The Flagships in Eastern Europe: Coface Cee Top 500

The Flagships in Eastern Europe
Coface CEE Top 500

2011
Contents
4 Coface Austria & Coface Central Europe

5 Methodology of the Study
6 CEE Top 500 Executive Summary
8 CEE Top 500 The three leading countries
10 CEE Top 500 The Ranking
18 Places 4 to 13: CEE Top 500 country comparison
26 Coface Contacts
Imprint:
Publisher: Coface Austria Holding AG, Stubenring 24, 1010 Vienna
Contact: www.coface.at, susanne.kroenes@coface.at
Layout: Alex Bauer Communication Consulting
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We have prepared the Coface CEE Top 500 with the greatest of care.
However, typesetting and printing errors cannot be excluded.
Welcome!
Secure businesses are the better businesses.

I am delighted to offer you - for the third time now - an over-
rately as possible. This enables us to offer you tailored credit
view of the 500 biggest companies in Central and Eastern
insurance with which you can minimise the risks.
Europe in this brochure. The country comparison also provides interesting insights into the economic situation of the CEE
Most of the 500 biggest companies in the world take ad-
region, which this year more than ever, presents itself as an
vantage of this opportunity. They know how important it is to
economic region of widely differing markets.
be well prepared for every eventuality, especially in troubled

times. Because in the end, secure businesses are the better
It is important, especially in economically turbulent times,
businesses.
to maintain an overview - not only in Central and Eastern

Europe. With around 120 branch offices in 66 countries as
well as partners in a further 32 countries, Coface has a dense
international network that keeps an eye on economic developments around the world.
Martina Dobringer
Our experts analyse all industries and countries of the world
Chairwoman
in order to evaluate the credit risks of each company as accu-
Coface Austria & Coface Central Europe
Coface Austria &

Coface Central Europe
Trend-setting for risk and opportunity management. More than 130,000

companies of all sizes in all branches rely on our services. We would be
pleased to accompany you on your road to success.
The cornerstone for the success of Coface Austria was laid
experience as a source of information on the countries of
in 1954. Our core expertise over these many decades has
Central and Eastern Europe.
remained the insurance of default risk for both domestic

and expert receivables.
Coface Austria wants to accompany you as a reliable partner and help you to reach a very special goal: your own.
Rising export activity, above all to Central and Eastern

Europe, has increased the importance of credit insurance,
The economic environment is a focal point of continuous
information and collection services. This development led
transformation. As the geographical market leader in 13
to the founding of Coface Central Europe Holding AG in
Central and Eastern Europe countries and Austria, we are
Vienna during 1990.
in a position to identify changes on the market at an early

stage, to react to these changes and to take the necessary
Today the customers of Coface Austria and Coface Central
measures to always stay a decisive step ahead of future
Europe are able to profit from more than 50 years of
developments. For us, success means remaining on the
knowhow in the field of credit insurance and 20 years of
leading edge.
Our integrated risk instruments credit insurance, information and collection services make it possible for us to respond to the individual needs of our customers at any time.
Our extensive network of know-how and our dynamic solutions can pave the way for safe and successful transactions.
Methodology
of the Study
The proven, comprehensive approach taken by Coface

is the compass that points the way. We are the only
provider to offer integrated solutions for all aspects of
credit risk management, and in this way help you to meet
your business goals.
Are you looking to increase the security of your

business transactions?
Coface Credit Insurance: Coface makes sure your business
runs smoothly by helping you to prevent the loss of receivables. Our experts in countries throughout the world analyse
the development of economies and companies. The wellknown Coface assessment systems provide an overview of
the risks associated with deliveries and thereby stabilise the
flow of goods and services and if one of your customers
becomes insolvent, Coface will provide compensation for up
to 80% of the insured receivables.
Are you looking to acquire state-of-the-art

information?
Coface Information: The credit standing of your customers
and the reliability of your suppliers are decisive factors for
long-term success. Coface provides you with the necessary
The CEE Top 500 is a joint project by the Coface branch
credit information for your business transactions based on
offices in Central and Eastern Europe. This ranking covers
our unique worldwide database with over 60 million data-
the largest companies in the region based on revenues
sets.
for the 2010 calendar year and was prepared in 2011

for the third time. The study includes the following
Are you looking to save time and money?
countries:
Coface Collection: Fast collection improves liquidity and

safeguards profits. Our experts use their wide-ranging
Bulgaria Croatia Czech Republic Estonia Hungary
expertise to provide you with support on all collectionrelated
Latvia Lithuania Poland Romania Serbia Slovakia
issues. Coface also takes care of the time-consuming collec-
Slovenia Ukraine
tion measures so you can concentrate on your business.

The largest companies in each of the above countries
(revenues EUR 120 million) were identified, whereby
financial service providers such as banks, insurance companies, leasing firms and brokers were excluded. In addition to revenues, the ranking of the CEE Top 500 includes
other key corporate indicators, e.g. profits, the number of
employees and the respective changes in relation to the
previous year.
CEE Top 500

Executive Summary
1
Coface CEE Top 500:

Number of Top 500 companies per country
2010
2009
2 4
7 9
Russia
Estonia
2008
Latvia
16
16 18
Lithuania
160 142 161
germany
37
Belarus
Poland
69 80
66
Czech Republic
28
32 17
Slovakia
france
austria
Switzerland
17
17 30
14
italy
Slovenia
74
43 66
Ukraine
83 72
moldova
17 17
Croatia
Hungary
12
50
Romania
6 6
Bosnia Herzegovina
48 14
17
18 6
Serbia
Montenegro
Bulgaria
The flagships of Central and Eastern Europe grew strongly again in 2010 after
being caught up in the economic crisis in 2009.
More turnover, more profit.
also accounted with 68 companies for most of the firms in
After the top players in Central and Eastern Europe had to
the CEE Top 500. The automotive industry grew strongly,
accept a further 15.8% drop in turnover in 2009, turnover
with the number of companies represented doubling from
of the 500 largest companies in the region rose by 19.8%
14 to 28.
last year to reach EUR 545.4 billion. Net profits also improved again in 2010 by 12.6% to EUR 21.9 billion. Following
Winners and losers.
the slump in 2009, the metal industry, mining industry,
The CEE Top 500 also reflect the economic development
production sector, wholesale trade as well as the oil and
of the countries of Central and Eastern Europe, which
gas industry posted rising turnover. The oil and gas sector
were affected very differently by the consequences of the
economic crisis. While 8 of the 13 CEE countries returned
notable is the good performance by the leading companies
to economic growth again of between +1.0% (Hungary)
in the Ukraine, where 66 firms (2009: 43) made it into the
and +4.2% (Ukraine) in 2010, the economies in Bulgaria
top listing this time, with the country taking third place in
and Lithuania stagnated (-0.1% and +0.1% respectively).
the country comparison. Still taking up the rear, as in pre-
The economy even contracted last year in Latvia (-0.9%),
vious years, is the small Baltic state of Estonia.
Croatia (-1.5%) and Romania (-1.9%) - as it had already in

2009. The only country in the region to achieve a positive
Fewer employees.
result in both 2009 and 2010 was Poland, whose GDP
In line with the rise in unemployment, the large companies
grew by 3.4% in 2010.
in Central and Eastern Europe also employed fewer people

in 2010 than in 2009. While 2.2 million people still worked
Pole position for Poland.
in the companies of the CEE Top 500 in 2009, only 1.9
Unsurprisingly, Poland once again had the most compa-
million people were employed by them in 2010, which
nies in the CEE Top 500 in 2010, with 160 companies
corresponds to a drop of 10.1%. Nevertheless, the top
(2009: 142). With 74 leading companies in the Top 500,
players remain an important stabilising factor for the labour
Hungary - despite a slight drop (2009: 83) - successfully
market in the region.
defended second place in the country comparison. Also
38.2
8,490,080
1,044,396
9,300
Hungary
90,333,141
3,695,439
226,487
A4
10.0
9,800
Ukraine
77,095,581
-54,781
n. a.
Dm
45.1
5,000
Czech Republic
46,836,458
3,298,049
108,213
A2
10.5
13,800
Romania
37,734,320
1,714,262
172,051
21.5
5,700
Slovakia
35,132,761
2,254,142
99,037
A3
5.4
12,100
3.4

Labour
Force

GDP per Capita
(in EUR)

GDP
Growth in %

Inflation
in %

Unemployment
Rate in %

188,516,574
Poland
A3

Population
(Mio. Inhabitants)

Coface
Assessment
Top 500
Employment

Top 500
Net Profit (TEUR)
Top 500
Turnover (TEUR)
Coface CEE Top 500:

Country comparison: ranking by revenues
2.7%
9.6%
17,659,800
1.0
4.7%
11.2%
4,256,000
4.2
9.4%
8.4%
22,051,600
2.2
1.2%
7.3%
5,268,700
-1.9
6.1%
7.3%
9,964,600
4.2
0.7%
14.4%
2,706,500
Bulgaria
15,482,692
279,275
90,116
A4
7.6
8,300
0.1
1.2%
17.8%
1,634,700
Slovenia
14,506,660
349,340
41,542
A2
2.0
17,600
1.2
2.1%
7.3%
1,041,500
Lithuania
14,307,677
301,438
29,823
A4
3.3
10,200
-0.1
3.0%
10.2%
Croatia
11,235,464
1,061,791
63,483
A4.
4.4
10,400
-1.5
1.1%
11.8%
1,952,700
Serbia
7,919,770
183,929
46,455
7.3
8,200
1.5
6.8%
19.2%
2,766,700
Latvia
4,460,505
164,566
14,117
2.2
8,000
-0.9
-1.2%
18.7%
1,156,900
576,178
27,213
1,391
A3
1.3
10,800
2.5
2.7%
16.9%
686,900
Estonia
Source: Coface, Eurostat
3,400,800
n.a. = not available
CEE Top 500

The three leading countries
Poland with highest proportion, namely 32.0%, of the Top 500 companies in
Central and Eastern Europe, and thus slightly increased its lead position compared
to last year. Hungary also defended its position in second place with 14.8% of the
country ranking. Third place was secured by the Ukraine, which is home to 13.2%
of the CEE Top 500 and has moved into the top 3 for the first time. Read more
about the leaders in the country comparison.
1. Poland
which rose by 8.4% compared to 2009, Polands large com-
With 32.0%, Poland - as in previous years - represents
panies also lead the ranking.
the biggest share of the top players in Central and Eastern

Europe. Thanks to strong economic growth in 2010 (+3.4%),
2010 was a good year for the Polish economy. The number
far more Polish companies are represented in the CEE Top
of insolvencies fell by 5%, after a sharp rise in company
500 than in 2009 - with 160 firms, the country is again at
bankruptcies (+59%) was recorded in the previous year.
the level it reached in 2008 (161). The profit accounted for
Poland therefore has the lowest insolvency rate (0.02%)
by the Polish leading players in the past year rose by 40.0%,
in Central and Eastern Europe. After Poland was the only
putting the country in first place in this category as well. With
country in the European Union to post economic growth in
regard to the number of employees in these companies,
the crisis year of 2009, it achieved the highest rate of eco-
nomic growth in the past year. Poland also posted one of
3. Ukraine
the highest rates of growth in the European Union in 2011.
In the Ukraine, there was a marked rise in the number of
One of the reasons for this is the countrys large domestic
companies represented in the ranking compared to last
market, which makes Poland less dependent on the devel-
year: in 2010, 66 Ukrainian companies made the leap into
opment of the global economy, as well as very attractive to
the Top 500 - as many as in 2008. This enabled the Ukraine
foreign direct investors. The strongly diversified economy
to advance to third place in the country comparison for the
and a solid banking sector also contribute to Polands
first time. However, the profit accounted for by the top play-
success. The forecast for export growth of 63.9% for 2011
ers has fallen, as it did last year, which is why the country
alone highlights the dynamism with which the Polish
only occupies ninth place in this ranking.
economy makes use of new market opportunities.

The economic situation in the Ukraine stabilised in 2010, not
2. Hungary
least due to IMF assistance and the renegotiation of its oil
Although 10.8% fewer Hungarian companies are represen-
agreement with Russia. Thanks to a good performance by
ted in the CEE Top 500 in 2010 than in the year before -
the Ukrainian export industries (metallurgy, mechanical engi-
now just 74 instead of 83 - the country successfully defen-
neering, petrochemicals) and the invigoration of private con-
ded its position. Ranked by the profit of the Hungarian top
sumption, economic growth of 4.2% was recorded last year.
players, which rose by 14.7%, the country is also in second
Nevertheless, the number of insolvent Ukrainian companies
place in the country comparison, as it was last year.
rose during this period by 16%, after recording a dramatic
Calculated by the number of employees in these compa-
rise of 109% in 2009. With an overall very low insolvency
nies, Hungary is in third place.
rate of 0.12% - the second best in all of the countries compared here - the Ukrainian economy has recently proven to
This fact is also worth mentioning in view of the fact that
be extremely robust. Economic growth is expected to slow
Hungary was also affected by a serious recession (-6.7%) in
in 2011 - amongst other things due to the increase in gas
2009 and the recovery in 2010 was relatively modest, with
prices, the caution of foreign investors, the weak banking
economic growth of 1.0%, primarily due to a recovery in
sector and limited room for manoeuvre in national budgets.
exports. Hungary continues to have the highest insolvency
On the other hand, it is hoped that the European Football
rate in the region of 3.6%, which has risen even further by
Championship in 2012 will contribute to an acceleration of
around 19% in 2010 compared to 2009. Nevertheless, the
infrastructure projects and boost investments.
key data point towards a slight recovery: in the demand

from European trading partners, especially Germany, which
will fuel growth in the Hungarian economy in 2011. Above
all, the increased inflow of foreign direct investments, e.g.
in the automotive industry, is having a positive effect on the
Hungarian economy. The expansions in production capacity
announced by Audi and General Motors show that Hungary
continues to be an attractive production location for the
European market.
Coface has been active in Central
the turnover of these companies rose again by 19.8%, with
and Eastern Europe for over 20 years.
their net profit also improving by 12.6%. Above all the metal
Associated with this are many years
industry, mining industry, production sector, wholesale trade
of knowledge of the regions indivi-
as well as the oil and gas industry are represented in the
dual markets, which are subject to
international comparison with (occasionally much) better
continual cross-border analysis by our
figures in 2010 than in the year before. Nevertheless, the
experts.
number of employees in the top companies fell in line with

the general increase in unemployment across the region.
This study is also the result of such

an international comparison. As the
While 2.2 million people still worked in the companies of
CEE region is constantly growing in
the CEE Top 500 in 2009, only 1.9 million people were
importance as an economic factor,
employed by them last year, which corresponds to a drop
it is doubly important to keep an eye on developments in
of 10.1%. These and many other data can be found in this
these countries.
country comparison.
The CEE Top 500 makes a small, but hopefully interesting

contribution to this. The list of the 500 biggest companies in
Martina Dobringer
the region is a reflection of dynamic economic developments
Chairwoman
in Central and Eastern Europe. Following sharp falls in 2009,
10
15,698,271
12,430,727
6,452,832
7,073,866
4,467,548
4,997,192
3,882,918
3,595,598
3,563,951
3,309,616
4,234,377
3,868,078
4,940,880
3,115,582
2,800,931
3,882,508
4,517,960
2,943,670
3,827,044
3,164,850
3,970,910
836,926
2,888,288
2,780,178
2,008,778
3,030,794
3,168,162
1,684.599
2,131,079
2,089,975
2,125,035
2,312,103
2,530,674
3,542,336
2,402,596
2,068,926
1,733,510
2,937,295
2,595,991
1,726,806
1,146,976
1,936,654
1,819,161
1,017,528
1,868,506
34.00%
23.46%
32.26%
19.43%
19.94%
3.17%
31.10%
40.89%
39.79%
49.73%
15.81%
23.01%
-7.56%
40.26%
55.45%
11.16%
-8.57%
37.20%
3.39%
22.75%
-8.08%
333.01%
22.08%
25.95%
67.56%
9.61%
2.49%
71.48%
31.10%
32.63%
27.77%
16.67%
5.41%
-26.57%
6.18%
19.97%
42.36%
-17.38%
-7.18%
38.39%
102.91%
18.49%
26.12%
120.51%
19.56%
105.76%
16.49%
-1128.50%
173.45%
116.44%
-8.89%
39.63%
-30.83%
-331.34%
-18.59%
-130.58%
103.22%
-23.48%
19.53%
120.61%
n.a.
-110.84%
1.68%
-90.83%
13.92%
-28.23%
-40.17%
-90.60%
213.68%
-21.80%
6.93%
-50.17%
65.49%
31.57%
57.96%
4.05%
n.a.
-22.20%
n.a.
34.49%
255.91%
566.01%
58.32%
n.a.
-0.33%
-78.12%
60.09%
n.a.
495.57%
-479.15%
22,040
5,603
n.a.
24,700
32,716
45,715
31,364
n.a.
n.a.
4,976
256
6,704
6,472
1,950
30,928
23,976
6,237
7,000
25,500
28,480
5,539
9,807
1,750
2,302
n.a.
25,176
2,409
2,889
2,039
798
13,823
28.000
1,397
9,877
62,000
639
11,129
50
18,000
301
n.a.
12,000
22,000
20
6

