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SUMAR

BUSINESS & PEOPLE

!"#$%&'()*"+ Claudiu Vrînceanu

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Marketing & PR Cristina Nistor

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Cristian Nacu, Partener Enterprise Investors

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EDITORIAL

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€ 25,9 mil. € 25,3 mil. € 25,4 mil. € 5 mil.

€ 6,5 mil.

€ 2,4 mil. € 1,9 mil. € 2,2 mil.

€ 1,8 mil. € 1,7 mil.

€ 826.000 € 166.736

€ 134.906

€ 90.805

€ 27.237

€ 8.495

€ 10.121

sursă: Ministerul de Finanţe

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L&M>N">O"PQ?"NC" ROC?C"&S">QT;"&OT" 1UOT"C&VTQ>CUT;">W" ?CT"CPO?"TNOT"NO" NOXPQY1CUO;"PQ?" PT>NOHL H#' %&$*!**' +3*' -#*8' 4)34)*"$-)**' >?@' -%' +-$' !-*' !%&$5' -%$3)*$-$"' ",I*4"*' +"' !-#-0")*' ,%' ,-)"' &%,)"-B58' 24)"' +"32"6*)"'+"'-#**'+"'=#,"4%$8',A#+',"*'$)"*'")-%' ;3-)$"'*!4&*,-1*'=#'$3-$"'+",*B**&"'F)!"*' +"' ,%)*")-$C' J"#$)%' -,"2$' -#8' ,3!4-#*-' -:$"-4$5'3',*;)5'+"'-;-,")*'+"'KK'+"'!*&*3-#"'+"'"%)38'=#',)":$")"',%',*),-'.LM' ;-15'+"'-#%&'4)","+"#$C' ! Roxana Grosu 13

PEOPLE & BUSINESS

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*+,% -./% !"#$%&'()*)+#",-' director comercial UPC Rom창nia

RCS &RDS

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12)(,#&)7.)2/42&)2.#&32'-#,)9&'-&)OM5NNN)=&) ,B+.,02),#&)=2.)<,#%)(+.(/#&.0%)=2.)9,#-&,) GFWXGCW)12)G+$-&4&(+$?)2,#)9&)@+.,)=&) -&4&<2@2/.&)=232-,4%)9#2.)(,B4/?)/.)'&3$&.-) &'&.02,4) 9&.-#/) (#&1-&#&,) +9&#,-+#/4/2?) =&) (/#A.=),)2.-#,-)12)L&Q-I&.?)(+$9,.2,)4,.; ',-%)7.)YNNZ)=&)G+$-&4&(+$5))

34565"789:";<"=5>64?>" @5"6A":B<>65#>" 7A=#>648>"C5" =46>:"#A6?A?5D" >78>"=E4?8>" 4<8?>F?><E?54#D3 D,.,3&#/4?)7.)<A#'-%)=&)[O)=&),.2?),B; '+4<&.-),4)\,(/4-%022)=&)]4&(-#+.2(%)12)U&; 4&(+$/.2(,022)=2.)(,=#/4)".2<&#'2-%022)E+; 42-&:.2(&)=2.)T/(/#&1-2?)12;,)7.(&9/-)(,#2&#,) (,),.-&.2'-)4,)G,=2+;E#+3#&'?)7.)O^Z_?)2,#) 7.),.22)`^N?)#&,42@,)12)2.'-,4,),.-&.&)=&)#&; (&902&)-&#&'-#%)12)=&)',-&42-5

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a,)4/(#/#2)-,#3&-,-&)12)9#+B,B24)<+$) *,(&)$,2)$/4-)9&)$%'/#%)(&)4&)<+$)7.0&4&; 3&)=+#2.0&4&5)E+,-&)J)<+#B,)=&)8&Q2B242-,-&) ',/)=&)(/)-+-/4),4-&)4/(#/#2b)&<&.2$&.-&)+#2) 9#&@&.0,).+,'-#%)7.)$&=2/4)=&)'+(2,42@,#&)

PEOPLE & BUSINESS +.42.&>?)(+.-2./%)$,.,3&#/45)) 6(&'-&)&*+#-/#2),/)(,)'(+9),-#,3&#&,)=&) .+2)(42&.02?)7.-#/(A-)(+.=/(&#&,)(+$9,.2&2) 712)=+#&1-&)(,)7.)-#&2;(2.(2),.2)'%)J&)*/#.2@+; #/4)9#&*&#,-)=&)(+.'/$,-+#2)9&)'&3$&.-/4) =&)2.-&#.&-)12)-&4&*+.2&)7.)@+.,)=&),(+9&#2#&) ,)"EF?),=2(%)7.),9#+Q2$,-2<)YNN)=&)+#,1&) $,#2)12)$&=22)=2.)0,#%?)7.)(,#&)9+-#2<2-),J#; $,0224+#)+J(2,424+#)+9&#,-+#/4/2?)(+$9,.2,) ,#)J)42=&#)9&)-&4&<2@2/.&5) ) c.) -2$9) (&) "EF) $2@&,@%) 9&) '&#<2(22) 9#&$2/$?)=,#)12)9&)+)9+'2B24%)+#2&.-,#&),) (+.'/$,-+#24+#) (%-#&) B#,.=?) GFWXGCW?) (&4)$,2)$,#&)+9&#,-+#)#+$A.&'()=&)-&4&(+; $/.2(,022?)(+.-2./%)'%)'&)B,@&@&)9&)-,#2*&) $2(2?)L2(/4,&)E4&1,?)<2(&9#&1&=2.-&4&)9&.; -#/)+9&#,02/.2)(+$&#(2,4&)12)=&)$,#d&-2.3) ,4)(+$9,.2&2?),J#$A.=)=&),4-*&4)(%)'2-/,02,) &(+.+$2(%),)*+'-)+)+9+#-/.2-,-&)9&.-#/)*/#; .2@+#/4)-&4&(+$5) !]'-&)*+,#-&)9+'2B24)(,)7.)YNON?)./$%; #/4)=&),B+.,02).+2)9&)#&@2=&.02,4)'%)J&)=/; B4/)*,0%)=&)YNN^?)2,#)9&)B/'2.&'')'%)J&)=&) ,9#+,9&) 9,-#/) +#2) $,2) $,#&5)6$) (#&'(/-) 9&)-+,-&)'&3$&.-&4&?)=,#).&;,$)=&@<+4-,-) *+,#-&),3#&'2<)9&)(,B4/)=232-,4)'2)9&)@+.,) =&)2.-&#.&-)$+B24)e.5#&=5b)'&#<2(2/)4,.',-)7.) -+,$.,),./4/2)-#&(/-f5)E#+B,B24)(%)'/.-&$)) 4,) 9&'-&) ONN5NNN) =&) ,B+.,02) =&) 2.-&#.&-) $+B24?)=,#)(#&1-&#&,)$,2)9/-&#.2(%),)7.(&; 9/-)7.)9#2$,<,#,>?)'9/.&)E4&1,5)) D,.,3&#/4?) 7.) <A#'-%) =&) [M) =&) ,.2?) ,) <&.2-) 4,) GFWXGCW) 7.) +(-+$B#2&) YNN^) =/9%),9#+Q2$,-2<)O[),.2)7.)(,#&),)=&@<+4; -,-) (+$9,.22) 9#&(/$) g.*+I,-&) U&4&(+$) eF;h+.&f?) F,B4&i2'2+.) +*) G+$,.2,?) F+; $/.2(,022)L,02+.,4&)D+B24&)12))6((&''L&-) g.-&#.,-2+.,45))

