Business Review Issue 6/2012 February 27 - March 4 by Business Review

News: Ioan Popa, general director and main shareholder of poultry business Transavia, told BR about the company’s expansion into cereal production and the overall state of local agriculture »page 6

CITY: MARTISOR FROM SHAPING UP TO SHOPPING, BR BRINGS YOU ITS TOP TIPS FOR MARTISOR, THE ROMANIAN CELEBRATION THAT MARKS THE ARRIVAL OF SPRING

ROMANIA’S PREMIERE BUSINESS WEEKLY

FEBRUARY 27 - March 4, 2012 / VOLUME 16, NUMBER 6

»PAGE 12

DRUG RESISTANCE

The local pharmaceutical sector had a resilient 2011, posting 12.4 growth, and insiders expect a similarly healthy outlook this year. BR examines the market »page 8 NEWS

NEWS

RESTAURANT REVIEW

FILM REVIEW

Ready, willing and cable

HR hold-up

If music be the food of love...

Dream House

The EC has decided to Telecom provider UPC cut off payments Romania will focus on made through the HR network investments resources program in 2012, while rolling POS DRU due to out its store concept flawed evaluations » page 4 » page 5

Bond star Daniel Craig Did BR’s food critic and Rachel Weisz are find Grand Hotel Con- the hapless hometinental’s restaurant owners in this psychoConcerto pitch perfect logical thriller. Find or off-key? out our verdict on it » page 12 » page 13

www.business-review.ro Business Review | February 27 - March 4, 2012

BUSINESS AGENDA February 28 10:00 Auto.ro organizes a press conference on the auto services market at Capital Hotel. 11:00 LacertA Winery organizes a press conference to present its financial results at Radisson Blu Hotel. By invitation only. February 28 09:00 The Romanian Chamber of Commerce and Industry, along with several law and accountancy firms, organizes a seminar on the fiscal changes implemented this year, at the National Chamber Palace, in Bucharest. By invitation only. February 28 08:30 British Romanian Chamber of Commerce and the Dutch Chamber of Commerce in Romania organize a business breakfast on transparency in Romania. Victor Alistar, executive director of Transparency International in Romania, will attend. By invitation only. February 28 - March 2 Romenvirotec The International Exhibition for Environment Protection, Technologies, Equipment, Recycling and Alternative Energies, will take place at Romexpo Exhibitions Center. Public institutions and specialized companies will attend. More info at www.romenvirotec.ro. February 28 - March 2 Romcontrola The international exhibition for measuring and control equipment, will take place at Romexpo Exhibitions Center. More info at www.romcontrola.ro. February 29 09:00 Russenart Communications organizes the Communication for Society conference at the Regal Ballroom in Bucharest. By invitation only. 10:00 - 12:00 Imopedia organizes a debate on Romania’s real estate perspectives at Van Gogh Grand Cafe. Alexandros Ignatiadis, Octagon president, will attend. By invitation only. March 1 19:00 Digi 24, the first HD TV station in Romania, will be launched following an event at the Parliament Palace.

NEWS 3

NEWS in brief ENERGY

the overall portfolio was up 15 percent year-on-year.

Eolica Dobrogea administrator sues Transelectrica and ANRE

ONLINE

Corneliu Dica, administrator of Swiss wind developer Eolica Dobrogea, has started legal action against Romania’s energy regulator, the ANRE, and grid operator, Transelectrica, for refusing to issue a grid connection permit for 600MW of wind power. Dica is also suing Transelectrica’s former general director Horia Hahainau and deputy general director Corneliu Ene. He wants the firm to pay damages for losses estimated at EUR118 million per year. Translectrica has notified the Bucharest Stock Exchange of the lawsuit.

Romania delays ACTA ratiﬁcation

Craiova Energy Complex to receive EUR 64.4 mln of state guarantees for two loans

REAL ESTATE

Romania will delay the ratification of the Anti-Counterfeiting Trade Agreement (ACTA) until the European Court of Justice rules on the matter, announced Dan Suciu, spokesman for the Romanian government. The European Commission will be referring ACTA to the European Union’s top court. The Court of Justice will be asked to assess whether ACTA is incompatible with the EU’s fundamental rights and freedoms including freedom of expression and information.

State-owned electricity generator Craiova Energy Complex, which has an installed capacity of 930MW, will receive guarantees totaling EUR 62.4 million from state-owned Eximbank, for two internal loans for the energy company, in an effort to keep it functional, according to a memorandum approved by the government. This is a last resort financing source for the complex, as it failed to attract EU funds. The two loans backed by the state will be used to build gas desulphurization stations at two energy blocks of the Isalnita power plant.

Bucharest’s City Mall could be turned into hospital

MEDIA

RETAIL

CME posts USD 159.3 million turnover in 2011

Proﬁ buys Romanian retailer Al Comsib

Central European Media Enterprises Ltd (CME), which controls Romanian channels Pro TV, Pro TV International, Acasa TV, ProCinema TV, Sport.ro, MTV Romania and Pro TV Chisinau, posted a turnover of USD 159.3 million, according to the company’s financial indicators. In 2010, CME had USD 157.4 million of revenues in Romania. The net revenues of the group amounted to USD 864.8 million in 2011, having grown by USD 127.6 million year-on-year. CME is led by Romanian Adrian Sarbu, president and chief executive officer.

Profi has increased its store network by six more units after taking over Al Comsib, a network of stores in Sibiu. The value of the transaction was not made public. Profi now operates 113 proximity stores locally. Its owner, Polish private equity company Enterprise Investors, announced last October a EUR 10 million investment in further expanding the retail network, including the acquisition of other local retailers. In addition to the newly acquired stores, the company plans to open about 25 new units this year.

MONEY

Marni at H&M collection to hit local stores on March 8

ING Bank Romania gross proﬁt up 26 percent year-on-year The gross profit of ING Bank Romania increased by 26 percent year-on-year to RON 161 million while banking income gained 4 percent year-on-year to RON 701 million. The lender’s assets climbed 18 percent year-on-year to RON 14.2 billion, with 12 percent of assets invested in government securities. Lending to corporates rose 30 percent last year, but overall growth was 19 percent year-onyear to EUR 8.8 billion. Growth in savings and deposits was driven by corporates (companies with turnovers of EUR 50 million or above) which hiked 17 percent, but

After going bust in 2010 and being bought back by Greek investor Ioannis Papalekas at the end of last year, City Mall could be turned into a private hospital, CBRE representatives disclosed last Wednesday. Papalekas bought back City Mall at the end of last year for EUR 17.3 million after having sold it in 2006 to APN European Retail for EUR 103.5 million in 2006. City Mall went bankrupt in November 2010 after accumulating debts of EUR 76 million.

