INTERVIEW: The local delivery sector will expand this year, boosted by the B2C segment, while more companies are exploring fresh markets outside the EU, says Daniel Kearvell, managing director at DHL Express Romania »page 8
ROMANIA’S PREMIER BUSINESS WEEKLY
LINKS
MAY 26 - JUNE 1, 2014 / VOLUME 18, NUMBER 19
CYBERCRIMINALS ARE BECOMING MORE AND MORE SOPHISTICATED IN THEIR ATTACKS, AS SOARING DATA MAKE MORE FIRMS VULNERABLE, WARN ONLINE SECURITY EXPERTS »PAGE 6
Real estate developers have residential projects in mind – but banks are still keeping a tight hold on financing, complain industry players » pages 10-11
ANOTHER LEVEL? TAX & LAW SUPPLEMENT issue 2 focuses on insolvency
INTERVIEW
CITY
Brand and deliver
Film lovers’ TIFF
The social media revolution means firms no longer need huge resources to make an impact, says Gabriela Salinas, global brand manager at Deloitte
Organizers have announced the star-studded line-up of the Transilvania International Film Festival, the hottest ticket in the local movie calendar
» page 7
» page 12
www.business-review.eu Business Review | May 26 - June 1, 2014
NEWS 3
NEWS in brief BANKING Raiffeisen profit slumps 27.5 percent in Q1 2014 Raiffeisen Bank International (RBI) posted a first-quarter post-tax profit of EUR 22 million in Romania, down 27.5 percent from EUR 30 million in the first quarter of 2013. Pre-tax earnings dropped 30 percent, from EUR 36 million to EUR 25 million. Operational income decreased by 2.8 percent, from EUR 115 million in the first quarter of last year to EUR 112 million in the same period this year. Net income from interest rates were down 6 percent year on year, to EUR 67 million, while net income from taxes and commissions rose 4.3 percent to EUR 38 million. Income obtained from transactions dropped 7 percent to EUR 6 million. RBI assets in Romania were down 4 percent, from EUR 6.53 billion in December to EUR 6.26 billion at the end of March. The credit balance increased 1.2 percent to EUR 4.32 billion, while deposits decreased 5 percent in the interval, from EUR 4.34 billion to EUR 4.13 billion.
comes against the backdrop of Romania’s burgeoning smartphone market.
PROPERTY
The space leased by Ericsson in the building will thereby increase to 16,000 sqm. The lease was also prolonged until 2019. Ericsson Romania relocated its activity to the West Gate office compound in 2008, when it rented 4,000 sqm.
Soravia finishes Starlight conversion, plans to invest EUR 80 million in new office project
RESEARCH
MEDIA
The local subsidiary of Austrian real estate developer Soravia Group has completed a EUR 1.5 million investment in the conversion of the Starlight Suites hotel in Bucharest into office space, the company has announced. The hotel was located on the grounds of Metropolis Center, an office and retail project Soravia opened in 2009. Following the conversion, the hotel’s 70 rooms were turned into 5,500 sqm of class B+ office space, adding to the project’s existing 11,000 sqm of class A office space. Soravia could invest up to EUR 80 million over the next year in developing a new office project in Bucharest of a similar size to Metropolis Center, said Hanno Soravia, one of the developer’s two founders, in a press conference. The company is presently negotiating the purchase of land for the project and said it would provide more details over the coming weeks.
Mediafax Group enters classifieds business
AFI Palace Cotroceni revenue up 6.7 percent to EUR 7.3 mln
Mediafax Group has signed an agreement with Anuntul de la A la Z (AZ.ro), marking the group’s entry into the free classifieds business, according to wallstreet.ro. With this partnership, Mediafax will compete on a market that includes players such as OLX.ro (formerly Mercador.ro), Tocmai.ro and Okazii.ro. According to the Ministry of Finance, Anuntul de la A la Z posted a turnover of RON 1.47 million (approximately EUR 330,600) in 2012 and net revenues of RON 1.48 million (approximately EUR 333,500). The company had seven employees at that time.
Shopping mall AFI Palace Cotroceni has reported a net revenue increase of 6.7 percent in Q1 2014, to EUR 7.3 million. Officials estimate that the company will post total revenue of EUR 29 million at the end of the year, similar to the result last year. In 2013, AFI Europe reported a net income gain of 6.5 percent, to EUR 28.7 million, from renting commercial space in its shopping mall, the Israeli company’s first project in Romania. Moreover, AFI Palace Cotroceni recorded an increase in traffic (visitors to the mall) to 55,000 per day in the first quarter of 2014 and an occupancy rate of 98 percent. AFI Palace Cotroceni posted total value of EUR 375 million at the end of September 2013. AFI Palace Ploiesti went up EUR 6.2 million, to EUR 64.2 million. The traffic remained stable at 15,000 visitors per day and the occupancy rate grew to 99 percent in April.
ONLINE Calin Fusu takes over 20 pc of Clever Taxi phone app Clever Tech, a company started in 2011 by two Politehnica graduates, has received financing from Calin Fusu, one of the most well-known IT entrepreneurs in the country. The firm’s main asset is the Clever Taxi phone app, which has been used to place 5 million cab orders since its launch, writes zf.ro. As Fusu acquired a 20 percent share package in the company, the investment is likely to be worth about EUR 200,000. It
Ericsson Romania takes up additional office space in West Gate Telecom equipment manufacturer Ericsson Romania will be expanding its office space in West Gate by an additional 4,000 sqm this fall. The block is one of the two Bucharest office projects owned by Genesis Development, controlled by Romanian businessman Liviu Tudor.
Millward Brown buys Daedalus Consulting from founders Daniel and Dragos Enescu Millward Brown, owned by WPP, has signed an agreement for the complete takeover of Daedalus Consulting from founders Daniel and Dragos Enescu. Included in the deal is subsidiary Visionwise Consulting, Mediafax reports. Daedalus Consulting, which became a member of Millward Brown’s network nine years ago, employs 110 people, providing brand research and brand communication services to local and multinational companies active in Romania. The value of the transaction has not been made public. Daniel Enescu will be president of the Millward Brown Romania board where his responsibilities will include administering and developing opportunities in other markets.
