Business Review No. 29, August 29 - September 4

Interview: Grigore Horoi, president of local poultry producer Agricola Bacau, says the company’s exports could reach 20 percent of production this year. The company has turned to foreign business as the Romanian market is flat »page 8

ROMANIA’S PREMIERE BUSINESS WEEKLY

August 29 - September 4, 2011 / VOLUME 16, NUMBER 29

FOCUS: ROMANIACHINA RELATIONSHIPS ROMANIA HAS RECENTLY MOVED TO INCREASE ITS ATTRACTIVENESS TO CHINESE INVESTORS AND IS LOOKING TO STRENGTHEN BUSINESS TIES WITH CHINA »PAGE 12

ONLINE PAYMENTS ON THE UP While electronic payments are still not the preferred choice of local consumers, pundits say the potential is huge, with predictions placing the value of the market at EUR 200 million by 2012 »page 11

INFRASTRUCTURE More than one million cars in Bucharest are squeezed into an insufficient number of parking spaces, while plans to solve the situation are stalling » page 13

LINKS Telecom regulator ANCOM will pour EUR 3.4 mln into a radiationmeasurement laboratory, and has launched a public auction to award the contract » page 11

www.business-review.ro Business Review | August 29 - September 4, 2011

BUSINESS AGENDA August 31 - September 4 The International Fair of Furniture and wood products (BIFE), which gathers producers and distributors of furniture along with manufacturers and distributors of technological equipment, will be organized at Romexpo Exhibition Centre.

NEWS 3

NEWS in brief

August 31 - September 4 Antique Market, the event where items of furniture and interior decorations along with pieces of fine arts and collector’s items are on display for artists and art lovers, will be organized at Romexpo Exhibition Center.

September 2 - 4 Wellness Show, the event that gathers producers and distributors of wellness products and services, will be organized at the Parliament Palace. The first run of the event attracted 13.000 visitors.

Photo: Laurentiu Obae

September 1 17:30 Artexim organizes a press conference to mark the launch of the 20th George Enescu music festival and international competition, at the Center for Spectacle Arts, Sala Palatului. Kelemen Hunor, the culture minister, and Ioan Holender, the festival director, will be among the speakers. By invitation only.

IMAGE of the week Down to electric avenue…

The European tour Tesla Goes East made its Bucharest stop last week, bringing visitors the opportunity to

WEEK in numbers

get acquainted with the Tesla Roadster, a lithium battery-powered electric car produced by Tesla Motors in California and the UK. The model went into production in 2008, and around 1,800 cars have been sold so far. The first charging station for electric cars opened in June close to Unirii Square in Bucharest, next to the Transelectrica HQ.

35 billion RON the value of household loans in July this year, according to Central Bank data

67.8 billion RON the value of household deposits during the same period

43 million EUR the net profit of Nokia Romania last year, up 14 percent from 2009

BANKING & INSURANCE Raiffeisen profits drop by 22 percent to EUR 39 mln in H1 Raiffeisen Bank has reported a net profit decrease of 22 percent to EUR 39 million in the first half of 2011, down from the EUR 50 million posted in the same period of 2010. The bank's total asset value rose by 13 percent, from EUR 4.57 billion in the first half of 2010 to EUR 5.17 billion.

The total volume of loans increased by 23 percent to EUR 3.3 billion, while deposits rose by 4 percent to EUR 3.56 billion. The loan/deposit ratio thereby reached 93 percent, from 79 percent in June 2010.

The corporate loans segment increased by 24 percent in the first half of 2011, compared to the same period of 2010, while deposits registered no significant change. In the retail banking segment, the loans portfolio expanded by 23 percent and deposits by 5 percent.

Raiffeisen's net interest income hiked

by 6 percent to EUR 115 million, while net commission income decreased by 4 percent to EUR 87 million. Net provisions rose by 13 percent to EUR 26 million in the first half of 2011. The non-performing loans rate improved from 7.6 percent in the first half of 2010 to 6.9 percent.

Raiffeisen has 2 million clients, out of whom 100,000 are SMEs and 8,000 are corporate clients. At the end of June 2011, the bank had 545 branches and 5,906 employees.

Eureko Insurance increases gross written premiums by 9.6 percent in H1 Eureko Insurance registered a 9.6 percent increase in the volume of gross written premiums in the first six months of 2011 to RON 22 million, compared to the same period of 2010.

The results were supported by premiums from the health insurance sector, which posted a 34 percent year on year advance, to RON 6.1 million, giving the company an estimated market share of 40 percent, making it the ongoing leader in the insurance segment. The life insurance

segment slightly increased to RON 15.3 million in gross written premiums.

Eureko is active in seven European countries as well as its home country, the Netherlands. The group is present in Romania through Eureko Asigurari and Eureko Societate de Administrare a Fondurilor de Pensii Private.

ING Bank Romania reports RON 65 million profit for H1 ING Romania has reported a RON 65 million net profit for the first six months of this year, up 8 percent on the same period of 2010. According to the bank, the growth is due to a decrease in the costs of risk provision as the risk profile of the credit portfolio improved, and an increase in revenues from client operations.

The bank’s credit portfolio grew by 7 percent, reaching RON 8,140 million, mainly because of an 11 percent increase in retail loans. At the same time, savings and deposits posted a 2 percent growth, reaching RON 9, 245 million. The bank’s total assets grew to RON 12, 442 million, up 6 percent compared to the first se-

www.business-review.ro Business Review | August 29 - September 4, 2011

4 NEWS

NEWS in brief mester of the previous year.

ING Bank has several services divisions (leasing, factoring, real estate) and 209 branches.

LEGISLATION Romania wants to increase royalties for mining and petrol activities The Romanian government plans to increase revenue from mining activities and petrol operations, according to a new draft law that will bring changes to the fiscal code.

Royalties will increase from 10 to 15 percent for crude-oil transport and from 3 to 5 percent for underground gas storage.

Mining activities will also be affected, but no percentage has been specified.

The increase in royalty payments will bring an extra RON 117 million to the state budget in the next five months, while the authorities project that RON 1.1 billion (USD 371 million) will be raised in the next four years.

Romania is trying to generate more revenue from the energy sector by selling stakes in state-owned companies or privatizing the management, in line with a plan drawn up by the joint mission of the IMF, EC and World Bank.

AUTO Sales of new cars fall 10.5 percent in first seven months Total sales of new vehicles have decreased by 10.5 percent in the first seven months of 2011 versus the same period of 2010, according to Agerpres newswire, which quotes data from the Auto Manufacturers and Importers Association.

Total car sales registered a 14.7 percent drop on a volume of 52,249 units. In the first seven months of 2010, 61,080 cars and commercial vehicles were sold. Dacia shifted 15,270 units, obtaining a 29 percent share of total sales.

Trailing behind the Romanian manufacturer are: Volkswagen (5,501 vehicles), Skoda (4,688), Renault (3,788) and Opel (2,989).

