羅馬尼亞投資并購市場(chǎng)前景及投資研究報(bào)告-培訓(xùn)課件外文版2024.4

INDUSTRIES

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MARKETSMergersandacquisitions(M&A)inRomaniaCHAPTER

01CEEoverviewNumberofmergerandacquisition(M&A)dealsinEasternEuropefrom1995toApril2023VolumeofM&AdealsinEasternEurope1995-20236,0005,0004,0003,0002,0001,00001995

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20233Description:Atotalof2,384mergerandacquisition(M&A)transactionswererecordedintheCentralandEasternEurope(CEE)regionin2021.ThiswasadecreasecomparedtothenumberofM&Adealsregisteredintheregioninthelastdecade.

ReadmoreNote(s):CEE;1995toApril2023Source(s):InstituteforMergers,AcquisitionsandAlliances(IMAA);S&PCapitalIQ;ThomsonReutersTotalvalueofmergerandacquisition(M&A)dealsinCentralandEasternEurope(CEE)from2018to2022(inbillioneuros)ValueofM&AdealsinCentralandEasternEurope2018-2022ValueofdealsEstimatedvalueofundiscloseddeals60504030201005.249.6210.025.433.4941.3138.732.9332.14201922.8920182020202120224Description:In2022,M&AdealsmadeinCentralandEasternEurope(CEE)valuedatotalof38.4billioneuros.Themergingoftwocompaniesintoone,orthe′buying`ofonecompanybyanotherthroughacquisitionisacommonpracticeinthecorporateworld.Mergerandacquisition(M&A)canbeusedtofulfillseveralstrategiesincludinggrowth,expansion,increasingmarketshare,eliminatingacompetitor,oreventalentacquisition.Forboththebuyerandseller,strategicdriversdiffer.ReadmoreNote(s):CEE;2018to2022Source(s):CMSCameronMcKenna;EmergingMarketsInformationServiceNumberofprivateequitytransactionsinCentralandEasternEurope(CEE)from2018to2022PrivateequitydealnumbersinCentralandEasternEurope2018-2022350300289280244250200150100502342240201820192020202120225Description:Thetotalvolumeofprivateequity(PE)transactionsinCentralandEasternEurope(CEE)increasedbetween2018and2022.In2022,thetotalvolumeofPEtransactionscameto289deals,anincreaseofninedealsfromthepreviousyear.

ReadmoreNote(s):CEE;2018to2022Source(s):CMSCameronMcKenna;EmergingMarketsInformationServiceLargestmergerandacquisition(M&A)dealsinCentralandEasternEurope(CEE)in2022,bydealvalue(inbillioneuros)LargestM&AdealsinCEE2022,bytransactionvalueTargetcompanyBuyer

companyPKNOrlen(Poland)M&A

dealvalue

in

bn

EURPercentage

stake100%PGNiG(Poland)*7.91.8ImmofinanzGroup(Austria,Croatia,Czechia,Hungary,Poland,Romania,Slovakia)*CPIPropertyGroup(Czechia)24.7%PKPEnergetyka(Poland)PGEPolskaGrupaEnergetyczna(Poland)1.3100%100%ContourGlobal'sEmergingEuropebusiness(Bulgaria,Romania,Slovakia)*KohlbergKravisRoberts&Co(U.S.)0.89SuperSport(Croatia)Bolt(Estonia)Entain(UK)0.690.6375%D1CapitalPartners,WhaleRockCapitalManagement,GSquared,OwlRockCapital,SequolaCapital,FidelityManagementandResearchCo,GhisalloMasterFund(U.S.)9.6%PartofWarsawHubskyscraper(Poland)Alphabet(U.S.)0.58100%6Description:In2022,thelargestmergerandacquisition(M&A)dealinCentralandEasternEurope(CEE)wastheacquisitionofa100percentstakeofPGNiGinPolandbyPKNOrlen.Thistransactionamountedto7.9billioneuros.Thesecond-largestdeal,amountingto1.8billioneuros,wastheacquisitionoftheImmofinanzGroupbytheCPIPropertyGroup.ReadmoreNote(s):CEE;2022;*Estimate.Theregionincludesthefollowingmarkets:Albania,BosniaandHerzegovina,Bulgaria,Croatia,CzechRepublic,Estonia,Hungary,Kosovo,Latvia,Lithuania,NorthMacedonia,Moldova,Montenegro,Poland,Romania,[...]

