A vision for growth 2016

A vision for growth
Business outlook barometer
Romania 2016

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 2016. In this edition we also provide comparative data with the similar
surveys conducted at the beginning of 2014 and 2015.
This EY report is based on an online survey of 421 C-suite level executives from companies in various sectors,
who provided a perspective on how the domestic business environment is perceived at the beginning of 2016.
5 main
findings
1
In 2016 companies seem to measure their success by a combination of customer satisfaction, financial results, and market
share. “Customer satisfaction” goes up from 78% in 2014 and 72% in 2015 to 83% in 2016. “Financial results” have landed
on the plateau of 68% in 2016 after a 28% fall in 2015, from 96% in 2014. Compared with 2014 (63%) and 2015 (55%),
“market share” goes marginally up from 55% to 56%, while “brand awareness” is on the rise from 41% up to 51%.
According to the results of our survey, 41% of respondent companies foresee a significant growth of +10% to +30%
of turnover in 2016, while 32% expect a growth rate of +5% to +10% in 2016. The forecasts regarding the evolution
of the profit in 2016 are optimistic as well, since 28% of the respondents profit growth rates in the interval from +5%
to +10% and 32% expect the profit of their company to grow between +10% to over 30%.
20% of respondents expect no increase in the employees number in 2016. At the same time, 35% of companies
say they expect their staff to increase by +1% to +5% this year. Moreover, 36% of respondents expect the
number of their employees to grow between +5% and over 30%. These percentages lead us to believe that the
projected expansion of businesses in 2016 commensurate with the optimism of the economic growth.
In 2016, most companies (44%) expect salaries to go up between +1% to +5%, followed by 31% of companies which
expect salaries to go up by +5% to +10% and 12% of companies which expect higher increases of +10% to more than
20%. Still 13% of companies expect no changes in the salary level in 2016.
25% of respondents say they have earmarked investment growth rates of +1% to +5% in 2016 compared to 17% in
H2 2015, followed by 45% who say will increase investments by +5% to +20% vs. 42% in H2 2015, and 11% who
foresees their investments going up between 20% and exceeding 30% in 2016, compared with 17% at in second
half of last year.
2
3
4
5
See here the previous edition of the survey from February 2015.

A vision for growth
Business outlook barometer
Romania 2016
Our survey reflects the increased focus
companies have on sustainable growth in a
business environment which, in spite of the
prospects for a positive economic evolution,
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 – Overall responses
At the beginning of 2016, 63% of the respondent companies show confidence in the current economic direction of the country,
with 13% of them being “very confident” and 2% being “extremely confident”. This majority of responses illustrates the
background of positive business outlook for the current year.
Total responses: 421
(Skipped this questions: 0)
5%
32%
48%
13%
2%
0% 10% 20% 30% 40% 50% 60%
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? (only three answers)
Question 2 – A 3-year perspective
In 2016 companies seem to measure their success by a combination of customer satisfaction, financial results, and market share.
“Customer satisfaction” goes up from 78% in 2014 and 72% in 2015 to 83% in 2016. “Financial results” have landed on the plateau of
68% in 2016 after a 28% fall in 2015, from 96% in 2014. Compared with 2014 (63%) and 2015 (55%), “market share” goes marginally
up from 55% to 56%, while “brand awareness” is on the rise from 41% up to 51%.
78%
96%
63%
39%
7% 7% 9%
72%
68%
55%
41%
15%
7% 6% 4%
83%
68%
56%
51%
26%
13%
4% 1%
0%
20%
40%
60%
80%
100%
120%
Customer
satisfaction
Financial
results
Market share Brand
awareness
Number of
years on the
market
Number of
employees
Going public
(IPO)
Other
2014 2015 2016

How much you expect your turnover to grow in 2016?
(single answer)
The outlook for turnover growth is somehow in line with the positive economic growth for 2016. According to the results of our
survey, 41% of respondent companies foresee a significant growth of +10% to +30% of turnover in 2016, while 32% expect a
growth rate of +5% to +10% in 2016.
2%
3%
2%
20%
32%
23%
12%
6%
0% 5% 10% 15% 20% 25% 30% 35%
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%

(single answer)
Question 3 – By industry sector
According to responses received to fist half-year edition of the survey for 2016, the following are the top 3 industries that
foresee turnover growth rates exceeding 30%: pharmaceuticals industry (17%), IT (16%), and construction/real estate (13%).
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 5% 2% 5% 24% 26% 27% 9% 2%
Retail & Wholesale Trade 2% 20% 46% 12% 14% 6%
Services 3% 3% 3% 10% 50% 13% 18%
Information Technology (IT) 3% 13% 22% 30% 16% 16%
Food & Beverages / Agriculture 21% 31% 21% 21% 6%
Construction / Real Estate 6% 9% 13% 22% 31% 6% 13%
Power & Energy 10% 14% 19% 29% 10% 14% 4%
Transportation 5% 26% 48% 16% 5%
Pharmaceuticals / Healthcare 16% 25% 17% 25% 17%
Telecom 9% 9% 9% 18% 37% 18%

(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 2016.
5%
2%
5%
24%
26%
27%
9%
2%
0% 10% 20% 30%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
Industry / Manufacturing
2%
20%
46%
12%
14%
6%
0% 20% 40% 60%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
Retail & Wholesale Trade
3%
3%
3%
10%
50%
13%
18%
0% 20% 40% 60%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
Services
3%
13%
22%
30%
16%
16%
0% 10% 20% 30% 40%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
Information Technology
21%
31%
21%
21%
6%
0% 20% 40%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding…
Food & Beverages / Agriculture
6%
9%
13%
22%
0%
13%
0% 10% 20% 30%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
Construction / Real Estate
Not shown intervals received zero answers.

