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, Aceste obiective au constituit liniile de forta ale prezentului Raport privind Guvernanta Corporativa n Romania. O versiune preliminara a acestui raport a fost discutata cu ocazia unei reuniuni la nivel nalt SULYLQG SROLWLFLOH GH JXYHUQDQ D FRUSRUDWLY vQ 5RPkQLD GHVIDVXUDWD vQ GDWD GH  VHSWHPEULH  OD %XFXUHWL 5HXQLXQHD D IRVW RUJDQL]DWD vPSUHXQD FX %XUVD GH 9DORUL %XFXUHVWL VL &RPLVLD 1DWLRQDOD D Valorilor Mobiliare. Ea a reunit conducerile Bursei de Valori Bucuresti si a Comisiei Nationale a Valorilor Mobiliare cu membri de frunte ai comunitatii de afaceri si financiare din Romnia, ai lumii academice, reprezentanti ai sindicatelor si experti pe probleme de guvernanta corporativa din Romnia si din tari PHPEUH 2&'( SUHFXP VL RILFLDOL JXYHUQDPHQWDOL ,PHGLDW GXS DFHDVWD vQWkOQLUH SH  VHSWHPEULH VD ODQVDW OD %XFXUHWL 0DVD 5RWXQG UHJLRQDO SULYLQG JXYHUQDQ D FRUSRUDWLY SHQWUX (XURSD GH 6XG(VW FX participarea unor experti din sectorul privat si public dintr-un numar de tari din regiune. Raportul a fost finalizat pe baza comentariilor si prezentarilor facute la reuniune, ca si a comentariilor scrise. Intrunirea a oferit un forum de discutie esential pentru Guvernata Corporativa n Romnia si a avut un impact major asupra raportului final. 5HFRPDQG ULOH HVHQWLDOH DOH UDSRUWXOXL FRQVWLWXLH XQ SURJUDP FXUSLQ]DWRU GH UHIRUPD 5HFRPDQGDULOH QX SXQ DFFHQWXO QXPDL SH VFKLPE UL OHJLVODWLYH FL VXEOLQLD]D LPSRUWDQWD UHIRUPHL vQ GRPHQLXO DSOLF ULL DO FRQVWUXFWLHL LQVWLWXWLRQDOH L DO FRPSRUWDPHQWXOXLFUHVWHULL FDSDFLWDWLL SULYDWH FDUH VXQW QHFHVDUH SHQWUX R PDL EXQ JXYHUQDQ FRUSRUDWLY vQ 5RPkQLD 3DUWHD ,QWvL D 5DSRUWXOXL RIHU R LPDJLQH FXSULQ] WRDUH DVXSUD VLWXD LHL DFWXDOH D VHFWRUXOXL vQWUHSULQGHULORU GLQ 5RPkQLD L DVXSUD SURFHVXOXL GH WUDQ]L LH FDUH D GXV OD FUHDUHD OXL 3DUWHD D 'RXD H[DPLQHD] SULQFLSDOHOH DVSHFWH DOH FDGUXOXL GH UHJOHPHQWDUH SHQWUX JXYHUQDQ D FRUSRUDWLY  Q DPEHOH SUHYHGHULOH OHJDOH VXQW FRQIUXQWDWH FX SUDFWLFD FXUHQWD vQ YHGHUHD HYDOX ULL HILFDFLW LL FDGUXOXL LQVWLWX LRQDO L LGHQWLILF ULL GHILFLHQ HORU SHQWUX FDUH WUHEXLH V VH J VHDVF VROX LL 3ULQFLSLLOH 2&'( SULYLQG *XYHUQDQ D &RUSRUDWLY UHSUH]LQW UHIHULQ D ID GH FDUH VXQW HYDOXDWH UHJOHPHQW ULOH L SUDFWLFD DFWXDO  'RULP V PXO XPLP %XUVHL GH 9DORUL %XFXUHWL L &RPLVLHL 1D LRQDOH D 9DORULORU 0RELOLDUH FRRUJDQL]DWRUL DL vQWkOQLULL SULYLQG *XYHUQDQ D &RUSRUDWLY GH OD %XFXUHWL DO F URU VSULMLQ D IRVW HVHQ LDO vQ FHHD FH SULYHWH UHXLWD HYHQLPHQWXOXL L UHDOL]DUHD SUH]HQWXOXL 5DSRUW 'RULP GH DVHPHQHD VD PXOWXPLP *XYHUQXOXL Romniei pentru ca a acceptat sa participe la organizarea prezentarii finale a acestui important Raport n Decembrie 2001.Prezentul raport a fost pregatit de Divizia pentru Probleme ale Intreprinderilor (Corporate Affairs Division) a OCDE si este parte a unui program de lucru al Centrului OCDE pentru Cooperare cu Tarile Nemembre. Aurelian Dochia a fost consultantul principal romn.

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pentru Politici Economice, 2000.

