The wealth of Romanian entrepreneurs accounts for less than 2%of the overall value of the top 100 companies on the Romanianmarket, according to a ZF analysis based on the "Most ValuableCompanies in Romania" Yearbook put together by Ziarul Financiar, inpartnership with investment firm Capital Partners.
Stakes held by Romanian business people in companies included inthe ranking amount to one billion euros, with the overall value ofthe 100 companies being 55 billion euros.
2009 erased around 20% off the entrepreneurs' wealth, but thestakes held by Ion Tiriac, the Micula brothers, and Zoltan Teszariplace them among the most powerful Romanian business people.
The wealthiest Romanian businessman remains Ion Tiriac who,although he lost 100 million euros at this year's valuation , holdsstakes worth around half a billion euros in Metro Cash & CarryRomania, UniCredit and Allianz-Tiriac. He also holds businesses inthe auto and real estate industry, which were not included in theZF ranking, though.
The overall worth of the top 100 most valuable companies on theRomanian market is 55.7 billion euros, 14 billion euros less thanlast year.
The reduction in valuation multiples, sales and profits, markedthis year's evaluations, with only ten companies being worth morethan 10 billion euros.
"Valuation multiples declined the most in industries such asconstruction materials and the auto industry. On the auto market,we have importers and distributors mainly, with the valuecalculated as 0.2 to 0.3% of the sales. Last year multiples wereabove 0.5%. In the construction sector EBITDA multiples are used,with 4 being the average, but financial results count, as well.Here multiples were rather low last year, comparable to thisyear's," said Andreea Mladin, business analyst at CapitalPartners.
The crisis removed the Arabesque group, controlled by businessmanCezar Rapotan, from the ranking. Whilst the firm was valued at 175million euros in ZF's 2008 Yearbook, this year its worth was lessthan 117 million euros, therefore it did not quality for theranking.
The most important new entry into the top 100 among the 15 newnames is Interagro, a company controlled by Ioan Niculaie, who, athis first presence in the ranking, is close to the middle of theranking, at number 58.
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