Change
Employment

Employment
2009
300,471
333,189
194,872
142,542
285,846
1.002,339
118,630
9,745
-26,634
210,721
658,663
291,203
1.882,886
-19,855
538,134
n.a.
189,600
73,959
296,503
219,122
154,943
966,257
140,688
-35,119
66,986
400,614
236,918
25,935
-90,007
-99,501
68,650
20,504
569,370
n.a.
5,788
10,662
14,411
-56,004
137,485
29,439
-21,993
98,299
-50,720
63,050
4,596

Employment
2010
618,262
388,120
-2.004,259
389,783
618,694
913,264
165,640
6,740
-114,884
171,558
-201,417
591,779
1.440,836
-23,733
1.187,155
n.a.
-20,560
75,200
27,193
249,620
111,196
578,126
13,220
39,922
52,380
428,370
118,048
42,920
-61,592
-41,830
71,432
n.a.
442,991
292,325
7,785
37,946
95,979
-23,344
n.a.
29,341
-39,174
157,369
n.a.
375,512
-17,427
Change
Net Profit
Change
Turnover

Turnover in
TEUR 2009
Turnover in
TEUR 2010
Main Sector
Polski Koncern Naftowy ORLEN S.A. *

Oil & Gas
21,036,408
MOL Magyar Olaj- s Gzipari NyRt. *
Oil & Gas
15,346,503
NAFTOGAZ OF UKRAINE
Oil & Gas
8,534,457
KODA AUTO a.s.
Automotive
8,448,011
Polskie Grnictwo Naftowe i Gazownictwo S.A. *
Oil & Gas
5,358,384
PGE Polska Grupa Energetyczna S.A. *
Energy Supplier
5,155,769
JERONIMO MARTINS DYSTRYBUCJA S.A.
Wholsesale
5,090,441
ENERGORYNOK
Energy Supplier
5,065,913
GAZ UKRAINE
Oil & Gas
4,982,222
GRUPA LOTOS S.A. *
Oil & Gas
4,955,361
RWE Transgas, a.s.
Oil & Gas
4,903,770
AUDI HUNGARIA MOTOR Kft.
Automotive
4,758,145
a. s. *
CEZ,
Energy Supplier
4,567,553
ORLEN LIETUVA AB*
Oil & Gas
4,369.905
KGHM Polska Miedz S.A. *
Mining Industry
4,354,101
Metro Group w Polsce *
Retail
4,315,681
FIAT AUTO POLAND S.A.
Automotive
4,130,867
Volkswagen Slovakia, a.s.
Automotive
4,038,840
TELEKOMUNIKACJA POLSKA S.A. *
Telecommunication
3,956,880
TAURON Polska Energia S.A. *
Energy Supplier
3,884,837
Nokia Komrom Kft.
Electronic Components 3,649,943
GE Hungary Ipari s Kereskedelmi Kft.
Metal Industry
3,623,958
Samsung Electronics Magyar ZRt.
Slovnaft, a.s.
Oil & Gas
3,501,659
METINVEST HOLDING
Others
3,365,907
OMV PETROM SA
Oil & Gas
3,322,165
Samsung Electronics Slovakia, s.r.o
Kia Motors Slovakia, s.r.o.
Automotive
2,888,748
LUKOIL NEFTOCHIM BURGAS
Oil & Gas
2,793,785
Philips INDUSTRIES Magyarorszg Electronic Componentsai Mechanikai Gyrt s Kereskedelmi Kft. Electronic Components 2,771,920
AutomotiveE-DACIA SA
Automotive
2,715,071
TESCO (POLSKA) Sp. z o.o.
Retail
2,697,610
Slovensk plynrensk priemysel, a.s.
Oil & Gas
2,667,525
INA-INDUSTRIJA NAFTE, d.d.
Oil & Gas
2,601,123
KOMPANIA WEGLOWA S.A.
Mining Industry
2,550,960
PETROL, Slovenska energetska druba, d.d., Ljubljana
Serving Station Operator 2,482.076
U.S. Steel Koice, s.r.o.
Metal Industry
2,467,811
E. ON Fldgz Trade Fldgzkereskedo ZRt.
Oil & Gas
2,426,922
VILNIAUS PREKYBA UAB* (currently LEKSITA UAB)
Others
2,409,653
MORAVIA STEEL a.s.
Metal Industry
2,389,676
ILYICH IRON AND STEEL WORKS OF MARIUPOL
Metal Industry
2,327,276
ENERGA S.A. *
Others
2,294,814
CARREFOUR POLSKA Sp. z o.o.
Retail
2,294,310
Fibria Trading International Kereskedelmi s Szolgltat Kft.
Wholsesale
2,243,765
Panrusgz Gzkereskedelmi ZRt.
Oil & Gas
2,233,938
Net Profit in
TEUR 2009
PL
HU
UA
CZ
PL
PL
PL
UA
UA
PL
CZ
HU
CZ
LT
PL
PL
PL
SK
PL
PL
HU
HU
HU
SK
UA
RO
SK
SK
BG
HU
RO
PL
SK
HR
PL
SI
SK
HU
LT
CZ
UA
PL
PL
HU
HU
Net Profit in
TEUR 2010
1 NO CHANGE 1
2 NO CHANGE 2
3 NO CHANGE 3
4 NO CHANGE 4
5

8
6

5
7 NEW
8 NEW
9

14
10

15
11 NO CHANGE 11
12

10
13

7
14

18
15

23
16 NEW
17

6
18

20
19

12
20

57
21

9
22

171
23

22
24 NO CHANGE 24
25 NEW
26

19
27

16
28

51
29

35
30

39
31

36
32

401
33

29
34

27
35

30
36

40
37

53
38

21
39

28
40

60
41

91
42

102
43 NEW
44 NEW
45

44
Company
Name
Position 2009

Country
Change in
Position
Position 2010
CEE Top 500 The Ranking

22.535 -2.20%
n.a.
n.a.
682
n.a.
24,817 -0.47%
31,685
3.25%
46,357 -1.38%
27,032 16.03%
209
n.a.
565
n.a.
4,921
1.12%
n.a.
n.a.
n.a.
n.a.
6,472
0.00%
2,249 -13.29%
28,884
7.08%
24,077 -0.42%
6,445 -3.23%
6,500
7.69%
27,667 -7.83%
28,839 -1.24%
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
2,355 -2.25%
477
n.a.
n.a.
n.a.
3,190 -24.48%
2,800
3.18%
2,698 -24.43%
n.a.
n.a.
n.a.
n.a.
28,000
0.00%
1,434 -2.58%
9,683
2.00%
62,700 -1.12%
n.a.
n.a.
11,465 -2.93%
n.a.
n.a.
18,500 -2.70%
314 -4.14%
57,610
n.a.
12,618 -4.90%
24,000 -8.33%
n.a.
n.a.
n.a.
n.a.
AZOVSTAL IRON AND STEEL WORKS

Metal Industry
2,228,841
Telefnica Czech Republic, a.s.
Telecommunication
2,203,366
ARCELORMITTAL KRYVYI RIH
Metal Industry
2,195,866
Magyar Telekom Tvkzlsi NyRt. *
Telecommunication
2,176,197
Slovensk elektrrne, a.s.
Energy Supplier
2,145,933
MAXIMA GRUPE UAB*
Retail
2,124,414
Flextronics International Termel s Szolgltat Vmszabadterleti Kft.
TESCO-GLOBAL ruhzak ZRt.
Retail
2,083,438
CEPRO,
a.s.
Oil & Gas
2,077,075
Hyundai Motor Manufacturing Czech s.r.o.
Automotive
2,072,430
ENEA S.A. *
Energy Supplier
2,036,462
Magyar Villamos Mvek ZRT.
Holding Companies
1,990,161
EUROCASH S.A. *
Wholsesale
1,961,887
POLKOMTEL S.A.
Telecommunication
1,931,854
VOLKSWAGEN POZNAN SP. Z O.O.
Automotive
1,897,699
E. ON Energiaszolgltat Kft.
Energy Supplier
1,880,584
UKRNAFTA
Oil & Gas
1,871,373
Eni Cesk republika, s.r.o.

Oil & Gas
1,862,971
POLSKA TELEFONIA CYFROWA S.A.
Telecommunication
1,849,398
JASTRZE BSKA SPKA WEGLOWA S.A. *
Mining Industry
1,835,272
OKD, a.s.
Mining Industry
1,827,003
Polskie Sieci Elektroenergetyczne OPERATOR S.A.
Energy Supplier
1,801,728
DONETSKSTAL IRON AND STEEL WORKS
Metal Industry
1,775,174
Barum Continental spol. s r.o.
Production
1,771,322
LEWIATAN HOLDING S.A. *
Wholsesale
1,716,704
LUKOIL-BULGARIA
Oil & Gas
1,712,546
KONZUM, trgovina na veliko i malo d.d.
Retail
1,697,171
ROMPETROL RAFINARE SA
Oil & Gas
1,690,298
INDUSTRIALNA SPILKA DONBASU
Metal Industry
1,683,837
POSLOVNI SISTEM MERCATOR D.D.
Retail
1,670,322
PCA Slovakia, s.r.o.
Automotive
1,654,389
POCZTA POLSKA S.A.
Others
1,647,966
AURUBIS BULGARIA
Metal Industry
1,644,209
NOKIA ROMANIA SRL
Telecommunication
1,610,134
HRVATSKA ELEKTROPRIVREDA - dionicko
drutvo
Energy Supplier
1,609,658
DRUTVO ZA ISTRAIVANJE, PROIZ., PRERADU, DISTRIBUCIJU I PROMET NAFTE I
NAFTNIH DERIVATA I ISTRAIVANJE I PROIZ. PRIRODNOG GASA NAFTNA IND.SRBIJE A.D. Oil & Gas
1,607,037
Panstwowe
Gospodarstwo Les ne Lasy Panstwowe
Others
1,588,776
NATSIONALNA ELEKTRICHESKA KOMPANIA EAD
Energy Supplier
1,578,400
AUCHAN POLSKA Sp. z o.o.
Retail
1,573,688
NEUCA S.A. *
Pharmaceutical Industry 1,543,895
Magyar Suzuki ZRt.
Automotive
1,535,402
EMPERIA Holding S.A. *
Others
1,489,668
LG Electronics Mawa Sp. z o.o.
TNK-BP KOMMERS
Oil & Gas
1,470,310
ROMPETROL DOWNSTREAM SRL
Oil & Gas
1,461,114
POLSKA GRUPA FARMACEUTYCZNA S.A. *
Foxconn Slovakia, s.r.o.
Wholsesale
1,426,743
IMPERIAL Tobacco Polska S.A.
Production
1,410,028
LG Electronics Wrocaw Sp. z o.o.
TRINECK ELEZRNY, a. s.
Metal Industry
1,345,395
TPV DISPLAYS POLSKA Sp. z o.o.
REVOZ PODJETJE ZA PROIZVODNJO IN KOMERCIALIZACIJO AVTOMOBILOV D.D. Automotive
1,331,060
Tiszai Vegyi Kombint NyRt. *
Production
1,303,720
LIDL POLSKA Sklepy Spozywcze Sp. z o.o. Sp.K.
Retail
1,285,316
FARMACOL S.A. *
MAXIMA LT UAB
Retail
1,282,574
GLAXOSMITHKLINE Pharmaceutical IndustryCEUTICALS S.A. *
Kaufland Polska Markety Sp. z o.o. Sp.K.
Retail
1,272,940
LYSYCHANSKA NAFTOVA INVESTYCIINA KOMPANIYA
Oil & Gas
1,259,328
ENERGOATOM
Energy Supplier
1,257,561
METRO CASH & CARRY ROMANIA SRL
Wholsesale
1,256,604
UKRTRANSGAZ
Oil & Gas
1,256,242
British American Tobacco Polska Trading Sp. z o.o.
Retail
1,254,854
Continental Automotive Czech Republic s.r.o.
Automotive
1,243,458
CASTORAMA POLSKA Sp. z o.o.
Wholsesale
1,238,143
ZAPORIZHSTAL
Metal Industry
1,234,269
SPAR Magyarorszg Kereskedelmi Kft.
Retail
1,202,548
T-Mobile Czech Republic a.s.
Telecommunication
1,188,000
Tesco Stores SR, a.s.
Retail
1,171,000
KOMPANIA PIWOWARSKA S.A.
Food Industry
1,169,570
PKP CARGO S.A.
Transport
1,167,393
BRITISH AMERICAN TOBACCO (ROMANIA) TRADING SRL
Tobacco
1,149,678
CHINOIN Gygyszer- s Vegyszeti Termkek Gyra ZRt. *
Grupa STATOIL POLAND Sp. z o.o. *
Oil & Gas
1,124,226
BUDIMEX S.A. *
Construction Industry 1,115,497
KAUFLAND ROMANIA SCS
Retail
1,112,122
OMV PETROM MARKETING SRL
Oil & Gas
1,089,588
LUKOIL ROMANIA SRL
Oil & Gas
1,086,467
VOLKSWAGEN MOTOR POLSKA Sp. z o.o.
Automotive
1,085,609
KYIVSTAR GSM
Telecommunication
1,077,635
JAVNO PREDUZECE ELEKTROPRIVREDA SRBIJE BEOGRAD
Energy Supplier
1,070,523
TIGZ Tiszntli Gzszolgltat ZRt. *
Oil & Gas
1,064,738
POLIMEX-MOSTOSTAL S.A. *
SHELL POLSKA Sp. z o.o.
Oil & Gas
1,038,966
DNIPROOBLENERGO
Energy Supplier
1,028,875
ATB-MARKET
Wholsesale
1,012,429
STRABAG Sp. z o.o.
PHILIPS LIGHTING POLAND S.A.
Production
1,005,835
DNIPROVSKIY METALURGIYNIY KOMBINAT IM.F.E.DZERZHINSKOGO
Metal Industry
1,005,549
KONTINENT NAFTO TREYD
Oil & Gas
1,001,386
CIECH S.A. *
Wholsesale
997,168
1,349,490
2,482,315
1,237,236
2,377,747
2,045,478
2,251,591
1,372,115
2,116,781
1,830,665
1,166,259
1,714,382
2,143,948
1,547,998
1,796,381
1,790,011
2,099,295
857,488
1,493,414
1,763,359
1,033,048
1,289,046
1,601,711
831,878
1,452,700
1,322,826
1,631,304
1,714,311
1,482,350
1,109,247
1,760,097
1,877,346
1,598,363
1,217,364
1,027,793
1,492,537
65.16%
-11.24%
77.48%
-8.48%
4.91%
-5.65%
52.77%
-1.58%
13.46%
77.70%
18.79%
-7.17%
26.74%
7.54%
6.02%
-10.42%
118.24%
24.75%
4.88%
77.66%
41.73%
12.49%
113.39%
21.93%
29.78%
4.98%
-1.00%
14.03%
51.80%
-5.10%
-11.88%
3.10%
35.06%
56.66%
7.85%
-16,700
526,231
113,110
276,215
367,582
102,403
17,462
17,122
32,181
n.a.
160,990
77,758
32,342
290,039
73,046
12,408
247,481
2,797
n.a.
378,163
262,082
53,409
49,981
63,807
n.a.
3,022
71,021
n.a.
-6,964
36,806
49,475
n.a.
31,697
43,136
164,191
1,233,462
1,166,963
1,434,453
1,416,321
1,300,315
1,595,870
1,276,988
1,266,537
1,344,458
1,238,471
1,254,275
1,237,562
1,048,915
1,081,925
1,007,871
696,857
1,290,986
987,376
1,072,248
1,187,066
1,432,773
989,551
1,045,815
1,176,246
938,364
1,356,187
905,280
607,635
297,187
1,052,216
770,200
1,330,058
1,254,856
1,036,854
1,116,529
964,628
1,040,011
1,200,055
894,090
760,293
871,773
428,630
776,781
766,663
997,594
1,047,514
1,139,817
1,016,103
891,924
697,044
641,980
726,355
957,901
806,067
n.a.
851,431
30.29%
36.15%
10.04%
11.11%
18.73%
-3.79%
16.65%
17.38%
9.36%
17.98%
16.48%
15.29%
34.43%
27.86%
33.49%
92.80%
3.10%
32.04%
19.87%
8.21%
-10.48%
28.75%
21.72%
7.06%
34.02%
-7.34%
38.77%
106.51%
318.41%
17.67%
60.25%
-9.59%
-5.33%
12.94%
4.75%
21.02%
10.54%
-4.51%
25.74%
46.72%
27.57%
154.20%
39.87%
41.60%
8.02%
2.20%
-6.59%
3.11%
16.49%
47.61%
57.70%
39.33%
5.00%
24.75%
n.a.
17.12%
156,253
92,495
52,443
n.a.
9,322
4,612
24,798
16,924
-32,763
n.a.
18,035
n.a.
23,390
6,779
-26,200
-4,360
18,642
-4,177
-31,652
17,925
57,149
n.a.
5,519
-4,306
77,135
33,215
45,887
n.a.
n.a.
125,159
22,554
-92,624
353,681
n.a.
216,684
15,590
52,872
120,755
n.a.
67,331
40,980
26,969
n.a.
29,589
364,866
16,935
25,329
30,039
n.a.
3,939
4,136
48,950
90,015
-114,405
42,353
5,188
-18,212
483,539
-10,314
344,310
280,242
53,295
2,047
35,962
23,038
-61,761
118,696
224,527
23,693
226,401
57,825
-29,982
32,549
-11,778
323,994
-154,630
61,344
44,598
-22,382
69,082
0
3,422
60,772
0
3,961
19,281
59,710
-36.869
107,310
45,496
48,274

