Software Publishers (5112) - 2011

T r e n d s o f Y o u r B u s i n e s s
E x c l u s i v e l y d i s t r i b u t e d b y
Romania, 2011
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Software Publishers
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Software Publishers
Contents Page
1. Macroeconomic Scenario - 4
2. Analysis of Investment Attractiveness - 5
- Attractiveness Indicators - 5
- Driving Forces of Attractiveness - 5
- Risk-Profitability Maps - 7
3. Concentration in the Sector - 9
4. Analysis of Financial Ratios - 10
- Distributions of Financials - 10
- General Indicators - 11
- Profitability Ratios - 14
- Liquidity Ratios - 16
- Financial Cycles - 18
- Financial Leverage Ratios - 19
- Production Factors - 21
- Costs - 24
- Structure of Current Assets - 26
- DuPonts Pyramid - 28
5. Companies from the Sector - 29
- Top Players from the Sector - 29
- Listed Companies from the Sector - 30
- Mergers and Acquisitions - 31
6. Key Concepts - 32
- Definitions of Indices - 32
- Definitions of Selected Concepts - 34
! This report has been compiled to the best of the authors knowledge, using information originating from verified
sources. The authors of the report take no responsibility for the consequences of any decisions and actions taken as a
result of the use of this report. This report refers to the Romanian economy.
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Software Publishers
EconTrends for Romania is the unique tool for analyzing various Romanian industries. It contains description of
macroeconomic environment, analysis of investment attractiveness, detailed analysis of revenue as well as in-depth
analysis of a wide scope of financial ratios. The report covers not the full sector but only its major part, since it is build
on the bottom-up aggregated financial data from Creditinfo Romania and CCIR (Chamber of Commerce and Industry).
Profitability of a given industry is evaluated on the basis of average forecasted dynamics of EBIT in two following
years. Every industry has a granted profitability mark that ranges from 1 up to 5, which reflects its profitability versus
other industries. Higher mark indicates higher profitability. Risk of an industry in turn is measured by the standard
deviation of forecasted Profitability Index. Every industry has also an assigned risk mark that ranges from 1 up to 5,
which reflects its risk versus other industries. Higher mark means here lower risk. Each industry is at the end
characterized by the following two parameters its profitability and risk. They are used for evaluation of the short term
investment attractiveness, that reflects preferences of investors seeking to maximize their rates of return and to
minimize the risk they face.
The final Short-Term Investment Attractiveness Ranking of an analyzed industry explains its relative attractiveness
comparing to other sectors. The lower a position within the ranking the higher is attractiveness of an industry. Changes
in this position replicate either changes in profitability or in risk. Additionally like in the case of profitability and risk
measurement the final attractiveness is graded from 1 to 5, where the highest grade means the highest attractiveness.
Lower grade means worse investment-weather conditions, so either lower profitability or higher risk. The Short-Term
Investment Attractiveness Ranking is presented according to the structure of the North American Industry
Classification System (NAICS). However the used system of industry classification is not fully compatible with the
Romanian Classification of Activities due to Romanian statistics - specific factors.
The Short-Term Investment Attractiveness Ranking developed for Romania under the EconTrends methodology is
based on the so called Profitability Index, that shows forecasted dynamics of EBIT. It serves as a proxy for dynamics
of dirty cash flows in enterprises from a given industry. Fundamental components of the Profitability Index like net
sales and EBIT margin, are forecasted using econometric models. The behavior over time of all these categories is
illustrated using appropriate pictograms in the Map of Forces.
Analysed sector:
Class Software Publishers
There are no subclasses in analysed
class.
Only the subclasses marked by an arrow are covered by EconTrends reports.
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Software Publishers
Macroeconomic Scenario
Period 2009 2010 2011 2012 2013
Nominal GDP Growth 97.4 104.3 110.7 106.5 103.8
Real GDP Growth 93.4 98.3 102.5 100.9 101.8
Inflation (CPI) 105.6 106.1 105.8 103.3 103.3
Inflation (PPI) 101.9 106.3 108.9 106.2 104.5
USD/RON exchange rate 3.05 3.18 3.05 3.47 3.35
Datasource: ISI, EMIS, CEIC
-> expected fall of
GDP nominal growth
in 2013
-> expected slight
fall of GDP real
growth in 2013
-> expected slight
fall of CPI inflation
in 2013
-> expected slight
fall of PPI inflation in
2013
-> expected
weakening of
USD/RON exchange
rate in 2013
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Software Publishers
Analysis of Investment Attractiveness
Attractiveness Indicators
Driving Forces of Attractiveness
- Profitability Index - y/y dynamics
- Net Revenue per Company - y/y dynamics
- EBIT Margin - y/y dynamics
Current situation
e e e
Forecasted situation
b b b
Map of forces for the sector
Net revenue - Y/Y dynamics EBIT margin - Y/Y dynamics
Profitability index - Y/Y
dynamics
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Positive dynamics of "driving force"