TELECOM Vodafone revenues, customer base remain stable Vodafone Romania had 8.19 million mobile customers on March 31, marking growth of over 104,000 subscribers year-on-year, according to key performance indicators for the fiscal year from April 1 2013, to March 31, 2014.Service revenues for the year reached EUR 703.7 million, down by 0.9 percent on the year before, on an organic basis, mostly due to the cut in mobile termination rates. Excluding the effect of the cut (effective September 1, 2012), service revenue for the year increased by 2 percent. Service revenue for the quarter ended March 31 was EUR 173.6 million, up by 3.8 percent year on year, also on an organic basis. Total revenues reached EUR 748.5 million, down by 2.2 percent from last year. Mobile data revenue increased by 20.5 percent in the quarter ended March 31, compared to the same period of last year. For the full year, mobile data revenue increased by 25.1 percent. Vodafone’s EBITDA reached EUR 248.4 million. On March 31, postpaid customers accounted for 41 percent, and prepaid customers 59 percent of the mobile base. The proportion remained flat compared to the last financial year.
WEEK AHEAD May 26 SMEs HOW TO For the second year in a row, Business Review is organizing SMEs HOW TO, an event dedicated to providing fresh and relevant information for the SME sector. The event will bring together entrepreneurs, policymakers and SME support organizations from the private and public sectors, with other intermediary bodies. Register on the business-review.eu website or email events@business-review.eu.
08.30, Platinum Hall, Howard Johnson Hotel, Bucharest May 29 Course in Romanian Mentality Casa Paleologu presents a course on “the Romanian mentality” aimed at foreigners residing in Romania who wish to learn more about local mentalities for professional or personal reasons. The first meeting will take place on May 29, and BR readers who sign up for the course get a free six-month online subscription to Business Review. More information can be found on the business-review.eu website.
19.00, Casa Paleologu. May 31 - June 2 Techsylvania The first edition of Techsylvania will be divided into two sections: Hackathon on wearable technologies and a series of conferences on innovation and technology. BR readers get a special discount when registering for the tech event. More information can be found on the business-review.eu website.
Cluj Arena (Hackathon) and ClujHub (conference).
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5 Oracle president: The Romanian branch is the fourth most important worldwide
www.business-review.eu Business Review | May 26 - June 1, 2014
4 NEWS INVESTMENT
Romania adopts ‘action plan’ to boost economic ties with US P
Courtesy of presidency.ro
rime Minister Victor Ponta said last week during a joint press conference with US Vice-President Joe Biden that the government has started to implement an action plan to increase the presence of US companies in Romania, covering an array of fields including commerce and economic development. Biden said that the most important step Romania could take to attract investments and create jobs would be to strengthen its rule of law and at the same time continue clamping down on corruption. Valeriu Nistor, president of AmCham Romania, and Eric Stewart, president of the Romanian-American Business Council, said in an opinion piece that the action plan was intended to improve the quality of public policy in Romania. “Decision makers will benefit from the crucial experience of industry experts when drafting legislation in the public interest – it is free, qualified advice. Additionally, guaranteeing the appropriate public access to draft legislation and conducting proper impact assessments prior to adopting new rules will allow the business community and other stakeholders to flag potential unintended consequences that could harm ordinary Romanians,” said the two advocacy group representatives in a statement. During a joint press conference with
All the vice-president’s men: VP Biden met President Basescu and other leaders President Traian Basescu, Biden said that there was still “important work ahead” in order to further enhance trade, investment and energy security between the two countries. Mihail Marcu, president of Romanian Business Leaders, an association promoting entrepreneurship, told BR the country was “looking good” from an macroeconomic perspective, although there were still unresolved issues related
to legislation and corruption. Biden’s visit comes on the backdrop of the ongoing tensions in Ukraine, following Russia’s annexation of the Crimean Peninsula. NATO has expanded its presence in the region and the vicepresident strongly stated that the US would honor Article 5 of the NATO Treaty, which says an armed attack against one NATO member is an attack against the whole alliance.
“We also spoke at some length about energy security and how national security and energy security come together in this part of the world in the need to ensure that Russia can no longer continue to use its energy resources and European dependence on those resources as a weapon – a weapon against anyone in this region,” said Biden. “And that's why I believe that the development of a secure, diverse and interconnected energy market in Europe is the next big step for our European colleagues to initiate in a great project of European economic integration,” he added. Two American oil majors are currently working on projects in Romania that could enhance national energy security, according to commentators. Chevron has started shale gas exploration in eastern Romania, while ExxonMobil has an ongoing exploration program with Austrian company OMV Petrom in the Black Sea. Analysts say that if these deposits are proven viable, exploitation will start by the end of the decade. In the meantime, Romania is building a gas pipeline that has reached the Republic of Moldova, in a bid to reduce its dependency on Russian imports. PM Ponta also assured the US VP that Romania will ramp up its public defense spending to 2 percent of GDP in the next two years. ∫ Ovidiu Posirca
REAL ESTATE
Czech-ing out the market: S Group seeks land for new office project in Bucharest A fter officially delivering the EUR 57.5 million Green Gate office project in Bucharest last week, Czech developer S Group is looking to buy more land in the capital for another office project, said Vladimira Novakova, managing director of Green Gate Development. The Bucharest office market is growing, with demand being mostly fueled by out-sourcing, call center and IT companies, she went on. At present there are several large players active in these fields from the US that are in the process of registering local entities, added the MD. A firm decision regarding S Group’s next project in Romania will be taken this autumn as the company’s main focus at present is leasing the remain-
ing 40 percent of the 31,000 sqm office project located on Tudor Vladimirescu Blvd. The developer wants to buy land in the project’s vicinity or in a similarly central location as it does not want to compete against the Pipera and Floreasca areas in northern Bucharest, said Novakova. The land on which Green Gate was developed was bought in 2007 for about EUR 1,000/sqm, but in the meantime the prices of premium land in Bucharest have dropped to about EUR 600 to EUR 650/sqm, she added. For its next development, S Group is also considering a mixed office and retail scheme and entering a joint venture, added Novakova. As in the case of Green Gate, the future project will most likely be fi-
nanced by a foreign bank, said the MD. “Speaking of the local banks, I think I personally met with all of them at a high level (…) and we were not able to get financing locally (…) I think most of the developers are walking in the same shoes as us. Financing usually comes from their home country or from Austria and Germany,” she said. Green Gate was opened following a EUR 57.5 million investment, about EUR 39 million of which came from Czech lender PPF Bank.