Change
Employment

Employment
2009

Employment
2010
Change
Net Profit
Net Profit in
TEUR 2009
Net Profit in
TEUR 2010
Change
Turnover

Turnover in
TEUR 2009
Turnover in
TEUR 2010
Main Sector
Company
Name
Position 2009

Country
Change in
Position
Position 2010
46

70 UA
47

33 CZ
48

82 UA
49

31 HU
50

41 SK
51

32 LT
52

71 HU
53

37 HU
54

53 CZ
55 NEW CZ
56

52 PL
57

34 HU
58

62 PL
59

310 PL
60

46 PL
61

59 HU
62

133 UA
63

68 CZ
64 NEW PL
65

131 PL
66

89 CZ
67

58 PL
68

139 UA
69

75 CZ
70 NEW PL
71

55 BG
72

50 HR
73

64 RO
74 NEW UA
75

49 SI
76

43 SK
77

107 PL
78

55 BG
79

109 RO
80

54 HR
81

86 RS

82 NEW PL
83

67 BG
84 NEW PL
85

77 PL
86

59 HU
87

80 PL
88

83 PL
89 NEW UA
90

85 RO
91

84 PL
92 NEW SK
93

103 PL
94

100 PL
95

125 CZ
96 NEW PL
97

79 SI
98

118 HU
99

101 PL
100

90 PL
101

69 LT
102 NEW PL
103

104 PL
104

88 UA
105

115 UA
106

73 RO
107

123 UA
108

47 PL
109

72 CZ
110

102 PL
111

157 UA
112

76 HU
113

92 CZ
114

144 SK
115

96 PL
116 NEW PL
117

108 RO
118

259 HU
119 NEW PL
120

169 PL
121

135 RO
122

352 RO
123

163 RO
124

166 PL
125

111 UA
126

105 RS
127

93 HU
128

95 PL
129 NEW PL
130

184 UA
131

200 UA
132 NEW PL
133

116 PL
134 NEW UA
135 NEW UA
136

140 PL
8.30%
8.83%
1196.68%
-19.78%
31.17%
92.14%
753.12%
-52.39%
39.69%
n.a.
35.63%
-65.37%
36.50%
28.11%
26.32%
141.38%
660.34%
123.74%
n.a.
344.56%
327.23%
19.75%
323.31%
-7.64%
n.a.
-11.69%
16.87%
n.a.
-275.81%
90.89%
-17.14%
n.a.
-70.46%
-5.19%
240.12%
n.a.
6,902
n.a.
6,719
5,230
18,000
8,540
22,603
840
2,400
10,233
n.a.
6,377
3,666
6,194
179
n.a.
87
5,282
26,121
13,414
688
n.a.
3,750
20,962
3,017
12,093
1,057
n.a.
639
2,937
98,089
779
1,552
423
24,339
n.a.
8,357 -17.41%
54,217
n.a.
n.a.
n.a.
5,472 -4.42%
18,500 -2.70%
n.a.
n.a.
n.a.
n.a.
840
0.00%
1,851 29.66%
10,358 -1.21%
n.a.
n.a.
4,129 54.44%
3,650
0.44%
6,154
0.65%
n.a.
n.a.
28,628
n.a.
80
8.75%
5,611 -5.86%
25,901
0.85%
14,331 -6.40%
510 34.90%
10,675
n.a.
3,750
0.00%
18,133 15.60%
3,041 -0.79%
12,053
0.33%
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
3,149 -6.73%
97,478
0.63%
773
0.78%
n.a.
n.a.
432 -2.08%
-392,497
139.81%
38,679
139.13%
4,363 1102.04%
34,168
n.a.
8,837
5.49%
8,969
-48.57%
16,031
54.69%
30,853
-45.15%
15,246
-314.90%
0
n.a.
15,224
18.47%
0
n.a.
-627 3829.92%
36,188
-81.27%
-30,321
13.59%
-14,019
68.90%
20,543
-9,25%
-33,939
87.69%
88,859
-135.62%
16,439
9.04%
45,405
25.86%
0
n.a.
-2,673
306.50%
17,880
-124.08%
83,722
-7.87%
40,130
-17.23%
26,771
71.41%
-21,547
n.a.
21,211
n.a.
110,881
12.88%
-24,964
190.34%
-54,696
-69.34%
377,307
-6.26%
20,008
n.a.
148,486
45.93%
-114,983
113.56%
91,403
-42.16%
118,372
2.01%
14,842
n.a.
40,133
67.77%
26,323
55.68%
10,355
160.46%
0
n.a.
16,524
79.06%
312,802
16.64%
145 11600.28%
5,498
360.72%
40,509
-25.85%
15.077
n.a.
5,337
-26.20%
1,518
172.50%
43,495
12.54%
95,643
-5.88%
-91,435
-25.12%
n.a.
n.a.
-22,917
122.64%
10,583
24,733
2,624
10,000
4,465
3,309
13,814
1,600
n.a.
2,699
7,208
2,864
837
1,851
5,850
2,290
10,630
1,153
7,000
2,798
15,500
1,750
11,000
n.a.
n.a.
6,132
n.a.
449
4,488
10,000
n.a.
14,307
2,904
8,800
3,100
26,750
290
1,863
2,998
4,644
9,993
147
3,660
1,137
n.a.
466
1,800
14,252
1,651
n.a.
n.a.
3,050
5,825
n.a.
n.a.
6,705
11,925
25,192
2,672
10,000
4,650
n.a.
12,983
1,600
n.a.
n.a.
7,238
n.a.
801
2,080
5,319
2,104
n.a.
n.a.
n.a.
4,078
16,000
1,623
11,000
3,810
35,852
n.a.
26,714
425
1,231
10,000
20,040
n.a.
2,300
8,514
3,300
28,804
n.a.
n.a.
3,109
3,903
n.a.
n.a.
n.a.
1,100
4.543
423
n.a.
14,595
800
8,601
15,596
2,500
6,000
n.a.
n.a.
6,972
11
-11.25%
-1.82%
-1.80%
0.00%
-3.98%
n.a.
6.40%
0.00%
n.a.
n.a.
-0.41%
n.a.
4.49%
-11.01%
9.98%
8.84%
n.a.
n.a.
n.a.
-31.39%
-3.13%
7.83%
0.00%
n.a.
n.a.
n.a.
n.a.
5.65%
264.58%
0.00%
n.a.
n.a.
26.26%
3.36%
-6.06%
-7.13%
n.a.
n.a.
-3.57%
18.99%
n.a.
n.a.
n.a.
3.36%
n.a.
10.17%
n.a.
-2.35%
106.38%
n.a.
n.a.
22.00%
-2.92%
n.a.
n.a.
-3.83%
ALCHEVSK IRON AND STEEL WORKS

GDF SUEZ Energia Magyarorszg ZRt.
KATOWICKI HOLDING WEGLOWY S.A. *
FOZZI-FUD
ORANGE ROMANIA SA
ARCELORMITTAL GALATI SA
Richter Gedeon Vegyszeti Gyr NyRt. *
SYNTHOS S.A. *
SAMSUNG ELECTRONICS POLSKA Sp. z o.o.
Jabil Circuit Magyarorszg Szerzdses Gyrt Kft.
KRKA, tovarna zdravil, d.d., Novo mesto
Zpadoslovensk energetika, a.s.*
VUGILLYA UKRAINI
LEKKERLAND POLSKA S.A.
PKP Polskie Linie Kolejowe S.A.
FIAT POWERTRAIN POLSKA Sp. z o.o.
Shell Hungary Kereskedelmi ZRt.
NORTH ORE MINING AND PROCESSING PLANT
TELE-FONIKA KABLE Sp. z o.o. S.N.a. *
RUCH S.A.
CARREFOUR ROMANIA SA
GRUPA ZYWIEC S.A.
SKANSKA S.A.
LATVENERGO AS
ISD DUNAFERR Dunai Vasm u ZRt. *
HOLDING SLOVENSKE ELEKTRARNE d.o.o.
DTEK TRAIDING
ITM POLSKA Sp. z o.o. *
Budapesti Elektromos Mvek NyRt. *
SWEDWOOD Poland Sp. z o.o.
BSH Sprze t Gospodarstwa Domowego Sp. z o.o.
CAN-PACK S.A. *
PPHU SPECJA Sp. z o.o. *
METRO CASH & CARRY UKRAINE
OMV Hungria svnyolaj Kft.
KERNEL-TRADE
GDF SUEZ ENERGY ROMANIA SA
Metrostav a.s.
HUNGAROPharmaceutical Industry Gygyszerkereskedelmi ZRt.
NIKOPOL FERROALLOY PLANT
EVEREN Sp. z o.o.
POLSKI KOKS S.A.
SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
EPICENTR K
Skanska a.s.
ROSSMANN Supermarkety Drogeryjne Polska Sp. z o.o.
Kulczyk Tradex Sp. z o.o.
INGULETSKIY GIRNICHO-ZBAGACHUVALNIY KOMBINAT
ENAKIEVO METALLURGICAL PLANT
OMV BULGARIA
eustream, a.s.
VODAFONE ROMANIA SA
PHOENIX Pharmaceutical Industry Gygyszerkereskedelmi ZRt.
KOLPORTER S.A.
ASSECO POLAND S.A. *
ZA TELEKOMUNIKACIJE TELEKOM SRBIJA AKCIONARSKO DRUTVO
PREDUZECE
AUCHAN MAGYARORSZG Kereskedelmi s Szolgltat Kft.
SHIDENERGO
Prask energetika, a.s.
MTS UKRAINA
Stredoslovensk energetika, a.s.*
SELGROS Sp. z o.o.
Fvrosi Gzmvek Zrt. *
KYIVENERGO
BORYSZEW S.A. *
UKRZALIZNYCHPOSTACH
REAL,- HYPERMARKET ROMANIA SRL
TEVA Magyarorszg Gygyszerforgalmaz ZRt. *
SOCIETATEA COMERCIALA DE PRODUCERE A ENERGIEI ELECTRICE IN
HIDROCENTRALE HIDROELECTRICA SA
MYRONIVSKYY HLIBOPRODUCT
ENERGA-OPERATOR S.A. *
SELGROS CASH & CARRY SRL
PRIVREDNO DRUTVO ZA PROIZVODNJU I PRERADU CELIKA

U. S.

Change
Employment

Employment
2009

Employment
2010
Change
Net Profit
Net Profit in
TEUR 2009
Net Profit in
TEUR 2010
Change
Turnover

Turnover in
TEUR 2009
Turnover in
TEUR 2010
Main Sector
Company
Name
Position 2009

