Who is shaping tomorrow?
Ranking report 2010
As the world looks for signs on the future direction of the global economy, the leading companies of Central Europe have been taking significant action to ensure that early signs of economic upturn develop into a sustainable recovery.
2
Introduction
Welcome to the Deloitte CE Top 500 ranking, a unique league table and commentary on the 500 largest Central European companies by revenues. This important report, now into its fourth year, reflects the impact of recent economic events on particular national markets and how the recession has affected the results of the region’s largest 500 firms.
This year’s Top 500 tracks the performance of CE’s leading companies during one of the most economically tumultuous periods of recent history. It shows the rise in significance of some sectors and the decline of others, at a time when cost-cutting, organisational change and response to circumstances beyond the control of many were the key factors for survival and longer-term sustainability.
One thing is for sure – 2009 will be recognised by future generations as a year when old rule books were torn up and replaced by new ones. And as we see the first signs of a fragile recovery in 2010, it remains to be seen whether the new landscape is to be one of continued upturn or a return to further economic turmoil.
I hope very much that you find the Deloitte CE Top 500 ranking report to be a useful and interesting tool that provides insights into the recovery strategies of the region’s business leaders. And I hope that next year’s report will reflect on a year of sustained growth for companies and countries across Central Europe.
Tomasz OchrymowiczPartner, Financial Advisory Deloitte Central Europe
3Who is shaping tomorrow? Ranking report 2010
Table of contents
Highlights 5
Ranking overview 6
Country comparative 12
Industry overview 17
Financial Services industry 20
Banking Sector 20
Insurance Sector 22
Construction industry 24
Consumer Business industry 25
Energy and Resources industry 26
Technology, Media and Telecommunications industry 27
Manufacturing industry 28
Automotive industry 29
Life Sciences 30
The methodology 31
Industry thought leadership 32
Contacts 34
Appendix: CE Top 500 ranking 35
4
Highlights
Turbulent timesLike the rest of the world, Central Europe is looking for any signals that indicate where the economy is heading. Have the funds invested by Western governments to stimulate the economy produced the desired results? Are we facing economic growth – or stagnation? Or are we in for a prolonged period of recession? Have the region’s countries and its leading companies been harmed by the economic slump – and if so, how severely?
Macroeconomic indices and KPIs do not give us a clear view of the economic situation, and the economists’ forecasts of expected trends vary considerably. The substantial degree of macroeconomic uncertainty does not make everyday business easy. Even though the economic situations of individual countries in Central Europe have similarities, each country is applying a different approach to cope with its problems. Likewise, the region’s largest enterprises and financial institutions have been affected by the crisis to varying degrees and are handling their own situations differently.
It is true that this year’s ranking of the largest Central European enterprises does not tell us how long we will have to wait for an economic upturn. However, it does show how Central European business leaders and the industries they represent are finding their bearings in the continuing difficult commercial environment.
In most countries in the region, the first quarter of 2010 was characterised by a gradual economic revival. The performance of companies that trade interna-tionally, due to their dependence on the national economic performance and sustainable growth of countries from outside the region such as Germany, is hard to predict.
The next edition of the CE Top 500 ranking will discuss whether we can pronounce the end of the economic crisis and whether the actions undertaken by European governments have yielded the results they are aiming for.
5Who is shaping tomorrow? Ranking report 2010
Ranking overview
Leaders maintain their positionCEZ, which is presently Central Europe’s largest company by market capitalisation, has now also moved into the top three in terms of its revenues. Even though its total revenues these did not increase, in 2009 CEZ outperformed another Czech firm – leading car manufacturer Skoda – when Skoda’s revenues fell by 12 percent. CEZ now holds third place in terms of revenues and is the largest Central European company based on net profit.
The two leading positions remain unchanged from previous years. The two large petrochemical firms that lead the ranking, PKN and MOL, are well ahead of CEZ. Nevertheless, unlike previous years which were marked by high revenue growth resulting from increases in oil prices and subsequent acquisitions or consolidations of newly bought assets, both companies had lower revenues in 2009 – by 30.7 percent and 18.3 percent respectively (calculated in Euros). Decreases in local currencies were smaller than the decreases in Euros due to the depreciation of the Polish zloty and Hungarian forint.
In previous years, the difference between PKN and MOL was continually growing. In 2008, PKN’s consolidated revenues were almost 60 percent higher than those of MOL. However, in 2009 and the first quarter of 2010, the gap shrank to 36 percent.
As for PKN, revenues generated by its Baltic operations were relatively low in 2009, comprising approximately 8 percent of the company’s consolidated revenues. For this reason, the potential sale of its Lithuanian refinery, which was speculated recently by the press, should not affect its leading position provided that MOL does not make a major move resulting in an increase of its revenues.
The total Euro revenues of the largest Central European enterprises fell by nearly 21 percent in 2009 as compared to 2008. This change appears to be a painful consequence of the financial crisis, but a detailed analysis of the available data indicates that depreciation of local currencies has also exerted a significant impact. There was a median revenue change of negative 12 percent in 2009. Almost 80 percent of firms experienced declining revenues (averaging negative 18 percent). In 2009, in fact, only 90 of the largest 500 companies generated higher revenues than in 2008, with the average increase amounting to just 8 percent.
In the first quarter of 2010 (compared to a year earlier), 69.2 percent of companies recorded a revenue increase. By contrast in 2008-09, 78.8 percent of companies recorded a decline.
0
20
40
60
80
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Graph 1: The percentage of companies with revenue increase vs. decrease
2008 - 2009
Increase
Decrease
No change
Q1 2009 - Q1 2010
16.2%
69.2%
78.8%
29.6%
5.0% 1.2%
6
A snapshot of 2009Organisations based in Poland continue to dominate the ranking as in previous years (representing 36 percent of the Top 500). However Poland’s numbers have fallen from 188 to 180 over the past year. Croatia and Ukraine have also shown some decline, while the biggest gains have been seen by the Czech Republic (from 69 to 73) and Slovakia (from 24 to 29). The biggest propor-tional winner, however, was Serbia, which doubled its representation from six to 12 companies.
Much of this growth was represented by the Consumer Business and Transportation sector, where Serbian representation grew from one to four companies. The same sector grew in Poland from 69 to 73 companies represented in the ranking and the Czech Republic shifted from 18 to 20 companies. The sectors showing the largest decline in representation were Manufacturing (down from 114 to 101) and Technology, Media and Telecommunication (from 48 to 43).
Table 1: Breakdown by industry & country
2009 Consumer Business and Trans-portation
Energy and Resources
Life Sciences and Health Care
Manufac-turing
Public Sector
Real Estate Technology, Media and Telecomm.
Total Percentage share
Bosnia and Herzegovina - 1 - - - - - 1 0%
Bulgaria 2 8 - 1 - - 3 14 3%
Croatia 8 4 1 1 1 - 2 17 3%
Czech Republic 20 23 3 14 - 6 7 73 15%
Estonia 4 2 - - - - - 6 1%
Hungary 14 19 6 17 1 1 5 63 13%
Latvia 3 3 - - - - - 6 1%
Lithuania 5 3 - 1 - - - 9 2%
Poland 73 37 6 43 2 6 13 180 36%
Republic of Macedonia - 1 - - - - - 1 0%
Romania 10 13 1 4 - - 4 32 6%
Serbia 4 5 - 1 - - 2 12 2%
Slovakia 4 10 2 9 - 1 3 29 6%
Slovenia 7 4 2 3 - 1 1 18 4%
Ukraine 15 14 - 7 - - 3 39 8%
Total 169 147 21 101 4 15 43 500 100%
Graph 2: Breakdown by industry & country
Bosnia and Herzegovina (0%)BulgariaCroatiaCzech RepublicEstoniaHungaryLatviaLithuaniaPolandRepublic of Macedonia (0%)RomaniaSerbiaSlovakiaSloveniaUkraine
3% 3%
15%
1%
13%
1%2%
36%
6%
2%
6%
4%
8%
7Who is shaping tomorrow? Ranking report 2010
Uncertain growth In the first quarter of 2010, revenues earned by the largest enterprises in Central Europe increased in total by approximately 16 percent over the first quarter of 2009. The median revenue change in Euros for individual enterprises was 11 percent. The revenue increase in local currencies was lower than in 2009, only amounting to 3 percent.
It might appear that the region’s countries and companies should be able to take advantage of the strengthening currency. Unfortunately, the first quarter’s increase in revenues in Euros – and even more so in local currencies – was relatively low and took place only in some countries, primarily Poland, Ukraine, and Romania. It cannot therefore be definitively stated that the region’s economy has recovered.
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Graph 3: Median revenue change - Q1 2010 vs. Q1 2009
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Lithu
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Hunga
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Croatia
Bulga
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tvia
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Median revenue change in EUR
Median revenue change in LC
Note: No data available for Bosnia & Herzegovina, Republic of Macedonia, Serbia and Slovenia
8
Privatisation The number of state-controlled companies in the CE Top 500 fell to 96 (from 110 last year and over 120 two years ago). This means we are witnessing a trend developing on the one hand from the ongoing privatisation process and on the other from changes to economic structures following the economic slump. However the majority of the energy, natural resources and transportation firms included in the list are still state-owned. This decrease in the number of state-controlled companies was partly associated with a slight increase in the number of companies controlled by enterprises and individuals from Central Europe (+ three companies) but more so with a rise in the number of firms controlled from outside the region (+11). The most significant increase in those controlled from outside the region was in the Consumer Business and Transportation sector (+19 companies).
Companies owned by parent organisations from outside Central Europe dominate the ranking, with a total of 286. This is a significant rise from 12 months earlier, when 262 were foreign-owned. During the same period, the number of state-controlled organisations represented has declined significantly, from 110 to 96, reflecting the reduced government spending that has resulted from the financial and economic crisis.
The proportion of CE foreign owned or state- controlled companies is highest in the Energy and Resources sector, with 121 out of 147. It is also comparatively high in the growing Consumer Business and Transportation sector, with 79 out of 101. It is lowest in Technology, Media and Telecommunications, where foreign ownership accounts for 34 out of a total of 43 organisations.
Table 2: Breakdown by ownership by country
Status 2009 External parties
CE parties State owned
Total
Bosnia and Herzegovina - - 1 1
Bulgaria 11 1 2 14
Croatia 3 7 7 17
Czech Republic 48 14 11 73
Estonia 5 - 1 6
Hungary 50 8 5 63
Latvia 4 2 - 6
Lithuania 1 6 2 9
Poland 97 42 41 180
Republic of Macedonia 1 - - 1
Romania 26 1 5 32
Serbia 6 2 4 12
Slovakia 17 5 7 29
Slovenia 5 11 2 18
Ukraine 12 19 8 39
Total 286 118 96 500
Table 3: Breakdown by ownership by industry
Status 2009 External parties
CE parties State owned
Total
Consumer Business and Transportation 96 54 19 169
Energy and Resources 61 26 60 147
Life Sciences and Health Care 12 8 1 21
Manufacturing 73 22 6 101
Public Sector - - 4 4
Real Estate 10 5 - 15
Technology, Media and Telecommunications 34 3 6 43
Total 286 118 96 500
9Who is shaping tomorrow? Ranking report 2010
The most valuable enterprises (by capitalisation) The ranking’s top three positions in terms of capitali-sation remain unchanged from the 2009 report – they are occupied by the Czech energy company CEZ and two Polish banks, PKO BP and Pekao S.A. At the end of July 2010 (compared with the end of 2009), these companies increased their market capitalisations, both in Euros and in the Polish zloty or Czech crown. This seems to be a growing trend – only 10 (in local currencies) and eight (in Euros) of the 25 enterprises with the highest capitalisation recorded a decline between December 2009 and July 2010.
In short, stock markets appear to be making up for the time lost due to the financial downturn.
Two large IPOs took place in the first quarter of 2010 – PZU and Tauron – both by companies which automatically found their way into our ranking of those companies with the highest capitalisations. Nonetheless, CEZ seems to be secure in its leading position, as its capitalisation exceeds that of second-placed PKO BP by approximately 50 percent.
This year’s ranking shows some significant decreases in the financial performance of non-financial institutions and insurance companies, mainly caused by the depreciation of local currencies. While the most conspicuous slowdown occurred in the Manufacturing sector, as expected the Life Sciences, Construction and Consumer Business and Transportation sectors appear to have coped relatively well.
In the Financial Services sector, the quality of bank loan portfolios worsened across the region, while the asset levels remained largely unchanged. Demand for insurance policies declined (including demand for life insurance with investment options).
Table 4: Top companies by market capitalization
# Company Country Market caps (EUR mln) 2010 vs. 2009 2010 vs. 2009
31.12.2009 30.07.2010 EUR LC
1 ČEZ Czech Republic 17,617 18,921 7% 1%
2 PKO BP Poland 11,562 12,248 6% 3%
3 Pekao Poland 10,325 10,747 4% 1%
4 PGE Poland 10,318 9,574 -7% -10%
5 PZU Poland - 8,504 N/A N/A
6 MOL Hungary 6,560 7,235 10% 15%
7 Komerční banka Czech Republic 5,660 5,677 0% -6%
8 Telefónica O2 Czech Republic 5,103 5,663 11% 4%
9 KGHM Poland 5,160 5,334 3% 1%
10 TPSA Poland 5,160 5,312 3% 0%
11 PGNiG Poland 5,443 5,235 -4% -6%
12 OTP Bank Hungary 5,641 5,172 -8% -4%
13 PKN Orlen Poland 3,535 4,175 18% 15%
14 Petrom Romania 3,336 4,170 25% 25%
15 ArcelorMittal Kryvyj Rih Ukraine 3,776 3,964 5% -7%
16 BZ WBK Poland 3,380 3,370 0% -3%
17 Richter Gedeon Hungary 2,953 2,927 -1% 4%
18 T-HT Group Croatia 3,079 2,927 -5% -6%
19 BRE Poland 1,879 2,712 44% 41%
20 ING Poland 2,470 2,543 3% 0%
21 Handlowy Poland 2,226 2,525 13% 10%
22 Magyar Telekom Hungary 2,818 2,483 -12% -8%
23 Krka Group Slovenia 2,266 2,310 2% 2%
24 Enea Poland 2,300 2,035 -12% -14%
25 Tauron Poland - 2,034 N/A N/A
*LC: Local currency
10
Foreign investorsThere are signs of substantial decline in the revenues generated by foreign companies in the CE region between 2008 and 2009. This is clear by the position of the world’s largest steel company, ArcelorMittal, which saw revenues fall by 45.4% as it slipped from third (second a year earlier) to eighth place in this ranking category. Indeed, a decline in revenues of well over 20 percent was experienced by each of the region’s three largest foreign investors.
Reduced revenues for power companies including E.ON, OMV and RWE reflect primarily the impact of depreciating local currencies. The arrival in this category of LG and continued growth factors is a result of greenfield investments opened recently in the region.
Table 5: Largest foreign investors
No. Company Revenues 2008 (mln EUR)
Revenues 2009 (mln EUR)
Change (%)
1 Volkswagen 22,516 16,912 -24.9%
2 E.ON 13,403 9,946 -25.8%
3 Metro 12,781 9,862 -22.8%
4 RWE 8,685 8,230 -5.2%
5 Deutsche Telekom 9,044 7,887 -12.8%
6 Samsung Electronics 6,891 7,209 4.6%
7 Tesco 7,338 7,004 -4.5%
8 Arcelor Mittal 12,709 6,933 -45.4%
9 OMV 8,842 6,292 -28.8%
10 Lukoil 9,489 5,950 -37.3%
11 France Telecom 7,287 5,685 -22.0%
12 Fiat 5,404 5,261 -2.7%
13 REWE 4,669 4,723 1.2%
14 Foxconn 4,987 4,550 -8.8%
15 Nokia 5,391 4,396 -18.5%
16 BP 5,426 3,992 -26.4%
17 Kaufland 3,611 3,799 5.2%
18 Shell 4,244 3,208 -24.4%
19 Philips 3,433 3,049 -11.2%
20 Carrefour 3,356 3,028 -9.8%
21 Eni 3,773 2,909 -22.9%
22 Toyota 2,530 2,500 -1.2%
23 Renault 2,522 2,485 -1.4%
24 LG 2,144 2,348 9.5%
25 Phoenix 2,367 2,308 -2.5%
11Who is shaping tomorrow? Ranking report 2010
Country comparative
As in previous years, one objective of the ranking is to analyse how individual countries are coping with the current political and economic climate. This year’s ranking shows the state of the economy during a year interrupted by major market turmoil. The imprint of the financial crisis is still apparent, casting a shadow over results from 2009. The ranking highlights the effects that changes in local currencies and costs of materials have had on the revenues of firms across Central Europe.
An analysis of annual revenues in local currencies shows little change from 2008. Those companies from countries that have neither introduced the Euro as their national currency nor pegged their currencies to the euro or a basket of foreign currencies experienced a fall in Euro-denominated revenues. In many situations, however, they simultaneously recorded increases in revenues denominated in local currencies – this was the case for companies based in Poland, Serbia and Ukraine.
A cursory glance at the trends underway in 2008 – 09 demonstrates immediately a substantial decline in company revenues in every country in the region. Only Croatia, Slovakia, Serbia and Estonia demonstrate green shoots during the year, with every other country showing the proportion of companies in decline at least double the level of those showing an increase or no change.
As a contrast with (Graph 5) a comparison between the first quarters of 2009 and 2010 indicates a substantial change in the fortunes of companies in many of the CE region’s countries, albeit from a lower base. While countries like Poland, Hungary and the Czech Republic have significantly improved their positions, some others including Slovakia and Estonia were clearly in a position of decline.