ReadmoreSource(s):CMSCameronMcKenna;EmergingMarketsInformationServiceLargestprivateequity(PE)transactionsinCentralandEasternEurope(CEE)in2022,bydealvalue(inbillioneuros)PrivateequitylargestdealsinCentralandEasternEuropein2022,byvalueTargetCountry

oftargetPolandBuyerPGEPolskaGrupaEnergetycznaKohlbergKravisRoberts&CoStake100%100%Transaction

value

in

bn

EURPKPEnergetyka1.3ContourGlobal'sEmergingEuropebusiness*Bulgaria,Romania,Slovakia0.89SuperSportBoltCroatiaEstoniaEntain75%0.691D1CapitalPartners,WhaleRockCapitalManagement,GSquared,OwlRockCapital,SequoiaCapital;FidelityManagementandResearchCo,GhisalloMasterFund9.6%RimacAutomobiliCroatiaInvestindustrial,SoftBank,GoldmanSachsGroup,Porsche0.937Description:In2022,thelargestprivateequity(PE)dealinCentralandEasternEurope(CEE)wasmadebyPGEPolskaGrupaEnergetyczna,fora100-percentstakeinPKPEnergetykainPoland.Thistransactionamountedto1.3billioneuros.Thesecond-largestPEdealamountedtoaround890millioneuros,thepricepaidbyKohlbergKravisRoberts&Cofora100-percentstakeinContourGlobal'sbusinessinBulgaria,Romania,andSlovakia.

ReadmoreNote(s):CEE;2022;*Estimate.ReadmoreSource(s):CMSCameronMcKenna;EmergingMarketsInformationServiceCHAPTER

02M&AtransactionsNumberofmergerandacquisition(M&A)dealsinRomaniafrom2011to2023M&AactivityinRomania:numberofdeals2011-202325020023419919516215315014315010050136136131130118119020112012201320142015201620172018201920202021202220239Description:Thestatisticshowsthedevelopmentofthetotalvolumeofmergerandacquisition(M&A)transactionsinRomania(South-EasternEurope)from2011to2023.Therewere199M&Atransactionscompletedin2023,whichwasadecreaseof35transactionscomparedtothepreviousyear.ReadmoreNote(s):Romania;2011to2023Source(s):CMSCameronMcKenna;EmergingMarketsInformationServiceNumberofmergersandacquisitions(M&A)transactionsinRomaniafrom2009to2022,bytypeNumberofM&AtransactionsinRomania2009-2022,bytypeNumberofdisclosedtransactionsTotalnumberoftransactions1801601401201008015713711010698969389828169626259596052535245454340393840302524212002009201020112012201320142015201620172018201920202021202210Description:TherewasadecreaseconcerningthetotalnumberofM&A(MergesandAcquisitions)transactionsinRomaniafrom2009to2013followedbyanincreaseof29transactionsfortheyearof2014andreachingthepeakof157transactionsin2022.Asregardstothenumberofdisclosedtransactions,thehighestnumberwasreachedin2017,whilethelowestnumberisshownfortheyear2013.ReadmoreNote(s):Romania;2009to2022Source(s):DeloitteNumberofquarterlymergersandacquisition(M&A)transactionsinRomaniafrom1stquarter2018to3rdquarter2023NumberofquarterlyM&AtransactionsinRomania2018-202385767375646362626555453525156057565452515047454442373636353324Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32018

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202311Description:Therewasageneralincreaseinquarterlymergersandacquisitions(M&A)transactionsintheRomanianmarket.Inthethirdquarterof2023,therewere50registereddeals,whichwaslowerthanintheprevioustwoyears.