Negative dynamics of "driving force"
Close to zero dynamics of "driving force"
Fall of dynamics comparing to previous year
Stabilisation of dynamics comparing to previous year
Symbols orientation
Rise of dynamics comparing to previous year
Neutral impact on profits dynamics
Symbols sign
Symbol's colour
Dynamics of profit
Positive impact on profits dynamics
Negative impact on profits dynamics
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Net revenue per company - Y/Y dynamics Profitability index - Y/Y dynamics
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Current Attractiveness
expected rise of
attractiveness in the
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-> expected rise of
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-> expected rise of
risk (expected fall in
risk mark shown on
the chart)
expected fall in
dynamics of net
revenue in 2012
expected fall in
dynamics of net
revenue in 2013
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Software Publishers
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EBIT Margin - Y/Y dynamics
EBIT Margin - Y/Y dynamics Profitability index - Y/Y dynamics
Forecast
expected fall in
dynamics of EBIT
margin in 2012
expected fall in
dynamics of EBIT
margin in 2013
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Software Publishers
Risk-Profitability Maps
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Risk - Profitability Map (current situation)
All sectors Most efficient sectors
subclasses belonging to selected class Selected sector (Class): Software Publishers
Investors' utility function
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Risk - Profitability Map (current situation)
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risk - profitability
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Software Publishers
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risk - profitability
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Software Publishers
Concentration in the Sector
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Cumulative share of companies from lower market share
Distribution of net revenues in the sector (2011)
Gini Coefficient
75.15%
Lorenz Curve
Perfect Inequality Line
Perfect Equality Line
Market power
concentration
measured by
Herfindahl-
Hirschman Index
was weak in 2011
Net sales of top five
companies in the
sector reached the
market share of
26.37% in 2011
Market share of top companies in the sector
Year 2011
Number of analysed companies 571
The Herfindahl-Hirschman Index 209
Top 1 company 9.04%
Top 2 companies 15.03%
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Software Publishers
Analysis of Financial Ratios
Distributions of Financials
20% 40% 60% 80%
2010 2011 I II III IV
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General Indicators
Number of companies 554 571
Y/Y dynamics of net revenue per company [%] -23.90% 9.64% -19.53% 1.50% 15.48% 33.72%
Y/Y dynamics of total operating cost per company [%] -22.84% 8.91% -13.91% 2.24% 16.46% 36.82%
Y/Y dynamics of operating profit per company [%] -33.03% 16.86% -77.35% -18.80% 24.97% 108.89%
Y/Y dynamics of operating profit per profit-making company [%] -38.46% 26.44% -46.01% -6.89% 26.54% 93.85%
Y/Y dynamics of gross profit per company [%] -36.52% 16.13% -80.58% -19.82% 28.48% 118.44%
Y/Y dynamics of gross profit per profit-making company [%] -38.86% 22.07% -51.78% -9.29% 29.03% 118.31%
Y/Y dynamics of net profit per company [%] -37.67% 20.03% -81.76% -14.37% 35.59% 135.32%
Y/Y dynamics of net profit per profit-making company [%] -39.40% 24.81% -50.94% -3.39% 35.25% 142.24%
Profitability Ratios
Operating Sales Margin [%] 9.19% 9.85% 0.72% 5.00% 9.89% 21.16%
Net Sales Margin [%] 7.04% 7.77% 0.22% 3.14% 7.51% 17.76%
Return on Equity [%] 26.97% 30.74% 1.57% 16.24% 33.20% 64.61%
Return on Assets [%] 9.11% 9.79% 0.03% 5.24% 15.12% 31.06%
Effective tax rate [%] 18.39% 16.19% 15.35% 16.28% 17.81% 23.22%
Share of profit-making companies [%] 84.48% 80.21%
Liquidity Ratios
Current ratio [%] 118.31% 123.22% 101.22% 164.05% 257.35% 514.56%
Quick ratio [%] 111.91% 117.12% 88.94% 144.19% 242.41% 486.37%
Super quick ratio [%] 30.87% 25.04% 7.62% 33.50% 77.92% 168.80%
Receivables to liabilities ratio [%] 76.50% 88.60% 39.61% 84.13% 129.33% 252.08%
Financial Cycles
Days of coverage for Cash & Equivalent [days] -24 -8 -28 -1 26 68
Days of coverage for receivables [days] 106 133 28 52 83 148
Days of coverage for inventories [days] 9 9 0 0 0 8
Days of coverage for short term liabilities [days] 139 150 24 39 78 155
