The Flagships in Eastern Europe

Coface CEE Top 500 October 2010

credit insurance | FACTORING | INFORMATION | receivables management Contents

4 Coface Austria & Coface Central Europe

5 Methodology of the Study

6 CEE Top 500 Executive Summary

8 CEE Top 500 The Top Three Countries

10 CEE Top 500 The Ranking

18 CEE Top 500 Country Comparison: Ranks 4 to 13

26 Coface Contacts

Impressum: Herausgeber: Coface Austria Holding AG, Stubenring 24, 1010 Wien Kontakt: www.coface.at, [email protected] Layout: Alex Bauer Communication Consulting Druck: Edelbacher Druck Ges.m.b.H., Eduardgasse 6, 1180 Wien Imprint: Wir haben die Coface CEE Top 500 mit höchster Sorgfalt erstellt. Publisher: Coface Austria Holding AG, Stubenring 24, 1010 Vienna Satz- und Druckfehler können dennoch nicht ausgeschlossen werden. Contact: www.coface.at, [email protected] Layout: Alex Bauer Communication Consulting Aus Gründen der leichteren Lesbarkeit wird auf eine geschlechtsspezifische Printed by: Edelbacher Druck Ges.m.b.H., Eduardgasse 6, 1180 Vienna Differenzierung, wie z.B. Mitarbeiter/Innen, verzichtet. Entsprechende Begriffe gelten im Sinne der Gleichbehandlung für beide Geschlechter. We have prepared the Coface CEE Top 500 with the greatest of care. However, typesetting and printing errors cannot be excluded. Welcome!

On the safe road to successful business transactions.

Credit insurance and professional risk management have We are well aware of our responsibility as experts. We work formed the core business of Coface ever since its founding. together with our qualified staff to continuously optimise our products and thereby meet the latest challenges of the Decades of experience on national and international markets business environment. as well as an extensive offering for a wide variety of target groups in the credit insurance sector have played a key role The further development of our products and our strategic in this worldwide top positioning. growth in Central and Eastern Europe strengthen not only our know-how but also our skills – and we pass these benefits Our goal is to create a strategic connection between our on to our customers. risk instruments, and use these links to develop specially designed solutions for the entire company lifecycle.

Coface is a reliable partner for professional risk management. We offer a wide range of instruments and integrated Martina Dobringer solutions to pave the way for the success of your business Chairwoman transactions. Coface Austria & Coface Central Europe Coface Austria & Coface Central Europe

Credit Insurance Factoring Information Receivables Management

Trend-setting for risk and opportunity management. More than 130,000 companies of all sizes in all branches rely on our services. We would be pleased to accompany you on your road to success.

The cornerstone for the success of Coface Austria was laid rience as a source of information on the countries of Central in 1954. Our core expertise over these many decades has and Eastern Europe. remained the insurance of default risk for both domestic and expert receivables. Coface Austria wants to accompany you as a reliable partner and help you to reach a very special goal: your own. Rising export activity, above all to Central and Eastern Europe, has increased the importance of credit insurance, The economic environment is a focal point of continuous information and collection services. This development led to transformation. As the geographical market leader in 13 the founding of Coface Central Europe Holding AG in Vienna Central and Eastern Europe countries and Austria, we are during 1990. in a position to identify changes on the market at an early stage, to react to these changes and to take the necessary Today the customers of Coface Austria and Coface Central measures to always stay a decisive step ahead of future de- Europe are able to profit from more than 50 years of know- velopments. For us, success means remaining on the leading how in the field of credit insurance and 20 years of expe- edge. Our four integrated risk instruments – credit insurance,

4 factoring, information and collection services – make it possible for us to respond to the individual needs of our Methodology customers at any time. Our extensive network of know-how and our dynamic solutions can pave the way for safe and successful transactions. of the Study

The proven, comprehensive approach taken by Coface is the compass that points the way. We are the only provider to offer integrated solutions for all aspects of credit risk management, and in this way help you to meet your business goals.

Are you looking to increase the security of your business transactions? Coface Credit Insurance: Coface makes sure your business runs smoothly by helping you to prevent the loss of receivables. Our experts in countries throughout the world analyse the development of economies and companies. The well-known Coface rating systems provide an overview of the risks associated with deliveries and thereby stabilise the flow of goods and services – and if one of your customers becomes insolvent, Coface will provide compensation for up to 80% of the insured receivables.

Are you looking to acquire state-of-the-art information? Coface Information: The credit standing of your customers and the reliability of your suppliers are decisive factors for The CEE Top 500 is a joint project by the Coface branch long-term success. Coface provides you with the necessary offices in Central and Eastern Europe. This ranking covers credit information for your business transactions based on the largest companies in the region – based on revenues our unique worldwide database with over 60 million data- for the 2009 calendar year – and was prepared in 2010 sets. for the second time. The study includes the following countries: Are you looking to save time and money? Coface Collection: Fast collection improves liquidity and Bulgaria • Croatia • Czech Republic • Estonia • Hungary safeguards profits. Our experts use their wide-ranging Latvia • Lithuania • Poland • Romania • Serbia • Slovakia expertise to provide you with support on all collectionrelated Slovenia • Ukraine issues. Coface also takes care of the time-consuming collection measures – so you can concentrate on your business. The largest companies in each of the above countries (revenues ≥ EUR 120 million) were identified, whereby Are you looking to stabilise your liquidity? financial service providers such as banks, insurance com- Coface Factoring: Stable liquidity creates the necessary panies, leasing firms and brokers were excluded. In addi- flexibility for entrepreneurial decisions. Coface factoring provi- tion to revenues, the ranking of the CEE Top 500 includes des you with key support through the purchase of customer other key corporate indicators, e.g. profits, the number of receivables and immediate payment for up to 90% of the employees and the respective changes in relation to the outstanding balances. We also carry the risk of default for previous year. insured receivables

5 CEE Top 500 Executive Summary

2 4 Coface CEE Top 500: Estonia Number of Top 500 companies per country Russia 7 9 ● 2009 ● 2008 Latvia

16 18 Lithuania

142 161 Belarus

germany Poland 69 80 66 Ukraine 43 Czech Republic 32 17 Slovakia france austria 83 72 30 moldova Switzerland 17 Hungary 14 17 48 Slovenia 17 italy Romania Croatia 6 6

Bosnia Herzegovina 6 Serbia 18

Montenegro Bulgaria

In 2008 the flagships of Central and Eastern Europe were able to sail against the wind – but in 2009 they were overtaken by the economic crisis.

Sharp drop in revenues. GDP growth only in Poland. 2008 was a year of growth for the top players in Central The CEE Top 500 mirrors economic development in the and Eastern Europe, but 2009 brought a 16.6% decline countries of Central and Eastern Europe, where the effects in revenues for the 500 largest companies in the region. of the economic crisis differed in 2009. The largest GDP Profits fell by 27%, or by nearly EUR 7 billion. The econo- decline was recorded by Latvia with -17%, followed closely mic crisis hit the automobile branch particularly hard with by Ukraine (-16%), Lithuania (-15%) and Estonia (-14%). a drop of almost 39% in revenues and the metal industry Economic development was substantially better in Serbia with a minus of 40%. In contrast, the transportation branch (-4%), the Czech Republic (-4.3%) and Slovakia (-4.5%). recorded sound growth – which was reflected in 11 new The only country in Europe to record positive results for entries in the CEE Top 500 ranking. 2009 was Poland, with a further 1.4% increase in GDP.

6 Hungary rallies, Poland number one. Major employers. It is therefore not surprising that Poland again had the A detailed analysis shows the importance of these major largest number of companies in the CEE Top 500 with a corporations for maintaining stability on the labour market total of 142 firms, despite a decline in relation to the previ- in Central and Eastern Europe. Despite a decline in reve- ous year. However, the sound performance of the leading nues, the number of employees in the CEE Top 500 rose companies in Hungary – with 83 firms in the Top 500 listing by 3.5% during the crisis year 2009. Over 2.5 million men – is also of special note. Hungary therefore ranked second and women – or 3.5% of the entire regional workforce – in the country comparison, notwithstanding a sharp drop were employed by one of the top players during the past in GDP during 2009. In contrast, the Czech Republic now year. The comparable figures for Slovenia and Hungary only has 69 companies in the CEE Top 500 and dropped show an impressive 10.1% and 8.9%, respectively, of the to third place in the ranking. Last place on the list is once working population (also see the graph on page 21). The again held by the small Baltic country of Estonia. Additional most employees in the CEE Top 500 worked in Poland, information is provided by the map on the left side and the followed by Ukraine and Hungary. table at the bottom of this page

Coface CEE Top 500: Country comparison: ranking by revenues ace Top 500 T urn o ver ( TEUR ) Top 500 N et Pr of it ( TEUR ) Top 500 Emp l o y m ent Cof Co untry g R atin o n P op ulati ( m i o inhabitants) G D P ( p er in USD ) ca p ita G D P g r o wth in % o n I n f lati in % U ne mp l o y m ent in % rate L ab o ur fo rce Poland 131,927,082 6,121,532 729,635 A3 38.1 11,101 1.4% 3.3% 8.2% 17,279,200

Hungary 85,635,578 3,110,723 373,955 A4 10.0 12,424 -6.7% 4.7% 10.0% 4,202,500

Czech Republic 68,055,405 4,434,341 260,532 A2 10.4 18,237 -4.3% 1.0% 6.7% 5,296,500

Ukraine 39,824,099 691,687 684,579 D m 45.6 2,537 -16.0% 16.0% 8.8% 21,150,300 Romania 33,209,703 1,774,672 196,846 B 21.4 7,508 -7.1% 6.0% 6.9% 9,924,100

Slovakia 31,707,707 1,802,650 102,161 A3 5.4 16,351 -4.5% 2.0% 12.0% 2,689,800

Lithuania 14,369,892 244,896 57,592 A4 3.3 10,898 -15.0% 4.5% 13.7% 1,640,900

Bulgaria 13,189,287 259,595 22,348 B 7.6 5,892 -5.3% 2.0% 6.8% 3,491,600

Slovenia 12,495,100 473,275 45,198 A2 2.0 22,726 -7.2% 1.5% 5.9% 1,014,700

Croatia 12,451,764 515,794 68,275 A4 4.4 14,028 -5.4% 3.0% 9.1% 1,765,000

Serbia 4,886,924 -354,677 33,722 C 7.4 5,728 -4.0% 8.0% 16.6% 3,107,000

Latvia 3,468,771 504,561 13,947 B 2.3 10,521 -16.9% 3.0% 17.7% 1,186,300

Estonia 895,213 -59,727 6,901 A4 m 1.3 13,881 -14.0% 0% 13.8% 690,900

7 CEE Top 500 The Top Three Countries

Although the lead is smaller than the previous year, Poland has the largest number of companies in the Central and Eastern Europe Top 500 with 28.4%. Hungary ranks second this year with 16.6%, overtaking the Czech Republic which is home for 13.8% of the CEE Top 500. Read more about the leaders in the country comparison.