12
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Graph 4: The percentage of companies with revenue increase vs. decrease 2008 - 2009 by country
Polan
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Hunga
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Czech
Repu
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Ukraine
Croati
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Slova
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Lithu
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Roman
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Slove
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Esto
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Bosn
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egov
ina
Repu
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f Mac
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Increase
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16 16 13 8
27 31
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2533
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80 8382
9267 59 89 81
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3 26 7 10
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Graph 5: The percentage of companies with revenue increase vs. decrease Q1 2009 - Q1 2010 by country
Polan
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Hunga
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Czech
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Ukraine
Croati
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Lithu
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80 78
61 61 63
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N/AN/A N/A N/A
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29 33
50
18 22
35 39 37
83
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13Who is shaping tomorrow? Ranking report 2010
Graph 7: Total revenues by country
Bosnia and Herzegovina (1)BulgariaCroatiaCzech RepublicEstoniaHungaryLatviaLithuaniaPolandRepublic of Macedonia (0)RomaniaSerbiaSlovakiaSloveniaUkraine
Bosnia and Herzegovina (0%)BulgariaCroatiaCzech RepublicEstoniaHungaryLatviaLithuaniaPolandRepublic of Macedonia (0%)RomaniaSerbiaSlovakiaSloveniaUkraine
2% 3%
17%
1%
14%
1%2%35%
5%
2%
6%
3%8%
Fewer Ukrainian enterprises are included in the ranking this year, and the share of Top 500 revenues generated by that country’s companies is also lower. On the other hand, there is a greater presence of Czech and Slovak companies, in terms of both the number of firms and their share of total revenues. The revenues of Polish companies included in the Top 500 ranking remain largely unchanged at around 35 percent, although the number of Polish firms in the ranking has fallen down due to the consolidation of entities operating within large energy groups which had previously been listed separately. The year in review Over the last year we have noted significant changes across countries and industries.
There is a very close correlation between the total revenues achieved by each country and the proportion of businesses each has in the CE Top 500 ranking (see Table 1). While Poland has 36 percent of the ranking’s entries, it has 35 percent of the region’s revenue. Such correlations are also evident further down the ranking, in countries such as Slovakia (6 percent), Serbia (2 percent) and Latvia (1 percent) where the figures are the same for each category. The only slight exception is the Czech Republic, with 15 percent of the entries and 17 percent of the revenue.
Central Europe’s largest sector by revenue is Energy and Resources (EUR 200,180 million), which also has the highest proportion of state ownership within the region. The largest and fastest-growing sector by number of companies within the Top 500 is Consumer Business and Transportation, but with revenues of EUR 147,435 million in 2009 a distant second. Third-placed Manufacturing is also the region’s fastest declining sector.
Graph 6: Geographic structure of companies
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2009
14
While the region’s median revenues declined across the board between 2008 and 2009, some sectors in select countries stand out as being particularly hard hit by the economic and financial crisis.
These include Energy and Resources in Serbia, Romania, Ukraine and the Republic of Macedonia, and Manufacturing in Serbia, Ukraine, Lithuania and Hungary.
Table 6: Total revenues / end of 2009 in EUR mln
Total revenues / end of 2009 in EUR mln
Consumer Business and Trans-portation
Energy and Resources
Life Sciences and Health Care
Manufac-turing
Public Sector
Real Estate Technology, Media and Telecommu-nications
Total Percentage share
Bosnia and Herzegovina - 441 - - - - - 441 0%
Bulgaria 856 7,661 - 1,054 - - 1,563 11,135 2%
Croatia 7,748 5,434 625 364 602 - 1,652 16,426 3%
Czech Republic 19,975 30,745 2,007 18,867 - 4,815 10,889 87,298 17%
Estonia 2,114 1,277 - - - - - 3,392 1%
Hungary 13,647 30,959 4,811 16,825 670 439 7,794 75,145 14%
Latvia 1,602 1,552 - - - - - 3,154 1%
Lithuania 6,209 3,936 - 888 - - - 11,033 2%
Poland 62,105 65,217 5,700 30,739 2,905 4,313 14,552 185,531 35%
Republic of Macedonia - 402 - - - - - 402 0%
Romania 7,635 11,699 464 4,232 - - 3,194 27,224 5%
Serbia 3,155 4,816 - 498 - - 2,479 10,949 2%
Slovakia 2,188 12,065 937 14,149 - 361 2,342 32,043 6%
Slovenia 7,494 4,198 1,647 2,028 - 520 848 16,734 3%
Ukraine 12,704 19,777 - 9,574 - - 2,444 44,499 8%
Total 147,435 200,180 16,192 99,218 4,177 10,447 47,759 525,407 100%
Table 7: Annual median change - Revenues
2009 / 2008 median revenues change in EUR
Consumer Business and Transportation
Energy and Resources
Life Sciences and Health Care
Manufacturing Public Sector Real Estate Technology, Media and Telecommuni-cations
Bosnia and Herzegovina N/A 3% N/A N/A N/A N/A N/A
Bulgaria -8% -4% N/A -19% N/A N/A -5%
Croatia -4% 3% -2% -8% 20% N/A -5%
Czech Republic -7% -6% -4% -20% N/A -4% -13%
Estonia -1% -7% N/A N/A N/A N/A N/A
Hungary -11% -18% -2% -27% -11% -6% -16%
Latvia -13% -6% N/A N/A N/A N/A N/A
Lithuania -11% -19% N/A -39% N/A N/A N/A
Poland -12% -18% -5% -21% -22% -5% -19%
Republic of Macedonia N/A -38% N/A N/A N/A N/A N/A
Romania -3% -25% -2% -32% N/A N/A -13%
Serbia 5% -24% N/A -53% N/A N/A -7%
Slovakia -6% -2% 10% -3% N/A -8% -3%
Slovenia -2% -14% -7% -20% N/A 0% 1%
Ukraine -18% -29% N/A -51% N/A N/A -33%
Total -9% -17% -2% -22% -14% -5% -12%
15Who is shaping tomorrow? Ranking report 2010
Table 8: First quarter median change - Revenues
Q1 2010 / Q1 2009 median revenues change in EUR
Consumer Business and Transportation
Energy and Resources
Life Sciences and Health Care
Manufacturing Public Sector Real Estate Technology, Media and Telecommuni-cations
Bosnia and Herzegovina N/A N/A N/A N/A N/A N/A N/A
Bulgaria N/A 1% N/A 86% N/A N/A -7%
Croatia 7% 10% N/A -2% N/A N/A -2%
Czech Republic 5% 5% N/A 18% N/A 32% -1%
Estonia -6% 21% N/A N/A N/A N/A N/A
Hungary N/A 4% 5% 61% N/A N/A 1%
Latvia 3% -18% N/A N/A N/A N/A N/A
Lithuania -10% 19% N/A N/A N/A N/A N/A
Poland 17% 21% 15% 17% 35% 4% 11%
Republic of Macedonia N/A N/A N/A N/A N/A N/A N/A
Romania N/A 31% N/A 11% N/A N/A N/A
Serbia N/A N/A N/A N/A N/A N/A N/A
Slovakia N/A 17% N/A N/A N/A N/A -8%
Slovenia N/A N/A N/A N/A N/A N/A N/A
Ukraine 29% 34% N/A 0% N/A N/A -8%
Total 13% 12% 15% 17% 35% 5% -2%
By the first quarter of 2010, a significant turnaround was underway. In Energy and Resources, median revenues were undergoing double-digit recovery in at least two of
these countries, while in Manufacturing decline had stabilised in Ukraine and reversed by an astonishing 61 percent in Hungary.
16
Industry overview
All industries experienced a general decrease in revenues, with Life Sciences, Construction, Real Estate and Consumer Business and Transportation being the least affected. These sectors increased their share both of the total revenues generated by the 500 leading firms and also of the number of firms represented in the report.
The Technology, Media and Telecommunications sector has continued to decline across Central Europe and this is reflected in this year’s ranking which saw more than 88 percent of these companies record a revenue decrease between 2008 and 2009. While this was the worst performance of all sectors, decreasing revenues across the board were the main story of the year – only the Real Estate sector (primarily construction companies) recorded position where over 40 percent of companies experienced a revenue increase or no change.
By comparing the first quarter of 2010 with that of 2009 it is clear how revenues began to recover, albeit from a low base, during the intervening 12 months. While the substantial decline in the Technology, Media and Telecommunications sector continued, others – most particularly the economically critical Real Estate, Energy and Resources and Manufacturing sectors – demonstrated considerable progress which may prove to be the beginning of a sustainable recovery across the region. Proportionally, the Technology, Media and Telecommunications and Manufacturing sectors in Central Europe saw the greatest decline in represen-tation in the Top 500 ranking between 2008 and 2009. The Consumer Business and Transportation sector, already the largest in terms of representation, extended its lead in revenue generation over the year. Energy and Resources also showed some significant growth, even though reduced revenues for some of the sector’s foreign investors (see Table 5) prevented the sector from performing even better.
17Who is shaping tomorrow? Ranking report 2010
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Graph 10: Top 500 broken down by Industry by number of companies
Graph 11: Top 500 broken down by Industry by number of companies by revenues
2008 2008
30% 23%34% 28%
28%40%
29% 38%
4%
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24%21%20% 19%
1% 1%1%1%3%
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2009 2009
Consumer Business and Transportation
Energy and Resources
Life Sciences and Health Care
Manufacturing
Public Sector
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Technology, Media and Telecommunications
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0%
20%
40%
60%
80%
100%
0%
20%
40%
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80%
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Graph 8: The percentage of companies with revenue increase vs. decrease 2008 - 2009 by industry(calculated in EUR)
Graph 9: The percentage of companies with revenue increase vs. decrease Q1 2009 - Q1 2010 by industry(calculated in local currencies)
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Increase
Decrease
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18
Graph 12: Median revenue change - annual
Manufacturing
-25% -20% -15% -10% -5% 0% 5% 10%
-10%-22%
-2%-17%
0%-14%
-3%-12%
0%-12%
-9%
-5%
-2%
2%
5%
7%
Energy and Resources
Public Sector
Technology, Media and Telecommunications
TOP500
Consumer Business and Transportation
Real Estate
Life Sciences and Health Care
Median revenue change in EUR
Median revenue change in LC
Reduced revenues for the Energy and Resources industry were demonstrated in this year’s Top 500, although it still remains the region’s largest sector by revenue. The largest growth sector, again, was Consumer Business and Transportation, which now accounts for over 28 percent of the region’s revenues to demonstrate the key importance of consumer spending in a sustainable economic recovery across the region. A comparison between the relative performance of key sectors in the euro and local currencies clearly shows the stability benefits delivered by adoption of the EU-wide currency.
While the 22 percent decline of revenues experienced by Manufacturing in local currencies looks like a calamitous collapse, the 9 percent decline in euros is serious but not disastrous.
The local currency decline in the Top 500’s greatest growth sector – Consumer Business and Transportation – is placed in context by the 5 percent revenue growth it experienced under the common currency.
19Who is shaping tomorrow? Ranking report 2010
Banking sectorIn 2009 PKO BP overtook the Hungarian OTP Bank to become the largest Central European bank in terms of total assets. Despite the generally difficult situation affecting the entire sector in 2009, PKO BP achieved an impressive 18 percent rise in its Euro-denominated asset value. Only four of the 50 featured financial institutions saw higher asset value increases in 2009. Banks based in Bulgaria, Croatia, the Czech Republic and Slovenia achieved asset increases in 2009.
PKO BP did not achieve the highest net profit, however. In 2009 CSOB, ranked second in terms of assets, recorded the highest nominal net profit and the highest return on equity (ROE) (25 percent) among the 50 largest banks. Only seven of these recorded net profit increases, and the average ROE in the largest banks fell from 13 percent in 2008 to 9 percent in 2009.
Last year the quality of the bank loan portfolio worsened across the region, with the value of loan loss provisions increasing by more than 100 percent. At the end of 2009 the loan-to-deposit ratio fell from 1.12 to 0.99, a result both of limited credit facilities (average loans outstanding decreased by 5.7 percent) and an 11 percent average increase in value of deposits placed. This trend continued into the first quarter of 2010, when the ratio fell to 0.93 (outstanding loans fell by 8.1 percent and the number of deposits increased by 0.6 percent).
In the first quarter of 2010, assets grew slightly (average Euro assets growing by 4 percent) when compared with the first quarter of 2009. This was due to the intensified activities of banks in Poland, Ukraine, the Czech Republic and Hungary.
Financial Services industry
Rank Company name Country
1 PKO BP Poland
2 OTP Bank Hungary
3 ČSOB Czech Republic
4 Česká spořitelna Czech Republic
5 Pekao Poland
6 Komerční banka Czech Republic
7 NLB Group Slovenia
8 BRE Poland
9 BCR Romania
10 ZABA Croatia
11 ING Poland
12 BZ WBK Poland
13 BRD Romania
14 Slovenská sporiteľňa Slovakia
15 MKB Hungary
16 K&H Hungary
17 Millennium Bank Poland
18 Erste Bank Hungary Hungary
19 CIB Hungary
20 UniCredit Bank Czech Republic Czech Republic
21 VÚB Slovakia
22 PBZ Croatia
23 Kredyt Bank Poland
24 Swedbank Baltic Estonia
25 Handlowy Poland
Rank Company name Country
26 Tatra banka Slovakia
27 Raiffeisen Bank Hungary Hungary
28 BPH Poland
29 Getin Noble Poland
30 BGK Poland
31 SEB bankas Lithuania
32 PrivatBank Ukraine
33 Raiffeisenbank CR Czech Republic
34 Erste Croatia Croatia
35 Swedbank Latvia Latvia
36 Unicredit Bank Hungary Hungary
37 Swedbank Lithuania Lithuania
38 Hypoteční banka Czech Republic
39 Raiffeisen Bank Polska Poland
40 Českomoravská stavební spořitelna Czech Republic
41 BGŻ Poland
42 Unicredit Bulbank Bulgaria
43 Raiffeisen Croatia Croatia
44 ČSOB Slovakia Slovakia
45 NKBM Group Slovenia
46 GE Money Bank Czech Republic
47 UniCredit Tiriac Bank Romania
48 HYPO Croatia Croatia
49 Oschadbank Ukraine
50 Volksbank Romania Romania
Table 9: Top 50 in the banking sector within Central Europe by total assets
20
With 13 of the 50 largest banks, Poland’s strong presence in the rankings is well established; the Czech Republic is represented by eight banks. It should be pointed out that two Ukrainian banks – Raiffeisen Bank Aval and UkrSibbank – are no longer on the list, as their asset sizes decreased in 2009 by over 20 percent.
• The shares of the region’s banking markets have remained relatively stable. Poland has 31 percent, the Czech Republic 21 percent and Hungary 16 percent, measured on the share of CE Top 50 banks’ sum of assets.
• The sum of assets of the CE Top 50 banks grew from 2005 to 2008, and declined by 3 percent in 2009. It grew by 5 percent from the first quarter of 2009 to the first quarter of 2010.
• The period 2005 to 2008 saw a trend of income growth from fees and commissions. There was a -23 percent downturn from 2008 to 2009, and only 1 percent growth between the first quarters of 2009 and 2010. This means that banks are able to earn significantly less income from fees and commissions than in the past, and they appeared unable to break this trend in the first quarter of 2010.
The delayed impact of the economic and financial crisis on the CE region meant that the first half of 2008 saw a comparatively strong performance among CE banks. Similarly, improving prospects in the second half of 2009 meant that the sector showed only a 3 percent decline in the sum of assets among banks. Overall, CE banks fared better than their western counterparts.
The insurance industry, on the other hand, with its 23 percent decline in Gross Written Premiums (GWP) showed significantly greater vulnerability to the impact of the crisis, and there is a view that it will continue to feel its effects for longer than other industries – both those within the Financial Services sector and outside it.
A comparison between the first quarters of 2009 and 2010 shows some improvement in banking revenues and insurance companies’ GWP.
For the banks, this disguises the fierce competition underway for market share, which is always gained at another’s expense. Their key competitive weapon is to maintain or improve customer service levels while cutting costs to enhance profitability.
Looking ahead, CE banks are likely to benefit from relatively healthy capital reserves as they seek to comply with Basel III requirements. We expect that forthcoming changes caused by the economic climate will cause the CE banking industry to move more in line with its Western European counterparts.
21Who is shaping tomorrow? Ranking report 2010
Insurance sectorIn 2009 the CE region’s insurance companies saw gross written premium expressed in Euros fall on average by 8 percent, but this decline resulted mainly from depreciation in the average annual local currency exchange rates. The average decrease in the premium when expressed in local currencies only came to 1 percent.
40 of the 50 largest insurance firms saw decreases in their Euro premiums. Against this background, insurance companies in the Czech Republic and Slovenia did relatively well with premiums increasing in 2009.
PZU still holds the leading position among the region’s insurance companies, despite its 20 percent decrease in gross written premium. It achieved a simultaneous 30 percent rise in net profit in 2009. As in previous rankings, Ceska pojistovna (with a 22 percent decrease in gross written premium) was in second place. Warta, following a decrease of more than 26 percent in its gross written premium, lost its previous third place to Czech Kooperativa pojistovna.
Compared to the first quarter of 2009, gross written premium increased in almost all countries in the first quarter of 2010 (with the exception of Slovakia). In Euros, the premium rose by an average of 8 percent, mainly the result of local currency appreciation – the average increase in local currencies amounted to just over 1 percent.
The CE insurance industry is facing a challenging time as it continues to experience the impact of the economic crisis for longer than other sectors. Additional difficulties include growing incidences of fraud and decreasing premiums as companies battle for market share.
More stringent capital holding, corporate governance, risk, disclosure and transparency requirements under Solvency II are additional challenges, demanding improved IT systems and the need to minimise mis-selling. Alongside the need to work more effectively with intermediaries, these are all key issues that need to be addressed by a unified industry voice – without this, consumer confidence will decline further to threaten the industry’s long-term future.