EUR 5.5 million in revenues on the table With a 31,000 sqm GLA of class A office space, Green Gate is the largest office scheme to be delivered this year
in Bucharest. More than 60 percent of the project is leased, with the main tenant being local IT company Teamnet, which has leased around 10,000 sqm for its 600 employees for a seven-year period. Other tenants are Mapei Romania, Teaha Management Consulting and Fujitsu Siemens. A building the size of Green Gate gets fully leased in about a year, said Novakova. When this happens, S Group expects a net operating income of EUR 5.5 million per year. Average headline rents in the projects are around EUR 15.5/sqm/month, according to the company. The 11-storey building was completed in 19 months and the general contractor was Bog’Art Group. ∫ Simona Bazavan
www.business-review.eu Business Review | May 26 - June 1, 2014
NEWS5
ART MARKET
Online auction house Lavacow launches at Art Safari
Photo: Mihai Constantineanu
Contemporary East, Lavacow Auction #1 takes place on May 27 at 21.00
L
avacow, the Artmark art group’s international subsidiary, was due to be launched at last week’s Art Safari pavilion. Specialized in technology, it is the first online auction house dedicated to emerging European art, with a focus on post-war and contemporary artists from Eastern Europe. The costs are half as much as traditional auction
houses charge, 8-12 percent compared to 18-27 percent, and may be waived entirely if the user recommends the platform and brings new users to use it. The project involved a concept called the New Revolutionary Auction Room, which allows users to experience an art auction simulation, similar to an online game, where they can customize their
presence through an avatar designed by comic artist Alexandru Ciubotariu of Pisica Patrata street brand. Following log-in, bids can be placed online before the start of the auction in a preview or real-time, during the online live auction. At the first bid credit card details must be provided. The online platform supports sales, with Lavacow promoting works by contemporary Eastern European artists of international renown. According to Cristina Olteanu, cofounder and CEO of Lavacow Romania, the Contemporary East, Lavacow Auction #1 will put up for sale a selection of works by up-and-coming Eastern European artists, alongside those of their more established counterparts. Victor Man, Dora Maurer and Dan Perjovschi are just a few examples of artists formed in Eastern Europe who today enjoy international acclaim. The auction will take place on May 27, at 21.00, and will consist of 49 works with an estimated value of EUR 50,000 to EUR 70,000. Starting prices range from EUR 200 to EUR 5,000. ∫ Oana Vasiliu
WHO’S NEWS BR welcomes information for Who’s News. Submissions may be edited for length and clarity. Get in touch at simona.bazavan@business-review.ro
Georgiana Andrei
has been promoted to director of the office and retail agency at Colliers International Romania. She has been working for the real estate service firm since 2003, and has experience in consulting, brokerage as well as HR management. Since 2009, Andrei has headed the firm’s retail department, which presently has two divisions – shopping centers and high street – and a team of 10 consultants.
Veselin Milicici
has been appointed CRM manager of Wizz Air, and will be based in the airline’s Budapest office. He has been with the airline for five years as regional marketing manager and will now be handling the CRM system development across the entire Wizz Air network. Milicici, a Romanian professional, joined the Wizz Air team in
2009 since when has been responsible for various markets such as Romania, Bulgaria, Serbia, Macedonia, Turkey, Lithuania, Ukraine, Slovenia, Italy, Spain, France, Germany and the United Kingdom.
Oana Olteanu
has been promoted to senior associate by Biris Goran. She joined the firm in 2008 and has extensive experience in litigation, arbitration, and insolvency matters. Olteanu has a special focus on corporate governance, debt recovery disputes, tax and customs disputes as well as labor matters. In February 2012, she was admitted as a licensed insolvency practitioner, and in this capacity she is acting as liquidator and trustee on numerous multi-million EUR insolvency and bankruptcy cases throughout the country, including industrial and real estate companies.
Oana Tanasescu
lead marketing manager for Philips’ consumer lifestyle department for
South Eastern Europe and regional marketing manager for domestic appliances at Philips Central and Eastern Europe, will step down from the position and leave the company at the end of May. She started working for Philips in 1998, since when she has held various positions in the marketing department. In the first 12 years Tanasescu was responsible for the manufacturer’s local subsidiary, holding positions such as country marketing manager and corporate communication manager. In 2010 she was given regional responsibilities.
Catalin Trifu
is the new general director of the Romexpo exhibition center in Bucharest, replacing Mariana Suciu. Trifu has been working for Romexpo for the past 20 years, having held various leadership positions. The company declined to provide further details about the management change or the new director’s background, according to Mediafax.
OPINION Debbie Stowe EDITOR Will anti-Romanian slurs derail UKIP? British voters went to the polls last week amid the latest flare-up of the controversy surrounding Romanian and Bulgarian immigration. Figures released in mid-May gave the lie to hysterical predictions of workers flooding into the country once the two Balkan nations obtained unfettered access to the British labor market. However, both sides in the debate claimed vindication: while the number of Romanians and Bulgarians working in the UK was down by 4,000 in Q1 since restrictions were lifted in January, it was up 29,000 on a year before. Since then the row has taken on a darker tone. The leader of the Euroskeptic minority party UKIP (the UK Independence Party), Nigel Farage, was roundly criticized after making and repeating anti-Romanian comments. “Any normal and fair-minded person would have a perfect right to be concerned if a group of Romanian people suddenly moved in next door,” he claimed in a statement, citing statistics on criminal gangs. Political leaders condemned his remarks as “unpleasant” and “nasty”. Even UKIP’s traditional supporters distanced themselves. Right-wing tabloid The Sun, no champion of immigration, wrote, “This is racism, pure and simple: Romanians, he is suggesting, are criminals to be feared… It is not racist to worry about the impact of millions of migrants on Britain, as we have argued for years. It IS racist to smear Romanians for being Romanian.” Despite being a privately-educated former stockbroker, Farage has managed to cultivate an image as an antiestablishment “man of the people” taking on the unaccountable forces in Brussels and standing up for British sovereignty. Though UKIP is derided by much of the British public – before becoming prime minister, David Cameron described its members as “fruitcakes, loonies and closet racists” – it has made headway particularly among low-paid, low-skilled workers, who fear the impact of driven and hard-working immigrants on their job security and wages, and residents of low-income neighborhoods alarmed by the influx of foreigners. Britons who value Europe’s openness and free movement, which have allowed many of us to thrive professionally and personally in Romania, will hope that Farage’s bigoted slurs bring home to the electorate the real face of his party. debbie.stowe@business-review.ro
www.business-review.eu Business Review | May 26 - June 1, 2014
6 LINKS
Companies brace themselves for worsening cyber-attacks Cybercriminals are becoming more and more sophisticated and devious in their attacks, taking longer to plan their hits. As the volume of data generated worldwide soars, so will the number of threats that companies are exposed to, warn pundits. ∫ OTILIA HARAGA
Photo: Shutterstock
To know one’s opponent is perhaps one of the unwritten rules in any battle. But in order to know one’s opponent, one needs to know their goals and motivations. So what are cybercriminals after, when hacking into companies’ security systems? “If we’re talking targeted breaches, the perps are usually after some sort of confidential data – credit card numbers, drawings, blueprints, documents... you name it, it’s being stolen. A second area of exploitation is to map the relationships of the breached system, find other systems which trust it, possibly in other companies, and exploit those as well. A payment processor might give a travel agency insufficiently secured database access, for example, on the assumption that the travel agency will properly secure its back-end systems,” Catalin Cosoi, chief security strategist at Bitdefender, tells BR. He adds, “The bigger the company and the more money it is (perceived to be) moving around, the higher the number and severity of attacks targeting it and/or its customers.” Banks and online stores are among the biggest targets, he says. “We’re seeing an increasing number of business websites getting compromised and subsequently used to serve malware – the smaller the IT and IT security budget, if it even exists, the likelier the compromise,” says Cosoi. According to Thorsten Urbanski, PR manager at G Data Software, it is not always the size of the company that matters, but the value of the critical data. “A lot of small and medium companies don’t think that their data is important enough for attackers. This is definitely not the case – captured servers/IT infrastructure/computers are valuable assets in themselves and have been borrowed for other cyber attacks in the so-called underground markets, for example for DoS (denialof-service) attacks on companies worldwide,” they say. Last year, Romania came 25th in a worldwide ranking of the most exposed countries to cyber-attacks, having improved by one position since the previous year, according to the Internet Security Threat Report carried out by Symantec.
