EUROPEAN BUSINESS ASSOCIATION
Driver for change
Annual Review 2020
EUROPEAN BUSINESS ASSOCIATION
Driver for change
Annual Review 2020
Our mission
The EBA is one of the main business impact organisation for Moldovan and foreign entities aimed at:
  • Facilitating domestic and foreign trade;
  • Improving business climate through different communication platforms;
  • Bolstering foreign investments;
  • Promoting business activities between EU and the RM.

Our vision
The EBA Vision is to enable & drive the full establishment of European business practices and values in Moldova, wishing to promote and contribute to the harmonization of the economy of Moldova and the EU.
Short video preview on EBA 2020 and 2021 (May) Activity
Macro analysis 2020
GDP
Inflation
Trade balance deficit

Covid-19 pandemic effects on the Moldovan economy in 2020:
GDP decrease of 7% in 2020
Annual inflation rate decrease of 5.3 p.p.
Average monthly salary increase of 10.2 %
Budget revenues decreased by 0.5%
Public debt increased by 29.2%
Exports decreased by 10.6%
Imports decreased by 7.3%
Industry decreased by 5.5%
Agriculture decreased by 2.71%
Tourism decreased by 75.9%
Transport of goods decreased by 12.5%
Transport of passengers decreased by 46.1%
Trade conditions. The European Union continues to be the most important external trade partner of Moldova, the share of exports being in increase over the last years.
Moldovan exports to regions in 2018–2020, million USD
The share of exports to EU countries represents 66.73% of total Moldovan exports. Deliveries of goods to this group of countries accounted 1 658.4 million USD (a decrease by 6.86% compared to 2019). The main importing European partners are Romania (28.4% of total exports), Germany (9.08%), Italy (8.6%), Poland (4.4%) and Czech Republic (3.2%).
    Top 10 exported goods from Moldova in 2020
    Also, the EU is the main importing partner for Moldova.
    Moldovan imports from regions in 2018–2020, million USD
    The imports from EU accounted 2 470.4 million USD (a decrease by 12.7% compared to 2019) and represents 45.62% of total Moldovan imports. The main exporting European partners are Romania (11.66% of total imports), Germany (8.35%), Italy (6.4%), Poland (4.01%), France (2.24%), EU being the main trade partner of the Republic of Moldova.
    Top 10 imported goods from Moldova in 2020
    Foreign direct investments (FDI) in 2020 registered the accumulated value of 4 851.4 mil USD (an increase by 2.5% compared with 2019). The main EU investors in Moldova are Netherlands, France, Cyprus, Romania and Austria.
    Peter Michalko
    EBA Honorary President
    Ambassador of the European Union to the
    Republic of Moldova
    EBA Board
    László Diósi
    EBA Board President
    Chairman of the Management Committee of Mobiasbanca – OTP Group
    Jose Luis Gomez Pascual
    EBA Board Vice-President
    Premier Energy
    Mathias von Tucher
    Danube Logistics
    Dona Gabriela Rapciuga
    Kaufland Moldova
    Constantin Barbaros
    Metro Cash & Carry Moldova
    Alexandru Gozun
    PwC Moldova
    Marian Chirtoaca
    MDC & Partners
    Aurelia Salicov
    Starnet
    Viorelia Levinski
    Sudzucker Moldova
    Alexandru Turcan
    Turcan Cazac Law Firm
    Diana Neagu
    Vernon David Law Firm
    EBA Team
    Mariana Rufa
    Executive Director
    Ensures the full executive and administrative authorities for EBA, developing the EBA strategy, work plans and budgets, managing recruitment of member corporations, facilitating partnerships, projects and co – operations for the benefit of EBA, and handling contact to EBA Sector Committees. Supports the team in the policy and advocacy process, services, project management and press & media work.
    Alexandra Popa
    Policy & Advocacy Manager
    Develops and organizes the advocacy work for EBA, drafting advisory notes, representing EBA at meetings and working groups in relevant public private platforms and organisations. Assists the Executive Director in her efforts towards policy issues, building up and keeping an active network with relevant stakeholders for policy and advocacy work. Supports project management and leads EBA Sector Committees meetings.
    Ion Cebanu
    Executive Assistant & Events Manager
    Provides administrative support and maintains protocolar correspondence. Takes care of the projects implementation and reporting. Ensures the smooth-running and organization of EBA events, trainings and seminars. Maintains and updates communication vehicles such as website, newsletter, press releases, social media and others.
    Anna Djurinscaia
    Chief Financial Officer & Tax Policy Manager
    Is heading the Finance and Administration department of EBA. Drafts and supervise the EBA budget. Ensures Payroll and HR Administration. Provides monthly financial reports and monitors the cash flow. Assures accurate reporting according to the EBA policies. Supports the Policy and Advocacy department as well as the EBA Tax & Customs Committee in regard to Tax and Customs Policy matters.
    Xenia Maranduc
    Accountant
    Ensures the appropriate bookkeeping in accordance with the RM legislation. Ensures all the necessary entries into the EBA accounting registry. Carries accurate transfers and performs payroll calculation. Prepares reports for local authorities and Donor projects, EBA Board members, other reports on request.
    EBA Members
    GOLD MEMBERS
    SILVER MEMBERS
    All the EBA members are available on our website.
    View all members
    Business community support in managing Covid-19 pandemic crisis
    Resources collected through EBA and CCF - 311 980 MDL
    Resources donated by EBA Members directly - over 1 mln €
    EBA supporting its Members and business community in managing Covid-19 pandemic

