Taken as a group, Austria’s OMV is more powerful in Romania than Renault, Dacia’s owner.
Automobile Dacia SA, the owner of the car plant in Mioveni, posted RON9.8 billion revenue in the first half of 2014, an increase of only 1.67% on the year-earlier period, according to publicly available data. If the growth rate remained unchanged in the second half, its revenue should reach RON18.7 billion in 2014, according to ZF calculations.
Publicly available information shows that Automobile Dacia posted RON18.4 billion revenue in 2013, up 45% on 2012, its best result ever, thanks to the record production of 342,000 vehicles.
The result enabled Dacia to beat Petrom to the top spot, as the latter posted RON18.07 billion revenue, according to the Finance Ministry website. No other company had achieved this feat since Petrom’s establishment until 2013. The results in both cases are those reported to the Finance Ministry per separate fiscal entities and not consolidated as a group.
Taking consolidated revenue into account, OMV Petrom group did better than Renault. The companies of the group, OMV Petrom SA and OMV Petrom Marketing SRL, ranked second and third by revenue in Romania in 2013. Moreover, since the OMV Petrom SA is listed on the Bucharest Stock Exchange, it files its reports using the IFRS standards.
The nine-month report of the OMV Petrom group shows sales went down 11% compared with January-September 2013. There is no information available about Dacia’s nine-month performance, only about the first half revenue, which rose 1.67%.
If the decline of Petrom sales shows in the revenue of OMV Petrom SA, Dacia could retain the position of largest company in Romania by revenue for the second year in a row.
Dacia’s production in Mioveni rose by 4% in January-November 2014, compared with the year-earlier period, to more than 314,700 cars, according to the Automotive Manufacturers and Importers Association (APIA). If the growth pace remained the same in December, production should be somewhere in the neighborhood of 347,000 cars, close to the maximum capacity of the plant, 350,000 units. (EUR1=RON4.4973)
(English version by Loredana Fratila-Cristescu)