(single answer)
Question 3 – By revenues
As shown in this chart, the large companies (those with revenue levels between 50 and 100 M EUR+) are more pessimistic
regarding the evolution of their turnover in 2016. Also interesting are the results shown for SME’s with revenue levels of under
50M EUR which appear to have optimistic prospects for turnover growth in 2016.
33%
20%
11%
11%
15%
10%
12%
8%
34%
10%
14%
8%
6%
8%
8%
11%
20%
34%
29%
25%
34%
30%
19%
40%
22%
36%
38%
37%
36%
34%
22%
10%
33%
10%
14%
13%
14%
31%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
100 M EUR+
50 - 100 M EUR
10 - 50 M EUR
1 - 10 M EUR
Less than 1 M EUR

How much you expect your turnover to grow? (single answer)
In the last 3 years we note positive developments that trend at all levels, starting with the decrease in the range + 1% to + 5%
from 37% in 2014 to 20% in 2016 and the 5% increase in the number of companies that expect their turnover to grow by + 20%
and over +30% in 2016.
2%
2%
20%
32%
23%
12%
6%
2%
1%
3%
4%
17%
26%
35%
7%
2%
3%
37%
30%
19%
2%
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%
2014 2015 2016

How much you expect your profit to grow in 2016?
(single answer)
The forecasts regarding the evolution of the profit in 2016 are optimistic as well, since 28% of the respondents expect profit
growth rates in the interval from +5% to +10% and 32% expect the profit of their company to grow between +10% to over 30%.
2%
2%
7%
29%
28%
18%
10%
4%
0% 5% 10% 15% 20% 25% 30% 35%
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%

(single answer)
In 2016, 12% of respondents from food & beverages/agriculture industry, followed by 11% of respondents from IT industry
foresee a significant increase of over 30% for their company’s profit, in contrast with 19% of the respondents from the power &
energy industry expect a profit decrease of -5% to -10%.
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%
Retail & Wholesale Trade 2% 40% 24% 24% 10%
Services 2% 11% 24% 24% 24% 10% 5%
Food & Beverages / Agriculture 3% 18% 46% 12% 9% 12%
Construction / Real Estate 6% 10% 28% 31% 19% 6%
Power & Energy 19% 5% 29% 14% 14% 5% 9% 5%
Transportation 5% 37% 37% 21%
Pharmaceuticals / Healthcare 42% 8% 33% 17%
Telecom 18% 28% 9% 27% 18%

(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 2016.
1%
1%
9%
30%
31%
16%
7%
5%
0% 20% 40% 60%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
2%
40%
24%
24%
10%
0% 20% 40% 60%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
2%
11%
24%
24%
24%
10%
5%
0% 20% 40% 60%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
Services
5%
19%
27%
25%
13%
11%
0% 20% 40% 60%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
3%
18%
46%
12%
9%
12%
0% 20% 40% 60%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
6%
10%
28%
31%
19%
6%
0% 20% 40% 60%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%

(single answer)
Companies with revenue level of 10-50 M EUR are more optimistic regarding the envisaged profit growth rate for 2016. On the
reserved side are the large companies with revenue levels of 100 M EUR+, which have a large percentage distribution across
the negative level of -5% to -10% interval of the scale.
50%
13%
12%
12%
14%
13%
6%
17%
13%
3%
11%
11%
5%
13%
17%
38%
30%
30%
29%
27%
21%
28%
37%
33%
37%
36%
38%
33%
39%
16%
12%
21%
10%
12%
16%
20%
27%
0% 20% 40% 60% 80% 100%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
100 M EUR+
50 - 100 M EUR
10 - 50 M EUR
1 - 10 M EUR
Less than 1 M EUR

How much you expect your profit to grow? (single answer)
In the past 3 years, companies have reduced their expectations of profit levels exceeding 30%, from 7% in 2014, to 4% in 2016. Still,
the following interval of positive profit growth rates (+20% to +30%) has seen a small increase in 3 years and there were slight
negative fluctuation of the percentages in the interval +10% to +20% and +1% to +5%. Also noteworthy is the constant lowering of
percentages of the number of companies expecting 0% profit growth rate.
2%
2%
7%
29%
28%
18%
10%
4%
1%
3%
1%
8%
28%
25%
20%
5%
9%
2%
6%
10%
30%
21%
19%
7%
7%
0% 5% 10% 15% 20% 25% 30% 35%
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%
2014 2015 2016

20% of respondents expect no increase in the employees number in 2016. At the same time, 35% of companies say they expect their
staff to increase by +1% to +5% this year. Moreover, 36% of respondents expect the number of their employees to grow between +5%
and over 30%. These percentages lead us to believe that the projected expansion of businesses in 2016 commensurate with the
optimism of the economic growth.
How much you expect your number of employees
to grow in 2016? (single answer)
1%
2%
6%
20%
35%
19%
10%
4%
3%
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%

Telecom (45%) and IT (32%) are the ones expecting major increases, between +10% and over 30%, in the number of
employees in 2016. However, all the industries foresee an increase in the number of employees of +1% to +10%, this being the
bracket where services, construction/real estate and transportation 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%
Retail & Wholesale Trade 6% 28% 42% 14% 4% 4% 2%
Services 3% 5% 5% 40% 26% 11% 5% 5%
Information Technology (IT) 3% 19% 27% 19% 21% 8% 3%
Food & Beverages / Agriculture 3% 6% 15% 18% 21% 24% 3% 3% 7%
Construction / Real Estate 3% 25% 38% 28% 6%
Power & Energy 14% 9% 9% 29% 19% 5% 5% 5% 5%
Transportation 10% 11% 53% 5% 11% 5% 5%
Pharmaceuticals / Healthcare 8% 33% 34% 17% 8%
Telecom 28% 18% 9% 27% 18%

