326
5
58,524
689
Bucuresti, Sector 6
2.125
116,949,636
16
9,172,053
582
Drobeta Turnu
Severin, MEHEDINTI
10 CARGO SRL
2.088
81,041,125
25
3,946,545
87
Bucuresti, Sector 3
11 DUMAGAS TRANSPORT SA
2.075
205,361,292
6
-4,711,588
775
12 LOGISTIC E VAN WIJK SRL
2.075
92,137,279
24
4,532,841
304
13 COM DIVERS AUTO RO SA
1.975
96,813,916
21
3,386,245
309
Bascov, ARGES
49
Drobeta TurnuSeverin, MEHEDINTI
HOLLEMAN SPECIAL TRANSPORT &PROJECT
Podari,Sat Braniste,
DOLJ
Sannicoara, Com
Apahida, CLUJ
14 TRANS BACO SRL
1.950
109,489,105
15
16
17
18
19
HAVI LOGISTICS SRL
HOEDLMAYR-LAZAR ROMANIA SRL
CIPCOS MAR COMPLEX SRL
LAGERMAX AUTOTRANSPORT SRL
TIR EXPRESS SRL
REGIA AUTONOMA DE TRANSPORT URBAN DE
20 CALATORI CLUJ NAPOCA RA
21 TRANSCONDOR SA
22 TRANS CAR SRL
REGIA AUTONOMA DE TRANSPORT PUBLIC
23 PLOIESTI RA
24 TRANSMEC RO SRL
1.938
1.938
1.938
1.838
1.738
189,699,250
7
143,188
93
Bucuresti, Sector 1
128,273,271
15
3,255,375
130
Bascov, ARGES
77,516,198
26
4,606,983
91
Albota, ARGES
77,040,521
28
2,461,683
242
Curtici, ARAD
136,780,384
13
43,764
233
Timisoara, TIMIS
1.713
96,428,187
22
494,249
1,493
Cluj-Napoca, CLUJ
1.675
1.675
163,701,058
9
348,512
408
Arad, ARAD
68,424,370
35
-1,953,560
257
Sibiu, SIBIU
1.663
66,593,042
38
77,212
1,084
Ploiesti , PRAHOVA
1.638
141,991,733
12
799,659
210
Cluj Napoca, CLUJ
25 INT TRANSPORTE POPOVICI SRL
1.638
96,986,287
20
1,250,603
240
Sfantu Gheorghe,
COVASNA
26
27
28
29
30
31
32
33
34
35
36
37
38
1.625
1.625
1.600
1.588
1.575
1.575
1.575
1.538
1.525
1.463
1.463
1.350
1.225
151,207,263
11
2,688,152
583
Dumbravta, TIMIS
92,454,651
23
5,851,969
480
Calarasi, CALARASI
69,628,191
32
362,400
40
Vadeni, BRAILA
69,571,125
33
973,580
67
Bucuresti, Sector 1
69,310,765
34
-1,174,028
297
Oradea, BIHOR
68,044,669
36
896,162
343
Brasov, BRASOV
67,588,516
37
130,893
375
Slobozia, IALOMITA
98,231,980
19
17,081
250
Saliste, SIBIU
154,182,181
10
325,140
418
Bascov, ARGES
77,417,543
27
-2,732,636
1,076
Timisoara, TIMIS
74,820,564
30
-8,784,423
1,382
Iasi, IASI
73,673,242
31
-541,434
0
Bucuresti, Sector 3
76,182,580
29
-940,734
353
Oradea, BIHOR
DUNCA EXPEDITII SA
ASTALROM SA
TRANSEXPED AGRO SRL
CARPAT CEMTRANS SRL
H ESSERS SRL
AGETAPS SRL
VECTOR SPEDITION SRL
TOTAL N S A SRL
INTERNATIONAL LAZAR COMPANY SRL
REGIA AUTONOMA DE TRANSPORT TIMISOARA
REGIA AUTONOMA DE TRANSPORT PUBLIC IASI RA
PANALPINA ROMANIA SRL
FRIGOEXPRES SA
18
4,739,904
MCR
TRANSPORT & CARGO
MARITIME & RIVER TRANSPORT
RANK COMPANY NAME
1
2
3
4
CHIMPEX SA
TTS ( TRANSPORT TRADE SERVICES ) SA
SOCEP SA
TOMINI TRADING SRL
COMPANIA DE NAVIGATIE FLUVIALA ROMANA
5 NAVROM SA
6 CONSTANTA SOUTH CONTAINER TERMINAL SRL
7 SARGEANT MARINE ROMANIA SRL
8 ROMAR SHIPPING AGENCY SRL
9 COMVEX SA
10 MAYA SD TRANS SRL
11 TEAM LOGISTIC SPECIALISTS SRL
12 NORTH STAR SHIPPING SRL
13 PORT BAZINUL NOU SA
COMPANIA NATIONALA ADMINISTRATIA
14 CANALELOR NAVIGABILE SA
15 KAPITAL LEADING TRANSPORT SRL
16 MSC ROMANIA SHIPPING SRL
17 MINMETAL SA
18 ROMPORTMET SA
19 DG PETROL SRL
REGIA AUTONOMA ADMINISTRATIA FLUVIALA A
20 DUNARII DE JOS GALATI RA
SCORING
( 2011 RON) RANKING
2.525
2.450
2.275
2.188
NO OF
EMPLOYEES
CONTACT
12
8,817,733
264,913,404
2
19,207,212
59,103,455
13
7,092,137
436,407,429
1
18,797,771
2.125
199,359,768
3
-3,450,189
586
Galati, GALATI
2.025
2.000
2.000
1.938
1.900
1.900
1.888
1.825
155,412,888
6
58,982,757
499
Agigea, CONSTANTA
179,101,413
4
188,652
72,034,319
9
1,473,206
63,216,633
11
6,306,947
55,278,825
14
2,720,299
44
Bucuresti, Sector 5
44,957,914
16
7,388,469
27
Bucuresti, Sector 3
74,119,486
8
27,336,515
31,937,460
20
736,613
299
Galati, GALATI
1.775
35,971,195
18
2,594,755
424
Agigea, CONSTANTA
1.700
1.688
1.588
1.588
1.488
1.475
61,009,622
PROFIT/LOSS
(2011 RON)
44
Bucuresti, Sector 2
45,535,449
15
34,291
35
Bucuresti, Sector 2
157,002,148
5
12,432,781
51
Bucuresti, Sector 1
39,629,732
17
5,194,201
33,231,449
19
10,494,231
202
Galati, GALATI
82,978,946
7
-396,826,284
116
Bucuresti, Sector 6
68,257,594
10
0
703
Galati, GALATI
AIR TRANSPORT
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
ADMINISTRATIA ROMANA A SERVICIILOR DE
TRAFIC AERIAN ROMATSA RA
COMPANIA NATIONALA DE TRANSPORTURI
AERIENE ROMANE TAROM SA
COMPANIA NATIONALA AEROPORTURI BUCURESTI SA
CARPATAIR SA
REGIONAL AIR SUPORT SRL
SOCIETATEA NATIONALA AEROPORTUL INTERNATIONAL TIMISOARA - TRAIAN VUIA SA
LUFTHANSA CARGO AG - GERMANIA - KELSTERBACH - SA SUCURSALA ROMANIA
REGIONAL AIR SERVICES SRL
MEDALLION AIR SRL
GLOBE GROUND ROMANIA SRL
AUTORITATEA AERONAUTICA CIVILA ROMANA RA
AEROPORTUL CLUJ NAPOCA RA
JETRAN AIR SRL
COMPANIA ROMANA DE AVIATIE ROMAVIA RA
RAIL TRANSPORT
RANK COMPANY NAME
SOCIETATEA NATIONALA DE TRANSPORT FEROVIAR
DE MARFA - CFR MARFA - SA
SOCIETATEA NATIONALA DE TRANSPORT FEROVIAR
2 DE CALATORI CFR CALATORI SA
3 COMPANIA NATIONALA DE CAI FERATE CFR SA
4 GRUP FEROVIAR ROMAN SA
5 REGIOTRANS SRL
6 METROREX SA
7 TRANSFER INTERNATIONAL SPEDITION SRL
8 UNICOM TRANZIT SA
9 UNIFERTRANS SA
10 TRANSFEROVIAR GRUP SA
11 DB SCHENKER RAIL ROMANIA SRL
12 TRANS EXPEDITION FEROVIAR SRL
13 ROFERSPED SA
14 GRAMPET SA
1
FREIGHT TRANSPORT
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
SCHENKER ROMTRANS S.A.
DSV SOLUTIONS S.R.L.
GEBRUDER WEISS S.R.L.
TIBBETT RETAIL SERVICES SRL
KUEHNE + NAGEL ROMANIA S.R.L.
GOPET ROMANIA S.R.L.
DELAMODE ROMANIA S.R.L.
KLG EUROPE LOGISTICS S.R.L.
ALL CARGO EXPRES S.R.L.
DHL LOGISTICS SRL
SCORING
( 2011 RON) RANKING
PROFIT/LOSS
NO OF
CONTACT
3.013
742,857,431
2
45,403,645
1,545
Bucuresti, Sector 1
2.863
946,315,772
1
-262,224,490
2,286
Otopeni, ILFOV
2.813
2.100
1.900
474,335,158
3
52,608,755
1,099
Otopeni, ILFOV
293,249,163
4
-36,504,529
0
Ghiroda, TIMIS
21,239,383
13
888,408
26
Bucuresti, Sector 1
1.788
42,831,542
7
8,722,185
248
Timisoara, TIMIS
1.650
29,900,972
10
27,149,221
3
Otopeni, ILFOV
1.588
1.588
1.575
1.488
1.438
1.388
1.338
32,124,657
9
763,174
83
Tuzla, CONSTANTA
22,173,315
12
126,213
67
Bucuresti, Sector 1
69,783,115
5
10,376,613
791
Otopeni, ILFOV
40,062,426
8
2,566,512
198
Bucuresti, Sector 1
54,361,834
6
0
210
Cluj-Napoca, CLUJ
19,050,455
14
-8,096,135
94
Bucuresti, Sector 1
27,534,076
11
281,829
120
Bucuresti, Sector 4
PROFIT/LOSS
NO OF
CONTACT
SCORING
( 2011 RON) RANKING
3.450
1,107,684,939
3
-93,452,745
9,145
Bucuresti, Sector 1
3.400
2,189,750,845
1
1,522,533
13,924
Bucuresti, Sector 1
3.350
3.263
2.875
2.313
2.188
2.075
2.075
2.025
1.938
1.825
1.800
1.700
1,149,704,461
2
-708,455,012
23,839
Bucuresti, Sector 1
761,053,345
4
28,920,981
2,386
Bucuresti, Sector 1
225,505,914
6
8,669,801
760
Bucuresti, BRASOV
509,479,589
5
-
4,117
Bucuresti, Sector 1
132,095,113
9
2,218,545
52
Bucuresti, Sector 2
198,738,503
7
2,891,439
352
Voluntari, ILFOV
89,611,227
11
8,193,051
513
Voluntari, ILFOV
87,685,113
12
13,475,845
355
Cluj Napoca, CLUJ
72,388,000
14
2,892,570
189
Timisoara, TIMIS
82,185,378
13
1,683,103
565
Bucuresti, Sector 2
144,082,157
8
984,433
22
Bucuresti, Sector 1
93,337,708
10
2,356,799
31
Bucuresti, Sector 1
PROFIT/LOSS
NO OF
CONTACT
SCORING
( 2011 RON) RANKING
2.513
2.375
2.188
2.088
1.988
1.750
1.738
1.725
1.650
1.600
315,691,295
1
4,935,208
1,059
Bucuresti, Sector 5
120,128,575
5
6,006,860
273
Otopeni, ILFOV
143,050,565
3
5,692,783
232 Bolintin Deal, GIURGIU
65,000,194
9
5,330,984
227
153,958,010
2
3,230,814
160
Joita, GIURGIU
121,912,345
4
213,997
44
Bucuresti, Sector 2
62,449,573
10
397,197
106
Bucuresti, Sector 6
83,546,352
7
3,121,190
83,084,120
8
5,850,919
39
Ghisoda, TIMIS
98,656,728
6
4,058,930
45
Bucuresti, Sector 1
Chiajna, ILFOV
327 Bolintin Deal, GIURGIU
MCR
TRANSPORT & CARGO
POSTAL AND COURIER ACTIVITIES
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
3.450
2.813
2.375
2.375
2.275
2.075
2.025
2.025
1.925
1.838
1.838
1.825
1.788
1.738
1.675
1,264,810,799
1
-182,932,177
32,124
Bucuresti, Sector 2
222,633,218
2
43,993,292
1,137
Bucuresti, Sector 2
175,525,812
3
3,752,284
424
Bucuresti, Sector 1
160,820,267
4
11,190,242
308
Bucuresti, Sector 1
93,309,126
5
6,121,503
969
Bucuresti, Sector 1
16,381,372
17
909,074
571
Bucuresti, Sector 1
68,394,458
7
5,045,571
548
Bucuresti, Sector 4
27,364,323
12
2,598,417
470
Sibiu, SIBIU
62,818,530
8
2,789,613
350
Bucuresti, Sector 2
Bucuresti, Sector 1
16 FULL DISTRIBUTION SERVICES SRL
COMPANIA NATIONALA POSTA ROMANA SA
FAN COURIER EXPRESS SRL
DHL INTERNATIONAL ROMANIA SRL
TNT ROMANIA SRL
CARGUS INTERNATIONAL SRL
INBOX MARKETING SRL
URGENT CURIER SRL
POSTA ATLASSIB CURIER RAPID SRL
NEMO PROD COM IMPEX SRL
UPS ROMANIA SRL
INTERNATIONAL ROMEXPRESS SERVICE LTD SRL
POSTMASTER SRL
DYNAMIC PARCEL DISTRIBUTION SA
GLS GENERAL LOGISTICS SYSTEMS ROMANIA SRL
OTTO EXPEDITII SRL
87,036,534
6
790,667
115
15,164,240
19
2,211,698
105
Otopeni, ILFOV
41,822,495
9
4,299,537
278
Bucuresti, Sector 1
36,015,126
10
1,676,878
148
Bucuresti, Sector 1
33,869,236
11
4,017,594
53
Sibiu, SIBIU
18,656,791
15
-3,439,973
320
Bucuresti, Sector 1
1.500
16,838,596
16
14,406
1
17 INFODIREKT SRL
1.400
26,287,374
13
-1,138,479
10
18 WORLD MEDIATRANS SRL
19 SPRINT CURIER EXPRESRL
1.338
1.288
22,608,129
14
7,924
102
Timisoara, TIMIS
16,368,573
18
-616,415
160
Bucuresti, Sector 6
Sfantu Gheorghe,
COVASNA
Piatra Neamt,
NEAMT
30.7%
decrease of domestic passenger car sales in the
first nine months of 2012, while imports of
domestic passenger car sales dropped only
19.1 percent
Automotive Industry
t PRODUCERS & IMPORTERS
t CAR DEALERS
t AUTOMOTIVE PARTS PRODUCERS
t AUTOMOTIVE PARTS DISTRIBUTORS
MCR
AUTOMOTIVE INDUSTRY
The Romanian
automotive industry:
changing gear or changing lanes?
