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SEE TOP 100
Oil & Gas, Electricity Companies Post Biggest
Losses in 2009
Although oil & gas and electricity companies
were the best performers in terms of total
revenue in Southeastern Europe last year,
companies from these sectors also were the
ones that posted the biggest losses. Thirteen
out of the 20 companies in the region that
recorded the highest losses in 2009 come
from these two sectors.
The company topping the list is Serbia’s oil
and gas monopoly, Naftna Industrija Srbije
(NIS), which ended last year with a net loss
of 392.45 million euro in 2009, much higher
compared to the net loss of 90.3 million euro
it posted in the previous year. It continued
to make losses in the first half of 2010 as
rising output and revenues failed to offset
the fall in the local dinar currency against
the U.S. dollar. NIS, 51%-owned by Russia’s
Gazprom, buys crude oil in dollars and sells
the oil derivatives in dinars.
Romanian steel plant Arcelormittal Galati
Money Losers (in euro)
No.
SEE TOP100
No.
had the second highest net loss of 335
million euro in 2009, a sharp turnaround
from a net profit of some 152 million euro
a year earlier. The company experienced
severe financial difficulties last year and in
May decided to rotate on forced leave all of
its 11,700 employees, saying that decisions
on the future of its operation will hinge on
market conditions. Another SEE steel plant,
U.S. Steel Serbia, had the third highest net
loss of 153 million euro last year, compared
to a net profit of 4.9 million euro in 2008.
Another seven oil and gas companies
were among the biggest loss makers in
2009: Rompetrol Rafinare (Romania),
INA (Croatia), Lukoil Neftochim Burgas
(Bulgaria), Petrotel Lukoil (Romania),
Lukoil - Beopetrol (Serbia), Lukoil Romania,
Rompetrol Downstream (Romania).
Four companies operating in the electricity
sector occupied the bottom of the list of
the 20 businesses with the highest losses in
2009. These were: Termoelektrane Nikola
Tesla (Serbia), Enel Energie (Romania),
Electrocentrale Bucuresti (Romania), and
Elektrodistribucija-Beograd (Serbia) .
Methodology
In this sub-ranking we have listed the 20
companies in SEE TOP 100 that ended
2009 with the highest loss. All figures
are converted into euro from the local currencies,
using the official exchange rate of
the central bank of the respective country
for the last working day of 2009. The
comparative figures for 2008 are based
on the official exchange rate for the last
working day of 2008.
Company Name Country Net Loss 2009 Net Profit/Loss 2008
1 12 Naftna Industrija Srbije AD Serbia -392,497,466 -90,276,853
2 25 Arcelormittal Galati SA Romania -335,408,884 151,779,466
3 52 U.S. Steel Serbia DOO Serbia -153,051,128 4,914,422
4 59 Compania Nationala de Autostrazi si Drumuri Nationale din Romania SA Romania -124,922,984 12,173,838
5 8 Rompetrol Rafinare SA Romania -112,131,897 -116,685,020
6 2 INA d.d. Croatia -105,375,852 -142,234,263
7 3 Lukoil Neftochim Burgas AD Bulgaria -90,022,139 -242,046,599
8 33 Petrotel Lukoil SA* Romania -82,598,449 -134,652,080
9 32 real,- Hypermarket Romania SRL Romania -57,996,631 -51,175,527
10 77 Cosmote Romanian Mobile Telecommunications SA* Romania -56,087,213 -96,290,278
11 51 CFR - Calatori SA Romania -49,755,888 -65,255,827
12 94 Idea DOO Serbia -25,973,722 -24,001,821
13 87 Pliva Hrvatska d.o.o. Croatia -25,168,704 1,319,568
14 98 Lukoil - Beopetrol AD Serbia -21,220,142 -30,778,806
15 34 Lukoil Romania SRL Romania -19,878,948 2,588,355
16 16 Rompetrol Downstream SRL Romania -19,521,541 -53,252,629
17 47 Termoelektrane Nikola Tesla DOO Serbia -17,739,454 -97,846,294
18 71 Enel Energie SA Romania -11,037,628 20,775,156
19 57 Electrocentrale Bucuresti SA Romania -10,137,916 -86,714,913
20 96 Elektrodistribucija-Beograd DOO Serbia -8,510,671 -14,322,402
(*) denotes net sales revenue and gross profit/loss for 2009
SEE TOP 100
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