22
Rank Company name Country
1 PZU Poland
2 Česká pojišťovna Czech Republic
3 Kooperativa pojišťovna Czech Republic
4 Warta Poland
5 Zavarovalnica Triglav Slovenia
6 Allianz Polska Poland
7 Allianz Hungaria Hungary
8 ING Polska Poland
9 Allianz - Slovenská poisťovňa Slovakia
10 STU Ergo Hestia Poland
11 Aviva Polska Poland
12 Generali Providencia Hungary
13 Kooperativa Slovakia Slovakia
14 Generali Polska Poland
15 Croatia osiguranje Croatia
16 Uniqa Polska Poland
17 Allianz pojišťovna Czech Republic
18 ČSOB Pojišťovna Czech Republic
19 Amplico Life Poland
20 Generali Pojišťovna Czech Republic
21 Allianz-Tiriac Asigurari Romania
22 Groupama Hungary
23 Aegon Hungary Hungary
24 ING Hungary Hungary
25 Nordea Polska Poland
Rank Company name Country
26 Zavarovalnica Maribor Slovenia
27 Pojišťovna České spořitelny Czech Republic
28 Omniasig Romania
29 Adriatic Slovenica Zavarovalna družba Slovenia
30 Vzajemna Slovenia
31 Česká podnikatelská pojišťovna Czech Republic
32 ING Životní pojisťovna Czech Republic
33 Generali Slovensko Slovakia
34 HDI Polska Poland
35 Astra-Uniqa Romania
36 Uniqa Hungary Hungary
37 Komerční pojišťovna Czech Republic
38 InterRisk Poland
39 UNIQA pojišťovna Czech Republic
40 Compensa TU Poland
41 AXA Polska Poland
42 Dunav Osiguranje Serbia
43 Asirom Romania
44 Aegon Polska Poland
45 Euroherc osiguranje Croatia
46 Komunálna poisťovňa Slovakia
47 BCR Asigurari Romania
48 Allianz Zagreb Croatia
49 K&H Insurance Hungary
50 DDOR Serbia
Table 10: Top 50 in the insurance sector within Central Europe
• Poland is the most important insurance market, with the share of Polish companies in the top 50 insurers growing from 44 percent to 53 percent. Therefore just over half of the regional gross written premiums between 2005 and 2008 were generated by Polish insurance companies. The most significant decline was in the Czech Republic, whose share fell from 26 to 19 percent between 2005 and 2008, but partially recovered to 23 percent in 2009. Hungary hovered around 10 percent and Croatia shrank from 4.7 to 3.2 percent. Other countries remained stable.
• Total gross written premium obtained by the insurers in the region increased by over 20 percent each year from 2005 to 2008, but decreased by 23 percent in 2009.
23Who is shaping tomorrow? Ranking report 2010
Few CE construction businesses saw a rise in their revenues between 2008 and 2009. One of the few exceptions was Strabag Polska of Poland, which saw a revenue increase of 16.3 percent, but the overall picture was one of companies struggling to cope with decreased consumer spending and increased price-sensitivity. However, in some cases declining revenues did not mean a decline in net income (NI) – Pollmex-Mostostal and Mostostal Warszawa showed significant NI growth despite reduced revenue.
The housing market across CE has contracted, leaving the region’s construction companies faced with falling consumer demand. As a corollary, however, public sector demand has increased, particularly in Poland – which never entered recession – as the government undertakes major infrastructure projects.
Across the region, however, companies are being forced to take any opportunity to streamline and modernise their operations. This is leading to leaner and more efficient companies and building techniques that will enable them to incur reduced costs and become more price-competitive. Such activities underlie the apparent anomaly between some revenue and NI figures.
Construction industry
Table 11: Top 10 in the Construction Industry within Central Europe (All revenue and net income figures are in EUR million)
Rank Top 500 Rank
Company name Country Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010 - Q1 2009
1 126 Polimex-Mostostal Poland 1,117.7 -8.7% 51.7 88.9% 193.3 4.5%
2 128 Metrostav Czech Republic 1,104.0 -7.1% 32.5 7.8% 185.1 31.5%
3 142 Skanska Czech Republic 1,046.4 N/A 55.1 N/A N/A N/A
4 163 Eurovia CS Czech Republic 927.1 0.5% 32.6 -12.0% 103.5 52.2%
5 204 Budimex Poland 760.3 -18.5% 40.1 45.0% 144.6 -4.6%
6 221 Strabag Polska Poland 726.3 16.3% 43.5 65.2% N/A N/A
7 237 Skanska Poland 694.7 -12.2% 28.0 -26.9% N/A N/A
8 247 Strabag ČR Czech Republic 676.3 -6.0% N/A N/A N/A N/A
9 273Mostostal Warszawa
Poland 626.8 -0.5% 37.0 103.4% 132.3 4.2%
10 316 ŽPSV Czech Republic 552.4 -3.9% 13.6 -21.2% N/A N/A
24
While revenues fell almost across the board for CE’s Consumer Business companies (with the exceptions of Jeronimo Martins and Samsung) in 2009 compared with 2008, results for the first quarter of 2010 are encouraging with two of the three companies reporting significant growth over the same period in 2009.
169 companies from the Consumer Business and Transportation sector generated 28 percent of total CE Top 500 revenues in 2009, up from 23 percent in 2008 and 20 percent in 2006, showing how the sector’s market share has been constantly growing.
Despite this, reduced consumer spending and increasing price-sensitivity continues to drive down prices throughout the supply chain. Long-term price reductions bring with them the danger of devalued brands, as consumers come to regard products as commodities – this is a challenge to which sector players need to respond through effective differentiation within the marketplace. Possible future means of achieving this are through brand extension into new product or service areas and implementing loyalty programmes.
Consumer Business industry
Table 12: Top 10 in the Consumer Business Industry within Central Europe (All revenue and net income figures are in EUR million)
Rank Top 500 Rank
Company name Country Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010 - Q1 2009
1 12Jeronimo Martins Dystrybucja
Poland 3,882.8 6.6% N/A N/A 1,129.7 36.5%
2 13 Metro Group Poland 3,882.3 -34.6% N/A N/A N/A N/A
3 18 Agrokor Croatia 3,607.4 -5.8% 32.3 -3.6% 752.4 1.8%
4 20 Agrofert Holding Czech Republic 3,248.9 -20.0% 141.1 -20.6% 1,196.6 22.6%
5 31Samsung Electronics Magyar
Hungary 2,788.3 7.7% 135.8 N/A N/A N/A
6 35 Mercator Group Slovenia 2,643.3 -2.4% 21.1 -48.2% N/A N/A
7 36 Vilniaus prekyba Lithuania 2,596.0 -10.8% N/A N/A N/A N/A
8 40 Tesco Polska Poland 2,344.0 -12.0% N/A N/A N/A N/A
9 44 Maxima Lithuania 2,251.6 -12.2% N/A N/A N/A N/A
10 49Philips Industries Magyarország
Hungary 2,090.0 -11.5% -99.5 -180.9% N/A N/A
25Who is shaping tomorrow? Ranking report 2010
The Energy and Resources sector is still the largest in the CE Top 500, although it declined from 40 percent of total revenue in the 2009 edition to 38 percent in 2010. With 147 firms in the list, it is also the second best-represented sector in the current ranking.
• The ranking’s largest company, PKN Orlen, achieved a positive financial result in 2009 (280 million Euros) in contrast with 2008 when its net income corresponded to a loss of 324 million Euros.
• Orlen Liuteva fell from 13th to 24th place, due to a revenue decline from 5.1 billion to 3.1 billion Euros (2008-2009).
• Hungarian company Vertis makes an appearance in the current CE Top 500, having grown its revenue from 1 billion to 1.8 billion Euros (2008-2009).
Decreased industrial demand due to reduced manufacturing output has led to significant reductions in commodity prices.
Future industry trends including diversified energy sources, new pipelines (such as Nabucco and South Stream) and cleaner modern plants will eventually reduce production costs and introduce greater competition. Governments in the CE region are taking steps to meet the EU’s renewable energy goals for 2020.
Energy and Resources industry
Table 13: Top 10 in the Energy and Resources Industry within Central Europe (All revenue and net income figures are in EUR million)
Rank Top 500 Rank
Company name Country Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010 - Q1 2009
1 1 PKN Orlen Poland 15,697.5 -30.7% 279.9 186.5% 4,368.0 33.6%
2 2 MOL Hungary 11,499.0 -18.3% 373.0 -33.6% 3,218.2 49.9%
3 3 ČEZ Czech Republic 7,426.6 0.7% 1,961.3 3.3% 2,081.1 6.5%
4 5 Naftogaz Ukraine 6,891.7 4.2% 208.1 -85.8% 2,690.1 -16.0%
5 6 PGE Poland 4,997.0 -9.6% 992.9 29.1% 1,337.3 12.5%
6 8 PGNiG Poland 4,457.8 -15.1% 281.3 21.2% 1,658.4 16.9%
7 15 RWE Transgas Czech Republic 3,864.0 -11.2% 601.0 49.4% 1,248.7 -24.8%
8 16 Energorynok Ukraine 3,840.1 -27.6% 10.4 -56.6% N/A N/A
9 19 Lotos Poland 3,309.5 -28.7% 214.6 N/A 979.6 62.2%
10 23 Tauron Poland 3,150.6 -11.1% 207.7 N/A N/A N/A
26
The Technology, Media and Telecommunications (TMT) sector has seen a marked reduction in business activity, with median revenues declining by 12 percent in Euros and by 3 percent in local currencies.
This sector was one of the biggest losers during 2009, as many countries reached virtual market saturation in both mobile and fixed-line telephony.
Looking ahead, companies are looking toward significant growth opportunities in both broadband and smartphone penetration, with the latter providing significant new revenue opportunities in a drive to achieve western usage levels.
Tha share of Technology, Media and Telecommunica-tions secor has continuously decreased from 12 percent in 2005, to 11 percent in 2006 and 2007, 10 percent in 2008 and 9 percent in 2009.
Technology, Media and Telecommunications industry
Table 14: Top 10 in the TMT Industry within Central Europe (All revenue and net income figures are in EUR million)
Rank Top 500 Rank
Company name Country Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010 - Q1 2009
1 11 Nokia Komárom Hungary 3,970.9 -18.4% 154.9 -29.5% N/A N/A
2 17 TPSA Poland 3,826.9 -26.0% 306.0 -50.8% 969.9 1.2%
3 22 Foxconn CZ Czech Republic 3,165.0 -12.1% 19.9 143.3% N/A N/A
4 42 Magyar Telekom Hungary 2,295.5 -14.3% 276.7 -25.3% 547.5 1.2%
5 43 Telefónica O2 Czech Republic 2,265.2 -12.7% 441.2 -5.3% 534.1 -2.6%
6 56Panasonic AVC Networks Czech
Czech Republic 1,956.6 -5.7% N/A N/A N/A N/A
7 61 Polkomtel Poland 1,796.3 -25.6% 226.5 -41.5% 551.2 12.6%
8 63 Centertel Poland 1,789.8 -27.2% N/A N/A N/A N/A
9 66 PTC Poland 1,756.8 -22.1% N/A N/A N/A N/A
10 101 PTT Srbija Serbia 1,304.3 -6.9% 313.8 -1.3% N/A N/A
Revenues in local currency assumed due to lack of other data
27Who is shaping tomorrow? Ranking report 2010
Manufacturing companies saw the highest losses in revenue, with average falls of more than 20 percent.
With companies like Metinvest, Audi Hungaria and Volkswagen Slovakia all showing substantial double-digit percentage declines in revenues from 2008 to 2009, the CE Manufacturing sector was the hardest hit of all to be featured in the Top 500.
The causes are not hard to find. Not only did consumer demand decrease during the year, but company liquidity also declined sharply due to the global credit crisis.
These factors conspired to put many companies into insolvency during the period. Available first quarter 2010 figures for two companies – sector leader Skoda and eighth-placed Unipetrol, however, both show healthy revenue increases over the same period in 2009.
Companies now face the need to improve innovation in areas including cost-efficiency and distribution, and to respond more effectively to consumer demands for higher perceived value. The emerging model is of a flexible business with the agility to react rapidly to changes in market requirements by shrinking or growing to match production demand without carrying excess stock or personnel.
Manufacturing industry
Table 15: Top 10 in the Manufacturing Industry within Central Europe (All revenue and net income figures are in EUR million)
Rank Top 500 Rank
Company name Country Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010 - Q1 2009
1 4 Škoda Czech Republic 7,105.3 -11.5% 130.9 -69.8% 2,026.0 40.7%
2 7 Fiat Poland 4,517.8 4.9% 189.5 113.3% N/A N/A
3 9 Metinvest Ukraine 4,309.0 -52.7% 238.8 -87.6% N/A N/A
4 14 Audi Hungaria Hungary 3,868.1 -30.8% 291.2 -43.9% N/A N/A
5 21Samsung Electronics Slovakia
Slovakia 3,168.2 -3.4% 236.7 N/A N/A N/A
6 26 GE Hungary Hungary 3,010.6 13.3% 1,109.7 N/A N/A N/A
7 28Volkswagen Slovakia
Slovakia 2,944.0 -42.9% 57.0 -79.8% N/A N/A
8 48 Automobile Dacia Romania 2,126.9 2.4% 54.4 -9.8% N/A N/A
9 55Toyota Peugeot Citroën Automobile Czech
Czech Republic 1,959.2 -0.5% N/A N/A N/A N/A
10 58ArcelorMittal Poland
Poland 1,864.0 -57.0% -90.4 -116.0% 437.8 23.4%
28
The automotive industry is clearly the backbone of CE’s struggling manufacturing sector. Despite some initial signs of upturn in early 2010 following a year when most major companies’ revenue declined (the exceptions being Fiat in Poland, Automobile Dacia in Romania and PCA Slovakia) there is now a concern that the end of scrap subsidies in certain key export markets may cause further economic impact later in 2010. Even the CE sector leader, Skoda, has issued warnings that production may drop this year.
However, the position in CE is still brighter than in Western Europe, thanks to lower labour costs and the modernity of the region’s recently constructed production sites that contrast with older plants in the West.
Automotive industry
Table 16: Top 10 in the Automotive Industry within Central Europe (All revenue and net income figures are in EUR million)
Rank Top 500 Rank
Company name Country Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010 - Q1 2009
1 4 Škoda Czech Republic 7,105.3 -11.5% 130.9 -69.8% 2,026.0 40.7%
2 7 Fiat Poland 4,517.8 4.9% 189.5 113.3% N/A N/A
3 14 Audi Hungaria Hungary 3,868.1 -30.8% 291.2 -43.9% N/A N/A
4 28Volkswagen Slovakia
Slovakia 2,944.0 -42.9% 57.0 -79.8% N/A N/A
5 48 Automobile Dacia Romania 2,126.9 2.4% 54.4 -9.8% N/A N/A
6 55Toyota Peugeot Citroën Automobile Czech
Czech Republic 1,959.2 -0.5% N/A N/A N/A N/A
7 59 PCA Slovakia Slovakia 1,853.7 10.4% 59.7 N/A N/A N/A
8 62 Volkswagen Poland 1,789.9 -20.5% 57.8 -41.6% 462.9 18.1%
9 71 Kia Motors Slovakia Slovakia 1,684.6 -18.3% 25.9 -1.3% N/A N/A
10 82 Magyar Suzuki Hungary 1,540.6 -36.5% 8.7 -53.0% N/A N/A
29Who is shaping tomorrow? Ranking report 2010
Changes since 2008 in the CE Life Sciences sector were unspectacular by comparison with some others, both in terms of revenues and the top 10 companies in the Top 500 ranking.
The one major exception is the move of Neuca from third place in the 2009 report (formally named Torfarm) on the back of revenue growth of over 16 percent.
This growth continued into the first quarter of 2009 when Neuca’s revenues were 55 percent up on the same period in 2010.
Polish companies continued to dominate the sector, occupying the first three places as they did in 2009.
Life Sciences
Table 17: Top 10 in the Life Sciences Industry within Central Europe (All revenue and net income figures are in EUR million)
Rank Top 500 Rank
Company name Country Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010 - Q1 2009
1 97 Neuca Poland 1,314.3 16.3% 9.1 N/A 406.3 55.7%
2 110 PGF Poland 1,254.2 -13.5% 14.6 -25.0% 349.2 14.8%
3 115 Farmacol Poland 1,187.0 -1.0% 17.9 -11.3% 341.9 15.0%
4 120 Chinoin Hungary 1,158.5 2.9% 114.3 36.3% N/A N/A
5 146Phoenix lékárenský velkoobchod
Czech Republic 1,037.0 -5.7% N/A N/A N/A N/A
6 150 GSK Poland 989.1 0.5% N/A N/A N/A N/A
7 159 Krka Group Slovenia 953.0 0.3% 173.7 11.4% N/A N/A
8 160 Richter Gedeon Hungary 952.9 1.2% 181.6 9.8% 235.7 13.2%
9 176 Hungaropharma Hungary 859.3 -6.0% 1.1 -87.6% N/A N/A
10 224Phoenix Pharma Hungary
Hungary 721.9 -1.8% 9.5 -8.5% N/A N/A
Revenues in local currency assumed due to lack of other data
30
The Central Europe Top 500 ranking is compiled based on consolidated company revenues for the fiscal year ending 2009. The rankings are based on revenues reported by a particular legal entity operating in Central Europe.
The ranking groups companies by industry and country. We also display the ranking of the largest Central European companies by market capitalisation as of July 2010 and a list of the major foreign investors in the region.
Deloitte has sourced the information by individually approaching the companies themselves, from publicly available sources and estimates based on a comparison with last years’ results and our research.
We have ranked banks and insurance companies by total assets and gross written premium respectively. The gross written premium of insurance companies includes both premiums from life and non-life operations, despite the fact that in certain areas these companies operate as separate legal entities.
The list of major foreign investors in the region is made up of aggregated revenues of those Top 500 companies controlled by investors. These figures are only approximate, as they do not include, inter alia, intra-group sales and it is possible that they also do not contain the revenues of all subsidiaries in the region.