Financial Leverage Ratios
Debt to Equity ratio [%] 15.16% 31.38% 0.00% 0.00% 0.00% 9.12%
Equity to total assets ratio [%] 33.79% 31.84% 12.48% 41.00% 61.84% 81.14%
Long-term liabilities to total liabilities ratio [%] 5.12% 9.99% 0.00% 0.00% 0.00% 8.68%
Debt ratio [%] 56.16% 64.07% 16.97% 35.48% 53.53% 82.98%
Operating profit coverage [years] 3.03 3.55 0.6 1.4 2.9 8.0
Production Factors
Average employment per company [person] 28 46 6 12 23 52
Labour productivity [thou. RON/person] 172.50 189.96 82.45 119.04 159.81 265.00
Labour cost as the share in total operating costs [%] 35.38% 42.93% 12.25% 30.44% 53.05% 75.13%
Fixed assets per employee [thou. RON/person] 57.32 49.96 2.15 6.45 15.66 67.37
Labour intensity of production [%] 32.12% 38.73% 11.50% 26.59% 47.11% 67.44%
Material & energy intensity of production [%] 4.46% 4.00% 0.56% 1.30% 2.31% 5.22%
Total assets turnover [%] 129.42% 126.93% 73.77% 145.29% 222.66% 359.92%
Fixed assets productivity [%] 382.82% 377.83% 237.92% 887.34% 2278.98% 5395.24%
Labour cost per employee [thou. RON/person] 60.12 73.55 20.38 36.25 60.11 87.53
Costs
Share of wages in total operating costs [%] 27.79% 33.67% 9.40% 23.75% 41.74% 58.77%
Share of social contributions in total operating costs [%] 7.59% 9.27% 2.66% 6.40% 11.53% 16.05%
Share of external services in total operating cost [%] 45.34% 43.26% 14.79% 23.26% 39.13% 60.75%
Share of material & energy used in total operating costs [%] 4.91% 4.44% 0.59% 1.42% 2.57% 5.32%
Share of taxes & fees in total operating costs [%] 0.41% 0.34% 0.05% 0.16% 0.33% 0.76%
D I S T R I B U T I O N O F P A R A M E T E R S
(The distribution of financial indicators in the sector)
Average value for the
sector in
Source: ISI, EMIS, Creditinfo Romania, CCIR
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Software Publishers
General Indicators
Number of companies
Period 2008 2009 2010 2011
Value 278 277 554 571
Y/Y increase -1 -1 277 17
Net revenue per company [thou RON]
Period 2008 2009 2010 2011
Value [thou RON] 8 599.95 9 935.91 7 561.18 8 289.86
Y/Y dynamics [%] 33.14% 15.53% -23.90% 9.64%
Total operating cost per company [thou RON]
Period 2008 2009 2010 2011
Value [thou RON] 7 692.42 8 898.25 6 866.22 7 477.71
Y/Y dynamics [%] 36.73% 15.68% -22.84% 8.91%
rise of number of
companies covered
by database in 2011
comparing to the
value in 2010
rise of Y/Y dynamics
of net revenue per
company in 2011
comparing to the
value in 2010
of total operating
cost per company in
2011 comparing to
the value in 2010
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Operating profit per company [thou RON]
Period 2008 2009 2010 2011
Value [thou RON] 907.53 1 037.67 694.97 812.14
Y/Y dynamics [%] 8.89% 14.34% -33.03% 16.86%
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Software Publishers
Operating profit per profit-making company [thou RON]
Period 2008 2009 2010 2011
Value [thou RON] 1 132.19 1 396.52 859.47 1 086.71
Y/Y dynamics [%] 6.22% 23.35% -38.46% 26.44%
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Gross profit per company [thou RON]
Period 2008 2009 2010 2011
Value [thou RON] 863.91 1 050.45 666.85 774.41
Y/Y dynamics [%] 7.01% 21.59% -36.52% 16.13%
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Software Publishers
Gross profit per profit-making company [thou RON]
Period 2008 2009 2010 2011
Value [thou RON] 1 079.94 1 380.25 843.95 1 030.21
Y/Y dynamics [%] 2.30% 27.81% -38.86% 22.07%
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Net profit per company [thou RON]
Net profit per company [thou RON] Y/Y dynamics of net profit per company [%]
Net profit per company [thou RON]
Period 2008 2009 2010 2011
Value [thou RON] 697.58 854.21 532.42 639.08
Y/Y dynamics [%] 6.69% 22.45% -37.67% 20.03%
of gross profit per
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Software Publishers
Net profit per profit-making company [thou RON]
Period 2008 2009 2010 2011
Value [thou RON] 886.92 1 148.52 696.06 868.75
Y/Y dynamics [%] 0.91% 29.50% -39.40% 24.81%
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Profitability Ratios
Share of profit-making companies [%]
Period 2008 2009 2010 2011
Value [%] 83.81% 79.06% 84.48% 80.21%
Y/Y increase [%] -2.93% -4.75% 5.42% -4.27%
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fall of share of profit-
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Software Publishers
Operating Sales Margin [%]
Period 2008 2009 2010 2011
Value [%] 10.57% 10.48% 9.19% 9.85%
Y/Y increase [%] -2.34% -0.09% -1.28% 0.66%
0%
2%
4%
6%
8%
10%
12%
14%
Period
Net Sales Margin [%]
Period 2008 2009 2010 2011