According to APIA, the main causes of the slump are the slow functioning of the Rabla program (a state scheme that seeks to remove old, polluting and inefficient cars from the streets), the maintenance of VAT non-deductibility for corporate purchases of vehicles and the lack of financing opportunities for motorists looking to buy a new car.

National production decreased by 8.4 percent to 201,271 vehicles, while the car segment decreased by 9.2 percent to 185,580 units.

Commercial vehicles registered a 2.2 percent reduction in volume to 15,184. Exports to Western European countries reached 89 percent, a 2 percent increase on values reported in the previous month. Exports have also dropped by 7.7 percent on a total volume of 179,465 vehicles.

RETAIL Profi reaches 100 shops Discounter Profi has opened its 100th nationwide store, in Bucharest. The retailer’s 17th unit in the capital is located in the fourth district on Emil Racovita Boulevard.

The shop occupies 420 sqm, has a sales area of 300 sqm and is the second in the Profi network to be operated nonstop, after the one on the Libertatii Boulevard, near the Palace of Parliament.

The Profi network is owned by the Enterprise Investors investment fund.

Selgros Cash&Carry puts EUR 20 million into new store Selgros Cash&Carry will open a new store this year, taking its local network to 19 units. The expansion will require a EUR 20 million investment and the new outlet will be the company’s second in the city of Constanta.

Work on the new shop began earlier this month and should be completed by the end of the year. The unit is located in the Tom-Mall commercial area and will have a total sales area of 10,000 sqm Selgros Cash&Carry is part of Swiss TransGourmet Holding SE.

Fashion retailer New Look opens first Romanian store British fashion retailer New Look has opened its first Romanian store in AFI Cotroceni mall, in Bucharest. The brand was brought to Romania by Genco Trade, part of Greek holding Fourlis Group, which also owns the Intersport franchise for Romania. The company plans to open three other shops in Baneasa Shopping City, Polus Center Cluj and Maritimo Shopping Center in Constanta. For the next five to eight years, Genco plans to open 20 New Look stores in Romania.

Hugo Desnoyer opens Bucharest butcher’s Hugo Desnoyer, known in France as “the butcher to the stars,” who supplies meat to the Elysee Palace and Paris’s top restaurants , has opened a butcher’s shop in Bucharest in partnership with Cristian Preotu, general manager of the delicacy store chain Le Manoir, ZF reports.

The new shop, named La Boucherie Francaise, required a EUR 150,000 investment and targets a EUR 50,000 turnover in its first year of operation.

RESEARCH Clinical research organization PRA opens Bucharest office PRA, a clinical research organization, has opened an office in Bucharest to strengthen its coverage of the Balkan Region's markets. The local office will also support projects in the neighboring Republic of Moldova.

Since 2006, when PRA began conducting clinical trials in Romania, its staff has steadily increased and now includes both product registration and ear-

ly phase professionals. The number of studies initiated by PRA in this region has more than doubled over the last two years.

"By being based in the Balkan Region's key business and life sciences hub, the Bucharest staff has convenient access to top universities, academic research sites and most of the country's major hospitals," said Ludger Langer, PRA's vice president of clinical operations in Europe, Asia-Pacific and Africa. The Bucharest location is the 12th office PRA has opened worldwide since 2009.

MEDIA Fin.ro daily goes online. Intact launches Fin.ro Magazine monthly The Fin.ro daily (formerly Financiarul), edited by Intact group, will no longer appear in print but exclusively online, starting August 29, the general manager of the publication, Gabriela Vranceanu Firea, told paginademedia.ro.

Instead, Intact will launch a business monthly called Fin.ro Magazin from September 1, which will be 64 pages long.

“Most readers in our target market prefer to get informed online and advertising budgets available at the moment for print no longer justify maintaining a print newspaper on the market at any cost,” said Firea.

Following a restructuring process, the editorial teams of the two financial publications Saptamana Financiara and Fin.ro have been united under Firea (general manager), Radu Preda (editorial manager) and Edward Pastia (editor in chief), according to the same source.

McCann PR wins McDonald’s Romania account McDonald’s Romania has chosen McCann PR from four PR agencies to take charge of both its internal and external communication for the next three years.

“All four agencies that took part in the pitch made extraordinary efforts to understand the McDonalds’s spirit but the McCann PR team came closest to our vision and demands,” said Alexandra Olaru, HR & communication director of McDonald’s Romania.

The contract covers media relations and social media, brand communication for existing and future products, digital and online communication as well as crisis communication. McCann PR will also assist the fast food chain in implementing various sponsorship programs, charity and CSR. McCann PR is affiliated to the Weber Shandwick global network.

IT& ONLINE Romanian company Asesoft Net takes over Live2c.ro ecommerce application Asesoft Net, a supplier of IT services and solutions that is part of Asesoft

Group, has taken over the Live2c.ro electronic commerce application.

The company developed the e-commerce platform ShopMania BIZ, which allows the creation of online stores.

This acquisition is part of Asesoft Net’s plans to expand its e-commerce solution Shopmania BIZ, which is available in 15 countries.

Huawei posts EUR 69 mln turnover in Romania Huawei Romania, part of the Chinese producer of telecom equipment Huawei Technologies, posted a turnover of EUR 69.2 million in 2010, which represents 140 percent growth compared to the previous year, according to the financial data published by the Ministry of Finance.

Huawei Romania had 320 employees last year, slightly up on 2009.

ZTE plans to manufacture TV digital receivers in Romania Representatives of Chinese producer ZTE have expressed their interest in opening a production line to manufacture equipment for the reception of the terrestrial digital TV signal.

A delegation from the Chinese company formed of Chang Xiao Wei, vice-president of the ZTE Central and Eastern Europe brand, Jin Renyuan, general manager of ZTE Romania, and Lorian Ovidiu Vintila, strategy director for ZTE Romania, met the Romanian minister of communications, Valerian Vreme.

ZTE has expressed its interest in fiber optic equipment, delivering wireless services such as WiMax and also providing handsets, Lorian Vintila previously told Business Review.

MINING Traian Basescu voices support for Rosia Montana project Romanian President Traian Basescu has called for gold exploitation at Rosia Montana to begin.

Speaking on the public television station last week, the president said that the current 103 ton gold reserve of the Central Bank must be increased in order to keep Romania in the safety zone, as international currencies have serious stability issues in this economic climate.

The gold deposit at Rosia Montana will be exploited by the joint company RMGC, in which Cupru Deva holds a 20 percent stake and Canadian firm Gabriel Resources the majority 80 percent stake. Basescu added that 20 tons of gold will be received in royalties, while another 20 tons will be mined by the Romanian company involved in the exploitation.

Further gold reserves of approximately 104 tons will be exploited by state-owned mining companies in a separate project.

www.business-review.ro Business Review | August 29 - September 4, 2011

6 NEWS ADVERTISING

Universal McCann wins Vodafone media account

PUBLISHING

R

ingier AG has announced the full buyout of Edipresse A.S. Romania, a joint venture between the Swiss Edipresse publishing group and the German Axel Springer media establishment.

