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Survey: revenue performance of CEE’s big firms improved sharply in 2010


2011-09-09



Nearly 80% of Central and Eastern Europe (CEE)’s largest firms reported an increase in revenues in 2010, a sharp improvement compared with the year before, as their combined turnover almost recovered to 2008 levels, according to the fifth edition of CE Top 500, an annual report by Deloitte and Rzeczpospolita. In 2009 just 16.2% of the 500 companies covered by the report posted a rise in turnover.

The study shows that the region’s biggest firms saw their revenues rise by an average of 11% in euro terms and by 7% in local currency last year, against a drop of 12% in euro terms and flat sales in local-currency terms in 2009. As a result, their combined turnover, at €612bn, was only 4% lower than in 2008.

Manufacturing firms put in the strongest performance in 2010, with an almost 23% average increase in sales, helped by a mixture of high commodity prices and robust demand for industrial goods, both in the region and beyond (especially in Germany).

PKN Orlen, the Polish energy group, maintained the top spot in 2010 on the back of a 33% rise in sales to €20.9bn, which allowed it to extend its lead on second-placed MOL of Hungary, another energy firm, by nearly €1.3bn (MOL had revenues of €15.5bn in 2010). Skoda, the Czech auto maker, came third with €8.7bn, followed by Naftogaz of Ukraine (€8.6bn) and CEZ, a Czech energy group (€7.9bn).

Polish firms continued to dominate the ranking with 173 entries, or 35% of the total. This was down from 180 last year, due mainly to consolidation in the country’s energy sector. Countries which increased their representation included the Czech Republic (up by seven) and Romania (up by six), to 16% and 8% of the total, respectively.

The report also confirms the strength of Polish banks. There are now four of them in the region’s top ten by assets, up from three a year earlier (ING Bank Slaski moved up from 11th to 10th to join PKO BP, the regional leader, Bank Pekao SA, and BRE Bank), and the only two top-ten banks to improve their position compared with 2009 were Polish (BRE Bank, from 8th to 7th, and ING Bank Slaski). The number of Polish banks in the region’s top 50 increased to 14 from 13.

The report covers 18 countries in Central and Eastern Europe, with the exception of Russia and Belarus, due to lack of reliable data.



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PMR is a British-American company providing market information, advice and services to international businesses interested in Central and Eastern Europe as well as other emerging markets. PMR key areas of operation include business publications (through PMR Publications), consultancy (through PMR Consulting) and market research (through PMR Research). With over fourteen years of experience, high international standards in projects and publications, highly skilled multilingual staff and a wide network of co-operating research companies and market experts, PMR is one of the largest companies of its type in the region.