1. Poland A substantial rise in bankruptcies was noted in Poland The CEE Top 500 for 2009 include a significantly lower during 2009 (+59%). The economic downturn had a nega- number of Polish companies than the 2008 ranking, in spite tive influence on the liquidity of companies, although to a of the country’s continued economic growth (+1.4% in lesser extent than in other countries of the region. 2009). However, Poland again is home to the largest share of top players in Central and Eastern Europe with 28.4%. The steel industry and the construction branch were hit The combined revenues generated by these top-ranking especially hard by the crisis, but the retail trade, meat pro- Polish firms fell by 19% but Poland still ranks first in this cessors and household goods industry were also affected. category. The country also leads the ranking for the In addition, structural weakness continued to plague the number of employees in the Top 500, even though this textile industry. Many Polish companies that had invested indicator declined 3.6% in comparison with 2008. in recent years were faced with difficulties in meeting their

8 cost of capital. However, these firms are less exposed In addition, the government is providing funds to maintain to foreign exchange risk than their counterparts in other and create jobs and to support suitable projects. Central European countries. The Polish government has decided to follow an austerity course in place of expan- 3. Czech Republic sive economic stimulus programmes, but pensions have The CEE Top 500 for 2009 include 14% less companies been raised and income taxes cut to stimulate consumer from the Czech Republic than the previous year – only 69 spending. In summary, Poland is a resistant country – pri- instead of 80. Revenues recorded by the top Czech com- vate consumption is sound and foreign trade has made a panies fell by 6.6% to represent third place in this year’s positive net contribution. ranking. The number of employees in these companies declined 16.4%, which represents fourth place in this 2. Hungary category or one place lower than in 2008. The CEE Top 500 for 2009 include 15% more Hungari- an companies than in 2008, which reflects an increase The number of bankruptcies in the Czech Republic from 72 to 83 companies. Hungary ranked second with doubled from 2008 to 2009, whereby this development these results – also according to the proportional share resulted in part from the amendment of bankruptcy law. of revenues generated by the Hungarian top players The payment behaviour of companies has deteriorated (-11.3%) – and thereby passed the Czech Republic, the steadily since the last quarter of 2008. Declining export second ranking country in 2008. An analysis based on the markets and stagnating domestic demand have had number of employees in these companies places Hungary a negative effect on the automobile branch, the metal third, and reflects a year-on-year increase of 57.6% in the industry, the construction sector, the chemical industry combined workforce of these firms. and the textile branch – but, in contrast, the pharmaceutical industry has remained sound. Economic growth has This is also notable given the fact that Hungary has the been further slowed by the tax and budget reforms that highest bankruptcy rate in the region, a rate that rose took effect at the beginning of 2008. In particular, private further by nearly 30% over 2008. A tax package was consumption declined following an increase in indirect passed in February 2009 that is intended to reduce the taxes and the reduction of social security benefits. At the enormous payroll tax burden for companies and emplo- end of 2008 and the beginning of 2009, the government yees. This initiative was financed by an increase in the va- passed two programmes to stimulate the economy. These lue added tax. The Hungarian government also launched programmes were intended to support domestic demand numerous stimulus programmes to support the national but, in combination with declining tax revenues, actually economy during the crisis. This package is directed, led to a substantial increase in the federal budget deficit. among others, to the infrastructure and construction Plans to curb the deficit were passed in September 2009 industries, the energy sector, the automobile industry and and, among others, call for a reduction in civil servants‘ healthcare, and also includes environmental protection salaries. measures. Monies from the EU Structural Fund are being distributed to private companies in the form of subsidies, credit assistance, capital contributions and guarantees.

9 This study is a wonderful example of inherent in the region. Nearly one-third of the companies cross-border cooperation in Central are new to the ranking this year, including a large number and Eastern Europe as it was carried of newcomers from the energy supply and retail trade out in close cooperation with the sectors. Coface branches in the region. Coface has been active in these Revenues recorded by the CEE Top 500 declined by countries for more than 20 years and almost 17% in total, whereby the metal industry and the therefore has extensive knowledge automotive trade were most affected. At the same time, of the local markets – from the “big these major companies proved to be an important source picture“ right down to the “close-up”. of jobs – and therefore also a stabilising factor – for the region: the number of employees working in one of the 500 An exact view is becoming more and largest companies in Central and Eastern Europe rose by more important due to the position of Central and Eastern 3.5% in 2009. You can find this indicator and a great deal Europe as a key economic factor whose development must of other information on the following pages. be monitored continuously. This ranking represents a contribution to the monitoring process. The list of the CEE Top 500 – above all in comparison with the previous year – is Martina Dobringer characterised by significant changes that reflect the effects Chairwoman of the economic crisis as well as the economic momentum Coface Austria & Coface Central Europe

CEE Top 500 The Ranking Position 2009 Change 2008 Position Country Company Name Main Sector Turnover in TEUR 2009 Turnover in TEUR 2008 Change in % Turnover Net Profit in TEUR 2009 Net Profit in TEUR 2008 Change Net Profit in % Employment 2009 Employment 2008 Change Employment in %

1 1 PL Polski Koncern Naftowy ORLEN S.A. * Oil & Gas 15,697,546 22,616,512 -30.59 300,457 -718,485 141.82 22,535 22,955 -1.83 2 2 HU MOL Magyar Olaj- és Gázipari NYRt.* Oil & Gas 11,911,224 13,350,736 -10.78 386,390 533,364 -27.56 5,614 5,681 -1.18 3 4 UA NAFTOGAZ OF UKRAINE Oil & Gas 6,610,189 6,450,955 2.47 199,624 1,487,732 -86.58 682 578 17.99 4 3 CZ ŠKODA AUTO a.s. Automotive 6,448,744 7,002,302 -7.91 129,945 418,381 -68.94 22,831 25,331 -9.87 5 5 PL PGE Polska Grupa Energetyczna S.A. * Electricity 4,996,961 5,519,168 -9.46 1,002,293 759,326 32.00 46,357 6 15 PL FIAT AUTO POLAND S.A. Automotive 4,517,751 4,300,829 5.04 189,592 88,726 113.68 6,480 6,102 6.19 7 13 CZ CEZ,ˇ a. s. Electricity 4,504,251 4,067,137 10.75 1,716,493 1,749,647 -1.89 6,218 6,472 -3.92 8 8 PL Polskie Górnictwo Naftowe i Gazownictwo S.A. * Oil & Gas 4,457,847 5,241,440 -14.95 278,142 246,187 12.98 31,685 31,400 0.91 9 NEW HU Nokia Komárom Kft. Telecommunication 3,970,910 4,881,087 -18.65 154,943 220,496 -29.73 6,111 10 6 HU AUDI HUNGARIA MOTOR Kft. Automotive 3,868,078 5,606,568 -31.01 291,203 520,360 -44.04 5,780 5,815 -0.60 11 14 CZ RWE Transgas, a.s. Oil & Gas 3,840,570 4,030,134 -4.70 600,453 420,069 42.94 281 313 -10.22 12 9 PL TELEKOMUNIKACJA POLSKA S.A. * Telecommunication 3,826,867 5,165,501 -25.91 296,259 622,761 -52.43 27,667 29,249 -5.41 13 NEW UA ENERGORYNOK Electricity 3,683,279 5,174,678 -28.82 9,983 23,411 -57.36 209 14 18 UA GAZ UKRAINE Oil & Gas 3,650,860 3,981,061 -8.29 -27,284 16,381 -266.56 565 565 0.00 15 11 PL Grupa Lotos S.A. * Oil & Gas 3,309,463 4,633,662 -28.58 210,712 -110,736 290.28 4,949 4,809 2.91 16 23 SK SAMSUNG ELECTRONICS SLOVAKIA S.R.O. Electronic components 3,168,162 3,391,933 -6.60 236,918 -30,672 872.42 3,190 4,478 -28.76 17 41 HU GE Hungary Ipari és Kereskedelmi Kft. Metal industry 3,118,513 2,520,746 23.71 1,161,461 333,870 247.88 10,547 12,883 -18.13 18 10 LT ORLEN LIETUVA (MAŽEIKIU˛ NAFTA) AB * Oil & Gas 3,115,582 5,094,231 -38.84 5,190 15,955 -67.47 2,249 3,500 -35.74 19 12 RO OMV PETROM SA Oil & Gas 3,030,794 4,548,491 -33.37 322,877 277,619 16.30 30,398 29,861 1.80 20 7 SK VOLKSWAGEN SLOVAKIA A.S. Automotive 2,943,670 5,157,145 -42.92 73,959 287,237 -74.25 6,500 8,495 -23.48 21 22 HU E. ON Földgáz Trade Földgázkereskedö Zrt. Oil & Gas 2,937,295 3,578,012 -17.91 -56,004 -47,606 17.64 79 79 0.00 22 43 HU Samsung Electronics Magyar Zrt. Electronic components 2,888,288 2,455,798 17.61 140,688 21,172 564.49 1,861 2,740 -32.08 23 21 PL KGHM Polska Miedz´ S.A. * Mining 2,800,802 3,598,614 -22.17 545,183 786,517 -30.68 28,884 28,478 1.43 24 16 SK SLOVNAFT A.S. Oil & Gas 2,780,178 3,882,428 -28.39 -29,502 245,607 -112.01 2,355 3,670 -35.83 25 17 CZ UNIPETROL RPA, s.r.o. Production total 2,769,313 3,687,378 -24.90 66,824 29,368 127.54 2,058 2,300 -10.52 26 NEW CZ FOXCONN CZ s.r.o. Electronic components 2,744,597 2,834,227 -3.16 20,499 -40,729 150.33 4,000 27 19 HR INA, D.D. Oil & Gas 2,685,295 3,656,966 -26.57 0 0 10,061 9,841 2.24 28 30 LT VILNIAUS PREKYBA UAB * Holding companies 2,595,991 2,909,138 -10.76 137,485 227,770 -39.64 29 31 SK SLOVENSKÝ PLYNÁRENSKÝ PRIEMYSEL A.S. Oil & Gas 2,531,000 2,901,978 -12.78 569,000 599,217 -5.04 1,434 1,647 -12.93 30 28 PL KOMPANIA WE˛GLOWA S.A. Mining 2,444,094 3,035,035 -19.47 15,184 10,748 41.27 62,700 62,819 -0.19 31 39 HU Magyar Telekom Távközlési NYRt.* Telecommunication 2,377,747 2,541,944 -6.46 344,310 398,795 -13.66 7,215 7,215 0.00 32 40 LT MAXIMA GRUPE UAB * Holding companies 2,251,591 2,486,900 -9.46 53,295 112,430 -52.60 33 38 CZ Telefónica O2 Czech Republic, a.s. Telecommunication 2,243,151 2,362,161 -5.04 469,072 486,186 -3.52 8,357 8,357 0.00 34 34 HU Magyar Villamos Müvek Zrt* Holding companies 2,143,948 2,723,926 -21.29 224,527 149,773 49.91 165 8,853 -98.14 35 24 BG LUKOIL NEFTOCHIM BURGAS Oil & Gas 2,131,079 3,514,936 -39.37 -90,007 -242,047 62.81 2,875 36 122 RO AUTOMOBILE-DACIA SA Automotive 2,125,035 2,075,189 2.40 54,345 60,287 -9.86 12,698 13,322 -4.68 37 50 HU TESCO-GLOBAL Áruházak Zrt. Retail 2,116,781 2,177,408 -2.78 35,962 50,310 -28.52 22,601 21,886 3.27 38 NEW HU E. ON Energiaszolgáltató Kft. Electricity 2,099,295 1,813,366 15.77 -29,982 27,877 -207.55 26 39 NEW HU Philips INDUSTRIES Magyarország Elektronikai Electronic components 2,089,975 2,368,374 -11.75 -99,501 -123,309 19.31 864 Mechanikai Gyártó és Kereskedelmi Kft. 40 55 SL PETROL, Slovenska energetska družba, d.d., Ljubljana Service Station Operator 2,068,926 1,992,093 3.86 10,662 64,430 -83.45 543 551 -1.52 41 59 SK SLOVENSKÉ ELEKTRÁRNE A.S. Electricity 2,045,478 1,960,782 4.32 280,242 169,473 65.36 5,472 59,183 -90.75