Country
Change in
Position
Position 2010
1st Place
137

130 UA
138

192 HU
139

119 PL
140 NEW UA
141

106 RO
142 NO CHANGE 142 RO
143

193 HU
144

230 PL
145 NO CHANGE 145 PL
146

162 HU
147

120 SI
148

97 SK
149 NEW UA
150

155 PL
151 NEW PL
152

173 PL
153

124 HU
154

272 UA
155

196 PL
156

126 PL
157

110 RO
158

134 PL
159

208 PL
160

137 LV
161

187 HU
162

152 SI
163 NEW UA
164 NEW PL
165

121 HU
166

191 PL
167

147 PL
168

189 PL
169 NEW PL
170

149 UA
171

127 HU
172

340 UA
173

138 RO
174 NEW CZ
175

129 HU
176

319 UA
177

164 PL
178

342 PL
179

170 RO
180

205 UA
181

114 CZ
182

210 PL
183

181 PL
184 NEW UA
185

261 UA
186

207 BG
187

174 SK
188

122 RO
189

158 HU
190 NEW PL
191

188 PL
192

128 RS
193

148 HU
194 NEW UA
195

146 CZ
196

185 UA
197

136 SK
198

190 PL
199

165 HU
200

245 UA
201

268 PL
202 NEW UA
203

168 RO
204

175 HU
205

243 RO

206

270 UA
207 NEW PL
208

180 RO
209

289 RS
Metal Industry
Oil & Gas
Mining Industry
Retail
Telecommunication
Production
Pharmaceutical Industry
Others
Wholsesale
Electronic Components
Energy Supplier
Mining Industry
Wholsesale
Transport
Automotive
Oil & Gas
Mining Industry
Production
Others
Retail
Food Industry
Construction Industry
Energy Supplier
Metal Industry
Energy Supplier
Mining Industry
Others
Energy Supplier
Production
Production
Production
Wholsesale
Wholsesale
Oil & Gas
Wholsesale
Energy Supplier
Metal Industry
Energy Supplier
Oil & Gas
Oil & Gas
Wholsesale
Retail
Automotive Trade
Mining Industry
Metal Industry
Oil & Gas
Oil & Gas
Telecommunication
Retail
Others
Telecommunication
Retail
Energy Supplier
Energy Supplier
Telecommunication
Energy Supplier
Wholsesale
Oil & Gas
Energy Supplier
Production
Transport
Retail
996,278
995,492
993,607
991,777
990,761
986,960
982,864
972,085
970,915
963,179
960,628
949,488
947,034
946,748
946,617
939,452
935,190
934,144
933,445
933,134
933,055
928,608
924,495
922,293
921,424
916,333
910,643
908,962
907,198
906,111
903,904
903,859
903,434
897,603
897,089
896,555
896,174
880,397
877,667
877,093
875,489
859,434
851,004
844,514
837,255
835,917
833,508
832,126
829,738
829,313
826,472
825,689
817,245
816,619
815,229
813,442
811,832
805,370
805,304
800,560
798,339
795.093
791,394
789,883
789,309
782,086
780,965
780,881
865,700
681,341
939,711
331,145
1,044,354
846,382
987,092
601,084
845,957
782,337
940,264
1,112,811
853,845
793,063
771,618
743,109
920,210
504,443
664,399
917,270
1,027,209
875,837
654,007
858,255
708,972
803,499
254,999
755,702
1,004,545
695,580
837,683
701,929
644,322
811,906
891,924
429,901
856,402
918,878
890,097
448,970
771,188
439,943
753,665
633,213
1,146,751
627,874
717,216
376,734
526,510
641,910
742,913
929,410
788,436
92,836
704,918
897,263
837,181
486,203
920,345
695,682
863,079
700,443
767,313
551,492
514,781
531,833
760,760
733,123
15.08%
46.11%
5.74%
199.50%
-5.13%
16.61%
-0.43%
61.72%
14.77%
23.12%
2.17%
-14.68%
10.91%
19.38%
22.68%
26.42%
1.63%
85.18%
40.49%
1.73%
-9.17%
6.03%
41.36%
7.46%
29.97%
14.04%
257.12%
20.28%
-9.69%
30.27%
7.91%
28.77%
40.21%
10.55%
0.58%
108.55%
4.64%
-4.19%
-1.40%
95.36%
13.52%
95.35%
12.92%
33.37%
-26.99%
33.13%
16.21%
120.88%
57.59%
29.19%
11.25%
-11.16%
3.65%
779.64%
15.65%
-9.34%
-3.03%
65.64%
-12.50%
15.08%
-7.50%
13.51%
3.14%
43.23%
53.33%
47.05%
2.66%
6.51%
-94,820
17,700
9,720
106
222,371
n.a.
230,765
120,068
10,795
-14,252
165,920
136,019
1,624
-1,975
-124,039
42,611
-26,217
247,378
23,356
-14,352
33,512
93,511
60,473
62,723
-30,249
79,491
101,372
n.a.
76,344
61,302
99,490
78,220
850
41,207
-20,868
-14,327
47,485
29,603
989
-139,479
3,260
6,449
155,050
36,318
31,656
98,140
61,552
302,415
-72,811
17,129
188,285
115,947
15,648
7,593
125,617
149,665
-30,170
153,737
62,989
28,870
73,248
28,673
32,244
14,714
31,819
49
n.a.
166,805
-76,484
-12,179
20,933
162
320,230
0
188,130
38,067
13,823
-5,178
170,812
143,685
433
-2,063
-81,332
22,649
-1,790
107,109
-20,968
-16,666
32,578
80,825
20,063
28,475
-114,665
60,235
36,570
0
69,329
14,982
75,930
87,192
1,298
-693
-17,989
1,739
103,236
29,785
1,168
-92,482
1,927
1,281
196,101
24,022
60,340
73,768
17,100
80,222
-73,653
11,231
78,699
284,408
13,441
-9,957
101,192
162,154
-29,409
75,772
72,296
32,159
41,966
24,865
19,465
-11,159
11,947
40
0
76,868
-23.97%
245.33%
-53.57%
-34.76%
-30.56%
n.a.
22.66%
215.41%
-21.91%
-175.24%
-2.86%
-5.34%
275.21%
4.28%
-52.51%
88.13%
-1364.97%
130.96%
211.39%
13.89%
2.87%
15.70%
201.41%
120.27%
73.62%
31.97%
177.20%
n.a.
10.12%
309.16%
31.03%
-10.29%
-34.50%
6042.32%
-16.00%
-923.89%
-54.00%
-0.61%
-15.31%
-50.82%
69.17%
403.26%
-20.93%
51.19%
-47.54%
33.04%
259.95%
276.97%
1.14%
52.52%
139.25%
-59.23%
16.42%
176.26%
24.14%
-7.70%
-2.59%
102.89%
-12.87%
-10.23%
74.54%
15.31%
65.65%
231.86%
166.32%
23.50%
n.a.
117.00%
n.a.
407
20,500
n.a.
2,732
9,255
5,024
2,182
800
9,048
2,504
1,808
n.a.
535
39,822
1,000
226
n.a.
3,395
3,329
7,123
5,593
5,000
1,324
5,483
4,330
n.a.
10,000
380
8,000
1,428
3,542
3,323
n.a.
84
n.a.
843
3,071
1,052
n.a.
45
46
5,812
n.a.
3,907
7,700
380
n.a.
n.a.
82
920
2,964
657
1,221
13,400
9,472
5,622
n.a.
617
n.a.
1,089
3,800
600
n.a.
5,657
n.a.
7,530
433
20,407
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
2,200
n.a.
n.a.
n.a.
1,470
n.a.
700
40,373
n.a.
n.a.
11,601
3,285
3,946
n.a.
5,957
4,500
1,374
n.a.
n.a.
n.a.
9,000
n.a.
7,700
1,405
3,197
2,586
5,945
n.a.
328
n.a.
3,633
n.a.
7,752
40
46
n.a.
4,856
4,846
7,500
380
n.a.
7,935
75
1,080
n.a.
n.a.
n.a.
8,000
9,594
n.a.
n.a.
611
3,143
1,107
3,884
n.a.
13,315
3,820
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-0.82%
n.a.
n.a.
n.a.
22.99%
n.a.
-23.57%
-1.36%
n.a.
n.a.
n.a.
3.35%
-15.64%
n.a.
-6.11%
11.11%
-3.64%
n.a.
n.a.
n.a.
11.11%
n.a.
3.90%
1.64%
10.79%
28.50%
n.a.
n.a.
n.a.
n.a.
-15.47%
n.a.
n.a.
12.50%
0.00%
n.a.
n.a.
-19.38%
2.67%
0.00%
n.a.
n.a.
9.33%
-14.81%
n.a.
n.a.
n.a.
67.50%
-1.27%
n.a.
n.a.
0.98%
n.a.
-1.63%
-2.16%
n.a.
n.a.
48.09%
n.a.
n.a.
n.a.
Energy Supplier
Production
Energy Supplier
Wholsesale
Metal Industry
779,452
774,620
774,006
766,479
764,801
571,307
511,159
1,007,742
718,010
488,191
36.43%
51.54%
-23.19%
6.75%
56.66%
69,611
166
34,425
23,925
-142,289
15,460
134
56,607
29,279
-153,051
350.27%
23.24%
-39.19%
-18.29%
7.03%
5,227
n.a.
12,500
4,307
5,400
n.a.
3.114
12,618
n.a.
5,766
n.a.
n.a.
-0.94%
n.a.
-6.35%
Recent months have shown that we cannot expect the economic situation to stabilize in the foreseeable future. Companies, which have skilfully taken advantage of the first wave of the crisis to optimize their activities
and have adapted to operating in difficult, rapidly changing conditions, are coping best in these circumstances. For PKN Orlen, the last few years have been mainly success in reducing debt, as well as investment and
evolution towards a multi-utility type corporation. This strategy is already bringing quantifiable results, while
the first position in the COFACE ranking is the best evidence of this.
JACEK KRAWIEC, President of the Management Board of PKN ORLEN
12
SK
HU
PL
HU
HU
PL
UA
PL
PL
UA
PL
PL
RS
RO
PL
HR
UA
CZ
UA
RS
PL
PL
HU
PL
PL
HU
PL
CZ
HU
PL
PL
SI
SI
SK
UA
CZ
UA
PL
UA
HU
BG
PL
HU
LV
SK
UA
RO
PL
PL
CZ
UA
HU
HU
PL
HU
PL
CZ
PL
HU
HU
PL
PL
PL
UA
RO
UA
PL
HU
BG
PL
RO
PL
LT
HU
764,135
763,679
761,120
757,894
750,975
746,052
737,517
734,326
732,377
732,270
732,260
725,686
724,295
720,937
719,403
710,357
709,887
709,141
708,893
703,200
701,089
700,794
694,987
694,491
689,983
689,939
687,455
685,881
685,801
682,999
679,649
677,979
677,190
669,468
664,372
663,178
658,448
656,984
652,687
651,439
647,282
647,193
643,250
642,514
641,828
638,931
637,046
635,792
633,755
632,358
631,195
628,048
627,592
623,543
623,498
622,590
618,870
617,666
610,721
610,474
608,885
608,723
607,571
606,610
606,125
601,557
601,351
599,285
598,201
595,532
595,027
593,101
591,765
591,724
812,666
580,231
602,418
134,520
649,575
629,535
522,043
655,557
616,948
607,121
628,487
656,268
684,141
787,921
648,920
740,053
578,464
526,112
570,511
553,766
510,094
378,896
694,413
611,220
594,511
724,647
548,559
842,589
591,892
667,511
752,193
673,119
613,983
445,983
371,942
470,775
319,230
563,191
525,800
725,432
604,645
626,780
732,390
131,395
474,294
591,940
447,258
584,918
527,143
583,856
590,419
626,316
561,726
524,395
764,503
539,831
433,402
604,610
579,585
497,925
538,156
412,517
477,371
485,457
586,488
446,890
424,039
579,619
592,603
531,333
168,131
458,525
586,859
655,062
-5.97%
31.62%
26.34%
463.41%
15.61%
18.51%
41.28%
12.02%
18.71%
20.61%
16.51%
10.58%
5.87%
-8.50%
10.86%
-4.01%
22.72%
34.79%
24.26%
26.98%
37.44%
84.96%
0.08%
13.62%
16.06%
-4.79%
25.32%
-18.60%
15.87%
2.32%
-9.64%
0.72%
10.29%
50.11%
78.62%
40.87%
106.26%
16.65%
24.13%
-10.20%
7.05%
3.26%
-12.17%
388.99%
35.32%
7.94%
42.43%
8.70%
20.22%
8.31%
6.91%
0.28%
11.73%
18.91%
-18.44%
15.33%
42.79%
2.16%
5.37%
22.60%
13.14%
47.56%
27.27%
24.96%
3.35%
34.61%
41.81%
3.39%
0.94%
12.08%
253.91%
29.35%
0.84%
-9.67%
186,202
14,936
48,019
55,143
-130,633
-13,111
23,920
31,075
33,141
8,193
20,644
8,853
17,852
n.a.
74,937
309,206
9,409
28,958
11,796
8,352
10,550
2,135
12,745
13,133
55,031
11,531
9,910
3,157
-92,788
42,649
40,097
7,885
2,925
286,114
1,940
n.a.
-2,014
53,301
11,120
19,689
n.a.
16,592
-4,471
12,860
-7,231
-71,752
19,527
11,590
n.a.
70,533
-24,200
572
-34,115
5,015
14,027
59,933
76,364
4,507
19,698
n.a.
40,491
17,957
16,035
11,989
2,276
89,228
n.a.
68,055
1,560
10,373
24,805
34,814
n.a.
101,845
199,759
20,706
28,018
2,945
-163,912
-38,838
7,461
18,535
8,045
4,277
19,411
6,233
18,989
37,288
48,627
152,275
5,424
6,230
6,870
9,874
-18,850
1,352
5,840
8,747
50,810
26,114
5,869
-155,686
-102,747
35,168
57,561
11,693
-6,084
147,704
975
434
-42,510
43,934
4,204
37,830
13,831
29,119
17,694
3,320
-23,765
-50,555
20,942
15,022
0
32,233
-39,221
3,473
36,043
4,732
28,563
38,779
17,883
2,620
16,492
4,285
3,590
6,001
15,766
4,086
2,657
66,627
-49,915
63,022
2,826
17,516
17,860
31,017
14,339
150,281
-6.79%
-27.86%
71.38%
1772.51%
20.30%
66.24%
220.61%
67.65%
311.93%
91.55%
6.35%
42.04%
-5.99%
n.a.
54.11%
103.06%
73.46%
364.79%
71.69%
-15.42%
155.97%
57.90%
118.23%
50.15%
8.31%
-55.85%
68.86%
102.03%
9.69%
21.27%
-30.34%
-32.57%
148.08%
93.71%
98.92%
n.a.
95.26%
21.32%
164.50%
-47.96%
n.a.
-43.02%
-125.27%
287.36%
69.57%
-41.93%
-6.75%
-22.84%
n.a.
118.82%
38.30%
-83.54%
-194.65%
5.99%
-50.89%
54.55%
327.03%
71.99%
19.44%
n.a.
1027.92%
199.20%
1.70%
193.45%
-14.34%
33.92%
n.a.
7.99%
-44.81%
-40.78%
38.89%
12.24%
n.a.
-32.23%

Change
Employment

Employment
2009

Employment
2010
Change
Net Profit
Net Profit in
TEUR 2009
Net Profit in
TEUR 2010
Change
Turnover

Turnover in
TEUR 2009
Turnover in
TEUR 2010
Main Sector
Orange Slovensko, a.s.

Telecommunication
Robert Bosch Electronic Componentsa Gyrt Kft.
WEGLOKOKS S.A. *
Oil & Gas
MOL Energiakeresked ZRt.
Oil & Gas
FFirst Chemical Holding Vagyonkezel Kft. *
Holding Companies
Polskie Linie Lotnicze LOT S.A.
Transport
CONCERN GALNAFTOGAZ
Oil & Gas
UNILEVER POLSKA Sp. z o.o.
Food Industry
PKP ENERGETYKA S.A.
Energy Supplier
SOUTH-WESTERN RAILWAY
Transport
NFI EMPIK MEDIA & FASHION S.A. *
Holding Companies
AB S.A. *
Wholsesale
DRUTVO ZA TRGOVINU I ZASTUPANJE DELTA MAXI DOO BEOGRAD
Retail
ROMTELECOM SA
Telecommunication
TRW POLSKA Sp. z o.o.
Production
Hrvatski Telekom d.d.
Telecommunication
DONETSK RAILWAY
Transport
BOSCH DIESEL s.r.o.
Production
PRIDNIPROVSKA RAILWAY
Transport
AVNO PREDUZECE SRBIJAGAS NOVI SAD

Transport
INDESIT COMPANY POLSKA Sp. z o.o.
KGHM Metraco S.A.
Metal Industry
PCE Paragon Solutions Kft.
ELECTROLUX POLAND Sp. z o.o.
PBG S.A. *
Oil & Gas
Magyar Posta ZRt. *
Others
ABC DATA S.A. *
Wholsesale
Cesk aerolinie a.s.
Transport
BorsodChem ZRt.
Production
RWE POLSKA S.A.
Energy Supplier
TOTALIZATOR SPORTOWY Sp. z o.o.
Others
ENGROTU PODJETJE ZA TRGOVINO, D.D.
Retail
GORENJE GOSPODINJSKI APARATI, D.D.
Slovak Telekom, a.s.
Telecommunication
GAZPROMZBUT UKRAINA
Oil & Gas
Inventec (Czech), s.r.o.
Others
AVDIIVKA COKERY PLANT
Oil & Gas
NESTLE POLSKA S.A.
Food Industry
ODESKA RAILWAY
Transport
Electrolux Lehel Htgpgyr Kft.
Energy Supplier
BULGARGAZ
Oil & Gas
MOSTOSTAL Warszawa S.A. *
Metal Industry
METRO Kereskedelmi Kft.
Wholsesale
URALCHEM TRADING SIA
Wholsesale
Slovnaft Petrochemicals, s.r.o.
Oil & Gas
LUKOYL-ODESKIY NAFTOPEREROBNIY ZAVOD
Oil & Gas
MOL ROMANIA PETROLEUM PRODUCTS SRL
Oil & Gas
ANWIL S.A. *
Production
Grupa E.Leclerc *
Wholsesale
CEPS, a.s.
Energy Supplier
UKRTELECOM
Telecommunication
Philip Morris Magyarorszg Cigaretta Kereskedelmi Kft.
Tobacco
Lidl Magyarorszg Kereskedelmi Betti Trsasg
Retail
Spdzielnia Mleczarska MLEKPOL w Grajewie
Food Industry
SANOFI-AVENTIS Magyarorszg Kereskedelmi s Szolgltat ZRt.
Elektrownia KOZIENICE S.A.
Energy Supplier
SYNTHOS Kralupy a.s.
Production
BUMAR Sp. z o.o.
Wholsesale
Szerencsejtk ZRt. *
Others
WIZZ Air Hungary Lgikzlekedsi Kft.
Transport
ALSTOM POWER Sp. z o.o.
IMPEXMETAL S.A. *
Metal Industry
INTER CARS S.A. *
Wholsesale
LVIVSKA RAILWAY
Transport
COMPANIA NATIONALA DE TRANSPORT AL ENERGIEI ELECTRICE TRANSELECTRICA SA Energy Supplier
ROSHEN
Food Industry
JTI Polska Sp. z o.o.
Tobacco
aksi Atomerm ZRt.
Energy Supplier
CHEZ ELEKTRO BULGARIA
Energy Supplier
KOPEX S.A. *
Oil & Gas
OMV PETROM GAS SRL
Oil & Gas
CARGILL (POLSKA) Sp. z o.o.
Production
PALINK UAB*
Retail
Telenor Magyarorszg ZRt.
Telecommunication
1,333
1,334 -0.07%
2,863
n.a.
n.a.
n.a.
n.a.
n.a.
33
n.a.
n.a.
n.a.
n.a.
n.a.
2,328
3,470 -32.91%
n.a.
4,875
n.a.
n.a.
n.a.
n.a.
8,400
n.a.
n.a.
n.a. 68,454
n.a.
7,150
6,433 11.15%
630
688 -8.43%
5,814
5,536
5.02%
8,891
n.a.
n.a.
4,600
4,500
2.22%
5,967
4,866 22.63%
n.a. 67,449
n.a.
5,000
4,343 15.13%
n.a.
n.a.
n.a.
1,096
1,053
4.08%
2,800
n.a.
n.a.
68
72 -5.56%
745
n.a.
n.a.
3,500
n.a.
n.a.
3,216
3,722 -13.59%
36,408
n.a.
n.a.
370
n.a.
n.a.
3,200
4,600 -30.43%
2,773
n.a.
n.a.
n.a.
n.a.
n.a.
887
n.a.
n.a.
114
n.a.
n.a.
3,216
n.a.
n.a.
4,650
3,432 35.49%
n.a.
n.a.
n.a.
406
404
0.50%
n.a.
6,544
n.a.
3,082
2,906
6.06%
n.a.
n.a.
n.a.
3,685
n.a.
n.a.
n.a.
39
n.a.
5,340
5,391 -0.95%
2,942
n.a.
n.a.
22
13 69.23%
496
499 -0.60%
n.a.
n.a.
n.a.
179
n.a.
n.a.
n.a.
n.a.
n.a.
6,200
4,700 31.91%
495
425 16.47%
n.a. 107,753
n.a.
513
n.a.
n.a.
3,373
n.a.
n.a.
2,500
n.a.
n.a.
337
n.a.
n.a.
2,370
2,400 -1.25%
685
690 -0.72%
302
323 -6.50%
1,378
n.a.
n.a.
246
n.a.
n.a.
2,103
2,100
0.14%
1,910
2,042 -6.46%
2,105
2,029
3.75%
n.a.
n.a.
n.a.
2,185
n.a.
n.a.
n.a.
252
n.a.
720
600 20.00%
2,541
n.a.
n.a.
80
63 26.98%
6,759
n.a.
n.a.
50
n.a.
n.a.
800
800
0.00%
8,648
7,439 16.25%
1,125
n.a.
n.a.
MOL Groups business achievements are based on people, talent and fresh ideas.
2nd Place

