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Romania’s Business Service Sector IT&C, SSC & BPO June 2021, Bucharest Romania - Country overview Area: 238,391 km2 GDP Growth -3.9% 2004 - NATO membership FDI stock € 87.5B Capital: Bucharest 2020 FDI flows € 1.9B Currency: RON RON/EUR: 4.84 RON/USD: 4.24 (averages 2020) 2007 - EU membership Population: 19.3M (1st Jan 2020) Bucharest Metropolitan Area: ~3M Strategic US-Romanian Bridge between East and partnership Romania is located in West for 500M the GMT+2 time zone consumers market GDP growth (%) 9.3 8.0 7.2 7.1 4.7 4.8 4.4 5.0 3.5 3.4 3.9 4.1 2.0 2.1 2005 2006 2007 2008 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021* -3.9 -3.9 -5.5 2010 2009 (Source: National Institute of Statistics) * Forecast: National Commission of Strategy and Prognosis Minimum Wage in EU Minimum Monthly Gross Wage in EU 2,202 January 2021 (EUR) 1685 1724 1614 1626 1555 1108 1024 758 776 785 623 642 563 579 584 614 442 458 500 332 Note: Austria, Denmark, Italy, Cyprus, Finland and Sweden have no national minimum wage (Source: Eurostat) Inflation & Unemployment Inflation rate (%) 9.0 7.9 6.6 5.6 6.1 5.8 4.8 4.6 3.3 4.0 1.1 3.8 2015 2.6 3.1 1.3 -1.5 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 -0.6 2017 2018 2019 2020 2021* Unemployment rate (%) 7.1 7.2 7.0 7.2 6.8 7.1 6.8 6.8 6.4 6.5 5.9 5.6 4.9 4.9 4.8 4.2 3.9 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021* (Source: National Institute of Statistics) * Forecast - National Commission of Strategy and Prognosis The Romanian tax system VAT Social Security Employee Employer 24% 20% 19% 2.25 35% % 2015 2016 2017/2021 . 9% - foodstuffs, pharmaceutical products, water supplies, some agricultural supplies Tax System . 5% - hotel accommodation, restaurants & catering Corporate Tax* Dividend Tax Rate services Personal lncome Tax Reinvested Profit tax 16% 5% 10% 0% Dividends are distributed to shareholders each quarter based on interim financial statements and annually IT&C - 0% income tax for employees R&D - 0% income tax for employees . BA - 6 technical specializations available Deduction of R&D eligible expenses: . Employee is hired on a software . depreciation of R&D equipment, salaries for R&D engineer/programmer/ software analyst position personnel; 50% of these expenses can be deducted . Annual revenue per exempted employee must be over from the taxable income USD 10,000 * from taxable profit Value for money BUCHAREST SAN FRANCISCO LONDON PARIS Consumer Prices without rent €100 €221 €167 €216 Rent Prices €100 €760 €239 €352 Restaurant Prices €100 €225 €173 €217 Groceries Prices €100 €273 €188 €253 Standard of living €6997 €3677 €4961 equivalency net salary €1993 (Source: Numbeo, May 2021) Value for money BUCHAREST BERLIN WARSAW PRAGUE Consumer Prices without rent €100 €170 €120 €126 Rent Prices €100 €244 €191 €181 Restaurant Prices €100 €160 €114 €101 Groceries Prices €100 €170 €113 €128 Standard of living €3749 €2731 €2769 equivalency net salary €1993 (Source: Numbeo, May 2021) Communication prices Communication price in the EU (2019, EU=100) 200 176 175 150 149 150 132 128 124 121 120 119 118 111 107 107 106 104 104 100 99 99 93 100 87 85 77 76 71 51 38 50 0 Communication prices include prices for telephone and telefax equipment, internet access provision, postal, wired telephone, wireless telephone, bundled telecommunication and other information transmission services. In 2019, communication prices were highest in Belgium (with a price level index of 176) and lowest in Romania (with a price level index of 38). (Source: ec.europa.eu/Eurostat) Proficiency Languages studied by Romanian students • 99% of the Romanian high school students study two or more foreign languages 99% • Main languages: English, French, German and Spanish, with high interest for Italian, Japanese or Nordic languages University students in Romania are proficient in (% of the total): 90% 26% 17% 8% 5% (Source: ABSL, NIS, Eurostat) Talent pool Students Top 5 University centers Botosani enrolled* 560,490/graduated** 130,271 Baia Mare Suceava Bucharest - 31 Universities Satu Mare Iasi (177,718 enrolled students/43,315 graduated) Bistrita Roman Zalau Vaslui Piatra Neamt Cluj-Napoca - 9 Universities Targu Mures Bacau Barlad Cluj-Napoca (72,786 enrolled students/15,852 graduated) Oradea Turda Onesti Medias Alba Iulia Sfantul Gheorghe Arad Focsani Galati Iasi - 7 Universities Deva Sibiu Brasov (56,889 enrolled students/12,032 graduated) Braila Timisoara Hunedoara Tulcea Ramnicu Valcea Buzau Targoviste Ploiesti Resita Targu Jiu Slobozia Timisoara - 6 Universities Pitesti (43,582 enrolled students/9,133 graduated) Drobeta-Turnu Severin Calarasi Bucharest Slatina Constanta Craiova Giurgiu Constanta - 5 Universities (22,142 enrolled students/5,165 graduated) = City > 100,000 inhabitants Academic year *2020-2021; **2019-2020 = City 50,000 – 100,000 inhabitants (Source: National Institute of Statistics) . 