H&M outlets in Baneasa Shopping City, AFI Palace Cotroceni and Maritimo Shopping Center Constanta have been selected among about 260 stores worldwide to launch the newest capsule collection produced by H&M in collaboration with the Italian brand Marni, on March 8. It is composed of items selected by Marni’s creative director and founder, Consuelo Castiglioni.

TELECOM Orange suffers 3.6 decline in revenues in 2011 Telecom operator Orange Romania saw a

WEEK in numbers

500k is the estimated number of women entrepreneurs in Romania, according to data from Garanti Bank and the IFC

209 million euros is the value of payments made in Romania through the now on-hold POS DRU program 3.6 decline in its revenues year-on-year to EUR 937 million in 2011, according to the financial results announced by France Telecom group for the last quarter of 2011. However, the operator gained in Q4 on the customer base side, adding 78,000 new clients on the previous quarter, meaning the Orange customer base has now reached 10.26 million. The average revenue per user was EUR 82. At the end of last year Orange introduced mobile data speeds of 43.2 Mbps in Bucharest, Cluj-Napoca, Constanta, Iasi and Timisoara.

Cosmote Romania announces EUR 468.2 million in revenues in 2011 Telecom operator Cosmote Romania, part of Greek group OTE, announced stable revenues of EUR 468.2 million, according to indicators for the financial year 2011. The company’s EBITDA, meanwhile, rose to EUR 100.1 million, an increase of 35.8 percent on the financial year 2010. Cosmote’s total customer base (including Zapp) stood at approximately 6.5 million at the end of 2011, following a decline of 5.1 percent, with the postpaid ratio increasing to 23.1 percent, as a result of the business segment growth.

Romtelecom posts EUR 655.1 million revenues for 2011 Romtelecom’s revenues fell by 8.6 percent to EUR 655.1 million in 2011, according to the financial indicators of mother company OTE. The company’s EBITDA also dropped by 23 percent yearon-year to approximately EUR 119.1 million. Romtelecom’s landline telephony customer base fell by 5 percent to 2.49 million clients. However, the company’s broadband internet customer base went up by 12.1 percent, reaching 1.13 million users. Additionally, its TV customer base, which includes direct-to-home, IPTV and digital television viewers, saw an 11.9 percent boost to 1.18 million.

www.business-review.ro Business Review | February 27 - March 4, 2012

4 NEWS TELECOM

UPC Romania revenues post slight decline, RGUs on the up

Courtesy of UPC

elecom provider UPC Romania ended 2011 with revenues of USD 143.5 million, down 2.7 percent on the previous year, according to financial indicators released by Liberty Global. The operator grew its revenue generating unit (RGU) base by 3.3 percent, adding over 52,000 new subscriptions in Q4, 2011, from the previous quarter. This took the company’s total RGU base at the end of 2011 to over 1.6 million. “In the year just gone, we strengthened our market position and continued to adapt our packages and launch new products – Fiber Power 120 Mbps, 3D – closely looking at our clients’ needs and requirements. 2011 was a year in which our strategy focused on complete offers – packages of TV, data and voice services. This year too we will invest in launching new 3Play packages but also in extending the areas covered by Fiber Power and digital television services,” said Severina Pascu, CEO of UPC Romania. UPC ended 2011 with a total of nearly 1.15 million clients of digital, analog and satellite TV, DTH, up 2 percent from the previous quarter. The company had 508,200 analog cable users at the end of last year. “In 2011, one of the company’s objectives was transferring a higher number of

Severina Pascu, CEO of UPC Romania analog TV clients to digital television, which offers a better viewing experience and many other options such as HD, DVR, electronic guide and parental control. Almost 80 percent of the 5.5 percent decrease the company reported on the analog TV segment is attributable to the company having actually upgraded

those clients from analog to digital television,” said the company in a statement. However, digital television brought the firm 23,000 more subscriptions in the last three months of 2011, and the digital television subscription base grew by 7 percent from the previous quarter, reaching a total of 351,700. Focus Sat, the DTH division of UPC Romania, also closed 2011 with a total of 282,800 subscriptions. On the internet side, UPC had 281,300 Fiber Power internet clients at the end of last year, having added 15,000 new subscriptions in Q4, 5.6 percent more than in the previous quarter. The internet being the market segment with the highest growth potential in 2012, UPC intends to invest in its data network to extend the area covered by Fiber Power services. At the end of 2011, the operator provided Fiber Power services to approximately 70 percent of the cities in which it is active. “We have a target to launch Internet Fiber Power in five other cities this year,” said Pascu. In the landline sector, UPC had 184,100 customers in Q4, up 10 percent on the previous quarter. The company will invest mainly in the network this year. “At the moment if we look there are several players that are entering certain

markets all over Europe. However, Romania continues to remain a market with a small average revenue per user (ARPU) so it is unlikely that it can take in another large player,” Pascu told Business Review. She added, “At the moment, UPC has a network of 115 outlets which are in a continuous process of rearrangement. We have a store concept which we are rolling out in all our outlets and we are trying to create a certain atmosphere in our stores via various BTL activities,” said Pascu. The CEO added that there are no plans to greatly increase the number of outlets. “In 2008 we conducted an analysis into store presence and it was then that we decided what stores to close or open. If we launch certain services in a certain area or city which also requires us to open a branch, we will do it. But we do not have a plan for massive outlet openings,” she says. For the past four years, UPC has had 1,600 employees. “We also have outsourcing companies such as call centers and installation companies that provide services to us. UPC has one main call center in Cluj,” said Pascu, adding that generally UPC employs people for its technical team, door-to-door sales team and call centers. ∫ Otilia Haraga

www.business-review.ro Business Review | February 27 - March 4, 2012

ENERGY

NEWS 5 EU

Oil companies EC interrupts HR resources program in Romania discover gas in Black Sea T

Courtesy of OMV Petrom

Exploration works started late last year

xxonMobil and OMV Petrom have discovered gas deposits in the Black Sea, during ongoing exploration works that started at the end of 2011. The Domini-1 well encountered 70.7 meters of net gas pay, with deposits totaling between 42 and 84 billion cubic meters. The well is located in the Neptun Block, 170 kilometers off Romania’s shoreline, in water about 930 meters deep. Drilling works are ongoing and the total depth of the well will be more than 3,000 meters below sea level. The Neptun Block covers an area of approximately 9,900 sq km with water depths ranging from 50 meters to 1,700 meters. OMV Petrom and ExxonMobil Exploration and Production Romania Limited signed an agreement in November 2008 for ExxonMobil to acquire a 50 percent stake in the deep water portion of the Neptun Block. Since then, the two companies have worked closely together to acquire 3D seismic data and evaluate the block’s hydrocarbon potential. The companies plan further seismic acquisitions this year and will analyze offshore drilling data before deciding on the next move. Petrom says several billion dollars could be invested in the Neptun Block if it proves to be viable, while gas production could start as early as the end of this decade. OMV Petrom’s net profit increased by 72 percent year-on-year to RON 3.75 billion, mainly driven by a 40 percent hike in the average Urals crude price, which reached USD 109.60 for one barrel. Group sales gained 21 percent year-on-year to RON 22.6 billion. EBIT gained 65 percent year-on-year to reach RON 4.93 billion. The company finished the construction of a EUR 500 million gas fired power plant in Brazi, with installed capacity of 860 MW, but commercial operations have been delayed to H2 2012, due to technical issues. Petrom had a market capitalization of EUR 3.8 billion on the Bucharest Stock Exchange at end-December 2011. The company’s share gained 5 percent on the offshore gas announcement. For more details see page 9. ∫ Ovidiu Posirca