The firm thus adds to its Romanian portfolio publications such as Elle, Avantaje, Look!, Psychologies, Viva, Lucru De Mana, the teenager-targeted Popcorn magazine and the custom publishing division. Ringier runs locally around a dozen print and online products, including the leading tabloid Libertatea. “ The newly gained and well developed portfolio is an ideal fit with our existing magazine structure and further complements it with strong titles,” said Florian Fels, CEO of Ringier Central Europe.

Ringier and Axel Springer formed last year a joint venture that combines the activities of the two groups in Central and Eastern Europe. However, this did not include Romania.

“Through the sale of our share, in future we shall concentrate even more strongly on our European core market as well as digital growth activities,” said Ralph Büchi, president of Axel Springer International.

The takeover remains subject to approval by the Romanian competition authorities. ∫ Otilia Haraga

R

omanian wheat production has increased by about a quarter in 2011 reaching an estimated 7.2 million tons, in what could eventually be the country’s best agricultural year since 2004. Agriculture minister Valeriu Tabara confirmed at the beginning of August that the country’s wheat production has surpassed 7 million tons, although reports from the territory suggest total output so far is lower. Good weather conditions in 2011 have meant that this year’s crop is also of a higher quality than in 2009. About 80 percent of the total production can be used as bread wheat.

The minister also announced recently that after 14 years, Romania has managed to resume exports to Egypt, the biggest wheat importer in the world, after local company Toepfer International won a 60,000-ton contract.

Tabara added that exports could grow even further.”I am convinced that Egypt can become a buyer of more than

Romania has recently resumed wheat exports to Egypt 100,000 tons. We should not be afraid to sell and to have a market,” he commented.

He has previously said that Romania could see a 40 percent increase in national wheat production by 2020, adding that half of the potential output could be exported, putting Romania among the

largest wheat exporters in the world.

The same opinion was voiced by President Traian Basescu more recently when he said that under the new 2013 European financial framework, Romania has the potential feed 80 million people against a population of only 20 million.

The country’s good wheat production was not an exceptional case in the Black Sea region, although Romania has managed to score the second best y-o-y growth of approximately 26 percent, bettered only by Russia with an increase of about one third in 2011 against the previous year. In total, Russia has a wheat production of some 56 million tons.

Ukraine, Bulgaria and Turkey have also managed to obtain up to 25 percent more wheat so far in 2011, according to the US Department for Agriculture.

The average price of a ton of wheat on international markets last week was around EUR 200. ∫ Simona Bazavan

PROPERTY

Willbrook Management International to officially open green office and convention center this October

W

orks on the Willbrook Platinum Business and Convention Center have been completed and the venue will be officially opened on October 6, Daiana Voicu, managing partner of Willbrook International, the project’s developer, told Business Review. The scheme has been built in compliance with green development guidelines following a total investment of EUR 100 million.

Willbrook Platinum Business and Convention Center, which comprises two buildings, is located near Baneasa Forest with direct access to DN1.

The buildings include five floors with 37,000 sqm of class AAA office space. The project also features a convention center with 2,100 seats, a fitness center and a 400-seat restaurant. There are 850 parking spaces out of which 500 are under-

Courtesy of Willbrook

Ringier takes over Edipresse Romania

Romania reports record wheat production of estimated 7.2 million tons

STOCKEXCHANGE

U

niversal McCann has been selected

by Vodafone as its media agency following a thorough pitch, the telecom operator has announced.

“After a rigorous and highly competitive evaluation process, Vodafone Romania announces that Universal McCann was selected as the agency of media acquisition and planning effective from October 1 this year,” said Angus Slater, chief marketing officer of Vodafone Romania. This is in fact a return of the Vodafone account to the portfolio of Universal McCann, after the agency lost it to OMD in February 2010.

“With this pitch, we wanted to make sure that we would continue to strengthen the value of the Vodafone brand on the local market along with the agency that best met our needs and strategy,” said Slater.

The Vodafone account is worth from EUR 10-15 million, according to market estimations. None of the parties had confirmed the figure before Business Review went to press.

Vodafone Romania is still the second biggest operator on the Romanian telecom market. It posted revenues of EUR 823.7 million last year. The company’s profit amounted to EUR 115.7 million, also in decline, by 53 percent.

Universal McCann Romania posted a turnover of approximately EUR 44 million last year. ∫ Otilia Haraga

AGRICULTURE

Willbrook’s new business center will open October 6 ground.So far, 10,000 sqm has been

leased and the company’s objective is to lease more than half of the project by yearend. The average rent is EUR 14-16.

The scheme won two prizes at the International Property Awards in the UK. Last week, Realitatea Media announced that it had leased space in the center, over two floors, and that it would move its headquarters there in October.

On the office segment Willbrook has also built the Cathedral Plaza tower which is located near Saint Joseph’s Cathedral in Bucharest.

Since 2006 the project has been the subject of litigation between the company and the Romanian-Catholic archbishopric in Bucharest. The firm has also developed several residential projects including the high-end Oxford Gardens. ∫ Simona Bazavan

HEALTHCARE

CNAS could move under the supervision of Health Ministry

T

he national health insurance body CNAS could move under the supervision of the Public Health Ministry after a compromise was reached between the PD-L and UDMR, both members of the governing coalition. Ritli Ladislau, who was appointed the new health minister on August 17, will also coordinate the activity of the CNAS. The new minister was proposed by the Hungarian party UDMR. The issue of CNSAS has prompted the resignation of the previous health minister and caused mounting tensions in the center-right coalition government.

Former public health minister, Attila Cseke, cited the issue of fund management as a root cause of his resignation. According to Cseke, the public healthcare budget is disproportionately shared. The

ministry manages 15 percent of the EUR 4 billion coffers, while the national health insurance body CNAS controls 85 percent of the funds.

According to Prime Minister Emil Boc, putting the CNAS under the Health Ministry’s supervision will ensure the better coordination of policies between the two entities. Lucian Duta, president of the CNAS, has refrained from any comment on the shift in subordination from the government to the Health Ministry, stating that no official document had been brought to his attention.

President Traian Basescu appeared last week on the public television station, stating that the CNAS should remain autonomous in order to prevent the recentralization of the public healthcare system, a move he labeled a huge leap backwards.

Basescu added that under the current healthcare system, transactions are prone to fraud, doctors sign hundreds of prescriptions a day and politicians secure contracts with the national insurance body.

Basescu also said that hospitals should rely less on the state budget and adopt the legal and management framework of non-profit organizations or corporations, in a move to make the medical process leaner. These points are included in the new public healthcare law that is intended to remove the state monopoly on health services and allow private insurers to expand their healthcare insurance business.