2%
7%
18%
35%
22%
13%
2%
1%
0% 20% 40% 60%
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
6%
28%
42%
14%
4%
4%
2%
0% 20% 40% 60%
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
3%
5%
5%
40%
26%
11%
5%
5%
0% 20% 40% 60%
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
Services
3%
19%
27%
19%
21%
8%
3%
0% 20% 40% 60%
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
3%
6%
15%
18%
21%
24%
3%
3%
7%
0% 20% 40% 60%
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%
3%
25%
38%
28%
6%
0% 20% 40% 60%
-10% to -20%
-5% to -10%
-1% to -5%
0%
+1% to +5%
+5% to +10%
+10% to +20%
+20% to +30%
Exceeding 30%

Quite interestingly, the companies which have revenue levels between 50-100 M EUR show very conservative prospects
regarding staff growth in 2016 or even expect important decreases in their number of employees. The companies with the most
positive prospects regarding the number of employees increases are those with revenue levels between 1-10 M EUR.
67%
25%
32%
12%
8%
13%
12%
13%
8%
50%
16%
12%
6%
4%
10%
12%
16%
33%
13%
28%
23%
31%
31%
27%
31%
15%
12%
16%
40%
38%
40%
34%
31%
38%
8%
13%
17%
12%
17%
13%
23%
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%
+20% to +30%
Exceeding 30%
100 M EUR+
50 - 100 M EUR
10 - 50 M EUR
1 - 10 M EUR
Less than 1 M EUR

The 3-year perspective on companies’ expectations regarding the evolution of their number of employees show a steep
decrease of percentages for 0% staff number growth, from 37% in 2014 to 20% in 2015 and 2016. The corresponding increase
is seen in the interval +1% to +5% (30% in 2014, 35% in 2016) and in the interval +5% to +10% (5% in 2014, 19% in 2016).
to grow? (single answer)
1%
2%
6%
20%
35%
19%
10%
3%
2%
3%
5%
36%
14%
14%
4%
5%
9%
37%
30%
5%
9%
5%
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%
2014 2015 2016

How much you expect your investments to grow in 2016?
(single answer)
25% of respondents say they have earmarked investment growth rates of +1% to +5% in 2016 compared to 17% in H2 2015,
followed by 45% who say will increase investments by +5% to +20% vs. 42% in H2 2015, and 11% who foresees their
investments going up between 20% and exceeding 30% in 2016, compared with 17% at in second half of last year.
1%
1%
1%
1%
15%
25%
24%
21%
6%
5%
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%

(single answer)
The table shows that there are many industries which have earmarked significant investment growth rates for 2016. Moreover,
there are industries such as pharmaceuticals/healthcare, telecommunications, and IT which say their investments for 2016 will
go up by +20% to over 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 1% 1% 1% 15% 23% 27% 21% 5% 6%
Retail & Wholesale Trade 2% 2% 10% 24% 28% 26% 4% 4%
Services 25% 27% 20% 20% 5% 3%
Food & Beverages / Agriculture 3% 7% 18% 33% 24% 6% 9%
Construction / Real Estate 3% 16% 34% 22% 12% 10% 3%
Power & Energy 10% 5% 5% 28% 19% 9% 19% 5%
Pharmaceuticals / Healthcare 8% 31% 8% 31% 15% 7%
Telecom 10% 10% 40% 20% 20%

(single answer)
1%
1%
1%
15%
23%
27%
21%
5%
6%
0% 20% 40% 60%
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%
2%
2%
10%
24%
28%
26%
4%
4%
0% 20% 40% 60%
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%
25%
27%
20%
20%
5%
3%
0% 20% 40% 60%
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%
Services
8%
22%
22%
30%
8%
10%
0% 20% 40% 60%
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%
3%
7%
18%
33%
24%
6%
9%
0% 20% 40% 60%
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%
3%
16%
34%
22%
12%
10%
3%
0% 20% 40% 60%
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%

(single answer)
According to the findings of the current edition of the report, respondents from companies with revenue levels of 1-10 M EUR
are quite positive and expect their investments to go up in 2016, followed by companies with revenue levels of 10-50 M EUR.
The most reserved outlook regarding investments is shown by companies with revenue levels of 50-100 M EUR.
33%
67%
33%
10%
11%
12%
16%
9%
13%
20%
33%
7%
14%
5%
11%
4%
4%
40%
32%
32%
25%
28%
26%
26%
40%
33%
34%
36%
33%
38%
37%
52%
26%
34%
33%
15%
10%
20%
8%
9%
31%
0% 20% 40% 60% 80% 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%
100 M EUR+
50 - 100 M EUR
10 - 50 M EUR
1 - 10 M EUR
Less than 1 M EUR

How much you expect your investments to grow? (single answer)
The chart shows that only 15% of companies expect no increase in investments in 2016 compared to 19% in the previous year.
Also, the most important increase of +8% is seen in the number of companies which expect their investments to grow by +1%
to +5% in 2016, whilst there is a significant decrease in the number of companies which expect investments to grow by +30%.
1%
1%
1%
1%
15%
25%
24%
21%
6%
5%
1%
2%
19%
17%
23%
19%
7%
10%
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%
2015 2016

In 2016, most companies (44%) expect salaries to go up between +1% to +5%, followed by 31% of companies which expect
salaries to go up by +5% to +10% and 12% of companies which expect higher increases of +10% to more than 20%. Still 13%
of companies expect no changes in the salary level in 2016.
How much you expect the salary level in your company
13%
44%
31%
10%
2%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Exceeding -20%
-10% la -20%
-5% la -10%
-1% la -5%
0%
+1% la +5%
+5% la +10%
+10% la +20%
Exceeding 20%

