A vision for growth 2015

A vision for growth
Business Outlook Barometer
Romania 2015
Mid-year edition

What is “A vision for growth”?
“A vision for growth” is a survey that explores the perceptions of top executives from major
companies operating in Romania regarding the business outlook for 2015.
This EY report is based on an online survey of 328 C-suite level executives from companies in various sectors,
who provided a perspective on how the domestic business environment is perceived at the middle of 2015.
5 main
findings
1
The outlook for turnover growth is a bit more moderate in H2 2015 – 40% of respondent companies foresee a significant
growth of +10% to +31% of turnover in H2 2015 compared with 48% in H1 2015, while 27% expect a growth rate of +5% to
+10% in 2015, compared with 26% at the beginning of 2015.
The forecasts regarding the evolution of the profit in H2 of 2015 are rather similar to those at the beginning of the
year 21% of the respondents expect the profit growth rate of their company to range from +5% to +10% in H2 2015,
compared with 25% in H1 2015, and a slightly higher percentage of 35% in H2 2015 vs. 34% in H1 2015 expect the
profit of their company to grow between +10 to +31%.
32% of respondents expect no increase in the employees number in H2 2015, up from 19% in H1 2015. This is
an important correction. At the same time, 27% of companies in H2 2015 vs. 36% at the beginning of the year,
say they expect their staff to increase by 1% to 5% this year. Moreover, in H2 2015 only 31% of respondents
expect the number of their employees to grow between +5% and +31%, compared with 35% in H1 2015.
In H2 2015, 10% expect salaries to go up between 10% to 20%, compared to 6% in H1 2015. Although there is a difference
in the bracket “1% to 5%”, which has gone down from 49% in H1 2015 to 37% in H2 2015, there is just a 1% negative
salary growth in H2 2015 compared with 3% at the beginning of the year.
25% of respondents say they have earmarked investment growth rates of +5% to +10% in H2 2015 compared to
23% in H1 2015, followed by 14% who say will increase investments by +10% to +20% vs. 19% in H1 2015, and
13% who foresees their investments going up between 20% and 30% in the next 6 months compared with 17% at
the beginning of the year.
2
3
4
5
See here the previous edition of the survey from February 2015.

A vision for growth
Business outlook survey
Romania 2015
Our survey reflects the increased focus
companies have on sustainable growth in a
business environment which brings both
challenges and opportunities.
Bogdan Ion, Managing Partner, EY Romania

Which is your confidence level in the current economic
direction of the country? (single answer)
Question 1
In mid-2015, 55% of the respondent companies show confidence in the current economic direction of the country, with 12% of
them being “very confident” and 3% being “extremely confident”. This majority of responses illustrates the background of
positive business outlook for the current year.
Total responses: 328
(Skipped this questions: 0)
8%
37%
40%
12%
3%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
Not at all confident
Somehow confident
Confident
Very confident
Extremely confident

Please indicate the main three elements that you think will
define success in your industry in 2015? (only three answers)
Question 2
In the second half of 2015 companies measure their success by a combination of customer satisfaction, financial results, and
brand awareness. In comparison with H1 2015 results, in the current edition “customer satisfaction” goes up from 72% to 84%,
“financial results” goes down from 68% to 66%, while “brand awareness” is on the rise from 41% up to 51%. Most notably, in
H2 2015, customer satisfaction consolidates its first position while brand awareness exchange places with market share.
2%
16%
32%
48%
51%
66%
84%
6%
7%
15%
55%
41%
68%
72%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Going public (IPO)
Number of employees
Number of years on the market
Market share
Brand awareness
Financial results
Customer satisfaction
H1 2015
H2 2015

How much you expect your turnover to grow in 2015?
(single answer)
Question 3
The outlook for turnover growth is a bit more moderate in H2 2015 – 40% of respondent companies foresee a significant
growth of +10% to +31% of turnover in H2 2015 compared with 48% in H1 2015, while 27% expect a growth rate of +5% to
+10% in 2015, compared with 26% at the beginning of 2015.
1%
1%
3%
1%
3%
6%
18%
27%
23%
9%
8%
2%
1%
3%
4%
16%
26%
35%
7%
6%
0% 5% 10% 15% 20% 25% 30% 35% 40%
Exceeding -30%
-20% to -30%
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
H1 2015
H2 2015

(single answer)
Question 3(a) – By industry sector
According to the respondents to the mid-year edition of the survey, the following industries foresee turnover growth rates
exceeding 30%: construction / real estate (17% in H2 vs. 18% in H1 2015), services (13% in H2 vs. 4% in H1 2015), and retail
& wholesale trade (10%, both at the beginning of the year and currently).
Industry sector
Less
than
-30%
-20%
to
-30%
-10
to
-20%
-5
to
-10%
-1%
to
-5%
0%
+1%
to
+5%
+5
to
+10%
+10
to
+20%
+20
to
+30%
Over
30%
Industry / Manufacturing 4% 2% 4% 4% 20% 30% 22% 9% 5%
Services 2% 3% 2% 10% 11% 34% 18% 7% 13%
Construction / Real Estate 4% 4% 12% 4% 21% 21% 17% 17%
Power & Energy 6% 6% 6% 12% 17% 18% 6% 17% 6% 6%
Information Technology (IT) 2% 3% 21% 26% 26% 15% 7%
Retail & Wholesale Trade 7% 3% 7% 13% 20% 30% 10% 10%
Food & Beverages / Agriculture 17% 33% 25% 17% 8%
Transportation 10% 10% 10% 20% 20% 20% 10%
Pharmaceuticals / Healthcare 22% 56% 11% 11%
Telecom 25% 38% 25% 12%

