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En­ergy com­pa­nies booked the ma­jor­ity of South­east Europe's hefti­est cor­po­rate losses in 2012 as 13 oil, gas and elec­tric­ity firms made the TOP 20 money losers rank­ing of pre­dom­i­nantly heavy-in­dus­try en­tries. Com­pa­nies that turned 2011 bot­tom lines into SEE's big­gest losses took the top four spots in the 2012 stand­ings. Num­ber one in the losers’ rank­ing was Ser­bian gas provider JP Sr­bi­ja­gas which posted a net loss of 309.7 mil­lion euro last year ver­sus a net profit of 12 mil­lion euro a year ear­lier. Ro­ma­nian rail­way pas­sen­ger trans­port com­pany CFR – Cala­tori SA ranked sec­ond with a 224-mil­lion-euro loss, com­pared with a net profit of 352,000 euro, fol­lowed by Croa­t­ian nat­u­ral gas sup­plier Prirodni Plin d.o.o., which re­ported a net loss of 137 mil­lion euro after a net profit of 43,000 euro in 2011. Ro­ma­nian hy­dropow- er gen­er­a­tion com­pany Hidro­elec­trica SA ranked fourth, as it booked a net loss of 114.7 mil­lion euro in 2012 fol­low­ing a 1.5-mil­lioneuro profit in 2011.

Ser­bia may have placed the big­gest loser on the 2012 ta­ble but had just two com­pa­nies in it – JP Sr­bi­ja­gas and Idea DOO of the whole­sale/re­tail in­dus­try at 19th po­si­tion – com­pared with five firms in the 2011 stand­ings.

Ro­ma­nia, which had the sec­ond and fourth largest money losers, counted nine com­pa­nies in the 2012 stand­ings, down from 11 in 2011. Most of Ro­ma­nia's other loss-mak­ing en­ter­prises in 2012 op­er­ated in the oil and gas in­dus­try, the other be­ing rep­re­sen­ta­tives of the met­als and au­to­mo­bile sec­tors. Re­finer Rom­petrol Ra­finare SA and oil com­pany Petro­tel – Lukoil SA, ranked 8th and 9th re­spec­tively, saw their losses shrink in 2012 from a year ear­lier, while Lukoil Ro­ma­nia SRL, at 12th spot, and Rom­petrol Down­stream SRL, placed 20th, ex­tended their losses over the year. Ford Ro­ma­nia SA nar­rowed its loss to 108.5 mil­lion euro from 109.1 mil­lion euro but nev­er­the­less ranked fifth in the 2012 losers stand­ings. Ro­ma­nia's met­als in­dus­try rep­re­sen­ta­tive Arcelor­mit­tal Galati SA more than halved losses but still made the 2012 list at 11th place; yet down from the fifth big­gest loser spot in 2011. An­other Ro­ma­nian metal in­dus­try en­try in 2012 was Alro SA which turned a 52.9-mil­lion-euro net profit in 2011 into a net loss of 35.1 mil­lion euro in 2012, rank­ing 18th.

Ro­ma­nia's lower num­ber of en­trants came at the ex­pense of Bul­gar­ian com­pa­nies whose num­ber rose to five in 2012 from three in 2011, with all five op­er­at­ing in the en­ergy sec­tor – four in the oil and gas in­dus­try and one in the elec­tric­ity sec­tor.

Apart from third-placed Prirodni Plin, Croa­tia had one other com­pany in the 20 big­gest losers rank­ing, di­ver­si­fied hold­ing group Za­gre­backi Hold­ing at 15th po­si­tion, one of the few non-heavy-in­dus­try en­tries along­side Slove­nia's only rep­re­sen­ta­tive, Poslovni Sis­tem Mer­ca­tor of the whole­sale/re­tail in­dus­try, ranked sev­enth with a net loss of 77.6 mil­lion euro ver­sus a 31.3-mil­lion-euro net profit in 2011.

Oil com­pany Op­tima Grupa d.o.o. Banja Luka was Bos­nia and Herze­gov­ina's only en­try in the 2012 money losers stand­ings at 6th spot after none of the coun­try's com­pa­nies had made the 2011 losers list. Money losers is a rank­ing of 20 com­pa­nies with the most sig­nif­i­cant losses in SEE TOP 100. To al­low com­par­i­son, all lo­cal cur­ren­cies have been con­verted into euro, us­ing the cen­tral banks’ of­fi­cial ex­change rates on the last work­ing day of 2012 and 2011, re­spec­tively.

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