True Leaders

Romania awards the “TRUE LEADERS” Companies

On the 17th of December, Romania will publish the top of the most profitable and best performing companies in Romania, during the “True Leaders” awards online Gala. This year, beside the 4 traditional criteria, being an unprecedented year, we took into consideration a new criterion for evaluating    all companies in the most objective way possible.


The methodology for selecting the companies for the True Leaders Event


The awarded companies must simultaneously fulfill the next 4 criteria:


  •  Are part of the most profitable 500 companies in Romania (based on EBITDA at December 2019)
  •  Have the highest EBITDA in their industry
  •  Record an increase or at least the same number of employees as previous year or an increase (after having excluded the ones with less than 10 employees in 2019)
  •  Fall within the A1-B2 Scoring bands* (Very Low risk band and Low risk band) and have values greater than 70 for COVID Company Index**;


The first step in the selection process is to create a top based on EBITDA, calculated according to December 2019 financial data. State owned companies are excluded from this selection, as well as banks, insurance and non-banking financial institutions.

Out of these 500 companies, the True Leaders awarded companies will be selected.


The industries are formed based on the companies’ main activities. The industry is given by the main NACE code declared by the companies, the NACE division or group of activities. The selection between the NACE division (first two digits of the NACE code), group (first 3 digits of the NACE code) or NACE code is made based on the diversity of activities comprised within the same division.


Scored companies:

  • Have the legal form of a company (examples: S.A., S.R.L., S.C.S.)
  • Companies that do not belong to the following industries: banking, insurance and other related activities, as these companies declare their financial data differently than all other types of corporations
  • Are active companies according to the Trade Registry assigned status


 * ICAP Score expresses an estimation of a company’s credit quality with respect to the probability of default and/or bankruptcy within a 12-month horizon. This estimation is based on an analysis of commercial, financial and transactional data derived from official sources of the assessed companies.


** COVID Company Index denotes the companies’ adjusted creditworthiness assessment over the next 12 months which is triggered as a result of the Covid-19 pandemic and the effects of the lockdown measures and suspensions imposed on economic activity for each evaluated company. Ιt combines the existing assessments on companies’ credit quality, Score and the Covid Sector Index, an industry sector impact assessment, depicting the severity of impact and its recovery potential.


The assessment results are presented in a 0-100 score scale, where score 0 represents companies that have the highest probability of default, and 100 represents companies with the lowest probability of default.


COVID Sector Index expresses the current assessment on the effects of the lockdown measures and suspensions, imposed on economic activity as a result of the COVID-19 pandemic, per activity sector, taking into account the likelihood of recovery, within a 12-month horizon.


Romania is a member of the group of companies, the most important business intelligence group in South-Eastern Europe and the only company in Romania accredited by the European Securities and Markets Authority as a “Credit Rating Agency”.



Main stage partner:

Gold partners:                                                     Silver partner:                                Bronze Partners:




Romania, member of  Group, the largest Business Information and Consulting Group in Southeastern Europe and one of the few companies recognized as “Credit Rating Agency” by the European Securities and Markets Authority acknowledges and celebrates the leading companies in Romania through the “TRUE LEADERS” Awards Ceremony.

The True Leaders Gala is an event in which Romania awards ALL companies that succeeded to stand out by meeting four objective criteria (based on officially published data), without considering an opinion of a committee or of a voting procedure.

TRUE LEADERS are the companies that:

  • Are among the 500 most profitable companies for 2018
  • Have had an increase in their personnel (2018 vs 2017)
  • Have high creditworthiness (ICAP Credit Score from A1 to B2)
  • Are leaders in their sector

The Award Ceremony will take place on October 29th 2019, at Stejarii Country Club, Bucharest.

Click here for the Methodology of “TRUE LEADERS” companies’ selection.


18:30 – 19:00 Welcome Cocktail
19:00 – 19:05 Lucian Mindruta, Moderator
Welcome and Opening Remarks
19:05 – 19:15 Nikitas Konstantellos, CEO, ICAP Group
19:15 – 19:25 Alexandra Mehedintu, Country Manager ICAP Romania
True Leaders Awards methodology
19:25 – 19:40 TBD,
Business environment situation in Romania
19:40 – 20:00 Award Ceremony, 1st part
20:00 – 20:20 TBD, artistic moment
20:20 – 20:45 Award Ceremony, 2nd part
20:45 – 22:00 Dinner


Distinguished Sponsor:


With the support of:

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