    Nr. of Webinars and Coachings related to adapting to the new reality – 20

    Covid related support offered to Members:

    • Overall Covid related support to over 2000 companies (EBA Members and Donor Projects Beneficiaries)
    • 40 EBA Members received top class consulting individual support to address Covid related legal, commercial, fiscal and other business issues
    • 20 Covid related Position Papers
    • 70 Covid related Technical Meetings
    • 3 Analytical Documents
    • 20 Covid related practical Webinars and Coaching Sessions
    Business Environment
    Key Business Environment indicators
    Issues/ Areas approached
    Achievements on Policy Agenda
    Policy Documents
    Business Environment statistics
    Public Private Dialogue
    National Platforms

    • Parliamentary Commissions
    • Economic Council to the Prime Minister
    • Customs Service Advisory Committee
    • Tax Inspectorate Advisory Committee
    • State Commission on regulation of the entrepreneurial activity
    • Ministry of Finance Technical Working Groups
    • Tax & Customs Policy Development
    • E-public Procurement
    • Ministry of Agriculture, Regional Development and Environment Technical Working Groups
    International Platforms

    • European Business Organization Worldwide Network
    • European Commission (DG Trade, DG Near, DG Energy)
    • European Parliament
    • OECD
    • IMF
    • EBRD
    • World Bank
    • IFC
    • German Economic Team

    EBA collaboration with the Economic Council to the Prime Minister
    The Economic Council to the Prime Minister is one of the main Public – Private Dialogue Platform where EBA is the chair of Trade Facilitation Committee. During the 2020, EBA has managed to address key issues faced by business environment through participation at the working groups and technical meetings organized within the Council.

    Areas covered under the Economic Council to the PM:
    • Improvement of GD no 938/2018
    • Export of animal origin products to the EU market
    • Domestic trade
    • Labor legislation
    • Data protection
    • Food safety legislation
    • Sanitary Regulations of tobacco products
    • AML legislation
    • Import of meat from EU
    • Digitization of National Economy
    • Food Waste reduction
    Technical meeting of the Economic Council to the Prime Minister, on the improvement of the Draft Government Decision on the approval of the draft law on the procedures for finding infringements in the field of prevention, money laundering and terrorist financing and the application of sanctions
    Meeting of the Consultative Committee of Customs Service within the Working Group of the Economic Council to the Prime Minister
    Economic Council to the Prime Minister Meeting on The draft law regulating work through a temporary agent

