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Romanian Road Freight Transporters Analysis - update 2013

Analiza Transportatorilor din Romania

According to the financial statements published by the Ministry of Finance, 27,252 companies whose main activity was the "road freight transport" during 2013 generated a total turnover of 26.6 BRON up by 8% from the previous year.

2013 was marked by a slower growth of the turnover in terms of superior profitability compared to 2012 where the significantly increasing revenues were accompanied by losses. The investments increased (a similar evolution as in 2012), but were funded in a defective way or by a very low degree of capitalization. More than half of the companies reported a negative working capital during 2013, without respecting the principle of re-source allocation maturity on long-term contracts within investments.

Delicate financial situation of the companies in the sector, marked especially by low operational performance and fragile 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). Among these companies, 41 registered a turnover of over 1 MEUR.

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 3 out of 4 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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