ReadmoreNote(s):Romania;Q12018toQ32023Source(s):EYNumberofcross-borderM&AdealsinRomaniafrom2003to2022,bycountryNumberofcross-borderM&AdealsinRomania2003-2022,bycountry160145140120100917680604020073665542373432USAGermanyUKFranceAustriaPolandNetherlandsSwitzerland

CzechRepublicItaly12Description:Theleadingcountrywithmostcross-borderM&AdealsinRomaniafrom2003to2022wasUSAwith145dealsor14.5percent,themosttargetedsectorsbeingsoftware,realestateandenergy.ItwasfollowedbyGermanywith91dealsor9.1percent,retail,financialandindustrialsectorsbeingtargetedthemost.ReadmoreNote(s):Romania;2003to2022Source(s):AcurisGlobal;AventisCapitalM&AdealvolumeinRomaniain2022,bytopsectorsM&AdealvolumeinRomania2022,bytopsectors3529302520151052716740EnergySoftwareFinancialServicesIndustrialproductsandservicesMedical13Description:Therewere164registeredM&Adealsin2022inRomania,theenergysectorwasthemostpopularwith29deals.Itwasfollowedbythesoftwareandfinancialservicessectorswith27and16dealsrespectively.

ReadmoreNote(s):Romania;2022Source(s):AcurisGlobal;AventisCapitalNumberofmergersandacquisition(M&A)transactionsinthebankingindustryinRomaniafrom2015to2022NumberofM&AtransactionsinthebankingindustryinRomania2015-20224.544.03.53.02.52.01.51.00.50.032211102015201620172018201920202021202214Description:Since2015,therewere14mergersandacquisitiondealsinthebankingindustrycompletedinRomania.ThehighestnumberofM&Adealswasclosedin2018,totalingfourtransactions.OnlyoneM&Adealwasclosedin2022.

ReadmoreNote(s):Romania;2015to2022Source(s):DeloitteCHAPTER

03M&AvalueTotalvalueofmergerandacquisition(M&A)transactionsinRomaniafrom2011to2023(inbillioneuros)M&AactivityinRomania:valueofdeals2011-20236545.655.543.253.072.92.8232.622.372.241.9821.461.261.1910201120122013201420152016201720182019202020212022202316Description:Thestatisticshowsthetotalvalueofmergerandacquisition(M&A)transactionsinRomaniafrom2011to2023.Thevalueofdealsamountedtoapproximately5.54billioneurosin2023,whichrepresentedasignificantincreasecomparedtothevaluerecordedinthepreviousyear.Nevertheless,itwasestimatedthattheundisclosedvalueofM&Adealsin2023totaled860millioneuros.

ReadmoreNote(s):Romania;2011to2023Source(s):CMSCameronMcKenna;EmergingMarketsInformationServiceValueofdisclosedmergesandacquisition(M&A)dealsinRomaniafrom2009to2022(inbillioneuros)ValueofdisclosedM&AdealsinRomania2009to20224.54.03.53.02.52.04.13.832.82.52.41.91.71.41.51.00.50.01.31.1110.92009201020112012201320142015201620172018201920202021202217Description:ThevalueofdisclosedmergesandacquisitiondealsinRomaniapeakedin2022at4.1billioneuros,whichwas2.7billioneurosmorecomparedtothepreviousyear.

ReadmoreNote(s):Romania;2009to2022Source(s):DeloitteEstimatedvalueofundisclosedmergerandacquisition(M&A)dealsinRomaniafrom2016to2023(inbillioneuros)EstimatedvalueofundisclosedM&AdealsinRomania2016-20231.81.581.61.41.21.00.80.60.40.20.01.060.920.90.860.740.680.672016201720182019202020212022202318/statistics/1232521/romania-estimated-value-of-undisclosed-manda-dealsIn2018,thevalueofundisclosedM&Adealswasestimatedatover1.5billioneuros.In2023,M&Atransactionswereworth5.54billioneuros,whiletheundisclosedvaluewasestimatedatapproximately860millioneurosfor199deals.