Ariadna Oslobeanu, Senior Manager, Assurance & Advisory Business Services, Ernst & Young
With a car density lower than ½ of the EU average (according to
the Automobile Industry Pocket Guide published in September
2012 by the European Automobile Manufacturers’ Association
(ACEA)), the auto market in Romania exhibits a big potential for
development in the context of the European auto market.
Still, sales recovery in Romania is expected to be
long-drawn-out, thanks to two years of recession resulting in
elevated unemployment levels and stymied wage growth in the
face of high inflation, according to Romania Autos Report Q3
2012 published by Business Monitor International (BMI).
Furthermore, with external credit much less readily available,
retail lending in the Romanian economy practically stalled in the
wake of the global financial crisis. Consumer spending on
big-ticket items therefore remains very cautious as is evident
from a massive 13.6% y-o-y decline in new passenger car sales
during 2011, according to estimates from ACEA.
SALES
During the first nine months of 2012, the domestic passenger car
sales registered a total decrease by 30.7% compared to 2011, to
14,208 units, while the imported passenger car sales registered a
total decrease by 19.1%, when compared to 2011, to 39,374 units1.
Total passenger car sales during this period reached 53,582 units,
lower by 22.5% compared to the corresponding period from 2011.
country's used car market. Dacia Logan occupied the leader
position in the top of passenger cars sales by model, at the end of
September 2012, with a total sales volume of 7,107 units,
significantly higher than the second place occupied by Dacia
Duster, with a total sales volume of 3,994 units. The following
positions are occupied by Skoda Octavia (2,611 units), Renault
Clio (1,834 units), Dacia Logan MCV (1,571 units) and Volkswagen
Golf (1,438 units).
On the other hand, sales of light commercial vehicles (LCV) (and
minibus sales) did not fluctuate significantly during the first
nine months of 2012 compared to prior year: sales of domestic
LCVs registered a total decrease by 4.4%, to 1,800 units, while
the imported LCVs sales registered a total decrease by only 0.4%,
to 6,760 units. Total LCV sales during the first nine months of
2012 were 8,560 units, lower by only 1.2% compared to the
corresponding period from 2011. The segmentation by type of
fuel of sales of new vehicles during the first nine months of 2012
shows a 49.8% - 50.2% split between gasoline and diesel,
compared to a 60.2% - 39.8% corresponding split in 2011.
The domestic demand in the Romanian auto market continues
to be dominated by Dacia although there is increasing
participation from other international brands and growth in the
The automotive market continues therefore the decrease started
during years 2008-2009. While total sales of new vehicles during
2011 were 106,617 units (passenger cars, LCVs and minibus sales),
the estimation for current year sales is only around 92,000 new
vehicles, according to APIA. However, based on the trend of
actual sales during the first nine months of the year, the actual
results may be lower at year end. The main causes for the
decrease of the auto market are the late launch of the Program
Sales of passenger cars by brand, in units and percentages
Sales of light commercial vehicles by brand, in units and percentages
PEUGEOT
1,510
3%
Other
12,238
23%
DACIA
14,292
27%
NISSAN
253
3%
IVECO
209
2%
Other
560
7%
DACIA
1,838
22%
CITROEN
553
6%
BMW
1,511
3%
TOYOTA
1,747
3%
OPEL
1,829
3% HYUNDAI
2,423
5%
MERCEDES BENZ
501
6%
VOLKSWAGEN
6,038
11%
FORD
3,480
6%
RENAULT
3,599
7%
SKODA
4,915
9%
PEUGEOT
574
7%
FORD
1,385
16%
FIAT
871
10%
RENAULT
895
10%
VOLKSWAGEN
921
11%
for encouraging the renewal of national auto park (Rabla), but
also the reduced buying power and the increased imports of
second-hand vehicles during the last years. Although Rabla
Program continues to have a positive impact on sales, the
program is below market expectations.
current Logan (sedan) is also expected to be discontinued at
Mioveni. Thus, Dacia production plant from Romania will
remain with only three models instead of six in prior year, while
the spare production capacity will be most probably taken over
by the Duster model.
For Rabla Program 2012, the Environment Fund Administration
allocated a budget of RON 114 million, which allows scrappage
of 30,000 vehicles older than 10 years. This translates into sales
of only 10,000 new vehicles (for acquisition of a new vehicle can
be used maximum 3 vouchers), representing a quarter of the
sales made through this program. As in 2010 and 2011, the value
of the scrappage premium is RON 3,800, being the nominal
value of one voucher. A number of 25,964 vehicles older than 10
years were scrapped through the initial phase of Rabla Program
2012 that started on 5 April 2012, and a number of 8,006 new
vehicles were acquired, out of which 3,661 from domestic
production. A second phase of Rabla Program 2012 was launched
on 8 August 2012, for which the Environment Fund
Administration allocated a budget of RON 57 million, allowing
the scrappage of additional 15,000 vehicles older than 10 years.
Still, total sales of new vehicles during the first nine months of
2012 through this program are significantly lower compared to
the same period in 2011.
EXPORTS
Exports of new vehicles during the nine months of 2012 (233,728
units) are higher by 3.9% compared to the same period in 2011.
The increase is being driven by the higher export of passenger
cars by 8% (223,619 units in 2012 compared with 207,108 units in
2011), while the exports of LCVs were lower by 43.1% (10,109 units
in 2012 compared with 17,774 units in 2011). The decrease
recorded by LCVs has the same main cause, the discontinuance
of production of model Ford Transit Connect. However, it is
expected that the new Ford B-MAX will contribute to an increase
in the volumes of exports during the last quarter of the year. As
the domestic demand continues to be extremely low, the share of
the exports in total production increased during 2012,
representing 97.7% at the end of September 2012 (89.6% in 2011).
PRODUCTION
The national production of new vehicles registered a total
decrease by 4.7% (to 239,153 units) up to the end of September
2012 – by 1.4% in passenger cars (to 227,952 units) and by 43.3%
(to 11,187 units) in LCVs.
Besides the impact of lower demand from domestic market, the
decrease was also determined by the discontinued production of
model Ford Transit Connect, which was replaced by the new
multi-activity vehicle Ford B-MAX, for which production was
officially launched in June 20122. Ford B-MAX is the first car to
be built at Craiova and will be manufactured exclusively in the
Romanian plant. It is estimated that approximately 60,000
vehicles will be produced until the end of this year.
Also, the production of Logan Pick-up was discontinued in May
2012, after almost 5 years of production of this model. Logan
Pick-up was launched in 2007 and during the 5 years of
production, Dacia produced a number of 31,341 vehicles, out of
which 75% were exported (main markets were France and
Turkey). Over 6,700 vehicles were sold in Romania.
In addition, Dacia launched Dacia Lodgy in June 2012 and
Dokker (the combi family model Dokker and the utilitary vehicle
Dokker VAN) in September 2012, both of which are being
produced in Marocoo. As a result, the production of Logan VAN
was discontinued at Mioveni at the beginning of August 2012
and it is expected that the production of Logan MCV (break) will
also be discontinued towards the end of 2012. Since the launch
in 2007 and until August this year at Mioveni were assembled in
total over 53,000 units of Logan VAN. Given the expected launch
of the new Logan and Sandero models, the production of the
IMPORTS
Imports of new vehicles during the first nine months decreased
by 19.1% (to 39,374 units) for passenger cars, while it increased by
0.7% (to 6,248 units) for LCVs, compared to the same period in
2011. However, the imports of second-hand vehicles continued
to increase significantly during 2012. APIA stated in June 2012
that the imports of second-hand vehicles increased by 66%
during the first half of the year, compared with 2011, and that
the majority of these second-hand vehicles is more than 10 years
old (45% of passenger cars and 60% of commercial vehicles). In
Romania, the imports of second-hand vehicles are
approximately 2.5 times higher than imports of new vehicles,
while the mature markets of Europe show a reverse ratio: 1
second-hand vehicle for each 3 new vehicles.
SUPPLIERS
According to BMI, industry data suggest that Romania boasts a
strong integrated supply base with the presence of nearly 500
suppliers, employing around 100,000 staff. Traditionally, the
segment has been dominated by electric systems manufacturers,
but this is rapidly changing as a host of foreign players such as
Michelin to Autoliv have gradually set up production in
Romania. However, BMI research shows that much of this
investment has been fairly unbalanced, as suppliers are mostly
concentrated in the western part of Romania, where numerous
industrial parks host vehicle manufacturers. More recently,
however, the southern part of the country has emerged as an
alternative region on the back of various investments. Another
major concern for the parts segment is the low level of orders
from carmakers due to slow recovery in auto production, which
may delay new investments in the country. BMI believes that
Romania offers huge potential for the parts segment. It is
strategically placed to serve demand in Western and Eastern
Europe and an improved regulatory structure following EU
accession has made it an attractive destination for investment.
MCR
Opinion
The return
to growth
MIHAI BORDEANU,
Marketing Director
Dacia & Renault Romania
Automotive market in Romania saw in
the last years a real crash, plummeting
to levels comparable with those
recorded in the mid 90’s. In order to
sketch the scale of this market, it is
enough to mention that car sales in
Romania equal the sales registered by
Slovakia, a country with a population
four times smaller.
In this context, the main change that
widened over the last two years is
related to the growing share of
corporate customers within the total
car sales.
Basically, now, individuals represent
barely a quarter within the total sales
of new cars. The rest is represented by
companies or institutions acquiring
larger or smaller fleets.
I estimate this trend to continue in
2013…
THE CAR – A LONG TERM INVESTMENT
IN ROMANIA
In Romania, the purchase of a car is
perceived as a long term investment.
Romanian buyers keep a car for on
average period of 11 years, compared to
the average rate in Western Europe, of
6 years at most. Hence, Romanian
buyers tend to invest time and
resources in informing themselves
before performing an acquisition and
the selection process is rigorous.
Obviously, there is a share of wealthy
customers that has been less affected
by the crisis. For them, the image is the
main benchmark in selecting a car and
usually, that car will be an expensive
and a premium brand.
It is hard to estimate now the
contribution of automotive sector to
Romania’s GDP until the year-end,
when official statistics are available.
However, for the mainstream buyers,
the major criteria in choosing a car are
the costs related to operating and
maintenance, the fuel consumption,
comfort, reliability and durability of a
vehicle.
In my opinion, Romania needs a
healthy car market and the return to
growth depends on the stability and
predictability of the legislative and
fiscal policies, conveying also a more
stable economic landscape.
THE NOVELTY FACTOR STILL MATTERS
As I mentioned before, the car market
in Romania crosses a very difficult
period and the return towards growth
is still not definite for the next year.
The sole certainty is that the novelty
factor still matters to buyers.
Within this context, Dacia has the
youngest range of cars in Europe,
covering segments with growth
potential as SUVs, light utility vehicles
and family vehicles and this represents
a major asset fort the company. In
order to better lighten my statement is
that 70 percent of our local production
in Romania is exported on the Western
European markets.
The car market in Romania is still
dominated by used cars, their sale
being double compared to the sales of
new cars.
Unfortunately, this phenomenon
contributes to the aging of the national
fleet car in Romania, already being one
of the oldest in Europe.
“ROMANIA NEEDS A
HEALTHY CAR MARKET
AND THE RETURN TO
GROWTH DEPENDS ON
THE STABILITY AND
PREDICTABILITY OF
THE LEGISLATIVE AND
FISCAL POLICIES.”
AUTOMOTIVE PRODUCERS&IMPORTERS
RANK COMPANY NAME
1
2
3
4
5
6
7
9
8
10
11
12
13
14
15
16
17
18
19
20
21
22
23
AUTOMOBILE DACIA SA
PORSCHE ROMANIA SRL
MERCEDES-BENZ ROMANIA SRL
TRUST MOTORS SRL
FORD ROMANIA SA
EVW HOLDING SRL
IVECO ROMANIA SRL
AUTOMOBILE BAVARIA SRL
TOYOTA ROMANIA SRL
ROMAN SA
PREMIUM AUTO SRL
M CAR TRADING SRL
ASTRA BUS SRL
AUTO ITALIA IMPEX SRL
HYUNDAI AUTO ROMANIA SRL
SUBARU MOTORS TRADING SRL
VOLVO ROMANIA SRL
ROMCAR MOTORS SRL
GERMAN TOP TRADING SRL
KIA ROMAUTO SRL
CITROEN ROMANIA SRL
DURA AUTOMOTIVE ROMANIA SRL
HONDA TRADING ROMANIA SRL
TURNOVER
2011 RON) RANKING
4.500
3.538
3.288
2.838
2.713
2.625
2.450
2.388
2.388
2.125
2.000
1.950
1.888
1.800
1.738
1.650
1.638
1.588
1.538
1.500
1.450
1.325
1.300
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
13,177,841,584
1
275,111,397
13,652
Mioveni, ARGES
1,798,618,534
2
114,723,266
150
Voluntari, ILFOV
764,704,445
4
26,137,904
136
Bucuresti, Sector 1
248,839,423
8
10,898,148
75
Bucuresti, Sector 6
797,674,088
3
-471,350,988
3,501
Craiova, DOLJ
293,419,941
7
13,454,707
436
Gilau, CLUJ
203,554,231
9
4,118,112
25
Bucuresti, Sector 1
377,483,875
6
3,894,889
181
Otopeni, ILFOV
478,104,096
5
2,691,389
63
Voluntari, ILFOV
47,711,012
20
-6,192,368
450
Brasov, BRASOV
103,070,372
16
4,689,430
31
Bucuresti, Sector 1
122,014,764
14
909,929
41
Bucuresti, Sector 1
27,569,544
23
44,260
60
Arad, ARAD
201,976,541
10
-1,928,261
0
Bucuresti, Sector 2
189,643,713
11
1,908,328
53
Bucuresti, Sector 1
28,999,000
22
37,613
30
Bucuresti, Sector 1
Bucuresti, Sector 6
168,929,292
12
-3,606,619
215
84,618,079
17
-4,399,169
123
Bucuresti, Sector 1
39,776,278
21
1,578,729
65
Bucuresti, Sector 3
60,264,265
19
298,719
46
Bucuresti, Sector 1
113,138,783
15
1,603,540
39
Bucuresti, Sector 1
124,195,291
13
-241,097
501
Ghiroda, TIMIS
61,756,005
18
-6,594,121
19
Bucuresti, Sector 2
MCR
Opinion
Back in 2000?