18

Tabel 1 Romnia Indicatori macroeconomici Indicatori PIB, modificare DQXDO  Structura PIB, % Industrie $JULFXOWXU L VLOYLFXOWXU &RQVWUXF LL Servicii Export ca % din PIB Surplus/def icit cont curent, mil. USD &RQWULEX LD sectorului privat la PIB, % Surplus/def icit buget de stat general ca % din PIB PIB per capita la paritate putere de FXPS UDUH USD ,QIOD LD dec./dec. % Rata RPDMXOXL VIkULW GH SHULRDG Salariul mediu lunar net, USD Datoria H[WHUQ  mil. USD 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 -5,6 -12,9 -8,8 1,5 3,9 7,1 3,9 -6,6 -5,3 -2,3 1,6

40,5 21,8

37,9 18,9

38,3 19,0

33,8 21,0

36,2 19,9

32,9 19,8

33,2 19,2

35,5 18,1

27,5 14,6

27,1 13,4

27,6 11,4

5,4 26,5 16,7 -3337

4,4 34,8 17,6 -1012

4,8 40,6 27,8 -1564

5,2 37,0 23,0 -1174

6,5 33,7 24,9 -428

6,6 36,1 27,6 -1774

6,5 36,7 28,1 -2571

5,3 33,1 29,5 -2137

5,3 43,0 25,7 -2968

4,9 43,6 23,3 -1288

4,8 45,4 27 -1400

16,4

23,6

26,4

34,8

38,9

45,3

54,9

58,1

58,4

61,5

n.a.

1,0

3,2

-4,6

-0,4

-1,9

-2,6

-3,8

-3,6

-3,3

-3,8

-2,7

3414

3643

3790

4070

4244

3964

3679

37,7 -

222,8 3,0

199,2 8,2

295,5 10,4

61,7 10,9

27,8 9,5

56,9 6,6

151,4 8,8

40,6 10,3

54,8 11,8

40,7 10,5

154

98

65

78

86

104

104

88

117

101

100

230

1143

2479

3357

4546

5482

7209

8504

9308

8709

9555

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Anuarul Statistic al Romniei, 1999.

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financiare europene, n The Economist, 3 martie 2001.

25

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SIF 5 342 2.927

301 27 181 57 13 23

2.505 12,5 61,6 15,4 10,5 3,70

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34

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35

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7DEHO  (YROX LD LQGXVWULHL IRQGXULORU PXWXDOH Apr.96 Dec.1998 1XP U IRQGXUL 10 10 1XP U LQYHVWLWRUL 77723 116286 Val. active nete, mii lei 190610 664424 6WUXFWXU DFWLYH numerar 21,2 bonuri de tezaur 0,5 REOLJD LXQL depozite bancare 5,7 listate 8,3 nelistate 50,9 alte active 13,3 Indice mediu de risc 3,007 Sursa: Rapoarte UNOPC

Dec.1999 15 239382 2880603 39,9 3,7 0,7 9,1 37,2 9,3 2,23

Dec.2000 17 46736 197062 1,20 71,70 15,80 0,30 0,40 0,30 11,30 0,759

Mar.2001 20 44720 276464 1,1% 60,4% 31,3% 0,0% 0,6% 0,2% 6,5% 0,67

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3,9 2,0 -1,7 * 3,7 2,1 3,4 1,9 0,9 2,7

26,7 77,7 -237,8 * 26,6 58,2 18,3 6,9 15,1 5,7

3,6 49,3 -29,1 * 21,9 9,9 15,4 6,8 14,4 5,4

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USD Farmaceutic / 3 Energetic / 5 Materiale / 10 Echipamente / 42 Bunuriconsum/26 Servicii / 7 Financiar / 9 Chimic / 11 37.927.372 15.291.498 121.143.392 40.355.793 76.477.037 10.541.241 105.892.926 27.933.389 15.716.184 11.167.679 114.482.197 6.191.415 52.957.811 2.746.724 394.252.751 8.860.761 5.156.297 384.653 77.160 14.412 86.609 85.971 1.984.677 142.847 12.624.457 3.058.299 12.114.339 960.376 2.941.424 1.505.891 11.765.880 2.539.399 5,45 5,95 6,88 3,65 3,51 8,67 2,77 2,00 7 -22 35 45 42 26 * 110

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ALR* ALRO SLATINA DAC $87202%,/( '$&,$ 3,7(7, %$1&$ 785&25201 %8&85(7, TERAPIA CLUJ NAPOCA BANCA TRANSILVANIA CLUJ NAPOCA 6,&20(' %8&85(7, S.I.F. TRANSILVANIA %5$29 6,) %$1$7&5,$1$ $5$' 6,) 0817(1,$ %8&85(7, S.I.F. OLTENIA CRAIOVA 2 (/,12; 75*29,7( RAFINARIA ASTRA ROMNA 3/2,(7, 6,) 02/'29$ %$& 8

158.458.182 1.919.755.874

792.290 685.139

BTR

345.600.000

345.600

TER* TLV*

306.613.680 173.696.726

306.614 173.697

SCD SIF3

138.987.050 546.071.666

138.987 546.072

SIF1 SIF4 SIF5 INX ASP*

548.849.268 628.485.262 580.165.714 6.100.246 219.650.344

548.849 628.485 580.166 152.506 132.470

SIF2

519.089.588 323.588.641 230.458.309 228.744.000

519.090 323.589 230.458 228.744

OLT* OLTCHIM RM. VLCEA AZO* $=2085( 7* 085( ARC* $5&7,& * ,(7, ELJ* ELECTROAPARATAJ %8&85(7,

131.427.536

131.428

113

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$17,%,27,&( ,$, 32/,&2/25 %8&85(7, AKER TULCEA & 1 ) 5 1$9520 *$/$ , &26 75*29,7( 2,/ 7(50,1$/ &2167$1 $ TURBOMECANICA %8&85(7, ASTRA VAGOANE ARAD TURISM TRANSILVANIA CLUJ NAPOCA ,06$7 %8&85(7, (;&(/(17 %8&85(7, 52/$67 3,7(7, AMONIL SLOBOZIA BERMAS SUCEAVA $*5$6 %8&85(7, $17,(58/ 1$9$/ 2529$ COMPA SIBIU ,03$&7 %8&85(7, AMEP AMERICAN PACKAGING TECUCI 023$) 95$1&($ )2&$1, INTERNATIONAL SINAIA PETROLEXPORTIMPORT %8&85(7, 6,5(78/ 3$&$1, 58/0(178/ %5$29

