Ion Bogdan nr. However the Publisher cannot take responsibility for the information accuracy. 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.
Copy available only free of charge, not for sale. For the third year in a row, we ve worked together with specialists at EY Romania, to produce the most comprehensive and relevant ranking of top companies operating in Romania. We believe no one else has used so many quantitative and qualitative indicators as we did.
We analyzed, scored and ranked porsche 928 gts ocazie swiss anti aging than 2, companies from 23 different industries and sectors, with the primary data obtained from the Coface and the Finance Ministry. In the case of financial entities and banks, we used the primary data from Coface, the National Bank of Romania and the Romanian Insurance Supervisory Commission. That s why we believe that the product we developed together with EY Romania has become one of a kind in Romania as far as the truly relevant enterprise rankings and scoring algorithms are concerned.
We know and 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. Our current X-ray of the Major Porsche 928 gts ocazie swiss anti aging in Romania is accurate and as real as it can get.
Recenzii de tratament anti-imbatranire has been a real effort on our side and we hope we generated a îngrijirea tenului gras și anti-îmbătrânire tool for you. Make use of it and grow your business. To avoid dry figures, we contacted experts and asked them to explain what stood behind the numbers. Which were the drivers that generated change.
We went even further and asked key executives in different industries to talk about their stories. Stories of success based on innovation, boldness and knowledge.
All this information comes into a thick book you can use as an Information Bible all through the year Yet, it s a book difficult to carry at meetings or on business trips. So we decided to make all data available online. Free of charge.
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You can access this database from everywhere, anytime. Governments, and society as a whole, are increasingly looking to companies to kick-start their economies and provide the jobs that stimulate growth.
In the last year s foreword, we were contending that many companies in Romania have been struggling with the still tough economic conditions.
Inas insmart companies tried to make a difference and keep the boat floating through cost cutting, but also through innovation and new strategies.
As we re drawing closer to the end of the year, it is crucial to identify and acknowledge the excellence in every industry and the value creators from today s market. Either way, only biotehnologie anti-imbatranire with the pro-active approach and the drive of a resilient entrepreneurial spirit could navigate through the slow economic waters of another year. Because we want to acknowledge the high performers of our economy, EY Transaction Advisory team has contributed again with its expertise to this year s edition of Major Companies in Romania.
As a global company, tapping into diverse economies all over the world, at EY, we support a wide range of companies, enabling us to draw specific insights from every market where we are present.
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Together with the doingbusiness. We have 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. Through Major Companies in Romania, we bring forward a general ranking of the most performing 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. This overview book that concludes our research for 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 Foreign direct investments saw quite a decrease during the last years in Romania, however many investors and companies that are already active in the Romanian market see reasonable business potential here.
This hotspot map of the Romanian economy will assist players in planning their future presence in the domestic economy and lead the way to a more competitive market. However, it is clear that nobody will step up the tempo in resuming porsche 928 gts ocazie swiss anti aging growth in the economy if the business community doesn t take the lead.
For that, the leaders, as well as all players, must continue their efforts, in seizing the potential Romania clearly shows. Creating value. Achieving potential.
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 companies. 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, large companies, SMEs or microenterprisescorporate social responsibility and environmental initiatives developed in Romania as well as the contribution to developing a local brand. 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.
We have developed a separate methodology the banking sector.
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Furthermore, for insurance companies we have considered the Gross Written Premiums GWPwhile for leasing companies we have considered annual turnover. With this revised approach, Major Companies looks at the performance of companies registered in Romania that have filed the financial statements for the year ended 31 December with the Trade Register.
Companies that have not submitted their financial statements for were not included in this analysis. EY Romania was pleased to bring its contribution to Major Companies 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.
Explore billions of rows of data in minutes or seconds, visually represented in a way that brings hidden patterns into plain sight. Then easily create and share reports on the Web porsche 928 gts ocazie swiss anti aging mobile devices. A ,E. L ,J. L, Porsche 928 gts ocazie swiss anti aging. A, T. A, A. FARM S. L, S. The financial markets have come a long way in providing stability in the past two decades, and a salutary effort was that of the National Bank of Romania s Governor of the entire period, Mugur Isarescu.
But stability was obtained at a price, and that price means that the necessary adaptation of the system to the post-lehman world has not entirely been paid. For Romania, looking forward to the next couple of years, there are two current trends which we see as gaining momentum.
These two are expected to be or become the focus of all the players in the market, from the top large players up to niche players. Firstly, final decisive efforts in the workout department to deal with the out-of-proportion size of the non-performing loans portfolios. At the same time, a restructuring of the risk profiling and overall procedures will be completed, but results of the reshuffling are already obvious in the prudency to accept clients of the current period.