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a/$%-,-&)=&),.) 7.)(,#&),)'-/=2,-)7.)W"6),)*+'-)(&4)$,2)2$; 9+#-,.-)4/(#/)9&.-#/)*+#$,#&,)4/2)(,)+$)=&) <A.@%#2?)E4&1,)'9/.A.=)(%)&Q2'-%)=2*&#&.0&) &.+#$&)7.-#&)(/#'/#24&)=&)$,#d&-2.3)&/#+; 9&.&)*,0%)=&)(&4&),$&#2(,.&5)) C&) ,4-*&4?) +J(2,4/4?) (,#&) '&) 3:2=&,@%) =/9%) $+--+;/4) !j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erviciu Număr de abonaţi '2) (,#&) <,) B&.&J,) =&)!+)9#+$+<,#&)9&) !Televiziune prin cablu analogic şi digital 1.600.000 (,#&)+9&#,-+#/4)./),) !Televiziune digitală prin satelit 1.100.000 ,</-;+) .2(2+=,-%) 7.) !Internet 1.100.000 '&3$&.-/4) =&) B/'2; .&''>5)) !Telefonie fixă 1.500.000 i2(&9#&1&=2.-&4&) !Telefonie fixă prin reţea mobilă 90.000 GFWXGCW) (+.'2; !Telefonie mobilă 1.350.000 =&#%) (%) +9&#,-+#/4) 2 Sursa: RCS&RDS, decembrie 2009 (/),*,(&#2)=&),9#+,9&) [NN) =&) $242+,.&) =&) Serviciu Număr de abonaţi &/#+) ,./4) -#&(/-) ,#&) !Televiziune prin cablu analogic şi digital 1.068.600 /.) 9+-&.02,4) *+,#-&) $,#&) =&) =&@<+4-,#&) !Televiziune digitală prin satelit 181.000 9&)2.-&#.&-)JQ?)$+B24) !Internet 267.400 12) 9&) -&4&*+.2&) JQ%) !Telefonie fixă 150.700 12) (%) &'-&) 9+'2B24) (,) 2 Sursa: Liberty Global, decembrie 2009 9A.%) 4,) J.,4/4) 4/2)

YNOY) ,9#+,9&) -+02) (42&.022) GFWXGCW) '%) -#&,(%) =&) 4,) -&4&<2@2/.&,) ,.,4+32(%) 4,) (&,) =232-,4%?),<A.=)7.)<&=&#&)(%)$,a+#2-,-&,)/-2; 42@,-+#24+#).+2)'&),B+.&,@%)4,)(,B4/)=232-,45) !6./4) <22-+#) <+$) 4,.',) SC) 12) 9&.-#/) /-242@,-+#22)=&)-&4&<2@2/.&)=232-,4,)9#2.)',; -&42-5)6<&$)'&#<2(22).+2)(,#&)'/.-)*/.(02+; .,4&)12)&'-&)9+'2B24)(,)/.&4&)=2.-#&)&4&)'%)J&)) 4,.',-&)9A.%)4,)J.,4/4),./4/2>?)$,2)'9/.&) E4&1,?),=%/3A.=)(%)7.)YNON),/)*+'-)2.<&'-2; -&)(A-&<,)$242+,.&)=&)&/#+)7.)2.*#,'-#/(-/#%) 9&.-#/)*/#.2@,#&,)'&#<2(224+#)=&)Ui?)2.-&#; .&-)12)-&4&*+.2&)4,),9#+Q2$,-2<)YNN5NNN)=&) (,'&)=2.)OY)+#,1&5) U+-+=,-%?)(+$9,.2,)(+.-2./%)'%)(/$9&; #&)+9&#,-+#2)$,2)$2(2)=&)-&4&(+$?)$,.,3&; #/4)GFWXGCW),J#$A.=)(%)7.)YNON),/)*+'-) ,(:2@202+.,-&)(A-&<,)@&(2)=&)$22)=&),B+.,02?) =,#)12)'%)2.<&'-&,'(%)7.)$,#d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

PEOPLE & BUSINESS

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SUMAR

COVER STORY

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Mariana Gheorghe, director executiv OMV Petrom

COVER STORY

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Dominic Bruynseels, !"#$#%&'(#)*+,