The law will be debated in Parliament this fall and, if passed, should come into force from 2012. ∫ Ovidiu Posirca

www.business-review.ro Business Review | August 29 - September 4, 2011

WHO’S NEWS Dorian Cristian has been appointed COO of paint and varnish producer Fabryo Corporation.

In his new position, he will be responsible for developing relations with present suppliers, coordinating and optimizing all activities and processes on the Popesti-Leordeni platform as well as offering support for mediumand long-term commercial projects.

Between 1995 and 2006 Cristian worked as logistics and acquisitions director, value stream manager and COO for companies such as Kraft, Biofarm, Policolor and Europharm. From 2006 until his recent move he was COO and vice-president of Tnuva.

Robert Redeleanu has ended his term at the helm of local canned food producer Scandia Food. He joined the company in March 2009, as CEO and member of the board of directors.

Over the years Redeleanu has amassed vast professional experience in the FMCG industry. He began working as a finance trainee, later moving to marketing and marketing operations, working in the Balkan Region

WHO’S NEWS 7 Business Review welcomes information for Who’s News from readers.

Submissions may be edited for length and clarity. Get in touch at simona.bazavan@business-review.ro

and South-Eastern Europe. He was part of the team that managed the takeover of Bestfoods by Unilever South Central Europe in 2001. Redeleanu has worked for Unilever Russia, Ukraine and Belarus as marketing director for food products. Between 2004 and 2006 he was head of marketing at Telemobil in Romania. He has a bachelor’s degree in finance and stock exchanges and graduated from an executive program at the Darden School of Business in the US.

Catalina Aldea is the new acquisitions director of Mega Image as of this month. She is replacing Michael Stathakopoulos who has taken over another position within the Delhaize Group.

Aldea started her career as key account manager for Coty Romania and Beiersdorf. She joined Mega Image in 2004 as dry food & nonfood manager and in 2007 took over the fresh food segment, becoming buying manager.

Alexandra Olteanu has been appointed managing director at Initiative from September 15, after Steve Dallas ends his term. She will be

in charge of all the Initiative operations including strategy, buying, media consultancy, research and digital. Olteanu joined Initiative in 1995 and, since 2002, has been coordinating the media buying department as manager.

Marian Ghinea is the new sales manger at Codecs in Bucharest. He has previously worked for Bancpost as branch manager.

With over six years of professional experience, Ghinea will manage all the of the sales activities at the Bucharest office. He graduated from the Economic Sciences Faculty of the Oil and Gas University in Ploiesti and since 2006 has held various positions at OTP Bank Romania and Volksbank Romania.

Bogdan Apostol will take the lead of mobile marketing company Voxline Communication, from September 1. Apostol joined Voxline Communication in 2003, and has so far been in charge of growing the customer portfolio and developing new projects for clients, as business development manager. He is a graduate of the Sociology Faculty of the Transylvania University in Brasov. In 2005, he got his master’s de-

gree in Management Communication and HR from the National School of Political and Administrative Studies (SNSPA). The leader of the company until this point, Dan Virtopeanu, will pursue new projects, still in mobile marketing. Virtopeanu spent eight years at the head of the company and has 23 years of experience in IT&C, having been one of the pioneers of mobile marketing and micro-payment in Romania.

Mihai Ivanescu has joined the Bucharest office of Wolf Theiss as an associate in the banking & finance PG. He has been a member of the Bucharest Bar since 2005 and of the Law Society of England and Wales since 2009. Ivanescu has over five years’ working experience within international law firms based in Bucharest and has been involved in cross border financing transactions acting both on the lender's and the borrower’s side. His practice focuses on banking (both transactional and regulatory), capital markets and corporate matters.

8 INTERVIEW

www.business-review.ro Business Review | August 29 - September 4, 2011

Counting one's chickens after they hatch After a tough 2010 which brought lower sale prices, higher input costs and no more subsidies, local poultry producers are hoping to wing it on a flat market this year, with growth not expected until 2012. Grigore Horoi, president of Agricola Bacau, told BR about the group’s export strategy and EUR 7 million investment budget for 2011. ∫ SIMONA BAZAVAN How has the local poultry market evolved so far? Do you have predictions for 2012?

The first half of this year brought a 26 percent increase in poultry sales volumes for Agricola Bacau compared to the same period last year, against the fact that the market as a whole has stagnated. The Romanian poultry market amounted to about EUR 850,000 at the end of last and, so far, poultry consumption in 2011 is mainly characterized by caution. I estimate that the market will remain flat with slight signs of growth only in 2012, when we are most likely looking at a volume increase of no more than 3 percent.

At Agricola Bacau, we plan to sell 31,000 tons of poultry this year, 5,000 tons more than in 2010, with a significant portion of this amount going abroad.

How do you think that the price of poultry will evolve by yearend?

For poultry we have successfully recovered the 11.65 percent price decrease recorded in 2010 compared to 2009. So we have come back to the prices charged in 2009 and I do not think that this will significantly change by the end of 2011. This price recovery was essential, especially given the price increases for fodder. Otherwise, companies would simply not have been able to cover their costs.

What would you say are the main challenges for Romanian poultry producers?

After subsidies were dropped in 2010, the industry has faced, at least in the first half of the year, great pressure due to the higher costs of raw materials. Although expenses for cereals, our main input, are up in 2011 by an average of 120 percent compared to 2009, poultry prices have increased this year by only 11 percent com-

Courtesy of Agricola Bacau

Would you say that we are presently dealing with a new wave of the economic crisis?

Following the last two years’ experience, we can say that we are prepared to deal with the possible effects of recent international events.

Regarding the development of the local poultry industry, 2010 has brought massive changes – deflation, the lack of subsidies and more expensive inputs – which have meant higher costs, of about 11.3 percent of the turnover. Against this backdrop, Agricola Bacau has tried – and we like to believe that it has succeeded – to improve its operational performances, make better use of internal resources, invest in people, better communicate with clients and customers and adjust and foresee market changes. We want to stay on the same track and remain among the top local producers.

pared to 2010 which is still 3 percent below the average of 2009. With raw materials accounting for more than 50 percent of the final price, the negative impact of more expensive raw materials translates into 27 percent of the cost of a kilogram of poultry in 2011 against 2009. We hope, however, that as this is a good agricultural year, there will be price decreases for the main raw materials we use.

What were your objectives for Agricola Bacau in 2009 when you became president?

My mandate began in a seemingly quiet period for the poultry industry, but this has quickly turned into a challenging one. My main objectives have been to restructure the business, to bring a new approach as well as strengthening relations with final consumers. The present structure of the Agricola Bacau group of companies, which is based on business lines, is a met objective. Also, one of the most important aspects of our brand is innovation especially when it comes to new concepts for our products as well as introducing last generation technologies. There is of course room for improvement. The biggest challenge was in 2010, a tough year for the poultry industry in general. But we have managed to adapt, respond to market requirements, make our operations more efficient and thus come out with our head held high. As

for future objectives, I want to keep Agricola Bacau where it belongs: the main producer of poultry in Romania.