68.836.310 48.925.250 4.776.809 6.891.551 38.234.558 152.759.924 1.980.634

68.836 53.742 119.420 172.289 946.764 152.760 49.516

5.156.297 Farmaceutic 4.611.481 Chimic 4.157.047 Echipamente 3.076.803 Echipamente 2.958.214 Materiale 2.875.088 Energetic 2.838.762 Echipamente

ASV TRS

93.446.703 1.387.122

93.447 34.678

2.816.125 Echipamente 2.746.724 Servicii

IMS EXC

35.247.654 93.857.625

35.248 93.858

2.652.249 Servicii 2.587.784 Bunuri de larg consum 2.433.806 Chimic 2.358.820 Chimic 1.970.998 Bunuri de larg consum 1.984.677 )LQDQ H 1.895.083 Echipamente 1.756.078 Echipamente 1.625.617 Echipamente 1.625.126 Echipamente

RLS AMO BRM

80.458.243 223.445.352 9.492.656

80.458 86.313 66.448

ASA SNO CMP IMP AMP

22.256.000 4.328.630 74.494.229 22.684.207 36.056.042

22.256 108.215 74.494 22.684 48.240

MPF

21.832.675

22.648

1.450.132 Bunuri de larg consum 1.398.291 Servicii 1.349.694 Servicii

INT PEI

11.958.999 254.650

11.959 38.197

SRT

24.735.853

61.839

1.255.779 Bunuri de larg consum 1.145.925 Echipamente


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RBR

149.664.550

149.665

SNC

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6.899.522

205.214

1.118.996 Echipamente

EPT PPL MPR

122.978.031 685.668 23.593.071

122.978 17.141 23.593

1.103.940 Echipamente 1.034.463 Chimic 1.096.561 Bunuri de larg consum 1.028.174 Echipamente 942.276 Materiale 870.882 Energetic

ARS SLC PTS

3.403.000 4.993.311 19.070.162

18.679 12.833 19.070

GRX ALM CIP APC ARM UCM MEF ZIM FAU RAF CRB DOR

994.465 56.964.325 46.983.582 73.796.185 15.235.039 6.047.949 2.176.319 1.812.578 8.691.018 8.304.100 23.544.050 10.277.394

24.862 56.969 46.984 73.796 15.235 151.199 54.408 45.314 217.275 207.602 23.544 30.832

862.022 Echipamente 883.442 Servicii 852.378 Echipamente 852.266 Echipamente 832.057 Echipamente 823.037 Echipamente 820.850 Echipamente 820.914 Materiale 1.129.743 Echipamente 754.090 Energetic 722.848 Chimic 700.458 Bunuri de larg consum 620.897 Echipamente 596.084 Bunuri de larg consum 579.053 Chimic 577.290 Bunuri de larg consum 562.714 Bunuri de larg consum

FTN BRC

1.491.790 14.186.693

37.295 14.187

CPR MPN

1.278.550 19.374.300

31.964 19.374

EPN

7.117.950

7.118

115

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87.561.866 9.066.650

87.562 9.067

567.392 Chimic 547.503 Bunuri de larg consum 531.966 Chimic 514.274 Echipamente 513.430 Bunuri de larg consum 493.683 Echipamente

STZ NVL AUR

SINTEZA ORADEA 1$92/ 2/7(1, $ AURORA TRGU-FRUMOS ,$, APSA BAIA MARE ALLIED DEALS ELCOND =$/ 8 CARBOCHIM CLUJ NAPOCA ELECTROTEHNICA %8&85(7, 9(6 6,*+,2$5$ CARMETAPLAST DEVA FORAJ SONDE CRAIOVA UAMT ORADEA 52&$5 %8&85(7, STRATUSMOB BLAJ 720,5,6 ,$, $(527(+ %8&85(7, 0(&$1,&$ &($+/ 8 3,$75$ 1($0 )5,$/ &2167$1 $ ARTROM SLATINA 1,&2/,1$ ,$, HITROM VASLUI ABROM BRLAD CRAMELE PRAHOVA

44.075.060 52.325.452 182.996

44.075 52.325 4.575

APS ELN

10.314.425 31.389.650 31.390

485.413 Echipamente

CBC ETN

1.371.632 510.808

34.291 12.770

466.281 Materiale 462.688 Echipamente

VES

19.518.005

19.518

419.615 Bunuri de larg consum 446.357 Materiale 384.653 Energetic 378.772 Echipamente 372.178 Echipamente 342.724 Bunuri de larg consum 331.454 Bunuri de larg consum 325.076 Echipamente 317.507 Echipamente