No less than 18% of companies in retail & wholesale trade expect major increases in salary level of +10% to +20%. However,
all the industries foresee an increase in the salary level of +1% to +5%, the interval where telecommunications, food &
beverages / agriculture, and retail & wholesale trade industry sectors show the highest percentages.
Industry sector
Less
than
-20%
-10%
to
-20%
-5%
to
-10%
-1%
to
-5%
0%
+1%
to
+5%
+5%
to
+10%
+10%
to
+20%
Over
20%
Industry / Manufacturing 10% 42% 36% 12%
Retail & Wholesale Trade 8% 48% 26% 16% 2%
Services 21% 34% 32% 10% 3%
Information Technology (IT) 11% 41% 35% 11% 2%
Food & Beverages / Agriculture 6% 52% 33% 9%
Construction / Real Estate 19% 44% 31% 6%
Power & Energy 48% 43% 5% 4%
Pharmaceuticals / Healthcare 17% 42% 25% 16%
Telecom 9% 64% 18% 9%

10%
42%
36%
12%
0% 20% 40% 60%
0%
+1% to +5%
+5% to +10%
+10% to +20%
Exceeding 20%
8%
48%
26%
16%
2%
0% 20% 40% 60%
0%
+1% to +5%
+5% to +10%
+10% to +20%
Exceeding 20%
21%
34%
32%
10%
3%
0% 20% 40% 60%
0%
+1% to +5%
+5% to +10%
+10% to +20%
Exceeding 20%
Services
11%
41%
35%
11%
2%
0% 20% 40% 60%
0%
+1% to +5%
+5% to +10%
+10% to +20%
Exceeding 20%
6%
52%
33%
9%
0% 50% 100%
0%
+1% to +5%
+5% to +10%
+10% to +20%
Exceeding 20%
19%
44%
31%
6%
0% 20% 40% 60%
0%
+1% to +5%
+5% to +10%
+10% to +20%
Exceeding 20%

Depending on the industry sector there are SMEs of 1-10 M EUR that seems to be on the optimistic side with high percentages
of expected salary growth rates, while the other companies are more conservative regarding the salary growth rates in 2016.
14%
14%
11%
10%
18%
10%
6%
7%
14%
25%
31%
27%
21%
14%
29%
34%
41%
33%
43%
14%
11%
15%
29%
29%
0% 20% 40% 60% 80% 100%
0%
+1% to +5%
+5% to +10%
+10% to +20%
Exceeding 20%
100 M EUR+
50 - 100 M EUR
10 - 50 M EUR
1 - 10 M EUR
Less than 1 M EUR

Besides the decrease in the number of companies which expected no salary changes, from 19% in 2014 to 13% in 2015, there is a
even more significant decrease in the number of companies expecting only a 1-5% salary growth rate, from 60% in 2014 to 44% in
2016. The corresponding increase is shown in the number of companies earmarking salary increases of +5% to over 20% both in 2015
and 2016.
to grow? (single answer)
13%
44%
31%
10%
2%
1%
2%
11%
49%
30%
6%
19%
60%
19%
2%
0 0.1 0.2 0.3 0.4 0.5 0.6 0.7
Exceeding -20%
-10% la -20%
-5% la -10%
-1% la -5%
0%
+1% la +5%
+5% la +10%
+10% la +20%
Exceeding 20%
2014 2015 2016

The level of confidence in industry growth consolidates in 2016, with 42% of “somewhat confident” responses vs 34% in 2015,
and 30% in 2014. The percentage of “very confident” responses increases to 17% in 2016, from 15% in 2015 and 7% in 2014.
At the same time, there is a 5% increase in the “not at all confident” responses, from 7% in 2015 to 12% in 2016.
How confident do you feel regarding the growth of
your industry, for the next 12 months? (single answer)
12%
29%
42%
17%
7%
43%
34%
15%
14%
49%
30%
7%
0% 10% 20% 30% 40% 50% 60%
Slightly confident
Somewhat confident
Very confident
2014 2015 2016

In 2016, the top 3 industries “not at all confident” regarding the sector’s growth potential are: power & energy (38%), telecom
(18%), and chemicals (17%), while the top 3 “very confident” industries are: R&D / New technology (50%), IT (36%), and
tourism (27%).
your industry, for the next 12 months? (single answer)
Total Respondents 399
(Skipped this question: 22)
17%
3% 10% 11% 6% 8%
38%
17% 14% 11% 18% 13% 12%
42%
36%
30% 23%
17%
33%
19%
50%
50%
36%
25%
27% 40%
37%
33%
41%
42% 37% 51%
42%
42%
43% 16%
40%
50% 37% 20% 50%
43%
19% 23%
15%
36%
17% 17%
50%
10% 14% 18%
27%
13% 12%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Not at all confident Slightly confident Somewhat confident Very confident

The number of respondents that are slightly confident in the growth of their company drop to 20% in 2016, from 45% in 2015,
and 23% in 2014. At the same time, the percentage of those “somewhat confident” goes up from 19% in 2015 to 42% currently,
and the percentage of “very confident” responses goes up from 32% in 2015 to 25% currently.
your company for the next 12 months? (single answer)
20%
42%
35%
3%
45%
19%
32%
23%
37%
40%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Slightly confident
Somewhat confident
Very confident
2014 2015 2016