he European Commission decided last week to interrupt payments through POS DRU, a human resources program funded from EU sources, due to flawed inspections and evaluations of projects in the first development stage, issues highlighted by the Romanian Audit Authority. Last year, the EC blocked payments in the regional operational program, a measure later imposed on all programs, but the situation was solved in December. Romania has been allocated EUR 3.8 billion for 2007-2013 by the EU’s Social European Fund, which grants funds for projects developed through the POS DRU. However, payments have totaled only 5.5 percent, or EUR 209 million, in the last four years. This program has sever-

al axes which tackle issues such as unemployment, education, healthcare and social exclusion. Carmen Ionel, head of AM POSDRU, the authority that managed the program, resigned earlier this month, after the prime minister, Mihai Razvan Ungureanu, urged the labor minister to sack Ionel for poor management. “If the interruption is until the end of March, there will be no impact, because payments for ongoing projects have been made,” said Dan Suciu, government spokesperson. The labor minister, Claudia Boghicevici, who supervises the agency, called for the better monitoring of projects and streamlined procedures. Romania has already implemented half of the recommendations made by

the Audit Authority and 80 people from intermediary regional organizations will check the status of projects across the country, said officials. “I hope this situation will last only a few weeks. If the interruption continues for several month we could see some funds being recalled,” said Leonard Orban, minister of European Affairs, quoted by Agerpres newswire. The Labor Ministry says the stoppage of funds from the EC is precautionary and the move will be reversed once the deficiencies have been addressed. This is different from a suspension that would block the program. Romania wants to attract EUR 6 billion worth of EU funds this year in order to sustain its economic recovery. ∫ Ovidiu Posirca

www.business-review.ro Business Review |February 27 - March 4, 2012

6 INTERVIEW

Paltry pickings: Transavia head expects poultry market to drop More than 20 years after setting up Transavia, Ioan Popa, the company’ general director and main shareholder, has taken the business to leader position on the Romanian poultry market. Popa told BR about the company’s expansion into cereal production and shared his views on the state of local agriculture. ∫ SIMONA BAZAVAN

CV Ioan Popa

If you were to start a business from scratch nowadays what ﬁeld would you choose? Would you look at agriculture? It is hard to give you an answer because I can’t evaluate such a situation now, in 2012, the same way I did in 1991 when I began developing Transavia. Neither mentally nor contextually can one talk about the same conditions. At that time, I was 20 years younger and the Romanian business environment in the early 1990s was completely different from what we see today. Given all this, I don’t think I would be able to accomplish in the coming 20 years what I have built so far, and I mean Transavia, of course. It would be out of the question to be able to do something like this again. A business begun today can’t have the evolution of a business which was set up 20 years ago. Moreover, the current economic context would not encourage me to invest in agriculture.

Born in 1957, Ioan Popa has dedicated his entire career to the zootechnics industry, a field he also graduated in, and in which he holds a PhD. Before setting up Transavia in 1991 Popa spent three years as general director and technical director of Intreprinderea Avicola de Stat Alba, a state owned poultry company. Between 1985 and 1988 he worked as chief engineer for Intreprinderea Avicola de Stat Sfantu Gheorghe, where he had begun his career a year before. In 1995 he was appointed vice-president of the Union of Romanian Poultry Producers (UCPR). In 2003 Popa became a member of the management and marketing commission of the Romanian Zootechnics Society (SRZ) and two years later he joined the World Poultry Science Association (WPSA).

How do you expect the Romanian economy to evolve this year? The European Commission and the International Monetary Fund have revised downward Romania’s forecast economic growth for this year, from 1.8-2.3 percent to 1.5-2 percent, due to the predicted recession in the euro area and the deterioration of conditions on international markets. Bearing this in mind, I would be glad if the Romanian economy reports, in real terms, stagnation, and the business environment can enter a consolidation phase.

low us to produce all the cereals we require (e.n. at the end of 2011 the company had about 6,000 hectares of leased land). We have invested in this new business line also to streamline costs and to ensure the cereal supply from our own resources. EUR 10 million has been invested in this new division and we will continue to invest until the objectives are met.

Courtesy of Transavia

COMPANY PROFILE Transavia Group The firm currently produces over 50,000 tons of poultry annually at its facilities in Transylvania and has plans to boost the capacity by 10 percent this year. In 2010 the company’s sales amounted to RON 423.15 million (approximately EUR 100 million). Transavia employs over 1,400 people and owns 17 chicken farms, two reproduction farms and two incubation facilities, a combined fodder factory, two abattoirs, a poultry-processing factory and two cereal farms. Transavia exports about 10 percent of its production to the EU, including France and the UK, Africa and the Middle East.

What is your opinion on Romanian agriculture and its perspectives for growth? In the past 20 years, Romanian agriculture has been something of an orphan child that doesn’t even live in an orphanage. It benefits from no strategy, no priority guidelines and it is actually treated by the authorities as if it didn’t exist. What is presently happening with this sector is very similar to an old Romanian saying that goes something like, “God will provide for us even if we do nothing.” Romanian agriculture is facing several severe issues, the most important of which are the excessive land fragmentation, uncertainty regarding the ownership

of some land plots, lack of control over funds and subsidies and the way these are used and the catastrophic logic behind the fact that subsidies are given even if the land is not cultivated. There is also the fact that there is no framework on taxing land that is cultivated and land which is left barren or forcing farmers to cultivate the land they own. Last year you announced plans to invest in cereal production. Why have you decided to extend your business in this direction and what are your objectives for this year? We plan to reach 10,000 hectares of farmland as soon as possible as this would al-

How much did you invest all in all last year and what is the budget for 2012? Last year we invested EUR 17 million, most of which went into setting up the cereals division. We have also invested in increasing the production capacity of our combined fodder factory by 50 percent and upping its storage capacity to 75,000 tons as well as increasing the production capacity of our factory for processed foods and that of the poultry abattoir. Part of the money went into the acquisition of machines and equipment for our production facilities. This year we will invest about EUR 78 million into creating a new poultry farming facility and modernizing some of our existing farms. How do you expect the local poultry market to evolve this year? I think that the poultry market will decline and I say this as some of the small producers have exited the market in the past couple of years. All the studies and data show that Romanians have started to consume less, instead increasing their savings and deposits.