(single answer)
These are the industry sectors which received the largest number of answers per industry. Therefore, we show the distribution
of the answers by these six industries for the questions which regard the expected evolution of turnover, profit, investments,
number of employees, salary level for 2015.
4%
2%
4%
4%
20%
30%
22%
9%
5%
0% 10% 20% 30% 40%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
Industry / Manufacturing
2%
3%
2%
10%
11%
34%
18%
7%
13%
0% 10% 20% 30% 40%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
Services
4%
4%
12%
4%
21%
21%
17%
17%
0% 10% 20% 30%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
Construction / Real Estate
6%
6%
6%
12%
17%
18%
6%
17%
6%
6%
0% 5% 10% 15% 20%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
Power / Energy
2%
3%
21%
26%
26%
15%
7%
0% 10% 20% 30%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
Information Technology
7%
3%
7%
13%
20%
30%
10%
10%
0% 10% 20% 30% 40%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
Retail & Wholesale Trade

(single answer)
Question 3(b) – By revenues
As shown in this chart, the companies that have revenue levels of less than 1 M EUR are more pessimistic regarding the
evolution of their turnover in H2 2015. More interesting are the results shown for the companies with revenue levels of
50-100 M EUR which appear to have conservative prospects for turnover growth in 2015.
67%
50%
38%
17%
44%
55%
40%
32%
31%
43%
48%
33%
38%
33%
22%
25%
42%
33%
43%
50%
41%
25%
17%
5%
2%
18%
13%
7%
4%
50%
17%
5%
7%
9%
7%
4%
17%
33%
10%
9%
8%
7%
4%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Exceeding -30%
-20% to -30%
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
Less than 1 M EUR
1 - 10 M EUR
10 - 50 M EUR
50 - 100 M EUR
100 M EUR+

How much you expect your profit to grow in 2015?
(single answer)
Question 4
The forecasts regarding the evolution of the profit in H2 of 2015 are rather similar to those at the beginning of the year 21% of
the respondents expect the profit growth rate of their company to range from +5% to +10% in H2 2015, compared with 25% in
H1 2015, and a slightly higher percentage of 35% in H2 2015 vs. 34% in H1 2015 expect the profit of their company to grow
between +10 to +31%.
2%
1%
2%
2%
5%
6%
26%
21%
18%
9%
8%
1%
3%
1%
8%
28%
25%
20%
5%
9%
0% 5% 10% 15% 20% 25% 30%
Exceeding -30%
-20% to -30%
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
H1 2015
H2 2015

(single answer)
In H2 2015, 25% of respondents from telecom industry, followed by 13% of respondents from construction/real estate industry
and 11% of respondents from services industry foresee a significant increase of over 30% for their company’s profit, while 20%
of the respondents from the power & energy industry expect a profit decrease of -20% to less than -30%.
Industry sector
Less
than
-30%
-20%
to
-30%
-10
to
-20%
-5
to
-10%
-1%
to
-5%
0%
+1%
to
+5%
+5
to
+10%
+10
to
+20%
+20
to
+30%
Over
30%
Industry / Manufacturing 2% 2% 7% 7% 27% 22% 15% 13% 5%
Services 1% 2% 5% 7% 8% 21% 18% 20% 7% 11%
Construction / Real Estate 4% 12% 8% 42% 17% 4% 13%
Power & Energy 6% 12% 12% 6% 41% 6% 12% 5%
Information Technology (IT) 2% 2% 2% 31% 26% 29% 5% 3%
Retail & Wholesale Trade 2% 3% 3% 5% 10% 12% 18% 15% 22% 10%
Transportation 10% 10% 20% 50% 10%
Pharmaceuticals / Healthcare 11% 11% 12% 22% 22% 22%
Telecom 12% 25% 25% 13% 25%

(single answer)
of answers by these six industries for the questions which regard expected evolution of turnover, profit, investments, number of
employees, salary level for 2015.
2%
2%
7%
7%
27%
22%
15%
13%
5%
0% 10% 20% 30%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
1%
2%
5%
7%
8%
21%
18%
20%
7%
11%
0% 10% 20% 30%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
Services
4%
12%
8%
42%
17%
4%
13%
0% 10%20%30%40%50%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
6%
12%
12%
6%
41%
6%
12%
5%
0% 10% 20% 30% 40% 50%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
Power / Energy
2%
2%
2%
31%
26%
29%
5%
3%
0% 10% 20% 30% 40%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
2%
3%
3%
5%
10%
12%
18%
15%
22%
10%
0% 10% 20% 30%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%