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

Saduokhas Meralyiev, +-.),/0!#("/1

COVER STORY

!""#$"%&"'()*+%,"-.("/0.&.."-1."%(."-$"20.3*

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

Dusan Wilms, director general Metro Cash & Carry Rom창nia

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

Octavian Radu, proprietar RTC Holding

COVER STORY

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

Szabolcs Ferencz, country chairman MOL Rom창nia

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;.$ %&+=#4/(9:$ *B-#($ '*&$`-1&0&7.&?$ S0;+.#6/$ I*&,*-$ 30&$ <1#=&0*$ *$ +-*'.-;*+$ _0$ ./$ 1$ 4.-01*3($ +.&;01&*+($ 364($ 2*/0#.&+6/$ X.T#*&$ a-1+T.-;:$ 3._0$ &6$ *$ 21;+$.J46;$/*$4-136;.$ B&*&,0*-.$ ;1B;+0,*+.$ 4-.,6#$ ;L*$ %&+=#4/*+$ ,6$ I(&,0/.$ 30&$ f.;+:$ 3*-$ I*&,T.-00$ *6$ +-(0+$ #1#.&+.$ 3.$ 0&,.-+0+630&0$_0$4.$4/*&$/1,*/? !C0B,0/$ *$ 21;+$ /*$ %&,.46+$ 4.&+-6$ ,($ &0#.&0$ &6$ _+0*$ .J*,+$ ,.$ 1$ ;($ B.:$ .-*$ 1$ 4.-01*3($ #*-,*+($ 3.$ #6/+.$ 0&,.-+0+630&0:$ &.,/*-0+(c0:$ -.*,c00$ 41#40.-0;+0,.9?$

Steven van Groningen, !"#$#%&'(#)*+&,,#&-#').+'/)*012'&+

COVER STORY

!""#$"%&"'()*+%,"-.("/0.&.."-1."%(."-$"20.3*

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Yorgos Ioannidis, CEO Romtelecom

COVER STORY

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COVER STORY

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Fabrice Cambolive, director comercial Dacia Renault Nissan

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Liliana Solomon, CEO Vodafone Rom창nia

COVER STORY

9!!1/$-3&%.%$:!("&)"3/$&)%$"& 9/$&2(:"3";"&("9/!3"&)3!"(:!3/$ Telecomul este unul dintre cele mai 8#,%$#*)( 3)I$),&)( 8)( -#%.4:( %3&/)"( *4:( -),&2'( %( +=.#,)( *)")( mai bune rezultate, &2)='#)( 34( 5#( *%-%=#"( 34( &)( %8%-&)1#( 2%-#8:( 34( 5#( W)H#=#":( %0@,8( 7,(%*)"%6#(&#$-(7,(0)8)2)( +=#)*&#0)")( 8)( ='3#,)33( 6#( ,)0+#")( *+,3'$%&+2#"+2A( BNJ%$( %"4&'2%&( Cosmote Rom창nia "%(7,*)-'&'"("'#(EFFR:( -'.#,( 7,%#,&)( 34( 7,*)%-4( *2#1%( )*+,+$#*4:( %3&/)"( *4( %$( *',+3*'&( 6#( 7,/2',&%&( *2#1%( 5,%,*#%24( 7,( &+%&)( /%1)")( )#L:( 3-',)( <&)/%,+3( Z9)ocharopoulos, direc-

Stefanos Theocharopoulos, CEO Cosmote Rom창nia

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!"#"$%&'()*+, director general TotalSoft

MASURILE ANTICRIZĂ:

O PROVOCARE PENTRU SISTEMUL FISCAL DIN ROMÂNIA de Alex Milcev

Cine nu suferă, nu câştiga! Această pare a fi lecţia pe care România trebuie să o înveţe în încercarea de redresare din recesiunea ce durează deja de 2 ani şi ameninţă să continue şi după 2010. Euforia iniţială privind creşterea economică rapidă alimentată de introducerea cotei unice de impozitare de 16% care a avut loc în decembrie 2004, afluxul mare de investiţii străine şi aderarea la Uniunea europeană din anul 2007 par să fi dispărut, lăsând loc unei stări generale de descurajare provocată de corecţiile economice severe, încetinirea investiţiilor străine şi restricţionarea împrumuturilor care nu pare a se termină prea curând. Indiferent ce ar putea crede cineva în prezent în legătură cu ce se va întâmpla în viitor, este important să reţinem că o recesiune la o scară atât de mare şi cu efecte atât de extinse reprezintă de regulă un moment bun pentru reevaluarea şi realinierea politicilor publice, indiferent dacă sunt de natură fiscală sau administrativă. Anumite modificări au fost deja introduse în România, deşi oarecum târziu şi cu reticentă, printre acestea fiind: creşterea cotei de TVA de la 19% la 24%, disponibilizările din sectorul public, reducerea cu 25% a salariilor funcţionarilor publici şi retragerea anumitor subvenţii publice. Colectarea taxelor şi impozitelor este probabil unul din aspectele cele mai importante care necesită o schimbare de perspectivă. În prezent, abia trei sferturi sau chiar mai puţin din totalul taxelor şi impozitelor declarate de contribuabili sunt efectiv colectate. Faţă de nivelul de încasare de minim 95% din ţările dezvoltate, situaţia României nu este sustenabilă. Un calcul simplu relevă că acoperirea acestor găuri fiscale la jumătate (de exemplu creşterea încasărilor la 85-87%) ar rezolvă practic problema deficitului bugetar şi ar elimina nevoia de a inventa impozite noi sau de a le mări pe cele existente.