Value [%] 8.10% 8.62% 7.04% 7.77%
Y/Y increase [%] -2.03% 0.52% -1.58% 0.73%
0%
2%
4%
6%
8%
10%
12%
Period
Return on Equity [%]
Period 2008 2009 2010 2011
Value [%] 27.47% 27.93% 26.97% 30.74%
Y/Y increase [%] -3.09% 0.46% -0.96% 3.77%
25%
26%
27%
28%
29%
30%
31%
32%
Period
rise of operating
sales margin in 2011
comparing to the
value in 2010
rise of net sales
margin in 2011
comparing to the
value in 2010
rise of return on
equity in 2011
comparing to the
value in 2010
-16-
Software Publishers
Return on Assets [%]
Period 2008 2009 2010 2011
Value [%] 12.98% 12.10% 9.11% 9.79%
Y/Y increase [%] -1.89% -0.88% -2.99% 0.67%
0%
2%
4%
6%
8%
10%
12%
14%
16%
Period
Effective tax rate [%]
Period 2008 2009 2010 2011
Value [%] 18.26% 17.54% 18.39% 16.19%
Y/Y increase [%] 1.52% -0.72% 0.85% -2.19%
Liquidity Ratios
15%
16%
16%
17%
17%
18%
18%
19%
19%
Period
Current ratio [%]
Period 2008 2009 2010 2011
Value [%] 166.52% 156.64% 118.31% 123.22%
Y/Y increase [%] -6.08% -9.89% -38.33% 4.91%
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
Period
Current ratio [%]
rise of return on
assets in 2011
comparing to the
value in 2010
fall of effective tax
rate in 2011
comparing to the
value in 2010
rise of current ratio
in 2011 comparing
-17-
Software Publishers
Quick ratio [%]
Period 2008 2009 2010 2011
Value [%] 155.87% 146.91% 111.91% 117.12%
Y/Y increase [%] -5.85% -8.96% -35.01% 5.21%
Super quick ratio [%]
Period 2008 2009 2010 2011
Value [%] 45.08% 32.19% 30.87% 25.04%
Y/Y increase [%] -5.97% -12.89% -1.32% -5.83%
Receivables to liabilities ratio [%]
Period 2008 2009 2010 2011
Value [%] 106.12% 111.22% 76.50% 88.60%
Y/Y increase [%] -1.04% 5.10% -34.72% 12.10%
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
Period
Quick ratio [%]
0%
10%
20%
30%
40%
50%
60%
Period
0%
20%
40%
60%
80%
100%
120%
Period
rise of quick ratio in
2011 comparing to
the value in 2010
fall of super quick
ratio in 2011
comparing to the
value in 2010
rise of receivables
to liabilities ratio in
2011 comparing to
the value in 2010
-18-
Software Publishers
Financial Cycles
Days of coverage for Cash & Equivalent [days]
Period 2008 2009 2010 2011
Value [days] 16 25 -24 -8
Y/Y increase [days] -2 9 -49 16
-30
-20
-10
0
10
20
30
Period
Days of coverage for receivables [days]
Period 2008 2009 2010 2011
Value [days] 96 133 106 133
0
20
40
60
80
100
120
140
Period
Days of coverage for inventories [days]
Period 2008 2009 2010 2011
Value [days] 10 12 9 9
0
2
4
6
8
10
12
14
Period
rise of days of
coverage for cash &
equivalent in 2011
comparing to the
value in 2010
rise of days of
coverage for
receivables in 2011
comparing to the
value in 2010
stabilisation of days
of coverage for
inventories in 2011
comparing to the
value in 2010
-19-
Software Publishers
Days of coverage for short term liabilities [days]
Period 2008 2009 2010 2011
Value [days] 90 119 139 150
Y/Y increase [days] -7 30 19 11
0
20
40
60
80
100
120
140
160
Period
Financial Leverage Ratios
Debt to Equity ratio [%]
Period 2008 2009 2010 2011
Value [%] 17.57% 12.41% 15.16% 31.38%
Y/Y increase [%] 0.35% -5.16% 2.75% 16.23%
0%
5%
10%
15%
20%
25%
30%
35%
Period
Equity to total assets ratio [%]
Period 2008 2009 2010 2011
Value [%] 47.25% 43.32% 33.79% 31.84%
Y/Y increase [%] -1.40% -3.93% -9.53% -1.95%
0%
10%
20%
30%
40%
50%
60%
Period
rise of days of
coverage for short
term liabilities in
2011 comparing to
the value in 2010
rise of debt to equity
ratio in 2011
comparing to the
value in 2010
fall of equity to total
assets ratio in 2011
comparing to the
value in 2010
-20-
Software Publishers
Long-term liabilities to total liabilities ratio [%]
Period 2008 2009 2010 2011
Value [%] 8.30% 5.38% 5.12% 9.99%
Y/Y increase [%] -0.08% -2.93% -0.26% 4.87%
0%
2%
4%
6%
8%
10%
12%
Period
Debt ratio [%]
Period 2008 2009 2010 2011
Value [%] 48.48% 52.08% 56.16% 64.07%
Y/Y increase [%] 0.70% 3.60% 4.08% 7.92%
0%
10%
20%
30%
40%
50%
60%
70%
Period
Debt ratio [%]
Operating profit coverage [years]
Period 2008 2009 2010 2011
Value [year] 2.59 3.11 3.03 3.55
Y/Y increase [year] 0.74 0.52 -0.08 0.52
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Period
rise of long-term
liabilities to total
liabilities ratio in
2011 comparing to
the value in 2010
rise of debt ratio in
2011 comparing to
the value in 2010
rise of operating
profit coverage in
2011 comparing to
the value in 2010
-21-
Software Publishers
Production Factors
Average employment per company [person]
Period 2008 2009 2010 2011
Value [person] 50 54 28 46
Y/Y dynamics [%] 7.68% 7.21% -47.68% 63.72%
-60%
-40%
-20%
0%
20%
40%
60%
80%
0
10
20
30
40
50
60
Y
/
Y

