Download the True Leaders 2021 eBook | Romanian Economy Overview from an EBITDA Perspective

Mihai-Alexandru Cristea 14/12/2021 | 19:22

This is the 6th year in which ICAP releases the list of True Leaders in Romania, alongside with the other two markets where ICAP Group is present: Bulgaria and Greece. True Leaders is a very important segment of the market, cumulating 29.3 bln euro Turnover and 4.2 bln euro profit and employing over 153.000 persons. These are the healthiest Romanian companies, not only regarding their profitability (EBITDA) but also their organic growth (presenting a growth of employees’ number).

Editorial by Alexandra Mehedintu (Predeanu), Country Manager, ICAP Romania

Download the True Leaders 2021 eBook here


In short, True Leaders is an objective financial analysis of Romanian companies, based on their balance sheets at December 2020 and cumulating the following criteria:

  • Are part of top 500 most profitable companies in Romania
  • Have the highest EBITDA in their industry
  • Record an increase of the number of employees
  • Have high creditworthiness, in the Very Low risk band and Low risk band of ICAP Scoring.

104 companies have been selected this year and we are glad to see that the number of companies is relatively stable. We congratulate these outstanding companies that even in times of crisis, have managed to remain risk free, hire more people, become ever more profitable and proudly represent their industry.

From TOP 500 by EBITDA companies are chosen the companies awarded in the True Leaders event, after excluding those who do not meet the conditions. Because there could be more candidates on the same activity, categories are created based on the field of activity in which the companies operate. The domain is given by the NACE code declared as its main activity, its division or group. The selection between the division (the first two digits of the NACE), the group (the first 3 digits of the CANE) and the NACE is made based on the diversity of activities included in each division.

For example: within the division “Wholesale trade except trade of motor vehicles and motorcycles” each present NACE could be considered a separate category. This is due to the diversity of activities included, from the wholesale of raw agricultural products and live animals to the wholesale of food, beverages and tobacco.


Editorial by Anda Sebesi, Editor-in-Chief, Business Review Magazine:

On behalf of Business Review magazine, I am honoured that for the second year in a row, we are partners with ICAP in the True Leaders Romania project. It recognises the outstanding performance of companies that have managed to maintain or even grow their profits and teams during these difficult times.

2020 was a significant milestone for the global business environment and humanity at large. It was one of the most challenging periods in recent history and it forced managers to adapt quickly in order to keep their businesses afloat. Many of them had a twopronged, crucial mission: keeping their companies steady and taking care of their teams while trying to strike the right balance between the two. Although a vaccine against the coronavirus has been discovered and the global economy has largely readjusted to the new normal, the COVID-19 pandemic continues to cause damage. As a result, it is obvious that there is no going back to the way things were.

From an economic perspective, Romania performed well last year, even under pandemic pressures. With the strongest increase in Gross Domestic Product in the European Union in the last quarter of 2020 (5.3 percent) and a total decline of 3.9 percent over the whole year, our country needs better management of all its economic instruments in order to cope with the current context.

According to the most recent estimations, the local economy is projected to grow at around 4.3 percent this year. But the strength of the recovery will depend on the success of the COVID-19 vaccine rollout and the policy response to the health crisis, as well as on developments at the EU level. A great opportunity for the local economy is the EUR 79.9 billion Romania is expected to receive from the European Union until 2027. Some EUR 49.5 billion will come from the 2021-2017 Multiannual Financial Framework, while another EUR 30.4 billion will be allocated through the economic recovery plan.

Companies today should reflect on the weaknesses they showed during the pandemic and think of how they can consolidate, plan ahead, and increase their efficiency so that they might be better equipped to deal with such risks. And they need to be bold. One of the key questions is, how do we see ourselves competing as a country and what are the key drivers of growth? Should our growth model be primarily based on manufacturing or rather on services? Romania seems to be expanding in both directions, just like Poland. But if we want to succeed, we must take a good look at the challenges and opportunities in front of us today.

BR Magazine | Latest Issue

Download PDF: Business Review Magazine June II 2024 Issue

The June II 2024 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “Mihaela Bitu, ING Bank Romania: Banking makes dreams come true”. To
Mihai-Alexandru Cristea | 28/06/2024 | 12:25
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