DANA CORTINA,
General Manager,
Porsche Inter Auto Romania
Looking at the automotive market
figures, one could easily think we have
traveled in time, 12 years ago. In 2000 the worst year in the recent history of
our market in Romania – the
manufacturers and importers sold
around 80,000 cars.
Recent forecasts indicate that we won’t
match even that figure in 2012, as only
78,000 cars will be sold by the yearend.
Compared to the golden year 2007, the
drop is huge. Over 350,000 new cars
were sold in Romania in that boom
year, and around 312,000 the year after
that, while 2009 brought an unexpected
and shocking drop of over 50%. And
now, three years later, we stand at half
of half…
With such figures, the future of the
automobile business looks rather bleak.
However, we need to keep things in
perspective. Where were we really back
in 2000?
Back then, Porsche Holding had just
come to Romania. The market was
dominated by local manufacturers mainly Dacia. Most of the “foreign” cars
you could see on the streets were, in
fact, locally produced Daewoo Cielo,
Tico, Matiz and a few Esperos, riding
along with the old and dusty Dacia 1310
or Oltcit… The import market
accounted for no more than 7% of the
total sales! Not surprising, though, since
import taxes and duties went as high as
50% of the retail price…
The challenges we were facing back
then may seem unconceivable now –
even some of those who lived them no
longer remember them, but they were
real. Trivial things, petty things, such as
registering a firm in Romania or
obtaining a company stamp were so
time consuming that they didn’t leave
space for real business decisions.
Ten years ago, when we broke the
ground for what was soon to become
our best performing dealership and one
of the best in the entire region - Porsche
Bucuresti Nord – there was nothing
surrounding the land we had bought in
Pipera. No buildings, no warehouses,
only a sheep herd across the street.
Now, this northern part of Bucharest is
a landmark for office space.
I have always admired the vision and
the courage of the members of the
Porsche and Piech families, who came
to the inauguration of the construction
site and who were able to see beyond
the 30,000 sqm of barren land that
stood before them. Porsche Bucuresti
Nord sold over the years, more than
32,000 cars – 27,000 Volkswagen, 4,000
Audi and 1,000 Porsche.
Now, in the bleakest year since 2008,
we are about to complete a new
investment, of 15 million EUR, a new
showroom that will join Porsche
Bucuresti Nord in the same Pipera area.
There’s an old feeling coming back to
me, yet the feeling is different.
Despite the harshness of the financial
results, 2012 is different. Our challenges
today are definitely different, our
business agenda is different, our
objectives and benchmarks are different
but we also have added experience,
confidence and maturity on our side.
Even our roads look a lot better -
although we still complain; our staff is
better trained, the market is more
complex and the buyers more
sophisticated.
Back in 2000 we had little experience
and small expectations, whereas today
we are well aware of the good things
worth fighting for – if we focus and put
our energy and mind to it, we might
even remember how to win them back.
And we have no excuse if we don’t.
We might be looking at the same
figures as those of 2000, but, as
business people, we should see things
differently. And even if it seems like
there is no place for improvement
tomorrow, or next year, I’m sure that if
we look back in, let’s say, 12 years time,
we will be able to say, once again: we
have come such a long way!
“DESPITE THE
HARSHNESS OF THE
FINANCIAL RESULTS,
2012 IS DIFFERENT.
OUR CHALLENGES
TODAY ARE
DEFINITELY DIFFERENT,
OUR BUSINESS
AGENDA IS DIFFERENT,
OUR OBJECTIVES AND
BENCHMARKS ARE
DIFFERENT.”
CAR DEALERS
RANK COMPANY NAME
1
2
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
PORSCHE INTER AUTO ROMANIA SRL
MHS TRUCK & BUS SRL
BMW VERTRIEBS GMBH SALZBURG SUCURSALA
3 BUCURESTI
4 CEFIN ROMANIA SRL
5 RENAULT COMMERCIAL ROUMANIE SRL
6 CASA AUTO SRL
7 AUTOKLASS CENTER SRL
8 RADACINI MOTORS SRL
9 AVIA MOTORS SRL
10 SCANIA ROMANIA SRL
11 AUTOWORLD SRL
12 AUTO SCHUNN SRL
13 EUROSPEED SRL
14 CTE TRAILERS SRL
2.875
2.788
636,456,271
1
5,915,195
521
Tunari, ILFOV
376,513,172
5
14,112,199
135
Bucuresti, Sector 6
2.500
439,260,529
3
25,317,860
11
Bucuresti, Sector 1
2.475
2.388
2.375
2.275
2.188
2.088
2.038
1.988
1.988
1.938
1.900
429,536,743
4
-3,808,713
532
Bucuresti, Sector 1
619,656,281
2
14,177,119
132
Bucuresti, Sector 6
201,605,343
8
-5,332,217
295
Bucuresti, Sector 1
217,945,735
6
-4,968,999
323
Bucuresti, Sector 4
15 NURVIL SRL
1.888
16
17
18
19
20
21
22
1.888
1.838
1.838
1.788
1.775
1.688
1.688
BRADY TRADE SRL
RMB INTER AUTO SRL
CASA AUTO SRL
COLINA MOTORS SRL
SERVICE AUTO SERUS SRL
MIDOCAR SRL
RMB CASA AUTO TIMISOARA SRL
203,197,350
7
7,306,893
220
Bucuresti, Sector 6
93,053,959
16
5,310,067
182
Pantelimon, ILFOV
150,081,781
10
675,142
110
Ciorogarla, ILFOV
99,255,025
14
1,029,481
136
Cluj-Napoca, CLUJ
68,921,026
26
1,460,844
92
Arad, ARAD
69,799,435
25
721,762
60
Suceava, SUCEAVA
68,330,041
27
794,516
36
Ciorogarla, ILFOV
97,885,519
15
1,883,959
178
Ramnicu Valcea,
VALCEA
78,570,453
21
2,029,402
123
Bucuresti, Sector 6
108,010,661
13
3,679,317
228
Cluj-Napoca, CLUJ
53,325,106
34
28,169
103
Iasi, IASI
59,362,636
32
-2,407,725
136
Bucuresti, Sector 1
91,457,673
17
7,481,970
309
Bucuresti, Sector 6
184,393,884
9
-462,149
247
Bucuresti, Sector 1
83,789,843
19
102,250
96
Timisoara, TIMIS
38
1,265,525
98
Moldova Noua,
CARAS-SEVERIN
23 AUTO ALEX SRL
1.688
50,333,175
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
1.675
1.650
1.638
1.588
1.588
1.588
1.488
1.488
1.488
1.488
1.388
1.388
1.338
1.288
1.175
127,159,852
12
1,523,807
434
Bucuresti, Sector 6
62,658,069
29
2,561,302
16
Bucuresti, Sector 1
64,592,543
28
12,200
120
Ghimbav, BRASOV
75,693,079
22
-354,001
109
Oradea, BIHOR
54,496,135
33
1,097,629
161
Podari, DOLJ
50,376,871
37
1,032,338
75
Bucuresti, Sector 2
86,725,181
18
-1,701,377
163
Jilava, ILFOV
72,136,408
24
544,226
132
Pitesti, ARGES
61,881,076
31
410,956
102
Bacau, BACAU
52,625,549
35
486,007
77
Bucuresti, Sector 1
EURIAL INVEST SRL
EURO INTER TRADE CORPORATION SRL
DELCAR SRL
D & C IMPEX SRL
DUMATRUCKS SRL
DI - BAS AUTO SRL
PROTRUCK INTERNATIONAL SRL
EURO TEHNO GROUP SRL
CYBERNET AUTO CENTER SRL
MIT MOTORS INTERNATIONAL SRL
TIRIAC AUTO SA
BUSINESS DEVELOPMENT TEAM SRL
INCHCAPE MOTORS SRL
TESS SRL
AUTO COBALCESCU SRL
141,062,438
11
-1,591,723
232
Bucuresti, Sector 1
82,813,420
20
-9,088,286
131
Bucuresti, Sector 6
50,470,086
36
-70,889
77
Voluntari, ILFOV
75,572,116
23
5,492
131
Ghimbav, BRASOV
62,213,150
30
-2,292,888
707
Bucuresti, Sector 1
MCR
AUTOMOTIVE INDUSTRY
AUTOMOTIVE PARTS PRODUCERS
RANK COMPANY NAME
1
2
3
4
PIRELLI TYRES ROMANIA SRL
TAKATA ROMANIA SRL
AUTOLIV ROMANIA SRL
CONTINENTAL AUTOMOTIVE PRODUCTS SRL
TURNOVER
2011 RON) RANKING
4.013
3.913
3.813
3.650
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
Slatina, OLT
1,501,679,442
6
94,411,056
1,890
1,522,320,748
5
46,228,727
4,230
Arad, ARAD
1,911,619,925
3
160,959,700
3,101
Brasov, BRASOV
2,224,673,603
1
202,239,107
0
Timisoara, TIMIS
5
DELPHI PACKARD ROMANIA SRL
3.650
1,700,702,239
4
34,612,356
9,812
Sannicolau Mare,
TIMIS
6
7
8
9
10
11
12
13
14
15
16
17
18
MICHELIN ROMANIA SA
DELPHI DIESEL SYSTEMS ROMANIA SRL
JOHNSON CONTROLS ROMANIA SRL
TRW AUTOMOTIVE SAFETY SYSTEMS SRL
CONTINENTAL AUTOMOTIVE SYSTEMS SRL
CONTINENTAL AUTOMOTIVE ROMANIA SRL
SEWS ROMANIA SRL
COMPA SA
CRH ROMANIA SRL
CONTITECH FLUID AUTOMOTIVE ROMANIA SRL
KROMBERG &SCHUBERT ROMANIA SRL
MW ROMANIA SA
PREH ROMANIA SRL
3.563
3.463
3.363
3.313
3.263
3.263
3.200
3.113
2.975
2.963
2.963
2.925
2.875
2,146,783,116
2
44,927,593
2,657
Bucuresti, Sector 1
1,317,523,227
7
47,686,003
2,070
Bratuleni, IASI
1,119,868,177
10
-10,661,767
3,350
Mioveni, ARGES
Timisoara, TIMIS
19 LEONI WIRING SYSTEMS RO SRL
20
21
22
23
878,392,258
12
23,484,769
2,788
1,264,430,015
8
-104,789,414
1,577
Sibiu, SIBIU
1,139,142,245
9
-150,597,676
3,461
Timisoara, TIMIS
Deva, Hunedoara
905,507,808
11
5,699,559
6974
475,420,370
18
17,369,837
1,782
Sibiu, SIBIU
383,968,466
23
29,874,301
550
Jimbolia, TIMIS
509,780,658
17
40,536,731
1,230
Carei, SATU MARE
360,789,334
24
5,492,288
1,955
Timisoara, TIMIS
231,000,062
31
25,479,269
337
Dragasani, VALCEA
216,340,379
33
9,736,777
324
Ghimbav, BRASOV
2.863
664,314,181
13
16,838,477
3,413
Bistrita,
BISTRITA-NASAUD
2.863
2.863
2.838
2.825
646,344,364
14
106,239,205
1,554
Timisoara, TIMIS
612,330,127
15
15,317,650
3,489
Ploiesti, PRAHOVA
431,773,722
21
5,322,664
122
Mioveni, ARGES
436,829,312
20
35,942,357
667
Mioveni, ARGES
24 HELLA ROMANIA SRL
2.775
592,357,122
16
31,240,868
928
Sannicolau Mare,
TIMIS
25
26
27
28
29
30
31
32
33
34
35
36
2.763
2.713
2.688
2.675
2.588
2.538
2.513
2.513
2.475
2.375
2.275
2.238
274,220,700
28
27,755,616
2594
Bucuresti, Sector 2
295,424,439
27
8,831,594
3,515
Pitesti, ARGES
267,863,415
29
43,900,023
70
Bucuresti, Sector 1
CONTITECH ROMANIA SRL
YAZAKI ROMANIA SRL
CORTUBI SRL
EURO AUTO PLASTIC SYSTEMS SRL
GLOBAL E-BUSINESS OPERATIONS CENTRE SRL
LISA DRAXLMAIER AUTOPART ROMANIA SRL
3M ROMANIA SRL
BOS AUTOMOTIVE PRODUCTS ROMANIA SCS
VALEO SISTEME TERMICE SRL
ROBERT BOSCH SRL
TAKATA-PETRI SIBIU SRL
LEAR CORPORATION ROMANIA SRL
RENAULT MECANIQUE ROUMANIE SRL
ECKERLE AUTOMOTIVE SRL
LEONI WIRING SYSTEMS PITESTI SRL
WEBASTO ROMANIA SRL
304,484,903
25
16,333,470
855
Arad, ARAD
216,831,594
32
18,995,195
99
Mioveni, ARGES
251,282,400
30
5,042,173
163
Bucuresti, Sector 1
398,308,814
22
67,925,332
2,159
Sibiu, SIBIU
298,924,490
26
6,742,398
1,679
Pitesti, ARGES
473,451,143
19
9,963,363
638
Mioveni, ARGES
147,814,021
41
1,671,928
678
Cluj-Napoca, CLUJ
190,558,453
36
9,217,196
716
Pitesti, ARGES
196,832,878
35
13,236,302
204
Zimandu Nou, ARAD
Caransebes,
CARAS-SEVERIN
37 TMD FRICTION ROMANIA SRL
2.225
197,249,568
34
38,813,775
400
38 HIRSCHMANN ROMANIA SRL
2.225
161,951,126
37
5,474,455
894
Sanpaul, MURES
7,200,102
4,229
Satu Mare, SATU
MARE
39
40
41
42
43
DRM DRAXLMAIER ROMANIA SISTEME
ELECTRICE SRL
TRELLEBORG AUTOMOTIVE SRL
HONEYWELL GARRETT SRL
QUIN ROMANIA SRL
THYSSENKRUPP BILSTEIN COMPA SA
2.213
149,618,566
40
1.938
1.925
1.875
1.825
143,879,544
42
8,538,955
205
Dej, CLUJ
152,777,500
39
13,468,737
534
Bucuresti, Sector 6
155,659,429
38
8,439,895
733
Ghimbav, BRASOV
140,237,182
43
4,055,833
449
Sibiu, SIBIU
MCR
AUTOMOTIVE INDUSTRY
AUTOMOTIVE PARTS DISTRIBUTORS
RANK COMPANY NAME
MCR SCORING
( 2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1
2
3
RENAULT INDUSTRIE ROUMANIE SRL
AD AUTO TOTAL SRL
BRIDGESTONE ROMANIA SRL
3.150
2.925
2.800
3,944,561,044
1
1,048,546
1
Mioveni, ARGES
438,504,261
3
20,289,510
722
Bucuresti, Sector 4
201,801,702
7
7,527,102
12
Bucuresti, Sector 2
4
AUTOCORA SRL
2.700
276,022,388
5
9,484,310
42
Alexandria,
TELEORMAN
5
6
7
GOODYEAR DUNLOP TIRES ROMANIA SRL
ATP - EXODUS SRL
AUGSBURG INTERNATIONAL IMPEX SRL
2.650
2.375
2.275
391,829,339
4
5,459,887
38
Bucuresti, Sector 1
180,206,495
8
5,134,912
339
Sasar, MARAMURES
227,720,584
6
-5,491,277
282
Chiajna, ILFOV
Targu Secuiesc,
COVASNA
Satu Mare, SATU
MARE
Piatra-Neamt,
NEAMT
8
NEXXON SRL
2.238
125,570,708
11
7,298,989
143
9
AUTONET IMPORT SRL
2.225
569,889,994
2
16,588,815
792
10 DINAMIC 92 DISTRIBUTION SRL
2.188
123,756,221
12
9,759,077
165
11
12
13
14
15
16
17
18
19
20
2.075
2.038
1.988
1.838
1.825
1.738
1.725
1.625
1.488
1.488
85,193,532
17
3,755,146
286
Iasi, IASI
80,022,889
19
2,488,636
91
Ernei, MURES
CONEX DISTRIBUTION SA
MARSOROM SRL
AUTO SOFT SERVICE ROTI SRL
EUROMASTER TYRE &SERVICES ROMANIA SA
MATEROM SRL
BARDI AUTO SRL
TROST AUTO SERVICE TECHNIK SRL
UNIX AUTO SRL
INTER CARS ROMANIA SRL
ELIT ROMANIA PIESE AUTO ORIGINALE SRL
133,926,985
10
6,183,889
188
Fundeni, ILFOV
88,738,585
16
1,093,733
101
Bucuresti, Sector 1
Cristesti, MURES
112,341,841
14
4,391,410
261
84,894,857
18
7,253,002
230
Chiajna, ILFOV
151,267,780
9
1,468,991
346
Bucuresti, Sector 6
Cluj-Napoca, CLUJ
117,755,666
13
11,845
281
100,403,296
15
-2,970,806
66
Cluj-Napoca, CLUJ
79,251,912
20
-2,736,335
170
Bucuresti, Sector 2
16%
the flat-tax, applied both for individuals
and commercials, is one of the main
triggers for foreign investments
Professional Services
t LEGAL
t MANAGEMENT CONSULTING COMPANIES
t ACCOUNTING, AUDIT, FAS & TAX
t EXECUTIVE SEARCH, RECRUITMENT AND HR MANAGEMENT
t TRAINING COMPANIES
t MARKET RESEARCH COMPANIES
t BUSINESS PROCESS OUTSOURCING
MCR
Circle of trust:
relying on the right partner
Take a market, any market, and try to assess its strong points
as well as reveal the weak links that may hinder potential
business development.