ReadmoreNote(s):Romania;2016to2023Source(s):CMSCameronMcKenna;EmergingMarketsInformationServiceValueofthemostimportanttransactionsconcludedinRomaniain2022(inmillioneuros)ThelargesttransactionsconcludedinRomania2022Transactionvalueinmillioneuros02004006008001,0001,0001,200ExxonMobilExplorationandProductionRomaniaLimitedFordCraiovafactoryCAImmoofficesReginaMaria715377250240FortechPetrom(4%)200Petrom(2.8%)155ExpoBusinessPark(offices)MetavBusinessPark10010019Description:ExxonMobilExplorationandProductionRomaniaLimitedbySNGNRomgazwasthemostimportanttransactionconcludedinRomaniain2022,worthapproximatelyonebillioneurosor1.006billionU.S.dollars.ItwasfollowedbytheacquisitionoftheFordCraiovafactory,boughtbyFordOtosan(Türkiye),for715millioneuros.ReadmoreNote(s):Romania;2022Source(s):ZiarulFinanciarLargestmergerandacquisition(M&A)dealsinRomaniain2023,bydealvalue(inmillioneuros)M&AactivityinRomania:largesttransactionsin2023ValueofM&Adealinmillioneuros400

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1,0000DaewooCraiova(FordRomania)SevenofficebuildingsinBucharestRomanianassetsofIMMOFINANZGroupSixshoppingcenters2001,2001,4001,6001,8002,000RomanianbusinessofAffideaGroupRomanianoperationsofEnelProfiRomFood1,9001,800AlphaBank30025RomanianretailparksVelPitar21920020Description:Thelargestdealin2023inRomaniawastheacquisitionofRomanianoperationsofEnelbyagreekbuyer-PublicPowerCorporation,for1.9billioneuros.ItwasfollowedbythepurchaseofProfiRomFoodbyAholdDelhaize,fromNetherlands,foranestimatesumof1.8billioneuros.ReadmoreNote(s):Romania;2023Source(s):CMSCameronMcKenna;EmergingMarketsInformationServiceBankingmergerandacquisition(M&A)dealsinRomaniafrom2015to2023,bydisclosedvalue(inmillioneuros)BankingM&AdealsinRomania2015-2023,bydisclosedvalueDealvalueinmillioneuros0100200300400500600700800VolksbankRomania(2015)UniCreditTiriacBank(2015)BancaRomaneasca(2020)Bancpost(2018)711700314301PorscheBankRomania(2022)BancaComercialaRomana(2018)IdeaBankRomania(2021)BancaMillennium(2015)18914043.363926.67BancaComercialaCarpatica(2016)21Description:OneofthemostvaluablebankingM&AdealsinRomaniawasin2015,when45percentofUniCreditTiriacBankwasacquiredbyUniCreditforapproximately700millioneuros.ThemostrecentdisclosedM&AdealinbankingwastheacquisitionofPorscheBankRomaniain2022byDanOstahie(privateinvestor)for189millioneuros.AsofFebruary2024,OTPannouncedthesaleofOTPBankRomaniatoBancaTransilvania,makingitpossiblyoneofthelargestM&AdealsinRomaniaever.

ReadmoreNote(s):Romania;2015to2023Source(s):DeloitteCHAPTER

04PrivateEquity&VerntureCapitalPrivateequitytotalfundinginRomaniafrom2017to1sthalf2022(inmillioneuros)PrivateequitytotalfundinginRomania2017-20226049.83505040302010038.272625.814.3120192017201820202021H1202223Description:TotalprivateequityfundingpeakedinRomaniainthefirsthalfof2022,registeringinvestmentsworth50millioneuros.Thiswasanincreaseof30.6percentcomparedtothepreviousyear.

ReadmoreNote(s):Romania;2017toH12022Source(s):InvestEurope;RomanianPrivateEquityAssociationPrivateequityfundraisingaspercentageofRomanianGrossDomesticProduct(GDP)from2017to1sthalf2022PrivateequityfundraisingaspercentageofRomanianGDP2017-20220.5%0.4%0.4%0.41%0.3%0.24%0.3%0.2%0.2%0.1%0.1%0.0%0.16%0.14%20170.12%20200.06%201920182021H1202224Description:RomanianfundraisingtoGrossDomesticProduct(GDP)lagsbehindtheinvestmentstoGDPmainlybecausemostofthefundingraisedbyregionalPEsandpartlysubsequentlydeployedinRomanianinvestmentsissourcedinothercountries(i.e.,Poland,CzechRepublic).Additionally,thelackofarobustpensionfundsmarketinRomaniacontributestoalowshareoffundingtoGDP.FundraisingtoGrossDomesticProduct(GDP)inthefirsthalfof2022was0.041percentoftheGDP,the[...]

