Radu Timis: There is too much desperation in Romanian business environment

The charcuterie division of the CrisTim group, controlled by Radu and Cristina Timis, ended the first six months of this year with 171 million-RON (40.7 million euros) in turnover, up by around 14% in RON against the same period of 2008, according to data provided to ZF by Radu Timis. “Volumes were up by just 3% in the first half of the year against the same time last year, but we intend to end the year with a 20% rise, as budgeted. The performance recorded in the last two months, May and June, shows we can achieve this target,” says Timis. CrisTim is the first major producer in the charcuterie industry to announce first-half financial results, on a market where players talked about a non-significant advance in terms of volume, and in particular about a decline in the profit margin in the first half. However, Timis says the charcuterie division recorded a 6.6 million-RON (1.6 million-euro) EBITDA in the first six months, and expects the operating margin to remain at 10%, a level similar to that reported in previous years. Last year, CrisTim’s charcuterie division reported a 91 million-euro turnover, while the group posted a 120 million-euro consolidated turnover (which includes turnover resulting from farming operations, production of semi-cooked foods and from the store chain), whilst the operating income amounted to 8.7 million euros, according to data provided by the company. “There is too much desperation in the Romanian business environment and I get the impression that nobody, from the government to the many of the private companies, is trying to do anything concrete,” says Timis, in reference to the economic situation.