Title:Romania business outlook For:VOKA – Chamber of Commerce & Industry Mechelen Prepared by: Larive Romania Date: April 2015 Your partner in emerging.

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Title:Romania business outlook For:VOKA – Chamber of Commerce & Industry Mechelen Prepared by: Larive Romania Date: April 2015 Your partner in emerging markets

Contents Chapter Romania Business Outlook 2015 I Public I © Larive Romania | 2 Romania Business Outlook 1 Belgium companies in Romania2 Tips and Tricks for doing business in Romania 3

2015 Romania Business outlook Turnover growth rate in 2015 – survey on 200 Romanian CEO’s 48% of respondents foresee a significant growth of +10 to +31% for their company’s turnover in 2015 compared with only 28% in 2014, while 26% expect a growth rate of +5 to +10% in 2015, compared with 30% at the beginning of Turnover growth rate in to +31% (48%) +5 to + 10% (26%) TURNOVER GROWTH (%)-5 to -10%-1 to -5%0%+1 to +5%+5 to +10%+10 to +20%+20 to +30%Over +31% INDUSTRY % of total respondents Industry / Manufacturing Services Construction / Real Estate Power & Energy Information Technology (IT) Retail & Wholesale Trade Food, Beverages, Agriculture20 60 Transportation6040 Pharmaceuticals / Healthcare7525 Telecom50 Soruce: EY Romania Business outlook survey 2015 Romania Business Outlook 2015 I Public I © Larive Romania | 3

2015 Romania Business outlook Profit growth rate in 2015 – survey on 200 Romanian CEO’s PROFIT GROWTH (%)-5 to -10%-1 to -5%0%+1 to +5%+5 to +10%+10 to +20%+20 to +30%Over +31% INDUSTRY % of total respondents Industry / Manufacturing Services Construction / Real Estate Power & Energy4050 Information Technology (IT)30 Retail & Wholesale Trade Food, Beverages, Agriculture Transportation40 20 Pharmaceuticals / Healthcare25 50 Telecom5025 Soruce: EY Romania Business outlook survey % of the respondents expect the profit growth rate of their company to range between +5 to +10% in 2015 compared with 21% in 2014, and a slightly higher percentage of 34% in 2015 vs. 33% in 2014 expect the profit of their company to grow between +10 to +31%. Profit growth rate in to +10% (25%) +10 to + 31% (34%) Romania Business Outlook 2015 I Public I © Larive Romania | 4

2015 Romania Business outlook Forsee investments growth in 2015 – survey on 200 Romanian CEO’s FORSEE INV. GROWTH (%)-5 to -10%-1 to -5%0%+1 to +5%+5 to +10%+10 to +20%+20 to +30%Over +31% INDUSTRY % of total respondents Industry / Manufacturing Services Construction / Real Estate Power & Energy Information Technology (IT) Retail & Wholesale Trade25 50 Food, Beverages, Agriculture20 40 Transportation25 Pharmaceuticals / Healthcare5025 Telecom6733 Soruce: EY Romania Business outlook survey % of respondents say they have earmarked growth rates for their investments of 5% to 10% in 2015, followed by 19% who say they will increase investments by 10% to 20% in 2015, and 17% who foresee their investments to go up from 20% to +31% in the next 12 months. Foresee investments increase rate in to +10% (23%) +10 to + 20% (19%) +20 to 31% (17%) Romania Business Outlook 2015 I Public I © Larive Romania | 5

2015 Romania Business outlook No. of employees growth in 2015 – survey on 200 Romanian CEO’s PROJECT SOUTH – TEASER I Confidential I © Larive Romania | 6 No. of employees GROWTH (%)-5 to -10%-1 to -5%0%+1 to +5%+5 to +10%+10 to +20%+20 to +30%Over +31% INDUSTRY % of total respondents Industry / Manufacturing Services Construction / Real Estate Power & Energy Information Technology (IT) Retail & Wholesale Trade7525 Food, Beverages, Agriculture25 50 Transportation100 Pharmaceuticals / Healthcare7525 Telecom6733 Soruce: EY Romania Business outlook survey 2015 Only 19% of respondents expect no increase in the employees number in 2015, down from 37% in early The good news is that at the beginning of 2015, 21% of respondents say they expect the number of employees in their company to grow between +10% to +31%, compared to only 14% in No. of employees growth rate in to +31% (21%) +0% (19%)

2015 Romania Business outlook Salaries forseen evolution 2015 – survey on 200 Romanian CEO’s No. of employees GROWTH (%)-5 to -10%-1 to -5%0%+1 to +5%+5 to +10%+10 to +20%Over +20% INDUSTRY % of total respondents Industry / Manufacturing Services Construction / Real Estate Power & Energy Information Technology (IT) Retail & Wholesale Trade50 Food, Beverages, Agriculture7525 Transportation100 Pharmaceuticals / Healthcare50 Telecom6733 Soruce: EY Romania Business outlook survey 2015 At the beginning of 2015, 6% of respondents say salaries in their companies are expected to go up between 10% to 20%, compared to 2% in Another important difference is in the bracket “5% to 10%”, which has gone up from 19% in 2014 to 30% in No salary increase in their company for that year: from 42% in 2013, to 19% in 2014, and to 10% in Salaries evolution in to +20% (6%) +5 to +10% (30%) +0% (10%) Romania Business Outlook 2015 I Public I © Larive Romania | 7