Missing dataIn cases where revenue for the fiscal year 2009 was not available, we used the reported 2008 revenue in local currency as a proxy for 2009.
The list does not include companies that were invited to participate in the ranking, but who informed us in writing or verbally that they would not be taking part this year. This situation regards three entities from Ukraine, two from Bulgaria and one from Romania.
The list reflects structural changes in Central European economies such as acquisitions, splits, or liquidations of companies. A significant change to the list of companies as compared to last year is consolidation of the entities operating within large energy groups, which had previously been listed separately (e.g. entities belonging to the PGE Group).
Revenue calculationRevenue has been calculated in Euros at the relevant average exchange rates for 2008, 2009, and the first quarters of 2009 and 2010. The revenue for subsidiaries of large groups has been shown separately for those subsidiaries which operate in different industries, subsidiaries or countries than the consolidating entity and are large enough to enter the list on their own.
In our research, we also examined companies from Albania, Moldova and Kosovo. However they have not entered the Top 500 list due to their relatively low revenues.
Data gathered from public sources has not been confirmed by representatives of the companies themselves. Deloitte is not responsible for the accuracy or correction of third party data gathered from public sources or provided by the company.
Russia/BelarusFor the purposes of this analysis, our ranking includes companies in Central European countries with the exception of Russia and Belarus.
In both cases we were unable to find reliable data that could be used in the rankings. The size of the Russian economy and some of its major companies also makes industry and country comparisons difficult.
The methodology
31Who is shaping tomorrow? Ranking report 2010
Industry thought leadership
Positioning for a new financial landscape This survey was conducted at a period of transition, it reveals executive views on a variety of topics, including the impact of the crisis – the relationships damaged, the performances curtailed, and the strategies disrupted. It also highlights their future focus around customers and products, strategy and operations, risk and regulation, capital and liquidity and talent and technology.
Solvency II Survey 2010: Counting down to the Directive This survey has been conducted on our behalf by the Economist Intelligent Unit (EIU). It covers awareness and preparedness, cost and resource, business impact, implementation, stochastic modeling; alignment with other initiatives, and lobbying activity. It finds organisations still have much to do as they begin to understand the scale of the requirements and the impact on their firms.
Risk Intelligence in the Energy and Resources Industry: Enterprise Risk Management Benchmark SurveyDeloitte Belgium launched an Energy & Resources Enterprise Risk Management Benchmark Survey for the EMEA region. The goal of the survey is to capture and report feedback on the current state of ERM implementation for a cross-section of organization within the Energy & Resources industry.
2010 Global Manufacturing Competitiveness Index This report, based on the responses of over 400 executives worldwide, identifies the issues and priorities that global manufacturing executives believe are key to their growth as well as those countries that in their view are stepping up to the challenge.
32
More information on our recent publications can be found at www.deloitte.com
Residential development: The role of EU governments in real estate markets In this report Deloitte investigates government support for homeowners in 27 EU countries. It found that some governments already support residential development through mortgage interest deductibility, exemptions in capital gains tax, reduced VAT or VAT exemption, tax loss in a rented apartment and guarantee funds.
Global powers of the consumer products industry 2010 The 3rd annual Global Powers of Consumer Products identifies the 250 largest CP companies around the world, but it is much more than just a list. Like its companion retailing report, this one examines major trends for companies in this sector, looks at the global economic context in which they operate, and analyzes the companies by product sector.
TMT Predictions In our annual TMT Predictions series of reports, we identify the trends and developments that will make the biggest impact across the Technology, Media and Telecommunications industry in the coming year by profiling ten issues in each sector.
33Who is shaping tomorrow? Ranking report 2010
Contacts
Office Managing Partners
Balkans Maksim Caslli+40 21 2075 [email protected]
PannonAdria Milos Macura+381 11 3812 [email protected]
Poland & Baltics Marek Metrycki+48 22 511 [email protected]
Czech Republic & Slovakia Michal Petrman+420 246 042 [email protected]
Function Leaders
AuditGavin Flook+48 22 511 [email protected]
TaxJaroslav Škvrna+420 246 042 [email protected]
Consulting Eric Olcott+385 1 2351 [email protected]
Financial Advisory Béla Seres+36 1 423 [email protected]
Enterprise Risk Services Zbigniew Szczerbetka+48 22 511 [email protected]
Industry Leaders
Financial Services IndustryMike Jennings+420 246 042 [email protected]
Energy & Resources Vladimír Vaněk+420 246 042 [email protected]
Manufacturing Bronislav Pánek+420 246 042 [email protected]
Real Estate Diana Rádl Rogerová+420 246 042 [email protected]
Public Sector Martin Buranský+420 246 042 [email protected]
Consumer BusinessMartin Tesař+420 246 042 [email protected]
Technology, Media & TelecommunicationsDariusz Nachyła+ 48 22 511 [email protected]
CE Top 500Project Team
Tomasz Ochrymowicz+48 22 511 [email protected]
Rafał Antczak+48 22 511 [email protected]
Ranking Analysts
Patryk Darowski+48 22 [email protected]
Artur Galbarczyk+48 22 [email protected]
Clients and Markets
Matthew Howell+420 234 078 [email protected]
Anne Charlesworth+420 246 042 [email protected]
Client service responsibilities are a keyelement of our partner’s roles. Theircommitment to quality and integrity in leading client service teams, helps deliver excellence to our clients.
34
Appendix
2008 revenues in local currency assumed due to lack of other data36
All revenue and net income figures are in EUR million
CE Top 500 ranking
2008 revenues in local currency assumed due to lack of other data 37Who is shaping tomorrow? Ranking report 2010
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
1 PKN Orlen Poland Energy and Resources Oil and Gas 15,697.5 -30.7% 279.9 186.5% 4,368.0 33.6%
2 MOL Hungary Energy and Resources Oil and Gas 11,499.0 -18.3% 373.0 -33.6% 3,218.2 49.9%
3 ČEZ Czech Republic Energy and Resources Power and Utilities 7,426.6 0.7% 1,961.3 3.3% 2,081.1 6.5%
4 Škoda Czech Republic Manufacturing Automotive 7,105.3 -11.5% 130.9 -69.8% 2,026.0 40.7%
5 Naftogaz Ukraine Energy and Resources Oil and Gas 6,891.7 4.2% 208.1 -85.8% 2,690.1 -16.0%
6 PGE Poland Energy and Resources Power and Utilities 4,997.0 -9.6% 992.9 29.1% 1,337.3 12.5%
7 Fiat Poland Manufacturing Automotive 4,517.8 4.9% 189.5 113.3% N/A N/A
8 PGNiG Poland Energy and Resources Oil and Gas 4,457.8 -15.1% 281.3 21.2% 1,658.4 16.9%
9 Metinvest Ukraine Manufacturing Process Industries 4,309.0 -52.7% 238.8 -87.6% N/A N/A
10Ukrainian railway state company
UkraineConsumer Business and Transportation
Transportation 4,107.5 -16.7% 35.6 107.0% 993.8 17.2%
11 Nokia Komárom HungaryTechnology, Media and Telecommunications
Telecommunications 3,970.9 -18.4% 154.9 -29.5% N/A N/A
12Jeronimo Martins Dystrybucja
PolandConsumer Business and Transportation
Retail 3,882.8 6.6% N/A N/A 1,129.7 36.5%
13 Metro Group PolandConsumer Business and Transportation
Retail 3,882.3 -34.6% N/A N/A N/A N/A
14 Audi Hungaria Hungary Manufacturing Automotive 3,868.1 -30.8% 291.2 -43.9% N/A N/A
15 RWE Transgas Czech Republic Energy and Resources Power and Utilities 3,864.0 -11.2% 601.0 49.4% 1,248.7 -24.8%
16 Energorynok Ukraine Energy and Resources Oil and Gas 3,840.1 -27.6% 10.4 -56.6% N/A N/A
17 TPSA PolandTechnology, Media and Telecommunications
Telecommunications 3,826.9 -26.0% 306.0 -50.8% 969.9 1.2%
18 Agrokor CroatiaConsumer Business and Transportation
Wholesale and Distribution
3,607.4 -5.8% 32.3 -3.6% 752.4 1.8%
19 Lotos Poland Energy and Resources Oil and Gas 3,309.5 -28.7% 214.6 N/A 979.6 62.2%
20 Agrofert Holding Czech RepublicConsumer Business and Transportation
Consumer Product Companies
3,248.9 -20.0% 141.1 -20.6% 1,196.6 22.6%
21Samsung Electronics Slovakia
Slovakia ManufacturingIndustrial Products and Services
3,168.2 -3.4% 236.7 N/A N/A N/A
22 Foxconn CZ Czech RepublicTechnology, Media and Telecommunications
Technology 3,165.0 -12.1% 19.9 143.3% N/A N/A
23 Tauron Poland Energy and Resources Power and Utilities 3,150.6 -11.1% 207.7 N/A N/A N/A
24 Orlen Lietuva Lithuania Energy and Resources Oil and Gas 3,115.6 -38.8% -24.7 N/A 774.1 19.1%
25 Petrom Romania Energy and Resources Oil and Gas 3,033.3 -33.3% 323.1 16.4% 957.6 34.5%
2008 revenues in local currency assumed due to lack of other data38
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
26 GE Hungary Hungary ManufacturingIndustrial Products and Services
3,010.6 13.3% 1,109.7 N/A N/A N/A
27 ČEZ Prodej Czech Republic Energy and Resources Power and Utilities 3,009.8 -3.9% -27.5 -157.4% N/A N/A
28 Volkswagen Slovakia Slovakia Manufacturing Automotive 2,944.0 -42.9% 57.0 -79.8% N/A N/A
29 E.ON Földgáz Trade Hungary Energy and Resources Power and Utilities 2,835.6 -24.8% -54.1 -7.8% N/A N/A
30 KGHM Poland Energy and Resources Mining 2,800.8 -22.3% 454.8 -51.2% 901.5 54.8%
31Samsung Electronics Magyar
HungaryConsumer Business and Transportation
Consumer Product Companies
2,788.3 7.7% 135.8 N/A N/A N/A
32 INA Group Croatia Energy and Resources Oil and Gas 2,775.7 -26.1% -53.7 64.7% 774.1 9.6%
33Slovenský plynárenský priemysel
Slovakia Energy and Resources Oil and Gas 2,760.0 -8.9% 622.0 0.3% N/A N/A
34 Slovnaft Slovakia Energy and Resources Oil and Gas 2,735.5 -30.4% -55.7 N/A 718.5 36.6%
35 Mercator Group SloveniaConsumer Business and Transportation
Retail 2,643.3 -2.4% 21.1 -48.2% N/A N/A
36 Vilniaus prekyba LithuaniaConsumer Business and Transportation
Retail 2,596.0 -10.8% N/A N/A N/A N/A
37 Unipetrol Czech Republic Manufacturing Process Industries 2,548.8 -35.2% -31.8 N/A 696.7 32.5%
38 Kompania Węglowa Poland Energy and Resources Mining 2,444.0 -19.6% 15.3 41.0% 596.5 -1.5%
39 Lotos Paliwa Poland Energy and Resources Oil and Gas 2,423.0 -18.8% N/A N/A N/A N/A
40 Tesco Polska PolandConsumer Business and Transportation
Retail 2,344.0 -12.0% N/A N/A N/A N/A
41 Petrol Group Slovenia Energy and Resources Oil and Gas 2,333.9 -20.9% 7.9 112.8% N/A N/A
42 Magyar Telekom HungaryTechnology, Media and Telecommunications
Telecommunications 2,295.5 -14.3% 276.7 -25.3% 547.5 1.2%
43 Telefónica O2 Czech RepublicTechnology, Media and Telecommunications
Telecommunications 2,265.2 -12.7% 441.2 -5.3% 534.1 -2.6%
44 Maxima LithuaniaConsumer Business and Transportation
Retail 2,251.6 -12.2% N/A N/A N/A N/A
45 BP Poland Energy and Resources Oil and Gas 2,246.0 -21.1% 55.0 N/A N/A N/A
46 PKP PolandConsumer Business and Transportation
Transportation 2,202.3 -14.1% N/A N/A N/A N/A
47 Lukoil Neftochim Bulgaria Energy and Resources Oil and Gas 2,131.1 -39.4% -90.0 62.8% N/A N/A
48 Automobile Dacia Romania Manufacturing Automotive 2,126.9 2.4% 54.4 -9.8% N/A N/A
49Philips Industries Magyarország
HungaryConsumer Business and Transportation
Consumer Product Companies
2,090.0 -11.5% -99.5 -180.9% N/A N/A
2008 revenues in local currency assumed due to lack of other data 39Who is shaping tomorrow? Ranking report 2010
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
50 MVM Hungary Energy and Resources Power and Utilities 2,069.7 -27.9% 216.8 37.3% N/A N/A
51 Tesco-Global Áruházak HungaryConsumer Business and Transportation
Consumer Services 2,055.0 -3.3% 47.5 20.7% N/A N/A
52 Slovenské elektrárne Slovakia Energy and Resources Power and Utilities 2,049.0 8.3% 280.0 75.2% 526.0 -2.0%
53 E.ON Hungária Hungary Energy and Resources Power and Utilities 2,029.8 -29.0% N/A N/A N/A N/A
54 Carrefour PolandConsumer Business and Transportation
Retail 2,000.0 -13.9% N/A N/A N/A N/A
55Toyota Peugeot Citroën Automobile Czech
Czech Republic Manufacturing Automotive 1,959.2 -0.5% N/A N/A N/A N/A
56Panasonic AVC Networks Czech
Czech RepublicTechnology, Media and Telecommunications
Technology 1,956.6 -5.7% N/A N/A N/A N/A
57 Energa Poland Energy and Resources Power and Utilities 1,936.3 -18.2% 66.5 N/A N/A N/A
58 ArcelorMittal Poland Poland Manufacturing Process Industries 1,864.0 -57.0% -90.4 -116.0% 437.8 23.4%
59 PCA Slovakia Slovakia Manufacturing Automotive 1,853.7 10.4% 59.7 N/A N/A N/A
60 Panrusgáz Hungary Energy and Resources Power and Utilities 1,803.8 -42.0% 4.4 -60.7% N/A N/A
61 Polkomtel PolandTechnology, Media and Telecommunications
Telecommunications 1,796.3 -25.6% 226.5 -41.5% 551.2 12.6%
62 Volkswagen Poland Manufacturing Automotive 1,789.9 -20.5% 57.8 -41.6% 462.9 18.1%
63 Centertel PolandTechnology, Media and Telecommunications
Telecommunications 1,789.8 -27.2% N/A N/A N/A N/A
64 Vertis Hungary Energy and Resources Power and Utilities 1,770.0 83.3% 9.4 129.9% N/A N/A
65 Tesco Stores ČR Czech RepublicConsumer Business and Transportation
Retail 1,758.8 10.6% N/A N/A N/A N/A
66 PTC PolandTechnology, Media and Telecommunications
Telecommunications 1,756.8 -22.1% N/A N/A N/A N/A
67 TNK-BP Commerce Ukraine Energy and Resources Oil and Gas 1,745.9 -32.3% 23.9 124.7% 407.4 4.7%
68 U.S. Steel Košice Slovakia Manufacturing Process Industries 1,741.7 -38.9% 11.3 -96.7% N/A N/A
69 Makro Cash and Carry PolandConsumer Business and Transportation
Retail 1,733.2 -21.3% N/A N/A N/A N/A
70 Rompetrol Romania Energy and Resources Oil and Gas 1,720.2 -43.2% -120.5 38.7% 504.1 30.3%