151

240

229

295

256
NEW

265

202
NEW

385
NEW

201

194

159

204

177

139

297
NEW

254

274

191
NEW

221

232

182
NEW
NEW

234
NEW

172

195

218

336
NEW
NEW

485
NEW
NEW

178

225

211

176
NEW

305
NEW

334

238
NEW

264

224

212
NEW
NEW

167
NEW

383

226

242

286

262

369

299
NEW

237

322
NEW

241

235

266
NEW

321

236

203
Company
Name
Position 2009

Country
Change in
Position
Position 2010
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
As a result, the company today is one of the largest oil and gas companies in Central Europe with
a fast growing international portfolio and very promising future prospects.
Zsolt HERNDI, Chairman and CEO MOL GROUP
13
Although it may not be immedi-
one of the 500 largest companies in the region is to be
ately obvious when viewed from the
found. Precisely because Central and Eastern Europe is so
outside, Central and Eastern Europe
varied, it takes a lot of know-how to make realistic state-
is a highly diverse economic region.
ments about the condition of an outlook for this region.
The developments of recent years
The basis for this is an accurate knowledge of the local
have made it abundantly clear that
markets, many years of experience as well as international
the countries of the CEE region are
analysis performed by local experts.
extremely different markets which do

not develop or behave in the same
This is exactly what Coface has, thanks to a unique, more
or similar ways.
than 20 year-old network of branch offices across the CEE

region. This network is also responsible for this compi-
This fact is also highlighted by this

country comparison, which reveals a few common fea-
lation, which offers interesting insights into an economic

region developing with a high degree of dynamism.
tures, but also numerous differences. Thus, for example,

the insolvency rates in the region last year ranged between
0.02% (Poland) and 12.87% (Serbia), while economic
5th Place
284

444
285

292
286

324
287

227
288

375
289 NEW
290 NEW
291

413
292

231
293

300
294

222
295

348
296

306
297

443
298 NEW
299 NEW
300

239
301

296
302 NEW
303

215
304

496
305

312
306 NEW
307

217
308 DOWN 280
309 NEW
310

302
311

281
312

219
313

303
314

450
UA
PL
PL
RO
PL
CZ
RS
UA
HR
LT
HU
SI
CZ
RO
EE
PL
SI
UA
UA
HU
PL
PL
UA
BG
PL
UA
BG
PL
PL
SI
UA
POLTAVSKYY ORE MINING AND PROCESSING PLANT

Mining Industry
ZABKA Polska S.A.
Others
TOYOTA MOTOR MANUFACTURING POLAND Sp. z o.o.
Production
E.ON ENERGIE ROMANIA SA
Energy Supplier
Spdzielnia Mleczarska MLEKOVITA
Food Industry
METALIMEX a. s.
Metal Industry
PRIVREDNO DRUTVO TERMOELEKTRANE NIKOLA TESLA D.O.O.OBRENOVAC Energy Supplier
DNIPROENERGO
T-Mobile Hrvatska drutvo s ogranicenom odgovornocu za telekomunikacijske usluge Telecommunication
LUKOIL BALTIJA UAB
Serving Station Operator
Magyar ramszolgltat Kft.
Energy Supplier
GEN-I, TRGOVANJE IN PRODAJA ELEKTRICNE ENERGIJE, D.O.O.
Energy Supplier
PHARMOS, a.s.
RENAULT INDUSTRIE ROUMANIE SRL
Automotive Trade
ERICSSON EESTI AS
Wholsesale
ARCTIC PAPER S.A. *
Others
LEK FARMACEVTSKA DRUBA D.D. FIRMA V ANGLEKEM JEZIKU
LUKOIL UKRAINE
UKRGAZVIDOBUVANNYA
Oil & Gas
British American Tobacco Magyarorszg Dohny Kereskedelmi Kft. *
Tobacco
MONDI SWIECIE
S.A.
Production
POLOMARKET Sp. z o.o.
Wholsesale
SERVIS-INVEST
Energy Supplier
MOBILTEL
Telecommunication
FERRERO POLSKA Sp. z o.o.
Food Industry
SOUTH RAILWAY
Transport
BULGARIAN TELECOMMUNICATIONS COMPANY
Telecommunication
SOKOW S.A. *
Food Industry
PHU ENERGOKRAK Sp. z o.o.
Oil & Gas
OMV SLOVENIJA, trgovina z nafto in naftnimi derivati, d.o.o.
ALCHEVSK COKERY PLANT
Oil & Gas
591,625
589,048
588,722
587,565
587,050
584,929
584,713
582,430
581,954
581,027
580,635
580,424
580,280
578,431
576,178
576,028
575,865
574,293
573,645
570,247
570,217
567,695
567,489
564,267
563,863
563,234
563,078
561,977
560,741
556,487
554,965
352,397
488,341
455,653
603,608
400,568
388,223
596,220
361,826
618,937
476,700
607,059
429,140
518,506
351,979
96,572
418,083
581,597
471,439
448,627
615,167
314,665
464,324
391,168
615,064
504,513
466,671
529,820
503,649
612,114
475,412
339,737
67.89%
20.62%
29.20%
-2.66%
46.55%
50.67%
-1.93%
60.97%
-5.98%
21.89%
-4.35%
35.25%
11.91%
64.34%
496.63%
37.78%
-0.99%
21.82%
27.87%
-7.30%
81.21%
22.26%
45.08%
-8.26%
11.76%
20.69%
6.28%
11.58%
-8.39%
17.05%
63.35%
66,097
10,064
51,724
n.a.
7,997
6,487
3,847
17,692
n.a.
3,136
37,258
10,890
829
184
27,213
7,256
47,909
-1,329
59,337
2,706
62,991
4,265
4,571
112,611
33,920
12,889
58,122
23,917
536
16,077
-3,201
13,331
5,457
-44,161
38,285
11,819
3,860
-17,739
-20,284
196,618
-382
35,186
9,878
166
2,119
2,360
30,598
55,302
-12,742
54,066
2,497
16,218
3,206
3,076
134,132
33,649
6,363
44,210
13,648
782
14,915
6,293
395.81%
84.40%
217.13%
n.a.
-32.34%
68.05%
121.68%
187.22%
n.a.
921.26%
5.89%
10.25%
399.25%
-91.31%
1053.29%
-76.29%
-13.37%
89.57%
9.75%
8.37%
288.40%
33.04%
48.61%
-16.04%
0.80%
102.57%
31.47%
75.24%
-31.48%
7.80%
-150.87%
n.a.
450
2,073
394
870
65
2,556
n.a.
1,048
203
19
4,648
640
1
1,391
1,600
77
n.a.
n.a.
294
946
300
n.a.
2,391
1,600
n.a.
3,141
n.a.
70
2,472
n.a.

Change
Employment

Employment
2009

Employment
2010
Change
Net Profit
Net Profit in
TEUR 2009
Net Profit in
TEUR 2010
Change
Turnover
Coface Central Europe Holding AG

Turnover in
TEUR 2009
companies in the CEE Top 500 and others in which only
Turnover in
TEUR 2010
Member of the Board
Main Sector
Katarzyna Kompowska
There are countries which last year were home to 160
Company
Name
between +4.2% (Ukraine, Slovakia) and -1.9% (Romania).
Position 2009

Country
Change in
Position
Position 2010
growth in 2010 fluctuated - depending on the country -
8,119
n.a.
400 12.50%
n.a.
n.a.
n.a.
n.a.
870
0.00%
65
0.00%
2,621 -2.48%
9,917
n.a.
1,048
0.00%
198
2.53%
n.a.
n.a.
n.a.
n.a.
603
6.14%
n.a.
n.a.
557 149.73%
n.a.
n.a.
n.a.
n.a.
3,179
n.a.
n.a.
n.a.
n.a.
n.a.
1.000 -5.40%
280
7.14%
n.a.
n.a.
2,395 -0.17%
1,600
0.00%
n.a.
n.a.
6,552 -52.06%
n.a.
n.a.
60 16.67%
n.a.
n.a.
3,750
n.a.
We are glad to have moved up the ranking from the position we occupied last year. This proves that
PGNiG is heading in the right direction. Natural gas is bound to be the fuel of the 21st century. Environmental responsibility entails a growing requirement for gas to stabilise generation systems fuelled by
renewable energy sources. Given the fact that Poland potentially has one of Europes largest unconventional gas resources and that PGNiG holds the most licences for exploration of that gas, we have every
reason to be confident of our prospects in future rankings.
MICHAL SZUBSKI, President of the Management Board of Polskie Grnictwo Naftowe i Gazownictwo SA (PGNiG SA)
14
Oil & Gas
Oil & Gas
Metal Industry
Retail
Retail
Oil & Gas
Production
Wholsesale
Tobacco
Energy Supplier
Retail
Holding Companies
Energy Supplier
Wholsesale
Others
Wholsesale
Energy Supplier
Production
Wholsesale
Retail
Production
Energy Supplier
Energy Supplier
Energy Supplier
Production
Wholsesale
Metal Industry
Automotive Trade
Automotive
Production
Metal Industry
Others
Oil & Gas
Others
Wholsesale
Oil & Gas
Tobacco
Oil & Gas
Energy Supplier
Automotive Trade
Production
Tobacco
Food Industry
Automotive
Production
Telecommunication
Transport
Oil & Gas
Oil & Gas
Retail
Transport
Transport
Production
Energy Supplier
Production
Metal Industry
Production
Tobacco
Automotive
Energy Supplier
Energy Supplier
Energy Supplier
Automotive Trade
Transport
Others
Telecommunication
Tobacco
554,815
554,104
553,248
553,184
551,521
549,584
549,468
547,950
544,196
544,008
543,257
541,092
540,000
539,391
539,078
537,044
534,748
532,093
530,245
530,011
523,562
523,110
518,261
517,656
517,282
516,883
516,749
516,003
514,165
512,940
511,603
509,933
508,667
508,169
507,788
506,700
506,123
504,849
498,987
497,383
497,351
497,092
494,300
485,810
485,760
484,630
482,014
479,776
477,135
475,358
474,396
471,548
471,140
470,949
470,801
470,643
470,223
468,854
468,306
467,803
467,752
467,377
463,916
463,903
463,446
461,979
460,901
456,909
453,233
453,072
452,731
451,846
450,670
449,469
463,667
452,651
463,206
467,374
569,194
550,650
217,591
502,448
389,179
444,957
537,132
548,919
519,000
562,321
493,158
250,701
380,295
311,690
711,663
384,228
462,919
446,830
379,825
553,901
539,815
751,278
499,794
461,056
409,575
382,346
506,995
461,987
474,200
343,443
352,085
413,578
367,968
596,186
322,967
548,015
464,077
436,603
410,073
407,075
431,149
395,959
516,612
472,165
378,661
328,756
510,544
358,533
369,756
370,338
341,904
506,502
559,500
472,718
420,396
384,668
282,546
419,140
417,983
425,655
361,217
489,318
438,617
436,510
429,159
448,446
333,398
328,807
474,542
430,029
19.66%
22.41%
19.44%
18.36%
-3.10%
-0.19%
152.52%
9.06%
39.83%
22.26%
1.14%
-1.43%
4.05%
-4.08%
9.31%
114.22%
40.61%
70.71%
-25.49%
37.94%
13.10%
17.07%
36.45%
-6.54%
-4.17%
-31.20%
3.39%
11.92%
25.54%
34.16%
0.91%
10.38%
7.27%
47.96%
44.22%
22.52%
37.55%
-15.32%
54.50%
-9.24%
7.17%
13.85%
20.54%
19.34%
12.67%
22.39%
-6.70%
1.61%
26.01%
44.59%
-7.08%
31.52%
27.42%
27.17%
37.70%
-7.08%
-15.96%
-0.82%
11.40%
21.61%
65.55%
11.51%
10.99%
8.99%
28.30%
-5.59%
5.08%
4.67%
5.61%
1.03%
35.79%
37.42%
-5.03%
4.52%
8,763
11,717
1,112
8,334
7,844
15,385
1,547
108,746
102,194
n.a.
58,683
n.a.
n.a.
10,630
79,605
15,291
9,517
186,834
6,492
899
35,020
11,576
n.a.
8,947
82,244
31,862
11,651
n.a.
29,639
-28,081
1,928
-6,299
19,461
8,793
2,232
1,845
46,213
-68,052
1,250
n.a.
37,253
101,253
7,062
39,899
4,730
22,785
6,945
10,091
47,842
20,622
89,473
18,862
-7,744
7,516
n.a.
2,508
90,375
n.a.
63,170
-17,465
46,526
46,317
25,470
n.a.
-826
58,650
39,755
n.a.
3,373
-110,463
12,887
53,151
-18,885
100,596
23,254
-103,995
675
-61,901
981
20,838
6,908
103,540
204,002
-665
3,611
6,424
0
-29,074
77,604
-24,229
6,285
76,712
4,789
-21,676
24,181
-2,741
7,231
44,978
74,928
15,799
-8,805
0
48,830
-17,266
-11,749
-4,240
-8,362
-98,548
4,075
10,786
27,449
3,089
-814
465
28,104
69,800
4,092
8,007
3,839
-24,352
22,481
32,991
32,988
16,646
99,770
13,716
-6,562
-20,035
6,042
7,955
71,681
0
37,180
-33,660
21,729
39,669
42,058
0
-20,787
118,033
0
0
2,354
-103,046
12,962
37,040
27,189
88,990
-62.31%
111.27%
64.69%
113.46%
699.78%
-26.17%
-77.60%
5.03%
-49.91%
n.a.
1525.12%
n.a.
n.a.
136.56%
2.58%
163.11%
51.42%
143.55%
35.56%
104.15%
44.82%
522.35%
n.a.
-80.11%
9.76%
101.67%
232.32%
n.a.
-39.30%
-62.64%
116.41%
-48.56%
332.74%
108.92%
-45.23%
-82.90%
68.36%
-2303.04%
253.46%
n.a.
32.55%
45.06%
72.58%
398.33%
23.22%
193.57%
-69.11%
-69.41%
45.03%
23.89%
-10.32%
37.52%
-18.02%
137.51%
n.a.
-68.48%
26.08%
n.a.
69.90%
48.12%
114.12%
16.76%
-39.44%
n.a.
96.02%
-50.31%
n.a.
n.a.
43.28%
-7.20%
-0.58%
43.50%
-169.46%
13.04%
932
285
34
1,070
3,094
6,431
505
1,317
138
650
2,320
n.a.
4,322
5,485
499
n.a.
n.a.
6
745
n.a.
n.a.
215
2,980
3,321
1,575
690
9,450
2,300
n.a.
1,852
114
96
4,500
2,923
80
n.a.
645
12,040
175
1,200
1,279
n.a.
251
6,000
109
1,720
269
1,247
2,775
2,700
1,028
34
730
2,700
107
2,998
788
15,179
1,455
n.a.
1,000
1,705
1,061
551
4,473
1,182
3,237
460
108
19,196
712
162
1,425
1,000
n.a.
284
34
1,300
5,038
6,513
n.a.
1,315
138
n.a.
2,300
471
4,147
6,416
515
n.a.
975
n.a.
n.a.
8,859
n.a.
230
2,615
3,338
1,550
n.a.
9,553
2,362
344
1,915
114
n.a.
6,061
3,019
n.a.
1,879
630
11,932
185
1,681
1,342
1,385
271
6,000
104
n.a.
n.a.
1,247
2,671
2,820
1,031
37
730
2,878
107
n.a.
n.a.
n.a.
1,300
9,699
1,000
n.a.
1,050
n.a.
n.a.
1,171
n.a.
n.a.
n.a.
n.a.
700
n.a.
n.a.
950

Change
Employment

Employment
2009

Employment
2010
Change
Net Profit
Net Profit in
TEUR 2009
Net Profit in
TEUR 2010
Change
Turnover