d
y
n
a
m
i
c
s

o
f

a
v
e
r
a
g
e

e
m
p
l
o
y
m
e
n
t

p
e
r

c
o
m
p
a
n
y

[
%
]
[
p
e
r
s
o
n
]
Average employment per company [person] Y/Y dynamics of average employment per company [%]
Labour productivity [thou. RON/person]
Period 2008 2009 2010 2011
Value [thou RON/person] 172.09 191.08 172.50 189.96
Y/Y dynamics [%] 22.30% 11.04% -9.72% 10.12%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
0
50
100
150
200
250
Y
/
Y

d
y
n
a
m
i
c
s

o
f

l
a
b
o
u
r

p
r
o
d
u
c
t
i
v
i
t
y

[
%
]
[
t
h
o
u

R
O
N
/
p
e
r
s
o
n
]
Labour productivity [thou. RON/person] Y/Y dynamics of labour productivity [%]
Labour cost as the share in total operating costs [%]
Period 2008 2009 2010 2011
Value [%] 38.15% 41.49% 35.38% 42.93%
Y/Y increase [%] -2.22% 3.34% -6.12% 7.56%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
rise of average
employment per
company in 2011
comparing to the
value in 2010
rise of labour
productivity in 2011
comparing to the
value in 2010
rise of labour cost
as the share in total
operating costs in
2011 comparing to
the value in 2010
-22-
Software Publishers
Fixed assets per employee [thou. RON/person]
Period 2008 2009 2010 2011
Y/Y dynamics [%] 16.71% 1.26% 65.02% -12.84%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
0
10
20
30
40
50
60
70
Y
/
Y

d
y
n
a
m
i
c
s

o
f

f
i
x
e
d

a
s
s
e
t
s

p
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e
m
p
l
o
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e

[
%
]
[
t
h
o
u

R
O
N
/
p
e
r
s
o
n
]
Fixed assets per employee [thou. RON/person] Y/Y dynamics of fixed assets per employee [%]
Labour intensity of production [%]
Period 2008 2009 2010 2011
Value [%] 34.12% 37.16% 32.12% 38.73%
Y/Y increase [%] -1.04% 3.03% -5.03% 6.60%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Period
Material & energy intensity of production [%]
Period 2008 2009 2010 2011
Value [%] 4.16% 3.93% 4.46% 4.00%
Y/Y increase [%] 0.70% -0.22% 0.52% -0.45%
0%
1%
1%
2%
2%
3%
3%
4%
4%
5%
5%
Period
fall of fixed assets
per employee in
2011 comparing to
the value in 2010
rise of labour
intensity of
production in 2011
comparing to the
value in 2010
fall of material &
energy intensity of
production in 2011
comparing to the
value in 2010
-23-
Software Publishers
Total assets turnover [%]
Period 2008 2009 2010 2011
Value [%] 160.02% 140.72% 129.42% 126.93%
Y/Y increase [%] 13.11% -19.29% -11.30% -2.48%
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
Period
Fixed assets productivity [%]
Period 2008 2009 2010 2011
Value [%] 507.88% 546.07% 382.82% 377.83%
Y/Y increase [%] 30.60% 38.19% -163.26% -4.99%
0%
100%
200%
300%
400%
500%
600%
Period
Labour cost per employee [thou. RON/person]
Period 2008 2009 2010 2011
Y/Y dynamics [%] 17.71% 21.94% -15.31% 22.33%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
0
10
20
30
40
50
60
70
80
Y
/
Y