Teamwork, in such cases, becomes more than just a fancy,
politically correct concept that board members like to hear
about when presented with a strategy plan. It becomes a
must-have in blurry business environments, the one thing
any potential investor has to make work.
Fade in to the otherwise bad-mouthed ‘partners in crime’
that make such plans actually come to fruition. We now get
to meet the often-despised lawyers, auditors, management
advisers or headhunters, who have built up a network so
strong that things actually start to appear brighter.
WHEN LAWYER JOKES ARE NO LONGER APPROPRIATE…
Romania’s development over the last 23 years has been to the
advantage of commercial law firms, with the shock treatment
of rapid privatization and a mad rush from foreign investors
seen in much of Central and Eastern Europe, meaning the
legal industry in those nations grew massively in a short
period of time.
The profession wins out when the good times roll, by fixing
mergers and acquisitions and transactions and also when the
bad times come, by dealing with liquidations and
foreclosures.
The legal services market in Romania currently witness
strong growth on the back of major deals in energy and
dispute resolution.
Of course, with ‘crisis’ being everybody’s go-to word
nowadays, challenges are popping out every given moment,
but the legal market in Romania is viewed by most major
players as a stable and mature enough one, highly
competitive and yielding, if not hefty profits, at least solid
basis for future development.
Although there is no official data that everyone can agree
upon to confirm the top tier of law firms in Romania, they
are understood to include names such as NNDKP, Tuca,
Musat and Bostina – all Romanian-based firms. They have all
managed to grow with the economy, continue to thrive and
gain market recognition.
But there is competition in the form of a pincer movement:
international firms scouting the market from above and a
growing second tier of firms of young upstarts from below.
With Romania becoming home to headline-making
investment news in the past years, foreign counsel has
followed suit, setting up shop locally to better serve the needs
of their billion-Euro clients.
Along these lines, there is no doubt that commercial law has
evolved into a distinctive branch of the legal profession, with
‘billing hours’ becoming one of the most popular ways to
measure a lawyer’s productivity.
The demand for niche services in law will increase – but there
still is dispute among the legal community as to whether
Romania has a ‘critical lack’ of specialist lawyers, or whether
it is still at the development stage where generalist lawyers
are most necessary. With deals still in the making, and with
every election year casting doubts on the natural functioning
of any industry in Romania, one can only wait and see what’s
in store for the years to come.
TAXATION, VIEW FROM A NEW PERSPECTIVE
The reduction of trade barriers, the ease of moving goods and
services around the globe via the internet, and modern
transportation means that cross-border trading – once the
preserve of a small group of multinational companies – is
now part of mainstream business activity.
Such cross-border activity exposes businesses and the people
they employ to taxes and tax systems in the jurisdictions
where customers are based, which brings not only
opportunity but also potential issues and conflict between
tax systems.
Tax consultancy companies make their way to the front of
the line in such cases, with never-ending changes to
Romania’s fiscal code and procedural glitches keeping market
players on their toes. These changes have made the role of tax
advisers ever more crucial in helping businesses reach their
desired destinations and avoiding the hazards.
Although Romania continues to be an attractive location for
important investors, due to its reduced flat-rate tax of 16 per
cent both for individuals and corporations, cheaper labour
force, strategic location and natural resources, the recent
Creating value. Achieving potential.
downturn in the economy has adversely affected the level of
foreign investment. Investors are also discouraged by factors
such as the unstable tax legislation or level of bureaucracy –
which is indicated by the relatively high number of taxes and
declarations a business must comply with.
WHEN FINDING THE RIGHT PEOPLE REALLY MAKES THE
DIFFERENCE
And yes, cheap labour force is another overused turn of
phrase when referring to Romania’s most appealing assets.
But can cheap always mean better? How much does saving
costs by paying low wages count in a company’s business plan?
A recent study by PricewaterhouseCoopers, dubbed ‘CEO
Survey 2012’, reveals that Romanian managers believe more
in a positive evolution of the businesses they run and are
more sceptical with regards to the evolution of the global
economy, expecting a new period filled with volatility and
insecurities.
In a move to counteract the adverse effects of a climate
flawed by political and economic instabilities, CEOs of large
local companies say they need gifted managers and better
prepared employees.
But Romania’s talent deficit still is a burning question for
businesses wanting to grow their volumes, and,
unfortunately, the Romanian education system offers less
and less prepared graduates. The ‘brain drain’ seems more
current than ever, when every young graduate’s dream is to
leave this country and do whatever it takes to make it in
other markets.
With such a background, recruiting firms in Romania are
taking the extra step in tailoring results to requests that tend
to produce low margins. Around 1,000 are employed in
executive search and recruitment in Romania - while those
employed in human resources are probably in the 10,000s.
On a side note, one extremely challenging and worth
following experiment in Romania is the request by the
International Monetary Fund - included in the agreement it
signed with Romania for a loan worth 3.6 million Euro - to
appoint private managers to several state-owned companies,
in a move to instill private spirit into the ailing loss-making
mammoths that stall development. At present, the Ministry
of Economy runs two parallel projects - the support of private
executive search companies - with the aim of, on one hand,
selecting CEOs and CFOs for some state companies and, on
the other hand, of changing boards of administrators for
others.
The question still remains: can such a circle of trust be built?
And who is the right partner to move forward with?
MCR
LEGAL
RANK NAME
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BIRIS GORAN
BPV GRIGORESCU STEFANICA
CLIFFORD CHANCE BADEA
CMS CAMERON MCKENNA SRL
D&B DAVID SI BAIAS SCA - A CORRESPONDENT LAW FIRM OF PRICEWATERHOUSECOOPERS
E PLATIS, C BAZILESCU - LIMITED LIABILITY LAW PARTNERSHIP
FILIP &ASSOCIATES SRL
KINSTELLAR BUSINESS SERVICES SARL LUXEMBURG SUCURSALA BUCURESTI
MAZARS - SCA DUNCEA, STEFANESCU &ASOCIATII
MOORE STEPHENS RIFF - ACCOUNTACY SRL
NESTOR NESTOR DICULESCU KINGSTON PETERSEN ATTORNEYS &COUNSELORS
SCA RADU TARACILA PADURARI RETEVOESCU
SPRL MENZER &BACHMANN - NOERR
SALANS
SCA &DELEANU VASILE - AVOCATI
SCA PELI FILIP
SCA TUCA ZBARCEA &ASOCIATII
SOCIETATE CIVILA DE AVOCATI CU RASPUNDERE LIMITATA ‘ BAKER, TILLY ROMANIA LEGAL SERVICES
SOCIETATE CIVILA DE AVOCATI STOICA &ASOCIATII
SOCIETATE CIVILA PROFESIONALA DE AVOCATI &STEFANICA SI FLOREA
SOCIETATE CIVILA PROFESIONALA DE AVOCATI COBUZ SI ASOCIATII
SOCIETATEA CIVILA DE AVOCATI &BADEA SI ASOCIATII
SOCIETATEA CIVILA DE AVOCATI &COSTEA, JALBA POPA SI ASOCIATII
SOCIETATEA CIVILA DE AVOCATI &DANESCU SI ASOCIATII
SOCIETATEA CIVILA DE AVOCATI &DRAGOMIR &ASOCIATII
SOCIETATEA CIVILA DE AVOCATI &GIDE LOYRETTE NOUEL - LEROY SI ASOCIATII& SCA
SOCIETATEA CIVILA DE AVOCATI &MCGREGOR &PARTENERII
SOCIETATEA CIVILA DE AVOCATI &PACHIU SI ASOCIATII
SOCIETATEA CIVILA DE AVOCATI &POPOVICI NITU &ASOCIATII
SOCIETATEA CIVILA DE AVOCATI &RATIU &RATIU
SOCIETATEA CIVILA DE AVOCATI &REFF &ASOCIATII
SOCIETATEA CIVILA DE AVOCATI &SCHOENHERR SI ASOCIATII
SOCIETATEA CIVILA DE AVOCATI &SULICA, PROTOPOPESCU, VONICA
SOCIETATEA CIVILA DE AVOCATI &VILAU &MITEL
SOCIETATEA CIVILA DE AVOCATI &VOICU &FILIPESCU
SOCIETATEA CIVILA DE AVOCATI &WOLF THEISS SI ASOCIATII
SOCIETATEA CIVILA DE AVOCATI &ZAMFIRESCU RACOTI PREDOIU
SOCIETATEA CIVILA DE AVOCATII &HAMMOND, BOGARU &ASOCIATII
SOCIETATEA CIVILA PROFESIONALA DE AVOCATI &MUSAT SI ASOCIATII
SOCIETATEA CIVILA PROFESIONALA DE AVOCATI &RUBIN, MEYER, DORU SI TRANDAFIR
SOCIETATEA PROFESIONALA CU RASPUNDERE LIMITATA&BOSTINA SI ASOCIATII
STRATULA MOCANU SI ASOCIATII
WHITE &CASE, PACHIU SCA
WOOD, OLTENASU &ASSOCIATES SCPA
tunnel, since the beginning of the previous century, scientists have continuously developed the aerodynamic and aeroacoustic qualities of
motor cars, airships and buildings. Today, excellent values ensure low consumption and longer useful life – Excellence Creating Value.
Noerr in Romania
EXCELLENCE
CREATING
VALUE
MCR
ACCOUNTING, AUDIT, FAS AND TAX
RANK COMPANY NAME
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22
23
24
25
26
27
28
29
30
KPMG ROMANIA S.R.L.
ERNST & YOUNG S.R.L.
PRICEWATERHOUSECOOPERS AUDIT S.R.L.
ERNST & YOUNG ASSURANCE SERVICES SRL
DELOITTE AUDIT S.R.L.
BRITISH AMERICAN SHARED SERVICES
(EUROPE) SRL
PRICEWATERHOUSECOOPERS TAX ADVISORS &
ACCOUNTANTS S.R.L.
KPMG AUDIT SRL
KPMG TAX SRL
DELOITTE CONSULTANTA S.R.L.
BDO AUDIT S.R.L.
DELOITTE TAX S.R.L.
MIDOCAR CONSULTING S.R.L.
TMF ROMANIA S.R.L.
SOTER SRL
NESTOR NESTOR DICULESCU KINGSTON
PETERSEN CONSULTANTA FISCALA SRL
FIN EXPERT CONSULTING SRL
MAZARS CONSULTING S.R.L.
MAZARS ROMANIA S.R.L.
A&F CLASSIC OFFICE SRL
RSM SCOT S.R.L.
BOSCOLO &PARTNERS CONSULTING SRL
NOERR FINANCE & TAX S.R.L.
ROEDL & PARTNER OUTSOURCING S.R.L.
BG CONTA S.R.L.
ACCACE EUROPE S.R.L.
BAKER TILLY KLITOU AND PARTNERS SRL
FIDEXPERT SRL
ROEDL & PARTNER AUDIT S.R.L.
TMF ACCOUNTING & PAYROLL S.R.L.
ANNUAL
TURNOVER
( 2011 RON)
ANNUAL
TURNOVER
(2010 RON)
ANNUAL
TURNOVER
GROWTH %
109,563,568
83,552,164
68,701,522
55,752,617
55,205,075
125,134,620
-12.4%
1,931,320
69,664,758
19.9%
11,319,817
1
2
3
4
5
6
7
8
9
10
11
12
GENPACT ROMANIA S.R.L.
COMPUTER GENERATED SOLUTIONS ROMANIA
S.R.L.
WIPRO TECHNOLOGIES S.R.L.
ACCENTURE SERVICES S.R.L.
AROBS TRANSILVANIA SOFTWARE S.R.L.
I Q MANAGEMENT S.R.L.
SPAR BUSINESS IDEAS PROVIDER SRL
NESS ROMANIA S.R.L.