Turnover in
TEUR 2009
Turnover in
TEUR 2010
Main Sector
MEDIPLUS EXIM SRL

NAFTEX PETROL
SLOVNAFT-POLSKA S.A.
Ferona, a.s.
RIMI LATVIA SIA
MAXIMA LATVIJA SIA
GRUP SERVICII PETROLIERE SA
INTERNATIONAL PAPER-KWIDZYN Sp. z o.o.
AGROFERT HOLDING, a.s.
Przedsi e biorstwo Handlowo-Produkcyjne POLSKI TYTON S.A.
HEP-Proizvodnja d.o.o. za proizvodnju elektrine i toplinske energije
Phoenix Zdravotncke zsobovanie, a.s.
Kaufland Slovensk republika, v.o.s.
KONCERNAS ACHEMOS GRUPE UAB*
Elektrownia POANIEC S.A. Grupa GDF SUEZ Energia Polska
INTERPAYP UKRANA
BADM
TCF Hungary Filmjoghasznost Kft.
ACTION S.A. (fin.data 09 for 17 months) *
CENTRENERGO
LPP S.A. *
MERCEDES-BENZ POLSKA Sp. z o.o.
NETTO Sp. z o.o.
Zakady Azotowe PUAWY S.A.
Vchodoslovensk energetika, a.s.*
EDF DMSZ Zrt. *
HEP-Proizvodnja d.o.o. za proizvodnju elektrizne i toplinske energije
AVON OPERATIONS Polska Sp. z o.o.
CARGILL
CMC Zawiercie S.A.
TOYOTA MOTOR POLAND COMPANY LIMITED Sp. z o.o.
Eni Hungaria ZRt.
DELPHI POLAND S.A.
Zakady Chemiczne POLICE S.A.
IMPOL, industrija metalnih polizdelkov, d.o.o.
NIBULON
LIETUVOS DUJOS AB*
ZAGREBANKI HOLDING
ELKO GRUPA AS
PEGATRON Czech s.r.o.
LATVIJAS GAZE AS
PHILIP MORRIS UKRAINE
OVERGAS INC
ENERGIAPRO S.A.
SKODA AUTO POLSKA S.A.
MICHELIN Hungria Abroncsgyrt Kft.
PHILIP MORRIS TRADING SRL
Zakady Tuszczowe KRUSZWICA S.A.
VALEO AUTOSYSTEMY Sp. z o.o.
Firma Oponiarska DEBICA
S.A.
VIPnet, drutvo s ogranicenom odgovornocu za usluge javnih telekomunikacija
YUGOROSGAZ AD BEOGRAD
PARAMO, a.s.
FLEXTRONICS INTERNATIONAL POLAND Sp. z o.o.
OMV Slovensko, s.r.o.
Penny-Market Kereskedelmi Kft.
FGSZ Fldgzszllt ZRt.
SOCIETATEA NATIONALA DE TRANSPORT FEROVIAR DE CALATORI - CFR - CALATORI SA
Mondi SCP, a.s.*
ZAKHIDENERGO
SYNTHOS DWORY Sp. z o.o.
Alcoa-Kfm Szkesfehrvri Knnyfmm Kft.
KRONOPOL Sp. z o.o.
J.T. INTERNATIONAL (ROMANIA) SRL
Lear Corporation Hungary Autipari Gyrt Kft.
Zesp Elektrowni P atnw-Adamw-Konin
S.A.
ELECTROCENTRALE BUCURESTI SA
ENEL ENERGIE SA
Opel Southeast Europe Autforgalmaz Kft.
MV Magyar llamvasutak ZRt. *
SANOFI-AVENTIS Sp. z o.o.
SE-CEE Schneider Electric Kzp-Kelet Eurpai Kft.
Vodafone Magyarorszg Mobil Tvkzlsi ZRt.
Philip Morris R a.s.
n.a.
0.35%
0.00%
-17.69%
-38.59%
-1.26%
n.a.
0.15%
0.00%
n.a.
0.87%
n.a.
4.22%
-14.51%
-3.11%
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-6.52%
13.96%
-0.51%
1.61%
n.a.
-1.08%
-2.62%
n.a.
-3.29%
0.00%
n.a.
-25.75%
-3.18%
n.a.
n.a.
2.38%
0.91%
-5.41%
-28.61%
-4.69%
n.a.
-7.38%
0.00%
4.81%
n.a.
n.a.
0.00%
3.89%
-4.26%
-0.29%
-8.11%
0.00%
-6.18%
0.00%
n.a.
n.a.
n.a.
11.92%
n.a.
0.00%
n.a.
1.05%
n.a.
n.a.
0.94%
n.a.
n.a.
n.a.
n.a.
1.71%
n.a.
n.a.
5.26%
6th Place
RO
BG
PL
CZ
LV
LV
RO
PL
CZ
PL
HR
SK
SK
LT
PL
UA
UA
HU
PL
UA
PL
PL
PL
PL
SK
HU
HR
PL
UA
PL
PL
HU
PL
PL
SI
UA
LT
HR
LV
CZ
LV
UA
BG
PL
PL
HU
RO
PL
PL
PL
HR
RS
CZ
PL
SK
HU
HU
RO
SK
UA
PL
HU
PL
RO
HU
PL
RO
RO
HU
HU
PL
HU
HU
CZ
Company
Name
Position 2009

Country
Change in
Position
Position 2010
315

313
316

329
317

315
318

323
319

244
320

247
321 NEW
322

282
323

394
324 NEW
23
325

258
326

257
327

271
328

246
329

288
330 NEW
331

393
332 NEW
333

186
334

386
335

316
336 NEW
337 NEW
338

252
339

260
340

171
341

279
342 NEW
343

362
344

405
345

276
346

317
347

309
348

453
349

441
350

360
351

416
352

228
353

488
354 NEW
355

311
356

335
357

370
358

371
359

349
360

381
361

273
362

307
363

399
364

477
365

293
366 NEW
367

465
368

414
369

213
370

277
371

248
372 NEW
373

367
374

385
375

85
376

363
377

364
378

355
379

425
380 NEW
381

344
382

346
383

351
384

330
385 NEW
386 NEW
387

304
388 NO CHANGE 388
PGE Capital Group is the largest group of the power generation sector in Poland and one of the largest
in Central and Eastern Europe. Because of its size and position, it is a very important link in Polands energy
security system. Moreover PGE is responsible for preparing the investment process and construction of
the first nuclear power plant in Poland. We are committed to build the Groups value, bearing in mind our
shareholders and customers. The high profitability fosters other investment projects, which will allow
securing stability of energy supplies and continue building the position of the regional leader.
TOMASZ ZADROGA, President of PGE Polska Grupa Energetyczna SA (PGE SA)
15
Denso Gyrt Magyarorszg Kft.

TEVA Gygyszergyr ZRt.
PRIVREDNO DRUTVO ZA POSLOVNE USLUGE MERCATOR-S DOO NOVI SAD
ANWIM S.A.
RENAULT POLSKA Sp. z o.o.
TELEKOM SLOVENIJE d.d.
MAVIR Magyar Villamosenergia-ipari tviteli Rendszerirnyt ZRt.
INTERPIPE NYZHNODNIPROVSKY TUBE-ROLLING PLANT
ZAK S.A.
ENEL ENERGIE MUNTENIA SA
DANONE Sp. z o.o.
Vertis Krnyezetvdelmi Pnzgyi ZRt.
eleznice SR
PAVLOGRADVUGILLYA
ALRO SA
BAT Pcsi Dohnygyr Kft.
KITE Mezgazdasgi Szolgltat s Kereskedelmi ZRt.
TSR Czech Republic s.r.o.
OHL S, a.s.
JT INTERNATIONAL MANUFACTURING SA
EGIS Gygyszergyr NyRt. *
COSMO BULGARIA MOBILE EAD
Billa, s.r.o.
ABB s.r.o.
LuK Savaria Kuplunggyrt Kft.
HENKEL POLSKA Sp. z o.o.
CARGILL AGRICULTURA SRL
RCS & RDS SA
METRO CASH AND CARRY BULGARIA
TVN S.A. *
OMV Hrvatska drutvo s ogranicenom odgovornocu za trgovinu naftnim
derivatima i plinovima
COCA-COLA HBC ROMANIA SRL
CENTRAL ORE MINING AND PROCESSING PLANT
Torunskie Zakady Materiaw Opatrunkowych S.A.
GEHE Pharmaceutical Industry Praha ,spol .s r.o.
ABB Sp. z o.o.
CONTINENTAL AUTOMOTIVE PRODUCTS SRL
Porsche Hungaria Kereskedelmi Kft.
KRUKIVSKY CARRIAGE WORKS
TELEWIZJA POLSKA S.A.
LIETUVOS GELEZINKELIAI AB*
TISAK trgovako dioniko drutvo
LATVIJA STATOIL SIA
Iveco Czech Republic, a. s.
DAEWOO-MANGALIA HEAVY INDUSTRIES SA
CESK RAFINRSK, a.s.
VOLVO POLSKA Sp. z o.o.
IKEA RETAIL Sp. z o.o.
WARBUD S.A.
TRW Automotive Czech s.r.o.
UniPharmaceutical Industry, 1. slov. lekrnick, a.s.
INTERAGRO SA
OSCAR DOWNSTREAM SRL
FAURECIA WABRZYCH Sp. z o.o.
Operator Gazociagw Przesyowych GAZ-SYSTEM S.A.
NETIA S.A. *
Chevrolet Central and Eastern Europe Autforgalmaz Kft.
AIR BALTIC CORPORATION AS
PRIVREDNO DRUTVO ZA DISTRIBUCIJU ELEKTRICNE ENERGIJE
ELEKTROVOJVODINA DOO NOVI SAD
LINAS AGRO GROUP AB*
Lotos Asfalt Sp. z o.o.
Cargill Magyarorszg Kereskedelmi ZRt.
INDORAMA POLYMERS EUROPE UAB
Visteon - Autopal, s.r.o.
Zakady Azotowe w Tarnowie-Mocicach S.A.
SAVA TIRES, druba za proizvodnjo pnevmatik, d.o.o.
SLOVENSKE ELEZNICE, d.o.o.
STALPRODUKT S.A. *
SPP - distribcia, a.s.
CERSANIT S.A. *
REWE (ROMANIA) SRL
AUTOLIV ROMANIA SRL
Automotive
Retail
Oil & Gas
Automotive Trade
Telecommunication
Energy Supplier
Metal Industry
Production
Energy Supplier
Food Industry
Energy Supplier
Transport
Mining Industry
Metal Industry
Tobacco
Wholsesale
Wholsesale
Mining Industry
Telecommunication
Retail
Production
Automotive
Production
Others
Telecommunication
Wholsesale
Others
447,994
447,578
447,247
447,167
444,897
441,468
440,010
437,795
437,062
436,792
434,251
433,407
432,512
431,733
431,473
429,364
428,951
426,140
425,641
425,144
424,527
423,299
421,441
420,284
420,204
419,781
419,710
419,149
417,648
416,993
327,211
389,725
431,224
499,706
353,608
472,054
429,375
247,965
333,550
453,005
362,051
1,785,938
434,844
281,288
332,873
551,220
497,253
201,592
522,757
387,896
428,821
461,697
383,193
335,204
357,841
382,214
225,008
391,398
463,614
361,832
36.91%
14.84%
3.72%
-10.51%
25.82%
-6.48%
2.48%
76.55%
31.03%
-3.58%
19.94%
-75.73%
-0.54%
53.48%
29.62%
-22.11%
-13.74%
111.39%
-18.58%
9.60%
-1.00%
-8.32%
9.98%
25.38%
17.43%
9.83%
86.53%
7.09%
-9.91%
15.24%
23,948
219,173
6,910
1,511
4,736
-235,412
21,238
-24,228
7,633
619
44,688
1,832
-101,465
-31,830
38,043
-6,830
7,709
6,889
7,919
1,217
59,915
n.a.
n.a.
n.a.
46,663
22,288
n.a.
n.a.
35,266
69,312
-8,151
128,197
12,072
1,379
2,841
57,375
29,471
-30,674
-20,484
6,195
33,019
9,438
-90,911
-66,390
20,029
6,871
7,160
-2,477
9,338
2,626
50,772
67,665
-3,758
28,635
37,953
18,094
n.a.
49,998
40,553
96,748
393.80%
70.97%
-42.76%
9.63%
66.69%
-510,30%
-27.94%
21.01%
137.26%
-90.01%
35.34%
-80.59%
-11.61%
52.06%
89.95%
-199.40%
7.67%
378.08%
-15.20%
-53.64%
18.01%
n.a.
n.a.
n.a.
22.95%
23.18%
n.a.
n.a.
-13.04%
-28.36%
3,445
2,321
3,967
130
150
30
617
n.a.
1,700
282
1,400
13
16,955
n.a.
2,502
548
781
339
1,800
200
2,719
2,360
3,390
2,800
1,467
1,100
199
5,853
2,635
3,218
n.a.
n.a.
n.a.
n.a.
3,625
9.43%
130
0.00%
140
7.14%
n.a.
n.a.
n.a.
n.a.
9,698
n.a.
1,700
0.00%
n.a.
n.a.
1,400
0.00%
n.a.
n.a.
17,264 -1.79%
30,736
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
302 12.25%
2,006 -10.27%
n.a.
n.a.
n.a.
n.a.
2,431 -2.92%
3,358
0.95%
2,700
3.70%
n.a.
n.a.
1,180 -6.78%
n.a.
n.a.
n.a.
n.a.
2,638 -0.11%
n.a.
n.a.

Food Industry
Mining Industry
Energy Supplier
Automotive
Automotive Trade
Production
Others
Transport
Retail
Automotive
Automotive
Oil & Gas
Automotive Trade
Retail
Production
Holding Companies
Oil & Gas
Automotive
Transport
Telecommunication
Automotive Trade
Transport
416,438
415,872
414,628
414,562
414,466
412,628
410,875
410,426
408,585
406,950
406,880
405,499
404,142
403,627
403,552
403,262
403,213
402,805
402,215
401,774
401,174
400,200
398,904
398,638
397,868
395,133
395,079
394,114
558,448
439,972
195,859
381,086
387,550
366,062
334,630
450,682
121,960
397,275
343,366
383,088
366,618
506,461
303,009
375,862
281,745
363,648
355,413
n.a.
388,516
312,228
199,571
345,751
325,228
348,009
373,292
292,910
-25.43%
-5.48%
111.70%
8.78%
6.95%
12.72%
22.78%
-8.93%
235.02%
2.44%
18.50%
5.85%
10.24%
-20.30%
33.18%
7.29%
43.11%
10.77%
13.17%
n.a.
3.26%
28.18%
99.88%
15.30%
22.33%
13.54%
5.84%
34.55%
7,394
45,130
120,624
29,044
2,539
46,714
45,493
6,211
27,927
5,277
19,961
-2,087
7,546
30,994
n.a.
13,811
8,214
4,638
16,830
3,185
3,176
21,065
8,817
6,916
113,126
66,446
9,479
19,706
2,032
50,541
22,469
24,036
1,224
35,655
57,916
1,445
n.a.
-47,509
4,065
1,859
1,684
47,840
n.a.
10,894
-1,403
31,522
16,224
-1,356
3,342
n.a.
14,746
7,051
52,500
20,498
1,699
14,944
263.82%
-10.71%
436.85%
20.84%
107.35%
31.02%
-21.45%
329.71%
n.a.
111.11%
391.02%
-212.28%
348.06%
-35.21%
n.a.
26.78%
685.39%
-85.29%
3.73%
334.82%
-4.97%
n.a.
-40.21%
-1.91%
115.48%
224.16%
457.73%
31.86%
66
1,814
n.a.
1,400
250
2,263
1,573
285
n.a.
4,012
10,750
3,310
800
2,100
3,451
645
2,637
2,000
1,150
1,200
561
262
150
2,141
5,666
n.a.
99
992
70 -5.71%
n.a.
n.a.
8,525
n.a.
1,400
0.00%
258 -3.10%
2,230
1.48%
n.a.
n.a.
n.a.
n.a.
6,796
n.a.
4,308 -6.87%
10,506
2.32%
3,575 -7.41%
837 -4.42%
2,238 -6,17%
n.a.
n.a.
672 -4.02%
2,318 13.76%
1,600 25.00%
1,054
9.11%
n.a.
n.a.
550
2.00%
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1,984 185.58%
n.a.
n.a.
n.a.
n.a.
1,012 -1.98%
Energy Supplier
Holding Companies
Oil & Gas
Wholsesale
Production
Automotive
Production
Production
Transport
Metal Industry
Oil & Gas
Wholsesale
Retail
Automotive
393,228
392,938
392,900
392,488
390,590
390,507
390,212
389,659
389,531
388,070
387,542
385,607
385,350
385,109
389,085
241,685
289,249
287,973
322,422
345,468
263,058
297,506
357,591
334,026
393,145
327,052
368,148
274,771
1.06%
62.58%
35.83%
36.29%
21.14%
13.04%
48.34%
30.98%
8.93%
16.18%
-1.43%
17.90%
4.67%
40.16%
-11,383
5,685
37,587
23,480
14,264
777
15,273
14,326
-19,429
36,372
107,031
25,977
7,344
35,071
-6,932
9,710
41,482
5,923
4,725
27
-2,541
11,145
-30,500
63,327
108,511
-1,879
11,952
7,349
-64.22%
-41.45%
-9.39%
296.41%
201.89%
2763.05%
700.95%
28.54%
36.30%
-42.56%
-1.36%
1482.61%
-38.55%
377.19%
2,526
760
250
293
5
3,291
2,096
978
1,401
2,764
1,696
6,174
2,075
2,798
2,582 -2.17%
761 -0.13%
250
0.00%
n.a.
n.a.
5
0.00%
3,443 -4.41%
2,370 -11.56%
n.a.
n.a.
n.a.
n.a.
2,830 -2.33%
1,764 -3.85%
6,858 -9.97%
n.a.
n.a.
n.a.
n.a.
Our high position in the ranking is particularly important because it is the result of the confidence
of our customers in our offering built over the years. Every day, 3 million customers verify the quality
of products and service in Biedronka stores throughout the whole of Poland. If we are able to further
improve the quality of our activities in every dimension, and I believe we are, I shall have peace
of mind that we shall have a decent position in future rankings.
TOMASZ SUCHANSKI, General Manager of the Biedronka chain of stores
16

