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One year down the line and the pic­ture looked quite dif­fer­ent. All top three com­pa­nies in 2010 were tel­cos and the sec­tor had nine rep­re­sen­ta­tives in the league ta­ble. In 2011, only one re­mained among the big­gest three - former leader Hr­vatski Telekom – and the sec­tor was down to five names. Trans­porta­tion, on the other hand, had no rep­re­sen­ta­tives in the 2010 rank­ings and not only did it place two in the 2011 edi­tion but saw them snatch the top two po­si­tions. The most prof­itable SEE com­pany last year was Croa­t­ian ship­builder Bro­dos­plit – Brodogradiliste, which achieved a ver­i­ta­ble feat by re­vers­ing a 28.04% neg­a­tive re­turn on rev­enue in 2010 to 44.57%. The com­pany’s rev­enues in 2011 surged by 130.90% to 466.5 mil­lion euro, while gross losses of 57.8 mil­lion euro made way for gross profit of 207.9 mil­lion euro. Ser­bian rail­way com­pany Zeleznice Sr­bije AD (for­merly JP Zeleznice Sr­bije) had a sim­i­larly aus­pi­cious year, de­liv­er­ing re­turn on rev­enue of 23.78% com­pared to a neg­a­tive 64.18% a year ear­lier. Its to­tal rev­enue jumped by 96.19% to 511.1 mil­lion euro and the com­pany ex­ited 2011 with a net profit of 121.5 mil­lion euro against a net loss of 165.3 mil­lion euro in the pre­ced­ing year.

The 2010 leader man­aged a very mod­est im­prove­ment in re­turn on rev­enue, which stood at 23.13% ver­sus 22.39% in 2010. Hr­vatski Telekom wrapped up 2011 with to­tal rev­enues of 1.04 bil­lion euro, or 5.85% lower, and its net profit slipped from 252.4 mil­lion euro to 240.8 mil­lion euro. Telekom Sr­bija AD, Or­ange Ro­ma­nia SA, Voda­fone Ro­ma­nia SA and Bul­garia’s Mo­bil­tel EAD were the re­main­ing rep­re­sen­ta­tives of the telecom­mu­ni­ca­tions sec­tor, rank­ing re­spec­tively 4th, 7th, 11th and 20th.

The pe­tro­leum and nat­u­ral gas sec­tor held steady with three rep­re­sen­ta­tives, which were the same as in the 2010 rank­ings. Among them is the big­gest SEE en­ter­prise by rev­enue - OMV Petrom SA. The Ro­ma­nian com­pany fin­ished at num­ber six in terms of prof­itabil­ity, one place be­low another Ro­ma­nian sec­tor player - Romgaz SA. Naftna In­dus­trija Sr­bije AD rounded off the trio of pe­tro­leum and nat­u­ral gas com­pa­nies on the list.

Other sec­tors that re­tained their level of rep­re­sen­ta­tion were elec­tric­ity (with Bul­garia’s AETs Ko­zlo­duy EAD, Croa­tia’s HEP-Op­er­a­tor Distribu­ci­jskog Sus­tava and Ser­bia’s Ter­moelek­trane Nikola Tesla DOO ranked 10th, 16th and 19th re­spec­tively), phar­ma­ceu­ti­cals (Slove­nia’s Krka and Lek at num­bers nine and 12 re­spec­tively), rub­ber/rub­ber prod­ucts (Ro­ma­nian Con­ti­nen­tal Au­to­mo­tive Prod­ucts SRL in the 15th po­si­tion) and whole­sale/re­tail (Dede­man SRL of Ro­ma­nia at num­ber 13). Three new sec­tor se­cured rep­re­sen­ta­tion in the 2011 league ta­ble and they all had Ro­ma­nian com­pa­nies to thank for that. Con­struc­tion en­tered the chart cour­tesy of Com­pa­nia Na­tion­ala de Au­tostrazi si Dru­muri Na­tionale din Ro­ma­nia SA, which landed at num­ber 14. Met­als joined the club through Alro SA (17th) and au­to­mo­biles staged an ap­pear­ance due to Au­to­liv Ro­ma­nia SRL (18th). Most Prof­itable is a rank­ing of the top 20 com­pa­nies with the high­est re­turn on rev­enue in TOP 100 com­pa­nies. Re­turn on rev­enue is cal­cu­lated as net profit di­vided by to­tal rev­enue, both in euro terms. To al­low com­par­i­son, all lo­cal cur­ren­cies have been con­verted into euro, us­ing the cen­tral banks’ of­fi­cial ex­change rates on the last work­ing day of 2011 and 2010, re­spec­tively.

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