CPL FOR UAM RCR STR

497.938 16.528.850 22.567.125 32.275.280 30.221.408

12.448 16.529 101.552 32.275 30.221

TMR

1.033.201

25.830

AER MCN

748.976 884.943

18.678 22.123

FRL ART NCL HTR ABR VAP

483.016 5.654.474 2.662.263 1.206.093 2.515.164 10.303.150

12.075 141.927 66.557 30.152 62.879 15.389

318.207 Servicii 303.538 Echipamente 290.184 Echipamente 282.415 Echipamente 272.452 Materiale 233.314 Bunuri de larg
116

consum CAS MOL CASIROM TURDA 02/'202%,/$ ,$, 8721 21(7, 8=8& 3/2,(7, 3(7526 3/2,(7, AMCO OTOPENI 8=7(/ 3/2,(7, MOLDOSIN VASLUI MOBILA ALFA ORADEA &20(/) %,675, $ ALBAPAM ALBA IULIA 27.532.236 25.138.150 27.532 25.138 229.496 Materiale 247.730 Bunuri de larg consum 218.411 Echipamente 208.264 Echipamente 192.794 Echipamente 194.926 Echipamente 176.751 Echipamente 142.847 Chimic 138.211 Bunuri de larg consum 138.100 Echipamente 114.830 Bunuri de larg consum 113.418 Echipamente

UTN UZC PTR AMC UZT MDS ALF

802.480 1.226.261 927.303 310.586 1.170.800 2.224.885 15.295.725

20.062 30.656 19.070 7.764 29.270 55.622 15.296

CMF ALB

2.094.285 10.070.600

7.567 10.070

ROB

ROBINETE INDUSTRIALE %$& 8 FELEACUL CLUJ NAPOCA

812.197

20.305

FEL

6.180.525

6.180

108.059 Bunuri de larg consum 107.188 Echipamente

ENP

COMP. ENERGOPETROL CMPINA CARNE ARAD

436.931

10.923

CRN

1.235.635

30.891

100.606 Bunuri de larg consum 88.205 Bunuri de larg consum 85.971 Servicii 81.454 Bunuri de larg consum 77.160 Materiale 73.651 Bunuri de larg consum 71.307 Echipamente 86.609 Bunuri de larg

AMY

AMYLON SIBIU 6,'(575$16 & / 5$, 1(7(; %,675, $ ELECTROCERAMICA TURDA M. P. IRIS BRLAD $6$0 ,$, &,25$3, 7,0,2$5$

3.763.500

3.763

SDT NTX

6.074.371 8.638.400

6.074 8.638

ELC IRS

339.181 5.250.125

8.479 5.250

ASM CRT

683.903 4.725.115

17.097 4.725

117

consum ECT ELECTROCONTACT %272$1, Total 258.010 8.479 14.412 Echipamente

9.571.187.663

13.560.936

854.423.759

118

ANEXA 2 PRINCIPALII INDICATORI ECONOMICI PENTRU CELE CINCI SIF-URI 6RFLHW L GH ,QYHVWL LL )LQDQFLDUH 6,) Miliarde lei INDICATOR Capital social, VIkULW GH SHULRDG SIF1 SIF2 SIF3 SIF4 SIF5 Active, total, VIkULW GH SHULRDG  SIF1 SIF2 SIF3 SIF4 SIF5 Capitaluri proprii, VIkULW GH SHULRDG  SIF1 SIF2 SIF3 SIF4 SIF5 Activ nete, VIkULW GH SHULRDG  SIF1 SIF2 SIF3 SIF4 SIF5 $FWLY QHWHDF LXQH VIkULW GH SHULRDG  lei SIF1 SIF2 SIF3 SIF4 1997 482 522 550 520 563 2.038 2.768 2.443 1.957 1.769 1.956 2.703 2.236 1.797 1.696 1998 482 522 546 565 563 2.302 3.035 2.555 1.854 2.145 2.194 2.914 2.431 1.688 2.045 1.652 1.087 1.263 1.252 980 3.428 2.083 2.312 2.217 1999 549 519 546 628 580 2.596 3.083 2.947 2.216 2.400 2.485 2.992 2.805 2.046 2.298 1.536 804 1.770 1.925 1.426 2.800 1.550 3.241 3.409 2000 549 519 546 696 580 2.184 3.308 3.233 2.664 2.927 2.782 3.123 3.054 2.420 2.752 2.019 1.020 2.513 2.415 1.990 3.679 1.965 4.602 3.842

119

SIF5 Venituri, total SIF1 SIF2 SIF3 SIF4 SIF5 Cheltuieli, total SIF1 SIF2 SIF3 SIF4 SIF5 Profit brut SIF1 SIF2 SIF3 SIF4 SIF5 Dividende, total SIF1 SIF2 SIF3 SIF4 SIF5 Sursa: Rapoate anuale 97 64 135 159 95 9 18 42 23 33 88 46 93 136 96 55 38 61 81 63

1.740 144 134 173 193 201 25 30 60 61 53 120 104 112 131 148 58 66 78 94 63

2.458 198 127 258 232 252 67 46 108 85 120 131 81 150 148 132 71 57 87 112 64

3.430 476 248 314 354 339 226 84 131 114 142 250 164 183 240 197 132 113 109 161 122