Change
Employment

Employment
2009

Employment
2010
Change
Net Profit
Net Profit in
TEUR 2009
Net Profit in
TEUR 2010
Change
Turnover

Turnover in
TEUR 2009
Turnover in
TEUR 2010
Main Sector
Company
Name
Position 2009

Country
Change in
Position
Position 2010
7th Place
389

483 HU
390

392 HU
391 NEW RS
392

284 PL
393 NEW PL
394

308 SI
395

350 HU
396 NEW UA
397

471 PL
398

327 RO
399 NEW PL
400

48 HU
401

347 SK
402 NEW UA
403

473 RO
404

253 HU
405

287 HU
406 NEW CZ
407

301 CZ
408

396 RO
409

378 HU
410

331 BG
411

403 SK
412 NEW CZ
413

430 HU
414

406 PL
415 NEW RO
416

389 RO
417

314 BG
418

290 PL
419

353 HR

420

341 RO
421 NEW UA
422

408 PL
423

437 CZ
424

419 PL
425

469 RO
426 NEW HU
427 NEW UA
428 NEW PL
429

454 LT
430

397 HR
431

418 LV
432

318 CZ
433 NEW RO
434

455 CZ
435 NEW PL
436

424 PL
437

435 PL
438 NEW CZ
439

395 SK
440

500 RO
441 NEW RO
442

439 PL
443

492 PL
444

451 PL
445

411 HU
446 NEW LV
447 NEW RS

448 NEW LT
449 NEW PL
450 NEW HU
451 NEW LT
452

493 CZ
453 NEW PL
454 NEW SI
455

432 SI
456

404 PL
457

387 SK
458 U
484 PL
459

415 RO
460 NEW RO
The economic crisis is not the only thing to have shown us
well they performed overall, despite the
that transparency is one of the most important fundamen-
difficult environment. Of course, over-
tals of a functioning economy. Concrete numbers are hard
all does not mean all - which is why
facts and carry much more weight than fancy words. They
a closer look is well worthwhile.
ruthlessly show whether a company took the right decisions

in the past - and what effects these had on turnover, profit or
Christian Berger
the number of employees.
Member of the Board

In this sense, the CEE Top 500 also provides a bit of

transparency. This country comparison reveals how the
leading companies in the region overcame the first 365 days

Change
Employment

Employment
2009

Employment
2010
Change
Net Profit
432,530
382,688
380,538
303,831
343,605
284,659
386,294
-11.05%
0.14%
0.40%
25.66%
10.98%
33.85%
-1.41%
n.a.
30,901
47,409
3,635
-13,502
12,594
4,477
n.a.
33,255
61,779
8,655
-6,688
258
8,782
n.a.
-7.08%
-23.26%
-58.00%
-101.88%
4780.31%
-49.02%
1,200
4,168
2,448
1,077
738
695
1,094
1,200
4,406
2,645
997
n.a.
624
1,078
0.00%
-5.40%
-7.45%
8.02%
n.a.
11.38%
1.48%
Wholsesale
Food Industry
Production
Transport
Automotive
380,749
380,560
379,010
378,205
377,839
355,740
298,557
254,394
339,547
382,102
7.03%
27.47%
48.99%
11.39%
-1.12%
-22,287
n.a.
-17,871
-122,639
20,704
-25,974
n.a.
-18,323
-126,601
38,297
14.19%
n.a.
2.47%
3.13%
-45.94%
3,579
136
n.a.
9,614
155
3,221
n.a.
4,674
9,826
n.a.
11.11%
n.a.
n.a.
-2.16%
n.a.
Energy Supplier
Food Industry
Others
Food Industry
Energy Supplier
Automotive
Holding Companies
Energy Supplier
Energy Supplier
Wholsesale
Food Industry
Wholsesale
Wholsesale
Oil & Gas
Metal Industry
Wholsesale
Wholsesale
Automotive
Retail
Others
Energy Supplier
Transport
Transport
374,724
373,656
373,272
373,269
373,023
372,672
372,602
371,282
370,113
369,926
367,100
366,491
366,429
363,670
363,544
363,451
363,417
363,399
362,990
362,651
362,642
358,436
357,904
356,711
356,399
356,195
316,616
288,709
379,823
367,619
261,317
292,606
339,487
364,071
264,877
390,001
448,092
251,875
336,899
359,913
364,334
248,268
350,722
282,767
262,171
323,127
254,132
385,310
533,658
275,953
278,654
373,127
330,839
340,959
272,329
286,552
-1.34%
1.64%
42.84%
27.57%
9.88%
2.36%
40.67%
-4.80%
-17.40%
46.87%
8.96%
1.83%
0.58%
46.48%
3.66%
28.53%
38.62%
12.46%
42.84%
-5.88%
-32.05%
29.89%
28.44%
-4.40%
7.73%
4.47%
16.26%
0.75%
89,837
-112
n.a.
65,080
40,550
36,689
13,807
11,784
35,930
36,472
-1,877
1,875
8,156
12,754
19,218
9,820
13,559
17,849
1,414
3,956
-173,699
96,656
n.a.
7,616
31,216
-32,946
30,463
15,074
n.a.
971
0
53,227
45,907
30,224
0
-20,752
5,964
24,656
-10,812
2,023
-76,370
11,133
18,732
9,717
10,152
19,488
-27,045
624
13,644
-30,861
256
13,014
11,552
-21,220
10,162
-1,522
n.a.
-111.58%
n.a.
22.27%
-11.67%
21.39%
100.00%
156.79%
502.46%
47.92%
82.64%
-7.30%
110.68%
14.56%
2.59%
1.06%
33.57%
-8.41%
105.23%
533.89%
-1373.09%
413.20%
n.a.
-41.48%
170.22%
-55.26%
199.79%
1090.41%
1,914
70
219
864
1,366
235
2,860
2,823
822
3,752
1,850
180
2,308
615
1,100
473
518
7,377
715
3,275
29
1,592
5,186
2,853
517
962
2,377
1,400
2,395 -20.08%
62 12.90%
n.a.
n.a.
569 51.85%
1,400 -2.43%
n.a.
n.a.
n.a.
n.a.
3,700 -23.70%
897 -8.36%
n.a.
n.a.
1,792
3.24%
180
0.00%
2,430 -5.02%
n.a.
n.a.
1,047
5.06%
460
2.83%
n.a.
n.a.
n.a.
n.a.
779 -8.22%
3,501 -6.46%
n.a.
n.a.
1,545
3.04%
4,263 21.65%
2,853
0.00%
520 -0.58%
1517 -36.59%
n.a.
n.a.
1,282
9.20%
Change
Turnover
384,731
383,242
382,067
381,796
381,319
381,019
380,865

Turnover in
TEUR 2009
Others
Energy Supplier
Food Industry
Retail
Metal Industry
Food Industry
Turnover in
TEUR 2010
Net Profit in
TEUR 2009
Main Sector
Statutrn mesto Brno

AEC KOZLODUI EAD
Krajowa Spka Cukrowa S.A.
NEONET S.A.
LUKOIL Magyarorszg Kereskedelmi Kft.
THYSSENKRUPP ENERGOSTAL S.A.
Prehrambena industrija VINDIJA d.d.
IDEA DRUTVO SA OGRANICENOM ODGOVORNOCU ZA UNUTRANJU I
SPOLJNU TRGOVINU , BEOGRAD
ALFRED C. TOEPFER INTERNATIONAL (ROMANIA) SRL
AZOT
elezni cn
spolo cnost
Cargo Slovakia, s.r.o

PORSCHE ROMANIA SRL
PLIVA HRVATSKA d.o.o. za razvoj, proizvodnju i prodaju lijekova i
farmaceutskih proizvoda
E.ON BULGARIA SALES
BUNGE ROMANIA SRL
CYFROWY POLSAT S.A. *
MARS POLSKA Sp. z o.o.
ELM Hlzati Eloszt Kft.
MICHELIN ROMANIA SA
KONCERNAS MG BALTIC UAB*
LIETUVOS ENERGIJOS GAMYBA AB* (previously LIETUVOS ENERGIJA AB)
DEDEMAN SRL
RYT U SKIRSTOMIEJI TINKLAI AB*
TECH DATA POLSKA Sp. z o.o.
Polski Koncern Mi esny
DUDA S.A. *
FARMEXPERT D.C.I. SA
SIEMENS Sp. z o.o.
BRENNTAG POLSKA Sp. z o.o.
SAMSUNG SDI Magyarorszg Gyrt s rtkest Zrtkr Rszvnytrsasg
GEOPLIN d.o.o. Ljubljana, Druba za trgovanje in transport zemeljskega plina
STOMANA-INDUSTRY S.A
NORFOS MAZMENA UAB
MERKUR - TRGOVINA IN STORITVE, D.D.
Johnson Controls International, s.r.o.
KAUFLAND BULGARIA EOOD
CROATIA osiguranje d.d.
Slov. elektrizacn prenosov sstava, a.s.
LUKOIL-BEOPETROL A.D. BEOGRAD
DRUBA ZA AVTOCESTE V REPUBLIKI SLOVENIJI D.D.
SANITEX UAB BI*
Net Profit in
TEUR 2010
461 NEW CZ
462

359 BG
463

409 PL
464 NEW PL
465

458 HU
466 NEW PL
467

390 HR
468 NEW RS

469 NEW RO
470 NEW UA
471

459 SK
472

407 RO
473

402 HR

474

417 BG
475 NEW RO
476 NEW PL
477

460 PL
478

423 HU
479 NEW RO
480

391 LT
481

332 LT
482 NEW RO
483

466 LT
484

428 PL
485

421 PL
486 NEW RO
487

446 PL
488 NEW PL
489 NEW HU
490

489 SI
491 NEW BG
492

400 LT
493

267 SI
494 NEW SK
495 NEW BG
496 NEW HR
497

337 SK
498 NEW RS
499 NEW SI
500

361 LT
Company
Name
Position 2009

Country
GRUPA LOTOS S.A. has based its efforts on the sustainable, organic development of the refinery,
10th Place
Change in
Position
Position 2010
following the crisis year of 2009. It reveals how incredibly
exploration and extraction of crude oil and on building a strong market position.
LOTOS has become a major oil company in this part of Europe because of the modern
refinery and increasing oil production. It supplies top quality fuels and oils, is environmentally
friendly and its market coverage is increasing. The Companys financial performance will
improve as it develops its own upstream operations.
PAWEL OLECHNOWICZ, President of the GRUPA LOTOS S.A.
17
Places 4 to 13:
CEE Top 500 country comparison
The Czech Republic is much more weakly represented than last year: with only
37 Czech companies in the Top 500 - there were still 69 in 2009 - last years thirdplaced country slipped to fifth place. Read more on the individual countries.
4. Romania
by profit - the same as last year. According to the number of
Romania is represented in the CEE Top 500 with 50 com-
people in employment, Romanias large companies occupy
panies and was therefore able to successfully defend last
fourth place in the country comparison.
years strong growth - from 14 to 48 companies - as well as

fourth place in the country comparison. However, the profit
The good ranking of the Romanian top players is worth
accounted for by these companies is 17.7% lower than in
noting, particularly since Romania is amongst the countries
2009, putting Romania in fifth place in the country ranking
in the region most severely affected by the crisis. The Ro-
18
manian economy shrank by 7.1% in 2009, and the country
the crisis, are also increasing, but slowly. Full order books,
also had to contend with a recession of 1.9% in the past
on the other hand, give cause to expect a slight rise in
year while most of its neighbours were already showing an
domestic investments. This development is supported by
economic recovery (Hungary: +1.0%, Serbia: +1.5%,
a well regulated banking sector, which has a broad deposit
Ukraine: +4.2%, Moldavia: +4.5%). According to the
base and proved extremely stable during the crisis. Private
estimates of experts, the Romanian economy has one of
household consumption - despite planned savings mea-
the highest insolvency rates in the region of 3.3%, with the
sures - remains relatively strong, which can be traced not
number of company bankruptcies rising by around 18%
least to a fall in the unemployment rate to 7.3%.
again in 2010. The Romanian economy is expected to have

a muted recovery in 2011, with the latest forecasts pointing
6. Slovakia
to growth of 1.5%. One of the brakes on growth is the fact
After Slovakia posted almost twice as many companies
that private households are using part of their incomes to
in the CEE Top 500 in 2009 compared to 2008, it had to
repay private debts amassed in recent years, which is dam-
accept a slight fall in 2010 - from 32 to 28. Nevertheless,
pening consumption.
it successfully managed to retain the sixth place it secured

in the country ranking last year. Although the number of
5. Czech Republic
Slovakian top players has fallen slightly, together they have
46.4% fewer Czech companies are represented in the ranks
accrued 23.2% more profit - measured by turnover, Slovakia
of the CEE Top 500 than last year - now just 37 instead
is therefore in fourth place. With regard to the number of
of 69. Last years third-placed country therefore slipped in
employees in Slovakias top companies, which rose by 2.9%
the country ranking to fifth place. By comparison, the profit
compared to last year, the country is in sixth place.
accounted for by leading Czech companies also fell back

somewhat moderately - by 14.4% - corresponding to third
The total number of insolvencies in Slovakia increased by
place in the turnover comparison of the countries. The num-
around 21% from 2009 to 2010, having grown by only a
ber of employees in these companies rose by 0.7%, which
relatively moderate 8% in the previous year. Despite this,
in turn means fifth place in this category.
the country is in the top 3 of this country comparison, with

an insolvency rate of just 0.15%. In 2010, Slovakia recor-
After the number of insolvencies in the Czech Republic dou-
ded economic growth of 4.2% (2009: -4.7%); a significant
bled from 2008 to 2009 (which was partly due to a change
economic recovery, which could also be traced to Slovakian
in the insolvency law), the number of company bankruptcies
exports. On the other hand, growth was dampened by
rose by a further 7% last year. With an insolvency rate of
increased unemployment (from 9% to over 14%), more re-
0.80%, the Czech companies are therefore in the middle
strictive credit conditions and production overcapacities.
range of the CEE comparison. Following growth of 2.2%
Greenfield investments and the continuation of large infra-
last year, the recovery of the Czech economy is also set to
structure projects, which count for 8% of GDP, stabilised
continue in 2011. Acting as a brake on this is weak demand
Slovakias economic growth this year. Due to political
in the Euro zone, which receives 67% of Czech exports.
instability, ongoing household consolidation and rising un-
Foreign direct investments, which made an important
employment, the Slovakian economy - heavily dependent
contribution to the dynamism of the Czech economy before
on foreign demand for durable consumer goods - will still
19
not reach pre-crisis levels in 2011.
seventh place - ex aequo with Bulgaria - in the country

ranking. However, the profit accounted for by this group only
7. Bulgaria & Slovenia (ex aequo)
corresponds to tenth place in the country comparison, with
Bulgaria
Slovenia dropping one place in this category. Measured by
With 17 companies in the CEE Top 500, Bulgaria occupies
the number of employed people in this area, Slovenia also
seventh place in the country comparison. The large com-
comes in tenth place.
panies included in the Bulgarian ranking achieved 21.9%

more profit in 2010 than in the year before, enabling the
The number of company bankruptcies fell by 29% last year,
country to secure eighth place in this category. The number
with the country showing a somewhat low insolvency rate
of employees in these companies is 10.8% lower than in
(0.21%) in the CEE comparison. Following a severe reces-
2009, which corresponds to eleventh place in the country
sion in 2009 (-8.1%) and a moderate recovery last year
comparison.
(+1.2%), the economic growth forecast is 2.0% for 2011.

