Romania Feed

Winemaker Purcari Wineries (WINE.RO) on Wednesday (June 14) informed investors in a stock market report about continuing its efforts in sustainability by extending its photovoltaic system located at Purcari Winery and installing a new system on the premises of Bostavan Winery.

Undelucram.ro, the largest online community of employees in Romania, has closed a financing round of EUR1 million and the funds will be used for further expansion in Central and Eastern Europe (CEE), Asia and Africa.

Speedwell, one of the most active real estate developers on the local market, has purchased a new plot of land in the city of Timisoara (western Romania), where it aims to start the construction of its second mixed-use project in the city.

The economic outlook remains closely linked to inflation trends and to the response of central banks, and forecasts are subject to a number of downside risks, including the supply of energy and credit, according to Coface Country And Sector Risk Barometer.

The new digital fiscal reporting requirements, implemented by the Central European countries, will lead to more efficient tax audits over the next three to five years, 75% of companies estimate, but it will also provide authorities with more direct access to the taxpayers financial and accounting IT systems (62%), as per Deloitte Central Europe Tax Technology Report, conducted in 15 countries in the region, including Romania.

Electricity distribution company Distributie Oltenia continues to implement its investment and modernization plan for the electric power distribution network of Dolj County.

Romania’s industrial production decreased by 7.1% in unadjusted data in April 2023 versus April 2022 due to drops reported for the manufacturing industry (-8%) and for the electricity, gas, steam and air conditioning production and supply (-4.1%), data from the country’s statistics board INS showed on Wednesday (June 14, 2023).

Local company TARA Interactive, specialized in software development, is currently devising an application for the US healthcare system that is set to provide secured access to patients’ medical data.

Thermal-insulating panel manufacturer Topanel of Ramnicu Valcea, controlled by a Cyprus-based company, boosted its turnover by 7% in 2022, to RON363 million.

Furniture manufacturer PGS Sofa & Co, controlled by Parisot family of France, in 2022 posted turnover worth RON278.7 million (EUR56.5 million), down 20% on the year, in line with ZF calculations based on Finance Ministry data.

Duvenbeck Logistik, a major transportation and logistics company locally, in 2022 registered turnover worth RON421.6 million (EUR85.5 million), up 15% from 2021, in line with ZF calculations based on Finance Ministry data.

Romanian upholstered furniture producer MobilaDalin headquartered in Reghin, Mures county, a Romanian business founded by Cotoi family 27 years ago, in 2022 generated turnover worth RON53.2 million (EUR10.8 million), up around 5% from the previous year, in line with ZF calculations based on Finance Ministry data.

Nuclearelectrica, NuScale Power, E-INFRA, Nova Power & Gas, Fluor Enterprises and Samsung C&T Corporation on Tuesday (June 13) signed a Memorandum of Understanding (MoU) to collaborate in the deployment of NuScale power plants in Central and Eastern Europe (CEE) and Romania.

Automotive safety systems manufacturer Autoliv Romania, the local subsidiary of Swedish group Autoliv posted RON4.87 billion (EUR989.4 million) revenue in 2022, up 25.4% on the previous year, according to ZF calculations based on data from the Finance Ministry.

Rolling stock manufacturer Astra Rail Industries, which controls the railroad car manufacturers Astra Vagoane Arad, Romvag (Caracal) and Meva (Turnu Severin), with a history of over 100 years, posted RON824 million revenue last year, up 37% on the previous year, according to public data on the Finance Ministry website

BT Capital Partners, the brokerage division of the Banca Transilvania (TLV.RO) financial group, recorded a net profit of RON5.7 million last year, 42.6% below the RON10 million of 2021, according to calculations made by ZF based on Finance Ministry data.

Sortilemn (Gherla, Cluj County, NW Romania), one of the most important suppliers of Sweden’s IKEA, posted RON195.3 million (EUR39.6 million) revenue in 2022, an increase of 6.5% on 2021, ZF has calculated from Finance Ministry data.

Carmistin Group, which is owned by the Paraschiv family and includes over 20 com­panies active in the production of poultry meat, pork and beef, as well as in agriculture, has invested EUR8 million in the largest poultry farm in Olt County, in the locality of Potcoava.

A team of specialists in transactions from PwC Romania and lawyers from D&B David si Baias, the partner law firm of PwC in Romania, have assisted the shareholders of Dr. Leahu dental clinic chain, its founder, doctor Ionut Leahu, and the minority shareholder, private equity fund Morphosis Capital, in the transaction for the sale of the majority stake held in the entire group of companies toward private medical clinics chain Regina Maria.

Romania's current account balance posted a deficit of EUR5.46 billion in January-April 2023, lower by EUR2.2 billion than EUR7.71 billion in the same period of 2022, central bank data showed on Tuesday (June 13, 2023).