120

$1(;$  723  $/ 62&,(7 GXS FDSLWDOL]DUHD SLH HL

,/25 &27$7( 3( 3,$ $ 5$6'$4

Simbol

Denumire societate

1XP U DF LXQL 252.319.761

Capital social - lei

Capitalizare bursiera USD

Sector

COER

COMBINATUL SIDERURGIC SIDEX ASIGURAREA ROMNEASCA - ASIROM 520&,0 %8&85(7, NEPTUN-OLIMP

6.307.994.025.000

32.377.989 0HWDOXUJLF R HO 19.351.760 $VLJXU UL 17.633.073 Materiale de FRQVWUXF LH FLPHQW 16.077.226 7XULVP KRWHOXUL L restaurante) 15.744.677 Materiale de FRQVWUXF LH FLPHQW 15.373.614 )DEULF GH EHUH 15.043.989 DQWLHU QDYDO 12.944.631 Chimic (Cauciuc sintetic) 10.146.601 0DQLSXO UL 9.903.020 5DILQ ULH 8.286.349 Echipamente de foraj L H[SORDWDUH SHWUROLHU 8.341.277 %DQF 7.523.713 5DILQ ULH 7.240.639 Materiale de FRQVWUXF LH FLPHQW 6.592.890 &RPHU FX DP QXQWXO cu produse DOLPHQWDUH E XWXUL L tutun

ASRA

29.177.900

29.177.900.000

ROMB

15.583.522

389.588.050.000

NEOL

8.357.951

208.948.775.000

ROMC

ROMCIF FIENI

126.496.550

126.496.550.000

BURO

BRAU UNION ROMANIA SA $17,(58/ 1$9$/ '$0(1 *$/$ , &$520 21(7, 62&(3 &2167$1 $ PETROTEL-LUKOIL S.A. PCC STEROM SA

43.799.921

1.094.998.025.000

ASTI

6.122.672

153.066.800.000

CARZ

8.552.841

213.821.025.000

SOCP PELY STRV

114.475.248 43.759.796 5.710.167

114.475.248.000 1.093.994.900.000 142.754.175.000

BACR

BANCA CARPATICA SA SIBIU PETROMIDIA MOLDOCIM 0,1(59$ %8&85(7,

1.000.000

100.000.000.000

PTRM MLCM

36.268.400 15.357.686

906.710.000.000 383.942.150.000

MINE

2.931.717

73.292.925.000

121

ALPO

ALPROM SLATINA $1$,0(3 3,7(7,

6.817.649

170.441.225.000

6.042.875 Prelucrarea aluminiului 6.023.240 3URGXF LH GH PRWRDUH electrice, generatoare L WUDQVIRUPDWRDUH 5.952.040 /DJ UH 5.803.559 Materiale de FRQVWUXF LH FLPHQW 5.767.842 &HOXOR] L KkUWLH 5.310.510 &RPHU FX DP QXQWXO cu textile 5.207.810 &RPHU FX ULGLFDWD FX textile 4.465.249 Anvelope 4.378.658 3URGXF LH DSH minerale 4.291.729 7XULVP KRWHOXUL L restaurante) 4.199.706 &RPHU FX DP QXQWXO cu articole de vPEU F PLQWH 4.065.930 Produse metalurgice 3.962.790 Fire electrice 3.782.555 7XULVP KRWHOXUL L restaurante) 3.724.730 Servicii pentru PHFDQL] UL DJULFROH IHUWLOL] UL L SURWHF LH ILWRVDQLWDU 3.584.013 Materiale de FRQVWUXF LH FLPHQW 3.579.928 $VLJXU UL 3.487.492 Fire electrice 3.509.406 Prelucrarea lemnului 3.342.294 Prelucrarea marmurei

