ey confidential 8 th capital confidence barometer april 2013 romania results

EY CONFIDENTIAL

8th Capital Confidence Barometer April 2013

Romania Results

EY CONFIDENTIAL

About the BarometerErnst & Young’s Capital Confidence Barometer is a regular survey of senior executives from large companies around the world conducted by the Economist Intelligence Unit (EIU).

The respondent community is comprised of an independent EIU panel of senior executives and selected Ernst & Young clients and contacts.

Our 8th Barometer provides a snapshot of our findings , gauges corporate confidence in the economic outlook and identifies boardroom trends and practices in the way companies manage their Capital Agenda.

Respondent profile:► EIU panel of almost 1,600

executives surveyed in February and March 2013

► 43 respondents from Romania

► Companies from 50 countries

► Respondents from more than 20 industry sectors

► 794 CEO, CFO and other C-level respondents

► More than 912 companies would qualify for the Fortune 1,000 based on revenues

EY CONFIDENTIAL

Economic outlook

EY CONFIDENTIAL

Confidence in the global economy has rebounded dramatically

What is your perspective on the state of the global economy today?

► Significant increase in those seeing improvement in the global economy, either modest or strongly from six months ago—up to 51% from 22% in Oct 2012

► Respondents who see economy declining, either modestly or strongly, is 13%, the lowest total in two years

Improving Stable Declining

Apr-12 Oct-12 Apr-13

20%31%

13%

28%

47%

36%

52%

22%

51%

Apr-13

43%

31%

26%

Global Romania

EY CONFIDENTIAL

Confidence spans leading economic indicators

Please indicate your level of confidence in the following at the global level

Economic growth

Employment growth

Corporate earnings

Credit availability

Equity valuations/stock mkt outlook

Short-term market stability

63%

52%

51%

49%

34%

32%

27%

23%

30%

26%

21%

15%

44%

38%

44%

30%

32%

5%

% respondents positiveApr-12 Oct-12 Apr-13

Economic growth

Corporate earnings



Employment growth

Credit availability

16%

15%

12%

9%

5%

2%

% respondents positive

Apr-13Global Romania

► Highest level of positive sentiment for global economic growth – at 63% – also strongest result in two years► More than half of respondents are positive on corporate earnings and employment growth – which has doubled since Oct 2012► Significant increase in confidence about credit availability► Marked improvement in short -term market stability – more than doubled in the last six months

EY CONFIDENTIAL

Please indicate your level of confidence in the following at the home/local level:

Romania

Economic growth

Employment growth

Corporate earnings



Credit availability

32%

19%

12%

9%

9%

5%

% response positive Apr-13

Local confidence in economic indicators

EY CONFIDENTIAL

Do you think the current regulatory environment is supportive of business growth initiatives, at the global and domestic/local market level?

Today’s regulatory environment viewed as pro-growth

Romania

Global Romania

Yes

No

80%

20%

Global market

Yes

No

35%

65%

Yes

No

19%

81%

Domestic/local market

Domestic/local market

► Respondents are overwhelmingly positive about the regulatory environment supporting business growth at the global level

EY CONFIDENTIAL

By how much do you think/expect the global and your local economy to grow in the next 12 months?

Economic growth expected to improve – but not to the peaks of 2005-2008

Global

Romania

Negative growth

Zero growth

1-3%

3-5%

More than 5%

5%

11%

65%

16%

3%

Negative growth

Zero growth

1-3%

3-5%

More than 5%

10%

29%

54%

7%

0%

Negative growth

Zero growth

1-3%

3-5%

More than 5%

16%

21%

51%

12%

0%

► Globally, 84% of respondents anticipate economic growth ► Mining & Metals, Consumer Products, Power & Utilities and Oil & Gas sectors are the most confident that the global economy will grow by 3% or

more► France, Germany and Japan are the most confident about global economic growth prospects► Of those expecting zero or negative growth, Sweden, Italy and Russia are most notable

Local economyGlobal economyRomania

EY CONFIDENTIAL

0%8%

21%

8%6%

44%

42%

37%

66%

48%

37%

55%

28%Create jobs/ hire talent Keep current workforce size Reduce workforce numbers

With regards to employment, which of the following does your organization expect to do in the next 12 months?