Prin urmare, se impun schimbări semnificative la nivelul mentalităţii administraţiei fiscale şi contribuabililor. În caz contrar, orice măsuri noi vor afecta în mod disproporţionat contribuabilii care respectă legea, fără să aibă un impact prea mare asupra celor care nu se conformează cerinţelor legale. Cu alte cuvinte, în acest context colectarea taxelor şi impozitelor nu presupune efectuarea de inspecţii fiscale costisitoare sau mecanisme complicate de identificare şi dovedire a evaziunii fiscale; aceste măsuri trebuie întreprinse şi ele, însă independent de procesul simplu de monitorizare a încasărilor. Autorităţile fiscale joacă un rol vital în reducerea cazurilor de neconformare cu legislaţia în domeniu: trebuie să faciliteze respectarea obligaţiilor şi să asigure un tratament egal şi corect contribuabililor. De exemplu, restanţele înregistrate la rambursarea TVA au afectat negativ industriile exportatoare şi aşa cu probleme, precum şi investiţiile în curs sau cele planificate, care se bazează pe recuperarea rapida. În ciuda promisiunilor repetate de a rezolva această problemă, guvernul încă datorează sume foarte mari contribuabililor, adăugând încă o presiune asupra fluxului de numerar, pe lângă cea cauzată de limitarea creditării bancare. Sunt frecvente cazurile în care un contribuabil nu dispune de lichidităţi pentru a-şi plăti dările către stat şi este sancţionat cu dobânzi şi penalităţi mari de întârziere de către guvern, în timp ce acelaşi guvern îi este dator cu TVA de rambursat la care nu se aplică nicio dobândă. Orice măsuri menite să contribuie la creşterea echităţii între contribuabili sunt binevenite. Totuşi, recent au fost vehiculate o serie de propuneri care s-ar putea să nu fie chiar atât de eficace. Concret, s-a discutat despre amânarea impozitului pe profit şi plată TVA numai în momentul încasării facturilor. În timp ce prima propunere s-ar putea să nu prezinte mare interes pentru investitori (cotă impozitului este oricum mică potrivit standardelor europene, deşi cota reală este mai mare), a doua ar putea fi foarte dificil de administrat şi ar favoriza abuzurile ceea ce ar afecta veniturile fiscale şi competitivitatea unui număr mare de contribuabili. În această vară au fost propuse câteva măsuri pentru creşterea veniturilor încasate de guvern. Printre ele se numară creşterea cotei unice, desfiinţarea cotei unice, re-introducerea

regimului de impozitare progresivă, înlocuirea impozitului minim cu un impozit forfetar. Evident, orice creştere a taxelor şi impozitelor va avea un impact major asupra sectorului privat supus unor presiuni enorme de la începutul recesiunii. De asemenea, ar putea să conducă la falimentul unor companii sau suspendarea temporară a activităţilor acestora, sau le-ar putea îndreptă către economia neagră. Creşterile de impozite ar putea aduce mai multe venituri la bugetul de stat, însă implicaţiile pe termen lung pentru companii şi pentru economie vor fi mult mai grave decât câştigul imediat. Pe lângă toate acestea, creşterile de taxe şi impozite (împreună cu percepţia unui climat fiscal instabil) vor avea un impact negativ asupra percepţiei României că o destinaţie favorabilă investiţiilor străine. De exemplu creşterea TVA cu 5% introdusă în luna iulie a fost unanim criticată (inclusiv de autorităţile fiscale!) ca măsură contraproductivă ce va duce la scăderea consumului şi întârzia refacerea . Chiar nu a avut un efect imediat străini din alte sectoare decât cel de retail, din faptului economia a devenit astfel , este posibil ne cu amânarea chiar anularea investiţiilor străine. Un alt aspect se la complexitatea sistemului fiscal din România care ar fi a problemelor fiscale actuale. După părerea mea, nu este aşa. In mod cert, sistemul nu este simplu, dar nici complex decât alte , comparativ cu multe , este chiar complex, în ciuda mediatizării sutelor de taxe şi impozite care îl sufocă pe contribuabilul de rând, majoritatea companiilor trebuie să plătească nu mai mult de 10 taxe şi impozite (de regulă, TVA, impozit pe profit şi tot ce ţine de impozitarea salariaţilor). Aşadar, un efort de a simplifica şi consolida legislaţia fiscală este binevenit, dar nu ar trebui să ne distragă atenţia de la problema reală, respectiv aplicarea corectă şi echitabilă a prevederilor fiscale. În mod clar, din experienţă noastră, autorităţile fiscale din România ar trebui să recurgă la o politică inteligenţă bazată pe recompense şi penalizări, altfel există riscul că un număr din ce în ce mai mare de companii să treacă în economia neagră şi, în acest fel, să beneficieze de un avantaj competitiv incorect, dar şi să se expună pericolului dat de funcţionarea la limita sistemului legal. Acoperirea nevoilor bugetare ar trebui să fie o activitate foarte bine pusă la punct, atât la nivel legislativ, cât şi la nivel de aplicare. Numai aşa se poate reduce deficitul bugetar şi se pot crea premisele pentru o redresare economică mai rapidă.

Alex Milcev este Partener în cadrul Departamentului de Asistentă Fiscală al Ernst & Young România

COVER STORY

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Robert Maxim, managing partner Ensight

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COVER STORY

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COVER STORY

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Mihaela Nicola, CEO The Group

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COVER STORY

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/"0(0%1'2'3,-*$. managing director Raiffeisen Investment

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Maria Tudor, managing director Zenith Media

COVER STORY

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este sete!”.

!"#$$%&'("&)"$&$)*+,-"#-.& ,(/0,/.1&"!$"&"*+$&2$#&+")(#$$ În septembrie 2008, Eliza Rogalski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

pentru Eliza Rogal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

Eliza Rogalski, CEO Tempo Creative Group

COVER STORY

+*-$)$/)&6#&2,()(&5(&',$3. Optimism. Optimism. Optimism. !(&($-,(.$@1/.6-($@%,($ ;&$ @%,%@-(,.O(%OE$ @(&$ mai bine pe expatul >,%6@(O$ @($ 3($ %4E$ ;6$ *+3-1&$ =($ @+6=1@(,($ %&$ *,+=1@E-+,1&1.$ =($ @.)(6-$ @1$ R%>%,:($ J+)<6.%7$ ^1(3-.%1P$ (3-($ +*-.).3-$ @S.%,$ =%@E$@.>,%$=($%>%@(,.$%$ @+)*%6.(.$%$3@EO1-$@1$ @.,@%$Y_Y$=($).&.+%6($ =($(1,+$;6-,C16$3.6:1,$ %67$B=.@E$;6$`GGa7$ DL,.6@.*%&1&$ %3*(@-$ @%,($ ,(*,(O.6-E$ @S(.%$ 313-(6%H.&.-E9..$ 161.$ H13.6(33$ %-<-$ ;6$ )+)(6-($ =($ @,(?-(,($ (@+6+).@E2$ @<-$ )%.$ %&(3$*($-.)*$=($@,.OE$ (3-($ @+6-,+&1&$ @+3-1-

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Jean Valvis, :=>-?"7(+,-@$74+#6-

COVER STORY

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COVER STORY

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Herbert Stein, !"#$#%&'(#)*+(,-(./&.