(single answer)
Companies with revenue level of 10-50 M EUR are on the reserved side this time regarding the envisaged profit growth rate.
Also reserved are the companies with revenue levels of less than 1 M EUR and 1-10 M EUR, which have a large percentage
distribution across negative levels of the scale.
33%
50%
40%
33%
47%
41%
38%
28%
48%
23%
48%
50%
60%
67%
18%
50%
34%
40%
36%
50%
32%
17%
12%
14%
12%
13%
4%
50%
12%
5%
8%
6%
4%
7%
8%
23%
4%
8%
12%
7%
8%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Exceeding -30%
-20% to -30%
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
Less than 1 M EUR
1 - 10 M EUR
10 - 50 M EUR
50 - 100 M EUR
100 M EUR+

The results of the mid-year edition reveal that 32% of respondents expect no increase in the employees number in H2 2015, up
from 19% in H1 2015. This is an important correction. At the same time, 27% of companies in H2 2015 vs. 36% at the
beginning of the year, say they expect their staff to increase by 1% to 5% this year. Moreover, in H2 2015 only 31% of
respondents expect the number of their employees to grow between +5% and +31%, compared with 35% in H1 2015.
How much you expect your number of employees
to grow in 2015? (single answer)
Question 5
1%
1%
1%
2%
5%
32%
27%
14%
12%
2%
3%
2%
3%
5%
19%
36%
14%
14%
4%
3%
0% 5% 10% 15% 20% 25% 30% 35% 40%
Exceeding -31%
-20% to -30%
-10% to -20%
-5% to -10%
-1% to -5%
0%
1% to 5%
5% to 10%
10% to 20%
20% to 30%
Exceeding 31%
H1 2015
H2 2015

Information technology (32%) and services industries (18%) are the ones expecting major increases, between +10% and over
+30%, in the number of employees in H2 2015. However, all the industries foresee an increase in the number of employees of
+1% to +10%, this being the bracket where pharmaceuticals / healthcare, transportation, and retail & wholesale trade industry
sectors show the highest percentages.
Industry sector
Less
than
-30%
-20%
to
-30%
-10
to
-20%
-5
to
-10%
-1%
to
-5%
0%
+1%
to
+5%
+5
to
+10%
+10
to
+20%
+20
to
+30%
Over
30%
Industry / Manufacturing 2% 2% 3% 38% 29% 11% 11% 4%
Services 2% 3% 31% 34% 12% 8% 5% 5%
Power & Energy 6% 6% 6% 6% 47% 6% 6% 12% 5%
Information Technology (IT) 2% 2% 2% 14% 26% 22% 22% 5% 5%
Telecom 12% 38% 25% 12% 13%

2%
2%
3%
38%
29%
11%
11%
4%
0% 10% 20% 30% 40%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
2%
3%
31%
34%
12%
8%
5%
5%
0% 10% 20% 30% 40%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
Services
4%
8%
13%
33%
21%
13%
4%
4%
0% 10% 20% 30% 40%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
6%
6%
6%
6%
47%
6%
6%
12%
5%
0% 10% 20% 30% 40% 50%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
Power / Energy
2%
2%
2%
14%
26%
22%
22%
5%
5%
0% 10% 20% 30%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
3%
3%
3%
30%
26%
18%
15%
2%
0% 10% 20% 30% 40%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%

It is quite interesting to see that the companies which have revenue levels of less than 1 M EUR and 1-10 M EUR expect either
increases or decreases across the whole growth scale. At the same time, the companies with revenues of 100 M EUR+ show
single digit percentages in the positive part of the scale.
50%
50%
33%
29%
27%
43%
36%
28%
32%
71%
44%
25%
50%
43%
13%
32%
38%
50%
53%
29%
45%
25%
34%
14%
10%
14%
11%
5%
11%
33%
14%
20%
7%
6%
4%
5%
40%
8%
6%
7%
5%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Exceeding -30%
-20% to -30%
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
Less than 1 M EUR
1 - 10 M EUR
10 - 50 M EUR
50 - 100 M EUR
100 M EUR+

How much you expect your investments to grow in 2015?
(single answer)
Question 6
25% of respondents say they have earmarked investment growth rates of +5% to +10% in H2 2015 compared to 24% in H1
2015, followed by 14% who say will increase investments by +10% to +20% vs. 19% in H1 2015, and 13% who foresees their
investments going up between 20% and exceeding 31% in the next 6 months compared with 17% at the beginning of the year.
1%
1%
1%
1%
19%
25%
25%
14%
4%
9%
1%
1%
2%
19%
17%
24%
19%
7%
10%
0% 5% 10% 15% 20% 25% 30%
Exceeding -31%
-20% to -30%
-10% to -20%
-5% to -10%
-1% to -5%
0%
1% to 5%
5% to 10%
10% to 20%
20% to 30%
Exceeding 31%
H1 2015
H2 2015