simona.bazavan@business-review.ro

www.business-review.ro Business Review | February 20 - 26, 2012

8 FOCUS

Pharma industry posts positive prognosis Romania’s pharmaceuticals market remained resilient last year, growing by 12.4 percent to EUR 2.55 billion, and the growth trend will continue this year, experts predict, as the country has a yearly pharmaceuticals expenditure of EUR 139 per capita. Romanians need better access to innovative pharmaceuticals but these come with a hefty price tag. Meanwhile, the authorities are trying to overhaul the current public healthcare system in order to streamline spending and improve overall medical services. ∫ OVIDIU POSIRCA Pharmaceuticals demand will soar in the coming years as Romania strives to reach the standards of Western economies, but companies are trying to cope with delayed public payments from CNAS, the health insurance house that manages the budgets for medical services and drugs. Payment terms climbed to over 300 days last year, from the EU average of 230 days. A recently introduced claw-back tax that obliges producers to pay for treatments that exceed the CNAS budget will also put additional pressure on the industry. “Despite the positive outlook in term of pharmaceuticals demand, many market players face pressing issues regarding their profitability and liquidity levels. On top of a receivables issue resulting from severe delays in public payments, the marketplace witnessed a trend of increased competition from the second half of 2011,” says Andrei Cretu, manager, advisory and management consulting, at accountancy firm PwC Romania.

Generics versus innovative Cretu says that the market for generic products, comprising pharmaceuticals that use formulas copied from innovative products with expired patents, which are then sold at lower prices, decreased in 2009 to EUR 387 million, totaled EUR 442 million in 2010, but jumped to EUR 515 million in 2011, according to PwC data, and growth is projected this year as well. Over-the counter medicine (OTC) is expected to outgrow the prescription segment (Rx), according to PwC. Romania’s pharma market has reported an average yearly growth of 10 percent, but it will slow down to 7 percent, says the PwC manager. Romania has the lowest R&D investment in pharmaceuticals in the EU at EUR 5 per capita, according to an ENVI study. Portugal and Greece are doing better on EUR 15 and EUR 17 respectively. Leading R&D investors are Denmark with EUR 190 per capita, Belgium on EUR 170 and Sweden with EUR 80. Due to insufficient investments in R&D, generics have a better penetration in the Romanian market. “Out of all prescription pharmaceuticals, the share of generics in 2010 stood at 64 percent of volume and 24 percent of value, while originals (patented) registered 36 percent in volume, with a value of 74 percent. Last year, figures were rather similar. Thus, Romania posts above the 24.4 percent average in value for generic consumption,” says Cristian Lutan, deputy executive director at ARPIM (the Roman-

Bitter pill to swallow: pharma firms complain of late payments from CNAS ian Association of International Pharmaceutical Producers). “Last year, generics increased by 14.3 percent, while originals gained 7.3 percent, according to research company Cegedim,” he adds. ARPIM was set up in 1995 and has 28 member companies, which make up 70 percent of the pharma market, with the objective of bringing innovative treatments onto the Romanian market. The PwC manager says the generics segment is rather underdeveloped locally, and we should see it grow in the years to come. “We expect further evolution on this segment, although at a low rate, impacted by the strong originators safeguarding their position, as well as by the fairly disruptive regulatory environment. Impacting the future potential segment growth are also regulatory aspects related to price setting for generics, which are currently under pressure to change,” says Cretu. Market entry for generics is fast, but originals have been held back by authorities who failed to update the list of subsidized pharmaceuticals, although the National Transparency Commission approved over 130 new molecules and indications. The ARPIM deputy director says no innovative pharmaceutical has entered the market since 2007. Petru Craciun, managing director of Cegedim Romania, a research firm that issues annual reports on the pharmaceuticals industry, says the amount of pharma sales soared 29.6 percent in Q4 of last year compared to Q4 of 2010 to EUR 711 million. “The growth rate during Q4 2011 is explained by the low value in Q4 of 2010, and by the increased occurrence of seasonal diseases and the development of parallel ex-

ports, which have become more and more sophisticated, reaching pharmacy level as well,” says Craciun. The ARPIM director says that parallel exports totaled 15 percent of the market in 2011 amounting to EUR 382 million and this will continue this year as well. This export type derives from the free trade agreement in the EU and the existence of different regulated prices at member state level. Romania has pharma prices three times lower than Western countries, allowing wholesalers to buy products at a low cost here and export them to mature markets at higher prices to make a profit. “One of the most influential factors for the Romanian pharmaceuticals market and also a top concern for pharma companies’ management boards are the public payment delays, which continue to be an incentive for pharmacists to sell low volumes of high priced drugs with a high contribution, negatively influencing the generic market in terms of volume,” says Cretu of PwC.

Taxes now, payments later The national insurance body CNAS, which has managed a budget of around EUR 4 billion in the last two years, and handles payments for medical services and pharmaceuticals, has disrupted players in the pharma industry due to delays in public payments that exceed 300 days. “We cooperate with the CNAS as we both want the market to function properly. We welcome the integrated informatics system implemented by the CNAS, but we would like to see more transparency and proactivity in payment terms or in the claw-back tax,” says Lutan.

Sales of top 10 players in 2011 Sanoﬁ: EUR 206.5 million Hoffmann La Roche: EUR 204.1 million Novartis: EUR 173.2 million Pﬁzer: EUR 153.2 million GlaxoSmithKline: EUR 152.1 million Servier: EUR 128.3 million Merck&Co: EUR 122.6 million AstraZeneca: EUR 108.6 million Daiichi-Sankyo: EUR 94.4 million Abbott: EUR 82.6 million Source: Cegedim Romania, data from Pharma & Hospital Report Sales converted in EUR using the average RON/EUR exchange rate in 2011 of 4.2379. Pascal Prigent, general director of GSK Romania, said earlier this month during an event on healthcare reform that a single actor (i.e. pharma producers) can’t finance the deficit in the system, and the claw-back tax can’t solve the under-financing of the system. Cretu says that delayed public payments and the newly introduced clawback tax reduce the attractiveness of the market in general and also impact the companies’ profitability and cash-flow. Last year, the credit rating of the pharmaceuticals industry was lowered by a notch, while this year should bring stability to the system “The whole pharmaceuticals sector has lowered its risk rating by a notch. In practice, companies that were ranked C, D and E dropped to D, E, F. There were certain elements that depended on the CNAS, which delayed payments to companies by 230 days to over 300 days at the end of 2010. This gap impacted retailers, distributors and producers,” says Bogdan Catargiu, credit risk consultant for the pharmaceutical sector, at ratings agency ICAP Romania. This year should bring stabilization in payment terms from the CNAS. The new healthcare law will impact producers and this new claw-back tax may also have a significant impact on the pharma industry, according to the risk consultant. ICAP issued a risk report for the pharma industry after assessing 5,519 producers, distributors and retailers. “Receivables management is key at this point to mitigate private payment delays and to maximize available cash. Sales and marketing efficiency is also critical in the context of increasing competition and squeezed promotion budgets,” says Cretu. “Depending on distribution options (inhouse vs. externalized vs. mixed approach, number of distributors etc), an array of levers contributes to achieving greater efficiency and ultimately lowers the cost base.” ARPIM says the current tax mechanism is inappropriate and inefficient and the initial objective of the tax has been lost. “According to a recent government ordinance, producers need to fill the gap between the budget allocated by authorities and pharma consumption; in order words pharma producers are forced to cover treatments the state can’t afford. An efficient claw-back tax would be based on real consumption, not on allocated budgets, which always prove to be lower,” says Lutan.