How firms can guard against cyberattacks Know your data: Protection must focus on the information – not the device or data center. Companies must understand where their sensitive data resides and where it is flowing Educate employees: Firms must provide guidance on info protection, including company policies and procedures for protecting sensitive data on personal and corporate devices. Implement a strong security posture: Companies must strengthen their security infrastructure through data loss prevention, network security, endpoint security, encryption, strong authentication and defensive measures, including reputation-based technologies.
*Source: Symantec
Under lock and key: cybercriminals are becoming more dangerous than ever Top was the United States, followed by China, India, the Netherlands, Germany, Russia, Great Britain, Brazil, Taiwan and Italy. “In 2013, much attention was focused on cyber-espionage, threats to privacy and the acts of malicious insiders. However, the end of 2013 provided an important reminder that cyber-crime remains prevalent and that damaging threats from cybercriminals continue to face businesses and consumers,” Vasile Aniculaesei, country manager at Symantec for Romania and Bulgaria, tells BR. Warns Cosoi, “There is a definite move away from cookie-cutter, automated attacks and into targeted breaches, using all sorts of techniques, from bespoke exploits for zero-day vulnerabilities to social engineering techniques and even physical breaches. As companies move to the cloud, we are also seeing the first attacks against cloud service providers.” Zero-day vulnerabilities are attacks that exploit a previously unknown vulnerability which developers have not had time to address. He adds that there has been a surge in Trojan malware charging customers by sending SMS to premium numbers without their consent. In the EMEA section of the ranking, Romania was deemed the 11th most vulnerable nation to informatics at-
tacks, behind Spain, France, Poland, Turkey and Hungary. Romania was ranked 14th worldwide by the origin of spam, with 2.3 percent of the total volume of spam attacks starting here, according to the report. It came 21st worldwide for the number of phishing attacks generated, at 1 percent. “Attacks are becoming more sophisticated and more targeted, so they loom large in the minds of consumers and organizations of all sizes, especially as social media and mobile devices proliferate and are creating an information explosion,” says Aniculaesei. He says that 90 percent of the world’s data has been created over the past two years and many companies forecast that their information will grow by 60-70 percent within one year. “The number of breaches recorded worldwide last year increased by 62 percent from 2012, with 253 total breaches amounting to more than 552 million data records exposed, putting consumers’ financial information, birth dates, government ID numbers, home addresses, medical records, passwords and other personal information into the hands of cybercriminals,” comments Aniculaesei. According to the Internet Security
Threat Report, the number of targeted attacks worldwide spiked by 91 percent, and they lasted on average three times longer than in 2012. Furthermore, there was a 61 percent worldwide growth in zero-day vulnerabilities last year compared to the previous year. Twenty-three zerodays were discovered in 2013. Last but not least, there were six times as many ransomware attacks worldwide, corresponding to an astounding 500 percent growth in 2013, says the report. “The attacks are generally planned a long time before they are executed to ensure they are highly efficient. Initially, the attacks include social engineering tools and progress up to using last-generation technology in the field and exploiting known and unknown vulnerabilities. One of the methods popular among attackers for launching such targeted attacks was sending dangerous attachments via email services,” says Adrian Porcescu, presale group manager for Eastern Europe at Kaspersky Lab. According to Kaspersky Lab data, 9 percent of companies worldwide have been victims of a targeted attack. There is a high interest in companies in oil & gas, telecommunications, research, aerospace engineering and technologies. otilia.haraga@business-review.ro
www.business-review.eu Business Review | May 26 - June 1, 2014
INTERVIEW 7
Post-crisis consumers embrace social values Gabriela Salinas, global brand manager at professional services firm Deloitte, says that more consumers are turning to social brands following the financial crisis. ∫ OVIDIU POSIRCA
Courtesy of Deloitte
How important is the marketing budget for the branding campaign of a company that has limited financial resources? Nowadays, budget is less important. In terms of brand support, social media allow us to reach the right audiences with a lower budget, if the content and execution are right. To give you an example, Brandy Melville, a new fashion brand targeting teenagers, which has only 19 stores in the US, has achieved more impact than Abercrombie (with 900 stores) on Instagram. For promotional purposes it relies more on Instagram followers than on TV or graphic ads. Part of the success of Brandy Melville probably has to do with the fact that it has a very different more thrifty, frugal and sustainable style and its clothes don’t display its lifestyle. In the past, this phenomenon has been described as “déclassé name. Muji, the Japanese brand synony- consumption”. This change in attimous with simplicity and the “no- tudes and behaviors on the market frills” approach, is another example has affected the way in which many of a brand that invests very little in brands position themselves and now advertising and whose main commu- the values on the rise are related to nication vehicles are the stores simplicity, austerity, honesty, cooperation. Brands are becoming less themselves. The secret of Muji’s success “bling”, more real – in a way, more is the consistency of its experience. human. We are moving away from the It is extremely simple, eco-friendly and functional, and its stores, produc- more individualistic values of capitaltion line, products – all its touch ism and embracing more social values. points – are consistent with these We feel more attracted to brands with a credible and original story to tell. values. Many banks invest a lot of money We feel more attracted to brands with in communicating, much more than a higher-order purpose related to soeither of these two brands. And they cietal issues, like helping kids in need, do not achieve strong association or women at risk of exclusion, the