71 Kia Motors Slovakia Slovakia Manufacturing Automotive 1,684.6 -18.3% 25.9 -1.3% N/A N/A
72 Delta SerbiaConsumer Business and Transportation
Retail, Real Estate, Wholesale and Distribution, and Agribusiness
1,675.1 -6.7% 46.5 N/A N/A N/A
2008 revenues in local currency assumed due to lack of other data
2008 revenues in local currency assumed due to lack of other data40
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
73 Čepro Czech Republic Energy and Resources Oil and Gas 1,670.5 -22.9% 21.0 3.5% 388.1 11.1%
74 Enea Poland Energy and Resources Power and Utilities 1,656.3 -5.5% 123.7 104.3% 506.2 20.8%
75 EPS Serbia Energy and Resources Power and Utilities 1,640.9 -9.1% -85.7 71.2% N/A N/A
76 HEP Group Croatia Energy and Resources Power and Utilities 1,625.7 6.8% 40.8 N/A N/A N/A
77 Lukoil Bulgaria Bulgaria Energy and Resources Oil and Gas 1,625.0 -34.1% N/A N/A N/A N/A
78 PSE Operator Poland Energy and Resources Power and Utilities 1,601.6 -18.8% 44.6 38.6% 435.9 22.8%
79 Poczta Polska Poland Public Sector Postal Services 1,594.5 -17.6% -46.2 -16.3% N/A N/A
80 Konzum CroatiaConsumer Business and Transportation
Retail 1,549.3 -3.7% 46.6 2.1% 358.0 10.3%
81 Eurocash PolandConsumer Business and Transportation
Retail 1,547.9 -11.3% 23.7 12.7% 385.8 16.7%
82 Magyar Suzuki Hungary Manufacturing Automotive 1,540.6 -36.5% 8.7 -53.0% N/A N/A
83 AHOLD Czech Republic Czech RepublicConsumer Business and Transportation
Retail 1,526.0 -6.3% -65.8 N/A N/A N/A
84 E.ON Energie Czech Republic Energy and Resources Power and Utilities 1,465.1 -5.7% N/A N/A N/A N/A
85 NEK Bulgaria Energy and Resources Power and Utilities 1,425.6 -5.9% -9.6 -137.5% N/A N/A
86 Foxconn Slovakia Slovakia ManufacturingIndustrial Products and Services
1,384.6 0.0% N/A N/A N/A N/A
87 Makro Cash & Carry ČR Czech RepublicConsumer Business and Transportation
Wholesale and Distribution
1,384.3 -7.1% N/A N/A N/A N/A
88 DTEK Ukraine Energy and Resources Power and Delivery 1,377.4 -18.8% 78.6 N/A N/A N/A
89 Auchan PolandConsumer Business and Transportation
Retail 1,375.0 -12.2% N/A N/A N/A N/A
90 Eni Česká republika Czech Republic Energy and Resources Oil and Gas 1,362.8 -30.8% -10.7 34.9% N/A N/A
91 Kaufland Česká republika Czech RepublicConsumer Business and Transportation
Retail 1,360.5 -3.5% 76.6 77.3% N/A N/A
92Metro Cash & Carry Romania
RomaniaConsumer Business and Transportation
Wholesale and Distribution
1,357.4 -16.9% N/A N/A N/A N/A
93 Shell Czech Republic Czech Republic Energy and Resources Oil and Gas 1,344.9 -33.3% 2.4 -90.7% 350.8 35.7%
94 ArcelorMittal Galati Romania Manufacturing Process Industries 1,343.1 -31.1% -334.9 N/A N/A N/A
95 Barum Continental Czech Republic Manufacturing Automotive 1,325.6 -14.4% 63.0 18.4% N/A N/A
96 Lewiatan PolandConsumer Business and Transportation
Wholesale and Distribution
1,322.8 -6.0% N/A N/A N/A N/A
2008 revenues in local currency assumed due to lack of other data 41Who is shaping tomorrow? Ranking report 2010
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
97 Neuca PolandLife Sciences and Health Care
Life Sciences 1,314.3 16.3% 9.1 N/A 406.3 55.7%
98 ArcelorMittal Kryvyj Rih Ukraine Manufacturing Process Industries 1,313.0 -57.1% -152.9 -149.0% 408.4 24.0%
99 PKE Poland Energy and Resources Power and Utilities 1,311.9 2.8% 146.3 N/A 301.1 9.3%
100 Lasy Państwowe Poland Public Sector National Government 1,310.6 -26.9% 38.7 -40.4% 370.8 35.3%
101 PTT Srbija SerbiaTechnology, Media and Telecommunications
Telecommunications 1,304.3 -6.9% 313.8 -1.3% N/A N/A
102 ČEZ Distribuce Czech Republic Energy and Resources Power and Utilities 1,298.2 -4.1% 110.7 -27.1% 413.8 26.6%
103 OMV Česká republika Czech Republic Energy and Resources Oil and Gas 1,287.3 -5.7% N/A N/A N/A N/A
104 Spar Magyarország HungaryConsumer Business and Transportation
Consumer Services 1,284.0 -1.2% -52.8 -16.8% N/A N/A
105 Revoz Slovenia Manufacturing Automotive 1,282.6 5.9% 20.5 9.6% N/A N/A
106 Emperia Holding PolandConsumer Business and Transportation
Wholesale and Distribution
1,276.9 -14.7% 16.1 -1.4% 349.2 22.1%
107 Merkur Group SloveniaConsumer Business and Transportation
Retail 1,266.8 0.0% N/A N/A N/A N/A
108 LG Electronics Mława PolandConsumer Business and Transportation
Consumer Product Companies
1,266.4 10.7% 31.0 -37.9% 363.6 41.4%
109 NIS Serbia Energy and Resources Oil and Gas 1,254.6 -39.7% -400.5 N/A N/A N/A
110 PGF PolandLife Sciences and Health Care
Life Sciences 1,254.2 -13.5% 14.6 -25.0% 349.2 14.8%
111 Real PolandConsumer Business and Transportation
Retail 1,247.9 -16.9% N/A N/A N/A N/A
112 Moravia Steel Czech RepublicConsumer Business and Transportation
Wholesale and Distribution
1,230.3 -33.6% -25.3 -119.9% N/A N/A
113 MMK im. Illicha Ukraine Manufacturing Process Industries 1,225.0 N/A -20.7 -111.6% N/A N/A
114 Flextronics Hungary Hungary ManufacturingIndustrial Products and Services
1,189.5 16.8% -63.2 N/A N/A N/A
115 Farmacol PolandLife Sciences and Health Care
Life Sciences 1,187.0 -1.0% 17.9 -11.3% 341.9 15.0%
116 Gorenje Group SloveniaConsumer Business and Transportation
Consumer Product Companies
1,185.9 -10.9% -12.2 N/A N/A N/A
117 OKD Czech Republic Energy and Resources Mining 1,176.3 -41.0% 56.0 -86.1% 347.3 38.2%
118 Telekom Srbija SerbiaTechnology, Media and Telecommunications
Telecommunications 1,175.1 -7.4% 141.7 26.1% N/A N/A
2008 revenues in local currency assumed due to lack of other data42
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
119 T-HT Group CroatiaTechnology, Media and Telecommunications
Telecommunications 1,160.4 -4.7% 275.8 -13.8% 272.9 -2.3%
120 Chinoin HungaryLife Sciences and Health Care
Life Sciences 1,158.5 2.9% 114.3 36.3% N/A N/A
121 JSW Poland Energy and Resources Mining 1,153.4 -54.4% -116.7 -160.9% N/A N/A
122 Vattenfall Poland Poland Energy and Resources Power and Utilities 1,153.2 -9.6% 129.6 -9.8% N/A N/A
123 T-Mobile Czech Republic Czech RepublicTechnology, Media and Telecommunications
Telecommunications 1,145.1 -13.6% 344.3 -5.0% 272.8 0.2%
124 Siemens Group ČR Czech RepublicTechnology, Media and Telecommunications
Technology 1,134.7 -35.7% N/A N/A N/A N/A
125 Castorama PolandConsumer Business and Transportation
Retail 1,122.3 -8.9% 140.0 N/A N/A N/A
126 Polimex-Mostostal Poland Real EstateConstruction Companies
1,117.7 -8.7% 51.7 88.9% 193.3 4.5%
127 Západoslovenská energetika Slovakia Energy and Resources Power and Utilities 1,112.8 3.6% 143.7 17.9% N/A N/A
128 Metrostav Czech Republic Real EstateConstruction Companies
1,104.0 -7.1% 32.5 7.8% 185.1 31.5%
129 TIGÁZ Hungary Energy and Resources Power and Utilities 1,100.4 -9.7% 5.3 125.4% N/A N/A
130 Kompania Piwowarska PolandConsumer Business and Transportation
Consumer Product Companies
1,098.6 -11.4% 174.9 -16.9% N/A N/A
131 České dráhy Czech RepublicConsumer Business and Transportation
Transportation 1,096.1 -21.2% -37.9 -140.4% 115.3 5.3%
132 Orlen Petrocentrum Poland Energy and Resources Oil and Gas 1,094.1 -24.6% 1.6 158.2% 361.2 68.9%
133 CEDC PolandConsumer Business and Transportation
Consumer Product Companies
1,085.3 -3.9% 60.6 N/A 108.3 -35.2%
134 LG Electronics Wrocław PolandTechnology, Media and Telecommunications
Technology 1,082.0 8.1% 29.2 N/A 339.3 48.3%
135 Fozzy UkraineConsumer Business and Transportation
Retail 1,073.8 -19.5% N/A N/A N/A N/A
136 Lidl PolandConsumer Business and Transportation
Retail 1,072.2 4.5% 65.7 N/A N/A N/A
137 Třinecké Železárny Czech Republic Manufacturing Process Industries 1,065.1 -36.4% -36.8 -178.1% 303.1 2.8%
138 Kyivstar UkraineTechnology, Media and Telecommunications
Telecommunications 1,063.7 -36.0% 338.2 -49.0% 241.2 -13.0%
139 Aurubis Bulgaria Manufacturing Process Industries 1,053.8 -19.5% -15.3 84.7% 375.3 85.8%
2008 revenues in local currency assumed due to lack of other data 43Who is shaping tomorrow? Ranking report 2010
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
140Zaklady Koksownicze Zdzieszowice
Poland Manufacturing Process Industries 1,053.2 -18.8% N/A N/A N/A N/A
141 Ukrtatnafta Ukraine Energy and Resources Oil and Gas 1,050.1 -29.8% -134.8 N/A 359.2 104.0%
142 Skanska Czech Republic Real EstateConstruction Companies
1,046.4 N/A 55.1 N/A N/A N/A
143 Kaufland Polska PolandConsumer Business and Transportation
Retail 1,045.8 3.5% -2.7 40.2% N/A N/A
144 Orange Romania RomaniaTechnology, Media and Telecommunications
Telecommunications 1,045.3 -18.3% 270.9 -38.1% N/A N/A
145British American Tobacco Romania
RomaniaConsumer Business and Transportation
Consumer Product Companies
1,040.9 6.3% 77.2 -22.2% N/A N/A
146Phoenix lékárenský velkoobchod
Czech RepublicLife Sciences and Health Care
Life Sciences 1,037.0 -5.7% N/A N/A N/A N/A
147 Carrefour Romania RomaniaConsumer Business and Transportation
Retail 1,028.1 -0.4% 20.8 3.3% N/A N/A
148 Penny Market CR Czech RepublicConsumer Business and Transportation
Retail 1,020.7 42.0% 9.9 -59.3% N/A N/A
149 EFT Holdings Serbia Energy and Resources Power and Utilities 990.1 1.3% 73.2 N/A N/A N/A
150 GSK PolandLife Sciences and Health Care
Life Sciences 989.1 0.5% N/A N/A N/A N/A
151 PKP Cargo PolandConsumer Business and Transportation
Transportation 977.7 -37.7% -115.1 -125.6% 265.8 34.0%
152 ArcelorMittal Ostrava Czech Republic Manufacturing Process Industries 976.4 -37.5% -42.4 -117.4% N/A N/A
153 Shell Poland Energy and Resources Oil and Gas 974.4 -22.0% N/A N/A N/A N/A
154 Slovak Telekom SlovakiaTechnology, Media and Telecommunications
Telecommunications 974.2 -2.1% 145.6 28.4% 230.0 -5.7%
155 EnergiaPro Gigawat Poland Energy and Resources Power and Utilities 970.5 -18.8% N/A N/A N/A N/A
156Budapesti Elektromos Művek
Hungary Energy and Resources Power and Utilities 969.8 -14.4% 66.9 -34.4% 246.6 4.3%
157 Vodafone RomaniaTechnology, Media and Telecommunications
Telecommunications 968.4 -21.5% 244.7 -20.2% N/A N/A
158 Philips Lighting PolandConsumer Business and Transportation
Consumer Product Companies
959.0 -10.4% 112.5 N/A N/A N/A
159 Krka Group SloveniaLife Sciences and Health Care
Life Sciences 953.0 0.3% 173.7 11.4% N/A N/A
2008 revenues in local currency assumed due to lack of other data44
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
160 Richter Gedeon HungaryLife Sciences and Health Care
Life Sciences 952.9 1.2% 181.6 9.8% 235.7 13.2%
161 TVK Hungary Manufacturing Process Industries 945.9 -26.5% -32.8 N/A 315.2 61.2%
162 KHW Poland Energy and Resources Mining 939.7 -6.6% 20.9 N/A N/A N/A
163 Eurovia CS Czech Republic Real EstateConstruction Companies
927.1 0.5% 32.6 -12.0% 103.5 52.2%
164 Ruch PolandConsumer Business and Transportation
Retail 917.2 -22.7% -16.9 -109.4% 223.8 3.3%
165 Media-Saturn PolandConsumer Business and Transportation
Retail 901.3 -25.0% N/A N/A N/A N/A
166 Statoil Poland Energy and Resources Oil and Gas 894.1 -23.1% 14.8 12.9% 243.9 33.3%
167 Donetskstal Ukraine Manufacturing Process Industries 888.5 -47.4% -23.9 49.3% N/A N/A
168 Shell Hungary Hungary Energy and Resources Oil and Gas 888.4 -9.2% -1.7 -132.5% 222.5 20.4%
169 Achemos grupė Lithuania Manufacturing Process Industries 888.0 -39.3% N/A N/A N/A N/A
170 Kolporter PolandConsumer Business and Transportation
Wholesale and Distribution
885.5 -17.0% N/A N/A N/A N/A
171 Globus ČR Czech RepublicConsumer Business and Transportation
Retail 881.6 -3.1% 10.8 -35.8% N/A N/A
172 Kaufland Romania RomaniaConsumer Business and Transportation
Retail 872.5 12.1% 18.6 N/A N/A N/A
173 Metro Cash & Carry Ukraine UkraineConsumer Business and Transportation
Retail 867.1 -24.2% -0.7 98.7% N/A N/A
174 Żywiec PolandConsumer Business and Transportation
Consumer Product Companies
862.0 -20.5% 85.4 -29.1% 183.4 21.9%
175 OMV Hungária Hungary Energy and Resources Oil and Gas 861.1 -30.0% -17.4 -15.2% N/A N/A
176 Hungaropharma HungaryLife Sciences and Health Care
Life Sciences 859.3 -6.0% 1.1 -87.6% N/A N/A
177 GDF SUEZ Energy Romania Romania Energy and Resources Oil and Gas 857.1 -15.6% 89.8 157.2% N/A N/A
178 Ciech Poland Manufacturing Process Industries 851.4 -21.0% 7.5 117.5% 240.9 9.3%
179 Telekom Slovenije Group SloveniaTechnology, Media and Telecommunications
Telecommunications 847.5 0.6% 24.6 -71.4% N/A N/A
180 Tesco Stores SR SlovakiaConsumer Business and Transportation
Retail 846.0 -11.8% N/A N/A N/A N/A
181 Samsung Electronics PolandTechnology, Media and Telecommunications
Technology 845.9 5.4% 13.8 25.4% 217.5 -1.0%
2008 revenues in local currency assumed due to lack of other data 45Who is shaping tomorrow? Ranking report 2010
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
182 BSH PolandConsumer Business and Transportation
Consumer Product Companies
834.2 8.8% 69.4 45.4% 220.2 6.7%
183 Billa CR Czech RepublicConsumer Business and Transportation
Retail 824.0 17.9% N/A N/A N/A N/A
184 Zaporizhstal Ukraine Manufacturing Process Industries 822.6 -49.9% -26.7 N/A N/A N/A
185 Orange Slovensko SlovakiaTechnology, Media and Telecommunications
Telecommunications 812.7 -2.7% 199.8 3.8% N/A N/A
186 Stredoslovenská energetika Slovakia Energy and Resources Power and Utilities 811.5 -7.3% 42.0 -27.4% N/A N/A
187 Grupa Saint-Gobain Poland Manufacturing Process Industries 808.8 -30.7% N/A N/A N/A N/A
188 Auchan Magyarország HungaryConsumer Business and Transportation
Consumer Services 808.2 -8.3% -28.4 N/A N/A N/A
189 RWE Energie Czech Republic Energy and Resources Power and Utilities 807.9 143.9% 67.7 N/A N/A N/A
190 HSE Group Slovenia Energy and Resources Power and Utilities 804.3 -7.8% 113.8 52.8% N/A N/A
191 Elektrownia Rybnik Poland Energy and Resources Power and Utilities 801.7 14.3% 84.1 186.8% N/A N/A
192 Nibulon UkraineConsumer Business and Transportation
Consumer Product Companies
793.4 -17.6% 40.2 -50.1% 225.3 58.6%
193 Vodafone Czech Republic Czech RepublicTechnology, Media and Telecommunications
Telecommunications 792.9 -5.7% N/A N/A N/A N/A
194 Tallink EstoniaConsumer Business and Transportation
Transportation 791.9 0.8% -8.2 -142.1% 181.3 -6.4%
195 Romtelecom RomaniaTechnology, Media and Telecommunications
Telecommunications 788.6 -6.7% N/A N/A N/A N/A
196 Petrotel Lukoil Romania Energy and Resources Oil and Gas 784.4 -39.7% -82.5 43.4% N/A N/A