    EBA publications

    EBA Sector Committees
    EBA Moldova provides a platform to discuss with its Members all legal and policy initiatives aiming to improve the Moldovan legislation through its Sector Committees.
    EBA Coordinators
    Alexandra Popa
    Policy & Advocacy Manager
    Anna Djurinscaia
    Chief Financial Officer & Tax Policy Manager
    Tax & Customs Committee

    Issues approached:
    • Tax Policy 2021
    • GD 693: employees transportation related expenses
    • Fuel consumption norms
    • Meal tickets taxation
    • E-factura
    • Fixed Assets Catalogue
    • Local taxes
    • Tax regime for legal professions
    • Electronic register of employees
    • Medium-term budgetary framework 2021-2023
    • Optimization of statistical reports
    • Subvention of the farmers who cultivate the sugar beet
    As a result 21 position papers were issued, 13 meetings were held.

    Out of which COVID RELATED ISSUES:
    • Packages of fiscal measures to support companies in the context of COVID
    • Tax regime for COVID tests
    • Subvention of companies that established technical/ stationary unemployment
    • Subvention of bank interests that were contracted in the period May-Dec 2020
    As a result, 10 position papers were issued, 7 meetings were held.

    Anastasia Dereveanchina
    Senior Manager, Lead of Tax&Legal practice at PwC Moldova
    Agriculture & Environment Committee

    Issues approached:
    • Export of animal origin products
    • Import of meat from EU and quotas administration
    • Internal Trade Law
    • Amendment of the GD 983/2018
    • Amendment of food safety legislation
    • Waste management systems
    • Food waste reduction
    • Land code amendment
    As a result 10 position papers were issued, 8 technical meetings were held

      Alexandru Gîncu
      Public Affairs & Communications Manager - Coca-Cola HBC Moldova
      Human Resources Committee

      Issues approached:
      • Transfer for another job
      • Work from distance
      • „Kurzarbeit" system
      • Technical unemployment
      • Other measures related to Covid-19 pandemic
      As a result 7 position papers were issued, 7 technical meetings were held

        Eduard Gurin
        Associate - Vernon David Law Firm
        Automotive Committee

        Issues approached:
        • Jobs Subsidy Regulation
        • Deductibility for expenses - Increase of the average ceiling of transportation expenses per each employee in deductibility purposes
        As a result 1 position paper was issued, 1 meeting was held.

            Igor Corman
            Director, SE Bordnetze SRL
            Regulatory Framework Committee

            Issues approached:
            • GDPR
            • Digitization of the national economy
            • AML and sanctions application
            • Regulation of advertising industry
            • Tobacco products sanitary regulation and Law on tobacco control
            • Application of the Commission for Emergency Situation's provisions
            • Cases of abuse from the state control bodies
            As a result 18 position papers were issued, 11 meetings were held.

                  Oleg Efrim
                  Managing Partner, Efrim, Roşca și Asociaţii
                  Infrastructure and Energy Committee

                  Issues approached:
                  • Strategic infrastructure assets
                  • Electricity market regulation
                  • Operation of electrical installations
                  • Amendment of the GD 689/20018
                  • Monitoring system for maritime vessel
                  As a result 5 position papers were issued, 1 meeting was held.
                      Mathias von Tucher
                      General Director, Danube Logistics
                      Jose Luis Gomez Pascual
                      Country Manager - Premier Energy
                      All the EBA Members proposals are collected, examined by the EBA Sector Committees and later reflected in a series of Position Papers.

                      The list of Position Papers elaborated and sent to public institutions by EBA Moldova, can be found here.