10 Position 2009 Change 2008 Position Country Company Name Main Sector Turnover in TEUR 2009 Turnover in TEUR 2008 Change in % Turnover Net Profit in TEUR 2009 Net Profit in TEUR 2008 Change Net Profit in % Employment 2009 Employment 2008 Change Employment in %

42 57 CZ Toyota Peugeot Citroën Automobile Czech, s.r.o. Automotive 1,958,230 1,823,630 7.38 49,791 51,824 -3.92 3,336 -100.00 43 69 SK PCA SLOVAKIA S.R.O. Automotive 1,877,346 1,667,945 12.55 59,716 -22,559 364.71 3,149 3,300 -4.58 44 29 HU Panrusgáz Gázkereskedelmi Zrt. Oil & Gas 1,868,506 2,951,458 -36.69 4,596 10,716 -57.11 7 7 0.00 45 27 SK U. S. STEEL KOŠICE S.R.O. Metal industry 1,868,145 3,093,878 -39.62 14,412 340,658 -95.77 11,465 14,128 -18.85 46 47 PL VOLKSWAGEN POZNAN´ SP. Z O.O. Automotive 1,789,928 2,249,822 -20.44 57,822 98,918 -41.55 6,194 7,000 -11.51 47 42 PL POLSKA TELEFONIA KOMÓRKOWA CENTERTEL SP. Z O.O. Telecommunication 1,789,337 2,455,212 -27.12 155,986 407,780 -61.75 3,500 3,504 -0.11 48 NEW HU Vertis Környezetvédelmi Pénzügyi ZRt. Others 1,785,938 968,277 84.44 9,438 4,080 131.30 14 49 68 SL POSLOVNI SISTEM MERCATOR D.D. Retail 1,760,097 1,736,634 1.35 19,281 32,139 -40.01 11,794 12,075 -2.33 50 65 HR KONZUM, D.D. Retail 1,742,489 1,760,087 -1.00 47,322 45,600 3.78 12,053 12,977 -7.12 51 48 SK KIA MOTORS SLOVAKIA S.R.O. Automotive 1,684,599 2,142,898 -21.39 25,935 27 94.896.52 2,800 2,800 0.00 52 66 PL ENEA S.A. Electricity 1,682,065 1,689,699 -0.45 70,578 53,555 31.79 300 10,133 -97.04 53 51 CZ CEPRO,ˇ a.s. Metal industry 1,668,888 2,005,735 -16.79 21,002 18,834 11.51 840 840 0.00 54 80 HR HEP D.D. Electricity 1,652,639 1,523,053 8.51 41,490 0 433 436 -0.69 55 NEW BG LUKOIL BULGARIA Oil & Gas 1,624,966 2,465,319 -34.09 3,422 -841 506.81 2,989 56 70 PL PGE ELECTRA S.A. Electricity 1,616,604 1,693,276 -4.53 17,528 18,887 -7.20 107 101 5.94 57 NEW PL TAURON POLSKA ENERGIA S.A. Electricity 1,613,547 228,434 606.35 42,644 15,815 169.64 200 58 NEW PL Polskie Sieci Elektroenergetyczne Operator S.A. Electricity 1,601,637 1,969,227 -18.67 102,571 27,398 274.37 495 59 45 HU Magyar Suzuki Zrt. Automotive 1,595,870 2,301,586 -30.66 8,969 17,478 -48.69 3,917 4,274 -8.35 60 37 CZ MORAVIA STEEL a.s. Wholesale 1,574,207 2,422,543 -35.02 26,838 55,293 -51.46 294 320 -8.13 61 111 PL PGE Elektrownia Bełchatów * Electricity 1,571,898 1,491,047 5.42 365,623 135,661 169.51 4,300 -100.00 62 67 PL EUROCASH S.A. * Wholesale 1,547,926 1,743,087 -11.20 23,692 22,285 6.31 4,275 3,874 10.35 63 72 CZ Tesco Stores CRˇ a.s. Retail 1,498,507 1,520,857 -1.47 5,214 30,294 -82.79 12,365 12,957 -4.57 64 63 RO ROMPETROL RAFINARE SA Oil & Gas 1,482,350 2,352,899 -37.00 0 0 1,016 1,033 -1.65 65 52 CZ Panasonic AVC Networks Czech, s.r.o. Electronic components 1,480,216 1,888,890 -21.64 -235,610 -233,575 0.87 2,199 1,323 66.21 66 79 CZ AHOLD Czech Republic, a.s. Metal industry 1,474,791 1,508,879 -2.26 0 -17,213 100.00 14,200 -100.00 67 NEW BG NATSIONALNA ELEKTRICHESKA KOMPANIA Electricity 1,447,048 1,514,632 -4.46 4,363 20,490 -78.71 677 68 56 CZ ENI Ceskáˇ republika, s.r.o. Oil & Gas 1,444,574 1,922,473 -24.86 -10,737 -16,412 34.58 80 37 116.22 69 78 LT MAXIMA LT UAB Others 1,432,773 1,593,645 -10.09 45,405 108,097 -58.00 16,000 70 35 UA AZOVSTAL IRON AND STEEL WORKS Metal industry 1,382,398 2,711,416 -49.02 -18,656 250,142 -107.46 24,339 24,339 0.00 71 98 HU Flextronics International Kft. Electronic components 1,372,115 1,279,404 7.25 0 -67,934 100.00 6,869 7,825 -12.22 72 86 CZ Kaufland Ceskáˇ republika v.o.s. Retail 1,358,826 1,305,508 4.08 76,534 40,021 91.23 7,682 6,744 13.91 73 NEW RO METRO CASH & CARRY ROMANIA SRL Wholesale 1,356,187 1,633,224 -16.96 30,015 66,872 -55.12 5,884 74 54 CZ Shell Czech Republic a.s. Service Station Operator 1,343,524 1,867,744 -28.07 2,418 31,326 -92.28 229 257 -10.89 75 76 CZ Barum Continental spol. s r.o. Production total 1,337,546 1,475,486 -9.35 62,977 49,298 27.75 3,389 3,750 -9.63 76 102 HU SPAR Magyarország Kereskedelmi Kft. Retail 1,330,058 1,233,635 7.82 -54,696 -42,881 27.55 153,528 14,814 936.37 77 116 PL NEUCA S.A. * Pharmaceutical industry 1,314,294 1,128,826 16.43 8,837 1,495 490.89 4,650 78 88 CZ MAKRO Cash & Carry CRˇ s.r.o. Wholesale 1,303,225 1,380,103 -5.57 0 70,413 -100.00 3,600 3,500 2.86 79 100 SL REVOZ PODJETJE ZA PROIZVODNJO IN Automotive 1,290,986 1,261,126 2.37 20,543 18,743 9.60 2,565 2,672 -4.01 KOMERCIALIZACIJO AVTOMOBILOV D.D. 80 81 PL Emperia Holding S.A. * Others 1,276,929 1,494,943 -14.58 16,029 16,836 -4.79 12,983 11,966 8.50 81 53 HU MVM TRADE VILLAMOSENERGIA KERESKEDELMI Zrt. Electricity 1,272,905 2,024,780 -37.13 103,348 57,722 79.05 76 55 38.18 82 32 UA ARCELORMITTAL KRYVYI RIH Metal industry 1,267,407 2,822,191 -55.09 -10,565 597,113 -101.77 54,217 46,996 15.37 83 NEW PL LG ELECTRONICS MŁAWA SP. Z O.O. Electronic components 1,266,478 1,142,160 10.88 30,852 49,834 -38.09 1,600 84 83 PL POLSKA GRUPA FARMACEUTYCZNA S.A. * Pharmaceutical industry 1,254,217 1,448,852 -13.43 15,223 12,749 19.41 6,756 6,487 4.15 85 NEW RO ROMPETROL DOWNSTREAM SRL Service Station Operator 1,238,471 1,527,323 -18.91 0 0 2,597 86 25 RS NAFTNA INDUSTRIJA SRBIJE SA Oil & Gas 1,234,509 3,434,320 -64.05 -392,497 -43,590 800.44 11,925 12,182 -2.11 87 96 BG AURUBIS BULGARIA Mining 1,217,364 1,308,496 -6.96 102,901 -77,570 232.65 781 88 64 UA LYSYCHANSKA NAFTOVA INVESTYCIINA KOMPANIYA Oil & Gas 1,204,929 1,849,596 -34.85 18,316 -101,391 118.07 3,810 3,810 0.00 89 140 CZ OKD, a.s. Transport 1,189,206 886,192 34.19 55,923 165,484 -66.21 14,331 15,156 -5.44 90 106 PL FARMACOL S.A. * Pharmaceutical industry 1,187,011 1,197,833 -0.90 17,904 20,167 -11.22 3,000 3,235 -7.26 91 33 UA ILYICH IRON AND STEEL WORKS OF MARIUPOL Metal industry 1,174,946 2,774,208 -57.65 -22,529 173,923 -112.95 57,610 57,610 0.00 92 95 CZ T-Mobile Czech Republic a.s. Telecommunication 1,149,329 1,230,078 -6.56 343,964 335,722 2.45 2,866 2,503 14.50 93 114 HU TIGÁZ Tiszántúli Gázszolgáltató Zrt. Oil & Gas 1,139,817 1,155,775 -1.38 5,498 -19,850 127.70 1,800 1,800 0.00 94 107 PL ENERGIAPRO GIGAWAT SP. Z O.O. Electricity 1,132,611 1,194,210 -5.16 20,462 9,675 111.48 547 95 104 PL POLIMEX-MOSTOSTAL S.A. * Construction industry 1,121,422 1,223,095 -8.31 40,098 39,936 0.40 14,262 13,823 3.18 96 91 PL KOMPANIA PIWOWARSKA S.A. Food industry 1,113,621 1,255,394 -11.29 168.544 211,674 -20.38 3,300 3,200 3.13 97 NEW SK ZÁPADOSLOVENSKÁ ENERGETIKA A.S. Electricity 1,112,811 1,068,742 4.12 143,685 121,281 18.47 1,470 98 NEW PL ORLEN PETROCENTRUM SP. Z O.O. Oil & Gas 1,096,275 1,405,005 -21.97 0 113 -100.00 110 99 131 PL POŁUDNIOWY KONCERN ENERGETYCZNY S.A. Electricity 1,087,788 1,014,803 7.19 129,625 13,159 885.09 5,398 5,398 0.00 100 132 PL LG ELECTRONICS WROCŁAW SP. Z O.O. Electronic components 1,081,975 990,582 9.23 29,202 4,695 522.00 1,725 2,065 -16.46 101 NEW PL LIDL POLSKA SKLEPY SPOZYWCZE SP. Z O.O. SP.K. Retail 1,072,198 1,024,941 4.61 88,855 11,395 679.76 7,000 102 NEW PL CASTORAMA POLSKA SP. Z O.O. Retail 1,052,168 1,087,292 -3.23 110,876 87,253 27.07 10,000 103 164 PL IMPERIAL TOBACCO POLSKA S.A. Production total 1,048,866 848,647 23.59 -627 19,033 -103.29 104 NEW PL KAUFLAND POLSKA MARKETY SP. Z O.O. SP.K. Retail 1,045,767 1,009,580 3.58 -2,673 -4,461 40.08 11,000 105 125 RS ELEKTROPRIVREDA SRBIJE JP * Electricity 1,044,708 1,072,127 -2.56 -145 -27,042 99.46 396 -100.00 106 NEW RO ORANGE ROMANIA SA Telecommunication 1,044,354 1,279,302 -18.37 270,655 437,665 -38.16 2,907 107 58 PL POCZTA POLSKA S.A. Others 1,040,639 1,920,522 -45.81 -48,613 -61,226 20.60 97,478 100,513 -3.02 108 NEW RO BRITISH AMERICAN TOBACCO (ROMANIA) TRADING SRL Wholesale 1,040,011 978,411 6.30 77,165 99,217 -22.23 273 109 377 RO NOKIA ROMANIA SRL Electronic components 1,027,793 455,766 125.51 37,609 13,853 171.48 1,670 1,255 33.07 110 128 RO CARREFOUR ROMANIA SA Retail 1,027,209 1,031,967 -0.46 20,771 20,120 3.24 7,738 7,760 -0.28 111 74 UA KYIVSTAR GSM Telecommunication 1,021,921 1,634,271 -37.47 320,430 709,828 -54.86 4,543 4,543 0.00 112 219 CZ Penny Market s.r.o. Retail 1,019,719 666,010 53.11 9,853 22,468 -56.15 4,617 4,000 15.43 113 129 CZ PHOENIX lékárenský velkoobchod, a.s. Pharmaceutical industry 1,005,279 952,113 5.58 7,402 6,698 10.51 742 800 -7.25 114 228 CZ Skanska a.s. Construction industry 989,931 667,034 48.41 55,008 33,166 65.86 4,846 2,967 63.33 115 93 UA ENERGOATOM Electricity 961,247 1,334,464 -27.97 85,764 16,453 421.25 35,852 35,852 0.00 116 126 PL PHILIPS LIGHTING POLAND S.A. Production total 957,856 1,064,420 -10.01 95,638 17,521 445.86 7,230 7,230 0.00 117 358 PL TRADIS SP. Z O.O. Wholesale 953,330 471,421 102.22 11,525 8,318 38.55 3,000 1,580 89.87 118 103 HU Tiszai Vegyi Kombinát NYRt. Production total 944,236 1,232,635 -23.40 -36,542 2,549 -1.533.42 1,176 1,209 -2.73 119 NEW PL KATOWICKI HOLDING WE˛GLOWY S.A. Mining 940,844 911,653 3.20 20,211 2,164 834.00 19,963 120 216 SL KRKA, tovarna zdravil, d.d., Novo mesto Pharmaceutical industry 940,264 723,346 29.99 170,812 161,129 6.01 5,067 5,119 -1.02 121 121 HU Budapesti Elektromos Müvek NYRt.* Electricity 938,122 1,084,701 -13.51 27,164 96,809 -71.94 373 365 2.19 122 NEW RO VODAFONE ROMANIA SA Telecommunication 929,410 1,187,837 -21.76 244,449 306,448 -20.23 3,043 123 85 UA UKRTRANSGAZ Oil & Gas 927,356 1,452,287 -36.15 27,423 27,819 -1.42 26,714 26,714 0.00 124 146 HU Shell Hungary Kereskedelmi Zrt. Service Station Operator 920,210 928,589 -0.90 -1,790 5,048 -135.45 229 237 -3.38 125 82 CZ TRˇ INECKÉ ŽELEZÁRNY, a. s. Metal industry 918,530 1,420,424 -35.33 -27,642 44,724 -161.80 5,513 5,400 2.09 126 109 PL RUCH S.A. Retail 917,228 1,185,686 -22.64 -16,665 -7,910 110.70 3,884 5,306 -26.80 127 112 HU OMV Hungária Ásványolaj Kft. Others 891,924 1,167,568 -23.61 -17,989 -14,304 25.76 107 107 0.00 128 143 RS TELEKOM SRBIJA AD Telecommunication 891,378 942,629 -5.44 162,154 62,834 158.07 9,594 9,820 -2.30 129 157 HU HUNGAROPHARMA Gyógyszerkereskedelmi Zrt. Pharmaceutical industry 890,097 867,083 2.65 1,168 8,662 -86.52 1,055 1,092 -3.39 130 60 UA ALCHEVSK IRON AND STEEL WORKS Metal industry 886,810 1,956,386 -54.67 -78,349 -44,739 75.12 20,407 20,407 0.00 131 73 PL JASTRZE˛ BSKA SPÓŁKA WE˛GLOWA S.A. Mining 883,814 1,625,976 -45.64 -79,747 161,416 -149.40 22,571 22,000 2.60 132 151 CZ Globus CR,ˇ k.s. Retail 880,712 701,044 25.63 10,822 15,634 -30.78 5,921 5,722 3.48