197 Pražská energetika Czech Republic Energy and Resources Power and Utilities 783.7 2.8% 81.1 -6.8% 217.8 4.3%
198 Lukoil Romania Energy and Resources Oil and Gas 777.3 -38.1% -19.9 N/A N/A N/A
199 Everen Poland Energy and Resources Power and Utilities 771.2 15.2% 1.9 -12.1% N/A N/A
200 České aerolinie Czech RepublicConsumer Business and Transportation
Transportation 768.8 -16.5% -170.2 N/A 137.5 -16.0%
201 Rompetrol Downstream Romania Energy and Resources Oil and Gas 768.0 -37.3% -19.8 38.3% 177.6 31.5%
202 Volkswagen Motor Polska Poland Manufacturing Automotive 766.6 -21.4% 16.5 -17.0% N/A N/A
203 Real - Hypermarket RomaniaConsumer Business and Transportation
Retail 761.4 6.0% N/A N/A N/A N/A
204 Budimex Poland Real EstateConstruction Companies
760.3 -18.5% 40.1 45.0% 144.6 -4.6%
2008 revenues in local currency assumed due to lack of other data46
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
205 Jabil Circuit Magyarország Hungary ManufacturingIndustrial Products and Services
758.5 61.0% -5.0 -109.5% N/A N/A
206 Česká pošta Czech RepublicConsumer Business and Transportation
Consumer Services 757.6 -4.4% 21.0 78.3% N/A N/A
207 Grupa Muszkieterów PolandConsumer Business and Transportation
Retail 755.7 -7.5% N/A N/A N/A N/A
208 Romgaz Romania Energy and Resources Oil and Gas 754.3 -15.4% 135.2 -7.4% N/A N/A
209 Totalizator Sportowy PolandConsumer Business and Transportation
Tourism, Hospitality and Leisure
752.2 -23.4% 57.5 -22.9% 164.0 -9.9%
210 MTS Ukraine UkraineTechnology, Media and Telecommunications
Telecommunications 750.1 -33.3% 58.7 -67.4% 176.5 -5.6%
211 Kernel UkraineConsumer Business and Transportation
Consumer Product Companies
748.8 63.8% 94.4 66.5% 176.2 -38.3%
212 Unilever Polska PolandConsumer Business and Transportation
Consumer Product Companies
745.3 -12.3% 22.7 N/A N/A N/A
213 Dneproblenergo Ukraine Energy and Resources Power and Utilities 744.5 -29.1% 5.7 -48.0% 234.7 26.5%
214 Fiat-GM Powertrain Poland ManufacturingIndustrial Products and Services
743.1 -32.3% 22.6 -59.7% N/A N/A
215 Eustream Slovakia Energy and Resources Oil and Gas 742.9 -4.5% 78.7 -4.6% N/A N/A
216 PKP PLK PolandConsumer Business and Transportation
Transportation 742.8 -6.8% -68.4 -118.2% N/A N/A
217 FŐGÁZ Hungary Energy and Resources Power and Utilities 740.7 -18.2% 18.8 7.5% 315.4 -11.1%
218 Vattenfall Energy Trading Poland Energy and Resources Power and Utilities 731.8 3.7% 2.1 -66.8% N/A N/A
219 Michelin Poland Manufacturing Automotive 729.8 -11.6% 13.4 194.1% N/A N/A
220 Animex PolandConsumer Business and Transportation
Consumer Product Companies
729.1 -17.4% N/A N/A N/A N/A
221 Strabag Polska Poland Real EstateConstruction Companies
726.3 16.3% 43.5 65.2% N/A N/A
222 EDF Démász Hungary Energy and Resources Power and Utilities 725.3 9.6% 15.3 -67.9% N/A N/A
223 Jihomoravská plynárenská Czech Republic Energy and Resources Power and Utilities 724.4 -7.1% 75.3 N/A 265.6 -20.1%
224 Phoenix Pharma Hungary HungaryLife Sciences and Health Care
Life Sciences 721.9 -1.8% 9.5 -8.5% N/A N/A
225 Selgros Cash & Carry RomaniaConsumer Business and Transportation
Retail 718.5 -16.3% 24.7 -36.7% N/A N/A
2008 revenues in local currency assumed due to lack of other data 47Who is shaping tomorrow? Ranking report 2010
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
226 Lidl Česká republika Czech RepublicConsumer Business and Transportation
Retail 716.0 -5.7% N/A N/A N/A N/A
227 Latvenergo Latvia Energy and Resources Power and Utilities 712.2 5.2% 27.8 166.9% N/A N/A
228 OWG Group Ukraine Energy and Resources Oil and Gas 710.8 -36.3% N/A N/A N/A N/A
229 TEVA Magyarország HungaryLife Sciences and Health Care
Life Sciences 707.7 -1.5% 74.2 N/A N/A N/A
230 Metro-Kereskedelmi HungaryConsumer Business and Transportation
Consumer Services 707.0 -18.7% 17.1 -21.7% N/A N/A
231 Asseco Poland PolandTechnology, Media and Telecommunications
Technology 704.9 -11.2% 94.0 -32.2% 172.9 9.6%
232 Grupa Can Pack Poland ManufacturingIndustrial Products and Services
701.8 10.2% 87.1 42.3% N/A N/A
233 Selgros PolandConsumer Business and Transportation
Wholesale and Distribution
700.4 -14.8% 24.9 -14.1% N/A N/A
234 Electrolux Lehel Hungary ManufacturingIndustrial Products and Services
700.3 -18.9% 36.5 22.2% N/A N/A
235 Porsche Hungaria Hungary Manufacturing Automotive 695.0 -10.3% -9.5 -182.7% N/A N/A
236 Hyundai Motor Poland Manufacturing Automotive 694.8 -18.8% N/A N/A N/A N/A
237 Skanska Poland Real EstateConstruction Companies
694.7 -12.2% 28.0 -26.9% N/A N/A
238 Lek Group SloveniaLife Sciences and Health Care
Life Sciences 693.7 -13.5% 48.7 -50.3% N/A N/A
239 Delta Maxi SerbiaConsumer Business and Transportation
Retail 688.3 -5.0% 19.4 -4.6% N/A N/A
240 Kulczyk Tradex Poland Manufacturing Automotive 687.9 -18.8% N/A N/A N/A N/A
241 ATB Market UkraineConsumer Business and Transportation
Retail 685.6 3.7% 1.6 167.8% N/A N/A
242 SF Holding PolandConsumer Business and Transportation
Consumer Product Companies
685.2 -17.7% -1,131.0 32.7% N/A N/A
243 ISD Dunaferr Hungary Manufacturing Process Industries 684.4 -48.5% -110.7 N/A N/A N/A
244 Eesti Energia Estonia Energy and Resources Power and Utilities 678.0 2.0% 115.0 65.5% 169.0 20.7%
245 Continental Automotive CR Czech Republic Manufacturing Automotive 677.8 -5.7% N/A N/A N/A N/A
246 Epicentr K UkraineConsumer Business and Transportation
Retail 676.3 -17.0% 25.7 149.2% N/A N/A
2008 revenues in local currency assumed due to lack of other data48
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
247 Strabag ČR Czech Republic Real EstateConstruction Companies
676.3 -6.0% N/A N/A N/A N/A
248 Lekkerland PolandConsumer Business and Transportation
Wholesale and Distribution
670.4 -29.9% N/A N/A N/A N/A
249 Magyar Posta Hungary Public Sector Postal Services 669.8 -11.4% 25.8 -22.3% N/A N/A
250 Philip Morris Polska PolandConsumer Business and Transportation
Consumer Product Companies
667.4 1.5% N/A N/A N/A N/A
251 Tele-fonika Kable Poland ManufacturingIndustrial Products and Services
666.9 -44.8% N/A N/A 169.3 44.8%
252 Magneti Marelli Poland Manufacturing Automotive 666.6 -32.3% 67.9 92.8% N/A N/A
253 RWE Polska Poland Energy and Resources Power and Utilities 666.4 -1.9% N/A N/A N/A N/A
254 Swedwood Poland Manufacturing Process Industries 665.8 -23.4% 24.2 52.5% N/A N/A
255 Engrotus SloveniaConsumer Business and Transportation
Retail 660.9 -0.6% 11.7 44.9% N/A N/A
256 Energa-Operator Poland Energy and Resources Power and Utilities 659.7 -24.8% N/A N/A N/A N/A
257 J&S Energy Poland Energy and Resources Oil and Gas 658.7 -52.7% 6.3 118.4% N/A N/A
258GDF SUEZ Energia Magyarország
Hungary Energy and Resources Power and Utilities 657.8 -5.2% -11.8 N/A N/A N/A
259 AB PolandConsumer Business and Transportation
Wholesale and Distribution
656.2 -23.3% 6.2 27.8% 164.9 14.7%
260 TRW Poland Poland Manufacturing Automotive 648.6 0.2% 46.9 N/A N/A N/A
261 Spar Slovenia SloveniaConsumer Business and Transportation
Retail 648.5 0.0% N/A N/A N/A N/A
262 Slovnaft Česká republika Czech Republic Energy and Resources Oil and Gas 646.0 -26.9% 3.4 -34.9% 131.2 -2.1%
263 EMFESZ Hungary Energy and Resources Oil and Gas 642.2 -26.6% -47.6 N/A N/A N/A
264 OMV Bulgaria Bulgaria Energy and Resources Oil and Gas 641.7 -20.4% 11.2 161.3% 144.2 5.2%
265 Telenor Magyarország HungaryTechnology, Media and Telecommunications
Telecommunications 632.4 -15.9% 145.1 -17.8% N/A N/A
266Lukoil-Odesa petroleum refinery plant
Ukraine Energy and Resources Oil and Gas 632.2 -33.5% -54.0 67.7% N/A N/A
267 Ukrtelecom UkraineTechnology, Media and Telecommunications
Telecommunications 630.6 -27.5% -41.9 79.1% 153.9 -8.2%
268 PAK Poland Energy and Resources Power and Utilities 630.4 2.9% 168.9 N/A 112.2 -1.8%
2008 revenues in local currency assumed due to lack of other data 49Who is shaping tomorrow? Ranking report 2010
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
269 PLL LOT PolandConsumer Business and Transportation
Transportation 629.5 -31.7% N/A N/A N/A N/A
270 Grupa Empik PolandConsumer Business and Transportation
Retail 628.5 -3.9% 9.7 -66.3% 150.2 19.2%
271 Sokołów PolandConsumer Business and Transportation
Consumer Product Companies
628.3 15.9% 10.9 N/A 127.7 13.3%
272 Rossmann PolandConsumer Business and Transportation
Retail 627.8 2.9% N/A N/A N/A N/A
273 Mostostal Warszawa Poland Real EstateConstruction Companies
626.8 -0.5% 37.0 103.4% 132.3 4.2%
274 Pliva CroatiaLife Sciences and Health Care
Life Sciences 625.3 -1.6% N/A N/A N/A N/A
275 ISD Huta Częstochowa Poland Manufacturing Process Industries 623.0 -18.8% N/A N/A N/A N/A
276 PKP Energetyka Poland Energy and Resources Power and Utilities 616.9 -4.0% 8.0 N/A 156.4 12.4%
277 Mobiltel BulgariaTechnology, Media and Telecommunications
Telecommunications 614.3 -7.9% 1.2 -99.3% 135.8 -9.5%
278 Bumar Poland ManufacturingAerospace and Defense
612.2 -38.9% 8.8 105.6% 136.5 -7.4%
279 Energokrak Poland Energy and Resources Oil and Gas 612.1 6.8% 0.8 177.1% N/A N/A
280 Specjał PolandConsumer Business and Transportation
Retail 611.5 12.3% 1.2 1.5% 174.0 31.3%
281 Electrolux Poland PolandConsumer Business and Transportation
Consumer Product Companies
611.0 -16.1% 8.8 40.2% 154.8 73.6%
282 Istrabenz SloveniaConsumer Business and Transportation
Consumer Product Companies
610.4 -7.7% -71.9 67.5% N/A N/A
283British American Tobacco Polska
PolandConsumer Business and Transportation
Consumer Product Companies
607.6 N/A N/A N/A N/A N/A
284 Philip Morris Magyarország HungaryConsumer Business and Transportation
Consumer Product Companies
604.6 -6.0% 3.4 -37.4% N/A N/A
285 E.ON Gaz Romania Romania Energy and Resources Oil and Gas 604.1 -25.1% N/A N/A N/A N/A
286 Węglokoks Poland Energy and Resources Mining 602.4 -29.4% 28.0 35.1% 175.3 23.4%
287 Zagrebački Holding Croatia Public SectorLocal or Municipal Government
601.9 19.5% 5.3 30.5% N/A N/A
288 Synthos Poland Manufacturing Process Industries 601.1 -25.8% 36.1 -33.7% 207.0 53.8%
2008 revenues in local currency assumed due to lack of other data50
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
289 Polomarket PolandConsumer Business and Transportation
Retail 600.8 -4.1% N/A N/A N/A N/A
290Baltic International Trading OÜ
Estonia Energy and Resources Oil and Gas 599.4 -16.7% -0.6 -138.5% N/A N/A
291 PBG Poland ManufacturingIndustrial Products and Services
595.7 0.0% 73.5 N/A 117.5 51.3%
292 Cargill PolandConsumer Business and Transportation
Consumer Product Companies
593.0 -3.6% 38.3 N/A N/A N/A
293 Salbatring Slovenia Energy and Resources Oil and Gas 591.0 0.0% N/A N/A N/A N/A
294 CEZ Electro Bulgaria Energy and Resources Power and Utilities 590.2 7.2% 2.8 -61.5% 176.5 -3.5%
295 Kyivenergo Ukraine Energy and Resources Power and Utilities 589.0 -24.3% -11.9 79.0% 276.1 33.8%
296 Palink LithuaniaConsumer Business and Transportation
Retail 586.9 -6.9% N/A N/A N/A N/A
297 Magyar Áramszolgáltató Hungary Energy and Resources Power and Utilities 586.0 51.0% 34.0 N/A N/A N/A
298 Anwil Poland Manufacturing Process Industries 584.9 -25.9% 15.1 -68.6% 150.1 -8.0%
299 Plzeňský Prazdroj Czech RepublicConsumer Business and Transportation
Consumer Product Companies
582.9 -8.2% N/A N/A N/A N/A
300 Transelectrica Romania Energy and Resources Power and Utilities 580.8 -28.5% 4.3 -68.5% 169.4 4.6%
301 Robert Bosch Elektronika Hungary ManufacturingIndustrial Products and Services
580.2 -22.5% 45.1 0.3% N/A N/A
302 P&G Trading Ukraine UkraineConsumer Business and Transportation
Wholesale and Distribution
579.9 -4.8% N/A N/A N/A N/A
303 Rimi LatviaConsumer Business and Transportation
Retail 575.4 -13.0% -3.0 -115.8% N/A N/A
304 Hidroelectrica Romania Energy and Resources Power and Utilities 571.7 -13.9% 11.4 -35.4% N/A N/A
305 BorsodChem Hungary Manufacturing Process Industries 571.4 -34.4% -99.2 -169.6% N/A N/A
306 Nestle PolandConsumer Business and Transportation
Consumer Product Companies
569.4 -8.8% 43.9 -17.3% N/A N/A
307 Maxima Latvija LatviaConsumer Business and Transportation
Wholesale and Distribution
565.3 -6.9% 20.8 -5.7% N/A N/A
308 Srbijagas Serbia Energy and Resources Power and Utilities 564.8 -24.3% 10.1 171.0% N/A N/A
309 Maspex PolandConsumer Business and Transportation
Consumer Product Companies
562.3 -21.4% N/A N/A N/A N/A
310 Paksi Atomerőmű Hungary Energy and Resources Power and Utilities 559.6 -2.6% 60.8 -16.8% N/A N/A
2008 revenues in local currency assumed due to lack of other data 51Who is shaping tomorrow? Ranking report 2010
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
311 Szerencsejáték HungaryConsumer Business and Transportation
Tourism, Hospitality and Leisure
559.5 -13.2% 15.9 -34.0% N/A N/A
312 Transtrade EstoniaConsumer Business and Transportation
Transportation 556.0 50.7% 0.4 -73.5% N/A N/A
313 T-Mobile Slovensko SlovakiaTechnology, Media and Telecommunications
Telecommunications 555.6 -2.9% 113.0 16.0% 124.2 -11.0%
314 Grupa ITI PolandTechnology, Media and Telecommunications
Media 555.3 -18.8% N/A N/A N/A N/A
315 Puławy Poland Manufacturing Process Industries 553.9 -22.3% 45.0 -52.3% 150.1 15.7%
316 ŽPSV Czech Republic Real EstateConstruction Companies
552.4 -3.9% 13.6 -21.2% N/A N/A
317 ABC Data PolandConsumer Business and Transportation
Consumer Product Companies
551.8 -27.5% 9.5 121.8% N/A N/A
318Phoenix Zdravotnícke zásobovanie
SlovakiaLife Sciences and Health Care
Life Sciences 548.9 3.0% 6.4 -17.4% N/A N/A
319 Elektrownia Kozienice Poland Energy and Resources Power and Utilities 547.8 -1.3% 38.8 N/A 144.2 4.1%
320 Mobis Slovakia Slovakia Manufacturing Automotive 545.3 0.0% N/A N/A N/A N/A
321 Basell Orlen Poland Manufacturing Process Industries 543.8 -30.9% -9.2 85.9% 167.5 42.4%
322Toyota Motor Manufacturing
Poland Manufacturing Automotive 540.3 -3.8% 47.4 187.1% 152.3 12.6%
323Východoslovenská energetika
Slovakia Energy and Resources Power and Utilities 539.8 0.2% 74.9 -8.0% N/A N/A
324Česká společnost pro platební karty
Czech RepublicConsumer Business and Transportation
Consumer Product Companies
539.6 -23.9% 16.9 -17.8% 136.2 15.7%