What are Agricola Bacau’s turnover targets for 2011?

For the Agricola Bacau group of companies we have budgeted a turnover of up to RON 440 million for the current year, which is 7 percent higher than the previous year. Thus, for poultry we target a 15 percent hike, 10 percent for pre-cooked and ready-meal products, another 10 percent for dry salami and boiled and smoked products and flat figures for eggs.

Why did you decide to focus on external markets and what is the export strategy for 2011 and the years to come?

One of Agricola Bacau’s objectives for 2011 is to boost its market share for poultry from 14 percent last year to 16 percent. Considering that the Romanian market is a flat one, turning to exports is only natural and their significant increase in value was mainly generated by higher volumes of exported refrigerated meat. While in 2010 the company’s exports did not exceed 12 percent of production, this year we estimate that the share will be around 20 percent. The main countries where we export are Germany, the Netherlands, France and Greece and we also have a special focus on the UK where

CV Grigore Horoi 1997- 2008 vice-president of Agricola International 1996-1997 CFO of Agricola International 1994-1996 chief accountant of Agricola International we have gained market access this year. The first shipments of ready-meal products have already been made by Europrod and we are also looking to export raw dry salami from Salbac. To achieve this requires an increased production capacity for dry raw salami, an investment that we are presently making.

What are your investment plans for 2011?

In 2011 the Agricola Bacau group plans to make total investments of about EUR 7 million. Out of this, EUR 3.2 million will be invested in poultry production, EUR 600,000 in the production of raw dry salami, EUR 500,000 in expanding our network of own stores and another EUR 2.5 million will go into modernizing the egg-producing farms.

Investments in development make up a share of more than 75 percent of the total investment budget and the remainder is various allocations for cutting costs and law compliance costs.

www.business-review.ro Business Review | August 29 - September 4, 2011

10 LINKS

Online payment set to challenge cash supremacy On a market where cash is king and conventional liquidity payment is the top choice for consumers, electronic payment is striving to assert itself.

The feat is not as impossible as it may seem, since the potential is huge. The online payment market is predicted to reach EUR 170-180 million this year, say industry pundits. ∫ OTILIA HARAGA “What services exist on the global markets are mostly present in Romania as well.

What is different is the degree of adoption, which generally speaking is growing in our country. We are making remarkable progress. It also depends a lot on existing fears and the traditionalist view concerning payments, since cash remains by far Romanians’ favorite payment choice,” says Antonio Eram, CEO of mobilPay. The e-commerce market is on course to reach EUR 350 million this year, including all methods of payment, but excluding payments for travel, insurance and utilities. One year later, in 2012, the market is predicted to reach EUR 500 million.

The market of online payments alone is estimated to reach EUR 170-180 million this year by industry pundits, while a year later, in 2012, the value will surpass EUR 200 million.

Companies in this field are in expansion mode, both in Romania and abroad, in line with the market. The PayU Group that ePayment, soon-to-be PayU Romania, is part of, is expanding its footprint in the region.

PayU Romania will be in charge of the technological export and technical and operational implementation of the online payment platform. At the moment, a local team made up of approximately 10 specialists in e-commerce has been deployed in the Hungarian office. But other countries are on the expansion map as well.

Similarly, the mobilPay CEO tells

COMPANY PROFILE mobilPay l processed nearly 1 million transac-

tions so far this year

The Romanian e-commerce market is estimated to have reached EUR 350 million this year, with tourism, air transport, utilities, electronic and IT products being the favourite online purchases Business Review that the company wants to take its Sillicon Valley-awarded technology to other markets and is already planning the steps that it needs to take down the line. The company official did not specify the markets that are under l processed over 1.2 million online consideration. transactions until July 31 worth Where is the card put to use more? approximately EUR 85 million Data show that customers used their l In 2010 it processed 2.1 million cards the most to purchase package holtransactions worth EUR 121 million idays and plane tickets, as well as paying utilities, services and telecommunications bills.

“Tourism, air transport and utilities, inin countries such as the United States, cluding telecom, are generating signifiUnited Kingdom, Russia, Turkey, cant revenues on the online commerce Poland and other countries in the market, mainly because these are region,” says Nicolescu. services that do not require a physical This year there was lightening-speed growth in payments on discount evaluation from buyers as is the case for electronic or IT products or clothing,” websites. Some 400,000 transactions took place in the first half of the year Daniel Nicolescu, CEO ePayment compared to none last year when tells BR. these websites did not exist, according to When the user pays their bills, buys Eram. plane tickets or makes hotel reservaThe number of transactions is tipped tions online, this saves time but also to double this year compared to the last, money. reaching a total in excess of 3.5 million.

Shoppers can avail themselves of such services with just a few clicks and “Since the growth in transactions is considerably higher than the growth in volno longer have trawl around travel agenume, the per transaction average will go cies looking for the best offer or waste down, and the reasons are of course time queuing to pay their gas and telediscount websites. phone bills.

At this moment, discount websites “Things are the same in this respect in are driving the growth of the online paymost countries in the region: the travel ment market by card since these platand ticketing segment generates significant revenues among online payments, forms post a growth rate of 10 percent in the number of transactions from one ranking among the top industries

COMPANY PROFILE ePayment

month to the next,” says Eram.

By the end of the year, he estimates, the number of online payments by card on discount websites will surpass 850,000 transactions.

Since in e-commerce, over 80 percent of orders are placed with cash-on-delivery, there is great growth for potential in this area, says Eram.

Where does the growth lie? Some fields performed very well in the first half of the year, in fact more than 30 percent better.

The services sector, which encompasses access to content, hosting and insurance, saw a 63 percent surge in the number of transactions in the first half of last year.

Sales of IT&C products also increased by 37 percent. The flower-sale sector grew by 28 percent. Last but not least, book sales rose by 26 percent. The NGO sector is also a fast-growing one, since more and more non-governmental organizations have introduced the option of online donations, which led to a 27 percent surge.

“If until now we were talking about growth especially in the ‘star’ domains of this industry, the evolution in segments such as social, flowers, books and gifts shows that users are resorting to online payments for their standard day-to-day purchases. This is a good sign for the market,” says Nicolescu.

otilia.haraga@business-review.ro

www.business-review.ro Business Review | August 29 - September 4, 2011

LINKS 11

Telecom regulator invests EUR 3.4 mln in radiation-measurement laboratory ∫ OTILIA HARAGA

Courtesy of Ancom

Telecom regulator ANCOM will invest EUR 3.4 million (RON 17.9 million) of its own funds in a laboratory that will be used to check radio equipment, mobile phones and other devices that generate electro-magnetic fields, after their introduction on the market.

“The regulating authorities in most European Union countries have such laboratories that are dedicated exclusively to testing the equipment and products on sale. Apart from these, there are other commercial laboratories that take conduct paid analysis at the request of any party,” Catalin Marinescu, president of ANCOM, told BR. To this end, the authority has launched a public auction to award the contract. The deadline for interested parties to submit offers is October 4, at 5 pm. Estimations are that the laboratory will be functional within 20 months of the contract being awarded.

