Due to the economic downturn, IRS’s business dropped 15 percent in the first nine months of this year, compared to the corresponding period in 2008, to €290 million, while the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) stagnated at €20 mln. The activity of the Severnav shipyard, owned by the group, was not included in the calculation of EBITDA.
“I believe that the international crisis is not yet over and we will soon have a new fall in the commercial real estate in the United States and in Western Europe, which will generate turbulence even at the local level,” Burci said. The businessman maintains his estimates regarding Romania’s economic decline, saying this will near minus 10 percent.
Burci added that, if the International Monetary Fund (IMF) does not release the third tranche of the stand-by agreement, the Romanian economy will be greatly affected. “I believe that we will borrow at very high rates on the bank market, and this will limit lending to Romania’s real economy business even further. This means we will not be able to settle the situation with the IMF before the second quarter of 2010, because I believe that the IMF Board meets once every quarter. Practically speaking, we lose the year-end and the first quarter of 2010,” the businessman added.Probleme au apărut la transferurile de proprietate, majoritatea impuse de FMI. Fiecare privatizare a fost precedată de declaraţii oficiale sumbre, management catastrofal, lipsă de transparenţă şi de predictibilitate. Astfel, preţurile obţinute au fost în majoritatea cazurilor mult sub potenţial.