envidifferentiation – even less, advocacy. ronment, etc. Why? Because most of their campaign ideas, slogans and themes change What Romanian brand would you like every year or are very inconsistently to work for? I am not familiar enough with the Roexecuted. manian market yet, so it is a tricky How has the branding industry changed question. Although it is difficult to miss the presence of brands such as following the global economic crisis? Different studies show that trust in Ursus, Dorna, Borsec and Dacia, I do brands has declined significantly not know enough about them to be since the financial crisis, as percep- more inclined to choose one over antion of value and price has been im- other. I would say that in any market, I pacted. The perception of white labels (e.n. would like to work for a brand that is product or service produced by one different, but also that believes in company that other companies sell it what I believe in: that values are more as their own) and low-cost has important than value, and people are changed, and now buying these more important than profit. categories is perceived as an intelligent choice. Consumers now prefer a ovidiu.posirca@business-review.ro
www.business-review.eu Business Review | May 26 - June 1, 2014
8 INTERVIEW
Local companies start venturing outside EU Daniel Kearvell, managing director at DHL Express Romania, says that SMEs account for 80 percent of the courier firm’s portfolio. He adds that more local companies are starting to look for new markets outside the EU and tips the business-to-consumer segment as the main growth engine for the delivery market. ∫ OVIDIU POSIRCA
How much has DHL invested in Cluj? Over 20 years it is a significant figure – I can tell you that for the Cluj operation the investment is well in excess of six figures. Express does not require thousands of square meters of warehousing; what it requires is airside access and good customs facilities. For example, we have customs offices in Otopeni that work in our facility and this enables the fast transit of goods through the process. So express typically does not require huge space; the investment is more in people. In Cluj it is in excess of six figures but not in the millions. What is your current delivery capacity in Romania and how many people do you employ? We employ 450 people. In terms of our capacity we have over 200 vehicles, three aircraft which serve our customers and a Boeing 757 that comes to Bucharest every day. We have two Saab 340s, one in Cluj and one in Arad. We also have a ground network for heavier goods, with typically slower transit times over land. We have 41 locations
CV Daniel Kearvell
Photo: Mihai Constantineanu
What is DHL’s investment policy? Our entire approach is that we have to grow with our customers – to respond if our customers tell us, for example, that we need to import more, volumes are growing and we need to invest there. In the past two years we have had to double our aircraft capacity in Cluj and Arad, because that is where we’re seeing growth. We have 3.5 tons of material coming into both Cluj and Arad every day. We have upgraded the aircraft because that is what our customers needed. Just last year we completed a EUR 3 million investment in a complete new fleet – over 100 new Volkswagen Crafters. We continue to invest. We have been here for 23 years and we continue to develop. If I look at the areas in Romania where we are seeing growth, one example is Cluj and that area of Transylvania. To improve our performance there we opened just last week (e.n. May 8) a new terminal in Cluj airport which is going to improve transit times for our customers by up to 60 minutes because it is in the airport, we have customs and we have improved facilities.
across Romania and we serve everywhere. When the capacity is not enough we expand. For example, around five years ago we moved to our European hub in Leipzig, Germany, but already we have had to expand further and invest EUR 140 million because the driving (growth) in customers is filling the space. We have the same pressure in Bucharest and we will invest to expand our facility. How is the poor road infrastructure impacting your business? I think in every country there is always an issue. I used to work in Moscow, Russia, and it used to take our employees two to three hours to get to work in central Moscow. They have got a problem with the roads. It is the same in the US. In Los Angeles, DHL has just recently decided to use helicopters for the delivery of important documents into the center of LA. In Romania I would say firstly that our air network is more important than the road network. Typically, 70 percent of imports and exports are with the EU (Germany, France, Italy and the UK) and this happens through our air network. At DHL we measure something called clearance on arrival, which is the percentage of the shipment that is cleared and out for delivery one hour after arriving in the facility. That figure is around 80 percent. That is the most important thing. Yes, clearly, if there
were more highways it would improve things. I drive around Romania a lot, I visit all the stations, all of our customers, and I have to say that the roads here are quite good. Could they be expanded? Yes. Would improved infrastructure make our country a more competitive and attractive destination for investors? Absolutely. What are the most lucrative sectors in Romania? DHL Romania has over 5,000 customers so we are a pretty big country in terms of this. Typically, all of the main investors are DHL customers so we partner with them, including Cameron and Emerson. The main foreign investors that bring FDI require express services to make sure that their production runs smoothly. So there are traditional international customers, but we also serve small and medium-sized enterprises. In Romania we have a big retail footprint – around 20 retail offices where customers can come in and drop off their shipment. That business has grown 12 percent over the last 12 months. If you compare national and international customers, it is national customers driving the growth. What share of your total client portfolio do SMEs make up? It depends on how you define an SME. The EU definition is a company with a revenue/turnover of up to EUR 50 mil-
