Insights into the Major

Companies Methodology
Bucharest, 14 November 2013

Table of contents
. 1 Introduction

Page 2

Scoring methodology

Industrial companies financial indicators

Industrial companies non-financial indicators

Banks

Major Companies methodology

Major Companies in Romania - 2012

2,669 Major Companies generated

Turnover of EUR 138 billion out of
which:

Country key indicators 2012

40 Telecom companies: EUR 3.1 bln

Nominal GDP

EUR 135.5 bln

49 IT companies: EUR 1.2 bln

Nominal
GDP/capita

EUR 6,060

44 Automotive part producers: EUR 6.3 bln

Consumer Price
Index

3.3 %

Rating (local
currency)

BB+ (S&P), Baa3

(Moodys), BBB
(Fitch)

16 Retail centers: EUR 0.2 bln

Source: Global Insight, S&P, Moodys, Fitch

38 Banks accumulated Total

Assets of EUR 81.3 billion

Page 3

Major Companies methodology

Scoring methodology
Financial indicators

Size
Growth
Profitability

Non-financial indicators
1
Low

Employees

High

Corporate Social
Weight

Responsibility

Activity
Liquidity
Leverage

Local brand
MCR scoring

Company type

Coverage

Page 4

Major Companies methodology

Industrial companies - financial indicators

Size

2012 Turnover
50% of MCR scoring

Liquidity

Growth

Current Ratio

EBITDA Growth 2012 vs. 2011

((EBITDA 2012 - EBITDA 2011) / EBITDA
2011)*100

(Inventories + Receivables + Cash) / Short term

debt

4.16% of MCR scoring

4.16% of MCR scoring

MCR scoring
75%

Profitability

Leverage

Return on Equity

Debt to Equity

Net profit / Equity

Long term debt / Equity

4.16% of MCR scoring

Page 5

4.16% of MCR scoring

Activity

Coverage

Asset Turnover

Interest Coverage

Revenue / Total Assets

EBIT / Interest expense

4.16% of MCR scoring

4.16% of MCR scoring

Major Companies methodology

Industrial companies - non - financial indicators

Average number of
employees

8.75% of MCR scoring

Public versus private

company

Corporate social
responsibility

MCR scoring
25%
8.75% of MCR scoring

5% of MCR scoring

Contribution to developing a
local brand

2.5% of MCR scoring

Page 6

Major Companies methodology

Banks
Size

Operating margin

2012 Total Assets

2012 Cost / Income ratio

Banks were grouped in 3 peer groups based on

their market share: >4%, 1%4%, <1%

Operating expenses / Operating income

50% of MCR scoring

10% of MCR scoring

Growth

Liquidity

Net Banking Income Growth

2012 vs. 2011

((NBI 2012 - NBI 2011) / NBI 2011)*100

10% of MCR scoring

Profitability

Return on Equity
Net profit / Equity

10% of MCR scoring

Page 7

MCR scoring

Loans to Deposits Ratio

Loans / Deposits

10% of MCR scoring

Activity
2012 Gross yield on average
earnings assets

Total interest income / Total average earning

assets

10% of MCR scoring