(single answer)
The table shows that there are many industries which have earmarked significant investment growth rates for H2 2015.
Moreover, there are industries such as manufacturing, services, constructions / real estate, IT, retail & wholesale trade and
transportation which say their investments for 2015 will go up by more than 30%.
Industry sector
Less
then
-30%
-20%
to
-30%
-10
to
-20%
-5
to
-10%
-1%
to
-5%
0%
+1%
to
+5%
+5
to
+10%
+10
to
+20%
+20
to
+30%
Over
30%
Industry / Manufacturing 2% 27% 16% 20% 18% 4% 13%
Services 1% 20% 21% 30% 15% 5% 8%
Power & Energy 6% 23% 35% 18% 12% 6%
Information Technology (IT) 5% 7% 23% 36% 10% 9% 10%
Food & Beverages / Agriculture 8% 42% 25% 25%
Pharmaceuticals / Healthcare 11% 11% 22% 45% 11%
Telecom 13% 62% 25%

(single answer)
2%
27%
16%
20%
18%
4%
13%
0% 10% 20% 30%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
1%
20%
21%
30%
15%
5%
8%
0% 10% 20% 30% 40%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
Services
4%
8%
34%
17%
8%
17%
4%
8%
0% 10% 20% 30% 40%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
6%
23%
35%
18%
12%
6%
0% 10% 20% 30% 40%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
Power / Energy
5%
7%
23%
36%
10%
9%
10%
0% 10% 20% 30% 40%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%
5%
3%
10%
35%
25%
5%
5%
12%
0% 10% 20% 30% 40%
Exceeding -30%
-10% to -20%
-1% to -5%
+1% to +5%
+10% to +20%
Exceeding 30%

(single answer)
Question 6(b) – On revenues
According to the findings of the current edition of the report, respondents from companies with revenue levels less than 1 M
EUR and 1-10 M EUR rather expect their investments to go down in H2 2015, while respondents from the companies with
revenue levels of 10 to 100 M EUR expect their investments to increase between +1% up to +30%.
25%
100%
34%
40%
32%
46%
35%
36%
32%
50%
100%
100%
33%
37%
35%
22%
48%
50%
68%
11%
15%
11%
11%
7%
25%
7%
7%
10%
2%
7%
33%
5%
11%
11%
4%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Exceeding -30%
-20% to -30%
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
Less than 1 M EUR
1 - 10 M EUR
10 - 50 M EUR
50 - 100 M EUR
100 M EUR+

In H2 2015, 10% expect salaries to go up between 10% to 20%, compared to 6% in H1 2015. Although there is a difference in
the bracket “1% to 5%”, which has gone down from 49% in H1 2015 to 37% in H2 2015, there is just a 1% negative salary
growth in H2 2015 compared with 3% at the beginning of the year. Most importantly, in the current edition of the survey there is
an increase in the number of respondents who foresee salary increases in their company of more than 10% or exceeding 20%.
How much you expect the salary level in your company
Question 7
1%
19%
37%
30%
10%
3%
1%
2%
10%
49%
30%
6%
2%
0% 10% 20% 30% 40% 50% 60%
Exceeding-20%
-10% la -20%
-5% la -10%
-1% la -5%
0%
1% la 5%
5% la 10%
10% la 20%
Exceeding 20%
H1 2015
H2 2015

Industry / manufacturing and information technology industries expect major increases in salary level (over +30%). However,
all the industries foresee an increase in the salary level of +1% to +10%, where transportation, and food & beverages /
agriculture industry and services sectors show the highest percentages.
Industry sector
-10 to
-20%
-5 to
-10%
-1% to
-5%
0%
+1% to
+5%
+5 to
+10%
+10 to
+20%
Over
20%
Industry / Manufacturing 2% 14% 40% 27% 13% 4%
Services 11% 36% 41% 10% 2%
Construction / Real Estate 4% 4% 33% 29% 21% 9%
Power & Energy 35% 35% 12% 18%
Information Technology (IT) 12% 28% 43% 7% 10%
Retail & Wholesale Trade 2% 15% 35% 33% 13% 2%
Food & Beverages / Agriculture 17% 50% 25% 8%
Transportation 20% 40% 40%
Telecom 38% 50% 12%

2%
14%
40%
27%
13%
4%
0% 10% 20% 30% 40% 50%
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
Exceeding 20%
11%
36%
41%
10%
2%
0 0.2 0.4 0.6
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
Exceeding 20%
Services
4%
4%
33%
29%
21%
9%
0% 10% 20% 30% 40%
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
Exceeding 20%
35%
35%
12%
18%
0 0.1 0.2 0.3 0.4
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
Exceeding 20%
Power / Energy
12%
28%
43%
7%
10%
0 0.2 0.4 0.6
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
Exceeding 20%
2%
15%
35%
33%
13%
2%
0% 10% 20% 30% 40%
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
Exceeding 20%

Depending on the industry sector there are SME’s of less than 1 M EUR or 1-10 M EUR that seems to be on the optimistic side
with high percentages (exceeding 20%) of salary growth rates, while the other companies are more conservative regarding the
salary growth rates in 2015.
100%
50%
100%
38%
32%
40%
44%
37%
50%
28%
37%
44%
44%
50%
16%
10%
10%
3%
13%
7%
9%
5%
3%
11%
12%
1%
6%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
Exceeding 20%
Less than 1 M EUR
1 - 10 M EUR
10 - 50 M EUR
50 - 100 M EUR
100 M EUR+