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Cristi Vlasin, sales manager BMW

COVER STORY

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Ali Yilmaz Yildirimlar, 678)2.%&99,'):/+)

COVER STORY

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1#(*.)*& ,$*",86*".>& În primul rând a tre@").&62&*#$20&8&1)(D2& (18)& 62& ,$& :(*$0& 8& #$D$(& -$& 1(#.$,$#)& ?,& D(#2>&!18)&(0&?,./01),(.& 1#8@%$0$& *"& ),N(D)(&3)&6C(&,(D)8,(%)=(.& +(%".(>& !0& -$123).&*"&6"**$6&(*$%$& 080$,.$&-)9*)%$4&(0& 526).&1(#.$,$#)&-$&(:(*$#)&*(#$&,$C("&#20(6& (1#8(1$& -$C(& %",5"%& .)01"%")F4&0()&61",$& '%()*"> O$(%(,& 780/,)(4& ?,9),D(.2& ?,& GJJP4& *8,*"#$(=2& 1$& 1)(D(& %8*(%2& (& ./01%2#)$)& -),& B'L& *"& 7$I("4& '$Q(&3)&B#89,$>&

Aurel Vlaicu, director general Gealan România

COVER STORY

.5%+!%.%0#(6)(&/$7'(+( 4"./%+(&0/.%' <(0$,))&-$&(:(*$#)& ,"&("&%(&-)618=)c)$&",& 5I)-& *"& 1(d)& 1$& *(#$& .#$@")$& 62& ?)& 1(#*"#52& 1$& .)01& -$& *#)=24& dar cel mai important 6:(.& 1$,.#"& .8c)& $6.$& 62& #$(*c)8,$=$& #(1)-4& *8,6)-$#2& !,*(& R)-)(,4& d$:(& @#8Q$#"%")& -$& *#$-).$& ;)e)& ^),(,*$4& *(#$& 6"6c),$& *2&A(d.$1.(."%&?,&*#)=2& $&08(#.$&*"#(.2F>& L#)=(& 6C(& ),6.(%(.& *8,:8#.(@)%& ?,& =8,(& 9,(,*)(#24& 8(0$,))& ("&?,*(6(.&6(%(#))&0()& 0)*)4& *801(,))%$& ("& (,",c(.& +$,)."#)& ?,& 6*2-$#$4&)(#&@(,*I$#))& ("&-(.&.8.&0()&1"c),$& *#$-).$>&!,*(& R)-)(,& a avut parte de multe

Anca Bidian, CEO Kiwi Finance

,81c)& ,$-8#0).$& 1$& 1(#*"#6"%& "%.)0)%8#& -8)& (,)4& ?,62& *#$-$& *2& +).$=(& -$& #$(*c)$& $6.$&$6$,c)(%2&?,&*#)=2> L$%$& 0()& -)9*)%$& 080$,.$& 1$,.#"& d$:(&;)e)&^),(,*$&-),&"%.)0))&-8)&(,)&("& :86.&(*$%$(&*/,-&(&.#$@").&62&6$&-$61(#.2& -$& 8& 1(#.$& -),& $*I)1(& 6(4& #$6.#"*."#(#$(& @"6),$66"%")&9),-&-$&,$$+).(.>&AL(&0"%.$& (%.$&*801(,))&(&.#$@").&62&#$6.#"*."#204& 62&#$08-$%20&@"6),$66"%>&f8)&(0&:2*".& (6.(&-$&0()&0"%.$&8#)&1$&1(#*"#6"%&*$%8#& -8)&(,)&-$&*#)=2&d)&(&.#$@").&62&02&-$61(#.& -$& ",))& 8(0$,)>& !*$6.$& 080$,.$& 6",.& *$%$&1#),&*(#$&,"&0()&+#$("&62&.#$*F4&$M1%)*2&R)-)(,> g8."d)4& $(& $6.$& 0"%.& 0()& 81.)0)6.2& d)& 1$#*$1$& .#$*$#$(& .)01"%")& *(& 1$& 0)*d8#(#$(&-)6.(,c$)&1/,2&%(&9,(%"%&",$)& 1$#)8(-$&:8(#.$&5#$%$4&-$&*#)=2>&AL$)&-8)& (,)& -$& *#)=2& ("& :86.& :8(#.$& 68%)*).(,c)& d)& -)9*)%)4&-(#&,"&("&:86.&,)*)&1$&-$1(#.$&*$)& 0()& 5#$)& (,)& *"& *(#$& 0C(0& *8,:#",.(.& +#$8-(.2F>

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Marius Marin, CEO Macon

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Adrian Simionescu, manager Vienna Investment Trust

>#-%"/"%")FA' K")'(),',(0+%$)#$9'."-1,"'0"'-)%"'()5 #)N"%&.' )' 0%,(,$5+' /"' .)' -%,79' "6$"' 0%&5 /"#1)A'R"')-"6$'.&-%&'6"'.")N9'4,'-".'(),' dramatic moment din ultimii ani, care a -+,#-,6'-&'8).,("#$&.'S":()#'J%+$:"%6A E/%,)#' T,(,+#"6-&2' -&#+6-&$' -)' &#&.'/,#$%"'-",'(),'+0$,(,4$,'D%+U"%,'%+5 (?#,2' 4,5)' *&-)$' $+1,' D)#,,' 0"%6+#).,' 0"' +'6,#N&%9'-)%$"2'>#'$+)(#)'.&,'V<<;A'W,' )'0,"%/&$A' BK,%-&.)&' )#&(,$"' 7@+#&%,2' )0)%"#$' 6,N&%"2' 0"' -)%"' (5)(' D)7)$A' E(' ,#$%)$' -&'$+1,'D)#,,'0"'-)%"'>,')@")('0"'0,"1"."' ,#$"%#)1,+#)."' 4,' ,5)(' 0,"%/&$A' R&4()5 #&.' -".' (),' ()%"' .)' )-")' @%"("' )' 8+6$' .9-+(,)'4,')('@97&$'-9'#,(,-'#&'(),'"' 6,N&%2'.&-%&%,."'+'0+$'.&)'%)7#)F2'"G0.,-9' ()#)N"%&.A' C#69' "6$"' -+#@,#6' -9' 0"' (96&%9' -"' (+("#$"."' $%"-2' 6"' &,$9A' K:,)%' /)-9' @)' ,"4,'/,#')-")6$9'0"%,+)/9'(),'>#1"."0$'4,' (),'0+#/"%)$2'#&'@)'3'0%"N9$,$'0"'/"0.,#' 0"#$%&'&%(9$+)%")'-%,79A'