The laboratory will be built in Prejmer, Brasov county, on a 2,834-sqm land plot owned by ANCOM. The premises will have a total built area of 701 sqm. This surface is typical for a medium-sized laboratory according to the standards in force, added the ANCOM president.

Similar laboratories exist in two oth-

Catalin Marinescu, president of telecom regulator ANCOM

er Romanian cities. “Until now, ANCOM has collaborated with a laboratory in Craiova to perform the necessary technical measurements, as part of a campaign initiated by the European Commission. We know that there is such a lab at Suceava University for training students, but we do not have other infor-

mation about it,” said Marinescu.

However, unlike other laboratories in Romania, the ANCOM lab was designed in such a way that it will only measure for market-control activities. It will conduct a large range of tests and will be equipped with last-generation technology.

“This laboratory will enable ANCOM to

carry out its duties, and check whether the electric and electronic appliances on sale are compatible with applicable European laws that regulate electro-magnetic compatibility and the health and safety of the users,” Marinescu said.

One of the key reasons for the existence of this laboratory is also to verify radio equipment and establish whether the radio frequency bandwidth is used efficiently. “The entrance of radio equipment and terminals on the European market is no longer subject to approval and homologation before their introduction onto the market, since the guiding principle now is the free circulation of merchandise,” said Marinescu.

Producers have the obligation to subject their products to tests and measurements performed within homologated laboratories and to place at the disposal of the authorities from the European countries where they distribute their wares sufficient evidence that the products fall within the legal parameters.

The regulation authorities intervene only when it is suspected that the products fail to observe these parameters. In Romania, ANCOM is the authority that verifies that such equipment respects the norms in force.

otilia.haraga@business-review.ro

www.business-review.ro Business Review |August 29 - September 4, 2011

12 FOCUS

Romania dreams of modern silk road with China

Courtesy of gov.ro

Romania has discovered that relations with China bring prosperity but has hitherto simply stood by and watched other EU members signing agreements with Asia’s economic powerhouse. But the country’s 62-year diplomatic relationship with the world’s second biggest economic power may prove to be an asset that will strengthen business ties between China and Romania. ∫ OVIDIU POSIRCA Prime minister Emil Boc recently visited China Romania wants to become the Eastern European logistical center for Chinese goods, according to Andreea Vass, economic counselor to Prime Minister Emil Boc. The statement was posted on the counselor’s blog, shortly after a Romanian delegation returned from an official six-day trip to China. Vass went on to say that Romania is strategically placed for receiving Chinese commercial fluxes. In 2005, Cosco, a Chinese shipping company, considered operating the container terminal at Constanta Port. However, discussions reached a dead end and the Chinese opted for the Greek port of Piraeus instead.

Friendly relations between the two countries go back to the early 90s, when the Chinese monetary authorities deposited foreign currencies in the Central Bank of Romania, when supply was scarce.

The Chinese didn’t forget this aid and have expressed availability to deliver major investments in Romania. Moreover, China Development Bank has been invited to open a branch in Romania, in order for Chinese financial institutions to gain a foothold in the EU. Hu Jintao, the Chinese president, has pushed for a pragmatic collaboration between the two states, while the Chinese Prime Minister Wen Jibao has called for the traditional friendship between China and Romania to enter a new era, where prosperity is the new rule, two encouraging statements made during official meetings held this August.

In Romania, about 10,000 companies have Chinese participation with capital of EUR 318 million in the retail, manufacturing and IT&C industries. In fact, Romania's business environment seems to be attracting an increasing number of Chinese, as a 10 km strip of commercial centers worth EUR 27 million, called China Town,

was recently inaugurated in the outskirts of Romania. Approximately EUR 40 million has been invested in a Chinese tobacco factory in Buzau County.

A EUR 10 million investment in the same area is transforming plastic waste into raw materials. Bikes are manufactured in Deva by DHS with most of the production exported to Germany, while in Ploiesti a Chinese company has invested EUR 5 million in the production of printing cylinders.

In addition, millions of euros are circulating in the trading business. Previously, Chinese investment was associated with bazaar-style wholesalers like Europa, Niro and Dragonul Rosu with their murky bookkeeping.

In 2010, exports between China and Romania stood at EUR 2.6 billion, while Ro-

Eye on infrastructure l The construction of reactors 3

and 4 of Cernavoda Nuclear Power Plant l Tarnita-Lapustesti electricity power plant l Dunare – Bucharest watercourse channel l Bucharest bypass road l Irrigation channel Siret-Baragan l Commissioning of sectors of Transilvania Highway l Building of Comarnic-Brasov and Sibiu-Pitesti highways l Infrastructure projects that Romania is willing to commission to Chinese companies:Metro line between Bragadiru-Voluntari.

manian exports to China amounted to EUR 309 million. Nonetheless, there is room for expansion, so Romania is trying to reposition itself as a strategic partner for Chinese export flows and delivering projects in a public-private partnership.

Political officials organized a RomanianChinese Economic Forum in Beijing, at which dozens of Romanian and Chinese investors were present Some of the Romanian companies that participated in the forum include state-owned energy firm Hidroelectrica, wine producer Murfatlar and the local subsidiary of telecommunications giant Motorola.

According to Gabriel Ghelmegeanu, the president of the Romanian-Chinese Chamber of Commerce and Industry, the latest Romanian visit to China sent out a political signal, but relations should be taken to the next step, as signals have been given in the last ten years without any positive outcome.

The Chinese were invited to participate in massive investment projects that will be built through a public-private scheme. Chinese labor is needed for erecting Reactors 3 and 4 of Cernavoda Power Plant, modernizing mines in the former thriving region of Valea Jiului and building essential transportation routes connecting Romania to the EU by road. Romania is willing to commission further agriculture and electricity projects to Chinese companies.

The Romanian mission to China had some bold plans but the details may dent the enthusiasm. Romania doesn’t have a direct flight between Bucharest and China, and its diplomatic presence in Beijing is slim, as no new Romanian ambassador has been appointed since the last one resigned 10 months ago. Still, the foreign affairs min-

ister has announced that an experienced diplomat will take up the position this fall.

Ghelmegeanu concludes that the Chinese are willing to invest in Romania, thanks to the two countries’ longstanding historical relationship.

