PwC Romania awarded by the Babeş-Bolyai University

PwC Romania awarded for its contribution to the development of Romanian entrepreneurship by the Business Faculty of the Babeş-Bolyai University

Bucharest, 3 May 2012. PwC Romania has been awarded for its contribution to the development of the Romanian entrepreneurship by the Business Faculty of the Babeş-Bolyai University from Cluj-Napoca, in the annual business awards ceremony organized by the prestigious Transylvanian business school.

"Entrepreneurship and family businesses must be viewed differently for two main reasons: first, they are an engine of social and economic renewal, and secondly, from the point of view of management, they must be seen as an intersection between three interest circles: business, shareholders and the family. Receiving this award is a great recognition of PwC's constant efforts to build strong partnerships with Romanian entrepreneurial companies, investing in understanding their needs, in developing a long term relationship and assisting them in every stage of their development", stated Alexandru Medelean, Director within PwC Romania, Private Company Services Leader. "To receive such an award alongside such important local companies as Rombat, Daw Benta Romania and Transavia, which happen to be also our clients, was an even greater honour", added Medelean.

During the award ceremony, Alexandru Medelean presented the conclusion of the latest edition of a PwC study -Family Business Survey, the leading instrument for measuring the issues confronting family businesses, based on the answers of more than 1600 from family companies from 35 different countries.

According to the results of the survey, 68% of those polled indicated that they are worried by the current market conditions, much more than the rising competition (26%) or public policies and new fiscal legislation (25%). As for internal operational issues, respondents indicated the difficulty of recruiting talented employees (38%), while 30% stated that they were worried about cash-flow issues.

The survey showed that one quarter of the companies polled expected to change their share ownership in the next five years. 53% of these intend to transmit the shares to the next generation, 21% would like to sell to another company, while 20% would sell for a private-equity fund.

The survey indicated that almost half of the family companies don't have a succession plan for shareholders and management, yet there is a big preoccupation about this issue in case of a sudden loss of a key manager of a shareholder.

According to the survey, the most common dispute issues amongst the shareholders of family businesses are the future strategy of the company as well as the performance and involvement of family members in the management of the companies.

Together with PwC Romania, the Business Faculty also granted awards to:

- Transavia SRL - strongest company in the FMCG sector;

- Daw Benta Romania- the most successful family joint-venture;

- Daksa Eco - Equestrian Center - creativity in eco-tourism;

- Fujikura Automotive SRL - foreign investment in Romania;

- Hotel Grand Italia - best hotel investment;

- Proplanta SRL - excellence in product innovation;

- Farmec SA - the most competitive company in the cosmetics industry;

- Rombat SA - competitiveness on export markets;

- PhD professor - Ioan Aurel Giurgiu - the award for academic activity;

PwC Romania has a dedicated team and an unique approach to entrepreneurial companies. Our specialists have an in-depth understanding of business management as well as long-term personal objectives of Romanian entrepreneurs. Over 40% of PwC Romania's clients are private companies and this has been the segment with the largest growth over the past years.

About PwC:

PwC firms help organizations and individuals create the value they're looking for. We're a network of firms in 158 countries with close to 169,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com/ro/pcs.

© 2012 PwC. All rights reserved.

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