325 Celsa Huta Ostrowiec Poland Manufacturing Process Industries 539.4 -39.0% N/A N/A N/A N/A
326 Atlant-M Ukraine Manufacturing Automotive 536.5 -59.4% N/A N/A 105.4 -23.3%
327 HEP-Proizvodnja Croatia Energy and Resources Power and Utilities 534.7 0.0% 3.6 9.5% N/A N/A
328 Kopex Poland ManufacturingIndustrial Products and Services
534.6 -5.3% 25.0 48.5% 158.7 20.4%
329 ČEPS Czech Republic Energy and Resources Power and Utilities 532.8 -8.5% 29.4 -47.1% 158.6 10.1%
330 Boryszew Poland Manufacturing Process Industries 528.9 -42.2% 15.5 121.5% 168.2 45.5%
331 E. Leclerc PolandConsumer Business and Transportation
Retail 527.1 -12.5% N/A N/A N/A N/A
2008 revenues in local currency assumed due to lack of other data52
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
332 Mlekpol PolandConsumer Business and Transportation
Consumer Product Companies
524.3 -5.3% 4.6 N/A 136.2 17.4%
333 Benzina Czech Republic Energy and Resources Oil and Gas 524.3 -21.3% 18.3 99.2% 122.5 16.2%
334 Esppol PolandConsumer Business and Transportation
Transportation 524.0 -11.8% 1.7 9.2% N/A N/A
335Kaufland Slovenska republika
SlovakiaConsumer Business and Transportation
Retail 520.0 26.1% N/A N/A N/A N/A
336 SCT Slovenia Real Estate Developers 519.8 0.0% N/A N/A N/A N/A
337 Philip Morris Romania RomaniaConsumer Business and Transportation
Wholesale and Distribution
517.1 -3.4% 18.7 N/A N/A N/A
338 International Paper-Kwidzyn Poland Manufacturing Process Industries 513.5 -3.8% 103.5 88.4% 130.2 1.9%
339 Vodafone Magyarország HungaryTechnology, Media and Telecommunications
Telecommunications 513.2 -9.7% 2.1 -83.6% N/A N/A
340 Galnaftogaz Ukraine Energy and Resources Oil and Gas 512.9 -28.8% 12.1 122.0% 155.1 53.1%
341 Indesit PolandConsumer Business and Transportation
Consumer Product Companies
510.1 -16.3% -20.3 -199.4% N/A N/A
342 MHP UkraineConsumer Business and Transportation
Consumer Product Companies
508.4 -8.1% 114.4 N/A 146.7 41.5%
343 OHL ŽS Czech Republic Real EstateConstruction Companies
508.3 -0.5% 12.0 2.4% 62.9 -25.0%
344 Johnson Controls Czech Republic Manufacturing Automotive 506.9 -29.5% N/A -69.0% N/A N/A
345 Action PolandConsumer Business and Transportation
Wholesale and Distribution
502.3 -24.7% 3.4 -66.9% 121.0 -10.5%
346 ČD Cargo Czech RepublicConsumer Business and Transportation
Transportation 502.0 -26.8% -16.2 N/A 129.5 4.4%
347 BTC BulgariaTechnology, Media and Telecommunications
Telecommunications 500.9 -4.8% 40.9 116.5% 118.9 -7.4%
348 Anwim Poland Energy and Resources Oil and Gas 499.7 -9.5% 1.4 -39.6% 93.6 -14.9%
349 Flextronics Poland PolandTechnology, Media and Telecommunications
Technology 499.1 7.8% 41.8 N/A N/A N/A
350 BAT Pécsi Dohánygyár HungaryConsumer Business and Transportation
Consumer Product Companies
498.9 -14.3% 4.3 126.6% N/A N/A
351 US Steel Serbia Serbia Manufacturing Process Industries 497.9 -52.9% -156.2 N/A N/A N/A
352 HEP-Operator Croatia Energy and Resources Power and Utilities 497.7 14.5% -8.8 -153.7% N/A N/A
2008 revenues in local currency assumed due to lack of other data 53Who is shaping tomorrow? Ranking report 2010
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
353 Elektrownia Połaniec Poland Energy and Resources Power and Utilities 497.2 22.1% 77.8 152.2% 122.9 1.4%
354 Alliance Healthcare Czech RepublicLife Sciences and Health Care
Life Sciences 497.1 -3.6% 5.8 17.4% N/A N/A
355 ACP Pharma PolandLife Sciences and Health Care
Life Sciences 494.8 -21.8% N/A N/A N/A N/A
356 VIPnet CroatiaTechnology, Media and Telecommunications
Telecommunications 492.1 N/A 83.4 N/A N/A N/A
357 TVN PolandTechnology, Media and Telecommunications
Media 490.7 -9.2% 79.7 -23.1% 137.3 41.9%
358 HŽ CroatiaConsumer Business and Transportation
Transportation 489.0 -1.6% N/A N/A N/A N/A
359 Penny Market HU HungaryConsumer Business and Transportation
Consumer Services 489.0 -11.3% 7.7 -45.6% N/A N/A
360 Podravka CroatiaConsumer Business and Transportation
Consumer Product Companies
488.7 -3.5% -39.2 N/A 109.6 3.9%
361 Żabka PolandConsumer Business and Transportation
Retail 488.3 -6.4% N/A N/A N/A N/A
362 Dalkia Česká republika Czech Republic Energy and Resources Power and Utilities 482.7 9.7% 91.4 5.4% 153.5 -4.4%
363 Synthos Kralupy Czech Republic Manufacturing Process Industries 482.5 -5.7% N/A N/A N/A N/A
364 Geco Tabak Czech RepublicConsumer Business and Transportation
Wholesale and Distribution
482.2 -8.1% 10.1 -10.7% N/A N/A
365 WIZZ Air Hungary HungaryConsumer Business and Transportation
Transportation 480.7 14.1% 4.1 -54.2% N/A N/A
366 Alstom Power Poland ManufacturingIndustrial Products and Services
480.3 -27.6% 20.0 N/A N/A N/A
367 Bosch Diesel Czech Republic Manufacturing Automotive 480.1 -39.0% 5.7 -88.6% N/A N/A
368 Nikopol Ferroalloys Plant Ukraine Manufacturing Process Industries 479.5 -49.4% -98.8 40.5% N/A N/A
369 Kite HungaryConsumer Business and Transportation
Consumer Product Companies
478.9 -26.4% 7.0 -10.2% N/A N/A
370 ACH SloveniaConsumer Business and Transportation
Retail 478.0 -34.9% 1.0 -88.9% N/A N/A
371 Inter Cars PolandConsumer Business and Transportation
Wholesale and Distribution
477.3 -3.5% 15.8 93.7% 123.6 27.1%
372 Roshen UkraineConsumer Business and Transportation
Consumer Product Companies
477.3 -2.6% 71.2 N/A N/A N/A
2008 revenues in local currency assumed due to lack of other data54
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
373 Slovnaft Petrochemicals Slovakia Energy and Resources Oil and Gas 477.0 -22.7% -23.8 -64.1% N/A N/A
374 Pharmos Czech RepublicLife Sciences and Health Care
Life Sciences 473.1 -1.8% 0.2 -67.8% N/A N/A
375 CFR Calatori RomaniaConsumer Business and Transportation
Transportation 473.1 -18.3% -49.7 29.7% N/A N/A
376 Foxtrot UkraineConsumer Business and Transportation
Retail 472.5 -24.9% 2.4 N/A N/A N/A
377 Hrvatske željeznice CroatiaConsumer Business and Transportation
Transportation 470.4 -6.2% N/A N/A N/A N/A
378 Latvijas Gāze Latvia Energy and Resources Oil and Gas 469.1 -6.1% 27.3 0.6% 180.0 -18.4%
379 Kruszwica PolandConsumer Business and Transportation
Consumer Product Companies
469.1 -22.7% 39.5 38.2% 124.8 1.5%
380 OMV Slovenija Slovenia Energy and Resources Oil and Gas 468.8 -47.3% 14.9 11.8% N/A N/A
381 Black Red White Poland ManufacturingIndustrial Products and Services
464.5 -23.3% 28.2 -53.3% 109.4 7.0%
382 Mediplus Exim RomaniaLife Sciences and Health Care
Life Sciences 464.1 -2.3% N/A N/A N/A N/A
383 Ferrexpo Group Ukraine Energy and Resources Mining 463.9 -39.8% 50.8 -76.5% 385.6 66.2%
384 Slovnaft Polska Poland Energy and Resources Oil and Gas 463.2 14.9% 0.7 -29.0% N/A N/A
385 Severomoravská plynárenská Czech Republic Energy and Resources Power and Utilities 463.2 -10.3% 51.6 131.2% N/A N/A
386 Metro Bulgaria BulgariaConsumer Business and Transportation
Retail 463.0 -7.2% N/A N/A N/A N/A
387 LPP PolandConsumer Business and Transportation
Retail 462.9 0.2% 25.0 -46.7% 106.3 3.2%
388 AmRest PolandConsumer Business and Transportation
Tourism, Hospitality and Leisure
462.3 15.2% 1.3 -94.7% 120.5 3.9%
389 Iveco Czech Republic Czech Republic Manufacturing Automotive 462.2 -7.3% 43.6 -20.9% 73.1 -29.6%
390 Elko LatviaConsumer Business and Transportation
Wholesale and Distribution
461.7 -35.8% -19.2 N/A 115.8 3.2%
391 Avon PolandConsumer Business and Transportation
Consumer Product Companies
461.0 -19.4% N/A N/A N/A N/A
392 Prosper PolandLife Sciences and Health Care
Life Sciences 460.3 -9.9% 1.1 N/A N/A N/A
393 Anthousa (Furshet) UkraineConsumer Business and Transportation
Wholesale and Distribution
459.8 -29.9% N/A N/A N/A N/A
2008 revenues in local currency assumed due to lack of other data 55Who is shaping tomorrow? Ranking report 2010
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
394 Złomrex PolandConsumer Business and Transportation
Wholesale and Distribution
455.2 -60.3% N/A N/A N/A N/A
395 Lietuvos energija Lithuania Energy and Resources Power and Utilities 454.3 2.5% 6.0 -52.4% 125.8 3.4%
396 Naftex Bulgaria Energy and Resources Oil and Gas 452.2 -0.8% -104.0 -198.6% 107.5 N/A
397 PKP Intercity PolandConsumer Business and Transportation
Transportation 450.6 37.6% -15.7 N/A N/A N/A
398 Cosmo Bulgaria BulgariaTechnology, Media and Telecommunications
Telecommunications 448.2 -2.6% 67.6 -18.7% 104.0 -4.2%
399 Vítkovice Czech Republic ManufacturingIndustrial Products and Services
447.7 -26.1% 35.6 -34.9% N/A N/A
400 MOL Romania Romania Energy and Resources Oil and Gas 447.6 -24.2% 17.4 49.1% N/A N/A
401 Mercedes-Benz Poland Manufacturing Automotive 446.8 -31.9% -2.7 54.1% N/A N/A
402 Eni Hungaria Hungary Energy and Resources Oil and Gas 446.0 -23.7% -4.1 10.6% N/A N/A
403 Polski Tytoń PolandConsumer Business and Transportation
Wholesale and Distribution
444.9 -6.2% N/A N/A N/A N/A
404Slov. elektrizačná prenosová sústava
Slovakia Energy and Resources Power and Utilities 443.8 1.0% 13.3 -50.4% N/A N/A
405 Philip Morris ČR Czech RepublicConsumer Business and Transportation
Consumer Product Companies
442.1 13.1% 94.6 38.9% N/A N/A
406 JP Elektroprivreda BiHBosnia and Herzegovina
Energy and Resources Power and Utilities 440.8 3.2% 31.6 N/A N/A N/A
407 Coca-Cola HBC Romania RomaniaConsumer Business and Transportation
Consumer Product Companies
440.3 -20.1% 40.7 -38.5% N/A N/A
408 Polski Koks Poland Energy and Resources Mining 439.9 -62.7% 1.3 -74.2% N/A N/A
409 Metro Cash & Carry Slovakia SlovakiaConsumer Business and Transportation
Retail 439.0 -9.8% N/A N/A N/A N/A
410 Electrocentrale Bucuresti Romania Energy and Resources Power and Utilities 439.0 -25.3% -10.1 89.2% N/A N/A
411 Mlekovita PolandConsumer Business and Transportation
Consumer Product Companies
439.0 3.1% N/A N/A N/A N/A
412 Colas-Hungária Hungary Real EstateConstruction Companies
438.9 -6.1% 12.5 -38.3% N/A N/A
413 Import Volkswagen Group Czech Republic Manufacturing Automotive 437.8 -14.8% 5.2 -28.4% N/A N/A
414 Cargill A.T.Ukraine UkraineConsumer Business and Transportation
Wholesale and Distribution
437.4 -20.9% 52.2 -27.3% N/A N/A
2008 revenues in local currency assumed due to lack of other data56
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
415 Sun Trade UkraineConsumer Business and Transportation
Consumer Product Companies
433.3 -21.2% 9.0 -54.8% N/A N/A
416 MÁV HungaryConsumer Business and Transportation
Transportation 432.9 -39.1% -99.5 N/A N/A N/A
417 Skoda Auto Poland Manufacturing Automotive 431.0 -3.5% 3.9 15.0% 110.4 29.0%
418 Inventec (Czech) Czech RepublicTechnology, Media and Telecommunications
Technology 429.6 -12.8% 0.4 -60.1% N/A N/A
419 Mercator-S SerbiaConsumer Business and Transportation
Retail 428.7 311.9% 12.3 N/A N/A N/A
420 Ferrero PolandConsumer Business and Transportation
Consumer Product Companies
426.9 -31.3% 33.6 183.0% N/A N/A
421 Ferona Czech RepublicConsumer Business and Transportation
Wholesale and Distribution
426.5 -51.2% -56.5 N/A N/A N/A
422 eD' system Czech Czech RepublicConsumer Business and Transportation
Wholesale and Distribution
426.1 -2.5% 0.9 28.1% N/A N/A
423 JTI Romania RomaniaConsumer Business and Transportation
Consumer Product Companies
426.0 -2.7% -4.4 -133.7% N/A N/A
424 Nokia PolandTechnology, Media and Telecommunications
Telecommunications 425.1 -18.8% N/A N/A N/A N/A
425 NPP Kozloduy Bulgaria Energy and Resources Power and Utilities 423.9 -2.0% 33.2 -8.3% 101.7 N/A
426 Procter & Gamble PolandConsumer Business and Transportation
Consumer Product Companies
422.5 -18.8% N/A N/A N/A N/A
427 Severočeské doly Czech Republic Energy and Resources Mining 421.0 -1.9% 218.3 72.1% 101.2 -4.6%
428 Mondi SCP Slovakia Manufacturing Process Industries 420.4 -12.5% 37.2 -18.8% N/A N/A
429 Kronopol Poland Manufacturing Process Industries 418.7 -36.8% 70.7 190.1% N/A N/A
430Sharp Manufacturing Poland
PolandConsumer Business and Transportation
Consumer Product Companies
417.8 -44.1% 7.5 189.7% N/A N/A
431 MAVIR Hungary Energy and Resources Power and Utilities 414.5 -0.8% 28.5 -13.2% N/A N/A
432 Opel Southeast Europe Hungary Manufacturing Automotive 414.3 -58.6% 2.3 -50.7% N/A N/A
433 CMC Zawiercie Poland Manufacturing Process Industries 413.4 -43.0% N/A N/A 113.5 -2.4%
434 Impexmetal Poland Manufacturing Process Industries 412.5 -41.0% 10.6 128.0% 141.6 53.8%
435Grupa OBI Centrala Systemowa
PolandConsumer Business and Transportation
Retail 411.6 -18.8% N/A N/A N/A N/A
2008 revenues in local currency assumed due to lack of other data 57Who is shaping tomorrow? Ranking report 2010
All revenue and net income figures are in EUR million
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
436 EGIS HungaryLife Sciences and Health Care
Life Sciences 411.0 -5.4% 42.9 -23.0% 94.7 -3.1%
437 Zakhidenergo Ukraine Energy and Resources Power and Utilities 410.8 -35.2% -35.9 N/A 104.9 -17.1%
438 Centrenergo Ukraine Energy and Resources Power and Utilities 410.4 -32.9% -23.1 10.5% 139.2 41.8%
439 TZMO PolandConsumer Business and Transportation
Consumer Product Companies
408.3 -0.5% 31.9 N/A 113.4 18.9%
440 Tallinna Kaubamaja EstoniaConsumer Business and Transportation
Retail 408.3 -2.2% -12.6 N/A 91.5 -6.1%
441 EnergiaPro Poland Energy and Resources Power and Utilities 407.1 -21.4% 8.0 -59.3% 134.5 24.2%
442Samsung Electronics LCD Slovakia
Slovakia ManufacturingIndustrial Products and Services
406.9 86.0% N/A N/A N/A N/A
443 Man Bus Poland Manufacturing Automotive 406.6 -12.4% 56.0 -17.0% N/A N/A
444 Alcoa-Köfém Hungary Manufacturing Process Industries 404.6 -53.1% 38.3 -41.8% N/A N/A
445 OktaRepublic of Macedonia
Energy and Resources Oil and Gas 401.6 -38.0% 40.2 78.7% N/A N/A
446 Petrotank Poland Energy and Resources Oil and Gas 399.7 -20.6% 2.1 33.3% 123.0 50.3%
447 Żegluga Polska PolandConsumer Business and Transportation
Transportation 398.2 -40.2% 24.3 -80.2% N/A N/A
448 Gazprom sbut Ukraina Ukraine Energy and Resources Oil and Gas 397.2 -18.7% 1.0 -88.2% N/A N/A
449 Bauer Media PolandTechnology, Media and Telecommunications
Media 396.7 -11.7% 62.0 -21.2% N/A N/A
450 K&K Electronics BulgariaConsumer Business and Transportation
Consumer Product Companies
393.4 -8.5% 4.8 -63.4% 90.2 N/A
