Method­ol­ogy

Top 100 See - - Top 100 Companies -

ers and re­tail­ers num­bered 14 in 2012, ver­sus 13 a year ear­lier. A to­tal ten tele­coms made the 2012 TOP 100 com­pa­nies list, flat on the year. Only four rep­re­sen­ta­tives of the met­als in­dus­try were present the rank­ing for 2012, down from six a year ago. With the en­try of an­other car­maker, the num­ber of au­to­mo­bile com­pa­nies on the list rose to five.

Bud­ding hope­fuls

The TOP 100 com­pa­nies list ac­com­mo­dated 16 new en­trants in 2012. New­comer FIAT Au­to­mo­bili Sr­bija made the big­gest jump in terms of sales among all firms on the list, soar­ing 345% and land­ing straight at num­ber 88. De­spite the re­mark­able gain, it wasn't the high­est-ranked new en­try in SEE TOP 100 com­pa­nies 2012. Ro­ma­nian power com­pany Elec­trica Furnizare de­buted at num­ber 28, on the back of a 154% surge in rev­enues.

The big­ger – the bet­ter

Ro­ma­nia blew away all com­pe­ti­tion with the im­pres­sive 51 com­pa­nies on the list in in the chart, ver­sus 49 a year ear­lier, be­cause nine out of the 16 new ar­rivals in the rank­ing were based in Ro­ma­nia, while only seven Ro­ma­nian firms left the chart. Slove­nia out­ranked both Ser­bia and Bul­garia with 13 com­pa­nies in the top 100, up from 12 in 2011. Bul­garia, which, in turn, out­ranked Ser­bia, had 12 rep­re­sen­ta­tives, one less than in 2011, when it was the third-strong­est rep­re­sented coun­try in the SEE TOP 100 ranks the big­gest com­pa­nies in South­east Europe by to­tal rev­enue for the fis­cal year ended De­cem­ber 31, 2012. Both 2012 fig­ures and 2011 com­par­a­tive coun­ter­parts are sourced from 2012 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 and com­pa­nies them­selves.

The ini­tial pool of com­pa­nies ex­ceeds 1,200. The rank­ing does not in­clude com­pa­nies that de­clined or failed to pro­vide fi­nan­cial re­sults by the time SEE TOP 100’s con­tent was fi­nalised, thus Ro­ma­nian Metro Cash & Carry Ro­ma­nia SRL and Slove­nian En­gro­tus d.d. are not in­cluded in the rank­ing. Ro­ma­nian en­ergy hold­ing Com­plexul En­er­getic Ol­te­nia SA, set up in 2012, in­cludes state-owned min­ing com­pany SNLO and the Craiova, Turceni and Rov­inari ther­mal power gen­er­a­tion com­plexes, which no longer ex­ist as a sep­a­rate le­gal en­ti­ties and were writ­ten off from the na­tional trade reg­is­ter.

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 2012 and 2011. Year-on-year 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.

Top 10 of TOP 100 com­pa­nies 2008-2012 chart. Ser­bia fol­lowed suit with nine com­pa­nies, ver­sus 14 in 2011. Croa­t­ian com­pa­nies num­bered 11, against 10 in the pre­vi­ous year. Mace­do­nia and Bos­nia and Herze­gov­ina had two rep­re­sen­ta­tives each, ver­sus one in 2011. Just like in 2011, none of the big­gest com­pa­nies in Al­ba­nia, Moldova or Kosovo made it to the list in 2012.

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