Due to weakening demand from Europe, Slovenia will not
From 2009 to 2010, the number of insolvencies in Bulgaria
reach pre-crisis levels in 2011, although the close economic
rose by 28%, having already grown by 29% the year be-
ties with Germany in particular are supporting robust growth
fore. However, with an insolvency rate of 0.19%, Bulgaria
in the automotive, household appliance and pharmaceutical
- after Poland, the Ukraine and Slovakia - has one of the
industries. The tourism industry is also continuing to grow
lowest levels of company bankruptcies in the CEE region.
dynamically. The Slovenian banking sector proved highly re-
Following a year of stagnation in 2010 (-0.1%), growth
sistant during the crisis. Despite a rise in the unemployment
of 2.6% is expected for the Bulgarian economy in 2011,
rate, the demand of private households is recovering in step
although this is far below the average pre-crisis level of
with the stabilisation of economic growth. Public investments
+6% in the years 2003 to 2008. Foreign direct investments,
subsidised with European funding also contribute to this,
which made a decisive contribution to the economic
with the railway infrastructure profiting the most from them.
dynamism of the pre-crisis period, especially in the finance

and real estate sector, will probably account for up to 8%
9. Lithuania
of GDP this year, from which the energy sector will mainly
In 2010, as in the year before, there were 16 Lithuanian
benefit. However, the pre-crisis level of around 20% of
companies in the list of the 500 biggest companies in Cen-
GDP will not be reached here either. The increase in
tral and Eastern Europe. Compared to last year, Lithuania
competitiveness is having a positive impact on the export
improved by one place and is now in ninth place. In terms
economy, above all in the textile and paper industry.
of profit, these companies are up 36.2% on last year, which
However, economic growth is being dampened by the
means eighth place in the country comparison. However, in
fact that unemployment remains high, not least due to the
2009, Lithuania was still in seventh place in this category.
wea-kening construction sector.
Ranked by the number of people employed in these companies, which shrank by 2.4%, the country is in seventh place.
Slovenia
As in 2009, 17 Slovenian companies were represented
After Lithuania posted a 99% rise in the number of insolven-
amongst the CEE Top 500 last year, corresponding to
cies from 2008 to 2009, the number of company bankrupt-
20
Coface CEE Top 500:

Number of employees in the Top 500 companies by country compared with the working population
2010
2009
n.a.*
Ukraine
0.1%
0.2%
Estonia
1.0%
0.9%
Bulgaria
1.4%
1.2%
Latvia
1.7%
1.5%
Serbia
2.0%
1.7%
2.0%
Romania
Czech Republic
Croatia
Slovakia
Slovenia
Hungary
Lithuania
Poland
2.1%
3.5%
3.6%
3.3%
3.7%
3.6%
4.5%
4.0%
5.3%
5.6%
5.5%
5.9%
5.6%
8.9%
* For 2010 no data available
cies last year fell again by 11%, although Lithuania still has a
of energy efficiency as well as the development of demand
relatively high insolvency rate of 1.12%. Following a severe
in Russia, Germany and Poland, which together account
economic recession in 2009, with a 15% drop in GDP, the
for around 31% of exports, of which primarily the enginee-
Lithuanian economy recorded only a weak recovery last
ring and plant building industry, chemical industry and food
year (+0.1%). Even if an economic recovery takes place in
industry could profit.
2011, with growth forecast of 3.0%, a return to the strong

growth of the pre-crisis years - an average of 8% in the
10. Croatia
years 2002 to 2007 - is not anticipated. Unemployment,
The number of Croatian companies represented in the CEE
which rose from 4% in 2007 to almost 18% in 2010, wages
Top 500 has fallen slightly compared to 2009 - with 14
that continue to be below pre-crisis levels and a high level of
companies, Croatia is only in tenth place in the country ran-
indebtedness are restricting consumption by private house-
king. However, compared to last year, the Croatian companies
holds. Company investments are in turn being complicated
represented in the Top 500 generated 78.2% more profit, put-
by the restricted access to credit. Positive impulses are
ting the country in sixth place in this comparison. The number
provided by public sector investments, especially in the area
of employees in these companies grew by 1.0%, resulting in
21
eighth place in the country ranking.
recovery, under which some sectors are suffering - including

the chemical and agrochemical industry, the automotive sec-
From 2009 to 2010, the number of insolvencies in Croatia
tor, shipyards and manufacturers of electrical appliances and
fell by 5%, having risen by 41% the year before. This gives
capital goods. By contrast, the Croatian tourism industry
the Croatian economy an insolvency ratio of 0.66%, which
continued to grow strongly.
is average for CEE countries. The Croatian economy shrank

both in 2009 (-5.4%) and last year (-1.5%). A slight recovery
11. Serbia
was recorded only towards the end of 2010, which conti-
The number of Serbian companies represented in the CEE
nued in 2011 - with an expected growth rate of 1.6%. The
Top 500 has doubled compared to last year - from 6 to 12
economic recovery will nevertheless be somewhat moderate
top players. Serbia has therefore moved up by one slot to
for the foreseeable future. In particular, the consumption of
eleventh place in the country ranking. The profit of the top
private households recovered only slowly due to their indeb-
Serbian players rose even more strongly - by 142.4% - put-
tedness in foreign currencies and a higher unemployment
ting the country in tenth place in the ranking. Based on the
rate. The downturn in the real estate market and entangle-
total number of employees in these companies, which was
ments with the Greek banking sector in turn led to a sharp
3% lower than in the year before, Serbia is in ninth place in
contraction in the issuing of loans, which is dampening
the country comparison.
corporate investments. Due to the countrys strong dependency on demand in Italy and the Balkan countries, the
Following a dramatic rise in the number of insolvencies
export sector only made a small contribution to the limited
during 2008 and a slight recovery in 2009, the insolvency
22
27,825,145
Telecommunication
27 companies
31,271,511
Metal Industry
29 companies
45,659,351
29,765,814
Automotive
30 companies
Others
33 companies
39,006,979
27,634,349
Retail
36 companies
Production General
38 companies
36,541,995
Wholesale
42 companies
61,165,236
134,897,214
Energy Supply
60 companies
Oil & Gas

68 companies
Coface CEE Top 500: Number of Top 500 companies by branch and their revenues in 2010
rate in Serbia rose further last year to reach a negative peak
and hence eight companies in the CEE Top 500, putting it in
value of 12.9%. No other country included in this compa-
twelfth place in the country comparison. In the profit com-
rison has a higher rate of company bankruptcies. After a
parison, the country is in eleventh place, with an increase
recession in 2009 (-3.0%), the Serbian economy recov-
of 68.7%. However, the number of people employed in top
ered somewhat modestly last year, growing by 1.5%. One
Latvian companies fell by 13.5%, which also means twelfth
reason for this was not least the weak demand of private
place for Latvia in this ranking category.
households, due to the high unemployment rate as well as

frozen incomes and pensions. For 2011, economic growth
The Baltic states are amongst the countries most heavily
of 3.0% is expected in Serbia. This growth is primarily based
affected by the economic crisis. Following strong growth
on the recovery in exports. While the construction industry
averaging 10% in the years 2003 to 2007, the Latvian
continues to contract, the biggest increases have most
economy shrank by almost a quarter in 2008 and 2009. The
recently been achieved in the mining, transport, communi-
number of insolvent Latvian companies rose again last year
cations, retail and financial services sectors. A positive trend
by 22%, giving the country the second-highest insolven-
is also anticipated for foreign direct investments - amongst
cy rate in the CEE region of 3.6%. A slight recovery was
other things due to the privatisation of state companies
recorded towards the end of 2010, which was expected to
such as Telekom Srbija and JAT Airways.
continue in 2011 - with an expected growth rate of 3.3%.

Growth is not least limited by weak private consumption,
12. Latvia
which is due to a high unemployment rate (18.7% in 2010,
Compared to last year, Latvia is represented with one more
compared to 5% two years previously), falls in real incomes
Number of
companies by branch
3,937,719
6,261,911
Car Distribution Business

8 companies
Service Station Operator

9 companies
7,597,557
10 companies
8,480,055
Tobacco
12 companies
17,048,021
10,013,591
Mining
13 companies
Food Industry
18 companies
25,940,170
Electronics
18 companies
17,832,412
14,483,418
Transport
25 companies
Pharmaceutical
Industry
24 companies
Revenue 2010
in TEUR
23
47%
Tobacco
Wholesale
and high levels of household debt. The export sector, on the
overheating of the Estonian economy, the country is now on a
other hand, is enjoying stronger orders from Germany and
path to normalisation in the second half of 2010. The number
Sweden, which make up 29% of exports and are offsetting
of company bankruptcies fell last year by 6%, giving
the weaker demand from the UK and the other Baltic states.
Estonian companies an insolvency rate of 1.07%. While eco-
Above all the pharmaceutical, automotive and outsourcing
nomic growth was 2.5% in 2010, a rate of 4.0% is expected
sectors are benefiting from this.
for 2011. Thanks to the return of demand in the main trading
-13%
31%
32%
3%
32%
61%
Automotive
-81%
Metal Industry
-38%
Transport
Service Station Operator
-20%
Mining
Car Distribution Business
3%
62%
83%
27%
213%
297%
85%
521%
Coface CEE Top 500: Increase/decrease in profit by branch compared with the change in the number of employees in 2010
partners - Russia, Sweden and the neighbouring Baltic states

13. Estonia
- the export sector is contributing significantly to the economic
While Estonia was represented by two companies in the list of
recovery. While the labour-intensive textile and clothing industry
the CEE Top 500 in 2009, that figure fell to just one company
was affected by a loss of price competitiveness, the electronics
in 2010. Although the sole remaining top player from Estonia
sector in particular is profiting from this development.
achieved much higher profits and also employed more people,

the country ultimately came in last place in all three categories.
Summary:
Poland (32.0%), Hungary (14.8%) and the Ukraine (13.2%) had
Like Latvia, Estonia is also amongst the countries most heavily
the most companies in the CEE Top 500 in 2010. While Poland
affected by the economic crisis. After years of credit-fuelled
was able to defend its lead from the previous year, Hungary
24

Change
Employment
40%
20%
-8%
-35%
Retail
Oil & Gas
-35%
-30%
Electronics
- 45%
Telecommunications
- 17%
Energy Supply
Others
Production General
Food Industry
-27%
5%
14%
18%
30%
31%
15%
22%
61%
242%
Change
Net Profit
defended its position in second place, despite a downwards

trend. The Ukraine, on the other hand, landed in third place
for the first time. Apart from the lead countries and Romania,
which came in fourth place in the country comparison with
10.0% of the companies, no other country was represented in
the CEE Top 500 with more than 50 companies.
25
Coface Contacts

Stubenring 24, 1010 Vienna

T. +43 (1) 515 54-0, F. +43 (1) 512 44 15
www.coface.at
Coface Albania

is serviced by Coface Bulgaria

85/87, todor Aleksandorv boul.,1303 Sofia

T. +359 (2) 920 71 25, F. +359 (2) 920 71 50
www.coface.bg
Coface Belarus
is serviced by Coface Russia

T. +371 (6) 732 34 60, F. +371 (6) 782 03 80
www.coface.ru
Coface Bosnia & Herzegovina

is serviced by Coface Croatia

Cankarjeva 3, 1000 Ljubljana

T. +386 (1) 425 90 65, F. +386 (1) 425 91 30
www.coface.si
Coface Bulgaria

85/87, todor Aleksandorv boul.,1303 Sofia

T. +359 (2) 920 71 25, F. +359 (2) 920 71 50
www.coface.bg
Coface Croatia

Avenija Dubrovnik 46/III, 10020 Zagreb

T. +385 (1) 469 75 00, F. +385 (1) 469 75 35
www.coface.hr
Coface Czech

I.P. Pavlova 5, 120 00 Prague

T. +420 (2) 460 85 411, F. +420 (2) 225 40 446
www.coface.cz
Coface Estonia

www.coface.lv
Coface Hungary

Tzolt utca 57, 1094 Budapest

T. +36 (1) 299 20 70, F. +36 (1) 216 73 11
www.coface.hu
Coface Latvia

Berzaunes 11 a, 1039 Riga

T. +371 (6) 732 34 60, F. +371 (6) 782 03 80
www.coface.lv
26
Coface Lithuania

Vilniaus str. 23, 01119 Vilnius

T. +370 (5) 279 17 27, F. +370 (5) 279 17 54
www.coface.lt
Coface Macedonia
is serviced by Coface Bulgaria

85/87 Todor Aleksandrov boul.,1303 Sofia

T. +359 (2) 920 71 25, F. +359 (2) 920 71 50
www.coface.bg
Coface Moldavia
is serviced by Coface Romania

Calea Floreasca 39, Et. 2-3, Sector 1, 014453 Bucharest

T. +40 (21) 231 60 20, F. +40 (21) 231 60 22
www.coface.ro
Coface Montenegro
is serviced by Coface Serbia

Bulevar Oslobodjenja 111, 11000 Belgrade

T. +381 (11) 397 60 51, F. +381 (11) 397 60 51
www.coface.rs
Coface Poland

Al. Jerozolimskie 136, 02305 Warsaw

T. +48 (22) 465 00 00, F. +48 (22) 465 00 55
www.coface.pl
Coface Romania

Calea Floreasca 39, Et. 2-3, Sector 1, 014453 Bucharest

T. +40 (21) 231 60 20, F. +40 (21) 231 60 22
www.coface.ro
Coface Serbia

Bulevar Oslobodjenja 111, 11000 Belgrade

T. +381 (11) 397 60 51, F. +381 (11) 397 60 51
www.coface.rs
Coface Slovakia

Soltsovej 14, 81108 Bratislava

T. +421 (2) 67 20 16 11, F. +421 (2) 62 41 03 59
www.coface.sk
Coface Slovenia

Cankarjeva 3, 1000 Ljubljana

T. +386 (1) 425 90 65, F. +386 (1) 425 91 30
www.coface.si
Coface Ukraine

Chernovola str. 20, of 106, 01135 Kiev

T. +380 (44) 585 31 60, F. +380 (44) 585 31 60
www.coface.ua
27
Your trade risks, under control.
www.coface.at
www.cofacecentraleurope.com

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The Flagships in Eastern Europe

Coface CEE Top 500

4 Coface Austria & Coface Central Europe

Secure businesses are the better businesses.

rately as possible. This enables us to offer you tailored credit

view of the 500 biggest companies in Central and Eastern

insurance with which you can minimise the risks.

Most of the 500 biggest companies in the world take ad-

region, which this year more than ever, presents itself as an

vantage of this opportunity. They know how important it is to

economic region of widely differing markets.

be well prepared for every eventuality, especially in troubled

It is important, especially in economically turbulent times,

to maintain an overview - not only in Central and Eastern

in order to evaluate the credit risks of each company as accu-

Coface Austria & Coface Central Europe

Coface Austria &

Trend-setting for risk and opportunity management. More than 130,000

experience as a source of information on the countries of

in 1954. Our core expertise over these many decades has

Central and Eastern Europe.

remained the insurance of default risk for both domestic

Rising export activity, above all to Central and Eastern

The economic environment is a focal point of continuous

information and collection services. This development led

transformation. As the geographical market leader in 13

to the founding of Coface Central Europe Holding AG in

Central and Eastern Europe countries and Austria, we are

Vienna during 1990.

in a position to identify changes on the market at an early

Today the customers of Coface Austria and Coface Central

measures to always stay a decisive step ahead of future

Europe are able to profit from more than 50 years of

developments. For us, success means remaining on the

knowhow in the field of credit insurance and 20 years of

The proven, comprehensive approach taken by Coface

Are you looking to increase the security of your

Are you looking to acquire state-of-the-art

The CEE Top 500 is a joint project by the Coface branch

credit information for your business transactions based on

offices in Central and Eastern Europe. This ranking covers

our unique worldwide database with over 60 million data-

the largest companies in the region based on revenues

for the 2010 calendar year and was prepared in 2011

Are you looking to save time and money?

Coface Collection: Fast collection improves liquidity and

Bulgaria Croatia Czech Republic Estonia Hungary

expertise to provide you with support on all collectionrelated

Latvia Lithuania Poland Romania Serbia Slovakia

issues. Coface also takes care of the time-consuming collec-

tion measures so you can concentrate on your business.

CEE Top 500

Coface CEE Top 500:

160 142 161

also accounted with 68 companies for most of the firms in

After the top players in Central and Eastern Europe had to

the CEE Top 500. The automotive industry grew strongly,

accept a further 15.8% drop in turnover in 2009, turnover

with the number of companies represented doubling from

of the 500 largest companies in the region rose by 19.8%

Winners and losers.

the slump in 2009, the metal industry, mining industry,