                      The list of Covid-19 related Position Papers can be found here.
                      EBA policy and advocacy achievements
                      Among the main tangible results achieved, the following can be listed
                      18

                      • Amendments to Internal Trade law approved
                      • Import tariff quota increased
                      • Mechanism for subsidizing the packaging waste management process included in Law 209/2016
                      • Amendments to food safety law approved
                      • Law on AML and sanctions application approved
                      • Art. 25 of the Law on tobacco control amended
                      • Two amendments to the Labor Code were approved
                      • Road Map on digitalization of economy and ecommerce development approved
                      • Extension of deadline for using e-factura in public procurement until 1st January 2021
                      • E-factura related issues
                      • Norms on fuel consumption
                      • Amendments related to taxation of COVID tests
                      • Subvention of companies that established technical/ stationary unemployment
                      • Subvention of bank interests that were contracted in the period May-Dec 2020
                      • Postponement of deadlines for the payment of some local taxes, together with the corresponding
                      • Postponement of the deadlines for tax reports
                      • Postponement of deadlines for submission of financial statements and statistical reports
                      • Elimination of the obligation to perform the mandatory external audit for 2019 for medium and large enterprises
                      Business Support
                      EBA Members Meetings with EU and Moldovan Officials
                      EU Officials
                      Deputy Managing Director for Europe and Central Asia, European External Action Center
                      Ambassador of the European Union to the Republic of Moldova
                      Marco Düerkop
                      DG Trade, European Commission
                      TTIP Lead Negotiator in Services - Deputy Head of Unit B1: Services
                      Moldovan Officials
                      Former President of RM
                      Former Prime-minister of RM
                      Deputy Prime-minister
                      Minister of Finance
                      Former Minister of Economy and Infrastructure
                      Minister of Agriculture, Regional Development and Environment
                      Former Minister of Economy and Infrastructure
                      General Secretary of Government
                      State Secretary of Ministry of Finance
                      State Secretary of Ministry of Economy
                      State Secretary to the Ministry of Finance
                      State Secretary to the Ministry of Finance
                      Member of Parliament, Commission on Economy, Budget and Finance
                      Member of Parliament, Commission on Economy, Budget and Finance
                      Mayor of Chisinau
                      EBA International Conferences
                      8 speakers from Governmental Authorities and private sector
                      An experience share from 3 countries: Hungary, Romania and Republic of Moldova
                      More than 100 participants
                      Event with the participation of Mr. Luc Pierre Devigne, Deputy Managing Director for Europe and Central Asia, European External Action Service and Mr. Ion Chicu, former Prime-minister of RM
                      An experience share of 7 Countries – Republic of Moldova, Romania, Latvia, Hungary, Cyprus, USA, Czech Republic
                      17 speakers from Governmental authorities and private sector
                      Over 150 participants
                      566 visualizations on Live Stream
                      Partners of the event
                      This event was organised with the financial support of the European Union
                      Workshops
                      Lainus Djervis
                      Senior Lawyer
                      Tatiana Stavinschi
                      Managing Partner
                      Nicolae Crețu
                      Tax Partner
                      Doina Birsan
                      Director
                      Assurance services
                      Eduard Maxim
                      Senior Manager
                      Assurance services
                      Anastasia Dereveanchina
                      Senior Manager, Lead of Tax&Legal practice
                      Ludmila Ciubaciuc
                      Senior Associate
                      Legal services
                      Catalina Steriu
                      Founder & Owner
                      Olga Melniciuc
                      Partner, mentor and investor
                      Ana-Maria Butucaru
                      Audit Partner, Accounting Consultancy, Risk and Regulation
                      PwC Romania
                      Andrei Dochia
                      Director, Risk and Regulatory Services Consulting
                      PwC Romania
                      Anastasia Dereveanchina
                      Senior Manager, Lead of Tax&Legal practice
                      PwC Moldova
                      Olesea Chirica
                      Senior Manager, Tax and legal services
                      PwC Moldova
                      Cosmin Râncu
                      Senior Manager, Accounting Consulting
                      PwC Romania
                      Mariana Rufa
                      CEO
                      EBA Moldova
                      Eduard Gurin
                      Associate
                      Vernon David
                      Sebastian Metz
                      General Manager & Board Member
                      Romanian-German Chamber of Commerce and Industry (AHK Romania)
                      Igor Gotsyk
                      Advocacy Team Leader
                      EBA Ukraine
                      Sergii Rud
                      HR and Organizational Development Director
                      Member of the Management Board of Winner Group Ukraine
                      Lilia Colin
                      Audit Director
                      Deloitte Moldova
                      Bogdan Gramanschi
                      Senior Manager
                      Deloitte Romania
                      Vasile Rusu
                      Manager
                      Deloitte Romania
                      Monica Minoiu
                      EMBA, Consultant, trainer and entrepreneur
                      Monica Minoiu
                      EMBA, Consultant, trainer and entrepreneur
                      Mihail Stan
                      ACCA
                      Laura Lica-Banu
                      Director, Forensic & Integrity Services
                      Ionut Stere
                      Manager, Forensic & Integrity Services
                      Simona Podgoreanu
                      HR Director, Consultant, Coach, Trainer
                      Anastasia Dereveanchina
                      Senior Manager, Lead of Tax&Legal Practice
                      Veronica Știrbu
                      Senior Tax Associate
                      Anna Gâsca
                      Senior Tax Associate
                      Vadim Tulbu
                      Tax Associate