June 2012 – present managing director, DHL Express Romania 2010 – 2012 country manager, DHL Qatar 2009 - financial controller, emerging markets, DHL Brussels/Dubai 2006-2008 - area manager, DHL, West Russia 2012 – present Warwick Business School, MBA 1998 – 2002 - University of Nottingham, History and Russian lion and fewer than 250 employees. I would say SMEs account for around 80 percent of our total customer base. It is a considerable share and we have had to adjust our services, communication, pricing and products to target that market. We are increasingly focusing our efforts on how to support SMEs, for example through simplified tariffs, simplified zoning, a helpful website, and dos and don’ts. Are your SME customers heavy exporters? Romania is an inbound country, so the ratio of inbound and outbound express shipments is two to one. If you look at our total shipments but take the domestic ones out, we have more inbound than outbound shipments. This has not changed dramatically (e.n. in recent years). How do you expect the local delivery market to do this year and what is DHL’s market share? Our market share for international express in 42 percent. As I said, I expect the local domestic market to grow, driven by B2C shipments. I think we will see some growth in domestic B2B. The market is quite competitive here and customers demand quality and reasonable prices. In our cash/retail business we have not increased our prices for the last two years. We have a very flexible policy in that respect, because the market is becoming more demanding. ovidiu.posirca@business-review.ro
www.business-review.eu Business Review | May 26 - June 1, 2014
10 PROPERTY
New housing market limps towards recovery Demand for newly built homes is on the rise, but while banks are more open to financing buyers, the same cannot be said about developers. Nonetheless, Bucharest’s and Ilfov County’s stock of new apartments is expected to surpass 30,000 units by the end of this year, and should market conditions further improve, several developers are waiting in the wings to start new projects. ∫ SIMONA BAZAVAN
Courtesy of Adama Group
For the moment there is “no chance at all” of securing the necessary financing for a residential development in Bucharest, said Hanno Soravia, one of the founders of Austrian developer Soravia Group, last week, summing up the general market feeling. “It is a vicious circle of pre-sale and financing. To get the financing, the developer needs to pre-sell. Given the conditions here, this is not really possible,” added Lorenz Tragatschnig, managing director of Soravia Romania. While for office developments there are signs that banks are loosening their grip on lending to some degree, the residential sector has yet to return to favor. Back in 2007 the market’s upward trend seemed like a oneway street and in the frenzy anything sold despite sky-rocketing house prices. Come the crisis and subsequent market collapse, a new reality set in and residential developers started to go to the wall, contaminating the banking system. Indeed, what little has been built in recent years has been funded almost entirely from developers’ private equity. Real estate developer Adama Group, which last year delivered 210 apartments in Bucharest and will deliver 50 more new homes in Iasi this autumn, has been expanding since 2012 solely using its own funds. The apartments, which are part of the Edenia Titan and Evocasa Optima residential projects in Bucharest and Copou Bellevue in Iasi, required a total investment of close to EUR 16 million, Alina Necula, head of marketing & sales at Adama Group, told BR. “Regarding relations with the banks and their openness towards financing real estate developers, we can say that their appetite is not very high. Banks continue to be rather cautious. To finance the projects I mentioned before, we considered the option of getting a loan, but the terms weren’t that advantageous so we opted for an investment covered by the company,” she outlined. Average prices of new units have dropped by more than half in the
Success storey: Adama Group invested EUR 14.1 million from its own funds in 210 new apartments in Bucharest in 2013 meantime, from a whopping EUR 2,576/sqm in March 2008 to EUR 1,192/sqm at present, according to Imobiliare.ro data. Nonetheless, the lion’s share of transactions continues to come through the Prima Casa (First Home) government-backed loan scheme, where new apartments are getting serious competition from old housing stock. This could change if the government goes ahead with a move to change Prima Casa so it applies only to the acquisition of new properties. However, no actual timetable for this change has been announced so far. “There are two types of residential projects. First there are those built or designed during the boom period, which qualify to a lesser degree for the Prima Casa program and which are
now more difficult to sell. Then there are those residential projects which were adapted to the market conditions, where one-bedroom and even two-bedroom apartments – which are the most sought after – fit the criteria for the Prima Casa loan. For this latter category Prima Casa has been an important financing source,” Daniel Crainic, head of marketing & communications at Imobiliare.ro, told BR. At the other end of the spectrum, while financing conditions for developers remain tight, the situation has definitely improved when it comes to financing buyers, thinks Necula. In addition to the Prima Casa program, banks have launched attractive standard loan schemes. This has been one factor fueling the increase in demand for new apartments, along with the
fact that there is a limited supply of residential projects that offer a good price-quality ratio and which are located within the city limits, she believes. Last year demand went up by 50 percent, according to Annemarie Fabian, associate in the valuation & advisory services department of Colliers International. “This was mainly caused by the change to the Prima Casa program, but also because there was a growing preference for new apartments. There has always been supply in the years following 2008; the problem was the gap between developers’ expectations and buyers’ purchasing power,” she told BR. Last year, the Prima Casa program was changed to include only loans in the national currency.
www.business-review.eu Business Review | May 26 - June 1, 2014
Average prices of new apartments City
2014
2008
Bucharest Brasov Timisoara Constanta Cluj-Napoca
1,192 940 863 865 807
2,576 1,619 1,290 1,780 1,382
Prices are expressed in EUR/sqm
Source: Imobiliare.ro
Crainic too agrees that demand is on the rise. “This is something which is confirmed by the more than 800 real estate agencies we are working with. There are small residential compounds which have managed to perform well during this period. Taken one by one they are small developments (20-50 units) but there are enough of them to add up to a significant volume of new units,” he said.