They might actually feel obliged to do so. However, Romania should act pragmatically, say commentators, presenting its Chinese counterparts with solid projects that should be negotiated at a moderate pace. Only through continuous collaboration is Romania likely to achieve something.

ovidiu.posirca@business-review.ro

Romanian officials visiting China after 1990: January 14-16 1991: Romanian President Ion Iliescu meets with his Chinese counterpart , Yang Shangkun 8 September 1997: Romanian President Emil Constantinescu meets with Chinese President Jiang Zemin 14-15 May 2003: Prime Minister Adrian Nastase meets with Chinese President Hu Jintao 28 March 2006: Romanian President Traian Basescu meets with his Chinese counterpart, Hu Jintao 8 August 2008: President Traian Basescu attends the opening of the Summer Olympics in Beijing 10-16 August 2011: A Romanian delegacy lead by Prime Minister Emil Boc visits ChinaJanuary 14-16 1991: Romanian President Ion Iliescu meets with his Chinese counterpart , Yang Shangkun

www.business-review.ro Business Review | August 29 - September 4, 2011

PROPERTY 13

PARKING

THEME PARK

Affordable parking EUR 25 million theme plans for Bucharest stall park to open in Bucharest this fall

vest EUR 13.4 million in the three-level parking lot and has 36 years to earn its investment back and post a profit.

The other four PPPs will have a total cost of EUR 139 million, should the necessary wealthy investors be found.

As the demand is great and other real estate investments are being postponed, building a car park seems an appropriate solution. Dragos Dragoteanu, the owner of the real estate company Euroest, decided to put to use the expensive land plots he had acquired in the middle of the capital.

The businessman invested EUR 150,000 in a plot of land near Victoria Square, adapting it to make it suitable for parking, and planned another in Matache Square. However, due to the building works along Bulevardul Uranus the project was postponed.

“There are one million cars in Bucharest and a need for over 100,000 parking spaces, but it is not profitable to invest in a multi-storey car park, as it returns in 20, 30 years,” said Dragoteanu, whose plans for building car parks were a response to the financial crisis. Currently, he charges drivers EUR 3 per hour, ten times more than the cost of public parking, and his facility has an occupancy rate of 60 percent.

“It is profitable to build multi-level structures only through PPPs, but in Romania such partnerships are in fact just compromises,” said Dragoteanu.

And while construction works and partnerships are barely moving forward, affordable parking spaces seem as far away as ever. ∫ Andreea Ceasar

Bucharest’s first entertainment park is scheduled for opening this fall

RETAIL

Mercadia opens sixth Macro outlet

Courtesy of Mercadia

Bucharest drivers pay an average of EUR 100 per month to park their vehicles, or 28 percent of an average monthly salary, more even than a London motorist who allocates 26 percent of a EUR 2,924 salary, according to the real estate advisory company Colliers International. Despite the prohibitive costs, more than 1.1 million cars are squeezed into the limited number of parking spaces in the Romanian capital.

According to the Bucharest Municipality Parking Strategy drawn up in 2008

by Asesores de Infraestructuras, the demand for underground parking spaces will be as much as 30,000 in 2011, and 90,000 by 2020. The study underlines that 9,000 underground parking spaces must be built per year to meet the growing demand.

Two years ago at least 20 large parking projects were pending, but so far only five major underground spaces totaling fewer than 3,000 units are underway.

They are intended to be developed through public-private partnerships (PPP), and will be located in the most congested areas.

The Walter Maracineanu project is the smallest, with 241 spaces, followed by Dorobanti with 254, Edgar Quinter-University (380), Charles de Gaulle (601) and Alba Iulia, which should have a 1,500-space parking facility in two years.

The only project that has been started is the one in the University area, whose concessioner, a Spanish joint venture between TerraTest Cimentaciones, Alius Inversiones and Simex, plans to in-

Courtesy of Terra Park

Photo: Laurentiu Obae

More than one million cars currently in Bucharest are squeezed into a limited number of parking spaces

Terra Park, an entertainment park with an initial investment of EUR 25 million, will open this fall in Bucharest on Timisoara Boulevard.

The park, which covers a 30,000-sqm surface, is owned by Rami Dacia, a Romanian manufacturer of synthetic diamonds. The venue targets mainly families with children, and will be operated continuously throughout the year, with both indoor and outdoor entertainment points.

Thirty rides and attractions will be installed inside the park, including: the Z Force Tower, a 53m platform, a 310-m long rollercoaster and the hydro lift slide.

Terra Park will have its own parking lot of 500 places plus the usual facilities and services of an entertainment park. Representatives of the facility expect approximately 600,000 visitors in the first operating year, and the average family to visit the park at least three times within this time frame.

“We are planning a second stage in the development of the park, to offer our visitors new facilities […]: the largest rollercoaster in the country, a hotel for those visiting from outside Bucharest, a concert hall and innovative spaces for spending free time,” said Eric Eberhart, the general manager of the park. Between 1982 and 2000 Eberhart was involved in the development of Disney theme parks in Florida, Paris and Tokyo, serving in top management positions on the projects. ∫ Staff

The Macro stores network is set to reach 100 units by year end Mercadia Holland BV has opened a new Macro store in Calarasi following a EUR 500,000 investment. The outlet has a 960-sqm sales area.

The company, which is controlled by businessman Dinu Patriciu, also operates the Mic.ro proximity store network.

The first Macro was opened this May in Brasov by rebranding one of the compa-

ny’s local MiniMax units.

Mercadia representatives announced at that time that the company planned to rebrand all of its other 55 MiniMax stores countrywide under the Macro concept and to open new ones, bringing the network to about 100 units by the end of this year. ∫ Simona Bazavan

www.business-review.ro Business Review | August 29 - September 4, 2011

14 IN TOUCH CULTURAL EVENTS CALENDAR Cinema

The Change-Up

Cowboys & Aliens

From August 24 Directed by: David Dobkin. Starring: Ryan Reynolds, Jason Bateman, Olivia Wilde, Leslie Mann, Alan Arkin, Mircea Monroe, Jeanine Jackson

From August 24 Directed by: Jon Favreau. Starring: Daniel Craig, Harrison Ford, Olivia Wilde, Noah Ringer, Jon Favreau, Sam Rockwell, Paul Dano On at: Cinema City Cotroceni, Cinema City Sun Plaza, Hollywood Multiplex, Movieplex Cinema, Samsung Imax Cotroceni, The Light Cinema 1873. A spaceship arrives in Arizona to take over the Earth, with the Wild West.

The Smurfs From August 24 Directed by: Raja Gosnell. Starring: Neil Patrick Harris, Hank Azaria, Katy Perry, Sofía Vergara, Alan Cumming, George Lopez, Jayma Mays

On at: Baneasa Drive in Cinema, Cinema City Cotroceni, Cinema City Cotroceni – Sala VIP, Cinema City Sun Plaza, Cityplex, Hollywood Multiplex, Movieplex Cinema, Studio, The Light Cinema A married father accidentally switches bodies with his best friend, leading to a series of comical complications.

From September 2

The tiny blue Smurfs are chased out of their village, and tumble from their magical world into ours.

From August 24 Directed by: Marcus Nispel. Starring: Jason Momoa, Rachel Nichols, Ron Perlman, Rose McGowan, Stephen Lang, Saïd Taghmaoui, Raad Rawi On at: Cinema City Cotroceni, Cinema City Cotroceni – VIP Hall, Cinema City Sun Plaza, CinemaPro, Cityplex, Hollywood Multiplex, Movieplex Cinema, Patria, The Light Cinema Conan the Cimmerian and his adventures across the continent of Hyboria go on a quest to avenge the murder of his father and the slaughter of his village.