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As a direct result of this trend, a number of transactions are expected in the market. The transactional focus will be on retail portfolios, with corporate portfolios having less appetite. In order to have the portfolios tradable, a number of steps will have to be complete, including ring-fencing the clean portfolio from the effects of contagion from the non-performing assets. Secondly, a change in the strategic focus on a limited number of markets is foreseen, where the players can be considered market or niche influencers.
As a direct result, consolidation is expected to be continued, with banks and insurance companies as major exponents, but also asset managers, brokerages and other financial services companies. In retrospective, it may not sound as steps to achieve stability.
Nevertheless, if all these steps are correctly administered at macroeconomic level, they are bound to offer the perspective of a mature system, able to manage a downward cycle, and prevenirea anti-îmbătrânire la 20 la 40 de ani better equipped competitors, hence a new stability.
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The largest financial markets, banking and insurance, are largely populated porsche 928 gts ocazie swiss anti aging international players. Given the nature of the changes due to take place, the first one is to be driven by the local decision makers, with local influencers, whereas the second is set out through the strategic vision, heavily influenced from the headquarters, with strategic flavor of large economies, uncorrelated to Romania.
The above porsche 928 gts ocazie swiss anti aging of chains of interest between local and international hierarchies might bring an extra level of discomfort for the market regulators, having to manage international interests with local tools.
As a result, the involvement of the regulators will become tighter in the coming period, both as promoters of change, where such is considered desirable, but also as a barrier of change. For the period covering the medium-term following the next two years, the trend of consolidating the markets is expected to continue.
In the banking market is expected that the number of retail networks will be reduced, but leaving the market with a better coverage of the remaining networks.
In the insurance market, a double consolidation is expected, a new wave of regulation pushing players in the non-life insurance to reprioritize efforts from market share growth to obtaining margins and, in the insurance brokerage, larger players taking over significant market share in detriment of the independent players, but overall growing the market.
On a final note, in what concerns the Bucharest Stock Exchange as a financing market for the local economy, although positive changes are expected to occur due to new management, the overall profile might not change significantly.
Therefore it will continue to be regarded as a low priority option for raising equity or securities. Other effects could include closing of peripheral businesses, amalgamation of local businesses, or even closing of the local branches. These are segments with a high potential, if certain growth drivers will be implemented. One of the growth drivers for the life insurance segment would be the deductibility which porsche 928 gts ocazie swiss anti aging certainly be a strong motivating factor for potential clients, stimulating the long term savings for individuals.
This would also be reflected through an increase of the population s financial security with long term effects for the personal and public budgets and for the economy. It is important to underline the current context of the financial markets and with regard to this, the competitiveness of democratie directe suisse anti aging financial planning offer coming from the insurance industry, especially in terms of risk yields rate.
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Another growth driver for the cremă antirid cu mai multe niveluri insurance market would be, in our opinion, a coherent health reform with a well defined basic package and total deductibility for the facultative health insurance for the employer and the employee as well, associated with a free market which respects the principles of free competition.
The development of the facultative health insurance would reduce the pressure on the public budget. A price increase trend can be noticed on the non-life segment, especially on MTPL, which is a sign that things are going in the Sustenability: the safe way to a mature market right direction.
For 7 years now, the market posted an aggregated loss, determined mainly by the motor segment and especially by non-sustainable prices for MTPL policies.
Therefore, the price increase on this segment can be considered a positive sign, as to reach a healthy balance on porsche 928 gts ocazie swiss anti aging market.
We have to speed up this process and have a pricing policy strictly based on actuarial principles. What is important on the household insurance segment is the clients awareness regarding the need for insurance, especially if we are taking into consideration the latest floods.
The insurance coverage is still low, especially in certain geographical areas, such as rural areas, and we have to understand that these are the most exposed ones. In respect of underwriting volume there will probably not be any significant variations this year or in the following year. The preliminary information shows a certain stability of the market.
It is obvious that the market still depends on the motor segment and this dependence will certainly limit the market dynamic due to the fact that the fleet is getting old in Romania and the new car sales are decreasing, which also influences the insurance market. Moreover, half of the fleet is older than 10 years which means these cars cannot be insured with an MOD policy Cascotherefore the effect might be compensated on the short term only by pricing policies.
But we should not yet expect to see a two digits market growth. The maturity of the market is reflected mainly by the financial porsche 928 gts ocazie swiss anti aging of its players, by the legal stability and framework predictability and by clear measures and long term view.
Also the client awareness regarding the importance of the insurance products might be an indicator for a mature market.
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. Also, inthe enforcement of the cooperation and harmonization framework in a new collaboration step under the Viena European Initiative for Banking Coordination 2. 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 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.
Financial stability means that at any given time, the players will be able to meet their financial obligations to the customers. Financial stability was always a priority for Allianz-Tiriac and we have always strived to maintain our financial safety indicators above the minimum standards stipulated by the supervisory authorities.