Improving confidence will drive more companies to create jobs


12% 13% 10%

47%

59%

48%

41%

28%

42%

Apr-13

28%

42%

30%

Global Romania

► Job creation, at 42%, is up from 28% in Oct 2012► The workforce-reduction response (10%) is the lowest it has been in two years

EY CONFIDENTIAL

Emerging economies are more upbeat about local prospects than their more developed counterparts

Gap between local and global economic confidence

Top 5 countries and Romania with the highest positive view on their local economy relative to the global economy

Top 5 countries and Romania with the highest positive view on the global economy relative to their local economy

April 2013

South Africa

Singapore Russia India Indonesia Romania

25%23% 22%

13%

5%

0%

Spain France Italy Netherlands UK Romania

40%

21%

17% 17%

5%

0%

► Emerging market countries show greater confidence in their local economies versus the global economy► European country results indicate an ongoing concern for Eurozone issues

Top 5 Top 5

EY CONFIDENTIAL

What is your perspective on the state of your local economy today? Romania Improving Stable Declining

Apr-13

43%

19%

38%

Local economic confidence

EY CONFIDENTIAL

How do you think the Boardroom agenda at your company has changed from a year ago?

Conservatism, and risk management will remain at the forefront of boardroom agendas without evidence of a lasting recovery

Efficiency & cost control

Risk management

Capital allocation

Regulatory issues

Investor relations

*Corporate governance

People (attracting retaining talent)

Growth - innovation R&D

Growth – new geographic markets

65%

63%

61%

55%

50%

49%

47%

45%

40%

25%

27%

30%

33%

38%

39%

36%

39%

41%

10%

10%

9%

12%

12%

12%

17%

16%

19%

Greater focus today Stayed the same Less focus today

Efficiency & cost control

Risk management

Capital allocation

Growth - innovation R&D

Investor relations

People (attracting retaining talent)

Regulatory issues

*Corporate governance

Growth – new geographic markets

84%

72%

62%

47%

45%

44%

42%

40%

37%

14%

21%

26%

37%

43%

30%

42%

48%

33%

2%

7%

12%

16%

12%

26%

16%

12%

30%

Global Romania Apr-13

► Efficiency and cost control remains the #1 priority but to a lesser degree than six months ago► Confidence in economic indicators is taking longer to translate into boardroom action around less certain growth activities - such

as innovation or investing in new geographic markets* Corporate governance only asked in April 2013

EY CONFIDENTIAL

What do you believe to be the greatest economic risk to your business over the next 6-12 months?

Companies view Eurozone crisis and slowing growth in emerging markets as ongoing challenges to their businesses

Stagnation in the Eurozone

Slowing growth in emerging markets

US debt ceiling challenges

39%

38%

23%

Stagnation in the Eurozone

Slowing growth in emerging markets

US debt ceiling challenges

74%

26%

0%

Global Romania

► Local concerns drive risk prioritization; emerging markets respondents are most concerned about slowing growth in those markets; European companies are most focused on the Eurozone; and US companies are most concerned about the US debt ceiling

EY CONFIDENTIAL

Access to capital

EY CONFIDENTIAL

Please indicate your level of confidence in credit availability at the global level

Credit is increasingly available globally—almost half of respondents see improvement

Improving Stable Declining


25%30%

14%

45%44%

37%

30% 26%

49%

Apr-13

63%

35%

2%

Global Romania

► At 49%, number of respondents seeing improvement is the highest it has been in the last two years► US and China have the highest levels of confidence in credit availability at the global level► 14% are seeing a decline in credit availability are the lowest in two years

EY CONFIDENTIAL

Debt-to-capital ratios remain fairly constant today – but an appetite for leverage may return over the next year

How do you expect your company’s debt to capital ratio to change over the next 12 months?

What is your company’s current debt to capital ratio?

GlobalGlobal

Romania

Less than 25% 25–49.9% 50–74.9% 75–100%

51%

33%

12%4%

50%

31%

13%6%

46%

32%

16%6%


Romania

Less than 25% 25–49.9% 50–74.9% 75–100%

54%

23%16%

7%


34% 33% 33%

45% 49% 43%

21% 18% 24%

Increase Remain constant Decrease

Apr-13

26%

62%

12%

► 46% of respondents have a debt-to-capital ratio of less than 25%► Over the last 6 months debt-to-capital ratios have slowly crept up as credit becomes more available► 24% of respondents plan to increase debt-to-capital ratio – up from 18% six months ago

EY CONFIDENTIAL

Does your company plan to refinance loans or other debt obligations in the next 12 months?