The level of confidence in industry growth consolidates in H2 2015, with 38% of “somewhat confident” responses vs 35% in H1
2015, while the percentage of “very confident” responses remains at the same level of 15%. At the same time, there is a 5%
increase in the “not at all confident” responses, from 7% in H1 to 12% in H2 2015.
How confident do you feel regarding the growth of
your industry, for the next 12 months? (single answer)
Question 8
Total Respondents 306
(Skipped this question: 22)
12%
35%
38%
15%
7%
43%
35%
15%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Slightly confident
Somehow confident
Very confident
H1 2015
H2 2015

In H2 of 2015, the top 3 industries “not at all confident” regarding the growth potential in 2015 are: pharmaceuticals / healthcare
(33%), power & energy (31%) and transportation (30%), while the top 3 “very confident” industries are: chemicals (43%), R&D /
New Technology (33%, and information technology (32%).
your industry, for the next 12 months? (single answer)
26%
8% 6% 2%
33% 31%
17%
5% 5%
25% 30%
15%14%
26%
42%
29%
22%
56%
19% 50%
33%
49% 43%
75%
50% 40%
35%43%
39% 42%
42%
44%
11%
50%
33%
34%
38%
38%
25% 25%
20%
40%
43%
9% 8%
23%
32% 33%
8% 14% 10% 10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Not at all confident Slightly confident Somewhat confident Very confident

In H2 2015, the number of respondents that are slightly confident in the growth of their company in the next 6 months dropped
to 27% from 46% in H1 2015. At the same time, in the present report the percentage of those “somewhat confident” goes up
from 19% in H1 to 40% currently, and the percentage of “very confident” responses goes down from 32% in H1 to 27% in H2.
your company for the next 12 months? (single answer)
Question 9
6%
27%
40%
27%
3%
46%
19%
32%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Slightly confident
Somehow confident
Very confident
H1 2015
H2 2015

In the second half of 2015, the “not at all confident” companies are those from power & energy (31%), while the “very confident”
companies are those from IT (67%).
your company for the next 12 months? (single answer)
9% 8% 4% 5%
22%
31%
5%
25%
10%14%
43% 42%
22%
12%
22%
25%
33%
26%
25% 37%
50%
30%
43%
39% 42%
47%
39%
45% 25%
50%
33%
38%
46% 38%
50%
20%
40%
43%
9% 8%
27%
44%
11%
19% 17%
67%
36%
24% 25% 25% 20%
30%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Not at all confident Slightly confident Somewhat confident Very confident

Low cost remains the main strength of the respondents’ competition in the local market despite decreasing from 41% in H1
2015 to 35% in H2 2015. Brand awareness (trust) decreases from 30% in H1 2015 to 20% in 2015 and is now on the third
place leaving the place to a spectacular new entry in “partnerships” considered by respondents as the second highest strength
of the their competition with 24% in H2 2015 on the rise from 9% at the beginning of the year.
Please select the main strength of your competition in the
local market (Romania). (single answer)
Question 10
33%
13%
20%
24%
8%
2%
41%
13%
30%
9%
5%
2%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Low cost Distribution
channels
Strong brand
awareness
Partenerships R&D Other
H2 2015
H1 2015

Low cost is still seen as a the main strength of the competition across most of the industry sectors, except for strong brand
awareness for pharmaceuticals/healthcare and food & beverages/agriculture industries and partnerships for tourism and
telecommunication/media.
Please select the main strength of your competition in the
local market (Romania). (single answer)
43%
8% 12% 10%
33%
6%
15%
5%
13%
25%
40%
25%
57%
25%
38%
24%
50%
50%
46%
35%
37%
25%
30%
25%
29%
35%
25%
16%
22%
25% 33%
33%
21%
29%
38%
50%
20%
25%
14%
4%
16%
22%
6%
67%
3%
3%
5%
14%
4%
42%
18% 22%
67%
13% 17% 15%
28%
12% 10%
20%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Distribution channels Low cost Partnerships R&D Strong brand awareness

To what extent do you expect your customers' demand
to change in the next 12 months? (single answer)
Question 11
A remarkable 27% of respondents expect their customers’ demand to “increase dramatically” in H2 2015 compared to only 2%
in H1, while 40% of the respondents foresee it to “somewhat increase” down from 64% at the beginning of the year. Just 4%
and 2% believe customers’ demand will “somewhat decrease” or respectively “decrease”.
2%
4%
27%
40%
27%
2%
32%
64%
2%
0% 10% 20% 30% 40% 50% 60% 70%
Decrease dramatically
Somewhat decrease
Stay the same
Somewhat increase
Increase dramatically
H1 2015
H2 2015

To what extent do you expect your customers' demand
to change in the next 12 months? (single answer)
There are only two industry sectors that expect their customers’ demand to decrease over the next 6 months, namely power /
energy and construction / real estate. The industries that have the highest percentage of respondents who say their customers’
demand increase in H2 2015 are chemicals and publishing & printing industries.
4%
19%
15%
29%
39%
33%
30%
29%
56%
25%
17%
33%
20%
22%
25%
30%
65%
14%
35%
50%
40%
34%
33%
44%
33%
33%
54%
50%
37%
75%
50%
20%
57%
22%
17%
30%
37%
11%
12%
50%
34%
26%
28%
38%
25%
20%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Other
Chemicals
Food & Beverages / Agriculture
Pharmaceuticals / Healthcare
Power / Energy
Publishing & Printing
R&D / New Technology
Services
Telecommunication / Media
Tourism
Transportation
Decrease
Stay the same
Somewhat increase
Increase