ovidiu.posirca@business-review.ro

www.business-review.ro Business Review | February 20 - 26, 2012

STOCK MARKET 9

STOCK EXCHANGE REVIEW: OMV PETROM OMV Petrom reported last week the results for the full year of 2011. Sales grew by 21 percent from RON 18,616 million to RON 22,614 million and net proﬁt attributable to stockholders rose by an impressive 71 percent to RON 3,757 million, from RON 2,201 million the previous year. These positive results were "the result of high investment efforts, effective cost and operational management but also supportive crude prices," said Mariana Gheorghe, CEO of OMV Petrom. At the price of 0.4115 OMV Petrom has a Price-Earnings Ratio of 6.18 (P/E is a valuation ratio of a company's current share price compared to its per-share earnings) and a Price-to-Book Value of 1.10 (P/BV is a ratio used to compare a stock's market value to its book value), making it quite a cheaply valued share price when you compare it with similar companies from the same geographical area:

Company

P/E

P/BV

OMV Petrom Mol Hungary Lukoil OMV Austria Hellenic Petroleum

6.18 7.90 4.16 8.38 15.37

1.10 1.23 0.70 0.84 0.66

The chart graphic on a weekly scale suggests that it is still ﬁghting to get out of a downtrend that started at the beginning of 2006. Until this big downtrend line switches to the upside I don’t advise investors to get exposure to OMV Petrom, no matter how strong the fundamentals or the outlook are. When the price breaks this big downtrend line will signal the all-clear for buyers and the price will probably ultimately reach a new all-time high of over 0.64. CHART Weekly Scale

On a daily scale we can see a chart formation called double bottom, which as the name implies is the bottom of a previous downtrend where a new uptrend has begun. Also the momentum indicator MACD shows a big positive uptrend, typical of forceful bull markets. CHART Daily Scale

Important economic data this week Tuesday 28 Feb: US – Durable Goods Orders (for January) ; US – Consumer Conﬁdence (for February) Wednesday 29 Feb: ROM – Full year 2011 results from Erste Group; EU – Consumer Price Index (for January); US –Preliminary GDP (for the 4th quarter); CHINA – Manufacturing Index (for February) Thursday 1 March: ROM – International Reserves (published by BNR); EU – Manufacturing Index (for February); GB – Manufacturing Index (for February); US – ISM Manufacturing Index (for February); US – Personal Spending and Personal Income (for January) Vasile Szakacs, Stock market analyst, trader and owner of www.consultantabursa.ro, which provides consultancy services for Romanian stock market investments

www.business-review.ro Business Review | February 27 - March 4, 2012

10 BR AWARDS

BR Awards 2012 Winners

The seventh annual Business Review Awards Gala held last week recognized the best business initiatives of 2011 from across the industries. ∫ STAFF While operational achievements such as expansion and acquisition strategies were celebrated, the gala also awarded companies’ efforts to conduct sustainable business, innovate in product development and use the online medium. Established firms, both international and local, found their way onto the shortlist of nominees and landed several important prizes, but the event also recognized local startups from sectors not usually in the spotlight, such as the Artmark art auction house and the F64 photo studio. Artmark is no longer just a vision in the mind of the two entrepreneurs behind the auction house - Manuela Plapcianu and Alexandru Baldea but a reality, said Manuela Plapcianu, CEO of Artmark, when picking up the award for Entrepreneur of the Year. Commenting on the state of entrepreneurship in Romania, Plapcianu said that each and every entrepreneur, irrespective of their domain, deserves a statue in this country – “especially in this country.” In the Best Business Initiative in SMEs category, F64 Studio was given the top prize, in recognition of the company’s development from a small photography studio at the beginning of the 1990s into a well established company, which last year opened its flagship store in Bucharest, the largest one in SEE. “We are devoted to the photo industry and we await you at our store, which is the largest in Eastern Europe,” said Marian Alecsiu, the company’s GM, receiving the award. Sustainable business practices were also a topic of interest at the event and the corresponding award went to Raiffeisen Bank for developing the Raiffeisen Comunitati Program, aimed at supporting the bank’s dialog with the communities where it operates while awarding financial support for the implementation of community projects. Renault Technologie Roumanie (RTR) took home the award for Innovation in Technology. RTR was inaugurated in 2007 and is the carmaker’s largest engineering center outside France. “I would like to assure you that innovation in Romania is alive and kicking. At Renault there are 2,500 Romanian engineers who are working very hard to set the bar even higher,” said Sorin Buse, GM of RTR. A new award introduced at this year’s event was Online Strategy for Business Development, which went to eMag for rolling out the Black Friday

initiative. A total of 1.2 million Romanians accessed the eMag website on the day of the campaign, 100,000 products were ordered and the company achieved sales of EUR 8 million “I think to do business in Romania, one does not need to be of age or have a beard, but just to do things extraordinarily well,” said Iulian Stanciu, GM of Asesoft, the company that bought into eMag in 2009. Developments in the local retail sector were acknowledged with a Retail Strategy Award, which went to Mega Image, for its outlet location strategy. Throughout 2011 the firm opened 33 new stores, taking its national network to 105 outlets. The Best Employment Initiative Award, also newly introduced, was awarded to Sfantul Constantin & Regina Maria Private Hospital Campus for hiring highly skilled medical personnel. Regina Maria opened a medical campus in Brasov, following a EUR 4.2 million investment, on the premises of the Sfantul Constantin private hospital, a EUR 20 million investment by Teo Health inaugurated last March. “Two years ago, we showed a piece of paper with some figures on it to three investors. Regina Maria also joined in on the way. One year since opening, we are in the process of becoming one of the main private hospitals in Romania. Next month, we hope to perform the first kidney transplant. Tomorrow, we start preparations for a liver transplant which will take place in 2013,” said Bogdan Angheloiu, general manager of Sf. Constantin hospital. Erste Group won the Deal of the Year prize for increasing its stake in BCR to 89 percent after acquiring a 24 percent share package from financial investment firms SIF Banat Crisana, SIF Transilvania, SIF Muntenia and SIF Moldova. “It was an important deal for Erste Group. This should be proof that Erste Bank and Erste Group are really involved in the Romanian market. We trust that after the crisis, we will come out stronger. We trust our clients and the Romanian economy very much,” commented Helmuth Hintringer, executive VP and CFO of BCR. The big winner on the night was Romanian software company Bitdefender, which took home three awards: International Expansion, Excellence in Business and Business Leader of the Year for Florin Talpes. “We have 400 dedicated R&D people throughout Romania. Bitdefender has R&D divisions in Bucharest, Iasi, Timisoara and Cluj,” said Rares Stefan, business solutions director at the company.