With large-scale changes to capital structures near completion, companies are now focused on refinements

Global Romania


66%74% 71%

34%26% 29%

Apr-13

53%

47%

Yes No

► Twenty percentage point drop in those "Optimizing the capital structure" since Oct 2012► Companies continue to refine specific components of their capital structure such as interest rates, debt maturity dates, and

covenants► Minor change in percentage of companies who plan to refinance debt in the next 12 months – 29% up from 26%

in Oct 2012

EY CONFIDENTIAL

What will be the primary purpose of your refinancing?

With large-scale changes to capital structures near completion, companies are now focused on refinements

Global Romania

Extend maturity (short term debt extension)

Reduce interest cost

Optimizing the capital structure (non-stressed situation)

Retire maturing debt

Remove restrictive covenants

25%

24%

21%

18%

12%

20%

21%

41%

13%

5%

22%

21%

31%

16%

10%


Optimizing the capital structure (non-stressed situation)

Extend maturity (short term debt extension)

Reduce interest cost

Remove restrictive covenants

Retire maturing debt

45%

30%

20%

5%

0%

Apr-13

► Twenty percentage point drop in those "Optimizing the capital structure" since Oct 2012► Companies continue to refine specific components of their capital structure such as interest rates, debt maturity dates, and

covenants► Minor change in percentage of companies who plan to refinance debt in the next 12 months – 29% up from 26%

in Oct 2012

EY CONFIDENTIAL

Cash is dominant as the primary source of deal financing in the near-term

What is the likely primary source of your company’s deal financing in the next 12 months?

Global Romania


18% 20% 16%

39% 38%

30%

43% 42%54%

Apr-13

12%

30%

58%

Cash Debt Equity

► Fewer than ever plan to use debt as the primary source of deal financing (30%, less than one-third), despite abundant credit availability

► Companies’ reluctance to use their own equity may be indicative of volatility in the capital markets

EY CONFIDENTIAL

Growth strategies

EY CONFIDENTIAL

Appetite for growth rebounds as confidence in the global economy returns and credit availability improves

Which statement best describes your organization’s focus over the next 12 months?

Global

Oct-12 Apr-13

3% 2%

25%15%

31%

31%

41%52%

Growth

Cost reduction and operational efficiency

Maintain stability

Survival

Apr-13

16%

21%

26%

37%

Apr-11 Oct-11 Apr-12 Oct-12 Apr-1310%

20%

30%

40%

50%

60%

51%

49%

52%

41%

52%

37%

% focused on growth

Global Romania

Romania

► At 52%, companies report a clear focus on growth as fundamentals continue to improve► Although there is growing optimism, a third of companies will continue to focus on cost reduction and operational efficiency► Respondents focused on stability and survival decreased significantly

EY CONFIDENTIAL

Companies with excess cash are investing more in growth and away from returning cash to stakeholders

If your company has excess cash to deploy, which of the following will be your focus over the next 12 months?

Global Global

RomaniaRomania

Organic growth (eg, investing in products, capex, talent retention, R&D)

Inorganic growth (eg, acquisitions, alliances and JVs)

45%

14%

36%

13%

50%

16%

Organic growth (eg, investing in products, capex, talent retention, R&D)

Inorganic growth (eg, acquisitions, alliances and JVs)

53%

17%

Pay down debt

Paying dividends

Buy back stock

24%

11%

6%

31%

12%

8%

18%

11%

5%


Paying dividends

Pay down debt

Buy back stock

14%

14%

2%

► Organic growth remains top preference of companies with excess cash—up to 45%, a resurgence from the Oct 2012 drop► In total, 41% of companies are focused on returning cash to stakeholders, through paying down debt, paying dividends and

buying back stock—a 10 percentage point drop since Oct 2012

Invest in growth Return to stakeholders

EY CONFIDENTIAL

Organic growth will be driven by a portfolio of activities with different risk profiles

What is the primary focus of your company’s organic growth over the next 12 months?

Global Romania

► 30% of companies pursuing organic growth will focus more rigorously on execution of core products/existing markets► Over half of companies will be more bold in pursuing higher risk organic growth strategies

New sales channels

More rigorous focus on core products/existing markets

Changing mix of existing products & services

Increase R&D/product introductions

Exploiting technology to develop new markets/products

Investing in new geographies/markets

31%

23%

15%

15%

8%

8%

More rigorous focus on core products/existing markets

New sales channels

Exploiting technology to develop new markets/products

Changing mix of existing products & services

Increase R&D/product introductions

Investing in new geographies/markets

30%

19%

16%

14%

12%

9%

EY CONFIDENTIAL

Investing dominates the Capital Agenda over the next year

Which statement best describes your organization’s focus over the next 12 months?