                      EBA General Assembly
                      Spring General Assembly
                      June 18, 2020
                      Autumn General Assembly
                      December 1, 2020
                      EBA participation at national and international events
                      EBA Cooperation with development partners
                      Donor funded projects implemented by EBA Moldova
                      Local civil society contributes to the economic and social development in Moldova
                      Project implemented with the financial support of the European Union and co-financed by Sweden through the East Europe Foundation
                      Objectives of the project:
                      • Offer support to regional and local SMEs through Regional Business Support Hubs
                      • Provide direct capacity development activities and support to 6 Regional Business Support Hubs

                      Implementation period:
                      1.02.2018 – 30.11.2020
                      Results achieved within the project:
                      • Technical meetings and business breakfasts with sector experts and public authorities – 80
                      • Workshops and Webinars at which as keynote speakers were international experts – 13 (participants covered: 835)
                      • Regional workshops for SMEs – 10 (numbering 200 participants)
                      • Workshops for executive team of business hubs – 5
                      • Matchmaking visits – 4 (Romania, Austria, Poland)
                      • Dedicated online sessions on supporting the regional companies during the Covid pandemic – 2 (numbering 60 participating companies)
                      • Position Papers elaborated – 83
                      • SMEs that received high quality services on elaboration of descriptive videos, websites, business plans or digital marketing plans – 10
                      • Policy & Advocacy Issues and areas approached – 33
                      Support provided to regional SMEs under the project
                      Additional outputs

                      • With the support of the project: 10 companies received high quality services in form of marketing videos, marketing plans or websites elaboration
                      • Key Achievements of the Project
                      EU funded Project:" Support to Quality Infrastructure Framework within the DCFTA context in the Republic of Moldova"
                      Assignment:
                      Provision of coaches to provide mentoring to selected companies

                      Implementation period:
                      06.12. 2019– 31.08.2020
                      Activities undertaken
                      Provision of coaching and consultancy to:
                      9 companies from the South region of MD and
                      7 companies from North and Central Regions of MD for:
                      • marketing,
                      • market analysis and export promotion,
                      • identification of new international partners,
                      • quality infrastructure support in obtaining international relevant certification,
                      • development of business plan,
                      • extension and development of business,
                      • application for national and international financial projects,
                      • development of the webpages, video spots,
                      • improvement of technological process.
                      Beneficiary companies:


                      GIZ funded Project: "Developing the economic mechanism for the implementation of the Extended Producer Responsibility"
                      Implementation period:
                      20.01.2020– 10.04.2020
                      Activities undertaken
                      • Overview of the key issues expressed by the Moldovan businesses in respect of the existing taxation mechanism;
                      • Analysis of best practices within EU countries as well as from other countries comparable to Moldova;
                      • Development of the legal amendments to enable Pollution Tax Refund Mechanism;
                      • Organization of a series of technical meetings.
                      UNDP & AID Assignment: "Support of the business development on both banks of the Nistru River"
                      Activities within the project:
                      Provision of the expert assistance and coaching to the beneficiaries of the Advanced Cross-River Capacities for Trade Project (AdTrade).