IMEP

79.847.078

79.847.078.000

RLMP CSIA

TIMKEN-ROMNIA CASIAL DEVA

10.181.061 128.224.798

254.526.525.000 128.224.798.000

AMRO HEBI

AMBRO +(50(6 %,675, $ COMTEX ARAD

7.646.140 309.537

191.153.500.000 7.738.425.000

COIB

293.605

7.340.125.000

VICQ REGA

VICTORIA PRAHOVA ROMAQUA GROUP BORSEC %8&85(7, 785,60 0(7(; *$/$ ,

7.174.978 72.557.104

179.374.450.000 264.787.405.000

BUTU

2.207.751

55.193.775.000

METE

2.967.639

74.190.975.000

DUCL ICEZ

DUCTIL ICME ELECTROIZOLANTE 785,60 )(/,; % ,/( FELIX &20&(5($/ *$/$ ,

77.000.000 65.665.912

77.000.000.000 65.665.912.000

TUFE

2.785.747

69.643.675.000

COLH

197.507.556

197.507.556.000

CITU

CIMENTUL TURDA $675$ %8&85(7, ,&0( (&$% %8&85(7, FOREX SUCEAVA MARMOSIM

2.111.621

52.790.525.000

ATRA ICMB FREX MARN

2.016.000 151.580.126 27.899.778 42.197.255

50.400.000.000 151.580.126.000 27.899.778.000 42.197.255.000

122

GECM

GENERALCOM %8&85(7, ELECTROMAGNETICA

14.919.050

14.919.050.000

3.098.979 &RPHU FX DP QXQWXO 3.016.502 3URGXF LH GH HPL WRDUH UDGLR79 WHOHIRDQH L WHOHJUDIH 3.052.951 Articole sanitare 2.403.419 3URGXF LH SOXPE ]LQF L FRVLWRU 2.397.913 Materiale de mpachetat din PHWDOH XRDUH 2.304.672 Produse lactate 2.164.957 &RPHU FX ULGLFDWD FX echipamente pentru industrie 2.124.637 &RPHU FX GLYHUVH produse 2.203.410 &RQVWUXF LL hidrotehnice 2.057.436 7XULVP KRWHOXUL L restaurante) 2.044.677 0DQLSXO UL 2.014.217 Depozitare 2.004.623 &RPHU FX DP QXQWXO 2.000.374 &RPHU FX DP QXQWXO FX PRELO L DOWH articole de uz casnic 1.995.153 &RPHU FX DP QXQWXO cu echipamente pentru industrie, FRPHU L QDYLJD LH 2.154.142 Restaurante 1.964.268 QWUH LQHUH L UHSDUD LL autovehicole 2.011.338 $JHQ LH GH WXULVP 1.950.510 Farmaceutic

ELMA

19.994.127

45.986.492.100

SANE SOMR

SANEX 620(75$ &23$ 0,&$ AMCO BUFTEA

140.119.718 15.909.435

280.239.436.000 397.735.875.000

AMBU

63.089.097

63.089.097.000

NAPP BARU

NAPOLACT %$' 58/0(1 , %5$29

9.699.011 27.315.573

9.699.011.000 27.315.573.000

ROFU

ROMARC FUEL +,'527(+1,&$ *$/$ , 0$0$,$ &2167$1 $ ROMPORTMET COMVEX S.C.D.M.A.I.UNIREA %8&85(7, 02%,7(; %8&85(7,

93.675.225

93.675.225.000

HIOT

2.805.336

70.133.400.000

MAIA

4.545.733

113.643.325.000

ROMT CMVX SCDM

33.859.850 3.337.683 2.082.921

33.859.850.000 83.442.075.000 13.606.816.600

MOEX

378.585

9.464.625.000

UZIN

UZINEXPORT

14.693.750

14.693.750.000

SOCA GRIA

SOCALP GRUPUL IATSA

2.088.139 4.339.887

2.088.139.000 108.497.175.000

PACY ARMD

PALACE SINAIA ARMEDICA

19.952.470 67.011.403

19.952.470.000 67.011.403.000

123

FORD

FORADEX

2.051.359

51.283.975.000

2.104.735 $FWLYLW L GH FHUFHWDUH JHRORJLF  explorare, SURVSHFWDUH L cartografiere 1.917.706 7RXULVP KRWHOXUL L restaurante) 1.906.252 $JHQ LH GH WXULVP 1.890.026 0HWDOXUJLF R HO 1.870.948 Anvelope 1.938.964 Transporturi navale 1.845.268 Articole de vPEU F PLQWH 1.786.387 3URGXF LH GH tractoare 1.759.528 $JHQ LH GH WXULVP 1.757.635 Produse de SDQLILFD LH 1.706.848 &RPHU FX DP QXQWXO n special cu produse DOLPHQWDUH E XWXUL L tutun 1.703.135 Fond Mutual 1.717.831 Servicii pentru PHFDQL] UL DJULFROH IHUWLOL] UL L SURWHF LH ILWRVDQLWDU 1.638.146 Metalurgie (aluminiu) 1.562.505 Servicii pentru PHFDQL] UL DJULFROH IHUWLOL] UL L SURWHF LH ILWRVDQLWDU 1.499.307 &RPHU FX DP QXQWXO 1.482.147 3URGXF LH GH R HO L IRQW 1.477.614 3URGXF LH GH VWLFO
124

ATPA

ATHENEE PALACE +(5&8/(6 % ,/( HERCULANE SIDERURGICA 6,/9$1,$ =$/ 8 CNM PETROMIN BRAICONF

8.474.025

60.792.655.350

ERCA

56.120.064

56.120.064.000

SIDG SIVN CNMP BRCR

24.924.723 3.006.330 22.487.571 7.469.250

623.118.075.000 75.158.250.000 562.189.275.000 7.469.250.000

TRUX

TRACTORUL-UTB 217 &$53$ , TITAN

392.335.249

392.612.857.000

ONZV TITA

1.166.259 15.484.175

29.156.475.000 15.484.175.000

COCR

COCOR

301.691

30.169.100.000

XFOA CMCR

Fondul Oamenilor de Afaceri COMCEREAL SLOBOZIA

6.450.744 29.845.594

175.079.642.904 29.845.594.000

BBGA

BBG ALUM $*520(& $/%(7,

5.783.311

344.581.236.002

AGAL

725.400

725.400.000

OPTX PTRO

OPTIMEX PETROTUB ROMAN 67,520 %8&85(7,

20.908.226 14.554.139

20.908.226.000 363.853.475.000

STIB

6.837.203

170.930.075.000

GRND

GRANDEMAR '$18%,$1$ %8&85(7, INTFOR VAROTEX

7.621.649

7.621.649.000

1.438.264 &RQVWUXF LL H[WUDF LH GH SLDWU 1.380.886 Anvelope 1.382.805 Metalurgic 1.376.579 Articole de vPEU F PLQWH 1.375.414 ([WUDF LH GH SLDWU L SLHWUL 1.385.780 0HWDOXUJLH R HO 1.366.669 )LUH L FDEOXUL electrice 1.654.656 &RPHU FX GLYHUVH produse 1.421.452 &RPHU FX GLYHUVH produse 1.359.936 Chimic (produse anorganice) 1.351.292 )DEULFD LH GH WXEXUL L HYL GH RWHO 1.312.536 3URGXF LH GH ILEUH sintetice 1.310.914 DQWLHU QDYDO 1.426.201 Materiale de FRQVWUXF LH EHWRQ 1.278.213 ([WUDF LH GH SLDWU L SLHWUL 1.317.612 &RPHU FX DP QXQWXO cu textile 1.231.915 3URGXF LH SHWURO UDILQDW L OXEULILDQ L 1.216.877 3URGXF LH L UHSDUD LL PDWHULDOH SHQWUX F L ferate 1.210.161 3URGXF LH GH PRELO