The Capital Agenda

Apr-13

12%

Apr-13

33%

Apr-13

48%

Apr-13

7%

EY CONFIDENTIAL

M&A

EY CONFIDENTIAL

Strong consensus - global deal volumes expected to improve over the next year

What is your expectation for M&A/deal volumes in the next 12 months?

Global deal volumes Local deal volumes

► Globally, 72% of companies expect improvement in deal volumes► Only 5% forecast a decline in deal volume of any kind► At the sector level, Technology is most optimistic

Return to historic highs

Strongly improve

Modestly improve

Remain the same

Modestly decline

Strongly decline

3%

17%

52%

23%

4%

1%

0%

14%

42%

29%

10%

5%

Romania Global

Return to historic highs

Strongly improve

Modestly improve

Remain the same

Modestly decline

Strongly decline

0%

0%

45%

38%

12%

5%

Romania

EY CONFIDENTIAL

Appetite for acquisitions is more positive and driven by the increase in number and quality of opportunities

Do you expect your company to pursue acquisitions in the next 12 months?

Level of confidence at the global level

Global


10%

20%

30%

40%

50%

38%

41%31%

25%29%

0%

0%

0%

0%

28%

Expectations to pursue an acquisition

Global Romania

Number of acquisition opportunities

Quality of acquisition opportunities

Likelihood of closing acquisitions

37%

30%

29%

50%

39%

32%

Number of acquisition opportunities

Quality of acquisition opportunities

Likelihood of closing acquisitions

49%

40%

33%

Apr-13Romania

► At 29%, expectation to pursue acquisitions is up from six months ago► 64% of companies who expect to acquire have revenues in excess of US$1billion► Brazil, India and the US are the most likely countries to pursue acquisitions

EY CONFIDENTIAL

Globally twenty-nine percent of respondents expect to pursue acquisitions in the near term while sector appetite varies

Global Romania

Automotive

Technology

Consumer Products

Romania

Diversified Industrial Products

Financial Services

Life Sciences

Power & Utilities

Oil & Gas

Mining & Metals

100%

50%

33%

28%

20%

0%

0%

0%

0%

0%

Technology

Automotive

Life Sciences

Consumer Products

Global

Oil & Gas

Financial Services

Diversified Industrial Products

Mining & Metals

Power & Utilities

34%

33%

32%

30%

29%

27%

26%

26%

24%

23%

► Top sectors to pursue acquisitions are Technology, Automotive and Life Sciences

EY CONFIDENTIAL

Market share gains – new or existing – are the primary drivers of companies inorganic growth strategy

What are the main drivers of your company’s planned acquisition in your chosen market/country? Select two.

Gain share in new markets (product or geography)

Gain share in existing markets

Reduce cost and improve profitability/margin

Leverage distribution networks

Access to technology/intellectual property

61%

45%

21%

17%

14%

55%

46%

26%

14%

13%

57%

44%

20%

18%

17%


Gain share in existing markets

Reduce cost and improve profitability/margin

Gain share in new markets (product or geography)

Access to technology/intellectual property

Leverage distribution networks

58%

42%

17%

17%

0%


► Rationale for planned acquisitions has incrementally migrated toward top-line growth versus cost efficiencies► The use of acquisitions to drive cost and margin efficiencies has declined over the last six months as the level of expected

returns are likely slowing

EY CONFIDENTIAL

Expectations for valuations to increase are at their highest level in two years

What do you expect the price/valuation of M&A assets to do over the next 12 months?

Global Romania

► 44% expect price/valuations to rise in the next year► At 7%, respondents expecting M&A valuations to decrease are at their lowest level


18%27%

7%

41%

42%

49%

41%31%

44%

Apr-13

37%

47%

16%

Increase Remain at current levels Decrease

EY CONFIDENTIAL

While valuation gaps are narrowing, this trend is not expected to continue over the next year

Do you expect the valuation gap between buyers and sellers in the next 12 months to:

Do you believe the valuation gap today between buyers and sellers is...

Less than 10% 10–20% 21–30% Over 30%

27%37%

27%

9%

33% 35%25%

7%

31%

51%

13%5%


Less than 10% 10–20% 21–30% Over 30%

35% 30%

16% 19%

Widen

Stay the same

Contract

19%

53%

28%

16%

58%

26%

17%

62%

21%Apr-13 Oct-12 Apr-12Global Global

Romania Romania

Widen

Stay the same

Contract

12%

69%

19%

► Most respondents (82%) say the gap is 20% or less, compared with 68% in Oct 2012► Fewer (18%) say the gap is 21% or more versus 32% in Oct 2012► A majority (62%) sees the valuation gap at best staying the same over the next year

EY CONFIDENTIAL

Smaller deals are expected to dominate the next 12 months despite significant cash balances and strong availability of credit

What is the expected deal size?

