Crisis as an opportunity for change

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1 Crisis as an opportunity for change Bucharest, 09 December 2008 Viorel Cernea:

2 2 Last years significant growth in business did not save Romania from entering into the crisis An overview over the last years International crisis reached Romania In the last 7 years, Romania has grown in all areas of business. Capital market in Romania*: annualized growth of 69.7% in ; above world average of 36.2% The index of confidence in the national economy: points (2007) rank 12 th in the EU; UK ranked 11 th Stronger focus on sales; less focus on how money is spent. October and November: crisis to be felt in Romania too The negative trend of recent months results Lack of confidence and liquidity from the banking sector translated into increase of interest rates The recession of most of European countries has a direct impact on our exporting industries. Romania has adapted very well its offer to face increased consumption and knew what model to adopt in banking, to support accelerated development. But, now it is a different story * Source: S&P

3 3 Two posible crisis scenarios for the period to come Scenarios on the evolution of the crisis Scenario I light crisis scenario 3% -6% economic growth, according to official estimations Private consumption will drop due to a lack of liquidity in the market; Government spendings could balance overall indices Some companies will be affected on the short-term Scenario II hard crisis scenario Romanian economy will be hardly hit Recession Companies economical situation will be affected on a longer period of time (2 to 4 years) Immediate solution look into one s own company organization and find ways of optimizing activities

4 4 The cash flow pressure requires appropriate measures for reducing expenses Companies are forced to change themselves and adapt to the new reality Major drops in sales based on lack of liquidity Expensive credits Future focus on cost-savings Areas for cost reduction: Administrative costs Procurement function optimization Material Management processes optimization Instability in exchange rates

5 Cutting administrative costs can have a major impact on a positive cash flow Administrative costs reduction IT infrastructure management Rental expenditures oportunities for relocation Communications expenditures Car fleet related expenditures G/A Others: consumables, travel expenses, etc. Energy consumption Administrative costs reduction can be an important source of money saving, especially in big companies with a large number of employees

6 6 Procurement areas to be reengineered Demand Planning Contracting Demand Management Tendering Procurement function Supplier Evaluation Supply Chain Reporting Negotiation ERP System interfaces

7 7 Material Management area direct source of cash Fleet management optimizing Reengineering of processes such as: Goods issue Goods reception Warehouse to warehouse transfer Inventory management Returns Warehousing Locations Warehouse Management Reengineering Adapting warehouse size to future estimated needs Relocation of warehousing locations General ERP inventory management modules Materials Requirment Planning (MRP) system implementation Warehouse Business Processes Replenishment Systems

8 Thank you! For further necessary information, please contact us at: Niro Business Center Traian St., Bucharest, Romania Phone: Fax:

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