DANA INOR VAOX

6.652.354 1.354.842 405.525

166.308.850.000 33.871.050.000 10.138.125.000

AMIC

AMIC

352.332

8.808.300.000

SROY

COMBINATUL 6,'(585*,& 5(,7$ ,352(% %,675, $ BUCUR OBOR 520$57$ %8&85(7, CHIMCOMPLEX %25=(7, 7(352  ,$, FIBREXNYLON $17,(58/ 1$9$/  MAI MANGALIA EUROCONSTRUCT

12.153.289

303.832.225.000

IPRU

36.234.500

109.790.535.000

BUCU

13.375.750

13.375.750.000

ROAT

15.591.472

15.591.472.000

CHOB

7.155.984

178.899.600.000

TPRO

5.361.928

134.048.200.000

FBRX

7.733.172

40.212.494.400

STNM

8.465.949

211.648.725.000

ERCN

68.223.728

68.223.728.000

SCPH

SCPI HAMEROC /8&($) 58/ 0(7$ TEX COMBAC) ARDEALUL CAREI

1.355.570

33.889.250.000

MEBY

271.273

6.781.825.000

ARCC

12.496.825

12.496.825.000

MEVE

MEVA

1.613.153

40.328.825.000

SMOB

SAMOBIL

26.737.500

26.737.500.000

125

AROA SEOM

ARO SEMROM MUNTENIA

10.562.666 7.727.199

264.066.650.000 193.179.975.000

1.195.187 Automobile 1.201.195 &RPHU FX ULGLFDWD FX FHUHDOH VHPLQ H L QXWUH 1.192.631 3URGXF LH ILEUH GH bumbac 1.159.511 /DJ UH 1.117.589 DQWLHU QDYDO 1.156.609 3URGXF LH ]DK U 1.132.967 Componente electrice pentru motoare 1.129.575 &RPHU FX DP QXQWXO cu textile 1.092.098 &RPHU FX DP QXQWXO diverse, n magazine nespecializate 403.768.487

FILD

FILATURA DE BUMBAC GURA HUMORULUI KOYO ROMNIA 5XOPHQ L $OH[DQGULD $17,(58/ 1$9$/ %5 ,/$ =$+ 5 $5$' IAME

1.126.781

28.169.525.000

RLAL

6.148.424

153.710.600.000

SNBB

2.279.280

56.982.000.000

ZADR IAME

9.844.281 910.658

138.863.427.786 68.299.350.000

TRMP

75,9$/( 0 3LWHWL 720,5,6 &2167$1 $

145.670

3.641.750.000

TOMI

1.072.400

26.810.000.000

TOTAL

3.028.621.927 20.321.622.450.142

126

$1(;$  3ULQFLSDOHOH DFWH QRUPDWLYH UHOHYDQWH GLQ SXQFW GH YHGHUH DO JXYHUQDQ HL FRUSRUDWLYH

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Legea nr. 26/1990, privind Registrul Comertului. Ultima modificare n 1998. Legea nr. 52/1994, Legea YDORULORU PRELOLDUH L D burselor de valori.

Legea nr. 15/1990 privind UHRUJDQL]DUHD XQLW LORU economice n regii autonome VL VRFLHW L FRPHUFLDOH 2UGRQDQ D QU  privind conducerea VRFLHW LORU vQ FDUH VWDWXO VDX DGPLQLVWUD LD ORFDO GH LQ R SR]L LH PDMRULWDU vQORFXLHWH Legea nr. 66/1993 privind contractul de management).

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127

5HJXODPHQWXO QU  FX SULYLUH OD FHULQ HOH FULWHULLOH GH vQUHJLVWUDUH L SURFHGXULOH GH autorizare pentru registrele independente. Regulamentul nr. 1/1996 cu privire la statutul comisarului general al Bursei de Valori. 5HJXODPHQWXO QU  FX SULYLUH OD LQIRUPDUHD SHULRGLF L FRQWLQX SH FDUH WUHEXLH V R UHVSHFWH HPLWHQ LL GH YDORUL PRELOLDUH Regulamentul nr. 15/1996 cu privire la plasamentul privat. 5HJXODPHQWXO QU  FX SULYLUH OD RIHUWD SXEOLF GH YkQ]DUH D YDORULORU PRELOLDUH 5HJXODPHQWXO QU  FX SULYLUH OD DFWLYLWDWHD FHQ]RULORU H[WHUQL LQGHSHQGHQ L 5HJXODPHQWXO QU  FX SULYLUH OD DFWLYLWDWHD FRQVXOWDQ LORU GH SODVDPHQWH vQ YDORUL mobiliare. 5HJXODPHQWXO QU  SULYLQG FRGXO GH HWLF &RPLVLHL 1D LRQDOH D 9DORULORU 0RELOLDUH L FRQGXLW DO PHPEULORU L SHUVRQDOXOXL