In 2016, the top 3 industries “not at all confident” regarding the company’s growth potential are: power & energy (14%), tourism
(13%), and telecom (10%), while the top 3 “very confident” industries are: food & beverage / agriculture (57%), chemicals
(50%), publishing & printing (50%) and R&D / New technology (50%).
your company for the next 12 months? (single answer)
8% 3% 4%
14%
4% 10% 13%
8% 16%
10%
21%
14% 8%
33%
17%
33% 20% 28%
20% 13%
24% 21%
34%
52%
33%
39%
53%
50%
34%
33%
17% 41% 39% 30% 40% 41%
61%
50%
29%
57%
36% 33%
42%
19%
50% 50%
35% 33%
40% 34% 35%
18%
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 2015 to
33% in 2016. Brand awareness (trust) decreases from 37% in 2014, to 29% in 2015 and up to 30% in 2016, and is now on the
second place. A spectacular increase is seen in Partnerships up to 17% in 2016 from only 9% in 2014 and 2015.
Please select the main strength of your competition in the
local market (Romania). (single answer)
26%
37%
9%
14%
7% 7%
41%
29%
9%
13%
5%
3%
33%
30%
17%
14%
6%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Low cost Strong brand
awareness (trust)
Partnerships Distribution
channels
R&D Other
2014 2015 2016

Low cost is still seen as a the main strength of the competition across most of the industry sectors, except for strong brand
awareness in pharmaceuticals / healthcare, publishing & printing, services, and tourism industries, as it is partnerships for the
power & energy sector and R&D in case of new technology sector.
Please select the main strength of your competition in the
local market (Romania). (single answer)
3%
37%
13% 17%
25%
5%
17%
28%
6%
18% 20%
6% 6%
33%
52%
20%
31%
33% 17%
33%
33%
42%
28%
37% 27%
44%
36%
8%
26% 20%
17% 3% 25% 38%
17%
8%
17%
27%
20%
28%
12%17%
3%
3%
7% 17%
5%
50%
3%
9%
3%
42%
16% 20%
32% 30% 33%
19%
50%
33%
22%
46%
9%
33%
22%
43%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Distribution channels Low cost Partnerships R&D Strong brand awareness (trust)

To what extent do you expect your customers' demand
to change in the next 12 months? (single answer)
A remarkable 62% of respondents expect their customers’ demand to “somewhat increase” in 2016 compared to only 3%
which expect it to “increase dramatically”. Just 5% believe customers’ demand will “somewhat decrease”, while 30% expect it
to stay the same.
0%
5%
30%
62%
3%
0% 10% 20% 30% 40% 50% 60% 70%
Decrease dramatically
Somewhat decrease
Stay the same
Somewhat increase
Increase dramatically

To what extent do you expect your customers' demand
to change in the next 12 months? (single answer)
There is only one industry sector which expect their customers’ demand to decrease dramatically in 2016, namely services
industry sector. The industries that have the highest percentage of respondents who say their customers’ demand will increase
dramatically in 2016 are pharmaceuticals / healthcare and R&D / New technology industries.
3%
3%
4%
3%
17%
5%
17%
2%
3%
64%
58%
61%
67%
60%
75%
42%
57%
17%
67%
60%
58%
64%
80%
67%
21%
42%
39%
27%
33%
17%
41%
33%
50%
16%
32%
28%
27%
20%
33%
12%
3%
3%
5%
5%
33%
6%
8%
9%
3%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Other
Chemicals
Pharmaceuticals / Healthcare
Power / Energy / Mining
Publishing & Printing
R&D / New Technology
Services
Telecommunication / Media
Tourism
Transportation
Increase dramatically Somewhat increase Stay the same Somewhat decrease Decrease dramatically

In your opinion, which is the most important obstacle entrepreneurs
and managers have to overcome to develop the business? (multiple answers)
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 bureaucracy (54%) and uncertainty (53%), followed by lack of political stability
and public policy vision (51%), and taxation level (49%).
15%
25%
30%
37%
49%
51%
53%
54%
0% 10% 20% 30% 40% 50% 60%
The state of the local economy
Difficult access to finance
Lack of entrepreneurial education
The state of the national economy
Taxation level
Lack of political stability and public policy vision
Uncertainty
Bureaucracy

On a scale from 1 to 5, please indicate to what extend the following
changes in legislation will impact your business in 2016?
(1 - lowest impact, 5 - highest impact) (one answer for each option)
Question 13 – By intensity of impact
Respondents say that the following changes in legislation will have the highest impact & high impact in their businesses going
forward: reinvested profit tax exemption (64%), decrease of tax on dividends (58%), and reduction to 20% of VAT (55%).
Total Respondențs: 348
(Skipped this question: 73
17%
17%
20%
52%
42%
19%
25%
17%
19%
25%
18%
20%
23%
26%
32%
27%
25%
14%
18%
23%
34%
17%
25%
23%
10%
14%
23%
11%
17%
12%
7%
6%
6%
12%
4%
0% 20% 40% 60% 80% 100%
Other
Reinvested profit tax exemption
Reduction to 20% of VAT
Change of the tax system for freelancers (PFA/PFI)
Relaxation of taxation regime for micro-companies
Decrease of tax on dividends rate
New developments in the international taxation (BEPS,
FATCA, CRS)
Lowest impact (1) (2) (3) (4) Highest impact (5)
58%
55%
64%

Please name other legislative changes for your business operation
you expect in 2016?
The number one legislative changes for their business operation that respondents expect in 2015 is the salary tax decrease (33
responses), followed by fewer taxes (28) and an amended Labor legislation (24 responses).
(Skipped this question: 212
Legislative changes mentioned
by respondents
No. of
answers
Decrease of salary taxes 33
Fewer taxes 28
Labor legislation 24
Corporate income tax decrease 18
Excises legislation 17
Other 16
Simplified access to EU funds 16
Laws to support SMEs 14
Public acquisition law 11
Less bureaucracy 11
Energy laws 9
Tax exemption for the reinvested profit 9
Insolvency law 3
Top 10 legislative changes (%)
18%
15%
13%
10%
9%
9%
9%
7%
5%
5%
0% 5% 10% 15% 20%
Decrease of salary taxes
Fewer taxes
Labour legislation
Corporate income tax decrease
Excises legislation
Other
Simplified access to EU funds
Laws to support SMEs
Public acquisition law
Less bureaucracy