d
y
n
a
m
i
c
s

o
f

l
a
b
o
u
r

c
o
s
t

p
e
r

e
m
p
l
o
y
e
e

[
%
]
[
t
h
o
u

R
O
N
/
p
e
r
s
o
n
]
Labour cost per employee [thou. RON/person] Y/Y dynamics of labour cost per employee [%]
fall of total assets
turnover in 2011
comparing to the
value in 2010
fall of fixed assets
productivity in 2011
comparing to the
value in 2010
rise of labour cost
per employee in
2011 comparing to
the value in 2010
-24-
Software Publishers
Costs
Share of wages in total operating costs [%]
Period 2008 2009 2010 2011
Value [%] 30.09% 32.67% 27.79% 33.67%
Y/Y increase [%] -1.70% 2.59% -4.89% 5.88%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Period
Period 2008 2009 2010 2011
Value [%] 8.06% 8.82% 7.59% 9.27%
Y/Y increase [%] -0.52% 0.75% -1.23% 1.68%
Share of social contributions in total operating costs [%]
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Period
Period 2008 2009 2010 2011
Value [%] 35.05% 41.81% 45.34% 43.26%
Y/Y increase [%] 0.48% 6.76% 3.53% -2.08%
Share of external services in total operating cost [%]
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Period
rise of share of
wages in total
operating costs in
2011 comparing to
the value in 2010
rise of share of
social contributions
in total operating
costs in 2011
comparing to the
value in 2010
fall of share of
external services in
total operating cost
in 2011 comparing
-25-
Software Publishers
Period 2008 2009 2010 2011
Value [%] 4.78% 4.39% 4.91% 4.44%
Y/Y increase [%] 0.65% -0.38% 0.51% -0.47%
Share of material & energy used in total operating costs [%]
4%
4%
4%
4%
4%
5%
5%
5%
Period
Period 2008 2009 2010 2011
Value [%] 0.51% 0.50% 0.41% 0.34%
Y/Y increase [%] -0.05% -0.01% -0.08% -0.08%
Share of taxes & fees in total operating costs [%]
0%
0%
0%
0%
0%
1%
1%
Period
fall of share of
material & energy
used in total
operating costs in
2011 comparing to
the value in 2010
fall of share of taxes
& fees in total
operating costs in
2011 comparing to
the value in 2010
cost of external
services dominates
in the cost structure
Costs structure [%]
Wages [%] 32.67% 27.79% 33.67%
Social contributions [%] 8.82% 7.59% 9.27%
Cost of external services [%] 41.81% 45.34% 43.26%
Material and energy costs [%] 4.39% 4.91% 4.44%
Taxes and fees [%] 0.50% 0.41% 0.34%
Other costs [%] 11.81% 13.96% 9.03%
Period 2009 2010 2011
-26-
Software Publishers
0%
20%
40%
60%
80%
100%
2009 2010 2011
Period
Costs structure [%]
Wages [%] Social contributions [%] Cost of external services [%]
Material and energy costs [%] Taxes and fees [%] Other costs [%]
33.7%
9.3%
43.3%
4.4%
0.3%
9.0%
Costs structure [%] (2011)
Wages [%] Social contributions [%] Cost of external services [%]
Material and energy costs [%] Taxes and fees [%] Other costs [%]
Structure of Current Assets
short-term
receivables
dominate in the
current assets
structure
Current assets structure [%]
I nventories [%] 6.21% 5.41% 4.95%
Short-term receivables [%] 71.01% 64.66% 71.91%
Cash and equivalent [%] 20.55% 26.09% 20.32%
Other current assets [%] 2.24% 3.83% 2.82%
Period 2009 2010 2011
-27-
Software Publishers
0%
20%
40%
60%
80%
100%
2009 2010 2011
Period
Current assets structure [%]
Inventories [%] Short-term receivables [%] Cash and equivalent [%] Other current assets [%]
4.9%
71.9%
20.3%
2.8%
Current assets structure [%] (2011)
Inventories [%] Short-term receivables [%] Cash and equivalent [%] Other current assets [%]
-
2
8
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Software Publishers
Key Concepts
Definitions of Indices
Number of companies Number of reporting companies V
Net revenue per company [mn RON]
Net revenue
-----------------------------------------
Number of companies
V
---
V
Total operating cost per company [mn RON]
(including depreciation and amortization)
Total operating costs
---------------------------------------
Number of companies
V
---
V
Operating profit (EBIT) per company [mn RON]
Operating profit - Operating loss
---------------------------------------
Number of companies
V
---
V
Operating profit (EBIT) per profit-making company [mn RON]
Operating profit
---------------------------------------------
Number of profit-making companies
V
---
V
Gross profit per company [mn RON]
Gross profit - Gross loss
---------------------------------------
Number of companies
V
---
V
Gross profit per profit-making company [mn RON]
Gross profit
---------------------------------------------
V
---
V
Net profit per company [mn RON]
Net profit - Net loss
---------------------------------------
Number of companies
V
---
V
Net profit per profit-making company [mn RON]
Net profit
---------------------------------------------
V
---
V
-------------------------------------
Net revenue
V
---
V
------------------------------------
Net revenue
V
---
V
------------------------------------
Equity
V
---
V
------------------------------------
Total assets
V
---
V
Gross profit - (Net profit - Net loss)
-------------------------------------------
Gross profit
V
---
V
Number of profit making companies
---------------------------------------------
Number of companies
V
-----
V
Current ratio [%]
Current assets
------------------------
Short-term liabilities
V
---
V
Quick ratio [%]
Current assets - Inventory
-------------------------------
V
---
V
Cash & Equivalent
------------------------------------
V
---
V
Receivables
------------------------
V
---
V
(Receivables + Inventories - Short term liabilities) * 360