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Valerian Ionescu, BCR

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!"#$%&'()"%* manager BT Securities

COVER STORY

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3-%,+/%),1),/-4+)*1Pentru Filip Cris1&6%(@*:$<3=3/,$1&)&* 2&* 5#'3* :$* 9&",0#2#* 2&* %",'3* 6($1* <,1&'#* 2&*"&#%=,&*;,*#2#91#bilitatea planurilor, 61"#1&4,,)0"*;,*5(4&1&)0">*C?$*("/#*($0"* 2&61#5,),'3",* &%0$0mice, au loc modi!,%3",* ,/90"1#$1&@* 101()* 6&* 6%-,/53* ;,* %#9313* ,/90"1#$=&* %"(%,#)&E@* 2&%)#"3* /#$#4&"()> O!,"/#=,#* 6&* )&#43* 2&* #<#$6()* "#1&,* ;0/#A()(,@* 13,&",le de salarii sau %"&;1&"&#* 1#F&,* 9&* <#)0#"&* #23(4#13@* 6%-,/53",* %#"&* #(* transfigurat econo/,#* "0/7$&#6%3* ;,*

Filip Cristescu, COO Billa România

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

!"#$%&'%('%)*+),%(-).+-)/012 Sosit la conducerea retailerului Real Hypermarket în toamna anului trecut, !"#$%&'()*+,%-&)*.#/001*%"&2&*%3*($*/#$#4&"*$(*1"&5(,&*63*,#*2&%,',,*47$2,$2(86&* 20#"*)#*%",'3*9&$1"(*%3*#61!&)*:;,*9"0<0#%3* ($*6&$1,/&$1*2&*$&6,4("#$=3*;,*61"&6>* ?$* 9)(6@* .#/001* %"&2&* %(* 13",&* %3* "&%($0#;1&"&#*/&",1&)0"*;,*#*&!0"1(",)0"*2&puse este cel mai bun instrument de ma$#4&/&$1**9&$1"(*#8=,*:$%("#A#*0#/&$,,*:$* <"&/(",*2,B%,)&>*CD/0=,,)&*$(*#(*%&*%3(1#* în managementul crizei, iar orice decizie s-ar lua sub presiune, aceasta nu trebuie 63*#!&%1&'&*6&"<,%,,)&*%31"&*%),&$=,E@*&F9),%3*.#/001> G&*1,/9*2&*%",'3@*%"&2&*;&!()*-,9&"/#"H&1(",)0"* I&#)@* /#$#4&"()* 1"&5(,&* 63* B&* 0",%7$2* 9"&431,1* 9&$1"(* %&* &61&* /#,* "3(@* #171* 9&* 1&"/&$* 6%("1@* %71* ;,* )($4>* CJ,$&* /,$1&* %3* %&)* /#,* "3(* 6%&$#",(* 6&* 90#1&* #2&<&",K*2&%,',#*2&*,&",*90#1&*63*B&*"&<,'(,13*0",%7$2*2,$*%#('#*$&9"&<3'(1()(,E@* 69($&*+,%-&)*.#/001> L!#1()*63(*:$*#%&#613*9&",0#23*&61&*%#* 60

B&%#"&* ;&!* 2&* %0/9#$,&* 63* #$#),'&'&* atent toate aspectele business-ului din un4-,(",* 2,!&",1&* ;,* 63* considere criza o oca',&*9&$1"(*#8;,*2&93;,* %0$%("&$=#>* CM/#4,$&#'38=,*%3*1"&5(,&*63* 90"$&;1,* #!#%&"&#* 2&* )#* '&"0N* %0$61"(,&;1,* echipe noi, adaptezi "&6("6&)&* )#* <0)(/()* actual de business, iar #90,* 1&* (,=,* )#* :$1"&#4#* "&=&#* 2&* !("$,'0",* 9&$1"(* #8=,* "&2&B$,* $&<0,)&@* 9&$1"(* %#* :$* B$#)* 63* ,&;,* 2,$* %",'3* 9&*0*90',=,&*2&*),2&"E> CO* #$1,%,9#* &61&* %(<7$1()*2&*0"2,$&*9&* 1,/9*2&*%",'3E@*#2#(43*.#/001>

Michel Lamoot, director general Real Hypermarket

COVER STORY

+5+#'+6%*%)-#'/0/--)7#) /%8/!+#-4+/%)61/-$-,0 Compania de cu",&"#1* SQD* .04,61,%3@* 9#"1&* #* 4"(9()(,* ISQ@* %0$1"0)#1* 2&* 0/()* 2&* #!#%&",* P%1#<,#$*I#2(@*&61&*($#* 2,$1"&* B"/&)&* %#"&@* pe fondul crizei, au ,$1"#1* :$* ,$60)<&$=3>* CI&'()1#1&)&* 6(5* #;1&913",* 2,$* 9",/#* A(/31#1&*#*#$()(,*TUUV@* %0"&)#1&*%(*:$%#63",)&* 4"&0#,&* ;,* ,$%0/9)&te, ne-au adus într-o 6,1(#=,&*:$*%#"&*$(*6&* /#,*9(1&#*!#%&*$,/,%>* O(*("/#1*)($,*2&*',)&* de nesomn, încer%7$2* 63* "&&%-,),5"3/* 5#)#$=#* 9",$* "&0"4#$,'#"&#* ,$1&"$3@* %#"&* $&8#* #A(1#1* !0#"1&* mult, dar care s-a do-