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)
Innovation is seen as having a very high impact & high impact in the successful performance of the company by 74% of
respondents in 2016. Only of companies see innovation as having a “medium impact”, and even fewer (7%) consider
innovation of “low impact”, while just 1% say innovation is of “no impact” on their business agenda.
1%
7%
18%
39%
35%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
No impact
Low impact
Medium impact
High impact
Very high impact

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: transportation (7%) and services (6%). The industries where innovation has the highest impact are pharmaceuticals /
healthcare (67%), R&D / New technology (60%), and IT (52%).
Total Respondents: 348
43%
18%
19%
46%
38%
52%
67%
26%
20%
60%
30%
23%
14%
33%
27%
37%
55%
50%
36%
44%
33%
33%
42%
60%
40%
40%
37%
43%
25%
20%
10%
9%
19%
14%
12%
15%
32%
20%
21%
26%
29%
34%
40%
3%
18%
12%
4%
6%
9%
8%
14%
8%
7%
7%
6%
6%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Other
Chemicals
Services
Tourism
Transportation
Highest impact (5) (4) (3) (2) Lowest impact (1)

What are the main drivers for innovation in your company?
(multiple answers)
The most important driver for innovation is efficiency (66%), followed by performance (62%), people (51%), the need to beat
competition (48%) and cost (47%). Unfortunately, the lowest percentages are recorded by: environment preservation (13%),
technical uncertainty (10%), and diminishing resources (6%).
1%
6%
10%
13%
23%
29%
34%
47%
48%
51%
62%
66%
0% 10% 20% 30% 40% 50% 60% 70%
Other
Fewer resources
Technical uncertainty
Environment preservation
Increased production
Market share
Change
Cost
Competition
People
Performance
Efficiency

What are the main drivers for innovation in your company?
(multiple answers)
The most important driver for innovation in publishing & printing sector is lack of people (36%), in R&D / New technology is
performance (21%), in services sector is also performance (20%), and in retail & wholesale trade is efficiency (19%).
1%
5%
3%
2%
2%
3%
2%
4%
3%
7%
5%
9%
13%
7%
8%
8%
12%
8%
9%
16%
9%
7%
10%
10%
5%
11%
11%
14%
15%
12%
11%
16%
10%
15%
5%
13%
11%
7%
10%
14%
2%
9%
4%
9%
12%
2%
4%
6%
7%
5%
1%
5%
7%
7%
9%
4%
5%
9%
7%
5%
4%
10%
8%
8%
7%
13%
8%
16%
18%
17%
16%
15%
19%
16%
17%
14%
16%
19%
19%
16%
15%
18%
13%
7%
14%
11%
12%
12%
20%
16%
14%
11%
14%
8%
13%
12%
14%
17%
13%
17%
10%
16%
18%
12%
14%
14%
21%
18%
20%
17%
18%
13%
1%
2%
1%
2%
2%
3%
4%
5%
2%
7%
2%
5%
5%
4%
3%
4%
1%
8%
7%
2%
1%
3%
3%
16%
18%
12%
14%
9%
15%
8%
8%
36%
21%
14%
15%
13%
10%
13%
1%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Other
Chemicals
Services
Tourism
Transportation
Technical uncertainty Change Cost Increased production
Market share Efficiency Competition Performance
Fewer resources Environment preservation People All of the above

Which of the following best describe your company's primary strategy
for financing its investments in the past 12 months? (single answer)
In 2015 companies used mainly intercompany loans, own resources, or reinvested profit to finance investments (43%),
followed by bank loans (34%). Compared to 2014, there is a 9% increase in intercompany loans and own resources and a 20%
decrease in bank loans.
2%
3%
6%
12%
34%
43%
0% 10% 20% 30% 40% 50%
Other
Our company used venture capital
to finance its investments
Our company used share capital
increase to finance its investments
No investments
Our company used bank loans to
finance its investments
Our company used intercompany
loans, own resources, or reinvested
profit to finance its investments
2016
2%
3%
6%
12%
34%
43%
12%
23%
5%
42%
18%
2%
10%
54%
34%
0% 10% 20% 30% 40% 50% 60%
Other
Our company used venture capital
to finance its investments
Our company used share capital
increase to finance its investments
No investments
Our company used bank loans to
finance its investments
Our company used intercompany
loans, own resources, or reinvested
profit to finance its investments
2014 2015 2016

Which of the following best describe your company's primary strategy
for financing its investments in the past 12 months? (single answer)
In 2015 companies from all industries used mainly intercompany loans, own resources, or reinvested profit to finance investments,
followed by bank loans. Financing by share capital increase appear in the chart only at companies from publishing & printing (20%)
and pharmaceuticals / healthcare (17%). No investments are shown mainly in services (31%) and trade (21%) industry sectors.
27%
64%
38%
39%
37%
36%
33%
26%
20%
20%
35%
31%
29%
17%
33%
43%
18%
50%
43%
45%
52%
50%
48%
20%
80%
37%
23%
71%
67%
47%
7%
7%
11%
3%
17%
5%
20%
5%
9%
3%
9%
4%
4%
3%
3%
5%
2%
7%
17%
9%
8%
7%
1%
3%
16%
20%
21%
31%
16%
13%
3%
3%
3%
20%
6%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Other
Chemicals
Services
Tourism
Transportation
Our company used bank loans to finance its investments
Our company used intercompany loans, own resources, or reinvested profit to finance its investments
Our company used share capital increase to finance its investments
Our company used venture capital to finance its investments
No investments
Other