Good intentions Over 27,300 new flats located in 115 residential compounds of over 20 units have been built in Bucharest and Ilfov County since 2006, according to CBRE data. More than a third of this stock is in Ilfov County. In the capital, district three takes the lead with a 17
PROPERTY 11
percent share of the total modern see this and we are getting ready for developers/investors who are getting stock. Headline prices are below EUR when it does. It could take one, two or ready to start new projects. Rather 1,000/sqm (gross built) for 69 percent three years, but it will change. Right than having a record number of delivnow the demand is, let’s say, only for eries this year, I would say that next of the modern stock. Around 4,000 flats located in 31 apartments that qualify for the Prima year we will see the launch of more compounds were in various stages of Casa scheme. We’re hardly seeing any new projects,” she said. Moreover, in development by mid-2013 and were sales outside of this. The market will 2014, more than in the years before, expected to be delivered by 2015, ac- move past this when people feel more there is greater interest in buying large cording to the same source. However, secure and are ready to take risks,” he plots of land for residential developments, she added. the majority of these homes represent predicted. Adama has land in Bucharest to deexpansions of existing developments. As for new developments, there velop new residential compounds and Prices stabilize are few concrete plans. Soravia Group, is considering the Berceni and Ra- The average asking price of new apartwhich owns the downtown office and zoare areas of the capital for its next ments in Bucharest is currently retail scheme Metropolis Center, has two projects. Starting works depends 1,192/sqm compared to EUR 1,011 /sqm no intention of expanding into resi- on getting all the permits and the way for old apartments, according to Imodential in Romania for now and is in- the market evolves, said Necula. biliare.ro data. Over the past year the stead planning to invest EUR 80 “These are two good projects but for situation has been relatively stable, million in another office scheme. Back now it is difficult to estimate a date for with asking prices dropping by 2.5 on its home market, Austria, the de- starting works or other details regard- percent. Despite monthly fluctuations, veloper is building some 2,000 apart- ing the investment or the develop- prices are expected to remain stable ments in Vienna where “the ment phases,” added the head of over the next period should the ecoresidential market is booming” at av- marketing & sales. Based on how the nomic and political context remain erage prices of between EUR 210 apartments delivered last year are stable as well, said Crainic. 2,500/sqm and EUR 3,800/sqm and selling, the developer is also considerNecula also expects the market to annual growth rates of about 6 per- ing expanding its existing projects. In post fluctuations of no more than 5 2013 Adama sold 25 percent more percent over the next 12 months. cent. Another large player, AFI Europe properties than the previous year and “These are normal fluctuations on a Romania, the developer of the AFI has set the target for this year to main- mature and stable market, which is Palace Cotroceni and AFI Palace tain monthly sales of at least 12-15 something that the segment is headPloiesti shopping malls, is looking at units. So far sales have been higher, ing towards. We will definitely not expanding into residential, the devel- with a 30 percent increase in the first witness significant price hikes or oper’s CEO, David Hay, told BR in an quarter y-o-y, said Necula. drops like before and after the crisis, Fabian, on the other hand, is opti- but more likely stabilization,” she coninterview earlier this year. However, there are no firm plans for next year. mistic that some of these intentions cluded. “It is in the cards. Not next year, for could start materializing into action sure, but the market will change. We over the next year. “There are many simona.bazavan@business-review.ro
www.business-review.eu Business Review | May 26 - June 1, 2014
12 CITY
And action: red carpet rolled out for TIFF 2014
3Q Ezio Peraro Director of the Italian Vito Grasso Institute
Organizers of the most prestigious entry on the country’s film calendar, the Transilvania International Film Festival, have announced details of the schedule and guest stars. OANA VASILIU
Courtesy of Italian Institute
What are the cultural institute’s major projects this year? The most important one is Festitalia – a little bit of Italy in Bucharest. An outdoor festival for the public, it will be held on the lawn in front of the Pescarusul restaurant (Herastrau Park). This second edition will take place from June 25-July 1, as we celebrate together the beginning of the Italian presidency of the European Union. Festitalia aims to familiarize the Bucharest public with Italian culture, traditions, cuisine and folklore and promote shared knowledge between Italians and Romanians. Moreover, we have Cineforum, through which recent Italian films are screened every Thursday at the Institute.
How developed is cultural management in Romania? I think it is quite developed. Since I came to Romania, we have found that there is, especially in Bucharest and in other cities like Cluj and Sibiu, intense cultural activity, clear evidence of an extremely varied range of cultural events. For me, culture means promoting excellent products made by a civilization, which are worthy of being held up as examples, and cultural management is the ability to make them known to a larger number of people. oana.vasiliu@business-review.ro
Flying high: US actress Debra Winger
Local luminary: Florin Zamfirescu
Pole position: Krzysztof Zanussi
Judi Dench in Philomena
and one of the top experts in the evolution of the stereoscopic image, and a visual show inspired by Maria Tanase, interpreted by the Bălănescu Quartet.
French businessman is imprisoned in a courtyard. A Last Year in 114 Minutes marks the feature debut of visual artist Daniel Djam, whose work chronicles the last year in his grandmother’s life. The only local movie also selected for the International Competition is Quod erat demonstrandum, the black and white second feature from Andrei Gruzsniczki, starring Ofelia Popii, Sorin Leoveanu and Florin Piersic Jr.
Courtesy of TIFF
How many students learn Italian at the institute? The Italian Cultural Institute organizes ongoing general Italian courses for any level, once there are 10 requests to form a new study group. For example, last year over 500 people attended our courses, some of whom were enrolled in several modules, at progressive levels. Certification exams take place in two sessions a year, based on agreements with the University for Foreigners of Perugia and Siena.
Two hot-ticket events will open and close the 13th Transilvania International Film Festival (TIFF), in Cluj-Napoca’s Unirii Square. On May 30, the opening ceremony will feature the premiere of a Best Film Oscar nominee, Philomena, from Stephen Frears. Meanwhile, on the last day of TIFF, June 8, moviegoers can finally see one of the most highly anticipated cinematic events of the year, Boyhood, a one-of-a-kind experiment that earned Richard Linklater the Silver Bear for Best Director in Berlin. During the festival, US actress Debra Winger will receive a Lifetime Achievement Award. The same trophy will also go to the Polish filmmaker Krzysztof Zanussi, while the Excellence Award will be presented to Romanian actor Florin Zamfirescu at the closing ceremony, which will take place on June 7 at the National Theater. Nicolas Philibert is the special guest of the 3X3 section of TIFF. Three of the Frenchman’s documentaries will be screened in Cluj along with works by Peter Solan and Iulian Mihu, the other two filmmakers celebrated at the festival in 2014. The movies are Être et avoir (2002), shot over a whole year in a French mountain village and featuring the teacher of the only class there, his pupils and their parents, the director’s breakthrough work; Nénette (2010), the story of a female orangutan in a Paris zoo, when she reached the venerable age of 40; and La maison de la radio (2013), his most recent film, which explores the behind-thescenes activity of Radio France and its invisible tool, sound. Five special events bringing the music of cinema to unconventional spaces, will take place: Faust screened in a Church, by one of the most popular and influential organ players in the world Martin Schmeding, Battleship Potemkin accompanied live by the daring sounds of turbo-polka-ska Austrian band Russkaja, a reinterpretation of the film version of the novel 1984 by British band Teeth of the Sea, a visual history of 3D film by Stefan Droessler, director of the Munich Filmmuseum