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

8),8*+98/+/%).+-)91#0) ,1):+*+/-+;-Monica Hodor conduce un business în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din cele mai bune lucruri ale perioadei

2&*%",'3*#*!061@*9&$1"(* G"#H1,H&"* I0/7$,#@* colaborarea foarte 5($3* 2,$1"&* 6#)#",#=,,* %0/9#$,&,> Compania este cel mai mare retailer de 5",%0)#A* 2&* 9&* 9,#=#* )0%#)3@*#171*2,$*9($%1* 2&* <&2&"&* #)* #!#%&",)0"@*%71*;,*#)*$(/3"()(,*2&*/#4#',$&> ?$%&97$2*%(*TUUV@* 4"(9()*#*2&<&$,1*/#,* prudent în ceea ce 9",<&;1&* &F1,$2&"&#* )#*$,<&)*,$1&"$#=,0$#)@* pe fondul crizei eco$0/,%&> Principalii concu"&$=,*)0%#),*#,*G"#H1,ker sunt Dedeman, R",%0610"&@* 5#(+#F* ;,*PRM>

Monica Hodor, director general Praktiker

COVER STORY

!""#$"%&"'()*+%,"-.("/0.&.."-1."%(."-$"20.3*

-),1"&,%2.#(&$&!(/(-3,(& #"*.)"/4&5#&6.!,#(!! ?X2% 5!,*0**% &"*% $2*% $0% 32)1G$,-% 0$*% 05!,%#$%"(*#92&-%#9,% &'% *0:"(,$2,1% '+,'% #"'('2G$% .*% :1+,($/ ('$% &*('#G*'*% +,($,'/ B*#'-% 0$*% $!'+% 32,(/ 52% &"0'2*5% $,9,% &'% reglementat de stat :('#50%#'!%<$(0$#'/ 5,*#@-%+:52'%[+$;'!!'% [$#";-%$&15B92&%,",/ "&$,1% #1% '+,'% :1#$,% #1%:*$G$%&'%:("F!%25% ;'2'F#*$41% &'% +:(*/ C*2% &*2% :$(,'$% $5,"/ (*,1G*!"(= W'#*4*$% &*2% 677\% &'% $% +,":$% '],*2&'/ ('$%$B('+*)1%$%('G'!'*% 25%$%<"+,%52$%#"0"/ &1-% &$(% ('#52"$.,'% [$#";-% +/$% &")'&*,% "% $!'B'('% *2+:*($,1%

Isabelle Iacob, director general Help Net Farma

$)92&% 32% )'&'('% $2**% &*F#*!*% #$('% $5% 5(0$,-%*$(%E",1(9('$%&'%$%('*2)'+,*%:("/ F,5!%$%$&5+%52%+,*05!%#$+E/N"^/5!5*%32% #"2&*G**!'% ('#5:'(1(**% <"$(,'% 32#','% $% &$,"(**!"(%&'%!$%+,$,=%?Y('&%#5%,1(*'%#1% #'$%0$*%;521%+,($,'B*'%:'%,*0:%&'%#(*41% :'2,(5% "(*#'% #"0:$2*'% '+,'% +1% !5#('/ 4'%#5%"$0'2*%;52*-%0",*)$G*-%0$*%$!'+% $,52#*%#92&-%32,(/52%&"0'2*5%#$%<$(0$-% :("<'+*"2*+,5!% <$#'% &*<'('2G$@-% '+,'% &'% :1('('%.'<$%_'!:%`',= [+$;'!!'% [$#";% :(*)'.,'% .*% :$(,'$% ;521% $% #(*4'*A% a:'(*"$&'!'% B('!'% $5% 0$('$%#$!*,$,'%&'%$%$#G*"2$%#$%"%+*,1%.*% &'%$%*0:52'%"%+'!'#G*'%2$,5($!1%32%&"/ 0'2*5!%$<$#'(*!"(=%V+,'%B('5%+1%(14;$G*-% &$(%#*2'%*'+'%#5%;*2'%'+,'%#5%$&')1($,% )$!"("+%.*%$:('#*$,%&'%#!*'2G**%+1*@= O$2G5!% &'% <$(0$#**% _'!:% `',-% #5% :'+,'% K77% &'% 52*,1G*% 32% G$(1-% #"2,*251% :("#'+5!%&'%&*0*25$('%$%&'4)"!,1(**%('/ G'!'*-%#5)*2,'!'%&'%"(&*2'%F*2&%?('!"#$/ ('@%.*%?#('.,'('%"(B$2*#1%('$!1@=

!"#$%"&'(")!*&+,&-./(!./&0(& -,)(+( Els Loesberg, CEO al Sanoma Hearst Rom창nia, cel mai mare editor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

Els Loesberg, CEO Sanoma Hearst

COVER STORY

&&0(-,1,,&/."*(&5#&7)(%(&0(&-),14 ?bE'% +,("2B'(% ,E'% ^*2&-% ,E'% +,("2B'(% ,E'% ,(''+% QY5% #9,% )92,5!% '+,'% 0$*% :5/ ,'(2*#-% #5% $,9,% 0$*% ;*2'%('4*+,1%#":$#**%/% 2=('&=T@-% ";*.25*'.,'% +1%+:521-%#5%490;'/ ,5!%:'%;54'-%Y(*+,*2$% S1)5*#1-% 0$2$B*2B% :$(,2'(% O5B'($% U% R$H!'(=% V+,'% 52$% &*2,('% <'0'*!'% <'(*#*,'% &*2% ;5+*2'++5!% ("09/ 2'+#=% Y"2&5#'% #'$% 0$*% 0$('% #"0:$2*'% &'%:'%:*$G$%!"#$!1%&'% ('#(5,$('-% :"4*G*'% :'% #$('%$%";G*25,/"%$;*$% 32%677c=% `5%#"2+*&'(1%#1%$% <1#5,% )('"% B('.'$!1% 32% 677c=% aW*2% #"2/