Global Romania

Oct-12 Apr-13

38% 35%

46% 53%

9%6%

7% 6%

Apr-13

80%

20%

0%0%

Over US$1bn US$501m – US$1bn US$51m – US$500m US$50m or less

► Expectation for large deals (above US$1billion) has leveled► While companies are moving toward a growth and investment mindset, conservatism and caution persist

EY CONFIDENTIAL

Top investment destinations continue to evolve while spanning emerging and developed markets Which are the top 5 countries (outside your local market) in which your company is most likely to invest?

Global

April 2013

1 China

2 India

3 Brazil

4 US

5 Canada

1 China

=1 Brazil

=1 Poland

4 Argentina

=4 Austria

Romania

► Top 5 countries for investment in Oct 2012 were China(1), US(2), India(3), Brazil(4) and Germany(5)► Today, the US has dropped to 4th position and Canada enters the top 5► Beyond the top 5, ‘rapid growth’ or new emerging markets dominate► European countries are notably absent from the top 15 destinations in Apr 2013 with the exception of Germany which has moved

to 15th

Top destinations

=1. Poland

4. Argentina

=4. Austria

1. China

=1. Brazil

EY CONFIDENTIAL

Optimism in emerging markets investing persists, but companies are exercising more caution

Which statement best describes your approach to M&A in those emerging markets which are experiencing slowing growth?

► While 76% of respondents remain optimistic about opportunities; only 31% have not changed their approach to investing in emerging markets

► 45% say they will “apply further rigor,” when assessing deals ► 24% are becoming less optimistic or discontinuing their emerging markets strategy entirely

We remain optimistic about opportunities and have not changed our approach to assessing deals in emerging markets

We remain optimistic but will apply further rigor when assessing deal opportunities in emerging markets

We are less optimistic and are reconsidering our emerging markets strategy

We are less optimistic and have already turned our attention more toward developed market deal opportunities

We have discontinued our emerging markets strategy for now

31%

45%

14%

5%

5%

27%

36%

27%

5%

5%

Romania Global

EY CONFIDENTIAL

Regulatory and political risk are now considered the top obstacles to emerging market deals

What is the primary barrier to doing deals in emerging markets?

► The top two responses—regulatory and political risk—account for nearly half (49%) of all respondents► Historical perceptions have subsided around a lack of reliable financial information and valuation gaps as key barriers to

getting deals done in emerging markets

Regulatory risk (including tax exposure)

Political risk

Local business governance practices

Lack of reliable financial information

Increased valuations

Risk of not closing the deal

29%

20%

16%

16%

14%

5%

21%

23%

28%

10%

5%

13%

Romania Global

EY CONFIDENTIAL

Overestimating strategic value is the leading reason for deals not meeting expectations

For acquisitions completed recently, what was the most significant issue that contributed to deals not meeting expectations?

Strategic value overestimated/purchase price multiple too high

Unforeseen liabilities (tax, HR, pension, etc)

Poor execution of integration

Sales price deterioration

Poor operating cost assumptions

Sales volume declines

Loss of customers

30%

17%

14%

13%

13%

9%

4%

16%

8%

21%

15%

15%

19%

6%

31%

10%

19%

16%

9%

10%

5%


Sales volume declines

Strategic value overestimated/purchase price multiple too high

Sales price deterioration

Poor execution of integration

Unforeseen liabilities (tax, HR, pension, etc)

Poor operating cost assumptions

Loss of customers

29%

18%

18%

11%

8%

8%

8%


► 30% cited that overestimating the strategic value of deals was the most significant issue for deals not meeting expectations► Risk from unforeseen liabilities has become a more prominent reason for deals not succeeding► Poor integration and sales volume declines have subsided since Oct 2012

EY CONFIDENTIAL

Companies not pursuing deals largely point to external variables

What is the primary reason for not pursuing acquisitions in the next 12 months?

► Top three variables, totaling 59%, all pertain to factors largely outside of the boardroom and the company’s control

Insufficient acquisition opportunities

Regulatory environment

Valuation gap

Low confidence in business environment

Funding availability

Deal execution and integration capabilities

Low Board/shareholder confidence

21%

20%

18%

13%

11%

11%

6%

10%

6%

10%

26%

28%

10%

10%

Romania Global

EY CONFIDENTIAL

Divestments are becoming a core part of strategy - activity levels reflect a consistent appetite to pursue them

Is your company likely to make an asset sale/divestment in the next 12 months?


