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Adevaris achieved more than 10% growth in revenues in Q1 2009 Date: 2009-05-18

Adevaris team
 
Bucharest, May 18, 2009: Adevaris – a Top 12 Financial Services provider – achieved more than 10% growth in revenues in Q1 2009 despite the challenging economic environment. However, Q3 is considered to be the most challenging in this year since the investment climate is still anemic.
 
Only in late summer will be reached the bottom of the slow-down
 
“Although Q1 was still a remarkable growth quarter for our company, we believe that two challenging quarters are in front of us. The bottom of the economic slow-down has not yet been reached.” says Rene Schoeb, the Swiss Managing Partner of Adevaris. Adevaris advises Austrian, German, and Swiss companies, which invested over EUR 500m in the recent years in Romania. “Our clients are currently hesitating to invest in Romania since they now mainly concentrate on their home markets’ challenges. They consider the market prices for investments in Real Estate as well as in market expansion in Romania still as too high given the current economic environment.” Rene Schoeb continues.
 
Adevaris recognizes a significant lack of know-how in Romanian companies mainly in Finance & Controlling and Restructuring due to the missing experience and inadequate training. “Most of the companies grew in the recent years without properly understanding why and not having a “Plan B” for the stabilization phase in place. Now, most of the companies shrink and are not able to pro-actively take measures due to the missing decision base. This could lead to further delays in the recovery phase.” Schoeb quotes. 
 
The Adevaris representative expects the economy in Romania to generally bottom-out earliest in late summer and even sees ongoing challenges in Real Estate in 2010 due to the lack of projects based on 2009 management decisions. Therefore, M&A projects, which are not only based on cash sales and Private Equity, will be initiated only towards the end of the year 2009 again.
 
About Adevaris – Adevaris is a Top 12 Financial Services Provider in Romania led by two Swiss Managing Partners focusing on trust worthy solutions in Tax, Audit, Accounting, Payroll, and Finance & Controlling. With its 4 partners and over 30 professionals, Adevaris covers all major industries and mainly targets international incoming companies from Austria, Germany, and Switzerland. Adevaris is best known for its “down-to-earth” solutions supporting the clients in adding value to their company.
 

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