                      Implementation period:
                      01.06.2020 – 01.06.2022
                      Activities undertaken
                      Support for the launch of the project, by organizing the information session for potential beneficiaries on how to apply to the project and delivering training sessions on the following topics: marketing, legal forms of organizing the entrepreneurial activity, regulatory framework and financial reporting, sales for start-ups .
                        GIZ project "DCFTA as a mitigation tool for business recovery from covid-19 effects in Georgia, Moldova and Ukraine"
                        Implementation partners:
                        EBA Georgia, EBA Moldova, EBA Ukraine

                        Implementation period:
                        01-23.07.2020
                        Activities undertaken
                        • Development of the analysis " THE ROLE OF DEEP AND COMPREHENSIVE FREE TRADE AREA AGREEMENT (DCFTA) IN TACKLING COVID-19" based on the survey of the private sector involving bilateral discussions with businesses and business support organizations.
                        • Organization of a Public Private Dialog within the Economic Council to the Prime Minister to present the analysis (90 participants attended the event).
                          "Financial Management Trainings for Businesses & Academia" Project
                          Local civil society contributes to the economic and social development in Moldova.
                          Specific goals:
                          • Enhance technical competence and practical skills in the area of financial management, sales, digital marketing and HR practices among medium and large enterprises
                          • Increase knowledge on all the above specified topics among the representatives of the SME sector.
                          • Contribute to the upgrade of the curricula/teaching programs and their content within financial faculties of the education institutions in the country.
                          Implementation period:
                          June 2020 – 2021

                          Aim of the project:
                          To provide high quality practical management online trainings / webinars for the financial, business sectors and academia.

                          5 webinars on the following topics were organized:

                          1. IFRS9 - Challenges in the context of Covid 19 risk management
                          2. Financial Analysis - Course for non-financial managers
                          3. Financial Analysis - Course for financial departments
                          4. Human Resources Motivation in times of crisis
                          5. Business Intelligence. Data view. Data Analysis. Data Discovery
                            EBA Members funded projects
                            Regulatory impact analysis program
                            Activities under the project:
                            • Online training course on impact analysis (ex ante analysis / regulatory impact analysis) conducted on 25-27 November 2020
                            • 60 participants attended

                            Implementation period:
                            27.03 – 31.12. 2020
                            Aim of the project:
                            To strengthen the capacity and knowledge of civil servants whose activity is related to the elaboration of the regulatory impact analysis as well as raising the awareness of the representatives of central public authorities and the private sector on the importance of creating a legal framework applicable to the principles of entrepreneurial activity

                            Delivered by:
                            Mr. Roman LADUS, Expert
                              Training & Internship Program ZOOM IN BANKING 1.0 + 2.0
                              Program mission: training and development of professional skills in the area of banking management, in order to increase the employability of youth in general and reduce the training time of young people employed in entry level positions in financial-banking institutions, in particular. Workshops in 2020 – 9
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                              IFRS application in the banking industry
                              Speaker: Vitalie Corniciuc – CFO/ Director of the Economic-Financial Directorate, Victoriabank
                              Qualitative customer service in the banking industry
                              Speaker: Diana Pranitchi - Regional Director, Network Directorate, Victoriabank
                              Credit Risk Assessment
                              Speaker: Margareta Betiu -Regional Director, Credit Risk Assessment Directorate, Victoriabank
                              EBA Activity Presentation for selected Zoom in Banking students
                              Speaker: Mariana Rufa, EBA Executive Director
                              Motivational discussion
                              Speaker: Bogdan Plesuvescu, Victoriabank President
                              Qualitative customer service in the banking services industry
                              Speakers: Diana Pranitchi, Victoriabank, Regional Director, Sales and Development Department
                              GDPR Aspects in the banking domain
                              Speaker: Sergiu Bozianu, Professional and practitioner in the field of personal data protection in Moldova, President of the Association for the Protection of Privacy.
                              Application of IFRS in the banking industry
                              Speaker: Vitalie Corniciuc, Victoriabank, Vicepresident
                              Labor relations. The rights and obligations of employees and employers
                              Speaker: Eduard Gurin, Vernon David Law Firm, Associate