ReadmoreNote(s):Romania;2013toH12022Source(s):Eurostat;GideLoyretteNouel;InvestEurope;RomanianPrivateEquityAssociationPrivateequityinvestmentsaspercentageofRomanianGrossDomesticProduct(GDP)from2017to1sthalf2022PrivateequityinvestmentsaspercentageofRomanianGDP2017-20220.3%0.26%0.3%0.22%0.2%0.16%0.2%0.1%0.1%0.0%0.05%0.04%20210.03%2020201720182019H1202225Description:FundingtoGrossDomesticProduct(GDP)wasbelowotherCentralandEasternEuropeanmarkets;inthefirsthalfof2022,itwas0.049percentoftheGDP,whichdroppedconsiderablysince2019,whenitwas0.22percent.

ReadmoreNote(s):Romania;2013toH12022Source(s):Eurostat;GideLoyretteNouel;InvestEurope;RomanianPrivateEquityAssociation;ZiarulFinanciarNumberofcompaniesinwhichtherewereprivateequityandventurecapitalinvestmentsinRomaniafrom2013to1sthalf2022NumberofcompanieswhichhadprivateequityinvestmentsinRomania2013-202260514850393840302010023231817169201320142015201620172018201920202021H1202226Description:ThenumberofcompaniesinRomaniawhichbenefittedfromprivateequityinvestmentsandventurecapitalfundsincreaseovertheobservedperiod.In2019,thenumberofcompaniespeakedat51,bythefirsthalfof2022thenumberofcompaniesinwhichtherewereprivateequityandventurecapitalinvestmentswas48.ReadmoreNote(s):Romania;2013toH12022Source(s):GideLoyretteNouel;InvestEurope;RomanianPrivateEquityAssociation;ZiarulFinanciarValueofinvestmentsofprivateequityandventurecapitalfundsinRomaniafrom2013to1sthalf2022(inmillioneuros)ValueofinvestmentsofprivateequityandventurecapitalfundsinRomania2013-202270063160049350040030020010003261661488992747058201320142015201620172018201920202021H1202227Description:ThevalueofinvestmentsofprivateequityandventurecapitalfundsinRomaniadecreasedconsiderablyovertheobservedperiod.Ifin2013thevaleofinvestmentswasapproximately74millioneuros,bythefirsthalfof2022,investmentswereestimatedtobeworth70millioneuros.ReadmoreNote(s):Romania;2013toH12022Source(s):GideLoyretteNouel;InvestEurope;RomanianPrivateEquityAssociation;ZiarulFinanciarValueofprivateequityinvestmentsinRomaniafrom2017to1sthalf2022,bystagefocus(in1,000euros)ValueofprivateequityinvestmentsinRomania2017-2022,bystagefocusGrowthCapital374,490ReplacementcapitalBuyout400,000350,000300,000250,000200,000150,000100,00050,0000316,463191,378170,713124,58496,83445,95829,13923,6982,000202006003,800804,6020002017201820192021H1202228Description:ThePrivateEquity(PE)shareofgrowthcapitalovertookthebuyoutfunds,historicallyrepresentingthelargestfundingshare.Consideringtheseobservations,thePEmarketinRomaniaseemstobestillinthedevelopmentphase.Aspercross-countrycomparison,thegrowthinvestmentsaccountedfor35percentoftotalPEinvestmentsinRomaniaduringthesameperiod,representingthehighestshareofsuchinvestmentsinCentralandEasternEurope.

