Romania Feed

Romania's trade balance posted a deficit of EUR13.3 billion in January-June 2023, lower by 14% compared with January-June 2022, data from the country's statistics board INS showed on Wednesday (August 9).

Travel agencies ended 2022 with RON5 billion revenue, a record high for the local market, Trade Register data show.

Toy retailer Lego posted more than RON200 million sales in Romania in 2022, an increase of 28% year-on-year, public Finance Ministry data show.

DTEK Renewables International, a company owned by Rinat Akhmetov, Ukraine's richest businessman, has completed the installation of the largest wind turbine ever in Romania this month, a 125-meter tall 6 MW Vestas in a 60 MW wind farm in Ruginoasa (Iasi).

The large organizations active in Romania begin to focus their efforts in the second half of 2023 on the human component, through an ever-increasing focus on ensuring a work environment in which the emotional safety of their employees comes first, according to an analysis carried out by executive search company Arthur Hunt Romania.

Between June 2022 and June 2023, the ten best performing local open-end equity funds delivered to investors yields of 9.3% to 15.4%.

Over half of companies (57%) say they will either reduce or no longer increase the nominal value of meal vouchers offered to employees against the backdrop of the government's planned introduction of an additional tax of 10% on social health insurance contributions (CASS), as per a survey conducted by Cult Research.

Vegetable oil producer Argus Constanta (UARG.RO) on Tuesday evening announced on the Bucharest Stock Exchange the conclusion of a RON160 million financing agreement with Banca Transilvania (TLV.RO), the largest actor in the banking system.

Bergenbier S.A., part of Molson Coors Group, has appointed Monica Constantin to the position of legal & corporate affairs director.

International law firm CMS advised HelleniQ Energy Holdings, one of the leading energy groups in South-East Europe with operations across the entire energy value chain, on the acquisition of four photovoltaic parks with a total capacity of 211 MW, developed in Romania by Mytilineos Energy & Metals.

Romanian-held bakery producer Pambac, held by entrepreneur Eusebiu Guţu from Bacau, ended 2022 with a turnover of almost RON314.5 million (EUR63.8 million), up 19.5% from over RON263 million (EUR53.4 million) reported in 2021, in line with calculations by Ziarul Financiar (ZF) daily based on finance ministry data.

Startup MultiversX based in Sibiu, previously known as Elrond Network, the largest crypto project on the local market , ended 2022 with a lower turnover and soaring net profit, in line with data from the balance sheet submitted by the company to the finance ministry.

Hidroelectrica (H2O.RO), the largest hydropower producer in Eastern Europe, has informed the capital market on August 7 that Karoly Borbely notified the company about his resignation from the position of member in the Supervisory Board.

DN Agrar Group (DN.RO), the largest integrated farm in Romania and leader in cow milk production, had a turnover of RON44.3 million in Q1/2023, up 47.8% on the year, in line with the company's quarterly financial report published at the Bucharest Stock Exchange.

Synergy Construct, the company that built projects such as Enayati Medical City, the America House offices and the Radisson Blu Hotel, has significantly reduced its turnover over the last two years, reporting a result of RON100 million for 2022 versus RON169 million in 2021 and RON328 million in 2020, as per the latest data published on the finance ministry website.

Bistrita-based car battery manufacturer Rombat, controlled by the South African group Metair, posted about RON504.5 million (EUR102.3 million) revenue in 2022, up 3% from the RON488.6 million (EUR99.3 million) of 2021, according to ZF calculations based on Finance Ministry data.

Automotive plastic parts and subassembly manufacturer Oechsler Romania, the local subsidiary of Germany’s Oechsler group, ended 2022 with a turnover of RON149.9 million (EUR30.4 million), down nearly 1% from RON151.8 million (EUR30.8 million) in 2021, as per finance ministry data.

OMV Petrom (SNP.RO), the largest fuel producer in Romania and the company to which eight million Romanian employees have an exposure of RON4.2 billion through the Pillar II private pension scheme, has invested RON800 million in government securities and treasury certificates to diversify its portfolio.

Romania is shortly launching its first auction for a contract-for-difference (CfD) support scheme for renewable energy. Onshore wind power projects and solar photovoltaic (PV) projects with a total capacity of 2,000 MW will be supported through a CfD scheme for 15 years, the European Bank for Reconstruction and Development (EBRD) said in a statement.

Law firm RTPR has assisted Romcim, held by Ireland's CRH Group, in relation to the acquisition from businessman Michael Dietrich of the company Bauelemente Reinvest and its fully owned subsidiary, Bauelemente, the leading manufacturer of prefabricated reinforced and prestressed concrete in Romania.