11 Position 2009 Change 2008 Position Country Company Name Main Sector Turnover in TEUR 2009 Turnover in TEUR 2008 Change in % Turnover Net Profit in TEUR 2009 Net Profit in TEUR 2008 Change Net Profit in % Employment 2009 Employment 2008 Change Employment in %

133 108 UA UKRNAFTA Oil & Gas 878,398 1,200,290 -26.82 33,343 183,614 -81.84 28,628 31,745 -9.82 134 120 PL GRUPA ZYWIEC S.A. Food industry 875,797 845,415 3.59 80,821 108,358 -25.41 1,381 6,294 -78.06 135 NEW RO KAUFLAND ROMANIA SCS Retail 871,773 778,069 12.04 18,620 3,724 400.04 8,258 136 166 SK STREDOSLOVENSKÁ ENERGETIKA A.S. Electricity 863,079 965,820 -10.64 41,966 59,015 -28.89 1,107 1,101 0.54 137 183 LV Akciju sabiedriba Latvenergo Electricity 860,199 804,765 6.89 28,534 12,954 120.26 1,374 1,244 10.45 138 NEW RO GDF SUEZ ENERGY ROMANIA SA Oil & Gas 856,402 1,014,946 -15.62 89,770 34,915 157.11 916 139 71 UA DONETSKSTAL IRON AND STEEL WORKS Metal industry 852,164 1,648,588 -48.31 -22,927 -45,983 50.14 10,675 10,985 -2.82 140 124 PL CIECH S.A. * Pharmaceutical industry 851,766 1,076,913 -20.91 -14,587 -8,981 62.42 6,972 141 204 PL BRITISH-AMERICAN TOBACCO POLSKA S.A. Production total 848,021 749,844 13.09 27,424 -14,165 293.60 770 1,150 -33.04 142 61 RO ARCELORMITTAL GALATI SA Metal industry 846,382 1,947,162 -56.53 0 164,247 -100.00 11,049 13,709 -19.40 143 NEW SK TESCO STORES SR, a.s. Retail 846,000 995,817 -15.04 0 0 8,514 144 185 PL SAMSUNG ELECTRONICS POLSKA SP. Z O.O. Electronic components 845,918 801,915 5.49 13,822 11,000 25.66 750 0 145 NEW CZ Pražská energetika, a.s. Electricity 839,013 701,044 19.68 65,907 91,166 -27.71 611 146 201 PL BSH SPRZE˛T GOSPODARSTWA DOMOWEGO SP. Z O.O. Production total 837,644 765,859 9.37 75,927 45,510 66.84 1,428 1,300 9.85 147 172 HU AUCHAN MAGYARORSZÁG KERESKEDELMI ÉS Retail 837,180 836,334 0.10 -29,408 -2,804 948.68 5,574 5,522 0.94 SZOLGÁLTATÓ Kft. 148 117 UA METRO CASH & CARRY UKRAINE Wholesale 831,705 1,117,180 -25.55 -710 -57,074 98.76 5,945 5,945 0.00 149 113 HU MOLTRADE-Mineralimpex Kereskedelmi Zrt. Wholesale 817,855 1,163,235 -29.69 183 362 -49.47 10 10 0,00 150 158 SK ORANGE SLOVENSKO A.S. Telecommunication 812,666 863,104 -5.84 200 199,044 -99.90 1,334 1,700 -21.53 151 142 SL HOLDING SLOVENSKE ELEKTRARNE d.o.o. Electricity 803,499 943,962 -14.88 60,235 53,756 12.05 108 112 -3.68 152 393 PL Elektrownia RYBNIK S.A. * Electricity 801,687 700,282 14.48 84,125 29,150 188.59 1,026 -100.00 153 62 CZ ArcelorMittal Ostrava a.s. Metal industry 793,913 1,795,215 -55.78 -37,540 305,479 -112.29 7,430 7,430 0.00 154 NEW PL LEKKERLAND S.A. Wholesale 793,026 955,468 -17.00 -2,063 -2,170 4.96 535 155 192 CZ Ceskáˇ pošta, s.p. Others 791,914 734,497 7.82 20,933 10,880 92.40 36,525 37,060 -1.44 156 77 UA ZAPORIZHSTAL Metal industry 788,982 1,603,007 -50.78 -25,573 6,085 -520.28 20,040 20,040 0.00 157 202 HU PHOENIX Pharma Gyógyszerkereskedelmi Zrt. Pharmaceutical industry 788,436 764,919 3.07 13,441 10,043 33.83 650 606 7.26 158 167 RO ROMTELECOM SA Telecommunication 787,921 844,527 -6.70 37,288 1,073 3.374.00 10,128 11,244 -9.93 159 189 CZ Vodafone Czech Republic a.s. Telecommunication 787,266 737,035 6.82 101,568 103,692 -2.05 2,055 2,000 2.75 160 NEW RO PETROTEL - LUKOIL SA Oil & Gas 783,737 1,301,053 -39.76 0 0 954 161 357 HU Jabil Circuit Magyarország Szerzödéses Gyártó Kft. Electronic components 782,337 475,484 64.54 -5,178 -2,404 115.40 4,967 4,027 23.34 162 NEW RO LUKOIL ROMANIA SRL Service Station Operator 776,781 1,254,791 -38.09 0 2,801 -100.00 3,655 163 237 PL EVEREN SP. Z O.O. Electricity 771,152 668,293 15.39 1,829 0 45 37 21.62 164 162 HU Fövárosi Gázmüvek Zrt.* Oil & Gas 767,313 859,292 -10.70 19,466 16,581 17.40 520 509 2.16 165 134 PL VOLKSWAGEN MOTOR POLSKA SP. Z O.O. Production total 766,628 974,512 -21.33 16,523 21,167 -21.94 1,100 1,100 0.00 166 221 HU SANOFI-AVENTIS Pharmaceutical industry 764,503 718,351 6.42 28,563 20,221 41.26 450 450 0.00 Magyarország Kereskedelmi és Szolgáltató Zrt. 167 222 RO REAL,- HYPERMARKET ROMANIA SRL Retail 760,760 717,774 5.99 0 0 7,896 7,205 9.59 168 138 PL BUDIMEX S.A. * Construction industry 760,258 931,084 -18.35 40,131 26,645 50.61 3,903 4,592 -15.00 169 154 RO SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA Oil & Gas 753,665 890,709 -15.39 135.100 145.898 -7.40 5.725 5.661 1.13 170 264 HU EDF DÉMÁSZ Zrt.* Electricity 751,278 628,036 19.62 15,799 45,058 -64.94 675 598 12.88 171 NEW PL TOTALIZATOR SPORTOWY SP. Z O.O. Others 751,046 980,776 -23.42 0 74,056 -100.00 172 118 PL FIAT-GM POWERTRAIN POLSKA SP. Z O.O. Production total 743,075 1,096,895 -32.26 22,648 56,164 -59.67 1,000 1,404 -28.77 173 186 SK eustream, a.s., Bratislava Electricity 742,913 804,098 -7.61 78,669 85,248 -7.72 1,080 1,088 -0.74 174 236 HU TEVA Magyarország Gyógyszerforgalmazó ZRt.* Pharmaceutical industry 733,123 681,872 7.52 76,868 19,054 303.43 383 382 0.26 175 177 HU METRO Kereskedelmi Kft. Wholesale 732,390 825,016 -11.23 17,694 20,691 -14.49 2,945 2,960 -0.51 176 196 HR HT D.D. Telecommunication 729,688 759,715 -3.95 124,111 291,368 -57.40 4,987 5,127 -2.73 177 179 HU Electrolux Lehel Hütögépgyár Kft. Electronic components 725,432 819,560 -11.49 37,830 28,356 33.41 3,850 4,290 -10.26 178 168 PL MICHELIN POLSKA S.A. Production total 724,382 823,999 -12.09 13,343 -14,261 193.57 4,000 4,300 -6.98 179 NEW RO SELGROS CASH & CARRY SRL Wholesale 718,010 858,571 -16.37 24,693 39,040 -36.75 4,893 180 NEW PL KULCZYK TRADEX SP. Z O.O. Automotive trade 717,183 846,448 -15.27 16,336 9,735 67.80 320 181 207 HU Magyar Posta Zrt.* Others 715,410 745,851 -4.08 24,092 29,576 -18.54 38,282 38,628 -0.90 182 238 CZ Lidl Ceskáˇ republika v.o.s. Retail 715,318 626,365 14.20 34,243 -1,948 1,858.30 4,127 3,136 31.60 183 130 UA DNIPROOBLENERGO Electricity 714,042 1,024,453 -30.30 5,467 10,690 -48.86 8,601 8,601 0.00 184 119 UA UKRAINIAN MOBILE COMMUNICATIONS Telecommunication 712,646 1,100,193 -35.23 32,943 193,327 -82.96 3,143 3,143 0.00 185 239 PL ACTION S.A. * (fin.data 09 for 17 months) Wholesale 711,630 666,373 6.79 4,789 10,213 -53.11 757 593 27.66 186 99 HU ISD DUNAFERR Dunai Vasmü Zrt.* Metal industry 708,972 1,261,255 -43.79 -114,665 86,098 -233.18 5,950 6,153 -3.30 187 187 PL ASSECO POLAND S.A. * Others 704,886 792,407 -11.05 101,187 113,593 -10.92 7,990 6,911 15.61 188 137 PL CAN-PACK S.A. * (fin.data 08 for 18 months) Production total 701,897 954,284 -26.45 87,188 91,499 -4.71 2,000 2,772 -27.85 189 175 PL SELGROS SP. Z O.O. Wholesale 700,411 823,467 -14.94 24,864 28,895 -13.95 3,800 3,663 3.74 190 153 PL SWEDWOOD POLAND SP. Z O.O. Production total 695,548 886,390 -21.53 14,982 15,851 -5.49 8,000 8,300 -3.61 191 250 HU GDF SUEZ ENERGIA MAGYARORSZÁG Zrt. Oil & Gas 681,341 658,191 3.52 -12,179 5,418 -324.77 407 192 152 HU Richter Gedeon Vegyészeti Gyár NYRt.* Pharmaceutical industry 680,368 893,262 -23.83 211,656 157,025 34.79 4,799 4,830 -0.64 193 240 RS DELTA MAXI DOO BEOGRAD Retail 674,594 670,188 0.66 18.989 18.616 2.01 5.536 5.331 3.85 194 265 SL ENGROTUŠ PODJETJE ZA TRGOVINO, D.D. Retail 673,119 622,997 8.05 11,693 8,069 44.91 3,222 3,298 -2.30 195 105 PL TELE-FONIKA KABLE Sp. z o.o. S.K.A. * Production total 666,979 1,207,366 -44.76 -20,967 -21,576 2.82 4,000 3,000 33.33 196 174 HU EMFESZ Elsö Magyar Földgáz és Oil & Gas 665,227 830,684 -19.92 -49,295 22,930 -314.98 76 76 0.00 Energiakereskedelmi és Szolgáltató Kft. 197 266 CZ EUROVIA CS, a.s. Construction industry 665,183 577,142 15.25 23,206 28,234 -17.81 2,073 2,092 -0.91 198 87 PL J & S ENERGY S.A. Oil & Gas 658,733 1,392,263 -52.69 6,338 -34,348 118.45 70 200 -65.00 199 NEW UA ATB-MARKET Wholesale 657,635 645,221 1.92 1,555 -2,333 166.64 15,596 200 462 PL AB S.A. * Wholesale 656,238 854,185 -23.17 6,232 4,869 28.00 353 290 21.72 201 163 PL UNILEVER POLSKA SP. Z O.O. Food industry 655,527 849,098 -22.80 18,535 33,359 -44.44 0 202 227 HU Telenor Magyarország Zártkörüen Müködö Részvénytársaság Telecommunication 655,062 713,864 -8.24 150,281 167,467 -10.26 1,360 1,397 -2.65 203 329 PL TRW POLSKA SP. Z O.O. Production total 648,890 646,459 0.38 48,624 1,207 3.928.09 4,500 4,500 0.00 204 191 UA EPICENTR K Wholesale 648,654 794,859 -18.39 24,608 10,046 144.95 4,856 4,856 0.00

1st Place Poland: Polski Koncern Naftowy ORLEN S.A. “The crisis in 2008 and 2009, although very deep and spanning throughout the world, was neither the first nor last global crisis. The most important thing we should learn from it is that the global economy needs global solutions, i.e. international co-operation and international co-ordination of market policy activities. This can be seen clearly particularly in the petroleum sector. Long-term growth requires and is dependent on international co-operation.”

Jacek Krawiec, President of Polski Koncern Naftowy ORLEN S.A.