5HJXODPHQWXO QU  FX SULYLUH OD RIHUWD SXEOLF SHQWUX YkQ]DUHD YDORULORU PRELOLDUH /HJLVOD LH VSHFLDO Legea nr. 58/1998. Legea SULYLQG DFWLYLWDWHD EDQFDU din Romnia (reactualizarea /HJLL LQL LDOH QU  Legea nr. 32/2000 privind VRFLHW LOH GH DVLJXUDUH L VXSUDYHJKHUHD DVLJXU ULORU (reactualizarea Legii nr. 47/1991) 2UGRQDQ D QU  privind reglementarea FRQVWLWXLULL L IXQF LRQ ULL fondurilor deschise de LQYHVWL LL L D VRFLHW LORU GH LQYHVWL LL FD LQVWLWX LL GH LQWHUPHGLHUH ILQDQFLDU Legea nr. 64/1995 privind SURFHGXUD UHRUJDQL] ULL MXGLFLDUH L D IDOLPHQWXOXL Legea nr. 133/1996 pentru transformarea Fondurilor de 3URSULHWDWH 3ULYDW vQ 6RFLHW L GH ,QYHVWL LL Financiare. 2UGRQDQ D QU  SULYLQG FRQVWLWXLUHD L IXQF LRQDUHD IRQGXULORU FX capital de risc. 3UHYHGH FRQGL LL VSHFLDOH SHQWUX RUJDQL]DUHD L IXQF LRQDUHD E QFLORU LQFOX]kQG SUHYHGHUL OHJDWH GH JXYHUQDQ D FRUSRUDWLY  3UHYHGH FRQGL LL VSHFLDOH SHQWUX RUJDQL]DUHD L IXQF LRQDUHD VRFLHW LORU GH DVLJXU UL

2UJDQL]DUHD IXQF LRQDUHD L VXSUDYHJKHUHD IRQGXULORU GH LQYHVWL LL

5HJXOL VSHFLDOH FX SULYLUH OD JXYHUQDQ D FRUSRUDWLY WLPSXO SURFHGXULORU GH OLFKLGDUH L IDOLPHQW &HUWLILFDWXO GH QDWHUH DO 6,)XULORU

vQ

$OW JUXS GH DFWRUL SH SLH HOH GH FDSLWDO

128

Legea nr. 36/1991 privind VRFLHW LOH DJULFROH L DOWH forme de asociere n DJULFXOWXU 

5HJXOL VSHFLDOH SHQWUX RUJDQL]DUHD L IXQF LRQDUHD XQLW LORU agricole.

/HJLVOD LD SULYLQG UHIRUPD Legea nr. 58/1991 privind SULYDWL]DUHD VRFLHW LORU comerciale Legea nr. 77/1994 privind DVRFLD LLOH VDODULD LORU L membrilor conducerii VRFLHW LORU FRPHUFLDOH FDUH VH SULYDWL]HD] Legea nr. 55/1995 privind accelerarea procesului de privatizare. 2UGRQDQ D GH 8UJHQ QU 88/1997 Legea nr. 18/1991, Legea fondului funciar Legea nr. 82/1991, Legea FRQWDELOLW LL 2UGRQDQ D QU 50/1997 privind organizarea DFWLYLW LL GH H[SHUWL] FRQWDELO L D FRQWDELOLORU DXWRUL]D L 2UGRQDQ D QU  privind activitatea de audit. Legea nr. 13/1991, privind FRQWUDFWXO FROHFWLY GH PXQF  Legea nr. 15/1991 privind VROX LRQDUHD FRQIOLFWHORU FROHFWLYH GH PXQF  2UGRQDQ D GH 8UJHQ QU 230/2000 privind organizarea L IXQF LRQDUHD IRQGXULORU universale de pensii. 3ULPD OHJH FDUH VWDELOHWH FDGUXO SURFHVXOXL GH SULYDWL]DUH

Legea MEBO, care are un impact semnificativ asupra VWUXFWXULL SURSULHW LL VRFLHW LORU FRWDWH

/HJHD SXQH vQ PLFDUH SURJUDPXO GH SULYDWL]DUH vQ PDV  XQ HIHFW SH WHUPHQ OXQJ DVXSUD VWUXFWXULL SURSULHW LL &HD PDL UHFHQW UHYL]XLUH PDMRU D OHJLVOD LHL SULYDWL] ULL 'HVILLQ DUHD VLVWHPXOXL FRRSHUDWLYHORU DJULFROH L UHVWLWXLUHD WHUHQXULORU SURSULHWDULORU ORU SULYD L 'HILQHWH FDGUXO FRQWDELO L GH UDSRUWDUH ILQDQFLDU standardele pentru profesiunea de contabil. L

$XGLWXO GHYLQH REOLJDWRULX SHQWUX VRFLHW LOH SXEOLFH 8QHOH GLQWUH GUHSWXULOH GH ED] DOH VDODULD LORU

2 LQIOXHQ n viitor.

SRWHQ LDO LPSRUWDQW DVXSUD SLH HORU GH FDSLWDO

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