BERG COMPUTERS S.R.L.
IT SIX GLOBAL SERVICES S.R.L.
EVALUESERVE SRL
ARCHITECTED BUSINESS SOLUTIONS S.R.L.
CONTACT
61,300,697
12.1%
246,204
44,998,616
23.9%
1,027,259
49,906,241
10.6%
2,710,394
50,948,546
48,822,334
4.4%
-1,914,242
50,448,931
51,127,239
-1.3%
4,183,679
38,057,563
23,453,797
23,196,617
20,011,214
17,739,790
16,569,858
16,110,982
9,607,896
35,164,886
8.2%
807,582
18,203,105
28.8%
2,392,708
27,559,583
-15.8%
315,236
23,188,292
-13.7%
3,989,727
11,570,659
53.3%
3,048,538
16,213,322
2.2%
-3,539,204
16,135,277
-0.2%
6,059,025
9,530,421
0.8%
1,308,001
9,035,232
6,702,585
34.8%
507,283
8,417,956
8,395,931
8,380,995
8,231,305
5,916,853
5,865,401
4,892,179
4,889,433
3,304,454
3,240,580
3,201,564
3,097,527
2,529,388
2,267,064
8,086,510
4.1%
1,105,433
7,752,239
8.3%
2,490
9,036,291
-7.3%
-102,658
8,758,421
-6.0%
568,715
5,435,434
8.9%
589,956
7,443,360
-21.2%
1,058,139
4,533,148
7.9%
1,342,963
4,391,904
11.3%
776,883
3,506,329
-5.8%
108,678
3,462,384
-6.4%
-118,038
3,461,358
-7.5%
586,275
3,866,044
-19.9%
3,992
3,006,793
-15.9%
-185,000
2,518,140
-10.0%
309,329
ANNUAL
TURNOVER
(2010 RON)
ANNUAL
TURNOVER
GROWTH %
220,997,557
194,123,647
13.8%
26,277,385
112,066,525
83,311,292
34.5%
18,779,606
93,100,221
41,662,609
33,599,647
19,309,399
16,908,870
16,531,227
12,298,482
8,343,094
7,887,623
5,602,975
93,933,500
-0.9%
7,952,431
40,188,730
3.7%
2,510,283
31,006,638
8.4%
4,272,570
219
Cluj-Napoca, CLUJ
15,228,511
26.8%
6,581,050
31
Petresti, ILFOV
BUSINESS PROCESS OUTSOURCING
RANK COMPANY NAME
PROFIT/LOSS
NO OF
ANNUAL
TURNOVER
( 2011 RON)
-
PROFIT/LOSS
NO OF
11,202
CONTACT
40,694,227
-59.4%
-2,833,221
53
Iasi, IASI
9,130,420
34.7%
1,886,746
86
Ghiroda, TIMIS
7,539,682
10.7%
1,832,471
70
Craiova, DOLJ
5,188,755
52.0%
518,841
55
Cluj-Napoca, CLUJ
613,528
-
MCR
MANAGEMENT CONSULTING
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
MCKINSEY & COMPANY S.R.L.
ACCENTURE CENTRAL EUROPE B.V
AMSTERDAM, OLANDA-SUCURSALA BUCURESTI
PRICEWATERHOUSECOOPERS SERVICII S.R.L.
ACTIV EXPERT CONSULTANTA SI SERVICII SA
HORVATH & PARTNERS MANAGEMENT CONSULTING S.R.L.
PRICEWATERHOUSECOOPERS MANAGEMENT
CONSULTANTS S.R.L.
ROMCAPITAL INVEST S.A.
A.T. KEARNEY MANAGEMENT CONSULTING
S.R.L.
ASCENDIS CONSULTING S.R.L.
ENSIGHT MANAGEMENT CONSULTING S.R.L.
ROLAND BERGER STRATEGY CONSULTANTS
S.R.L.
CAPITAL PARTNERS S.R.L.
HAY GROUP MANAGEMENT
CONSULTANTS S.R.L.
BPI MANAGEMENT CONSULTING
ROMANIA S.R.L.
PIERRE AUDOIN CONSULTANTS S.R.L.
LARIVE ROMANIA INTERNATIONAL BUSINESS
DEVELOPMENT S.R.L.
PLURI CONSULTANTS ROMANIA S.R.L.
ANNUAL
TURNOVER
( 2011 RON)
ANNUAL
TURNOVER
(2010 RON)
ANNUAL
TURNOVER
GROWTH %
58,091,702
31,597,528
83.8%
5,549,781
41,081,110
43,477,674
-5.5%
-250,602
39,285,464
37,820,071
44,759,295
-12.2%
1,439,584
42,694,521
-11.4%
444,493
29,265,563
40,622,882
-28.0%
2,662,865
24,117,554
18,218,645
32.4%
1,376,048
19,766,927
29,265,189
-32.5%
10,463,672
17,745,993
20,846,617
-14.9%
-587,514
14,155,755
12,244,156
10,997,109
28.7%
3,030,204
15,300,385
-20.0%
1,886,916
12,101,844
-
-392,757
11,849,944
9,068,993
30.7%
5,374,388
5,356,783
4,232,778
26.6%
708,619
2,930,644
2,216,814
32.2%
347,570
1,784,344
1,671,690
6.7%
30,866
915,454
458,011
99.9%
-225,068
846,876
971,450
-12.8%
69,453
PROFIT/LOSS
NO OF
4
CONTACT
Buzau, BUZAU
EXECUTIVE SEARCH, RECRUITMENT AND HR MANAGEMENT
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
MANPOWER ROMANIA S.R.L.
ADECCO RESURSE UMANE S.R.L.
TRENKWALDER SRL
LUGERA & MAKLER ROMANIA S.R.L.
LUGERA & MAKLER S.R.L.
ADECCO ROMANIA S.R.L.
ARCFORCE SRL
APT RESOURCES & SERVICES S.R.L.
AGENTIA DE SERVICII PROFESSIONAL S.R.L.
GI GROUP STAFFING COMPANY S.R.L.
SMARTREE ROMANIA S.R.L.
INTERIM PLUS S.R.L.
AIMS HUMAN CAPITAL ROMANIA S.R.L.
BARNETT MCCALL RECRUITMENT S.R.L.
PEDERSEN & PARTNERS CONSULTING S.R.L.
HILL INTERNATIONAL HUMAN RESOURCES
16 CONSULTING ROMANIA LIMITED S.R.L.
17 CONSULTEAM RECRUTARE SI SELECTIE S.R.L.
18 E-FINANTE MANAGEMENT GRUP S.R.L.
19 LEADERSHIP DEVELOPMENT SOLUTIONS S.R.L.
BIA HUMAN RESOURCE MANAGEMENT
20 SERVICES S.R.L.
ANNUAL
TURNOVER
( 2011 RON)
ANNUAL
TURNOVER
(2010 RON)
ANNUAL
TURNOVER
GROWTH %
112,360,432
107,083,586
90,913,421
78,188,276
64,587,732
48,743,210
45,623,401
43,859,263
37,566,242
24,793,019
18,809,076
17,511,183
12,047,510
5,049,637
4,548,921
78,717,483
42.7%
560,652
81,632,898
31.2%
2,673,020
83,459,939
8.9%
-783
76,085,057
2.8%
1,354,985
53,028,527
21.8%
270,935
44,512,466
9.5%
63,879
32,927,000
38.6%
3,093,160
40,615,175
8.0%
496,998
PROFIT/LOSS
NO OF
CONTACT
3437
400
Timisoara, TIMIS
Craiova, DOLJ
38,576,294
-2.6%
44,456
10,130,621
144.7%
-746,696
10,325,149
82.2%
-1,242,400
439 Bucuresti, sector 1
5,659,555
209.4%
3,361,448
13,112,110
-8.1%
193,317
5,173,171
-2.4%
-925,430
3,473,545
31.0%
1,077,720
3,316,663
2,225,788
49.0%
424,188
2,091,799
1,777,806
1,748,351
1,569,913
33.2%
157,002
1,737,273
2.3%
175,737
2,557,330
-31.6%
-195,488
1,601,638
1,820,316
-12.0%
211,000
MCR
TRAINING COMPANIES
RANK COMPANY NAME
ANNUAL
TURNOVER
( 2011 RON)
ANNUAL
TURNOVER
(2010 RON)
ANNUAL
TURNOVER
GROWTH %
PROFIT/LOSS
NO OF
CONTACT
1
ASCENDIS CONSULTING S.R.L.
14,155,755
10,997,109
28.7%
3,030,204
2
IFPTR SRL
12,827,938
12,468,452
2.9%
64,930
3
INSTITUTUL ROMAN DE CERCETARI ECONOMICO-SOCIALE SI SONDAJE - IRECSON S.R.L
ECDL ROMANIA SA
EUROCOR - INSTITUTUL EUROPEAN DE
CURSURI PRIN CORESPONDENTA SRL
UNITED BUSINESS DEVELOPMENT S.R.L.
CODECS S.A.
LEXIS SRL
TMI TRAINING & CONSULTING S.R.L.
TREND CONSULT S.R.L.
SANIOMALIONA SRL
COMPETITIVE IN BUSINESS & CONSULTING SRL
IHB LANGUAGE TRAINING CENTER
INTERACT BUSINESS COMMUNICATIONS S.R.L.
ROLAND GAREIS CONSULTING S.R.L.
BUSINESS TRAINING ROMANIA S.R.L.
HUMAN INVEST S.R.L.
EURODEZVOLTARE SRL
9,423,723
4,693,865
100.8%
729,227
8,960,212
5,145,245
74.1%
3,406,934
7,241,527
6,783,174
6.8%
1,001,076
57,173
5,920,037
-9.8%
-1,711,285
5,586,857
-7.3%
170,752
4,579,955
-7.4%
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19 THE TRAINING BOUTIQUE S.R.L.
6,217,746
5,341,675
5,177,445
4,241,709
4,137,798
3,790,735
3,722,811
3,609,838
3,407,011
3,260,017
2,769,949
2,361,636
1,405,539
1,208,792
-
-
65
Miercurea Ciuc,
HARGHITA
860,577
145,949
5,621,358
-32.6%
222,221
2,284,012
63.0%
1,983,363
9
3,184,059
13.4%
192,478
3,329,904
2.3%
77,797
2,898,105
12.5%
162,603
3,228,311
-14.2%
-500,396
3,143,244
-24.9%
55,662
5,500,480
-74.4%
13,139
1,014,066
19.2%
364,523
4
Branesti, ILFOV
Ostratu, Corbeanca, ILFOV
MARKET RESEARCH COMPANIES
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
IPSOS INTERACTIVE SERVICES S.R.L.
GFK ROMANIA - INSTITUT DE CERCETARE
DE PIATA S.R.L.
CEGEDIM ROMANIA S.R.L.
ACNIELSEN ROMANIA S.R.L.
MARKETING CLAN SRL
DAEDALUS CONSULTING S.R.L.
ARMADATA SRL
EURODATA MANAGEMENT S.R.L.
MEMRB ROMANIA RETAIL TRACKING
SERVICES SRL
IPSOS RESEARCH SRL
EVALUESERVE SRL
CENTRUL PENTRU STUDIEREA OPINIEI
SI PIETII (CSOP) S.R.L.
MERCURY RESEARCH S.R.L.
ISRA CENTER MARKETING RESEARCH S.R.L.
IMAS-MARKETING SI SONDAJE S.A.
THE GALLUP ORGANIZATION - ROMANIA S.R.L.
CENTRUL DE SOCIOLOGIE URBANA SI
REGIONALA - CURS SRL
IRSOP MARKET RESEARCH &
CONSULTING S.R.L.
METRO MEDIA TRANSILVANIA STUDII SOCIALE
SONDAJE MARKETING SI PUBLICITATE S.R.L.
ANNUAL
TURNOVER
(2010 RON)
ANNUAL
TURNOVER
GROWTH %
163,785,900
144,507,591
13.3%
40,236,030
46,790,636
39,922,177
17.2%
-4,960,897
23,178,549
20,445,059
17,168,705
15,158,175
12,624,973
8,893,836
24,014,535
-3.5%
1,772,917
17,994,496
13.6%
-3,046,218
15,352,501
11.8%
-314,362
14,256,156
6.3%
1,568,445
11,246,779
12.3%
200,140
8,155,706
9.1%
882,822
8,266,317
15,772,589
-47.6%
-3,764,228
7,905,080
7,887,623
9,535,872
-17.1%
-559,568
5,188,755
52.0%
518,841
55
7,579,228
7,021,745
7.9%
304,265
6,470,354
5,826,435
5,813,937
4,083,383
7,458,629
-13.3%
669,193
5,612,393
3.8%
243,799
ANNUAL
TURNOVER
( 2011 RON)
PROFIT/LOSS
NO OF
0
CONTACT
Corbeanca, ILFOV
Cluj-Napoca, CLUJ
5,071,904
14.6%
407,055
5,476,389
-25.4%
-1,020,633
2,563,827
2,290,320
11.9%
137,411
1,549,756
2,406,024
-35.6%
-405,298
1,345,770
2,039,313
-34.0%
35,080
21
Cluj-Napoca, CLUJ
6
billion EUR is the value of tourism industry in
Romania, accounting for 1.4 percent of GDP
Business Services
t HOTELS AND SIMILAR ACCOMMODATION
t TRAVEL AGENCIES
t SECURITY COMPANIES
t PRINTING SERVICES
MCR
BUSINESS SERVICES
Tourism, not a walk
in the park
Increased operational costs, lower budgets for travel and
corporate events, the endless lack of local infrastructure and
overall, a diminished business activity are only several
features that shape the scene of local hospitality industry this
year in Romania.
However the potential, the tourism industry accounted for an
average 1.4 percent of the GDP in the last four years,
representing some EUR 6 billion, the amount pales in
comparison with countries as Bulgaria, where the tourism
accounts for 3.6 percent of GDP, or, in Hungary where the
Evolution of domestic / international incomings
20.0%
10.0%
0.0%
2007
2008
2009
2010
2011
-10.0%
-20.0%
Domestic
International
Source: Romanian National Institute of Statistics (INSSE)
tourism stands for 4 percent of the country’s GDP. According
to specialized consultants, tourism in Romania is not to see any
soon large investments due to the lack of predictability in
economy reforms and fiscal frame.
that previews some positive variations in numbers, especially
turnovers, occupancy rates and number of clients. However,
the study warns that bigger numbers (in turnovers) don’t
necessary mean larger profits for a hotel company and
sometimes, it may even result in smaller performances, even in
the presence of larger sale volumes. It all depends on the
average occupancy rate, average room rate and other specific
indicators in this industry. “Tourism should not be analyzed
out of the global economy,” states the latest report of Trend
Hospitality. That is obvious, as the traveling rates and the
demand for tourism services are strictly determined by the
economic state of three very important markets: Europe, USA
and Japan.