12 Position 2009 Change 2008 Position Country Company Name Main Sector Turnover in TEUR 2009 Turnover in TEUR 2008 Change in % Turnover Net Profit in TEUR 2009 Net Profit in TEUR 2008 Change Net Profit in % Employment 2009 Employment 2008 Change Employment in % 205 NEW CZ Slovnaft Ceskáˇ republika, spol. s r.o. Oil & Gas 645,404 818,180 -21.12 3,391 4,831 -29.82 52 206 NEW BG OMV BULGARIA Others 641,910 805,633 -20.32 11,231 4,305 160.90 90 207 212 PL SKANSKA S.A. Construction industry 634,690 736,382 -13.81 20,062 29,668 -32.38 4,500 4,500 0.00 208 218 CZ STRABAG a.s. Construction industry 632,180 669,783 -5.61 19,511 7,643 155.28 2,400 2,500 -4.00 209 269 PL ROSSMANN SUPERMARKETY DROGERYJNE POLSKA SP. Z O.O. Retail 627,845 608,814 3.13 73,765 64,195 14.91 7,000 4,904 42.74 210 260 PL MOSTOSTAL Warszawa S.A. * Production total 626,751 628,812 -0.33 29,117 26,245 10.94 5,322 2,600 104.69 211 272 HU Philip Morris Magyarország Cigarettagyártó és Kereskedelmi Kft. Wholesale 626,316 610,129 2.65 3,473 5,082 -31.65 536 536 0.00 212 195 SK OMV SLOVENSKO S.R.O. Service Station Operator 622,466 786,582 -20.86 6,042 8,501 -28.93 107 121 -11.57 213 NEW UA SOUTH-WESTERN RAILWAY Transport 621,926 883,202 -29.58 4,382 2,101 108.58 68,454 214 259 HU British American Tobacco Magyarország Dohány Kereskedelmi Kft. Wholesale 615,167 634,761 -3.09 2,497 3,335 -25.14 307 307 0,00 215 258 CZ Plzenˇ ský Prazdroj, a. s. Food industry 615,039 606,573 1.40 174,192 170,590 2.11 2,506 2,881 -13.02 216 244 BG MOBILTEL Others 614,268 663,665 -7.44 134,132 166,361 -19.37 781 217 161 SL GORENJE GOSPODINJSKI APARATI, D.D. Electronic components 613,983 861,052 -28.69 -6,084 11,972 -150.82 4,933 5,467 -9.77 218 289 PL PRZEDSIE˛ BIORSTWO HANDLOWO-USŁUGOWE Oil & Gas 612,085 572,240 6.96 782 282 177.40 67 60 11.67 ENERGOKRAK SP. Z O.O. 219 220 CZ Continental Automotive Czech Republic s.r.o. Construction industry 609,333 668,923 -8.91 -36,992 9,277 -498.74 3,559 2,957 20.36 220 213 PL ELECTROLUX POLAND SP. Z O.O. Electronic components 608,356 727,329 -16.36 6,287 6,218 1.10 3,373 2,600 29.73 221 NEW HU Magyar Áramszolgáltató Kft. Electricity 607,059 368,403 64.78 35,186 8,869 296.73 16 222 327 PL SHARP MANUFACTURING POLAND SP. Z O.O. Electronic components 606,452 514,059 17.97 -6,799 -9,244 26.45 1,600 1,600 0.00 223 165 UA UKRTELECOM Telecommunication 604,817 848,621 -28.73 -40,177 -194,785 79.37 107,753 107,753 0.00 224 NEW BG BULGARGAZ Oil & Gas 604,645 732,734 -17.48 13,831 -46,294 129.88 40 225 149 PL BUMAR SP. Z O.O. Wholesale 604,582 913,528 -33.82 2,297 1,784 28.75 323 450 -28.22 226 NEW RO E.ON GAZ ROMANIA SA Oil & Gas 603,608 806,322 -25.14 33,449 11,856 182.12 475 227 281 HR ZAGREBACˇ KI HOLDING D.O.O. Others 603,304 575,535 4.82 3,127 15,296 -79.56 12,108 11,690 3.58 228 190 PL WE˛ GLOKOKS S.A. * Oil & Gas 602,390 851,693 -29.27 28,017 20,704 35.32 229 181 PL SYNTHOS S.A. * Others 601,057 809,217 -25.72 38,065 25,983 46.50 2,197 230 251 HR T-MOBILE HRVATSKA D.O.O. Telecommunication 597,871 633,423 -5.61 161,118 171,039 -5.80 1,068 1,045 2.20 231 277 PL PBG S.A. * Oil & Gas 595,748 594,729 0.17 51,311 53,249 -3.64 3,722 3,898 -4.52 232 NEW UA DONETSK RAILWAY Transport 592,570 851,319 -30.39 5,557 2,175 155.47 67,449 233 176 HU BorsodChem Zrt. Production total 591,892 826,006 -28.34 -102,747 -34,908 194.33 2,703 2,814 -3.94 234 NEW BG CEZ ELEKTRO BULGARIA Electricity 590,193 550,565 7.20 2,826 7,348 -61.54 76 235 261 LT PALINK UAB (including PALINK SIA) Retail 586,859 590,845 -0.67 14,339 19,270 -25.59 7,439 9,000 -17.34 236 NEW RO COMPANIA NATIONALA DE TRANSPORT AL Electricity 586,488 794,121 -26.15 1,448 11,389 -87.29 2,184 ENERGIEI ELECTRICE TRANSELECTRICA SA 237 182 PL ANWIL S.A. * Production total 584,891 787,947 -25.77 15,085 46,095 -67.27 3,391 3,420 -0.85 238 199 SL LEK FARMACEVTSKA DRUŽBA D.D. FIRMA V ANGLEŠKEM Pharmaceutical industry 581,597 772,500 -24.71 55,302 67,430 -17.99 2,531 3,076 -17.72 JEZIKU: LEK PHARMACEUTICALS D.D. FIRMA V FRANC.J: SOCIETE PHARMACEUTIQUE LEK D.D. 239 206 HU Robert Bosch Elektronika Gyártó Kft. Production total 580,231 751,182 -22.76 20,706 45,066 -54.05 2,764 3,000 -7.87 240 307 HU Paksi Atomerömü Zrt. Electricity 579,619 544,883 6.38 63,022 69,431 -9.23 2,554 2,352 8.59 241 271 HU SZERENCSEJÁTÉK Zrt.*. Others 579,585 611,923 -5.28 16,492 22,900 -27.98 1,378 1,383 -0.36 242 NEW RO SOCIETATEA COMERCIALA DE PRODUCERE A ENERGIEI Electricity 571,307 663,521 -13.90 15,460 17,682 -12.57 5,233 ELECTRICE IN HIDROCENTRALE HIDROELECTRICA SA 243 247 LV SIA RIMI LATVIA Retail 570,392 655,894 -13.04 983 20,357 -95.17 5,038 5,293 -4.82 244 203 UA KYIVENERGO Production total 564,941 758,910 -25.56 -11,431 -62,363 81.67 13,315 13,315 0.00 245 148 LT KONCERNAS ACHEMOS GRUPE UAB Holding companies 562,321 923,309 -39.10 -29,074 91,764 -131.68 6,416 6,416 0.00 246 274 LV Sabiedriba ar ierobežotu atbildibu MAXIMA Latvija Retail 560,066 600,711 -6.77 20,880 22,495 -7.18 6,513 6,000 8.55 247 NEW HU FGSZ Földgázszállító Zártkörüen Müködö Részvénytársaság Oil & Gas 559,500 434,870 28.66 71,681 60,227 19.02 743 248 235 PL ENEA OPERATOR SP. Z O.O. Electricity 558,458 677,854 -17.61 25,243 9,953 153.62 6,500 6,500 0.00 249 471 EE TRANSTRADE AS Transport 555,967 368,935 50.69 355 1,341 -73.54 1 2 -50.00 250 282 SK T-MOBILE SLOVENSKO A.S. Telecommunication 555,771 591,443 -6.03 113,041 100,704 12.25 1,491 1,508 -1.13 251 225 PL ZAKŁADY AZOTOWE PUŁAWY S.A. Production total 553,875 711,912 -22.20 44,976 94,074 -52.19 3,321 3,300 0.64 252 299 HU BAT Pécsi Dohánygyár Kft. Production total 551,220 554,624 -0.61 6,871 -12,619 154.45 580 643 -9.80 253 234 RS JAVNO PREDUZEC´E SRBIJAGAS NOVI SAD Oil & Gas 550,945 683,989 -19.45 9,874 3,407 189.79 1,053 1,023 2.93 254 291 CZ Veolia Voda Ceskáˇ republika, a.s. Others 549,708 12,381 4339.97 0 653 -100.00 2,947 2,947 0.00 255 208 HU First Chemical Holding Kft.* Holding companies 549,258 744,312 -26.21 -94,816 25,327 -474.37 0 256 343 SK PHOENIX ZDRAVOTNÍCKE ZÁSOBOVANIE A.S. Pharmaceutical industry 548,919 545,476 0.63 6,424 7,917 -18.86 471 502 -6.18 257 300 HR HEP-PROIZVODNJA D.O.O. Electricity 543,545 535,059 1.59 3,655 3,285 11.25 2,345 2,297 2.09 258 127 HU CHINOIN Gyógyszer- és Vegyészeti Termékek Gyára Zrt.* Pharmaceutical industry 540,397 1,068,608 -49.43 82,610 79,530 3.87 2,000 2,000 0.00 259 245 SK VÝCHODOSLOVENSKÁ ENERGETIKA A.S. Electricity 539,815 537,675 0.40 74,928 80,659 -7.11 1,550 1,441 7.56 260 123 UA ENAKIEVO METALLURGICAL PLANT Metal industry 539,349 1,083,558 -50.22 -75,449 52,045 -244.97 7,935 7,935 0.00 261 241 PL ALSTOM POWER SP. Z O.O. Production total 538,131 447,530 20.24 3,590 29,562 -87.86 2,103 2,012 4.52 262 229 PL ENION S.A. Electricity 537,970 702,436 -23.41 3,298 4,531 -27.20 7,200 8,072 -10.80 263 288 CZ CEPS,ˇ a.s. Electricity 537,261 539,039 -0.33 29,386 51,521 -42.96 481 425 13.18 264 226 UA CONCERN GALNAFTOGAZ Oil & Gas 534,773 714,214 -25.12 7,643 -47,455 116.11 4,875 4,088 19.25 265 292 PL KOPEX S.A. * Oil & Gas 534,618 563,796 -5.18 22,319 28,341 -21.25 6,664 6,639 0.38 266 141 SL MERKUR - TRGOVINA IN STORITVE, D.D. Wholesale 533,658 953,720 -44.04 13,644 26,475 -48.46 2,580 2,829 -8.81 267 145 PL BORYSZEW S.A. * Production total 528,896 914,357 -42.16 11,947 -67,914 117.59 5,853 5,853 0.00 268 NEW BG PETROL * Service Station Operator 523,980 899,600 -41.75 -7,740 115,646 -106.69 1,579 269 255 UA MYRONIVSKYY HLIBOPRODUCT Production total 523,624 638,682 -18.02 138 26 439.11 3,114 2,409 29.27 270 NEW SK Kaufland Slovenská republika v.o.s. Retail 520,000 428,201 21.44 0 0 4,147 271 94 UA NORTH ORE MINING AND PROCESSING PLANT Mining 516,744 1,330,401 -61.16 109,721 447,452 -75.48 11,601 11,601 0.00 272 NEW RO PHILIP MORRIS TRADING SRL Wholesale 516,612 535,188 -3.47 18,736 3,439 444.83 250 273 270 PL INDESIT COMPANY POLSKA SP. Z O.O. Electronic components 510,071 608,808 -16.22 -20,252 19,813 -202.21 2,800 2,874 -2.57 274 388 CZ ŠKODA PRAHA Invest s.r.o. Others 508,329 414,745 22.56 6,914 1,161 495.37 390 390 0.00

2nd Place Hungary: MOL Magyar Olaj – és Gázipari NYRt “MOL Group is proud to be a leader of the CEE economies. Being present today in more than 40 countries on four continents makes us a leading example for the strengths and ambitions in the region.”

MOL Group - International Communications Expert

13 From the outside, Central and Eas- Even if the economic crisis has had a strong negative effect tern Europe are still often viewed as on a number of the CEE countries, there are grounds for a single region. Many people assume cautious optimism because the markets in the region are that the actions and development gaining momentum. For example, Slovakia is expected of the CEE countries are the same – to produce growth of almost 3% in 2010. It is therefore but the economic crisis proved just even more important to accurately monitor developments, the opposite. above all in the countries hardest hit by the crisis – and that requires precise knowledge of the region. Central and Eastern Europe were hit hardest by the economic crisis, Given the complexity of Central and Eastern Europe, it is in both regional and global compa- necessary to maintain a local presence that provides ac- rison. The resulting developments cess to experienced experts in these countries. Coface has underscored the vulnerability of the CEE economy to crisis. been represented through branch offices in each of these Nevertheless, there were massive differences between the countries for 20 years, and therefore has a unique network individual countries: Poland continued to generate growth at its disposal to master these challenges. in 2009, while the neighbouring Baltic States recorded declines of nearly 15%. All this demonstrated the true com- Katarzyna Kompowska plexity of the region for the first time. Member of the Management Board Coface Central Europe Holding AG Position 2009 Change 2008 Position Country Company Name Main Sector Turnover in TEUR 2009 Turnover in TEUR 2008 Change in % Turnover Net Profit in TEUR 2009 Net Profit in TEUR 2008 Change Net Profit in % Employment 2009 Employment 2008 Change Employment in %