Romanian scene The Romanian Days section will include 22 local stories, 14 features and 8 shorts, some of them world premieres. Four out of the 14 feature films are world premieres: White Gate, directed by Nicolae Mărgineanu and starring Cristian Bota, Sergiu Bucur and Bogdan Nechifor, tells the dramatic story of two Romanian students who, in 1949, ended up in the forced labor camp of the Danube-Black Sea canal. In The Crypt, the new feature film by Corneliu Gheorghiță (Europolis), a
TIFF will take place from May 30June 8 in Cluj-Napoca. After the festival, a selection of the movies will go on tour to several cities around Romania, including Bucharest. oana.vasiliu@business-review.ro
www.business-review.eu Business Review | May 26 - June 1, 2014
The Bard is back! Shakespeare’s Globe brings Hamlet to Bucharest rest-Hay, providing additional original music. Twelve actors will perform over two “A slick and engaging production clev- dozen parts on a stripped-down erly tuned to outdoor touring locations” wooden stage in a comparatively brisk wrote the Financial Times about a per- two hours and forty minutes: Ladi formance of Hamlet in 2011. Bucharest Emeruwa and Naeem Hayat (Hamlet), audiences will now be able to judge for John Dougall, Rawiri Paratene and themselves, as the Globe Theatre is Keith Bartlett (Claudius & Polonius), bringing the same production to Phoebe Fildes and Amanda Wilkin Bucharest on May 30 and 31. The iconic (Ophelia/Gertrude/Horatio/Rosentragedy will be staged in Saint Anton crantz), Miranda Foster (Gertrude), Square, the Old City Center, as part of Beruce Khan, Tom Lawrence and the Bucharest International Street The- Matthew Romain (Horatio/Rosencrantz/Laertes/Guildenster) and Jennifer atre Festival. Encompassing political intrigue and Leong (Ophelia/Horatio/Rosencrantz). sexual obsession, philosophical reflec- The actors will perform different roles in tion and violent action, Hamlet is each country. It is the same Globe On Tour producShakespeare’s ‘poem unlimited’, a colossus in the history of the English tion that travelled around the UK, Eulanguage and held by many to be the rope and the United States in 2011 and 2012, when the New York Times called fullest expression of the Bard’s genius. The production has been described it “a production that prizes efficiency, as “a young, fresh version of Shake- clarity, accessibility and above all enspeare’s classic tragedy of deferred re- ergy”, while the Daily Telegraph praised venge that teases out its latent streak of its “young, unjaded and open-hearted” gallows humor and celebrates the exu- portrayal of the Danish prince. This is berance and invention of its language”. the Globe troupe’s second visit to the The creative team behind the new per- streets of Bucharest, following a 2012 formance includes directors Dominic tour that brought a hugely well received Dromgoole and Bill Buckhurst, designer As You Like It to the space in front of the Jonathan Fensom, Bill Barclay as com- Atheneum. oana.vasiliu@business-review.ro poser/musical director, and Laura For-
OANA VASILIU
CITY 13
www.business-review.eu Business Review | May 26 - June 1, 2014
14 CITY
DON’T MISS
AROUND BUCHAREST NEXT WEEK
Elevation jazz group concert May 27, 20.00 ArCuB
Pianist and composer Lucian Ban is also the leader of super group Elevation, with whom he will perform in Bucharest as part of the European tour Freeflow 2014. With the return of saxophonist Abraham Burton, jazz bassist John Hébert and drummer Eric McPherson, the group will take to the Bucharest stage in its original line-up. Described as “one of the most gifted pianists to move to New York in the past decade” by jazz critic Bruce Lee Gallanter, Ban has brought together, in a series of highly creative projects, the best of both of his worlds – his Romanian musical roots and the vibrant US and European contemporary modern jazz scene.
over four days dedicated to the capital’s culture lovers. Performances will be staged in several locations throughout Bucharest: Universitatii Square, Unirii Square, George Enescu Square, Cismigiu Park and the Old City Center. Among the international companies that will entertain al fresco Bucharest audiences this year are: Water Theatre Show, which will present an amazing aquatic-based event, in Unirii Square; Spanish company Grupo Puia, due to perform Dodoland on the city streets; Shakespeare’s Globe, taking a new approach to Hamlet; French Trans Express, which will fill the city center with color and elegant Divas dolls; and a 50-minute show with the impressive metropolitan light show by Celestial Carillon. Bookfest May 28 – June 1 Romexpo This year’s literary extravaganza consists of interactive events, book launches, reading and autograph sessions, meetings with big names from culture, art and politics, concerts, films, theater performances for kids, photography, creative writing and live drawing workshops, plus debates. This year’s Guest Country is Poland. Under the slogan “Quo vadis Polonia?
To the next Nobel”, Romanian readers will be introduced to writer Danuta Walesa, the wife of former legendary leader Lech Walesa, Pawel Huelle, presenting his second book in Romanian, I was Lonely and Happy, and Janusz Leon Wiśniewski who will talk about his novel Loneliness on the Net. Film projections about Nobel Prize winners Henryk Sienkiewicz (1905), Władysław Reymont
Tickets, which cost RON 35, can be bought online from www.bilete.arcub.ro. BFITS – Bucharest International Street Theater Festival May 29 – June 1 The end of springtime heralds a series of shows on improvised stages and in unconventional spaces. The colorful universe of street theater will play with concepts of space, rhythm and reception
Gheorghe Zamfir concert May 29, 19.30 Romanian Athenaeum The “King of the Pan Flute”, Gheorghe Zamfir celebrates 50 extraordinary years on the stage with special guests in a festive gala that will include exhibitions, awards and distinctions, an autograph session and other highlights. Some 150 artists will come together for the event, including violinist Eugene Sarbu, Grigore Lese, Dan Puric, Nicolae Licaret, Dumitru Farcas, Stefan PopaHalt, Stelu Enache, Bogdan Bradu and Vlad Miriţă, some of the most famous Romanian artists. With a life dedicated to Romanian folklore and the pan flute, Zamfir is the author of over 300 papers on folk, chamber music, choral, vocal, instrumental and symphonic music. He has sold over 120 million copies of over 160 recorded albums.
Tickets, which cost from RON 160 to RON 320, can be bought online from www.myticket.ro. French street theater company Trans Express will be in Bucharest next week
FOUNDING EDITOR Bill Avery PUBLISHER Anca Ionita EDITOR-IN-CHIEF Simona Fodor JOURNALISTS Otilia Haraga - senior journalist, Simona Bazavan, Ovidiu Posirca, Oana Vasiliu COPY EDITOR Debbie Stowe PHOTO EDITOR: Mihai Constantineanu
ISSN No. 1453 - 729X
(1924), Czesław Miłosz (1980) and Wisława Szymborska (1996) will also be screened. Admission is free of charge.
LAYOUT Beatrice Gheorghiu ART DIRECTOR Alexandru Oriean
EXECUTIVE DIRECTOR George Moise SALES & EVENTS DIRECTOR Oana Molodoi SALES & EVENTS Sales managers: Ana-Maria Nedelcu, Oana Albu, Raluca Comanescu MARKETING Ana-Maria Stanca, Ana Maria Andrei, Iulia Mizgan PRODUCTION Dan Mitroi DISTRIBUTION Eugen Musat
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