main features of investment and investment finance in romania · 6/21/2017 · În perioada...
TRANSCRIPT
Main Features of Investment and Investment Finance in Romania
NBR – EIB Conference Bucharest
21 June, 2017
20.9 21.7 22.3 22.4 24.326.4
36.038.4
26.0 25.9 27.1 27.324.7 24.3 24.8
22.7
16.6
-40
-20
0
20
40
60
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Q1
Gross Fixed Capital Formation
Source: National Institute of StatisticsSource: National Institute of Statistics
annual percentage change
percent of GDP
percent
31 dec. 2009 31 dec. 2010 31 dec. 2011 31 dec. 2012 31 dec. 2013 31 dec. 2014 31 dec. 2015
mil. euro
mil. euro
% mil. euro
% mil. euro
% mil. euro
% mil. euro
% mil. euro
%
Total * 48827 51414 5.3 53723 4.5 57851 7.7 59958 3.6 60198 0.4 64433 7.0
Aport la capitalurile proprii (incl. profituri reinvestite) 35646 35580 -0.2 37081 4.2 39393 6.2 40700 3.3 43243 6.2 45098 4.3
Credite * * 13181 15834 20.1 16642 5.1 18458 10.9 19258 4.3 16955 -12.0 19335 14.0
* soldurile ISD pentru anii 2009 - 2012 au fost recalculate potrivit metodologiei BPM6
* * creditele nete de la investitorii străini direcţi
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
55,000
60,000
65,000
31 dec. 2009 31 dec. 2010 31 dec. 2011 31 dec. 2012 31 dec. 2013 31 dec. 2014 31 dec. 2015
35,646 35,580 37,081 39,393 40,700 43,243 45,098
13,181 15,834 16,642
18,458 19,258
16,955 19,335
mil
ioan
e e
uro
, s
fârş
it d
e a
n
EVOLUŢIA SOLDULUI ISD ÎN PERIOADA 2009 - 2015
Aport la capitalurile proprii Credite
31.8
13.1 12.2
12.2
9.8
6.3 5.7 3.0 2.6 1.8
0.8 0.7
Total economie 64433 milioane euro
Industria prelucrătoare
Intermedieri financiare si asigurări
Comerţ
Construcţii şi tranzacţii imobiliare
Energie electrică, gaze şi apă
Activităţi profesionale, ştiinţifice, tehnice şiadministrative şi servicii suport
procente
18.8
18.6 12.9
10.7
8.4
8.2 7.2
7.1 5.1 3.0
Industria prelucrătoare 20477 milioane euro
prelucrare ţiţei, produse chimice, cauciuc şi maseplasticemijloace de transport
metalurgie
alimente, băuturi şi tutun
fabricare produse din lemn, inclusiv mobilă
maşini, utilaje şi echipamente
procente
59.3
9.0
8.1
7.2 5.9 4.5 3.4 2.6
Total ISD 64433 milioane euro
BUCUREŞTI - ILFOVCENTRUVESTSUD - MUNTENIANORD-VESTSUD-ESTSUD-VEST - OLTENIANORD-EST
procente
56.0
11.9
10.7 6.2 6.6 2.6 2.7 3.3
ISD în întreprinderi greenfield* 36484 milioane euro
BUCUREŞTI - ILFOVCENTRUVESTSUD - MUNTENIANORD-VESTSUD-ESTSUD-VEST - OLTENIANORD-EST
procente
25.0
14.2
12.4 6.9
6.7
5.2
4.2
3.5 2.7
2.5 2.2 2.2 2.1 1.4 1.0 7.8
Total ISD 64433 milioane euro
Olanda Austria Germania
Cipru Franţa Italia
Luxemburg Elveţia Grecia
Statele Unite ale Americii Belgia Spania
Marea Britanie Ungaria Cehia
Alte ţări**
procente
21.5
11.2
16.9 6.0
5.0
7.6
5.4
2.8 1.4
1.5 3.4
2.4 2.8 1.8 1.4 8.9
ISD în întreprinderi greenfield* 36484 milioane euro
Olanda Austria Germania
Cipru Franţa Italia
Luxemburg Elveţia Grecia
Statele Unite ale Americii Belgia Spania
Marea Britanie Ungaria Cehia
Alte ţări**
procente
• During the period under review, the high level of taxation, fiscal unpredictability, and competition further prevailed among the most pressing problems for companies. Moreover, the share of respondents that flagged the availability of staff as a pressing problem widened versus the previous survey round.
The most pressing problems faced by non-financial corporations April through September 2016
• The share of companies that indicated access to finance as a pressing problem increased slightly against the previous round to 16 percent. Looking solely at companies that applied for loans April through September 2016, 17 percent of respondents (marginally down from 18 percent in the previous round) flagged access to finance as a pressing problem.
Main sources of finance for non-financial corporations April through September 2016
• In the period from April to September 2016, the main difficulties faced in accessing financing from banks and/or NBFIs were the overly high level of interest rates and commissions, the requirements regarding the value or type of collateral, and bureaucracy.
Difficulties faced by non-financial corporations that applied for loans in accessing finance from banks and NBFIs in April-September 2016
• Companies continued to rely mainly on internal funds, with around 64 percent of respondents turning to retained earnings/sale of assets or to loans from shareholders or capital increases as a financing source. The appetite for bank financing edged up slightly, albeit remaining one of the less-tapped sources, with 17 percent of companies preferring this means of financing. The use of European funds was insignificant, with 98 percent of firms responding they had not resorted to such funds.
Developments in the main sources of finance of non-financial corporations April through September 2016
0
20
40
60
80
100
Jun.16
Dec.1
6
Jun.16
Dec.1
6
Jun.16
Dec.1
6
Jun.16
Dec.1
6
Jun.16
Dec.1
6
Jun.16
Dec.1
6
Jun.16
Dec.1
6
F1 F2 F3 F4 F5 F6 F7
companies that
did not need thistype of financing
percent
F1 – Retained earnings/sale of assets
F2 – Loans from shareholders or capital increasesF3 – Trade credit
F4 – Overdrafts or credit lines
F5 – Financial leasing or factoring
F6 – Investment loansF7 – Cash loans
decrease
unchanged
increase
• The majority of companies said that they intended to decrease their level of bank debt irrespective of the interest rates (59 percent of firms would not take a loan in lei and 65 percent would not take a loan in euro). These shares were slightly wider than in the previous six-month period (57 percent and 62 percent respectively October 2015 through March 2016).
The cost of financing for non-financial corporations in September 2016