SeeNews TOP 100 SEE 2012 - SEE Top 100 - SeeNews

TOP 100
companies
New sectors steal ground from
telcos in 2011 SEE ranking of
most profi table companies
by Emilia Atanassova
Telecommunications emerged as
the clear-cut leader among sectors
when SeeNews compiled its 2011
ranking of the 20 most profi table
companies in Southeast Europe.
One year down the line and the picture
looked quite diff erent. All top three companies
in 2010 were telcos and the sector had
nine representatives in the league table. In
2011, only one remained among the biggest
three - former leader Hrvatski Telekom – and
the sector was down to fi ve names.
Transportation, on the other hand, had no
representatives in the 2010 rankings and
not only did it place two in the 2011 edition
but saw them snatch the top two positions.
The most profi table SEE company last year
was Croatian shipbuilder Brodosplit – Brodogradiliste,
which achieved a veritable feat
by reversing a 28.04% negative return on
revenue in 2010 to 44.57%. The company’s
revenues in 2011 surged by 130.90% to 466.5
million euro, while gross losses of 57.8 million
euro made way for gross profi t of 207.9 million
euro. Serbian railway company Zeleznice
Srbije AD (formerly JP Zeleznice Srbije) had a
similarly auspicious year, delivering return on
revenue of 23.78% compared to a negative
64.18% a year earlier. Its total revenue jumped
by 96.19% to 511.1 million euro and the company
exited 2011 with a net profi t of 121.5 million
euro against a net loss of 165.3 million euro in
the preceding year.
The 2010 leader managed a very modest
improvement in return on revenue, which
stood at 23.13% versus 22.39% in 2010. Hrvatski
Telekom wrapped up 2011 with total revenues
of 1.04 billion euro, or 5.85% lower, and
its net profi t slipped from 252.4 million euro
to 240.8 million euro. Telekom Srbija AD, Orange
Romania SA, Vodafone Romania SA and
Bulgaria’s Mobiltel EAD were the remaining
Most profi table companies
No
SEE TOP
100 No
representatives of the telecommunications
sector, ranking respectively 4th, 7th, 11th and
20th.
The petroleum and natural gas sector held
steady with three representatives, which
were the same as in the 2010 rankings. Among
them is the biggest SEE enterprise by revenue
- OMV Petrom SA. The Romanian company
fi nished at number six in terms of profi tability,
one place below another Romanian
sector player - Romgaz SA. Naftna Industrija
Srbije AD rounded off the trio of petroleum
and natural gas companies on the list.
Other sectors that retained their level of representation
were electricity (with Bulgaria’s
AETs Kozloduy EAD, Croatia’s HEP-Operator
Distribucijskog Sustava and Serbia’s Termoelektrane
Nikola Tesla DOO ranked 10th,
16th and 19th respectively), pharmaceuticals
(Slovenia’s Krka and Lek at numbers nine and
12 respectively), rubber/rubber products (Romanian
Continental Automotive Products
SRL in the 15th position) and wholesale/retail
(Dedeman SRL of Romania at number 13).
Three new sector secured representation in
16
Company name Country Industry
Return on
revenue 2011
Return on
revenue 2010
1 92 Brodosplit - Brodogradiliste d.o.o. Croatia Transportation 44.57% -28.04%
2 82 Zeleznice Srbije AD Serbia Transportation 23.78% -64.18%
3 26 Hrvatski Telekom d.d. Croatia Telecommunications 23.13% 22.39%
4 34 Telekom Srbija AD Serbia Telecommunications 22.66% 16.39%
5 25 Romgaz SA Romania Petroleum/Natural Gas 22.11% 15.37%
6 1 OMV Petrom SA Romania Petroleum/Natural Gas 20.80% 11.58%
7 37 Orange Romania SA Romania Telecommunications 19.95% 22.16%
8 9 Naftna Industrija Srbije AD Serbia Petroleum/Natural Gas 19.63% 9.10%
9 31 Krka d.d. Slovenia Pharmaceuticals 15.40% 17.48%
10 97 AETs Kozloduy EAD Bulgaria Electricity 12.81% 7.42%
11 43 Vodafone Romania SA Romania Telecommunications 12.00% 13.35%
12 63 Lek d.d. Slovenia Pharmaceuticals 11.55% 8.24%
13 88 Dedeman SRL Romania Wholesale/Retail 9.96% 9.61%
14 69
Compania Nationala de Autostrazi si
Drumuri Nationale din Romania SA
Romania Construction 9.67% 3.49%
15 80
Continental Automotive Products
SRL
Romania
Rubber and Rubber
Products
8.93% 10.79%
16 77
HEP-Operator Distribucijskog
Sustava d.o.o.
Croatia Electricity 8.68% 2.85%
17 66 Alro SA Romania Metals 8.51% 7.30%
18 95 Autoliv Romania SRL Romania Automobiles 8.16% 8.87%
19 44 Termoelektrane Nikola Tesla DOO Serbia Electricity 7.68% 0.66%
20 78 Mobiltel EAD Bulgaria Telecommunications 7.38% 19.69%
the 2011 league table and they all had Romanian
companies to thank for that. Construction
entered the chart courtesy of Compania
Nationala de Autostrazi si Drumuri Nationale
din Romania SA, which landed at number 14.
Metals joined the club through Alro SA (17th)
and automobiles staged an appearance due
to Autoliv Romania SRL (18th).
Methodology
Most Profi table is a ranking of the
top 20 companies with the highest
return on revenue in TOP 100
companies. Return on revenue is
calculated as net profi t divided
by total revenue, both in euro
terms. To allow comparison,
all local currencies have been
converted into euro, using the
central banks’ offi cial exchange
rates on the last working day of
2011 and 2010, respectively.