1. Over 200 people attended the BR Awards gala 2. Marius Ghenea of Fit Distribution and BR founder Bill Avery 3. Eva-Simone Perrauer 4. BR Jury president Steven van Groningen, CEO of Raiffeisen Bank and president of the FIC; Claudia Pendred, Romania director of EBRD; and Valeria van Groningen 5. Former BT head Robert Rekkers, Gilda Lazar of JTI and Dan Pascariu from Unicredit 6. Doina Ciomag (left) of FIC, Camelia Sucu and Manuela Plapcianu of Artmark (second and far right) 7. Linda Griffith, GM of the Bucharest Hilton, and Corina Vasile, communications director at Raiffeisen Bank 8. Marina Sturdza, patron and board member of many humanitarian organizations 9. Florin Pogonaru, president of AOAR, and Ioan Sturdza, president of Greenlight Invest

www.business-review.ro Business Review | February 27 - March 4, 2012

BR AWARDS 11

10. Steven van Groningen 11. Iulian Stanciu of Asesoft 12. Rucsandra Hurezeanu, GM of Ivatherm 13. Helmuth Hintringer and Claudia Pendred 14. Manuela Plapcianu of Artmark 15. Andrea Multari, GM of Accenture 16. Toni Cojanu, corporate communications manager at Rosia Montana Gold Corporation 17. Mamas Koutsoyiannis, managing director of Baker Tilly Klitou, and Marian Alecsiu of F64 18. Catalin Cretu of Visa Europe and Rares Stefan of Bitdefender All photos: Silviu Pal

19. Ioan Sturdza and Rares Stefan 20. Jury member Oana Petroff of Mindshare 21. Sorin Buse, GM of Renault Technology 22. Jury member Warga Enayati of Regina Maria 23. Robert Maxim, managing partner at Ensight 24. Jury member Dan Bulucea, country manager of Google

www.business-review.ro Business Review | February 27 - March 4, 2012

12 CITY RESTAURANT REVIEW

ON THE MARCH: MARTISOR BEDECK THE CITY

Hitting all the right notes

Photo: Laurentiu Obae

Sweet music: Concerto offers a harmonious dining experience

Concerto. Grand Hotel Continental, 56 Calea Victoriei. 0372 010 300 DEBBIE STOWE Hotel restaurants. Hmm. Unless you’ve never set foot in anything below a five-star hotel, you’ve probably arrived somewhere late and endured a miserable meal in a dreary hotel eatery, with a TV blaring in a corner and menu and waiter dragged reluctantly out of the 1980s. Even upmarket hotel restaurants can be uninspiring, churning out middle-of-the-road cuisine that offends and delights nobody, surviving on business travelers’ expense accounts. If the quality of a product can be indicated by its number of customers – and the success of Coke and McDonald’s suggests not – the signs were not good, as only one other table in the restaurant was occupied. However, everything else was more promising. The predominant décor was elegant monotone, white, black and gray. Furniture and furnishings were classical in style, and silver plates and fancy condiment holders adorned the tables. A grand piano sat in an alcove and chandeliers hung from the ceiling (where else?). But the aesthetic never became overbearing. The music – mostly traditional jazz – was the right genre for the restaurant and played at the right volume. And the service was similarly well pitched. Some waiters working in empty restaurants have a tendency to disappear for long stints, leaving you glancing around like a meerkat when you need your glass refilled or the bill bringing over. Not here: our waiter was the one waiting on us, not us for him. He had the balance between attentive and unobtrusive exactly right and was also friendly and knowledgeable about the menu. Which is another plus point. On just two pages, this is the sign of a confident kitchen that knows its onions. The first items – the soups – set the ambitious and appetizing

tone: quail consommé, basil cream and seafood cream. We had the latter, a delectably dense piscatorial delight which punched well above its RON 28 weight. The salads and cold entrees ran from RON 39 to RON 89; highlights were Bangkok Thai salad, and poached tiger shrimps. Hot starters and entrees (RON 32 to RON 99) included risotto with asparagus sprouts, pan-seared foie gras (which ethics precluded, to the chagrin of my taste buds) and Coquille St Jacques, prawns and scallops in a subtle sauce made of cream, white wine and fish stock. It was not until halfway through that I discovered the final visual flourish – it came served in a shell! Concerto’s fare is nouvelle cuisine, which favors lightness, delicacy and appearance. So every dish was exquisitely presented. Having overfished, so to speak, with our openers, we passed on the salmon, monkfish and halibut (RON 60 to RON 89) and got stuck into meatier mains: ostrich steak with balsamic and honey vinegar, and New Zealand lamb. (Tournedos Rossini and duck breast in bordelaise sauce were also among the options, which ran from RON 39 to RON 109.) Both came according to specifications; the lamb in particular was beautifully tender. A couple more vegetarian options would round out the menu. Desserts (RON 20 to RON 39) include sorbet, honey parfait with pineapple carpaccio, banana grille plus cheese and fruit selections. Wines start at RON 80 for a bottle of Romanian red, and go up to as much as you want to want to pay for South African or South American varieties; spirits and long drinks start from RON 15. I settled for a perfectly acceptable glass of house red (though overpriced at RON 37). It’s not cheap here (though if you order prudently and stick to soft drinks you could pay about the same as you would at other places not half as good). However, glass of house wine aside, Concerto offers superb value for money. Quality, presentation, service and ambience were all faultless. Hotel restaurants one, reviewer preconceptions nil. Let the music play.