                              Economic Journalism Academy
                              Project mission: aimed at enhancing the capacities and practical knowledge of journalists covering economic subjects. Workshops – 8.
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                              State aid for enterprises in the context of the Covid-19 pandemic.
                              Dorel Noroc, State Secretary to the Ministry of Finance
                              Anastasia Derevyankina, Senior Manager, Lead of Tax&Legal practice, PwC Moldova
                              Anna Djurinscaia, Chief Financial Officer & Tax Policy Manager, EBA Moldova
                              Local taxes during the pandemic and their impact on business
                              Veaceslav Ioniță, Economist
                              Anna Djurinscaia, Chief Financial Officer & Tax Policy Manager, EBA Moldova
                              Anastasia Dereveanchina, Senior Manager, Lead of Tax&Legal practice, PwC Moldova
                              Andrei Jicol, Partner, Varo-Inform SRL
                              The commitments of the RM in the field of food safety within DCFTA, the progress and the backlogs in its implementation.
                              Speaker: Vladislav Cotici, Director of the National Food Safety Agency (ANSA)
                              GDPR and journalistic practice in Moldova
                              Speaker: Sergiu Bozianu, Professional and practitioner in the field of personal data protection in Moldova, president of the Association for the Protection of Privacy.
                              Amendments/ Limitations proposed in the Internal Trade Law to support the domestic producer
                              Speakers:
                              Vasile Plamadeala – Trade Officer at the Delegation of the European Union to Moldova
                              Ludmila Andronic - Director Corporate Affairs, Efes Moldova Brewery
                              Implementation of the Principle of Extended Responsibility of the Manufacturer
                              Speakers:
                              Mariana Rufa, Executive Director, EBA Moldova
                              Alexandru Gincu, President of the Association of Packaging Manufacturers and Importers, Public Affairs & Communications Manager, Coca-Cola HBC Moldova
                              Pavel Sirghi, Partner, Saiph Consulting House
                              Ludmila Andronic, Director Corporate Affairs, Efes Moldova Brewery
                              Vlada Balica, CEO, ABS Moldova.
                              Digitization of the national economy and the development of electronic commerce
                              Speakers:
                              Vitalie Tarlev, State Secretary, Ministry of Economy and Infrastructure
                              Victor Guzun, Expert in e-Governance, LID Moldova
                              Roman Ivanov, Partner, Vernon David
                              Labor relations and challenges during the pandemic
                              Speakers:
                              Alexandru Ghetu, Head of Policy Department in the field of labor relations and social partnership, Ministry of Health, Labor and Social Protection
                              Eduard Gurin, Vernon David Law Firm, Associate
                              EBA participation at other events
                              Launching seminar of the "Support to enforcement of waste legislation in Republic of Moldova" Project, financed by Slovak Aid
                              Presentation of results of the 2019 edition of the annual Cost of Doing Business (CODB) Survey
                              Moldovan Hungarian Business Forum
                              Impact of Covid 19 on RM. What short and medium term measures should be taken? Conference organized by Institute for European policies and reforms.
                              The second edition of the "Economic European Integration" Program Event
                              Event of finalizing and presenting the results of the Project: "Local civil society contributes to economic and social development in Moldova"
                              #EBA imPRESSed
                              Online debate organized by EBA
                              Business support in the post-Covid period
                              view more
                              Financial Statements
                              Independent Auditor's Report
                              Grant Thornton Audit S.R.L. is a member firm of Grant Thornton International Ltd (Grant Thornton International). References to "Grant Thornton" are to the brand under which the Grant Thornton member firms operate and refer to one or more member firms, as the context requires. Grant Thornton International and the member firms are not a worldwide partnership. Services are delivered independently by member firms, which are not responsible for the services or activities of one another. Grant Thornton International does not provide services to clients.
                              Opinion
                              We have audited the accompanying financial statements of the European Business Association in Moldova (hereinafter the "Association"), which comprise the balance sheet as at 31 December 2020, the statement of income and expenses, the statement of changes in financing sources for the year then ended and notes to the financial statements, including a summary of significant accounting policies.