A GLASS HALF FULL OR HALF EMPTY?
The current economic turmoil stated by all the markets,
European or more remote, only affected the financial clients’
capacity to travel. In the past 20 years, there were other crisis
that directly compromised the willing of clients to travel, due
to safety reasons (wars, social conflicts, calamities, epidemics).
This time, the affordability is the main factor that decides if
travelling will happen in the case of leisure travelers. In the case
of corporate travels, it sometimes may also have an impact but
more seldom.
Consulting and management company Trend Consulting
issues a yearly report on the hospitality industry of Romania
For this year, at European level, the report of Trend Consulting
estimates based on the World Travel and Tourism Council that
tourism industry is expected to register an increase of 4.2
percent for 2010- 2020. Regarding the operational indicators,
such as average occupancy rate and average room rate, all
European regions showed increases so far. But even if these
numbers are positive, the profits and revenues resulting from
Contribution to GDP
Contribution to employment
30.0%
30.0%
25.0%
25.0%
20.0%
20.0%
15.0%
15.0%
10.0%
10.0%
5.0%
5.0%
0.0%
Bulgaria
Croatia
Source: Trend Hospitality
Czech
Republic
Poland
Hungary
Romania
Slovakia
0.0%
Bulgaria
Croatia
Czech
Republic
Poland
Hungary
Romania
Slovakia
Evolution of number of hotels
Hotels by classification
10.8% 1.6%
2011f
14.0%
2010f
2009
34.1%
2008
39.5%
2007
2006
0
200
400
1-star
600
2-stars
800
3-stars
4-stars
1000
1200
1400
1-star
2-stars
3-stars
4-stars
5-stars
5-stars
the tourism operations decreased. A mid-year PwC Romania’s
study states that revenues of Romanian leisure and hospitality
industry declined by 16 percent over the past four years
reaching approximately 1.5 billion EUR in 2011. The drop was
caused mainly by the diminished number of foreign visitors,
who reduced their spending in Romania from over 750 million
EUR in 2008 to less than 600 million EUR in 2011. Domestic
tourists also reduced their expenses, but the decline was less
severe, just 11 percent, from 1.01 billion EUR to 900 million
EUR.
LARGE POTENTIAL, SMALL CONTRIBUTION
Romanian leisure and hospitality industry accounted for an
average of 1.4 percent of the GDP in the last four years, but
adding to that the indirect and induced contributions of
adjacent services and related industries , tourism brings almost
6 billion EUR to Romania’s GDP. Even so, Romanian tourism
has a low contribution to the GDP, compared with other
countries in the region (in Bulgaria tourism accounts for 3.6
percent of the GDP, in Hungary 4 percent, while in the Czech
Republic 2.8 percent). Following WTTC data on 2011, Romania
ranks on the 67th position from 18 countries as tourism
contribution to national economy. The WTTC estimations
state that this amount will state an yearly growth of 6.6 percent
by 2021, to reach 42.8 million lei. The estimated value for 2011
of leisure industry is 17.3 billion lei, with a growth of 8.8
percent, while business segment (within hospitality industry) is
estimated to reach 11.2 billion lei and yearly growth of 3.7
percent. Furthermore, the report reveals that Romania has one
of the lowest occupancy rates in Europe, of an average of only
26 percent, with Bucharest hotels having a more than double
Branded hotels in Romania, per hotel segment
5-stars
31%
3-stars
19%
4-stars
50%
0%
occupancy rate (62 percent), compared with the rest of the
country. However, revenues for available room decreased even
in Bucharest during the past four years. Besides the downturn,
the increase of the hotels offer in Bucharest is also responsible
for the decrease in the RevPAR (revenues per available room)
indicator.
WHAT TO EXPECT?
The hotelier estimations included in the report published by
Hotel Invest show that the growth of hotelier market this year
is half from the value stated last year. Still, they estimate an
advance, with 20 new hotelier units opened this year, totaling
an approximate investment value of EUR 130 million,
compared with 2011, when only 12 openings worth EUR 89
million have been recorded. In 2010, only 6 new hotelier units
have been opened, according to Trend Hospitality report. Last
year though, brought some significant transactions on the
hotelier market, the largest being represented by the
acquisition of 30 percent of Continental Hotels company by
private equity fund GED. The share package has been sold by
venture capital fund PPF Partners. Also at the end of 2011,
hotelier chain Hilton opened its first unit DoubleTree by
Hilton Bucuresti. This year was silent from this point of view,
as no major transaction is expected to be inked, due to the low
investment appetite.
2011 IN THE EYES OF TRAVEL AGENCIES
According to statistics and financial data, last year brought
improved financial results compared with last year. The top of
the “wealthiest” agencies is occupied by Happy Tour,
controlled by investment fund GED and reporting a turnover
of approximate EUR 51 million, after it attained EUR 43.3
million in 2010. The second agency to report positive results is
Eximtur, owned by a Romanian family, reporting a turnover of
almost EUR 32 million in 2011, compared with EUR 27.5 million
in 2010. The third place of the ranking is occupied by
tour-operator Paralela 45, owned by Romanian businessman
Alin Burcea, with turnover of EUR 6.47 million attained in
2011. Also, the raking after turnover comprises travel agencies
as: Olimpic International Turism, Accent Travel & Events,
Aerotravel, Perfect Tour, Marshal Turism, JÌnfo Tours and
Transilvania Travel.
MCR
BUSINESS SERVICES
TRAVEL AGENCIES
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
PERFECT TOUR SRL
EXIMTUR SRL
HOTELAIR SRL
OLIMPIC INTERNATIONAL TURISM SRL
DANCO PRO COMMUNICATION SRL
HAPPY TOUR SRL
ACCENT TRAVEL & EVENTS SRL
BUSINESS TRAVEL TURISM SRL
MARSHAL TURISM SRL
AEROTRAVEL SRL
PRESTIGE TOURS INTERNATIONAL SRL
GAMA PROCONSULT SRL
SUNMEDAIR TRAVEL & TOURISM SERVICES SRL
PROMPT SERVICE TRAVEL COMPANY SRL
ROMANIA TRAVEL PLUS SRL
MAREEA COMTUR SRL
J’INFO TOURS SRL
CMB INTERNATIONAL EXIMP SRL
PARALELA 45 TURISM SRL
WECO TMC SRL
TRANSILVANIA TRAVEL SA
TRAVEL HOUSE INTERNATIONAL SRL
SECURITY COMPANIES
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
TIGER PROTECTOR COMPANY SRL
SCORSEZE SECURITY INTERNATIONAL SRL
CASSIDIAN ROMANIA SRL
NOVA FORCE SRL
SECURIT FORCE SRL
BGS DIVIZIA DE SECURITATE SRL
SECURITAS SERVICES ROMANIA SRL
HELINICK SRL
CONCEPT CONSULT & PROSPECT SRL
GLOBAL SECURITY SISTEM SA
RASIROM RA
ROSEGUR SA
G4S SECURE SOLUTIONS SRL
GUARD ONE ALARM SYSTEMS SRL
TURNOVER
2011 RON) RANKING
2.188
2.088
1.900
1.850
1.850
1.838
1.800
1.800
1.788
1.788
1.750
1.750
1.738
1.700
1.550
1.550
1.550
1.500
1.488
1.400
1.300
1.300
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
Bucuresti, Sector 1
94,274,822
3
451,794
145
135,400,285
2
1,753,350
132
Cluj-Napoca, CLUJ
57,065,967
7
899,295
9
Bucuresti, Sector 5
47,926,227
12
1,410,008
27
Bucuresti, Sector 4
44,071,161
13
640,783
24
Bucuresti, Sector 2
165,426,685
1
910,062
100
Bucuresti, Sector 1
71,025,824
4
1,037,538
47
Bucuresti, Sector 2
56,085,134
8
2,772,565
35
Bucuresti, Sector 1
55,151,889
9
357,291
86
Bucuresti, Sector 4
20,632,618
21
649,731
117
Bucuresti, Sector 2
50,967,752
10
1,542,759
20
Bucuresti, Sector 1
24,048,981
19
796,159
15
Bucuresti, Sector 2
61,162,385
5
577,474
57
Bucuresti, Sector 2
50,756,551
11
359,906
21
Bucuresti, Sector 1
58,192,394
6
356,740
31
Bucuresti, Sector 1
43,511,242
14
26,381
0
Deva, HUNEDOARA
37,844,965
16
304,170
40
Bucuresti, Sector 1
15,837,965
22
61,166
30
Bucuresti, Sector 1
27,446,458
18
1,751,609
191
Bucuresti, Sector 5
41,179,446
15
421,067
18
Bucuresti, Sector 2
33,894,589
17
287,464
42
Bucuresti, Sector 2
22,078,908
20
-272,295
28
Bucuresti, Sector 1
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
2.163
2.113
2.088
2.063
2.025
2.013
2.013
1.938
1.850
1.825
1.738
1.663
1.513
1.475
23,152,712
13
172,143
1,122
Bucuresti, Sector 1
74,762,884
6
3,334,380
3,043
Bucuresti, Sector 2
151,679,305
1
5,280,617
120
Bucuresti, Sector 1
37,505,002
9
813,738
1,600
Giurgiu, GIURGIU
28,032,754
12
3,543,193
620
Bucuresti, Sector 1
109,644,577
4
9,950,167
2,966
Bucuresti, Sector 4
91,182,760
5
4,073,593
3,037
Bucuresti, Sector 2
68,056,807
7
8,841,455
117
Bucuresti, Sector 1
127,613,574
2
7,091,887
48
Bucuresti, Sector 2
30,031,429
11
311,156
890
Bucuresti, Sector 5
30,482,828
10
2,253,071
168
Bucuresti, Sector 2
65,364,830
8
-5,709,599
2,645
Bucuresti, Sector 2
115,785,472
3
-2,711,152
3,277
Bucuresti, Sector 2
20,640,142
14
-718,134
703
Bucuresti, Sector 4
HOTELS AND SIMILAR ACCOMMODATION
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
COMPANIA HOTELIERA INTERCONTINENTAL
ROMANIA SA
ANA HOTELS SA
ACCOR HOTELS ROMANIA SRL
ALPIN 2003 SRL
SOCIETATEA COMERCIALA DE TRATAMENT
BALNEAR SI RECUPERARE A CAPACITATII DE
MUNCA & AMP; TBRCM&AMP; SA
ARO-PALACE SA
BUCURESTI TURISM SA
SOCIETATEA COMPANIILOR HOTELIERE GRAND
SRL
CONTINENTAL HOTELS SA
PARC HOTELS SA
GRAND PLAZA HOTEL SA
DE SILVA RTH SRL
BUCHAREST FINANCIAL PLAZZA SRL
PRINTING SERVICES
RANK COMPANY NAME
1
COMPANIA NATIONALA IMPRIMERIA
NATIONALA SA
SOTHIS PRINT SRL
ROTTAPRINT SRL
RODATA SRL
ART GROUP INT SRL
BEST PRINT SERVICES SRL
PRINT PACK PROD SRL
MONITORUL OFICIAL RA
INFORM LYKOS SA
INFORM MEDIA SRL
EDS ROMANIA SRL
TIPOMEDIA PROD SRL
FED PRINT SA
VISUAL PROMOTION SRL
G CANALE &C SRL
TURNOVER
2011 RON) RANKING
2.225
47,449,554
1.875
1.738
1.738
105,581,471
32,350,814
22,424,234
1.725
1.725
1.700
1.675
103,762,136
1.675
1.675
1.638
1.438
1.300
7
PROFIT/LOSS
NO OF
1,187,956
268
2
257,164
588
Bucuresti, Sector 1
9
3,816,458
159
Bucuresti, Sector 1
11
2,721,459
203 Poiana Brasov, BRASOV
75,226,803
5
10,899,016
640
21,597,157
13
116,544
418
Brasov, BRASOV
109,180,960
1
-17,952,159
19
Bucuresti, Sector 1
3
-9,433,989
362
Bucuresti, Sector 5
85,300,652
4
-43,142,300
796
Bucuresti, Sector 1
26,517,389
10
2,982,290
256
Bucuresti, Sector 1
37,844,036
8
1,168,472
228
Bucuresti, Sector 1
22,125,391
12
64,868
127
Bucuresti, Sector 1
66,246,941
6
8,061,861
3
Bucuresti, Sector 3
PROFIT/LOSS
NO OF
CONTACT
( 2011 RON) RANKING
2.675
342,553,292
1
32,645,355
2.088
1.738
1.738
1.688
1.638
1.550
1.525
1.475
1.475
1.388
1.388
1.388
1.388
1.338
17,342,611
19
40,989,256
9
28,972,243
16 ASA (ROMANIA) SRL
17 COMPANIA DE PRODUCTIE INTERTAINMENT SA
2
3
4
5
6
7
8
9
10
11
12
13
14
15
CONTACT
Bucuresti, Sector 1
Bucuresti, Sector 3
474
Bucuresti, Sector 1
1,798,983
72
Bucuresti, Sector 6
109,472
122
Apahida, CLUJ
12
2,367,198
95
Bucuresti, Sector 2
26,715,396
15
731,839
154
Bucuresti, Sector 1
34,360,700
10
42,105
161
Bucuresti, Sector 6
18,048,623
18
285,558
46
Bucuresti, Sector 4
55,600,569
6
16,082,596
358
Bucuresti, Sector 1
91,519,957
3
-7,446,035
252
Bucuresti, Sector 1
26,876,253
14
-4,740,913
262
Timisoara, TIMIS
89,614,003
4
-37,754,533
98
Bucuresti, Sector 1
29,505,185
11
-12,750,735
54
Bucuresti, Sector 2
25,669,325
16
-4,803,947
192
Bucuresti, Sector 5
22,202,998
17
-482,584
121
Bucuresti, Sector 2
80,125,608
5
-6,412,938
173
Pantelimon, ILFOV
1.300
49,096,350
7
-2,128,861
49
Sat Buciumeni,
CALARASI
1.288
28,470,805
13
-8,183,877
138
Buftea, ILFOV
18 INFOPRESS GROUP SA
1.275
164,738,245
2
-12,247,886
358
Odorheiu - Secuiesc,
HARGHITA
19 MEGA PRESS HOLDINGS SA
1.250
48,959,135
8
-3,653,366
34
Bucuresti, Sector 4
309
million EUR is the local media market value in 2011,
42.7 percent down compared with the peak of
EUR 540 million registered in 2008
Media & Advertising
t ADVERTISING AGENCIES
t MEDIA AGENCIES
t PR AGENCIES
MCR
MEDIA & ADVERTISING
How to survive on a
shrinking market
Economic crisis or just strategy reorientation?