------------------------------------------------------------------
Net revenue of goods and services
V
---
V
Receivables * 360
------------------------------------
V
---
V
Inventories * 360
--------------------------------------
V
---
V
Short term liabilities * 360
--------------------------------------
V
---
V
Long-term liabilities
-----------------------
Equity
V
---
V
Equity
--------------
Total assets
V
---
V
Long-term liabilities
-----------------------
Total assets
V
---
V
Debt ratio [%]
Total liabilities
-----------------
Total assets
V
---
V
Total liabilities
----------------------------------------
V
-----
V
V - Value for a given year
F
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-33-
Software Publishers
Number of employees
--------------------------
Number of companies
V
---
V
Net revenue
---------------
Employment
V
---
V
Wages + Social insurance & other contributions to employees
----------------------------------------------------------------------
V
---
V
Fixed assets
------------------
Employment
V
---
V
----------------------------------------------------------------------
Net revenue
V
---
V
Material & energy costs
----------------------------
Net revenue
V
---
V
Net revenue
------------------
Total assets
V
---
V
Net revenue
------------------
Fixed assets
V
---
V
----------------------------------------------------------------------
Employment
V
-----
V
Wages
-------------------------
V
---
V
Social insurance and other contributions to employees
--------------------------------------------------------------
V
---
V
External services
-------------------------
V
---
V
Material & energy costs
-----------------------------
V
---
V
Taxes & fees
-------------------------
V
---
V
C
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Definition of index
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-34-
Software Publishers
Definitions of Selected Concepts
EconTrends for Romania are based to large extent on the structure of the North American Industry
Classification System (NAICS). Analyses made for respective industry divisions and groups are
consistent with this classification. However the used system of industry classification is not fully
compatible with the Romanian Classification of Activities due to Romanian statistics - specific factors.
Moreover the reports are based on the bottom-up aggregation of individual companies financial data
from the Creditinfo Romania and CCIR (Chamber of Commerce and Industry), which provides the
financials not for all, but for all major companies fromthe sector. Hence the report covers not the full
sector but only its major part.
Forecasting models used in EconTrends have a hierarchical structure. The first layer consists of
models that transmit behavior of macroeconomic variables like nominal GDP growth, increases in prices
to the behaviors of financial parameters like net sales per company and EBIT margin in all analyzed
economic divisions. EBIT margin should be understood as earnings before interest and taxes. The next
layer of models translates the behavior of the above parameters in economic divisions into the groups
within them, than into classess within groups and subclassess within classess. The econometric
models that are used in respective layers have a linear structure and belong to a well known group of
regression models.
Risk-profitability maps show the location of sectors depending on the value of profitability and risk
they achieve. Sectors singled out by being encircled by a red ring are most useful efficient for
investors, due to the relatively highest return at the lowest variability of profit (relatively high value of
the Sharps index). On the basis of the coordinate values of efficient sectors, the preferences of
investors on the market are shown by a grey dotted line visible on the graphs this is a level line of
the linear function of utility for investors (Investors Utility Function). The level line shows preferences
of the majority of investors with regard to achieved profitability at a given risk. Sectors, which are
placed above the linear function of usefulness are preferred by investors due to the possibility of
achieving a high profitability, at a particular level of risk. Sectors lying below the level line are not as
attractive for investors, due to the relatively high variability in profit as against their profitability.
The forces map shows decompositions of the profitability index into particular driving forces. The idea
of the strengths map is to show the effect of particular variables on the dynamics of profit both in
current and forecasted situation.
Several concentration measures are used to examine the degree of the market power concentration
within the analyzed sectors. The Herfindahl-Hirschman Index (known as HHI), is a measure of the size
of firms in relationship to the industry and an indicator of the amount of competition among them. It is
defined as the sumof the squares of the market shares of each individual firm: ie the average market
share, weighted by market share. As such, it can range from 0 to 10,000 moving from a very large
amount of very small firms to a single monopolistic producer. Decreases in the Herfindahl index
generally indicate a loss of market power and an increase in competition, whereas increases imply the
opposite. The Lorenz curve in turn, is a graph showing the proportion of the distribution assumed by
