Over 80% of the 44 companies on the Stock Exchange that have so far reported their preliminary 2008 results posted losses as a result of the depreciation of the RON and of the more expensive lending. Virtually all that companies earned last year from their core businesses, they spent on bank credits and on repaying other debt. Overall, cumulated financial losses of Stock Exchange issuers amounted to 1.1 billion RON (around 300 million euros), i.e. almost as much as the net profit of the BRD, the second largest bank in Romania. The analysis does not include SIFs (Financial Investment Companies) and banks. Financial reports of Stock Exchange companies provide the first quantifiable data on the effects that the financial crisis has on the Romanian economy. A clearer picture as to losses in the economy will be available only in the second half of the year, when unlisted companies will publish their results with the Ministry of Finance. The results of listed companies show that the biggest losses were caused last year by the depreciation of the RON, and not by core businesses, with the revaluation of debt in euros or in dollars erasing the bulk of operating profits.
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