Which the following best describes your company's preferred strategy
for financing of investments for the following 12 months? (single answer)
Intercompany loans, own resources or reinvested profit will remain companies’ preferred strategy to finance investments in
2016, according to 46% of respondents, up from 13% in 2015. The second preferred financing source will be bank loans (34%),
down from 53% in 2015.
2%
2%
6%
10%
34%
46%
0% 10% 20% 30% 40% 50%
Other
Venture capital
Share capital increase
No investments
Bank loans
Intercompany loans, own
resources, or reinvested profit
2016
2%
2%
6%
10%
34%
46%
9%
21%
4%
53%
13%
12%
49%
39%
0% 10% 20% 30% 40% 50% 60%
Other
Venture capital
No investments
Bank loans
resources, or reinvested profit
2014 2015 2016

Which the following best describes your company's preferred strategy
for financing of investments for the following 12 months? (single answer)
Intercompany loans, own resources or reinvested profit will remain companies’ preferred strategy to finance investments in
2016 across all industry sectors as well. The second preferred financing source will be bank loans, while share capital increase
will be used by pharma companies (33%), and venture capital will be used by publishing & printing companies (20%).
25%
64%
32%
50%
38%
39%
17%
33%
20%
20%
36%
25%
29%
17%
26%
46%
27%
64%
32%
53%
43%
50%
39%
40%
60%
40%
34%
71%
42%
67%
4%
14%
4%
9%
33%
6%
20%
7%
10%
4%
1%
6%
20%
3%
18%
9%
4%
4%
3%
3%
22%
20%
12%
22%
33%
7%
3%
1%
5%
6%
8%
0% 20% 40% 60% 80% 100%
Other
Chemicals
Food & Beverages /…
Services
Tourism
Transportation
Bank loans
resources, or reinvested
profit
Venture capital
No investments
Other

Which of the following factors best describe the reaction of your
company to the business environment in the past year? (single answer)
The most important shift in responses is that cost reduction ceases to be the reaction of the companies to the changes of the
business environment (21% in 2016 vs. 30% in 2015). The first position is occupied now by the productivity increase (27% in
2016 and 2015), followed by new products (19% in 2016 and 2015 vs. 17% in 2014). Talent acquisition and access to EU
funds show also important percentage increases in the current edition of the survey.
1%
2%
4%
4%
6%
16%
21%
2%
1%
5%
14%
19%
30%
27%
5%
2%
5%
2%
15%
17%
22%
32%
0% 5% 10% 15% 20% 25% 30% 35%
Other
Reduced capital investment
Reduced market coverage
Mergers & Acquisitions
Attraction of EU funds
Talent acquisition
Restructure of the organization
New products
Cost reduction
Productivity increase
2014 2015 2016

Which of the following factors best describe the reaction of your
company to the business environment in the past year? (single answer)
Productivity increase was the most important reaction of companies transportation to the business environment in the past year
(47%), while companies in chemicals focused on cost reduction (46%), companies in R&D / New technology focused on
attraction of EU funds (40%) and companies on publishing & printing focused on new products (40%).
4%
7%
4%
9%
40%
9%
9%
18%
46%
36%
25%
17%
9%
17%
33%
20%
20%
19%
16%
43%
8%
20%
4%
4%
7%
3%
6%
20%
7%
3%
14%
28%
18%
12%
14%
22%
12%
33%
17%
40%
26%
16%
14%
25%
7%
25%
27%
20%
25%
32%
37%
17%
11%
20%
20%
26%
22%
14%
42%
47%
9%
4%
1%
2%
1%
5%
6%
8%
7%
16%
18%
20%
18%
16%
27%
20%
12%
25%
20%
14%
12%
3%
12%
6%
3%
3%
15%
8%
6%
17%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Other
Chemicals
Services
Tourism
Transportation
Attraction of EU funds
Cost reduction
Mergers & Acquisitions
New products
Productivity increase
Reduced capital investment
Reduced market coverage
Restructure of the organization
Talent acquisition
Other

In case of stagnation/decline in your current markets what will be the
step/s your company will pursue in the next 12 months? (multiple answers)
In case of stagnation / decline of the market 70% of companies will stay on the market until is stable again in order to secure it
and increase the trust level in 2016 compared to 65% in 2015 and 56% in 2014. In 2016, 47% say will transform the market
through innovative approaches and 15% say that will grow on the market through M&A.
2%
7%
10%
15%
47%
70%
1%
2%
8%
12%
47%
65%
5%
10%
10%
56%
56%
0% 10% 20% 30% 40% 50% 60% 70% 80%
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
2014 2015 2016

In case of stagnation/decline in your current markets what will be the
step/s your company will pursue in the next 12 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: food & beverages (41%),
transportation (36%), and pharmaceuticals / healthcare (34%).
43%
60%
52%
34%
49%
42%
33%
42%
38%
28%
49%
54%
67%
61%
52%
10%
6%
7%
6%
2%
3%
12%
4%
2%
8%
26%
28%
30%
41%
34%
33%
34%
19%
38%
27%
29%
33%
22%
31%
36%
10%
6%
9%
16%
7%
8%
33%
20%
12%
18%
10%
9%
8%
4%
9%
6%
3%
2%
4%
15%
16%
27%
8%
2%
11%
2%
0% 20% 40% 60% 80% 100%
Other
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? (multiple answers)
73% of the companies are introducing new products or services for existing clients and attracted new clients in order to
increase sales in 2015, 41% are increasing the investments in marketing and sales, 40% are entering new geographical
markets, and 38% are opening new distribution channels. Only 14% are cutting prices and 11% are increasing prices.
2%
9%
11%
14%
23%
38%
40%
41%
73%
7%
9%
10%
15%
31%
38%
41%
66%
7%
5%
10%
22%
29%
32%
24%
80%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Other
Merging with and/or acquiring competitors to increase
market share
Increase prices
Cutting 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
2014 2015 2016