451 SPP - distribúcia Slovakia Energy and Resources Oil and Gas 393.1 13.3% 108.5 6.8% N/A N/A
452Gdańska Stocznia Remontowa
Poland ManufacturingIndustrial Products and Services
392.0 -1.2% 8.4 -27.0% N/A N/A
453 RCS & RDS RomaniaTechnology, Media and Telecommunications
Telecommunications 391.7 1.2% 50.0 N/A N/A N/A
454 AGC Flat Glass Czech Czech Republic ManufacturingIndustrial Products and Services
391.4 -27.9% -4.0 -112.7% N/A N/A
455 MG Baltic LithuaniaConsumer Business and Transportation
Consumer Product Companies
390.0 -16.6% N/A N/A N/A N/A
456Unipharma Prievidza, 1. slov. lekárnická
SlovakiaLife Sciences and Health Care
Health Care Providers 388.5 16.4% 3.3 -1.2% N/A N/A
2008 revenues in local currency assumed due to lack of other data58
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
457 Hydrobudowa Poland Real EstateConstruction Companies
387.2 11.0% 36.2 N/A 80.8 73.5%
458 Vindija CroatiaConsumer Business and Transportation
Consumer Product Companies
386.5 N/A 6.9 N/A N/A N/A
459 Adris CroatiaConsumer Business and Transportation
Consumer Product Companies
385.5 -6.5% 68.4 -2.0% N/A N/A
460 Norfos mažmena LithuaniaConsumer Business and Transportation
Wholesale and Distribution
384.9 -8.5% 0.8 N/A 83.2 -10.1%
461 Serna UkraineConsumer Business and Transportation
Consumer Product Companies
383.2 -25.5% 12.2 101.4% N/A N/A
462 Billa Slovakia SlovakiaConsumer Business and Transportation
Retail 383.2 -1.3% N/A N/A N/A N/A
463 Stalprodukt Poland Manufacturing Process Industries 383.1 -24.4% 65.8 -33.7% 90.8 0.1%
464 Telewizja Polska PolandTechnology, Media and Telecommunications
Media 382.8 -30.8% -25.9 N/A N/A N/A
465 L'Oréal Polska PolandConsumer Business and Transportation
Consumer Product Companies
382.5 -11.8% N/A N/A N/A N/A
466 Porsche Romania Romania Manufacturing Automotive 382.4 -61.5% 38.3 -46.5% N/A N/A
467 Michelin Hungária Hungary Manufacturing Automotive 382.3 -13.3% -23.5 -71.0% N/A N/A
468 Henkel PolandConsumer Business and Transportation
Consumer Product Companies
382.2 -11.9% 18.1 -46.2% 95.2 15.3%
469 IBM Data Storage Systems HungaryTechnology, Media and Telecommunications
Technology 382.1 -41.8% 11.1 N/A N/A N/A
470 Krajowa Spółka Cukrowa PolandConsumer Business and Transportation
Consumer Product Companies
381.7 -21.8% 63.6 N/A N/A N/A
471 BASF Poland Manufacturing Process Industries 379.9 -21.0% N/A N/A N/A N/A
472 Netto PolandConsumer Business and Transportation
Retail 379.8 -20.6% N/A N/A N/A N/A
473 ALRO Romania Manufacturing Process Industries 379.1 -32.8% 34.2 -39.1% 100.8 10.5%
474 KGHM Metraco Poland ManufacturingIndustrial Products and Services
378.9 1.2% 1.4 -51.2% 168.4 263.7%
475 Valeo Autosystemy Poland Manufacturing Automotive 378.8 -7.2% 33.0 157.9% 90.7 8.2%
476 SIJ Slovenia Manufacturing Process Industries 378.2 -46.2% -26.9 -170.9% N/A N/A
477 NET4GAS Czech Republic Energy and Resources Oil and Gas 375.6 -5.8% 170.5 -8.5% N/A N/A
2008 revenues in local currency assumed due to lack of other data 59Who is shaping tomorrow? Ranking report 2010
Rank Company name Country Industry Subindustry Revenue from sales
Revenue change (%)
Net income Net income change (%)
Revenue from sales
Revenue change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009
478 E.ON Bulgaria Energy and Resources Power and Utilities 371.9 5.3% 13.4 -26.1% N/A N/A
479 Tisak CroatiaConsumer Business and Transportation
Consumer Services 371.5 10.4% 1.9 -68.9% 85.8 11.7%
480 Statoil Latvia Latvia Energy and Resources Oil and Gas 370.6 -23.9% 1.7 -44.4% N/A N/A
481 Malév HungaryConsumer Business and Transportation
Transportation 370.0 -30.4% -95.6 -58.8% N/A N/A
482 Cimos Slovenia Manufacturing Automotive 367.5 -20.1% 3.8 -50.4% N/A N/A
483 Lietuvos dujos Lithuania Energy and Resources Oil and Gas 366.2 -18.7% 27.4 47.5% 198.4 29.6%
484 ABB Poland ManufacturingIndustrial Products and Services
366.0 -19.1% 35.6 -38.7% 91.9 -1.3%
485 Yugorosgaz Serbia Energy and Resources Power and Utilities 365.8 -42.7% 14.0 -45.6% N/A N/A
486 Končar Croatia ManufacturingIndustrial Products and Services
364.5 -8.4% 19.8 10.2% 89.9 -1.7%
487 Duda PolandConsumer Business and Transportation
Consumer Product Companies
364.3 -12.5% -60.1 -157.7% 83.6 -2.7%
488 Idea SerbiaConsumer Business and Transportation
Retail 363.0 14.5% -26.5 -0.9% N/A N/A
489 Danone PolandConsumer Business and Transportation
Consumer Product Companies
361.9 -18.7% 33.0 -9.3% 112.9 25.1%
490 Sokolovská uhelná Czech Republic Energy and Resources Mining 361.7 -20.1% 73.2 -19.5% 91.9 -11.9%
491 Lear Corporation Hungary Hungary Manufacturing Automotive 361.2 N/A N/A 49.6% N/A N/A
492 Doprastav Slovakia Real EstateConstruction Companies
360.6 -7.5% 10.0 4.6% N/A N/A
493 Nuclearelectrica Romania Energy and Resources Power and Utilities 360.6 -8.6% 11.7 -58.3% N/A N/A
494Chevrolet Central and Eastern Europe
Hungary Manufacturing Automotive 360.4 -52.2% 1.6 N/A N/A N/A
495 ÉMÁSZ Hungary Energy and Resources Power and Utilities 359.3 -27.3% 36.1 -7.7% 82.7 3.6%
496 SCHOTT Solar CR Czech Republic Energy and Resources Power and Utilities 358.8 51.1% 0.9 -92.5% N/A N/A
497 Rimi Eesti Food EstoniaConsumer Business and Transportation
Retail 358.4 -8.4% -3.9 N/A N/A N/A
498 Renault Polska Poland Manufacturing Automotive 358.2 -19.5% 2.8 177.1% N/A N/A
499 Czech Coal Czech Republic Energy and Resources Mining 358.0 4.7% 9.7 -62.3% N/A N/A
500 LuK Savaria Hungary Manufacturing Automotive 357.8 -9.0% 38.0 -1.9% N/A N/A
2008 revenues in local currency assumed due to lack of other data60
All revenue and net income figures are in EUR million
CE Top 50 Banks
61Who is shaping tomorrow? Ranking report 2010
Rank Company name Country Assets Assets change (%)
Net income Net income change (%)
Assets Assets change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010 - end of 2009
1 PKO BP Poland 38,089.4 18.0% 554.9 -37.9% 40,571.6 6.5%
2 OTP Bank Hungary 36,018.1 1.8% 535.4 -44.2% 35,762.3 -0.7%
3 ČSOB Czech Republic 32,554.8 6.3% 658.8 N/A 32,702.1 0.5%
4 Česká spořitelna Czech Republic 32,409.5 1.2% 454.7 -28.3% 35,066.8 8.2%
5 Pekao Poland 31,794.0 0.5% 525.4 -51.0% 33,123.0 4.2%
6 Komerční banka Czech Republic 26,341.7 1.5% 416.3 -21.1% 27,365.3 3.9%
7 NLB Group Slovenia 19,605.6 3.6% -85.9 N/A N/A N/A
8 BRE Poland 17,673.7 1.9% 44.6 -70.4% 21,943.8 24.2%
9 BCR Romania 16,414.3 -5.3% 204.6 -63.0% 16,633.5 1.3%
10 ZABA Croatia 14,788.5 4.1% 189.9 -10.7% 14,789.6 0.0%
11 ING Poland 14,576.6 -12.6% 153.0 0.3% 16,078.7 10.3%
12 BZ WBK Poland 13,158.6 -4.4% 237.7 -9.7% 14,570.2 10.7%
13 BRD Romania 12,042.9 -0.6% 279.7 -33.9% 11,146.6 -7.4%
14 Slovenská sporiteľňa Slovakia 11,485.5 -8.5% 30.5 -77.8% 10,979.9 -4.4%
15 MKB Hungary 11,470.4 5.3% 9.0 -68.5% N/A N/A
16 K&H Hungary 11,314.8 -5.9% 35.8 -65.4% N/A N/A
17 Millennium Bank Poland 10,932.7 -3.2% -6.4 -104.9% 11,723.5 7.2%
18 Erste Bank Hungary Hungary 10,505.1 5.5% 9.4 -75.2% N/A N/A
19 CIB Hungary 10,180.2 -11.4% 16.6 -85.2% 10,544.7 3.6%
20UniCredit Bank Czech Republic
Czech Republic 10,029.3 -3.3% 104.7 -46.9% 10,238.9 2.1%
21 VÚB Slovakia 9,852.4 -12.3% 141.7 -13.3% 9,966.4 1.2%
22 PBZ Croatia 9,791.8 0.7% 130.8 -24.3% 9,493.0 -3.1%
23 Kredyt Bank Poland 9,511.9 2.5% -13.3 -109.2% 10,262.5 7.9%
24 Swedbank Baltic Estonia 9,289.9 -11.2% -77.8 -145.0% N/A N/A
25 Handlowy Poland 9,160.5 -10.2% 131.0 -28.6% 9,764.9 6.6%
26 Tatra banka Slovakia 9,013.9 -14.6% 94.9 -25.3% 8,787.0 -2.5%
All assets and net income figures are in EUR million
62
Rank Company name Country Assets Assets change (%)
Net income Net income change (%)
Assets Assets change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010 - end of 2009
27 Raiffeisen Bank Hungary Hungary 8,750.1 -9.9% -14.0 -124.2% N/A N/A
28 BPH Poland 8,571.9 -2.5% 9.7 -91.1% 9,382.3 9.5%
29 Getin Noble Poland 8,063.8 N/A 67.7 N/A 9,131.2 13.2%
30 BGK Poland 8,046.2 22.4% 20.0 -65.5% N/A N/A
31 SEB bankas Lithuania 7,805.9 -8.7% -408.3 N/A 7,241.4 -7.2%
32 PrivatBank Ukraine 7,517.4 1.8% 96.4 -43.0% 8,608.6 14.5%
33 Raiffeisenbank CR Czech Republic 7,459.1 8.3% 75.5 45.4% 10,680.4 43.2%
34 Erste Croatia Croatia 6,903.7 10.2% 95.6 -14.5% N/A N/A
35 Swedbank Latvia Latvia 6,633.6 -15.2% -430.1 N/A 5,985.9 -9.8%
36 Unicredit Bank Hungary Hungary 6,413.9 -3.6% 55.2 -52.3% N/A N/A
37 Swedbank Lithuania Lithuania 6,350.0 -14.1% -345.1 N/A 5,804.9 -8.6%
38 Hypoteční banka Czech Republic 6,246.3 21.7% 52.8 11.8% 6,620.5 6.0%
39 Raiffeisen Bank Polska Poland 6,241.5 -11.8% 33.9 -67.0% N/A N/A
40Českomoravská stavební spořitelna
Czech Republic 6,107.8 5.8% 63.6 7.5% 6,564.9 7.5%
41 BGŻ Poland 5,947.6 3.1% 23.3 -61.5% 6,709.9 12.8%
42 Unicredit Bulbank Bulgaria 5,889.5 4.6% 99.6 -32.5% 5,878.7 -0.2%
43 Raiffeisen Croatia Croatia 5,833.5 -1.9% 51.6 -20.3% N/A N/A
44 ČSOB Slovakia Slovakia 5,798.1 -20.7% -16.4 -145.8% 5,340.0 -7.9%
45 NKBM Group Slovenia 5,785.6 5.4% 12.9 -26.0% N/A N/A
46 GE Money Bank Czech Republic 5,572.2 52.3% 85.2 -28.5% N/A N/A
47 UniCredit Tiriac Bank Romania 5,539.1 9.0% 73.2 -23.7% N/A N/A
48 HYPO Croatia Croatia 5,377.5 49.3% 14.6 -24.5% N/A N/A
49 Oschadbank Ukraine 5,234.3 -1.7% 63.6 58.9% 5,393.4 3.0%
50 Volksbank Romania Romania 5,139.0 -4.0% N/A N/A N/A N/A
All assets and net income figures are in EUR million
2008 revenues in local currency assumed due to lack of other data 63Who is shaping tomorrow? Ranking report 2010
All revenue and net income figures are in EUR million
CE Top 50 Insurers
64
All revenue and net income figures are in EUR million
Rank Company name Country Gross Written Premium
Gross Written Premium Change (%)
Net Income Net income Change (%)
Gross Written Premium
Gross Written Premium Change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010 - Q1 2009
1 PZU Poland 3,319.1 -20.0% 869.6 31.1% 983.6 10.8%
2 Česká pojišťovna Czech Republic 1,478.8 -22.4% 334.0 N/A 335.3 -3.0%
3 Kooperativa pojišťovna Czech Republic 1,172.4 -4.8% 91.4 93.2% 329.5 2.4%
4 Warta Poland 1,032.0 -26.7% 10.5 -49.5% N/A N/A
5 Zavarovalnica Triglav Slovenia 1,022.3 -0.6% -6.3 N/A N/A N/A
6 Allianz Polska Poland 797.9 -10.4% -10.2 N/A 247.8 5.4%
7 Allianz Hungaria Hungary 589.9 -20.2% 5.0 -27.1% 232.2 36.0%
8 ING Polska Poland 588.8 -46.6% 46.2 -1.6% 128.7 -31.2%
9 Allianz - Slovenská poisťovňa Slovakia 527.8 -0.7% 88.2 24.4% 181.8 -4.4%
10 STU Ergo Hestia Poland 504.7 -1.8% 11.3 -65.5% N/A N/A
11 Aviva Polska Poland 493.6 -58.6% 98.1 -4.8% N/A N/A
12 Generali Providencia Hungary 472.3 -13.8% 13.3 12.5% 134.4 11.9%
13 Kooperativa Slovakia Slovakia 467.8 4.9% 15.0 94.4% 143.9 -4.7%
14 Generali Polska Poland 448.3 13.1% 5.6 -36.4% 105.0 31.7%
15 Croatia osiguranje Croatia 413.4 -8.1% N/A N/A N/A N/A
16 Uniqa Polska Poland 400.1 -22.8% 3.5 48.5% 115.4 5.7%
17 Allianz pojišťovna Czech Republic 387.5 -2.0% 49.6 31.6% 106.2 -11.2%
18 ČSOB Pojišťovna Czech Republic 364.5 -4.1% 53.9 146.0% 95.6 7.8%
19 Amplico Life Poland 361.2 -26.8% 79.5 -23.1% 78.9 -14.7%
20 Generali Pojišťovna Czech Republic 337.1 -2.0% 36.7 N/A 99.5 8.3%
21 Allianz-Tiriac Asigurari Romania 303.7 -19.3% 7.0 12.2% N/A N/A
22 Groupama Hungary 301.2 -4.6% N/A N/A 89.5 31.6%
23 Aegon Hungary Hungary 299.1 -13.7% N/A N/A 82.3 10.7%
24 ING Hungary Hungary 281.7 -26.5% 8.0 -46.6% 70.8 -2.3%
25 Nordea Polska Poland 280.1 -26.4% -1.0 N/A 108.7 26.0%
26 Zavarovalnica Maribor Slovenia 266.0 5.6% -0.6 -119.9% N/A N/A
All gross written premium and net income figures are in EUR million
65Who is shaping tomorrow? Ranking report 2010
All revenue and net income figures are in EUR million
Rank Company name Country Gross Written Premium
Gross Written Premium Change (%)
Net Income Net income Change (%)
Gross Written Premium
Gross Written Premium Change (%)
2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010 - Q1 2009
27 Pojišťovna České spořitelny Czech Republic 263.3 -1.7% 23.4 164.9% 82.3 81.0%
28 Omniasig Romania 263.2 -18.0% 10.3 -73.3% 57.2 -26.4%
29Adriatic Slovenica Zavarovalna družba
Slovenia 260.7 1.5% 10.5 170.6% N/A N/A
30 Vzajemna Slovenia 248.4 5.7% 6.4 N/A N/A N/A
31 Česká podnikatelská pojišťovna Czech Republic 234.0 7.6% 12.8 5.5% 71.8 6.6%
32 ING Životní pojisťovna Czech Republic 232.5 -5.7% N/A N/A N/A N/A
33 Generali Slovensko Slovakia 204.4 -1.6% 10.3 N/A 51.3 -5.2%
34 HDI Polska Poland 193.9 -20.5% 6.3 -34.3% N/A N/A
35 Astra-Uniqa Romania 191.2 8.3% 1.5 54.7% 80.3 72.0%
36 Uniqa Hungary Hungary 188.3 -26.8% 2.6 -73.3% 58.3 19.7%
37 Komerční pojišťovna Czech Republic 182.5 124.2% 2.7 N/A 112.0 203.9%
38 InterRisk Poland 177.7 -12.7% 9.9 -5.7% 62.4 65.0%
39 UNIQA pojišťovna Czech Republic 177.5 1.1% 13.2 135.2% 46.7 13.6%
40 Compensa TU Poland 167.1 0.1% 5.3 -1.8% 46.6 27.0%
41 AXA Polska Poland 157.3 -66.1% -12.6 26.9% 45.9 100.6%
42 Dunav Osiguranje Serbia 154.9 -14.6% 1.6 -93.3% N/A N/A
43 Asirom Romania 152.6 -25.2% 1.2 106.6% N/A N/A
44 Aegon Polska Poland 147.9 -43.2% 15.8 -10.7% N/A N/A
45 Euroherc osiguranje Croatia 142.2 -5.5% N/A N/A N/A N/A
46 Komunálna poisťovňa Slovakia 136.9 -8.9% -8.0 -128.6% 38.1 7.9%
47 BCR Asigurari Romania 136.1 -7.9% -13.1 N/A N/A N/A
48 Allianz Zagreb Croatia 134.4 -13.4% N/A N/A N/A N/A
49 K&H Insurance Hungary 130.9 -6.2% N/A N/A 24.7 -4.5%
50 DDOR Serbia 128.1 -19.5% 2.8 N/A N/A N/A
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Deloitte provides audit, tax, consulting, and financial advisory servicesto public and private clients spanning multiple industries. With a globally- connected network of member firms in 140 countries,Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte’s 165,000 professionalsare committed to becoming the standard of excellence. Deloitte’s professionals are unified by a collaborative culture that fosters integrity, outstanding value to markets and clients, commitment to each other, and strength from cultural diversity. They enjoy an environment of continuous learning, challenging experiences, and enriching career opportunities. Deloitte’s professionals are dedicated to strengthening corporate responsibility, building public trust, and making a positive impact in their communities.
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