Cost of salaries Source: Eurostat; *cover Wages and Salaries and non-wage costs (Employers’ social contributions plus taxes less subsidies) EMPLOYEES AVERAGE GROSS EARNINGS DEC (EUR) Agriculture401Transport & Storage595 Industry607HORECA326 Construction435IT & Telecom1089 Wholesale & Retail515Financial Services1346 AVERAGE ECONOMY 576 Hourly Labor Costs* EU27 (EUR) Romania Business outlook Romania Business Outlook 2015 I Public I © Larive Romania | 8 Source: Romania National Institute of Statistics

Attractive location – access to new markets 2015 Romania Business outlook Romania Business Outlook 2015 I Public I © Larive Romania | 9

Romania Business Outlook 1 Belgium companies in Romania2 Tips and Tricks for doing business in Romania 3 Contents Chapter Romania Business Outlook 2015 I Public I © Larive Romania | 10

Belgium Romania economic relations Belgium companies in Romania EUR millions (7months) RO IMPORTS from BE1,1231, RO EXPORTS to BE TOTAL1,9102,1491,288 RO TRADE BALANCE(337)(281)(210) Soruce: The Romanian Embasy in Belgium The value of exchanges between BE and RO increased three times during period Over 80% of the economic exchanges are made by Flemish companies EUR mil subscribed Belgium capital in Romania (Sept. 2014) 3,181 Belgium companies are registered in Romania (Sept. 2014) Belgium Foreign Direct Investments in Romania EUR 1.1 Billion Key investment area of Belgium companies: industry, services, retail, logistics, agriculture Romania Business Outlook 2015 I Public I © Larive Romania | 11

VCST – manufacturing ind. (gears and shafts for automotive) Belgium companies in Romania Established 2012 Turnover: EUR 7.8 mil (2014, est.) EUR 17.0 mil (2015, est.) Employees: 160 (2015) No. of plants: 1 Romania Business Outlook 2015 I Public I © Larive Romania | 12

WDP Romania – services (warehousing & logistics) Belgium companies in Romania Established 2007 Turnover: EUR 1.3 mil (2013) Est. assets value: EUR 26 mil New dev. plans for 2015 Romania Business Outlook 2015 I Public I © Larive Romania | 13

H.ESSERS – services (warehousing & logistics) Belgium companies in Romania Enters in RO in 2005, taking over Centrum Transport (NL) facilities in RO (int. group acquisition) 5 warehouses in RO (+100,000 sqm.) Over 270 trucks in RO Turnover: EUR 60 mil (2013,est.) Employees: 700 (2013, est.) Clients: FMCG, Pharma, Chemistry New warehouses dev. plans for next years Romania Business Outlook 2015 I Public I © Larive Romania | 14

GDM Electronics – manufacturing ind. (PCB, electronics) Belgium companies in Romania Enters in RO in 2001 Turnover: EUR 2.5 mil (2013) Employees: 190 (2013) In RO: PCB production & material management Romania Business Outlook 2015 I Public I © Larive Romania | 15

BMT Group – manufacturing ind. (gears, aerospace, glass) Belgium companies in Romania 1998, EUR 27.1 mil, 441 employees 1999, EUR 11.1 mil, 237 employees 2001, EUR 7.0 mil, 167 employees 1998, EUR 7.8 mil, 171 employees EUR 53 mil (2013) footprint in RO Romania Business Outlook 2015 I Public I © Larive Romania | 16

VPK Packaging – manufacturing ind. (corrugated board) Belgium companies in Romania Enters in RO in 2007 (greenfiled) EUR 15 mil investment (15,600 sqm. factory) 30,000 tons production capacity Turnover: EUR 18.1 millions Employees: 190 Romania Business Outlook 2015 I Public I © Larive Romania | 17

Romania Business Outlook 1 Belgium companies in Romania2 Tips and Tricks for doing business in Romania 3 Contents Chapter Romania Business Outlook 2015 I Public I © Larive Romania | 18

Tips and Tricks Tips and Tricks for doing business in Romania Research your potential business partner carefully For initial approach, one may better involve a native Romanian speaker Romanian business people value personal relationships and trust is the main ingredient Romanian business people likes formal approaches Doing business in Romania is about relationships – better have a trustful partner Be patient when starting new business relationship, show good faith and prove trustworthy Romanian business culture is quite strict about hierarchies Romania Business Outlook 2015 I Public I © Larive Romania | 19

Business etiquette in Romania Tips and Tricks for doing business in Romania Always start with a formal attitude and approach when first meeting businesspeople in Romania Honesty and directness is appreciated and valued by Romanians Do make an appointment 1-2 weeks in advance and avoid scheduling meetings in July and August, during the two weeks before and after Christmas and one week before and after Easter. Don’t be to direct, it can be percievd as rude Romanians are innovative, they have a broad imagination and are not fussy Be clear and concise Try to find out more about Romania culture and history Romania Business Outlook 2015 I Public I © Larive Romania | 20

Larive Romania and Tryggr & Flemming With compliments from Romania Romania Business Outlook 2015 I Public I © Larive Romania | 21 Daniel IONESCU Managing Partner LARIVE ROMANIA THANK YOU ! For more information & guidance about Romania please contact Jan MARYNISSEN Partner Tryggr & Flemming +32 (0) 475/

Disclaimer This presentation has been executed by Larive Romania based on public information and has only a general information purpose. Larive Romania offers no warranty, expressed or implied, as to the accuracy or completeness of the information contained herein, and shall have no liability for the informatiton contained in, or for the accuracy, reability or completeness of scuh information, or any omissions. Romania Business Outlook 2015 I Public I © Larive Romania | 22

DN – Agrar Group – Investment Opportunity I Confidential I © Larive Romania | 3 Romania Larive Romania IBD SRL 5 Ion Slatineanu, App. 15, Sector 1, Bucharest, Romania and Contact persons Daniel IONESCU – Managing Partner Sorin BIVOLAN – Senior Manager