Whether 2011 was the year in which local advertising agencies
took over European creativity festivals, locally, market players
had to deal with budgets reshuffling and decreases in prices
on the suppliers’ side, as well as a redefining of strategies by
media agencies.
Omnicom made headlines at the beginning of this year in
Romania, as OMD and PHD, part of Omnicom Media Group,
and The Group, Romanian communication holding led by
Zoltan Szigeti and Mihaela Nicola, forged a partnership
through which The Group becomes shareholder in OMD and
PHD in Romania.
Given all these changes, how do market players adapt?
The 2011 Cannes Festival of Creativity was a Romanian affair,
with the local office of BV McCann Erickson winning the
first two Grand Prix of the 2011 Cannes Lions Festival of
Creativity—in the Promo & Activation and Direct
contests—for a sneaky campaign in which it replaced the
familiar Romanian flag on the local ROM candy bar with an
American flag, sending a country into panic.
With a total of nine ‘lions’ the last two of which were a
Titanium – an award given for the best and most innovative
idea in the entire festival – and a Gold Lion in the Integrated
category, McCann last year set the bar high for any Romanian
agency that wanted to impress international audiences.
Later in the year, the same agency scored the Golden Rose –
Agency of the Year at the Golden Drum international
advertising festival in Portoroz, Slovenia. McCann was
awarded for the campaigns it ran for Vodafone (The
Wedding, Vodafone Cerebel and Vodafone Chivu) and
Kandia Dulce (American Rom).
Creativity was not McCann’s only trump card last year,
however, as Universal McCann, the media arm of the
advertising group, has regained one of the most coveted after
media accounts in Romania: Vodafone.
Estimated at 15 million Euro, the media account for
Vodafone, the second telecom operator on the Romanian
market and one of the main advertisers in Romania, was
handled, from February 2010 until July 2011, by OMD
Romania, part of Omnicom, following an international pitch.
The change from McCann to Omnicom was coming after
more than ten years in which Vodafone’s media account in
Romania (initially Connex on the Romanian market) was
handled by Universal McCann.
An analysis at the beginning of the year by the Romanian
Association for Audiences Measurement (ARMA) compared
the first nine months of 2011 to the decrease witnessed in the
same period of 2010. ARMA experts estimated that by the end
of 2011, media investments would only reach half of the value
registered in 2008, which was the peak year in Romanian
advertising.
According to ARMA, despite the forecast growth for 2012,
most market players think this is not the moment to come
out with optimistic scenarios. A recovery in the advertising
market should come as a direct consequence of improvement
in the economic climate, which, at the time did not hint to
values close to those registered in 2008. In regards to
Romania’s economic situation, forecasts were made based on
an official GDP growth of 3.5 per cent, however, should 2012
not bring any improvements to this end, ARMA was still
reserved with regards to a favorable prognosis for the
advertising market. There were some views about 2012 being
a crisis-free year because it is an election year, which could
lead to a possible economic recovery, but with the political
tumult Romania has witnessed this summer, all bets are off.
On this background, data offered by the Media Fact Book
2012, a product of Initiative Media, put the total media
market value at about 309 million Euro, way down from the
2008 peak of 540 million Euro. The Media fact Book shows a
media market contraction that marginally continued in 2011,
with a decrease of two per cent over the previous year. All
media was impacted, except for the online environment,
which grew by 30 per cent and is expected to follow the same
trend in 2012 as well.
Print was the most affected medium, dropping eight per cent
over 2010, followed by OOH (out of home advertising) –
minus seven per cent, radio (-five per cent) and TV (- four per
cent).
The TV market was the most stable one in 2011, as top media
groups hold 70 per cent of the total net market. TV stations
organized their sales policies to sell more inventories at a
lower price.
In 2011, the dynamic growth of Internet advertising
continued and it is expected to keep the same trend in 2012
as well. Social networking sites continue to develop,
attracting more and more users, hence a heftier slice of
advertising budgets.
As media habits are changing, especially for urban young
adults, digital has become the second most important
medium for many brands and their preference for online and
social media is reflected in their media strategies.
The Media Fact Book says that, being used mostly as a
tactical support, Radio has dropped marginally in 2011, losing
ad revenue in favor of online and social platforms, which are
more engaging and offer a higher flexibility for creative
communication.
Last but not least, the print market continued its decreasing
trend in 2011 but less dramatically than in previous years.
Despite innovative projects created by publishers in an
attempt to rejuvenate the print market, circulation and
readership fell for almost all publications, several titles
moving exclusively online, while others were closed or
restructured.
With no audited figures in place at the time the Media Fact
Book was printed, the OOH market registered a decline of
seven per cent in 2011, with a total spent of 31 million Euro.
At the same time, the Cinema market in Romania is defined
especially by the number of multiplexes launched along with
new shopping malls in Bucharest and other big cities, and
where new technologies like digital, 3D and 6D generated an
increase in audiences.
The Media Fact Book divides the local media market in 2011
as follows:
TV: 64.7 per cent
Internet: 11 per cent
OOH: 10 per cent
Radio: 6.5 per cent
Print: 7.8 per cent
MCR
MEDIA & ADVERTISING
ADVERTISING AGENCIES
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
BV MCCANN ERICKSON SRL
GRAFFITI/BBDO SA
LOWE &PARTNERS SA
SAATCHI &SAATCHI SRL
VITRINA FELIX MEDIA SA
GREY WORLDWIDE ROMANIA SRL
NEXT ADVERTISING SRL
AGENTIA DE PUBLICITATE MEDIA CENTER SRL
TEMPO ADVERTISING SRL
FRONT LINE MARKETING SRL
GREATER AD SRL
LEO BURNETT &TARGET SA
DDB BUCURESTI SRL
FCB BUCHAREST SRL
MGA METRO GROUP ADVERTISING
ROMANIA SRL
ODYSSEY COMMUNICATION SRL
OGILVY &MATHER ADVERTISING SRL
BRANDS TALK ADVERTISING SRL
MCR SCORING
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
MEDIA INVESTMENT COMMUNICATION SRL
INITIATIVE MEDIA SA
BABEL COMMUNICATIONS SRL
STARCOM MEDIAVEST GROUP SRL
OPTIMEDIA SRL
ZENITH MEDIA SRL
MEDIA SERVICE ZAWADA SRL
CLEAR CHANNEL ROMANIA SRL
MEDIACOM ROMANIA SRL
MEDIA LINK COMMUNICATION SRL
MINDSHARE MEDIA SRL
HOUSE OF MEDIA SRL
SPOON MEDIA SRL
NETBRIDGE SERVICES SRL
MERCURY360 COMMUNICATIONS SRL
MEDIA PLANNING GROUP (MPG) ROMANIA SA
MEDIA-TIQUE SRL
MEDIAEDGECIA ROMANIA SRL
UNITED MEDIA SERVICES SRL
NEW AGE ADVERTISING AGENCY SRL
NEW MEDIA AGENCY SRL
THE MEDIA PARTNERSHIP SRL
DBV MEDIA HOUSE SRL
CARAT ROMANIA SRL
BRAND CONNECTION SA
NEWS OUTDOOR ROMANIA SRL
CLIR MEDIA GROUP SRL
CABLE DIRECT SRL
CONPRESS GROUP SRL
APROPO MEDIA SRL
SPLENDID MEDIA SA
MEDIA DIRECTION SRL
ARM PUBLICITATE & COMUNICARE SRL
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1
7,577,453
92
Bucuresti, Sector 1
48,696,090
4
437,401
100
Bucuresti, Sector 1
24,204,728
10
260,311
42
Bucuresti, Sector 1
23,487,809
11
1,252,115
42
Bucuresti, Sector 3
10,813,334
14
703,118
48
Cluj-Napoca, CLUJ
38,449,263
7
2,589,350
85
Bucuresti, Sector 1
45,983,105
5
1,763,451
48
Bucuresti, Sector 1
26,148,460
9
813,545
14
Bucuresti, Sector 6
2.638
2.088
2.000
2.000
2.000
1.938
1.850
1.800
1.800
1.738
1.650
1.600
1.600
1.588
201,713,544
14,054,610
13
330,853
25
Bucuresti, Sector 1
8,050,489
18
364,954
84
Bucuresti, Sector 2
Bucuresti, Sector 4
8,184,022
17
641,730
39
81,198,941
2
876,270
43
Bucuresti, Sector 1
9,119,517
16
-846,319
22
Bucuresti, Sector 5
30,192,486
8
2,068,474
57
Bucuresti, Sector 2
1.500
76,798,669
3
56,035
7
Bucuresti, Sector 3
1.488
1.488
1.450
39,108,178
6
-6,521,282
57
Bucuresti, Sector 1
21,660,807
12
446,621
58
Bucuresti, Sector 1
9,446,802
15
440,264
28
Bucuresti, Sector 2
( 2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
MEDIA AGENCIES
RANK COMPANY NAME
( 2011 RON) RANKING
MCR SCORING
2.500
2.200
2.150
2.100
2.100
1.950
1.900
1.850
1.800
1.800
1.700
1.700
1.700
1.688
1.675
1.650
1.650
1.600
1.600
1.600
1.600
1.550
1.550
1.500
1.500
1.488
1.400
1.400
1.388
1.388
1.300
1.200
1.200
200,435,239
1
8,166,672
48
Bucuresti, Sector 1
171,288,174
2
2,431,954
43
Bucuresti, Sector 1
9,705,998
32
876,533
28
Bucuresti, Sector 1
134,156,639
4
6,313,019
34
Bucuresti, Sector 1
44,040,653
14
1,710,477
13
Bucuresti, Sector 2
101,888,476
6
4,506,153
29
Bucuresti, Sector 4
71,809,010
8
1,398,760
11
Bucuresti, Sector 5
10,268,486
31
347,501
17
Bucuresti, Sector 3
87,587,372
7
2,426,551
30
Bucuresti, Sector 1
58,733,851
10
541,251
11
Bucuresti, Sector 2
67,752,600
9
1,115,699
19
Bucuresti, Sector 1
25,292,321
20
5,109,010
6
Bucuresti, Sector 2
14,898,757
25
412,095
10
Bucuresti, Sector 1
12,334,309
26
-147,426
74
Bucuresti, Sector 2
55,567,791
11
361,854
363
Bucuresti, Sector 2
32,288,131
18
640,215
26
Bucuresti, Sector 1
25,400,460
19
2,899,613
8
Bucuresti, Sector 1
132,044,263
5
2,382,899
37
Bucuresti, Sector 1
51,329,749
13
152,041
8
Bucuresti, Sector 1
10,793,953
27
164,650
24
Craiova, DOLJ
10,769,950
28
311,478
0
Bucuresti, Sector 1
156,067,883
3
175,891
5
Bucuresti, Sector 1
10,366,349
29
251,066
25
Bucuresti, Sector 1
42,666,516
15
385,965
10
Bucuresti, Sector 1
19,671,617
22
132,946
14
Bucuresti, Sector 1
18,493,987
24
-2,788,100
76
Bucuresti, Sector 2
19,225,406
23
-235,008
12
Bucuresti, Sector 2
10,334,411
30
-545,845
13
Bucuresti, Sector 4
53,747,836
12
-179,253
203
8,101,753
33
-2,385,021
126
Bucuresti, Sector 2
19,830,786
21
-13,071,335
15
Bucuresti, Sector 1
39,044,794
16
-169,641
26
Bucuresti, Sector 1
32,537,508
17
-16,041,835
0
Bucuresti, Sector 1
PR AGENCIES
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
GRAFFITI PUBLIC RELATIONS SRL
DC COMMUNICATION SRL
GMP PUBLIC RELATIONS SRL
IMAGE PUBLIC RELATIONS SRL
2ACTIVEPR SRL
FREE COMMUNICATION SRL
SYNERGY GROUP SRL
PATRU ACE SRL
ACTION GLOBAL COMMUNICATIONS SRL
PRAIS CORPORATE COMMUNICATIONS SRL
PEPPER COMMUNICATION SRL
MCGUIREWOODS CONSULTING SRL
BDR ASSOCIATES COMMUNICATION GROUP SRL
ROGALSKI GRIGORIU PUBLIC RELATIONS SRL
GOLIN HARRIS PUBLIC RELATIONS SA
UNITED MEDIA CORPORATION SRL
NICOLA & PARTNERS SRL
GRAYLING SRL
GAIN CONSULTING SRL
EUROMEDIA GROUP SA
MATHER COMMUNICATIONS ROMANIA SRL
TURNOVER
2011 RON) RANKING
2.200
2.050
1.950
1.900
1.900
1.900
1.900
1.850
1.850
1.850
1.700
1.650
1.650
1.650
1.600
1.600
1.450
1.450
1.450
1.388
1.300
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
8,232,744
4
606,752
20
Bucuresti, Sector 1
6,955,398
7
1,073,444
29
Bucuresti, Sector 5
6,992,380
6
936,082
13
Bucuresti, Sector 3
5,933,104
10
328,126
26
Bucuresti, Sector 1
3,806,604
14
380,106
14
Bucuresti, Sector 1
2,984,870
16
94,590
15
Bucuresti, Sector 2
1,146,653
21
53,752
3
Bucuresti, Sector 2
4,999,028
12
141,627
8
Bucuresti, Sector 1
2,310,293
18
652,621
9
Bucuresti, Sector 1
1,982,755
19
193,211
12
Bucuresti, Sector 1
7,985,267
5
379,609
7
Bucuresti, Sector 1
10,282,246
2
1,905,991
10
Bucuresti, Sector 1
5,966,600
9
513,355
20
Bucuresti, Sector 1
3,399,525
15
599,331
12
Bucuresti, Sector 1
6,681,329
8
85,946
18
Bucuresti, Sector 1
2,835,346
17
33,779
3
Bucuresti, Sector 1
9,742,913
3
549,193
14
Bucuresti, Sector 1
5,847,459
11
698,996
18
Bucuresti, Sector 1
1,366,104
20
379
0
Bucuresti, Sector 2
32,392,199
1
-3,256,361
76
Bucuresti, Sector 6
4,723,353
13
-1,349,005
21
Bucuresti, Sector 1
5%
of GDP represents the budget assigned for
healthcare system in 2011 while for 2012
it decreased to 4 percent
Healthcare
t MEDICAL CENTERS
t DENTAL CENTERS
MCR
HEALTHCARE
The two-headed
healthcare system
– the dinosaur and the phoenix.
Expected trends for the coming years
Mihai A. Pop, MBA, Manager, Transaction Advisory Services, Ernst & Young
The healthcare system in Romania is dominated by the public
sector, through an array of hospitals covering the entire
country. Nevertheless, in the recent years, its influence has
significantly decreased due to both closing of a number of
hospitals, process set to continue under IMF protocols, and
with a rapid growth of the private players.