Receiving, giving or exchanging amulets for Martisor, the local celebration of the arrival of spring, is about the continuity of sharing our lives together, friendship and mutual appreciation. It is more than a gift; it is symbol of wishing each other ongoing luck, hope, love and prosperity. There is a range of fun activities that can help you celebrate the freshest season of the year. Here are some of our recommendations to help you relax and shape up for spring. DANCE What about mixing the classical with the contemporary? Have you ever dreamed of donning a bright tutu just once, but now feel that it is too late? Well, while a professional will tell you that the starting point is somewhere around the age of five, Iolanda Petrescu (first ballet soloist of the Ion Dacian National Lyric Theatre), the founder of Dance Academy Ballet Art, will let you into a secret – it’s never too late to do what you like! Visit www.balet.ro to enroll to a ballet for adults course. Attitude Ballet Studio is another place where the artistic joy of classical ballet is combined with the development of flexibility, strength and grace. Lyric Dance is a new phenomenon that combines classical ballet techniques with natural jazz steps and a contemporary vision through dance. It is focused on expressing oneself originally and personally through dance and upgrading each dancer’s relationship with his or her body and physical abilities. RON 200 for eight sessions. Contemporary dance is a course led by the choreographer Andreea Novac, who will encourage you to experiment, play, fail, start over again and change until your own sensibility and imagination finds its best form of expression. RON 250. The course starts on March 7 at Attitude Ballet Studio, 33 Strada Regina Maria, http://attitudeballet.ro RELAX Beautiful aromas and music for the soul to help your body and mind find balance and energy inform the Spa philosophy. At Eden Spa you can find more than 40 therapies with natural spices and essential oils. A special program to promote your health and beauty along with that of your female friends will run on March 8 from 16.00 to 20.00 at a price of RON 99. Places are limited. Book in advance at http://www.edenspa.ro/pc/home. Noblezza Beauty Lounge is the place to find the luxury treatments for hydration

and wrinkle prevention adored by international stars like Madonna, Fergie and Naomi Campbell. The mysterious treatment, which shows spectacular results from the first session, is called Intraceuticals. A special offer in March consists of a free skin scanner facial diagnosis and a reduction from EUR 900 to EUR 650 for a package including six sessions of treatments and creams for everyday use at home. Find out more at www.noblezza.ro. A destination which can provide a quick escape from Bucharest and a relaxed experience is Ana Aslan Health Spa in Eforie Nord. A few unusual methods to get refreshed are to be found here, such as Green Coffee Wrap and Salted Algae Bath (the algae are recognized for their capacity to release lipolysis and for their efficiency in weight loss programs). And the Red Grapes Bath is an innovation in the art of luxurious spa baths, offering through perfumes and color a precious gift: a moment of total relaxation. Red grapes are said to have youth-giving properties in their seeds. All procedures are done in combination with salt water from Techirghiol Lake, to keep the skin firm, moisturized and reinvigorated. Learn more at www.anahotels.ro/europa/spa-ro.html STYLE YOURSELF Be your own stylist! This is what top fashion stylist Irina Markovitz encourages you to do. Get her advice on how to experiment, redefine your look, organize your wardrobe, shopping destinations and recommendation and any other questions you may have relating to your personal style during a two-day styling course organized on March 17 and 18 in Bucharest at Fundatia Calea Victoriei. Get in touch at office@imagematters.ro SHOPPING FOR MARTISOARE Open Fairs The National Museum of the Romanian Peasant will see over 200 artisans and artists gather to exhibit and sell all sorts of amulets tied with red and white string to celebrate the coming spring. Embracing either surreal or vintage design, some recycled, they are mastered in clay, textile, paper, felt and wool. Culinary delights from the different regions of Romania such as gingerbread, sweets, plum jam, kurtos kalacs, apple juice, honey and other goodies are the gastronomic martisoare of the season. The fair is open daily from 10.00 to 18.00 through to February 29. The Romanian Geological Institute through the National Geology Museum opens the gates to Geo-Expo Martisor between February 24 and March 4 from 10.00 to 18.00. High-quality “martisor” of quartz and rubies in spectacular shades of red and white can be purchased as single stones or transformed into jewelry and interior design pieces. I Love Handmade will suit people who appreciate delicate objects whether knitted, or embroidered in pearls or lace. The best places to find them at the moment are the streets of the Old City near Hanul lui Manuc, the Voievodal Palace and Curtea Veche. Dana Niculescu

www.business-review.ro Business Review | February 27 - March 4, 2012

CITY 13

FILM REVIEW

Dream House

Housebound: Daniel Craig, Rachel Weisz

DEBBIE STOWE Director: Jim Sheridan Starring: Daniel Craig, Rachel Weisz, Naomi Watts, Marton Csokas On: Cinema Union (Sun 20.00, Mon 17.00, Tues 17.00, Wed 14.00; see listings for March screenings) It won’t be, of course. A dream house, that is. Just from the title, we know that whatever perfect, all-American couple moves in, with their wholesome kids, affectionate relationship and white teeth, living in said dream house is going to be a nightmare from about ten minutes in until the end of the film. The latest victims are Will and Libby Atenton (Daniel Craig and Rachel Weisz). You know he’s got soul because he’s giving up a disgustingly well paid but soulless job in publishing to write a book (after making enough to buy their McMansion in the suburbs of course). She’s a perfect stay-at-home mom, effortlessly whipping up nutritious dinners and smiling indulgently while her winsome daughters massacre Fur Elise on the piano. It’s a scene of domestic bliss. Not for long though! The first hint that all is not well comes from the neighbors: Ann (Naomi Watts, whose character has one, default expression: very worried) and her ex-husband Jack (Marton Csokas) whose characterization is done and dusted when he swears at his ex-wife and screeches his tires with his daughter in the car. Scum! But it gets worse. Will soon discovers that five years ago the family who lived in his house previously were slaugh-

tered (a detail the realtor neglected to include in the property brochure) and that the suspected killer is… yes, you’ve guessed it – on the loose! Perhaps he was being detained in the same facility from which Halloween film franchise psycho Michael Myers manages to escape every October. It’s difficult to say any more without giving away one of the plot twists that are Dream House’s chief thrill. The film builds slowly (“punishingly” slowly in the words of one rather uncharitable reviewer). Okay, it’s not great art. The characters can pretty much be reduced to twoword clichés – worried neighbor, troubled teen, bitter ex, cute kid, slow-witted cop, sassy nurse and so on. Some of the pointers are about as subtle as Daniel Craig dispatching facially deformed mega-villains as 007. And the big reveal at the end hinges on a piece of criminality so inept that it could easily feature in one of those burglars-who-get-theirarms-trapped-in-the-cat-flap TV montages. It’s also undeniable that Dream House lacks originality, with echoes of other, superior films – spoiler alert: skip the rest of the paragraph if you plan to see it. Shutter Island, The Sixth Sense, The Shining and The Others are only the most obvious of the influences, and the movie has a wider derivative feel, fitting the template of all scary films set in fancy suburban houses. It’s not going to trouble the Oscars committee – but so what? Dream House has a good cast, twists and turns and plenty of tension and atmosphere. It will also make you feel a lot better about living in an apartment. ∫

www.business-review.ro Business Review | February 27 - March 4, 2012

14 IN TOUCH PREMIERE

The Phantom Father

WHO’S NEWS

Business Review welcomes information for Who’s News from readers. Submissions may be edited for length and clarity. Get in touch at simona.bazavan@business-review.ro

Patrick Artiel is the new general manager of Lufthansa Passengers Airlines and Swiss International Air Lines for Romania & Moldova. He has been working in the airline industry since 1980 when he began his career at Sabena Ltd, in Brussels. In 2002 Artiel joined Swiss as sales manager for Belgium. He was also involved in the integration of Swiss in the Lufthansa Group. Five years later Artiel joined Lufthansa Passenger Airlines as general manager for Lufthansa and Swiss for Holland.