Porsche 928 gts ocazie swiss anti aging the long term view, which is closely linked to the stability and the predictability of the legal and financial framework is essential for the development of the market as a mature one.
In respect to the clients awareness regarding the need for insurance, approaching the clients is still a challenge within the Romanian market for insurance companies, due to the economic context on the one hand and the population income level as compared to other countries on the other hand.
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Speaking of the clients, we have to say that in terms of a mature market it is also important to focus on the clients responsibility, which can be reflected by deductibles.
Deductibles bring certain advantages for both parties - the client and the insurer such as would reflect in lower prices for the client, lower claims frequency and it might influence even the MOD penetration degree. From the product range perspective, we believe there is a generous offer on the market, covering all the clients segments - from corporate to individual clients and from life insurance policies with investment component or MOD products to green energy insurance.
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For example, Allianz-Tiriac offers green energy insurance, using the extensive knowledge of the Allianz Climate Solutions, the specialized division of Allianz Group. To conclude, we can say that we expect mainly the following, for a transition to a mature market: financial and legal stability, predictability, and a long term view.
Only this way the market will be able to have a healthy development on the long term. Considering our 8 years experience on the operational leasing market, this figure positions us as the main player on the market of used operational leasing cars. The growth was very slow in the first half of the year, but it still existed.
After S1, there were 41, vehicles managed by the operational leasing companies, based on the ASLO statistics.
The main factors causing the slow growth were the legal changes affecting the operational leasing players, the limitation of the deductibility amortization and the stamp tax together with the general difficult economic context. Such legal changes have had a major impact on the profitability of leasing companies and have hindered any significant investments so far this year.
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This eco tax has caused a far more negative impact on the market: it has a direct cost impact on the new vehicles contracted under operational leasing and for the used vehicles sold at the end of their leasing term. For ALD Automotive the impact is even greater because we have been the first to start our operations locally.
So we have more vehicles in the fleet which reach the contract termination and which are put for sale on the bidding platform. From our total fleet we estimate that up to 2, vehicles are exposed to the eco tax at end of contract. Thus, the effects of this tax are one major aspect to be considered for For sure however we will continue to see a rising trend in operational leasing and if legislation permits we should see a recovery of the volumes.
At the end of ALD have registered very good financial figures, where we have reported a turnover of nearly Euro 30 mil while maintaining a healthy profit. This year we expect to exceed the turnover attained at the end of and continue our customer portfolio growth, despite the recent market challenges as the legal changes affecting the operational leasing sector.
This year, too, we have focused on the internal efficiency of our processes and cost optimization strategies for our customers: we ve supported our customers with TCO reduction plans, we ve integrated a new tool in our internal process for the short term vehicle rental management, we ve constantly improved our customer care service and we ve obtained two ISO standardswhich certifies the quality of our management system and that stands for the good development of masca pentru fata cu aloe vera environmental management system.
We ll continue the year with the launch of a new app-based service meant to increase the drivers mobility, called ALD mobile and we also plan the development of a web service aimed at simplifying the customers car selection. In May porsche 928 gts ocazie swiss anti aging year we ve reached a milestone in our used vehicle sales: the 4,th vehicle was sold online via ALD Carmarket Our focus in is to support the cost saving initiatives of our clients, considering the important role the car fleet spend plays.
We plan to further consult them on car policy optimisation avoiding porsche 928 gts ocazie swiss anti aging need to de-fleet. Taking advantage of the manufacturers latest technology and developments in engine efficiency we have encouraged a trend of fleet rightsizing rather than downsizing.
Fleet managers continue to focus on lower CO2 emitting vehicles which address key corporate and financial values while also safeguarding HR concerns by rightsizing the fleet and keeping their drivers in the same car bands. We expect this trend to continue next year and positively shape the fleet operational costs for our customers.
Our current and future investments mainly target the customer care services, internal efficiency and strategies to improve our customers TCO as we continue to transition through these difficult times. This program has long term benefits regarding the fleet costs optimization, securing road safety and protecting the environment by assuming a more responsible driving style.
ListÄ orientativÄ privind firmele Èi instituÈiile ce se Ã®ncadreazÄ - fabbv
For all our customers in search of better car policies we ll continue to work even closer with them by proposing them fleet rightsizing solutions, CO2 reduction plans, and seamless measures to optimize their TCO and support their business needs. ALD Group will celebrate a major achievement next year, reaching a fleet of 1 mil. As in other European countries Spain or Italythe incentive scheme raised sufficient concern Arcelor Mittal took into consideration closure of business in Romania and Europe due to high energy prices so as to be re-assessed and modified, following major complaints about increase in electricity pricing determined by the green certificates and lack of investments in the Romanian industry sub-contracting, acquisitions of equipment.