275 242 PL TOYOTA MOTOR POLAND COMPANY LIMITED SP. Z O.O. Automotive trade 506,972 660,730 -23.27 -11,749 13,621 -186.25 114 114 0.00 276 NEW HU Penny Market Kereskedelmi Kft. Retail 506,502 523,153 -3.18 7,955 13,399 -40.63 2,402 277 223 CZ JOHNSON CONTROLS AUTOMOBILOVÉ SOUC´ÁSTKY, k.s. Metal industry 506,444 666,133 -23.97 6 18 -66.56 3,301 3,499 -5.66 278 336 HR HEP-OPERATOR DISTRIBUCIJSKOG SUSTAVA D.O.O. Electricity 505,762 485,992 4.07 0 27,226 -100.00 9,553 9,241 3.38 279 320 PL FERRERO POLSKA SP. Z O.O. Food industry 504,490 525,285 -3.96 33,648 11,876 183.33 1,600 1,600 0.00 280 351 PL SOKOŁÓW S.A. * Food industry 503,626 541,624 -7.02 10,882 -804 1.452.73 4,000 -100.00 281 311 PL INTERNATIONAL PAPER-KWIDZYN SP. Z O.O. Production total 502,424 539,142 -6.81 103,535 54,911 88.55 1,317 1,322 -0.38 282 211 CZ CDˇ Cargo, a.s. Transport 501,483 690,311 -27.35 -16,520 11,261 -246.70 11,728 11,368 3.17 283 298 PL ANWIM S.A. Oil & Gas 499,682 550,807 -9.28 1,379 2,281 -39.57 130 130 0.00 284 246 CZ Ceskéˇ dráhy, a.s. Transport 498,663 620,290 -19.61 -40,179 59,826 -167.16 28,569 29,000 -1.49 285 NEW HU WIZZ Air Hungary Légiközlekedési Kft. Transport 497,925 399,752 24.56 4,285 8,576 -50.03 204 286 268 HU KITE Mezögazdasági Szolgáltató és Kereskedelmi Zrt. Wholesale 497,251 614,840 -19.13 7,534 7,164 5.17 760 760 0.00 287 438 PL ELEKTROWNIA POŁANIEC S.A. Electricity 493,136 399,659 23.39 77,600 32,622 137.88 502 519 -3.28 288 135 RS U.S.STEEL SERBIA DOO SMEDEREVO Metal industry 490,791 969,961 -49.40 -153,051 4,929 -3.205.01 5,614 5,723 -1.90 289 309 PL TVN S.A. * Others 490,691 539,529 -9.05 79,994 103,417 -22.65 3,048 500 509.60 290 NEW HU FIBRIA OVERSEAS HOLDING Kft. Wholesale 489,814 428,828 14.22 25,983 110,093 -76.40 1 291 NEW PL ZABKA POLSKA S.A. Others 488,319 519,659 -6.03 5,457 1,754 211.14 450 292 313 HR VIPNET D.O.O. Telecommunication 487,063 524,177 -7.08 84,777 106,923 -20.71 1,031 1,037 -0.58 293 348 CZ Alliance Healthcare s.r.o. Pharmaceutical industry 485,880 447,642 8.54 4,646 3,508 32.42 404 400 1,00 294 NEW HU EDF Energia Hungária Kereskedelmi Kft. Electricity 483,645 319,997 51.14 -14,960 6,159 -342.90 88 295 170 UA LUKOIL UKRAINE Service Station Operator 482,935 839,534 -42.48 -13,053 -59,336 78.00 3,179 3,179 0.00 296 193 CZ BOSCH DIESEL s.r.o. Retail 482,769 728,973 -33.77 5,680 46,382 -87.75 5,000 5,000 0.00 297 322 CZ GECO TABAK, a. s. Wholesale 481,718 485,747 -0.83 0 10,419 -100.00 1,090 -100.00 298 340 PL INTER CARS S.A. * Automotive trade 477,349 494,215 -3.41 15,765 7,228 118.13 2,029 2,041 -0.59 299 217 LT LUKOIL BALTIJA UAB * Oil & Gas 476,700 721,159 -33.90 -382 0 198 1,700 -88.35 300 346 CZ OHL ŽS, a.s. Construction industry 476,560 448,708 6.21 8,513 7,052 20.72 2,006 3,666 -45.28 301 319 BG BULGARIAN TELECOMMUNICATION COMPANY * Others 476,155 504,482 -5.62 37,712 18,910 99.43 1,607 302 332 SL OMV SLOVENIJA, trgovina z nafto in naftnimi derivati, d.o.o. Service Station Operator 475,413 509,192 -6.63 14,915 13,339 11.81 83 80 3.75 303 308 HU Vodafone Magyarország Mobil Távközlési Zrt. Telecommunication 474,542 543,761 -12.73 27 2,224 -98.78 1,275 1,266 0.71 304 254 SK SLOVNAFT PETROCHEMICALS S.R.O. Oil & Gas 474,294 616,198 -23.03 -23,765 -39,495 39.83 499 503 -0.80 305 349 CZ PHARMOS, a.s. Pharmaceutical industry 472,685 446,293 5.91 151 925 -83.64 603 669 -9.87 306 276 PL ZAKŁADY TŁUSZCZOWE KRUSZWICA S.A. Food industry 472,144 519,165 -9.06 32,989 34,613 -4.69 1,247 1,567 -20.42 307 383 SL TELEKOM SLOVENIJE d.d. Telecommunication 472,054 451,939 4.45 57,375 95,968 -40.21 1,861 1,968 -5.46

4th Place Czech Republic: ŠKODA AUTO a.s. “Škoda also achieved a good result in 2009 and due to sales success in Germany and China, Skoda has achieved another sales record. Škoda now has a very modern and attractive range of products. Due to this strategy Škoda`s looking at 2010 with optimism.”

Reinhard Jung, Chairman of Executive Board

14 Position 2009 Change 2008 Position Country Company Name Main Sector Turnover in TEUR 2009 Turnover in TEUR 2008 Change in % Turnover Net Profit in TEUR 2009 Net Profit in TEUR 2008 Change Net Profit in % Employment 2009 Employment 2008 Change Employment in %

308 231 PL DELPHI POLAND S.A. Production total 467,900 690,416 -32.23 -6,905 1,654 -517.43 4,000 6,092 -34.34 309 44 PL POLKOMTEL S.A. Telecommunication 466,942 2,412,013 -80.64 0 386,480 -100.00 3,355 3,355 0.00 310 338 LV Akciju sabiedriba Latvijas Gãze Oil & Gas 465,055 495,134 -6.07 27,033 25,614 5.54 1,379 -100.00 311 344 PL POLOMARKET SP. Z O.O. Wholesale 464,303 487,834 -4.82 3,206 3,255 -1.49 280 255 9.80 312 NEW RO MEDIPLUS EXIM SRL Pharmaceutical industry 463,667 474,805 -2.35 19,086 3,089 517.79 763 313 NEW BG METRO CASH AND CARRY BULGARIA Wholesale 463,614 498,811 -7.06 40,553 41,838 -3.07 2,638 314 253 PL SLOVNAFT POLSKA S.A. Oil & Gas 463,184 649,556 -28.69 675 949 -28.86 35 35 0.00 315 369 PL LPP S.A. * Production total 462,897 461,525 0.30 24,200 47,633 -49.19 316 297 HU ENI HUNGARIA Zrt. Service Station Operator 461,987 554,967 -16.75 -4,240 -4,346 2.42 96 117 -17.95 317 339 CZ Iveco Czech Republic, a. s. Production total 461,704 472,484 -2.28 43,613 51,123 -14.69 2,100 2,150 -2.33 318 147 UA NIKOPOL FERROALLOY PLANT Metal industry 459,918 925,165 -50.29 -94,737 -162,004 41.52 7,752 7,752 0.00 319 321 PL PROSPER S.A. Pharmaceutical industry 459,567 510,047 -9.90 644 201 220.57 1,050 1,240 -15.32 320 273 PL CARGILL (POLSKA) SP. Z O.O. Production total 458,504 604,778 -24.19 31,015 12,503 148.07 800 600 33.33 321 352 UA ROSHEN Food industry 457,788 478,185 -4.27 68,252 3,378 1.920.70 252 252 0.00 322 156 CZ Ferona, a.s. Wholesale 456,316 858,376 -46.84 -56,431 12,089 -566.79 1,070 1,300 -17.69 323 296 PL TOYOTA MOTOR MANUFACTURING POLAND SP. Z O.O. Production total 455,632 555,289 -17.95 -44,159 30,468 -244.94 2,073 2,073 0.00 324 115 PL ZŁOMREX S.A. * Others 455,206 1,145,410 -60.26 -66,841 -56,813 17.65 4,000 4,000 0.00 325 NEW CZ Foxconn Technology CZ s.r.o. Electronic components 453,429 464,270 -2.34 0 -13,555 100.00 1,000 326 NEW RO ENEL ENERGIE MUNTENIA SA Electricity 453,005 184,537 145.48 3,167 23,671 -86.62 305 327 373 CZ Pražská plynárenská, a.s. Oil & Gas 452,229 426,912 5.93 23,915 14,446 65.55 259 259 0.00 328 379 BG NAFTEKS PETROL Oil & Gas 452,187 456,054 -0.85 -103,995 105,512 -198.56 284 329 205 HU MÁV Magyar Államvasutak Zrt.