ReadmoreNote(s):Romania;2017toH12022Source(s):GideLoyretteNouel;InvestEurope;RomanianPrivateEquityAssociation;ZiarulFinanciarValueofventurecapitalinvestmentsinRomaniafrom2017to1sthalf2022,bystagefocus(in1,000euros)ValueofventurecapitalinvestmentsinRomania2017-2022,bystagefocusPre-SeedSeedSeriesASeriesB60,00050,00040,00030,00020,00010,000051,00047,37026,67123,30021,87015,31013,95113,47211,3655,9505,0403,3013,2612,5502,5732,1341,60165400000020172018201920202021H1202229Description:TheaveragevalueofVentureCapital(VC)rounds(excludingUiPath)increasedfrom0.6millioneurosin2017to1.6millionin2021.TheVCaveragevalueperinvestmentconsidersthepre-seed,seed,andseriesA&B.SuchanincreaseinVCtransactionsandtheirvalueisadirectconsequenceofthehigherfundraisingfrom2017-2022.ReadmoreNote(s):Romania;2017toH12022Source(s):GideLoyretteNouel;InvestEurope;RomanianPrivateEquityAssociation;ZiarulFinanciarVenturecapitalinvestmentsinRomaniafrom2017toH12022(in1,000euros)VenturecapitalinvestmentsinRomania2017-2022140,000120,000100,00080,00060,00040,000116,94052,10430,393202028,618201915,07320,00008,244201720182021H1202230Description:ThevalueofventurecapitalinvestmentsinRomaniapeakedin2021at116.94millioneurosfor71deals.Bythefirsthalfof2022,thevaluewas52.1millioneurosand41deals.

ReadmoreNote(s):Romania;2017toH12022Source(s):GideLoyretteNouel;InvestEurope;RomanianPrivateEquityAssociation;ZiarulFinanciarCHAPTER

05StockmarketBucharestStockExchangeBETindexpriceperformanceinRomaniafrom2007to2022BucharestStockExchangeBETindexpriceperformanceinRomania2007-202280%61.7%60%35.1%33.2%40%26.1%22.1%18.7%20%0%12.3%9.1%9.4%1.2%-1.1%-1.7%-4.8%-10.7%-17.7%-20%-40%-60%-80%-70.5%200820072009201020112012201320142015201620172018201920202021202232Description:TheBucharestStockExchangeflagshipindex,BET,isabarometerforcapitalmarketperformance,asconfirmedbythestrongcoefficientof0.9betweentotalmarketcapitalizationandindexperformanceoverthelast16years.AsofDecember2022,theBETindexdecreasedto11,664points,postinga10.7percentdecreasecomparedtothepreviousyear.

ReadmoreNote(s):Romania;2007to2022Source(s):PwC;S&PCapitalIQBucharestStockExchangelistedcompaniesinRomania2022,byriskscoreListedcompaniesinRomania2022,byriskscoreESGriskscore051015202530BRD-GroupeSociétéGénéraleS.A.SCFarmaceuticaREMEDIAS.A.BancaTransilvaniaS.A.15.416.717S.C.RomcarbonS.A.ElectromagneticaS.A.17.618.118.718.719.220SpheraFranchiseGroupS.A.ImpactDeveloper&ContractorS.A.SCRompetrolWellServicesS.A.OneUnitedPropertiesS.A.AquilaPartProdComS.A.OMVPetromS.A.22.422.522.723TeraplastS.A.S.N.NuclearelectricaS.A.33Description:ThedataincludesalltheBucharestStockExchangelistedcompaniesin2022,withanindustry-wideEnvironmental,Social,andGovernance(ESG)scoreselectedbySustainalyticsascomparable.ThesafestcompanywasBRD-GroupeSociétéGénéraleS.A.withanESGriskratingof15.4,whichisconsideredlowrisk.ItwascloselyfollowedbySCFarmaceuticaREMEDIAS.A.andBancaTransilvaniaS.A.,scoring16.7and17,respectively.TheRealEstatesectorhasaverylowdegreeofrepresentation[...]

ReadmoreNote(s):Romania;2022Source(s):BucharestStockExchange;PwCRomaniaAverageEV/EBITDAmultipleinRomaniafrom2007to2022AverageEV/EBITDAmultipleinRom