                              In our opinion, the accompanying financial statements are prepared, in all material respects, in accordance with the National Accounting Standards (hereinafter "NAS"), the Methodical Indications regarding the Accounting Particularities for Non-Commercial Organisations and the accounting policies described in the Notes to the financial statements.

                              Basis for opinion
                              We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's responsibility for the audit of the financial statements section of our report. We are independent of the European Business Association in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in the Republic of Moldova, including the law and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

                              Material Uncertainty Related to Going Concern
                              We draw attention to Notes 10 and 11 to the financial statements, which state the impact of the COVID 19 pandemic and the impossibility of estimating at this moment the impact on the financial position and results of the Association for future periods.

                              A major coronavirus outbreak occurred in the first quarter 2020, adversely affecting the daily routine of the general public, and, as a consequence, the Associations' performance. The Associations' performance closely depends on the duration of this outbreak, the effective measures taken by the general public and the authorities in curbing the outbreak. The economic consequences and uncertainties resulting from the Coronavirus itself or from actions taken by governments and the private sector to respond to the outbreak may have an impact on various financial indicators and ultimately on the Associations' going concern. As of 31 December 2020, the coronavirus outbreak is still active, severely affecting some local and global industries, slowing down the entire economy. Our opinion is not modified in respect of this matter.

                              Other matters
                              Our report is intended for the information and use of Board of directors of the European Business Association and for the Association's management. To the fullest extent permitted by applicable law, we do not accept and do not assume liability to anyone other than the Association and the Association's Board of director for our audit, for this report, or for our opinion.

                              Responsibilities of management for the financial statements
                              Management is responsible for the preparation and fair presentation of these financial statements in accordance with the National Accounting Standards, the Methodical Indications regarding the Accounting Particularities for Non-Commercial Organisations and the accounting policies described in the Notes to the financial statements, and for such internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.
                              In preparing the financial statements, management is responsible for assessing the Association's ability to continue as going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Association or to cease operations, or has no realistic alternative but to do so.

                              Those charged with governance are responsible for overseeing the Association's financial reporting process.

                              Auditor's responsibility for the audit of the financial statements
                              The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with NAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

                              As part of an audit in accordance with NAS, we exercise professional judgment and maintain professional scepticism throughout the planning and performance of the audit. We also:

                              • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
                              • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Association's internal control.
                              • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
                              • Conclude on the appropriateness of management's use of accounting on a going concern basis and determine, based on audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Association's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Association to cease to continue as a going concern.
                              • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
                              We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

                              Grant Thornton Audit S.R.L.
                              Chisinau, Republic of Moldova
                              27 May 2021
                              The balance sheet as at 31 December 2020 and the statement of income and expenses for the year ended 31 December 2019 are an extract from the full set of EBA financial statements prepared, in all material respects, in accordance with National Accounting Standards, Methodical Indications regarding the Accounting Particularities for Non-Commercial Organizations and accounting policies described in the Notes to the financial statements. The full set of financial statements comprise the balance sheet as at 31 December 2020, the statement of income and expenses and the statements of changes in financing sources for the year ended 31 December 2020, and a summary of significant accounting policies and other explanatory notes. The full set of the financial statements were audited by Grant Thornton SRL, independent auditor of the EBA, who issued an unmodified audit opinion on 27 May 2021 for the year ended 31 December 2020.
                              Contact us
                              European Business Association
                              30 Vlaicu Parcalab str., Chisinău 2012, Republic of Moldova
                              Phone: +373 22 907 025, Email: info@eba.md

                              The presented photos can only be used for the informative purpose of studying the EBA Annual Review 2020.