{"id":120500,"date":"2018-11-22T00:00:00","date_gmt":"2018-11-21T22:00:00","guid":{"rendered":"https:\/\/rhn.ro\/study-more-than-half-of-relevant-tourism-companies-have-an-above-average-insolvency-risk\/"},"modified":"2026-03-28T09:10:34","modified_gmt":"2026-03-28T07:10:34","slug":"study-more-than-half-of-relevant-tourism-companies-have-an-above-average-insolvency-risk","status":"publish","type":"post","link":"https:\/\/rhn.ro\/en\/study-more-than-half-of-relevant-tourism-companies-have-an-above-average-insolvency-risk\/","title":{"rendered":"Study: More Than Half of Relevant Tourism Companies Have an Above-Average Insolvency Risk"},"content":{"rendered":"
Over a third of relevant tourism companies are classified as having a medium-high risk, with a debt ratio exceeding 80%, and more than half of the agencies have an above-average insolvency risk.<\/div>\n
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The conclusion results from a Coface analysis based on 2016 financial data. Out of the total 1,989 tourism companies active in 2016, Coface analyzed 63, representing approximately 3%, but accounting for 54% of the consolidated turnover at the sector level.<\/div>\n
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In the last 6 years, the level of Romanian tourists departing abroad has been higher than that of foreign visitors coming to Romania. As a rate, the number of foreign visitor arrivals increased by 60% between 2012-2017, while Romanian visits abroad increased by 78%. Thus, in 2017, 12 million foreign visits to Romania were recorded, while Romanians made 19 million visits abroad.<\/div>\n
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In terms of the value of travel agency and tour operator services, 2016 reflects a 19% decrease compared to the previous year, reaching a value of 3.7 billion RON. The peak value for this type of service was reached in 2014, when it crossed the 4 billion RON threshold.<\/div>\n
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A decrease of 1.6% is also noted in other reservation and tourist assistance services.<\/div>\n
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The last four years (2014 – 2017) have brought a slight downward trend in court actions against travel agencies. The lowest number of cases was recorded in 2008, and three years later their number increased 4.2 times, reaching the peak of the analyzed period.<\/div>\n
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Overall, the trend of court actions is decreasing, and the majority continue to be represented by foreclosures and payment orders.<\/div>\n
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“Although the consolidated profitability of the sector was slightly increasing, almost half of the firms, specifically 47%, reported a deterioration of the net result. More than a third of the companies face liquidity problems – current liquidity below 1 – also having a debt ratio over 80% – given that 72% of the total debt is represented by current debt – and almost two-thirds of them record a negative cash conversion cycle, being very likely to pay their suppliers late,” stated Nicoleta Maruntelu, Senior Financial Analyst, Coface Romania.<\/div>\n
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Companies in the analyzed sector recorded a positive revenue evolution in 2016, increasing by 2% compared to 2015, although the number of companies in the sector increased by 10%.<\/div>\n
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Frequently Asked Questions<\/h3>\n

What is the insolvency risk for Romanian tourism companies?<\/strong><\/p>\n

According to the Coface analysis, more than half of the relevant tourism agencies have an above-average risk of insolvency.<\/p>\n

How has the travel balance changed in Romania?<\/strong><\/p>\n

There is a significant imbalance, as Romanian departures abroad (19 million) far exceed the number of foreign visitors coming to Romania (12 million).<\/p>\n

What are the main financial challenges for these agencies?<\/strong><\/p>\n

Key challenges include high debt levels (over 80%), liquidity issues (current ratio below 1), and negative cash conversion cycles leading to payment delays.<\/p>\n","protected":false},"excerpt":{"rendered":"

Over a third of relevant tourism companies are classified as having a medium-high risk, with a debt ratio exceeding 80%, and more than half of the agencies have an above-average insolvency risk. The conclusion results from a Coface analysis based on 2016 financial data. Out of the total 1,989 tourism companies active in 2016, Coface…<\/p>\n","protected":false},"author":0,"featured_media":67478,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2858],"tags":[],"thb-sponsors":[],"class_list":["post-120500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tourism"],"article_style_override":"","post-style":"","post_via":"","post-top-image":"https:\/\/rhn.ro\/wp-content\/uploads\/2019\/11\/turism-2.jpg","_links":{"self":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts\/120500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/comments?post=120500"}],"version-history":[{"count":0,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts\/120500\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/media\/67478"}],"wp:attachment":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/media?parent=120500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/categories?post=120500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/tags?post=120500"},{"taxonomy":"thb-sponsors","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/thb-sponsors?post=120500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}