Fan Courier: Even large firms want payment deadlines extended by 60 days

Fan Courier, a major player on the Romanian courier services market, ended the first four months of this year with turnover worth 60.4m RON (14.5m euros), up 16% in euros from a year ago. "We succeed in generating profit at the end of each day because we're staying close to our business day by day. We can manage our company's cash flow very well," says Felix Patrascanu, one of the company's owners. Net 2009 income reached 8.3m euros, amid 40m-euro turnover, according to the company's representatives. The company has 2,500 employees. Fan Courier is owned by three Romanian entrepreneurs, Felix Patrascanu, Adrian Mihai and Neculai Mihai, who set up the company in 1998. The company, with a market share put at 20%, is one of the few Romanian-held firms that have not changed their shareholder structure, despite bids from investment funds. "Economic conditions do not allow us to reach the 30-40% increases of several years ago (...). This year, we've budgeted 10% growth, to 184m euros (almost 44m euros," said Fan Courier's representatives. At present, the firm operates with a 1,500-car fleet and provides courier services to 14,000 clients. "We're in a situation where even large corporate clients ask for their payment deadlines to be extended by 60 days," Adrian Mihai specified.