20%

30%

40%

20%

26%

31%

19%

18%

38%

12 month outlook

Global Romania

► Divestment intentions have normalized as more companies have shifted from a stabilization to growth agenda► 18% of companies are likely to divest in the next 12 months, consistent with the findings from our recent Global Corporate

Divestment Study

When do you expect to initiate your next divestment? Source: EY Global Corporate Divestment Study 2013

In progress/planning 6-12 months 1-2 years

15%14%

17%Global

EY CONFIDENTIAL

Rationale for divestments continues to evolve as companies recognize the opportunity to use them as a tool for growth and value creation

What are the main drivers of your company’s planned divestment activity? (Select two)

RomaniaGlobal

Focus on core assets

Enhance shareholder value

Raise cash to compensate for underperformance of aggregate business

Shed underperforming business unit

Fund inorganic/ M&A growth plans

56%

32%

29%

24%

21%

51%

30%

18%

22%

19%

56%

25%

23%

17%

17%


Focus on core assets

Enhance shareholder value

Raise cash to compensate for underperformance of aggregate business

Shed underperforming business unit

Fund inorganic/ M&A growth plans

38%

31%

31%

19%

13%

Apr-13

► Focus on core assets and enhancement of shareholder value remain the top two reasons to divest► 29% of companies plan to use divestments to raise cash to compensate for underperformance of the aggregate business up

from 18% in Oct 2012

EY CONFIDENTIAL

Companies planning a divestment primarily focus on business units and consider a variety of structures to maximize value

What form do you expect your divestments to take?

► Most companies (67%) expect to divest business units;16% will contribute to a joint venture (JV)► 17% expect to make full enterprise sales

Sale of business unit

Spinoff/IPO of business unit

Sale of entire business

Contribution of business unit to joint venture

38%

29%

17%

16%

56%

6%

13%

25%

Romania Global

EY CONFIDENTIAL

Companies not pursuing divestment are most concerned about valuation gaps and disruption to the core business

What are the reasons for you not pursuing divestments? Select two.

► 48% and 45% respectively, identify the valuation gap and disruption to the core as the primary concern for not pursuing divestments

► While not considered a top concern, 31% of companies do not feel they are proficient at the divestment process

Ability to realize price/value expectations

Disruption to core/ongoing business

Inability to execute divestment

Exposure to adverse market reaction

48%

45%

31%

21%

31%

42%

19%

19%

Romania Global

EY CONFIDENTIAL

Survey demographics

EY CONFIDENTIAL

Survey demographics

What is your position in the organization?What best describes your company ownership?

What are your company’s annual global revenues in US$?Global

GlobalGlobal

Romania

Romania Romania

Publicly listed

Privately owned

Family-owned

Government/state-owned enterprise

Private equity portfolio company

69%

22%

4%

3%

2%

C-level executive

Head of BU/dept.

SVP/VP/director

50%

29%

21%

Less than $500m

$500m to $999.9m

$1b to $4.9b $5b or more

65%

5% 9%21%

Less than $500m

$500m to $999.9m

$1b to $4.9b $5b or more

17%26%

31%26%

C-level executive

Head of BU/dept.

SVP/VP/director

86%

9%

5%

Publicly listed

Privately owned

Family-owned

Government/state-owned enterprise

Private equity portfolio company

35%

49%

9%

0%

7%

EY CONFIDENTIAL

Proportion of top industries represented

Global Romania

Consumer Products

Financial Services

Mining & Metals

Oil & Gas

Power & Utilities

Automotive

Diversified industrial products

Life Sciences (Healthcare/Provider Care, Pharma, Biotech)

Technology

Construction

Diversified industrial products

Construction

Financial Services

Other

Power & Utilities

Technology

Consumer Products

Real estate

Agriculture & Agribusiness

Other Transportation

Ernst & YoungAssurance | Tax | Transactions | Advisory

About Ernst & Young

Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit www.ey.com.

© 2013 EYGM Limited.

All Rights Reserved.

This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither EYGM Limited nor any other member of the global Ernst & Young organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor.

http://www.ey.com/

ey confidential 8 th capital confidence barometer april 2013 romania results

Documents

level of confidence

romanialocal confidence

confidence spans

employment growth

revenuesey confidentialpage

economic growth mining

monthsey confidentialpage

negative growth