The private healthcare system has steadily increased the
number of units in the past decade. Initially, it started with
single clinics and laboratories, it has later constructed chains
of both, while recently it has boomed in hospital-type units –
a trend which is expected to continue at a high speed for at
least two more years.
Much of 2012 has been plagued with mostly one-way
discussions on how to create revenues and control expenses
within the public healthcare system. Debates have included
the budget allocations, public services rendered free of
charge, but also the co-payment of a series of services.
In respect of the co-payment of a selected list of health
services, the entire process of assigning costs for the patients
has been placed under review at the end of the summer, with
more decision making being expected in the first half of 2013.
Under the current IMF mandate, there is no set out date for
the conclusion of the co-payment, creating possibilities for
the deadline to further slide.
2012 – THE YEAR OF DEEPER CUTS
The healthcare sector in 2012 has continued the trends
constituted since 2008, with its most important ones proving
to be:
s$POUJOVPVTEFDSFBTFJOQVCMJDCVEHFUBMMPDBUJPOGPS
healthcare – 4% of GDP in 2012 , against 5% in 2011
s3FTUSVDUVSJOHPGUIFQVCMJDTFDUPSTFSWJDFTnDMPTJOHB
number of hospitals or turning them into nursing houses (67
hospitals were closed in 2011), limiting the free of charge
access to services to a few social classes and introducing
co-payment for the rest of the population
s*ODSFBTFEJNQBDUPGUIFQSJWBUFJOTVSBODFJOUIFEFUSJNFOU
of the public insurance, therefore further limiting the effects
of public insurance in expanding capacities and adding
investments
s*ODSFBTJOHQSJWBUFJOWFTUNFOUJOEFWFMPQJOHDIBJOTPG
clinics and adding hospital capacities – 54 private hospitals
currently offer more than 3,000 beds, mostly in generalist
units
s*ODSFBTFEDPNQFUJUJPOBOEHFOFSBMNBSHJOEFDSFBTFJOUIF
clinic chains, with significant potential for restructuring –
top 5 players have posted decreasing margins in 2011 versus
2009
s%FDSFBTJOHOVNCFSPGNFEJDBMTQFDJBMJTUTJOUIFNBSLFU
with a significant number leaving for Western Europe
2013 – 2014 – THE YEARS TO DECIDE THE DECADE
The following couple of years have the potential to be
decisive in how the healthcare sector will shape for the
upcoming decades.
A number of crucial elements for the industry will have to be
finally defined, such as the business models for private
clinics, for private insurance and for private generalist
hospitals. At the same time, the public sector covering all
these markets will need to reshuffle, along with specialist
hospitals and the emergency hospitals.
On the business model side, it is important for most players
torealize that the risks posed by increased reliance on the
state budget’s reimbursement of services is probably too high
UPCFBTTVNFEBTBXPSLJOHNPEFMHPJOHGPSXBSE$VSSFOUMZ
the models which work are based on private subscription and
payment for service.
Given the increasing importance of the private actors in all of
these markets, the influence they will have over the state-run
system is set to increase. Trends like increasing revenue per
customer, additional investments in specialty hospitals
(pediatrics, orthopedics, urology, obstetrics, cardiovascular
and oncology), opening new major hospitals also outside
Bucharest and second tier cities will exert direct changes in
the public sector’s services.
Significant changes are expected in the private insurance,
now the market presenting only a few accepted products –
life insurance with medical coverage and check-up insurance,
but little plain vanilla health insurance. In 2013-2014, with the
opening of 18 more privately operated hospitals, the stock of
beds should surpass the 4,500 threshold, which in turn would
enable a better national coverage for medical insurance
services.
Regarding individual players, the consolidation will continue,
fueled by finance from private equity and banks, and sustained
by the profits of the entities with critical mass. The margins of
the smaller players will narrow in the competitive market. The
current consolidation trend has included mostly the clinics
and laboratories markets, with signs of interest extending to
general hospitals and specialty hospitals, but the market is still
largely fragmented. Out of the total 59 companies operating
186 clinics nation-wide, only the largest six chains account for
83 clinics – operated under the brands Regina Maria, Romar,
Medlife, Medcenter, Medicover and Hiperdia.
It is worth a mention, that there is a concentration for the
medical services in Bucharest.A valid example is that of the
clinics which in Bucharest and surroundings number 92
units, whilst the rest of the country accounts for another 94
units. This also applies for private investments in hospitals,
with only 4 located out of Bucharest from the proposed 18
hospitals to open in the next couple for years.
We should conclude that, in the healthcare markets, where
significant private players are actors or influencers, both
growth and maturity are expected for the coming years, while
top actors have the prerequisite to deliver results for the long
term.
When looking at the public sector, the facts are less positive,
with an expected decrease of available funding for the
maintenance and investment in the health sector, and a
decrease of public insurance funds as a percentage of the
overall market size. The realities in this market will continue
to offer a dim perspective, probably of further cuts and
reductions, in a way keeping pace with the development of
private operators.
This view is supported by the long term decrease of
contributors to the public insurance budget, at the same time
with increasing number of covered individuals.
The “brain drain” effect of medical specialists is expected to
take a change in the following decade with creating more
local financial support for the newer generation. The first
signs of improvement come from the increasing salary levels
offered by private operators. Nevertheless, the drainage
phenomenon is expected to continue, but the actual rates to
decrease significantly. Later in the decade, with the
appropriate support in place, healthcare specialists will
return from more developed Western markets, directly into,
by then, the competitive private system.
On the short term, an array of issues seek urgent resolution
and most of these need a swift decision to deeply restructure
the system. As there are three main targets, the most
important is to control, decrease and eliminate a number of
costs – close a number of hospitals, decrease the services
offered free of charge, decrease the number of fixed points
for emergency relief etc., as per IMF negotiations. The other
targets are to create additional revenues – the co-payment
scheme, and concentrate spending in critical points – and
more mobile services with wider coverage, to create
excellence centers and link them with rapid ambulance
logistics, and to enable better schooling and early
development programs.
Regarding the notable individuals which stood out in the past
year, Dr. Raed Arafat emerged as a major influencer in
regards to the direction the public system restructuring.In
October, he was assigned to a position where he will directly
oversee the financing of the health budget for 2013.
Trusting that the short term financing will be agreed, the
Ministry should use the opportunity to lay out a medium
term perspective for the sector. This will insure visibility for
the private players, will encourage investments and comfort
external financiers backing the investments.
In conclusion, the apparent benefits of a state-run healthcare
system have been abused, thus pushing the system into a
state of obsolesce. In turn, this has created opportunities for
private players, at first to occupy niches, and then to
consolidate with similar, or sometimes better services to
those offered by the state entities.
For the past 15 years, the evolution driver in the entire health
environment has been the misgivings of the centralized
system. However, with private actors having more influence,
interest and entrepreneurial vision, this is about to change.
The lack of clear roadmap from the Ministry might
nevertheless hamper the efforts to make the change a
significant and rapid one.
MCR
Opinion
MIHAI MARCU,
President of Medlife
The urge of
treating with
good will
INTEGRATED MEDICAL SERVICES – THE
NEED, THE WILL AND THE SOLUTION
A phenomenon that has to be underlined
in the current background of healthcare
landscape in Romania is the lack of a
larger infrastructure of multifunctional
IPTQJUBMT$VSSFOUMZUIFSFBSFPOMZGJWFPS
six hospitals in Bucharest and another
seven county hospitals that are able to
deliver the capacity of multi-specialty
sections. Now, in Romania, more than
half of the country hospitals are sending
their patients with multiple injuries or
more complex illnesses to the main
counties. These things are happening
because only large hospitals can handle
the needs of more complex cases and
their number can be counted on a hand’s
fingers in Romania. I consider the
measure of closing the 150 hospitals was a
right one, as they were only functioning
as first-aid n units. It is fair to search for a
solution in order to vitalize a system.
VAGUE LAW CAUSES VAGUE
IMPLEMENTATION
The reforming of medical system is a
good idea, as it is a welcoming idea to
change in better what it is
malfunctioning. But this should happen
only under the condition of a blunt
clarity. I fear that my only expectation to
this reform is another delay as it
happened before in the case of pensions,
where three years were needed in order
to see a final form and to be
implemented. I think that a detailed yet
solid law is the best solution for the
healthcare system. The major outcome of
such a law is that would leave less to no
space to second guesses and questionable
implementation. Otherwise, we
currently end up with an unclear law,
vague, with too general regulatory
statements and, as practice proved it, a
vague law results in vague
implementations.
On the other hand, let’s not forget that
Romania assigns the lowest budget in
Europe for the healthcare system. Just to
compare: A Romanian patient benefits
from an amount of 325 Euro yearly, while
a patient living in a western country, is
assigned several thousand Euros.
Everything in this segment depends on
the political will. The health, as a vital
system in the Romanian economy is
assigned the smallest share of GDP in
Europe. In 2012, health sector has been
budgeted with only 3.7 percent from the
GDP, while in 2009, it had 5.6 percent.
The European average is 9.9 percent
from the countries’ GDP assigned to
healthcare.
The private system will strongly depend
on the new health law. We are talking
currently of a private market worth an
approximate 500 million Euros and that
is estimated to evolve in the next years
with a double digit growth. However, the
corporate market is declining, and the
word “cannibalized” fits to the context.
The present estimations state that the
spending of a patient in private clinics
decreased by 10-15 percent. Even if the
number of patients increased in the last
years, they spent less in the clinics.
THE CALL OF PRIVATE
The investments in the private system are
still attractive, considering that 30
percent of Romanian that would sign a
health insurance only if there is a solid
infrastructure of private hospitals. We are
spending a lot of time talking about how
much is the state spending for the health
in Romania and how much is the private
medical system injecting in the field. But
I have to add that approximate half of
private companies receive money from
the state, for instance, dialysis companies,
some laboratories. At this moment,
physicians and even academicians wish to
work in the medical private system.
In Eastern European countries, the
private health policies just don’t work.
Following the studies, 70 percent from
the citizens said they would not apply for
a health insurance. Also, the negotiations
regarding the market of private insurance
policies worth now near 10 million Euro
has been resumed in the beginning of this
year when the new health law has been
drafted.
“PRIVATE MEDICAL
MARKET IS WORTH AN
APPROXIMATE 500
MILLION EURO AND A
DOUBLE DIGIT
GROWTH IS
ESTIMATED FOR THE
NEXT YEARS.”
MEDICAL CENTERS
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
CLINICA SANTE SRL
BIOCLINICA SA
AMBULANTA BGS MEDICAL UNIT SRL
RENAMED MEDICAL SERVICE II SRL
CLINICA MEDICALA HIPOCRAT 2000 SRL
RENAMED DIALCARE SRL
NEFRO CLINIC SRL
RENAMED NEFRODIAL SRL
CENTRUL MEDICAL MED-AS 2003 SRL
SYNEVO ROMANIA SRL
CBC LABORATORIES SA
OCULUS SRL
NEFROMED SRL
GRAL MEDICAL SRL
NEFROMED DIALYSIS CENTERS SRL
CLINICA POLISANO SRL
CLINICA ROMGERMED SRL
INTERNATIONAL HEALTHCARE SYSTEMS SA
MEDSANA BUCHAREST MEDICAL CENTER SRL
MED LIFE SA
PETROMED SOLUTIONS SRL
EUROMATERNA SA
CENTRUL MEDICAL UNIREA SRL
SANADOR SRL
MEDICOVER SRL
ATHENA HOSPITAL SRL
FRESENIUS NEPHROCARE ROMANIA SRL
HIPERDIA SA
MEDCENTER SRL
PELICAN IMPEX SRL
DENTAL CENTERS
RANK COMPANY NAME
1
2
3
4
5
6
7
8
9
10
BIOSTOM SRL
DENT ESTET CLINIC SRL
MEDICAL TOURS COMPANY SRL
MAIODENT SRL
M.G. MEDICAL SRL
CLINICA MEDICALA DENTIRAD SRL
DENTAL-ALEX SRL
CITY DENT SRL
DENTALMED COM SRL
DENTAL MED - CLINICA STOMATOLOGICA SRL
TURNOVER
2011 RON) RANKING
2.088
2.038
2.025
2.000
1.988
1.988
1.938
1.938
1.925
1.875
1.850
1.850
1.788
1.775
1.775
1.775
1.738
1.725
1.688
1.663
1.588
1.588
1.575
1.575
1.575
1.488
1.475
1.475
1.475
1.438
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
17,273,721
21
5,702,974
161
Buzau, Buzau
32,978,063
12
1,274,759
135
Timisoara, Timis
19,963,463
19
6,058,131
310 Bucuresti, sector 4
11,588,078
29
1,251,678
14,943,226
24
4,148,370
12,064,672
28
1,433,250
55
Craiova, Dolj
13,959,821
25
1,346,425
68
Ploiesti, Prahova
11,156,529
30
970,620
52
Craiova, Dolj
34,525,641
11
1,848,319
50
Craiova, Dolj
99,965,044
3
9,188,228
561
Chiajna, Ilfov
17,585,123
20
8,138,287
31
Cluj-Napoca, Cluj
13,587,330
27
1,416,338
13,635,040
26
2,094,332
60,136,754
7
1,174,633
58,260,193
8
1,590,838
29,805,504
15
789,758
22,438,880
17
1,268,648
61
TIMISOARA, TIMIS
282
Sibiu, Sibiu
85,327,992
5
2,170,643
20,216,151
18
-1,556,727
166,457,784
1
-3,733,100
24,562,698
16
345,082
16,852,201
22
2,804,604
101 Constanta, Constanta
92,746,376
4
-16,326,040
68,577,456
6
-15,008,842
46,067,848
10
-9,746,532
16,635,179
23
282,287
129,838,182
2
1,319,202
81
Timisoara, Timis
50,465,154
9
-5,283,366
325
31,026,088
13
-8,344,865
30,110,241
14
1,273,420
241
Oradea, Bihor
TURNOVER
2011 RON) RANKING
PROFIT/LOSS
(2011 RON)
NO OF
EMPLOYEES
CONTACT
1.900
1.850
1.850
1.850
1.700
1.700
1.700
1.650
1.550
1.500
1,366,134
10
45,383
Brasov, Brasov
9,907,901
1
500,171
6,875,374
2
447,337
30
3,839,188
4
518,020
2,131,509
7
107,050
2,053,948
8
133,167
38
Plopeni, Prahova
1,578,058
9
218,227
10
Brasov, Brasov
3,504,212
5
122,812
2,991,224
6
143,541
47
6,127,873
3
222,788
Pitesti, Arges
Brasov, Brasov
MCR
MCR

Editia tiparita MCR 2012 - Major Companies of Romania

Transcription

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