In your opinion, which is the most important obstacle entrepreneurs
and managers have to overcome to develop the business? (multiple answers)
Question 12
According to the respondents to the current edition of the survey, the most important obstacle entrepreneurs and managers
have to overcome to develop the business is uncertainty (17%) and taxation level (17%), followed by bureaucracy (16%), lack
of political stability and public policy vision (15%), and difficult access to finance (10%).
5%
10%
10%
10%
15%
16%
17%
17%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18%
The state of the local economy
The state of the national economy
Lack of entrepreneurial education
Difficult access to finance
Lack of political stability and public policy vision
Bureaucracy
Taxation level
Uncertainty

On a scale from 1 to 5, please indicate to what extend the following
changes in legislation impacted your business going forward?
(1 - lowest impact, 5 - highest impact) (one answer for each option)
Question 13(a)
Respondents say that the following changes in legislation will have the highest impact & high impact in their businesses going
forward: VAT reduction (50%), reinvested profit redemption (48%), and change of tax system for freelancers (30%).
Total Respondențs: 287
(Skipped this question: 41
52%
9%
10%
34%
20%
17%
13%
15%
10%
26%
27%
21%
10%
22%
19%
14%
8%
26%
31%
16%
0% 20% 40% 60% 80% 100%
Elimination of tax on special construction /
pole tax
Reinvested profit tax redemption
VAT reduction
Change of tax system for freelancers
(PFA/PFI)
Lowest impact (1) (2) (3) (4) Highest impact (5)

Please name other legislative changes for your business operation you
expect in 2015?
Question 13(b)
The number one legislative changes for their business operation that respondents expect in 2015 is the New Fiscal Code (20
responses), followed by salary tax decrease (18 responses), and amended Labor Laws (17 responses).
(Skipped this question: 76
5%
6%
7%
8%
8%
8%
13%
14%
15%
16%
0% 5% 10% 15% 20%
Public acquisition law
Corporate income tax decrease
Fewer taxes
Bureaucracy elimination
CAS reduction
Dividents taxation
VAT decrease
Labor laws
Salary tax decrease
New Fiscal Code
To 15 legislative changes
mentioned by respondents
No. of
answers
New Fiscal Code 20
Salary tax decrease 18
Labor laws 17
VAT decrease 16
Bureaucracy elimination 10
CAS reduction 10
Dividends taxation 10
Fewer taxes 9
Corporate income tax decrease 8
Public acquisition law 6
In dubio contra fiscum 5
Intellectual property laws 5
Anti-corruption law 4
Laws to support SMEs 4
Independent professions 3
Top 10 legislative changes (%)

On a scale from 1 to 5, please rate the importance of innovation for the
successful performance of your company? (1 - lowest impact, 5 - highest impact)
(single answer)
Question 14
Innovation is seen as having a very high impact & high impact in the successful performance of the company by 72% of
respondents in H2 2015 vs. 60% in H1 2015. Also, there is a significant decrease in the responses of “medium impact” (-5%),
“low impact” (-4%), and “no impact” (-2%), which, altogether, place innovation higher on the companies agenda.
2%
6%
20%
34%
38%
4%
11%
25%
32%
28%
0% 5% 10% 15% 20% 25% 30% 35% 40%
No impact (1)
Low impact (2)
Medium impact (3)
High impact (4)
Very high impact (5)
H1 2015
H2 2015

On a scale from 1 to 5, please rate the importance of innovation for the
successful performance of your company? (1 - lowest impact, 5 - highest impact)
(single answer)
There are very few industry sectors where innovation is seen as having the lowest impact for successful performance. These
are: chemicals (17%), construction / real estate (10%), power & energy (6%), and manufacturing (4%).
Total Respondents: 287
17%
10%
4%
6%
11%
9%
9%
2%
11%
17%
8%
7%
10%
19%
36%
20%
3%
25%
31%
33%
38%
32%
33%
38%
9%
27%
40%
33%
50%
33%
33%
44%
29%
62%
25%
12%
47%
50%
33%
46%
40%
55%
56%
19%
50%
67%
18%
31%
38%
75%
50%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Other
Chemicals
Power / Energy / Mining
Services
Tourism
Transportation
Lowest impact (1) (2) (3) (4) Highest impact (5)

What are the main drivers for innovation in your company?
(multiple answers)
Question 15
The most important driver for innovation is efficiency (64%), followed by performance (61%), people (50%), and cost (49%). All
these are facets of the same “operational diamond”: sustainable growth.
1%
11%
11%
14%
17%
21%
25%
47%
49%
50%
61%
64%
0% 10% 20% 30% 40% 50% 60% 70%
Other drivers
Environment preservation
Fewer resources
Technical uncertainty
Market share
Increased production
Change
Competition
Cost
People
Performance
Efficiency