* Transport 448,446 753,928 -40.52 -103,046 156,923 -165.67 20,943 20,943 0.00 330 NEW BG COSMO BULGARIA MOBILE Telecommunication 448,154 460,048 -2.59 67,665 83,185 -18.66 1,365 331 404 LT LIETUVOS ENERGIJA AB * Electricity 448,092 429,302 4.38 8,397 13,605 -38.28 897 967 -7.24 332 318 PL KOLPORTER SERVICE S.A. Others 447,424 527,190 -15.13 2,086 759 174.75 325 325 0.00 333 284 RO MOL ROMANIA PETROLEUM PRODUCTS SRL Service Station Operator 447,258 590,499 -24.26 17,400 11,671 49.08 165 175 -5.71 334 306 UA PHILIP MORRIS UKRAINE Production total 447,250 545,017 -17.94 71,502 112,252 -36.30 1,385 1,385 0.00 335 362 SK SLOVAK TELEKOM A.S. Telecommunication 444,095 470,445 -5.60 147,704 337,448 -56.23 3,432 3,758 -8.67 336 380 SK SLOVENSKÁ ELEKTRIZAC´NÁ PRENOSOVÁ SÚSTAVA A.S. Electricity 443,759 453,976 -2.25 13,253 29,379 -54.89 520 568 -8.45 337 420 CZ Dalkia Ceskáˇ republika, a.s. Others 441,659 385,276 14.63 0 80,758 -100.00 2,364 2,364 0.00 338 NEW CZ První energetická a.s. Electricity 441,034 349,443 26.21 -7,843 14,940 -152.50 10 339 NEW UA KERNEL-TRADE Wholesale 440,385 550,806 -20.05 1,781 -67,139 102.65 328 340 301 RO COCA-COLA HBC ROMANIA SRL Production total 439,972 550,860 -20.13 40,669 66,181 -38.55 2,026 2,559 -20.83 341 110 PL POLSKI KOKS S.A. Oil & Gas 439,923 1,179,470 -62.70 1,281 4,960 -74.16 46 54 -14.81 342 335 SK Metro Cash & Carry Slovakia s,r.o. Retail 439,000 554,683 -20.86 0 26 -100.00 1,380 1,400 -1.43 343 NEW RO ELECTROCENTRALE BUCURESTI SA Electricity 438,617 587,553 -25.35 0 0 3,670 344 328 CZ Import Volkswagen Group s.r.o. Automotive trade 437,366 476,207 -8.16 5,241 6,783 -22.72 128 127 0.79 345 NEW RO ENEL ENERGIE SA Electricity 436,510 493,545 -11.56 0 22,482 -100.00 466 346 NEW SK ŽELEZNICE SR, Bratislava Transport 434,755 539,099 -19.36 -90,911 -36,583 148.51 17,264 347 NEW SL GEN-I, TRGOVANJE IN PRODAJA ELEKTRICˇ NE ENERGIJE, D.O.O. Electricity 433,311 149,667 189.52 9,878 5,216 89.37 63 348 NEW PL SKODA AUTO POLSKA S.A. Automotive trade 431,129 446,213 -3.38 3,838 3,433 11.80 109 349 446 HU MAVIR Magyar Villamosenergia-ipari Electricity 429,353 396,627 8.25 29,471 31,090 -5.21 693 611 13.42 Átviteli Rendszerirányító Zrt. 350 NEW HU Opel Southeast Europe Autóforgalmazó Kft. Automotive trade 429,159 948,952 -54.78 2,354 4,376 -46.20 116 351 NEW RO OMV PETROM MARKETING SRL Service Station Operator 428,630 612,247 -29.99 8,460 16,495 -48.71 87 352 283 HR OMV HRVATSKA D.O.O. Service Station Operator 427,314 564,643 -24.32 2,098 0 70 69 1.45 353 397 CZ eD´ system Czech, a.s. Wholesale 425,664 405,353 5.01 924 668 38.21 183 200 -8.50 354 NEW RO J.T. INTERNATIONAL (ROMANIA) SRL Wholesale 425,655 437,516 -2.71 0 13,177 -100.00 670 355 355 UA KHARTSYZK PIPE PLANT Metal industry 425,353 476,567 -10.75 51,926 161,609 -67.87 5,682 5,682 0.00 356 NEW PL ENERGA INVEST S.A. Others 424,992 442,744 -4.01 8,795 -1,523 677.63 6 357 NEW RO COSMOTE ROMANIAN MOBILE TELECOMMUNICATIONS SA Telecommunication 424,043 310,938 36.38 0 0 1,182 358 NEW BG AEZ KOZLODUY Electricity 423,920 427,217 -0.77 33,255 35,847 -7.23 4,493 359 NEW UA NIBULON Food industry 423,663 467,415 -9.36 11,049 201 5,383.97 1,879 360 NEW LT SANITEX BI UAB * Transport 419,647 327,008 28.33 5,749 11,890 -51.64 1,282 361 314 UA CARGILL Wholesale 419,563 539,589 -22.24 50,021 70,028 -28.57 344 344 0.00 362 180 HU ALCOA-KÖFÉM Székesfehérvári Könnyüfémmü Kft. Metal industry 419,140 817,826 -48.75 39,669 62,444 -36.47 1,553 4,217 -63.17 363 295 PL KRONOPOL SP. Z O.O. Production total 417,963 559,402 -25.28 42,056 80,101 -47.50 1,053 1,050 0.29 364 426 CZ Severocˇ eské doly a.s. Transport 416,830 382,182 9.07 118,832 113,339 4.85 3,511 3,500 0.31 365 NEW PL TOSHIBA TELEVISION CENTRAL EUROPE SP. Z O.O. Electronic components 416,331 282,855 47.19 -6,331 -1,366 363.39 600 366 359 SK MONDI SCP A.S. Production total 414,968 473,571 -12.37 36,909 46,437 -20.52 1,300 1,657 -21.54 367 396 SL MOBITEL, telekomunikacijske storitve, d.d. Telecommunication 414,016 438,506 -5.58 41,154 58,955 -30.19 984 1,068 -7.89 368 230 PL Impexmetal S.A. * Wholesale 412,498 697,879 -40.89 6,001 -33,009 118.18 2,042 2,821 -27.61 369 NEW BG OVERGAS INK. Oil & Gas 410,073 597,264 -31.34 4,092 5,699 -28.20 285 370 324 PL ENERGIAPRO S.A. Electricity 407,056 517,303 -21.31 8,006 19,624 -59.20 6,000 6,000 0.00 371 NEW SK Samsung Electronics LCD Slovakia s.r.o. Electronic components 406,940 227,165 79.14 0 0 372 367 PL MAN BUS SP. Z O.O. Automotive 406,579 463,550 -12.29 56,012 67,453 -16.96 2,500 4,000 -37.50 373 364 SL SPLOŠNO GRADBENO PODJETJE SLOVENIJA Construction industry 401,376 469,668 -14.54 775 7,179 -89.20 962 992 -3.02 CESTE Tehnika Obnova, d.d., 374 453 PL SPÓŁDZIELNIA MLECZARSKA MLEKOVITA Food industry 400,549 389,763 2.77 11,818 12,647 -6.55 870 870 0.00 375 445 PL DELFO POLSKA S.A. Production total 400,097 394,024 1.54 14,802 18,972 -21.98 2,000 2,000 0.00 376 413 BG K AND K ELECTRONICS Retail 399,891 423,951 -5.68 5,126 12,975 -60.49 1,666 377 425 HU EGIS Gyógyszergyár NYRt.* Pharmaceutical industry 397,249 412,388 -3.67 47,644 44,112 8.01 2,672 2,568 4.05 378 465 PL POLAR S.A. (WHIRLPOOL POLSKA S.A.) Electronic components 397,213 373,151 6.45 5,517 -10,911 150.56 2,169 2,200 -1.41 379 325 PL ACP PHARMA S.A. Pharmaceutical industry 397,029 517,288 -23.25 -43 105 -140.74 888 813 9.23 380 415 HU MICHELIN Hungária Abroncsgyártó Kft. Production total 395,959 418,265 -5.33 -24,352 -13,043 86.70 1,610 1,832 -12.12 381 210 HU IBM Data Storage Systems Információtechnológiai Kft. Electronic components 395,781 742,139 -46.67 12,026 845 1.322.78 1,510 1,260 19.84

