Method­ol­ogy

Top 100 See - - Top 100 Companies -

SEE TOP 100 ranks the big­gest com­pa­nies in South­east Europe by to­tal rev­enue for the fis­cal year ended De­cem­ber 31, 2015. Both 2015 fig­ures and 2014 com­par­a­tive coun­ter­parts are sourced from 2015 an­nual non-consolidated re­ports.

The SEE TOP 100 rank­ing cov­ers non-fi­nan­cial com­pa­nies reg­is­tered in Albania, Bos­nia and Herze­gov­ina, Bulgaria, Croa­tia, Mace­do­nia, Moldova, Mon­tene­gro, Ro­ma­nia, Ser­bia and Slove­nia. Banks, in­vest­ment in­ter­me­di­aries, in­sur­ers and real es­tate in­vest­ment trusts (REITs) are ex­cluded from the rank­ing as to­tal rev­enue is not an ac­cu­rate in­di­ca­tor of their per­for­mance. We have com­piled sep­a­rate rank­ings of the largest 100 banks and in­sur­ers. Hold­ing com­pa­nies, on the other hand, are rep­re­sented in the rank­ing by their sub­sidiaries.

All data is sourced from na­tional com­mer­cial reg­is­ters, stock ex­changes, govern­ment and cor­po­rate web­sites, in­dus­try reg­u­la­tors, lo­cal busi­ness in­for­ma­tion providers and com­pa­nies them­selves.

The ini­tial pool of com­pa­nies ex­ceeds 2,500. The rank­ing does not in­clude com­pa­nies that de­clined or failed to pro­vide fi­nan­cial re­sults by the time SEE TOP 100’s con­tent was fi­nalised.

To al­low com­par­i­son, all lo­cal cur­ren­cies in the rank­ings have been con­verted into euro, us­ing the re­spec­tive cen­tral bank’s of­fi­cial ex­change rate on the last work­ing day of 2015 and 2014. Year-onyear changes in the com­pa­nies’ fi­nan­cial in­di­ca­tors have been cal­cu­lated us­ing the fig­ures in the orig­i­nal cur­rency.

Else­where, lo­cal cur­rency fig­ures ref­er­enc­ing past pe­ri­ods have been con­verted into euro us­ing the re­spec­tive cen­tral bank ex­change rate as of the end of the rel­e­vant pe­riod while all other lo­cal cur­rency fig­ures have been con­verted us­ing the ex­change rate as of the date the rel­e­vant ed­i­to­rial con­tent was fi­nalised.

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