Romanian Road Freight Transporters Analysis
According to the financial statements published by the Ministry of Finance, the companies whose main activity was the "road freight transport" during 2012 generated a total turnover of 24 BRON and 130,233 jobs, owning a share of 3.5% of the registered number of employees within the entire economy.
Although lately was noticed a positive evolution of the turnover in the sector, to identify the factors which determined the negative dynamics of the net result, the study makes an analysis of the sector from the following perspectives:
- The distribution of the companies by turnover
- Structure of the profit & loss account
- The resources in terms of attracting funding and the allocation of resources for long-term investments
- Liquidity ratios
- Investigation of the cash-flow
The delicate financial situation of the firms in the sector, marked especially by the poor operational performance and the poor liquidity has left its mark on the evolution of companies during 2013. Specifically, 4,295 companies from road transportation goods sector have ceased their activity (with an average of 12 years of activity, a cumulative turnover of 1.25 BEUR given that the total debt exceeded 2.5 BRON).
The volume and the caliber of the companies that have ceased activity during 2013 are approximately equal to that of the established companies in the sector in both 2011 & 2012.
For 2013, Coface has analyzed individually in terms of risk class and the payment behavior, a sample of 2,752 companies in the sector (existing in its own portfolio), which generated about 61% of the total turnover registered in the entire sector. It was found that 71% of the analyzed companies pose a risk of insolvency higher than the average and 1/3 of them registered a high risk.
Taking into consideration the payment system, almost 55% of the companies make payments very slowly, or do not respect their contracts and only 20% make payments without delay.
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