Daniela Gheorghe

From L to R: Mariana Mihut, Marcel Iures, Mihaela Sirbu and Victor Rebengiuc

ian border, they stopped in Siret and in ucian Georgescu’s debut as a feature the local synagogue they found the famfilm writer/producer/director uses ily name Stein written on a stone in the as a starting point the short story Alwall. most Oriental by American writer BarThis is where their quest stopped, as ry Gifford (Wild at Heart, Lost Highway, Gifford said he didn’t want to know Perdita Durango) who also has a cameo whether that was his grandfather or not. in the film. It is the story of an American professor compelled to turn his back on “Mystery is better than truth,” added the Lost Highway screenwriter. a successful career and go on the road, to Director Lucian Georgescu says he go back to his roots to reclaim his idenagrees with Gifford. “And I agree with his tity. former film buddy, David Lynch, who Marcel Iures’s character takes a nosonce said, ‘Why should we explain everytalgic yet rewarding trip back to the Old thing?’,” adds Georgescu. World. “The Phantom Father is a road “The Phantom Father is a memoir by movie fusion with cherry on top, a film Barry Gifford, a collection of short stories in which the final destination is in which he created a portrait of his father actually the journey, turned into an exfrom past and faint recollections,” says quisite dessert,” says director Lucian Georgescu. “A brilliant text, but nothing Georgescu. actually related to the film, apart from Described as “the only living American conceivably possessed by genius” the image of the childhood of a Chicago gangster’s son. However, the foreword of (by Norman Mailer), Barry Gifford is an that book contains the original idea – Barinteresting combination of Jewish – ry recalls a trip to Europe and the disthrough his Romania-born father – and covery of his grandfather’s transit visa Irish-Catholic blood. A famous screenpapers in Vienna. The rest is more or less writer and long-time collaborator of fiction,” he adds. David Lynch (director of Wild at Heart The movie was selected in the official and Lost Highway), he’s also the son of competitive sections of the Montreal a Chicago gangster. IFF Uruguay, Mannheim-Heidelberg, ByInterested in the origins of his famron Bay (Australia), Capetown (South ily, he met Georgescu at TIFF in 2003. At Africa) and Mons film festivals. the end of the festival they left together A version of the film with English subon an impromptu trip through Transyltitles will be shown at Elvira Popescu cinvania and Bucovina looking for clues to ema from March 2-7. From March 9, the the writer’s grandparents. cinema will screen the French-subtitled All that they knew was that their version name was Stein, and they had emigratAnca Ionita ed from Bucovina. Close to the Ukrain-

ISSN No. 1453 - 729X

FOUNDING EDITOR Bill Avery EDITOR-IN-CHIEF Simona Fodor SENIOR JOURNALIST Otilia Haraga JOURNALISTS Simona Bazavan, Ovidiu Posirca COPY EDITOR Debbie Stowe COLLABORATORS Anda Sebesi ART DIRECTOR Alexandru Oriean PHOTO EDITOR: Mihai Constantineanu PHOTOGRAPHER Laurentiu Obae LAYOUT Beatrice Gheorghiu

has joined MediHelp International as business development manager. She has over 15 years of managing experience and more than 7 years in the healthcare industry. In her new position, Gheorghe will be responsible for product development, marketing activities and developing the company’s network of brokers and medical suppliers. Her previous positions include general manager of the Euromedic International Fundeni Center, plus management positions in companies like Medicare Group, CertAsig Asigurare & Reasigurare and Vodafone. Gheorghe holds an executive MBA in business administration from ASEBUSS.

Alina Mihaescu has been promoted to commercial marketing manager at Goodyear Dunlop Tires CSEE (Central and South-Eastern Europe). Before this appointment she

CLASSIFIEDS Employment Sought for Professional Personal & Business Driver A highly professional driver with over fifteen years of experience working in an English speaking, western professional services environment is seeking employment with a suitably reputable individual and/or organization. Strong references from international pro-

PUBLISHER Anca Ionita EXECUTIVE DIRECTOR George Moise SALES & EVENTS DIRECTOR Oana Molodoi MARKETING MANAGER Ana-Maria Stanca SALES & EVENTS Ana-Maria Nedelcu RESEARCH & SUBSCRIPTION Lili Voineag PRODUCTION Dan Mitroi DISTRIBUTION Eugen Musat

was PR & marketing manager for Romania and Bulgaria within Goodyear Dunlop Tires Romania. Mihaescu joined the company in 2000 as marketing coordinator for Romania, Bulgaria and Hungary. For the past 12 years she has served as marketing manager and marketing coordinator with Goodyear Dunlop Tires Romania, responsible for the local market as well the Bulgarian one. She graduated in Foreign Languages at the University of Bucharest.

Daniel Matei has been promoted to trade marketing and customer training manager at Goodyear Dunlop Tires CSEE. He previously worked as key account manager at Goodyear Dunlop Tires Romania. Matei joined the company in 2003 as sales representative. He later became responsible for the company’s dealership network, fleets and international networks. Matei holds a bachelor’s degree in management from the Open University in Great Britain.

Cristian Petrescu has been appointed technology and channels director with Xerox Romania. He has 20 years of professional experience in IT and communications, having worked over the years for companies like Cisco Systems, where he held the commercial market area sales manager position between 2000 and 2008, and Vodafone, where he served as data solutions director between 2008 and 2011. Petrescu graduated from the Faculty of Automatic Control and Computers from the Polytechnics University in Bucharest in 1983.

fessionals available upon request. Has own vehicle, but also prepared to drive another if provided. Good English language skills. Impeccable safety and driving record. Reliable, trustworthy and good-natured. Amiable and able to quickly assimilate within a business or family setting. Moderate salary expectations. Available to start work immediately. Please direct any interest and/or queries to: julie.flores@spyglassmanagement.com

ADDRESS No. 10 Italiana St., 2nd floor, ap. 3 Bucharest, Romania LANDLINE Editorial: 031.040.09.32 Office: 031.040.09.31 Fax: 031.040.09.34 EMAILS Editorial: editorial@business-review.ro Sales: sales@business-review.ro Events: events@business-review.ro