Fright Night From August 24 Directed by: Craig Gillespie. Starring: Anton Yelchin, Colin Farrell, David Tennant, Christopher Mintz-Plasse, Toni Collette, Imogen Poots, Dave Franco

Directed by: Woody Allen. Starring: Owen Wilson, Owen Wilson, Rachel McAdams, Marion Cotillard, Kathy Bates, Carla Bruni On at: Movieplex Cinema A family travells to the French capital for business. The party includes a young engaged couple forced to confront the illusion that a life different from their own is better.

Music September 18 Brian Ferry Concert at Sala Palatului, 28 Ion Campineanu.

The rescheduled concert is due to take place on September 18. More details and tickets at www.eventim.ro

A teenager suspects that his new neighbor is a vampire.

Museums Until October 16 Romanian Comic Book Museum Contemporary Art Museum, 4th floor The international events that will take place Comic Book Museum include film projections held by the Austrian Cultural Forum and the Czech Center in July and an exhibition by Portuguese artist Eugenio Silva.

Autumn will also bring a series of events organized by the British Council.

ISSN No. 1453 - 729X

FOUNDING EDITOR Bill Avery EDITOR-IN-CHIEF Simona Fodor SENIOR JOURNALIST Otilia Haraga JOURNALISTS Simona Bazavan, Corina Dumitrescu COPY EDITOR Debbie Stowe COLLABORATORS Anda Sebesi, Michael Barclay ART DIRECTOR Alexandru Oriean PHOTOGRAPHER Laurentiu Obae LAYOUT Beatrice Gheorghiu

On at: Cinema City Cotroceni, Cinema City Cotroceni – VIP Hall, Cinema City Sun Plaza, Cityplex, Hollywood Multiplex, Movieplex Cinema, The Light Cinema

September 1 Great orchestras of the world: The Hague Philharmonic Grand Palace Hall, 19.30 Conductor: Christian Badea Program: G. Enescu – Symphony no. 1 in E flat Major op. 13; D. Shostakovich – Symphony no. 10 in e minor op. 93 September 2 Recital Akiko Ebi Romanian Atheneum, 17.00 Program: J.S. Bach – Chromatic Fantasia and Fugue in d minor BWV 903; Fr. Liszt – Excerpts from Harmonie poetique et religieuses S173 (R 14); Cl. Debussy – Suite Pour le piano L. 95 (1901) Kôji Toyoda – Pensée for piano; G. Enescu – Suite no. 2 for piano in D Major op. 10

Midnight in Paris

On at: Cinema City Cotroceni, Cinema City Sun Plaza, Hollywood Multiplex, Movieplex Cinema, The Light Cinema

Conan the Barbarian

GEORGE ENESCU FESTIVAL PROGRAM

21st Century Music. Enescu and his contemporaries. Philarmonica Chamber Orchestra Mihail Jora Hall of the Romanian Radio Society, 18.00 Conductor: Nicolae Iliescu; Soloist: Colin Carr – cello Program: N. Rota; J. Haydn; D. Shostakovich Great orchestras of the world: The Hague Philharmonic Grand Palace Hall, 19.30 Conductor: Christian Badea; Soloist: Dan Grigore – piano Program: Dan Dediu (winner of the George Enescu International Competition 1991) – Atlantis (world premiere) E. Grieg – Concerto for piano and orchestra in a minor op. 16; H. Berlioz – Fantastic Symphony op. 14

By Midnight: Austrian Baroque Company Romanian Atheneum, 22.30 Soloist: Nuria Rial – soprano September 3 21st Century Music. Enescu and his contemporaries. Hyperion Ensemble Mihail Jora Hall of the Romanian Radio Society, 11.00 Conductor: Iancu Dumitrescu Special guest: Stephen O´Malley (USA) Program: Liana Alexandra – Chant d'Amour de la Dame a la Licorne (v. Etienne De Sadeleer) 21st Century Music. Enescu and his contemporaries. Profil Ensemble Romanian Atheneum, 17.00 Conductor: Tiberiu Soare Opera and Ballet. Lohengrin by Richard Wagner Bucharest National Opera, 19.00 Orchestra and choir of the Bucharest Na-

PUBLISHER Anca Ionita EXECUTIVE DIRECTOR George Moise SALES & EVENTS DIRECTOR Oana Molodoi MARKETING MANAGER Adina Milea SALES & EVENTS Ana-Maria Nedelcu, Claudia Munteanu RESEARCH & SUBSCRIPTION Lili Voineag PRODUCTION Dan Mitroi DISTRIBUTION Eugen Musat

tional Opera Conductor: Cristian Mandeal 21st Century Music. Enescu and his contemporaries. Royal Camerata Mihail Jora Hall of the Romanian Radio Society, 19.30 Conductor: Cristian Lupes Soloist: Horia Maxim – piano

By Midnight: Venice Baroque Orchestra Romanian Atheneum, 22.30 Soloist: Giuliano Carmignola September 4 21st Century Music. Enescu and his contemporaries. Florilegium Quartet Mihail Jora Hall of the Romanian Radio Society, 11.00 Program: Dan Timis – String quartet; Sorin Lerescu – Impressions string quartet no. 3; Myriam Marbe – String quartet no. 2; Cslin Ioachimescu – String quartet no. 1; Doina Rotaru – Vivarta for string quartet 21st Century Music. Enescu and his contemporaries. Moldavian National Chamber Orchestra Romanian Atheneum, 17.00 Conductor: Cristian Florea Opera and Ballet. El Banch/ El Ballet Nacional Chileno I.L. Caragiale National Theater, 19.00 Program: Noche Bach (Consiertos / Cantico); Music: J. Sebastian Bach 21st Century Music. Enescu and his contemporaries. Musica Nova Ensemble Mihail Jora Hall of the Romanian Radio Society, 19.30

By Midnight: Il Complesso Barocco Romanian Atheneum, 22.30 Conductor: Alan Curtis Program: G.F. Händel – Ariodante HWV 33; Soloists: Ariodante – Ann Hallenberg; Ginevra – Karina Gauvin; Dalinda – Ana Quintans; Re di Scozia – Matthew Brook; Odoardo – Anicio Zorzi Giustiniani Polinesso – Marie Nicole Lemieux; Lurcanio – Nicholas Phan

Tickets can be purchased in the Eventim network, as well as online at www.eventim.ro.

ADDRESS No. 10 Italiana St., 2nd floor, ap. 3 Bucharest, Romania LANDLINE Editorial: 031.040.09.32 Office: 031.040.09.31 Fax: 031.040.09.34 EMAILS Editorial: editorial@business-review.ro Sales: sales@business-review.ro Events: events@business-review.ro