Which of the following best describe your company's primary strategy
for financing its investments in the past 6 months? (single answer)
Question 16
In the first 6 month of 2015 companies used mainly intercompany loans, own resources, or reinvested profit to finance
investments (43%), followed by bank loans (27%). This is consistent with the results of the survey in the past 3 years.
18%
2%
3%
8%
27%
43%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
No investments
Other
Our company used venture capital to finance its
investments
Our company used share capital increase to
finance its investments
Our company used bank loans to finance its
investments
Our company used intercompany loans, own
resources, or reinvested profit to finance its
investments

Which the following best describes your company's preferred strategy
for financing of investments for the following 6 months? (single answer)
Question 17
Intercompany loans, own resources or reinvested profit will remain companies’ preferred strategy to finance investments in the
next 6 months, according to 45% of respondents. The second preferred financing source remain bank loans (26%).
13%
4%
4%
8%
26%
45%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
No investments
Other
Venture capital
Share capital increase
Bank loans
Intercompany loans, own resources, or reinvested
profit

Which of the following factors best describe the reaction of your
company to the business environment in the past year? (single answer)
Question 18
The most important shift in responses is that cost reduction ceases to be the reaction of the respondent companies to the
changes of the business environment (16% in H2 2015 vs. 30% in H1 2015). The first position is occupied now by the
productivity increase (28% in H2 2015 vs. 27% in H1 2015), followed by new products (20% in H2 2015 vs. 19% in H1 2015).
Talent acquisition and access to EU funds show also important percentage increases in the current edition of the survey.
1%
2%
3%
7%
11%
12%
16%
20%
28%
2%
2%
1%
5%
14%
30%
19%
27%
0% 5% 10% 15% 20% 25% 30% 35%
Reduced market coverage
Reduced capital investment
Mergers & Acquisitions
Attraction of EU funds
Talent acquisition
Restructure of the organization
Cost reduction
New products
Productivity increase
H1 2015
H2 2015

In case of stagnation/decline in your current markets what will be the
step/s your company will pursue in the next 6 months? (multiple answers)
Question 19
In case of stagnation / decline of the market 63% of companies in H2 2015 vs. 65% in H1 2015 will stay on the market until is
stable again in order to secure it and increase the trust level. 49% say will transform the market through innovative approaches
and 17% will grow on the market through M&A.
1%
6%
15%
17%
49%
63%
1%
2%
8%
12%
47%
65%
0% 10% 20% 30% 40% 50% 60% 70%
Other
Leave the market and seek new ones
Seek external funding to secure our position on the
market
Grow on the market through M&A (Mergers &
Acquisitions)
Transform the market through innovative approaches
Stay on the market until is stable again in order to
secure it and increase the trust level
H1 2015
H2 2015

In case of stagnation/decline in your current markets what will be the
step/s your company will pursue in the next 6 months? (multiple answers)
While companies from all industries will stay on the market until is stable again in order to secure it and increase the trust level,
the top 3 ones that are ready to transform the market through innovative approaches are: chemicals (72%), publishing &
printing (50%), and pharmaceuticals / healthcare (43%).
14%
47%
50%
47%
32%
43%
46%
50%
50%
40%
36%
50%
40%
53%
6%
6%
6%
5%
4%
2%
7%
20%
72%
22%
31%
28%
41%
43%
27%
50%
50%
38%
28%
33%
40%
8%
14%
11%
13%
4%
13%
14%
11%
7%
17%
17%
31%
14%
12%
9%
8%
13%
12%
8%
3%
4%
0% 20% 40% 60% 80% 100%
Chemicals
Services
Tourism
Transportation
Stay on the market until is stable
again in order to secure it and
increase the trust level
Leave the market and seek new
ones
Transform the market through
innovative approaches
Grow on the market through M&A
(Mergers & Acquisitions)
Seek external funding to secure our
position on the market
Other

Which the following actions is your company taking to
increase sales in 2015? (multiple answers)
Question 20
71% of the companies have introduced new products or services for existing clients and attracted new clients in order to
increase sales in 2015, 43% have increased investment in marketing and sales, 35% have entered new geographical markets,
and 29% have opened new distribution channels. The ones that have cut prices went down from 10% in H1 to 9% in H2 2015.
2%
9%
10%
10%
16%
29%
35%
43%
71%
10%
7%
9%
15%
31%
38%
41%
66%
0% 10% 20% 30% 40% 50% 60% 70% 80%
Other
Cutting prices
Merging with and/or acquiring competitors to increase
market share
Increase prices
Adapting existing product/service for new geographic
markets
Opening new distribution channels/ reorganizing
distribution to use multiple channels
Enter new geographic markets for existing
products/services
Increase investment in marketing and sales
Introducing new products and/ or services for existing
client and to attract new clients
H1 2015
H2 2015