76 destinations, over 30 countries worldwide, registered in 2019 Suceava Satu Baia Iasi . 16 international airports and 8 major ports Mare Mare . Constanta Port - the deepest and largest Oradea port at the Black Sea Cluj-Napoca Bacau Targu Mures Arad Galati (Source: National Institute of Statistics) Sibiu Brasov Sulina Braila Timisoara Tulcea Drobeta M.Kogalniceanu International Fligths Turnu-Severin Constanta Bucharest Ports Otopeni Mangalia Craiova Giurgiu Under construction Office market Romania’s largest office markets outside Bucharest Bucharest Office Rents Office Modern office Otopeni/Baneasa Stock Vacancy rate pipeline 11-13 8-10 buildings 15% 37% City (end-2019, (end-2019, (Jul 2020, Pipera rent Piata Presei/Expozitiei 000S sqm) %) Dec 21 15-16 D. Pompeiu (EUR/sqm) 12% 16-18 11-13 000S sqm) 7% 9% Aviatorilor 14-16 Cluj-Napoca 266 7% 12 12.5-14.5 7% Floreasca 16-18 Barbu Vacarescu 8% Victoriei Timisoara 217 16% 78.4 12.5-14 13-15 14-16 P.Poenaru 11% Romana Iasi 176 9.5% 89.2 12-14 Grozavesti Eroilor 13% Pacii Universitate Piata Muncii 10-11 Politehnica Izvor Brasov 166 9% 26 11-13 6% Unirii 12-14 14-16 12% 8% Vitan Timpuri Noi Eroii Revolutiei Regional cities continue to remain a step ahead of Bucharest 11-13 thanks to less tight labour markets and though most continue 8% Piata Sudului to score lower vacancies than Bucharest, the occupancy rate increased in almost all cities compared to end-2019. Cluj-Napoca was the exception, where the vacancy was flat at around 7%. Rents June 2020 (€/sqm/month) Timisoara and Iasi shot up the most, amid some new Vacancy Rate deliveries, as well as slower rental scene. (Source: Colliers International) Why Romania? Time convenience – Romania is ideally located in the GMT+2 time zone, enabling easy, real- time communication with all European companies. Developers can also work efficiently with U.S. clients during the day (2-3 hours of overlap). Ease of travel – Romania is easy to reach with a 2-3 hour flight from Frankfurt or London. Several major cities have international airports. IT companies can save up to 50% – 60% in labor costs when outsourcing to Romania, depending on the developer’s profile type and seniority. Competitive prices in IT outsourcing – the average net salaries of Romanian employees working in the data technology sector is the lowest in the IT industry worldwide. (Source: Pentalog) Market overview 131,000 64,000 280 € 4.5 bn Employees in BSS university graduates Companies in BSS revenues in BSS - 2020 1.5% of Romania’s working population (2-2,5% of the GDP) Young workforce compared to other European countries Large centers: Bucharest, Cluj-Napoca, Timisoara, Iasi, Brașov. They account for 86% of the local software Highly skilled and diversified workforce, competitive industry turnover. prices, stimulating business environment Medium centers: Sibiu, Craiova, Bacău, Târgu Mureș, High level of foreign languages. English, the most used Suceava, Galați, Constanța, Ploiesti, Pitesti, Arad, Oradea, language in delivering services, followed by French, Baia Mare German, Italian, Spanish and Dutch In the last years we can observe an increase in #17 out of 100 countries by “High proficiency” within EF diversification of services, intelligent automation English Proficiency Index 2020, the world's largest adoption, focus on data analytics, digital incorporation ranking of countries by English skills into the business model and so on Average attrition level in BSS sector: 2017 - 2019: 22% Top serviced sectors: Technology & Telecom; Banking, January - June 2020: 12% Insurance & Financial Services; Business & Professional Services Estimated number of jobs in the next 5 years: 220,000 (Source: Association of Business Service Leaders) IT&C sector overview Workforce Companies 202,000 IT&C professionals 12,000 (45% under the age of 34 years old) 1,000 Software & Services New companies 139,000 have a university degree companies each year 30,000 graduates/year from IT high schools 7,000 graduates/year from IT&C related universities 159 mil € 20 mil € investments in 2019 yearly growth of 2,000 people/year are retrained for IT jobs investments 5 top technical universities 59 domain-specific universities 10% of the total number of companies are having foreign capital High degree of mathematical skills 73% of the sector revenue is generated by IT education programs sponsored by companies companies with foreign capital The development of the IT sector has made it an 20% y-o-y increase on the number of foreign enabler for the automotive sector, the aerospace capital companies industry, the chemical industry, agriculture and many
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