the bottom % market share values. It is used to represent market shares distribution, where it shows
for the bottom x% of companies in the sector, what percentage y% of the market share they have.
The percentage of companies is plotted on the x-axis, the percentage of market share on the y-axis.
It is considered it to be a measure of inequality of the market shares within the given sector. The Gini
coefficient is a measure of statistical dispersion in the market shares defined as the field between the
diagonal and the Lorentz curve. It is defined as a ratio with values between 0 and 1. A low Gini
coefficient indicates more equal market shares, while a high Gini coefficient indicates more unequal
distribution. 0 corresponds to perfect equality (all companies having exactly the same market share)
and 1 corresponds to perfect inequality (where one monopolist has all the market share, while
everyone else has zero share in the market).
Forecasting models
Risk-profitability maps
The forces map
Several concentration measures are used to examine the degree of the market power concentration
within the analyzed sectors.
The Herfindahl-Hirschman Index (known as HHI), is a measure of the size of firms in relationship to the
industry and an indicator of the amount of competition among them. It is defined as the sum of the
squares of the market shares of each individual firm: ie the average market share, weighted by market
share. As such, it can range from0 to 10,000 moving froma very large amount of very small firms to a
single monopolistic producer. Decreases in the Herfindahl index generally indicate a loss of market
power and an increase in competition, whereas increases imply the opposite.
The Lorenz curve in turn, is a graph showing the proportion of the distribution assumed by the bottom
% market share values. It is used to represent market shares distribution, where it shows for the
bottom x% of companies in the sector, what percentage y% of the market share they have. The
percentage of companies is plotted on the x-axis, the percentage of market share on the y-axis. It is
considered it to be a measure of inequality of the market shares within the given sector.
Concentration measures
Herfindahl-Hirschman Index
Lorenz Curve
-35-
Software Publishers
The Gini coefficient is a measure of statistical dispersion in the market shares defined as the field
between the diagonal and the Lorentz curve. It is defined as a ratio with values between 0 and 1. A
low Gini coefficient indicates more equal market shares, while a high Gini coefficient indicates more
unequal distribution. 0 corresponds to perfect equality (all companies having exactly the same market
share) and 1 corresponds to perfect inequality (where one monopolist has all the market share, while
everyone else has zero share in the market).
Gini coefficient
Forecasts presented in EconTrends for Romania relate to a period of two years ahead in relation to
the end of the time period for which statistical data are available.
Liquidity (of public company) - ranked accordingly to the averaged daily shares' turnover from the last
year
Betas and Required Rates of Return - are calculated for listed companies under CAPM model.
- rate of return from investments in shares of an analysed company,
- Leveraged Beta,
- Unleveraged Beta,
- Required Rate of Return, where:
DuPont Pyramid is a very useful tool to decompose Return on Equity (ROA) into various ratios like:
Return on Assets (ROA), Return on Sales (ROS) and Total Assets Turnover (TAT). It enables easy
drawing of conclusions about the efficiency of an analyzed company in various areas of its activity.
- effective tax rate.
- required (by investors) rate of return from investments in the shares of an analysed company; i.e.
the expected rate of return when the market stays in equilibrium under CAPM assumptions,
- 5Y rate of return of a stock market index (BET),
- 5Y expected rate of return of the stock market index (BET),
- risk-free rate of return (of 12-month average Bucharest Interbank Bid Rate),
- debt to equity ratio,
Distributions of Financials present critical values of the distributions of various financials in the
analyzed sector. The presented critical values represent quartiles of the empirical distribution i.e. they
are calculated for 20%, 40%, 60% and 80% of the total population of companies from the given
sector. These distributions make possible easy comparison of an analyzed company to other
companies in the sector, looking at it from various financial angles.
Market multiples (P/E, P/BV) - are widely used for the valuation purposes. Price to Earnings (P/E) is
calculated by dividing closury company's capitalisation in the year after analysed year by the earnings
(net profits) fromthe last year. For the calculation of Price to Book Value (P/BV) the ending year book
value is taken.
Y/Y Increase, Y/Y Dynamics. Increases are calculated as absolute differences with respect to the
preceding year (Y/Y). Dynamics are calculated as relative [%] differences with respect to the
preceding year (Y/Y).

M
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Y/Y Increase, Y/Y Dynamics
Forecasts
Distributions of Financials
DuPont Pyramid
Market multiples (P/E, P/BV)
Betas and Required Rates of Return
Liquidity

Software Publishers (5112) - 2011

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