Mention briefly the main challenge that you are noticing now in your
industry/field of activity?
Question 21
There are 3 main challenges noticed by respondent companies in their industry/field of activity in 2015: low competitiveness
(16%), people retention and talent management (14%), and pressure on prices (13%). In the top 10, high level of taxation
comes on the 10th place with only 6%. Digital transformation is no. 4 with 12%, while disruptive innovation is no. 6 with 8%.
6%
6%
7%
7%
8%
11%
12%
13%
14%
16%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18%
High levels of taxation
Labour market and demographics
Sustainable growth
Technological advancements
Disruptive innovation
Legal framework uncertainty
Digital transformation
Pressure on prices
People retention and talent management
Low competitiveness

Mention briefly the main opportunity that you are noticing now in your
industry/field of activity?
Question 22
The 3 main opportunities respondent companies have noticed in their industry/field of activity in 2015: export of IT services
outside of Romania (16), internal market growth potential (13%), and technological advancements at the par with disruptive
innovation (12% each).
16%
13%
12%
12%
11%
10%
8%
7%
6%
5%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18%
Export of IT services outside Romania
Market growth potential
Technological advancements
Disruptive innovation
Access to EU funds
Supporting entrepreneurs
Market consolidation
Changing business models
Energy infrastructure
Partnership with other suppliers

Mention briefly the main industry for potential investment
/development that you are looking at for the next 1-3 years.
Question 23
According to the respondents to the survey, the main industry for potential investment in 2015 is technology (31%), followed by
agriculture & food (12%), and software at the par with real estate & construction (11% each).
1%
1%
1%
5%
7%
10%
10%
11%
11%
12%
31%
0% 5% 10% 15% 20% 25% 30% 35%
Aeronautics & space
Genetics
Healthcare
E-commerce
Big data
Distribution & logistic
Energy
Real estate & construction
Software
Agriculture & food
Technology

Mention briefly the main operational area for potential investment
/development that you are looking at for the next 1-3 years.
Question 24
The most important operational area for potential investment/development in 2015 is new products (22%), followed by new
markets (21%), and people (20%). The respondent companies also focus on production capacity development (17%), and
investments in machinery & equipment (10%).
2%
4%
4%
10%
17%
20%
21%
22%
0% 5% 10% 15% 20% 25%
Research & Development
Brand consolidation
Mergers & Acquisitons
Machinery & equipment
Production capacity
People
New markets
New products

Demographics
The results of this survey reflect the
responses received to our
questionnaire in the period between
16 July and 17 August 2015, from 328
top executives of major companies
operating in Romania.

Romanian company (yes/no) County where the company is based
Demographics
72%
28%
Yes
No
6%
2%
2%
3%
3%
3%
3%
4%
4%
5%
5%
6%
6%
6%
9%
33%
0% 10% 20% 30% 40%
Other
Tulcea
Salaj
Satu Mare
Arad
Vrancea
Iasi
Ilfov
Brasov
Dolj
Cluj
Dambovita
Sibiu
Timis
Prahova
Bucharest

Demographics
Industry sector Company revenue level (for 2015)
1%
2%
2%
3%
3%
3%
3%
4%
5%
7%
7%
13%
13%
17%
17%
0% 5% 10% 15% 20%
Tourism
Chemicals
Transportation
Other (please specify)
Services
38%
38%
10%
7%
7%
0% 10% 20% 30% 40%
Mai puțin de 1 M EUR
1-10 M EUR
10-50 M EUR
50-100 M EUR
100 M EUR

Entity type Respondent’s job title
Demographics
4%
1%
2%
4%
4%
5%
6%
8%
12%
54%
0% 10% 20% 30% 40% 50% 60%
Other (please specify)
CIO/Technology director
Other C-level executive
Head of business unit
Head of department
SVP/VP/Director
CFO/Treasurer/Controller
Board member
Manager
CEO/President/Managing
director
2%
5%
6%
87%
0% 20% 40% 60% 80% 100%
Government/State-owned
enterprise
Publicly listed
Private Equity Portfolio
Company
Privately owned

We would like to thank all who have responded to our questionnaire and thus made
possible the existence of this mid-year edition of the survey. We have been very
glad to see the increasing interest in this survey reflected in the increasing number
of responses received. A special thank you goes to Diana Dumitrașcu, Executive
Executiv, doingbusiness.ro, for her significant and always prompt support in the
preparation of this survey.
This is a quantitative survey/analysis which aims at showcasing the trends of the surveyed topic and advance working hypotheses
which might be subsequently validated by extensive market research conducted on representative samples. This written material is
accurate to the best of our knowledge at the time of issue. It is, however, meant as a general guide and comes with the
recommendation that professional advice be sought before any action is taken.
Elena Badea
Associate Director
Branding, Marketing and Communication
EY Romania
elena.badea@ro.ey.com
Constantin Măgdălina
Knowledge Management
Branding, Marketing and Communication EY
Romania
constantin.magdalina@ro.ey.com
The project team

EY | Assurance | Tax | Transactions | Advisory
About EY
EY is a global leader in assurance, tax, transaction and
advisory services. The insights and quality services we
deliver help build trust and confidence in the capital
markets and in economies the world over. We develop
outstanding leaders who team to deliver on our promises
to all of our stakeholders. In so doing, we play a critical
role in building a better working world for our people, for
our clients and for our communities.
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All Rights Reserved.
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A vision for growth 2015

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