!"#$%#&'()'*+#,-. managing partner Lugera & Makler

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Costea Dumitrescu, partener Ascendis

COVER STORY

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Robert Popescu, CEO A&D Pharma

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!"#$%&'%$()*%#+,-%$.%/$ ,)&,(01$)2%31 În opinia lui Ovidiu Albu, directorul general al Pizza Hut, România trebuie !"#$%&'()*&()+*+*#$"#,-*.*/#0&#$/-*#1/&))# )&(-/2#2'%-#0&#$/!)*-)*#&2#,/#./)#-*,*&)3# 452#(%6))#,%.#)*')#!$7).1/6)#8)&#/$*/!("# $-)+"9#$2#%#&%2"#.*&(/:)(/(*9#./;%-)(/(*/# $2#12+2&/-*:*#$2!2(*#')#./)#<26)&#%<().)!.3#=%6)#,%.#>#$2#1/)%&*(/#:/#<)$)%-# <*&(-2#$/#/!(?*:#8*#<*-)%/8*#!"#&2#&*#./)# )/#<-)&#!2-<-)&8*-*@9#!<2&*#A:123# B>$)/:2:# C)++/# D2(# $%&!)8*-"# $"# <*# timp de recesiune rapiditatea deciziona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

<-).*'()#!%:26))#8*#:/# *)@3# K/&L2:# 8*# -*!(/urante casual Pizza D2(# %<*-*/+"# 0&# M%mânia de 15 ani sub ?-/&$)+/# /$%-8/("# $%.</&)*)#N35#A.*rican Restaurant Sys(*.#N3A3 Pizza Hut con$2-*/+"# <*# <)/L/# :%$/:"# $2# -*!(/2-/&(*# precum La Mama O8*L)&2(*# 8*# %.2:# 8*# /?/$*-)# 5"(":)&# P/72Q# R)# 5)(S# T-)::9# $%&(-%:/(*#8*#U-/E%R# C*(-*!$23 Un sfert din cifra 8*# /?/$*-)# -/<%-(/("# de Pizza Hut provine de la restaurantele 8)&#/?/-/#5/<)(/:*)3

Ovidiu Albu, directorul general Pizza Hut

COVER STORY

(1$/49-%$7%&$72%)1$(1$%&%$.&)%3%%$.42& Adrien Damour, francezul care /# ?"$2(# $2&%!$2(# conceptul gourmet 8*# :2I# <*# <)/L/# 8)&# România prin intermediul Delicateria =-/)(*2-9# R)W/# ,"+2(# afacerea intrând la /<"# $2# <F&"# :/# YZ[# %8/("# $2# 8*$:/&R/-*/# $-)+*)# >&/&$)/-*3# =%(# 0&# /$*/!("# <*-)%/8"9# $%&!)8*-"# $"# /# 0&,"L/(# $*:*# ./)# ).<%-(/&(*#:*$L))#$2#<-),)-*# la administrarea unui 12!)&*!!# R)# :/# .*$/&)!.*:*#<)*L*)3# 4A.# -*/:)+/(# $"# economia este o succesiune de factori ).<-*,)+)1):)# R)# $"# &)$)%8/("# &2# <%L)# >#

Adrien Damour, proprietar Delicateria Traiteur

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aducerea la punctul 8*#*$7):)1-2#/:#-/<%-(2:2)# <:"L)W/&E/;/.*&(*# >&/&$)/-*# /:*# $%.</&)*)3# 4T/&8)L)W ,"# $"# $**/# $*# <"-*/2# /&E/;/.*&(*# >&/&$)are ferme, asumate de $"(-*# </-(*&*-)9# 2&))# ?/L"# 8*# /:L))9# 8*+,%:(/(%-))# ).%1):)/-)# ?/L"# de companie, ceea ce a asumat compa&)/# ?/L"# 8*# $%.</&))# </-(*&*-*9# %1:)E/L))# >&/&$)/-*#?/L"#8*#!(/(# R)# /&E/;/L)9# ?2!*!*-"# EF&8)(*# R)# <:/&)>cate ieri, «pe vreme 12&"b9#R)#2-./2#!"#>*# implementate mâine, $F&8#)&$*-()(28)&*/#R)# </&)$/#0&#<)/L"#8*;/#!*# !(F-&)!*@3

Codrin Matei, managing partner, Crosspoint

COVER STORY

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Marian Gogu, brand manager KFC Rom창nia

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Sorin Stoica, proprietar Eturia

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Impozit pe profit

Cipru

10%

Olanda

20-25,5%

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8,5%

Seychelles

Olanda

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Africa

Cipru

PRACTIC

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Ponderea tipurilor de fonduri ĂŽn activele totale ale industriei

Alt

ele

"*&,!'.$&$/,0!,

0,2 % - Fonduri de fonduri

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PRACTIC

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PRACTIC

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. Liviu Florea

PRACTIC

!"#$%$&$"'(")(*"+",-($(./001("2%.%3(-014-

Banul, singura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

Marius Prescu Cel mai mai scump manager plasat de la ĂŽnceputul crizei de Marius !"#$%&'()#*#+"$)#",&'-"./#01#'%2'-+$)#1'+2%+3'4#'5667666'4#'#%"8

PRACTIC

Radu Manolescu, managing partner 97:7'("%,1';'!+"12#",

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Mihaela Damian, $8%21"<'/+2+=#"'3+' *-#2=3#">8?'@8/A2.+7'

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Octavian Radu, fondator RTC

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ANDY LITA, BUSINESS DIRECTOR, OGILVY INTERACTIVE d%7)0$& #"/+0$!($#"& 3)!"& ()!& 6$#7"$& %-)& E!(8& S)7$.& ?-*)!"**& ()#"/7+#.& T=)%38\!7"#$/7)3"H&e%&&!"&6#+6-!"&/$#7"$& @f$#$+]"& 5$6)7$%)*0N.& ("& b+!$*& ')(("#*7#g%"&*)&fK"%%&E&h+#(*7#i0.&0$)& $%"*&6"!7#-&7+<)&/")&/$#"&$-&7#"/-7&6#)!&

Andy Lita, director OgilvyInteractive

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