Which of the following actions is your company taking to
increase sales in 2016? (multiple answers)
Companies from all industries are planning to enter new geographic markets for existing products/services and also to
introduce new products and/or services for existing clients and to attract new clients. It is noteworthy that 10% of companies
from transportation sector are cutting prices, while 10% of companies in food & beverages are increasing prices.
15%
18%
16%
14%
19%
20%
14%
23%
31%
18%
10%
18%
26%
8%
9%
30%
36%
30%
24%
30%
27%
33%
28%
23%
28%
35%
29%
26%
21%
30%
18%
10%
23%
17%
13%
15%
20%
16%
23%
18%
19%
15%
7%
21%
15%
11%
7%
5%
5%
12%
16%
5%
8%
24%
3%
7%
27%
8%
12%
16%
18%
12%
18%
12%
14%
13%
13%
8%
12%
20%
15%
25%
15%
4%
2%
7%
4%
4%
13%
5%
5%
3%
7%
4%
4%
7%
10%
3%
2%
7%
4%
7%
7%
9%
6%
7%
5%
5%
7%
2%
7%
10%
4%
4%
4%
18%
2%
0% 20% 40% 60% 80% 100%
Other
Chemicals
Services
Tourism
Transportation
Enter new geographic markets for existing
products/services
Introducing new products and/ or services for
existing client and to attract new clients
Increase investment in marketing and sales
Adapting existing product/service for new
geographic markets
Opening new distribution channels/ reorganizing
distribution to use multiple channels
Merging with and/or acquiring competitors to
increase market share
Increase prices
Cutting prices
Other

Mention briefly the main challenge that you are noticing now in your
industry/field of activity? (number of answers)
There are 3 main challenges respondent companies notice in their industry/field of activity for 2016 are the following: pressure
on margins (46 responses), difficult labor market and demographic conditions (42 responses), and low competitiveness of the
Romanian economy (27 responses).
9
11
11
11
14
14
14
14
17
19
19
27
42
46
0 5 10 15 20 25 30 35 40 45 50
Cash flow management
Cost cutting
Legal framework uncertainty
Managing financial risks
Customer satisfaction
Harsh competition
Poor infrastructure
Sustainable growth
Business development
Corruption
Political instability
Low competitiveness
Labor market and demographics
Pressure on margins

Mention briefly the main opportunity that you are noticing now in your
industry/field of activity? (number of answers)
The 3 main opportunities respondent companies notice in their industry/field of activity for 2016 are the following: domestic
market growth potential (48 responses), decreased VAT rate (28 responses), partnerships & alliances (24 responses).
5
6
10
10
10
11
11
12
13
16
20
20
21
24
28
48
0 10 20 30 40 50 60
Cloud technology
Low costs
Access to EU funds
e-commerce
Energy infrastructure
Disruptive innovation (IoT)
Social economy
Market consolidation
Changing business models
Entering new markets
More entrepreneurial businesses
Technological advancements
Growing demand for IT services
Partnerships and alliances
Decreased VAT
Domestic market growth potential

Mention briefly the main potential for investment /development that
you are looking at for the next 1-3 years in your industry.
According to the respondents to the survey, the main potential for investment in 2016 is triggered by the need to increase efficiency
(21% of companies), followed by the need to expand the market with new customer segments (17%), and expand the market in new
countries (16%). The need to secure sustainability is mentioned as an area for future development only by 8% of companies.
2%
8%
8%
14%
15%
16%
17%
21%
0% 5% 10% 15% 20% 25%
Other
Secure sustainability
Expand market with new regions (in Romania)
Change/adapt the business model
Expand operations
Expand market in new countries
Expand market with new customer segments
Increase efficiency

Demographics
The results of this survey reflect the
responses received to our
questionnaire in the period between
27 January and 12 February 2016,
from 421 top executives of major
companies operating in Romania.

Romanian company (yes/no) County where the company is based
Demographics
60%
40%
Yes
No
18%
1%
2%
2%
2%
2%
2%
3%
3%
3%
4%
5%
6%
7%
40%
0% 10% 20% 30% 40% 50%
Other
Constanța
Arad
Bihor
Sibiu
Prahova
Bacău
Iași
Argeș
Mureș
Timiș
Brașov
Ilfov
Cluj
București

Demographics
Industry sector Company revenue level (for 2015)
8%
1%
2%
3%
3%
3%
3%
4%
5%
8%
8%
9%
9%
13%
21%
0% 10% 20% 30%
Other
Chemicals
Pharmaceuticals /…
Tourism
Transportation
Food & Beverages /…
Services
14%
35%
28%
10%
13%
0% 10% 20% 30% 40%
Less than 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
2%
6%
10%
82%
Government/State-owned
enterprise
Private Equity portfolio
company
Publicly listed
Privately owned
0% 25% 50% 75% 100%
6%
4%
4%
4%
5%
6%
9%
15%
16%
31%
0% 10% 20% 30% 40%
Other
CIO/Technology director
Head of business unit
Other C-level executive
Board member
SVP/VP/Director
CFO/Treasurer/Controller
Head of department
Manager
CEO/President/Managing
director

We would like to thank all who have responded to our questionnaire and thus made
possible the existence of this 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
Director of 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 & Communication
EY Romania
elena.badea@ro.ey.com
Constantin Măgdălina
Senior Knowledge Management
Branding, Marketing & 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.
© 2016 EYGM Limited.
All Rights Reserved.
ey.com

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