5th Place Poland: PGE Polska Grupa Energetyczna S.A. “PGE is a leader of the power sector in Poland. We supply electricity to 5 million customers, mostly in eastern and central Poland. Our main objectives include, above all, building an integrated firm, increasing production capacities and domestic and international expansion.”

Tomasz Zadroga, President of PGE Polska Grupa Energetyczna S.A.S

15 Position 2009 Change 2008 Position Country Company Name Main Sector Turnover in TEUR 2009 Turnover in TEUR 2008 Change in % Turnover Net Profit in TEUR 2009 Net Profit in TEUR 2008 Change Net Profit in % Employment 2009 Employment 2008 Change Employment in %

382 347 CZ SYNTHOS Kralupy a.s. Production total 395,102 447,704 -11.75 16,302 6,693 143.56 686 914 -24.95 383 375 PL VATTENFALL HEAT POLAND S.A. Electricity 394,388 456,264 -13.56 69,659 90,442 -22.98 1,138 1,140 -0,18 384 267 UA ZAKHIDENERGO Electricity 394,049 619,049 -36.35 -34,481 -11,464 200.79 9,699 9,699 0.00 385 280 UA CENTRENERGO Electricity 393,597 596,617 -34.03 -22,204 -25,250 12.06 8,859 8,859 0.00 386 489 SK SPP - distribúcia, a.s.,Bratislava Electricity 393,145 358,669 9.61 108,511 104,991 3.35 1,764 1,701 3.70 387 NEW CZ Philip Morris Cˇ R a.s. Production total 392,027 320,163 22.45 81,126 56,962 42.42 1,058 388 NEW RO RCS & RDS SA Telecommunication 391,398 386,795 1.19 49,991 0 6,350 389 429 HR VINDIJA D.D. VARAŽDIN Food industry 391,034 396,610 -1.41 7,053 3,385 108.34 1,078 1,089 -1.01 390 366 LT KONCERNAS MG BALTIC UAB * Holding companies 390,001 467,439 -16.57 -20,752 -9,502 118.38 3,700 3,700 0.00 391 463 HU TEVA GYÓGYSZERGYÁR Zrt. Pharmaceutical industry 389,725 377,808 3.15 128,197 79,009 62.26 2,146 2,030 5.71 392 NEW UA BADM Pharmaceutical industry 389,569 346,312 12.49 6,438 -25,365 125.38 975 393 188 CZ AGROFERT HOLDING, a.s. Food industry 388,885 738,267 -47.32 203,848 253,719 -19.66 155 104 49.04 394 NEW SK UNIPHARMA PRIEVIDZA - 1. SLOVENSKÁ LEKÁRNICKÁ Pharmaceutical industry 388,516 345,027 12.60 3,342 3,441 -2.88 550 AKCIOVÁ SPOLOCˇ NOSTˇ 395 NEW RO JT INTERNATIONAL MANUFACTURING SA Production total 387,896 381,974 1.55 2,121 5,546 -61.75 222 396 NEW HR TISAK D.D. Retail 387,662 340,300 13.92 1,882 5,955 -68.40 3,575 397 NEW CZ Lucas Varity s.r.o. Production total 386,875 315,420 22.65 26,442 24,181 9.35 1,200 398 409 PL VALEO AUTOSYSTEMY SP. Z O.O. Production total 386,717 413,636 -6.51 32,908 12,948 154.16 2,671 3,038 -12.08 399 412 LT NORFOS MAZMENA UAB Others 385,310 420,023 -8.26 624 213 193.63 3,501 400 NEW PL TESCO (POLSKA) SP. Z O.O. Retail 385,193 4,179,689 -90.78 -2,176 75,587 -102.88 28,000 401 436 HR PLIVA HRVATSKA D.O.O. Pharmaceutical industry 384,973 390,211 -1.34 7,192 1,339 437.27 2,395 2,837 -15.58 402 NEW SK Billa s.r.o. Retail 383,193 403,133 -4.95 0 1,759 -100.00 3,285 403 330 PL STALPRODUKT S.A. * Production total 383,114 506,314 -24.33 65,818 99,168 -33.63 2,879 1,614 78.38 404 139 PL CMC ZAWIERCIE S.A. Metal industry 382,328 938,689 -59.27 -17,266 50,770 -134.01 1,852 405 398 PL HENKEL POLSKA SP. Z O.O. Production total 382,196 433,157 -11.77 18,093 33,615 -46.18 1,100 1,182 -6.94 406 NEW RO PORSCHE ROMANIA SRL Automotive trade 382,102 992,366 -61.50 38,297 71,669 -46.56 171 407 431 PL TORUN´ SKIE ZAKŁADY MATERIAŁÓW OPATRUNKOWYCH S.A. Pharmaceutical industry 381,068 402,630 -5.36 24,035 25,410 -5.41 1,400 1,400 0.00 408 356 PL KRAJOWA SPÓŁKA CUKROWA S.A. Food industry 380,521 472,993 -19.55 61,776 -50,561 222.18 2,100 3,000 -30.00 409 NEW SK SLOVALCO A.S. Metal industry 379,335 464,089 -18.26 25,126 116,807 -78.49 577 410 NEW HU Chevrolet Central and Eastern Europe Kft. Automotive trade 373,292 715,792 -47.85 1,699 -1,491 214.00 71 411 365 HU Észak-magyarországi Áramszolgáltató NYRt.* Electricity 372,161 469,560 -20.74 37,370 37,104 0.72 126 126 0.00 412 279 UA DNIPROENERGO Electricity 370,650 597,092 -37.92 -20,778 -2,072 902.60 9,917 9,917 0.00 413 368 PL FLEXTRONICS INTERNATIONAL POLAND SP. Z O.O. Electronic components 370,321 613,608 -39.65 -20,034 51,477 -138.92 2,800 3,000 -6.67 414 NEW RO REWE (ROMANIA) SRL Retail 368,148 341,223 7.89 9,418 8,062 16.83 2,151 415 385 LT LIETUVOS DUJOS AB * Oil & Gas 367,968 450,465 -18.31 27,449 18,604 47.54 630 1,821 -65.40 416 NEW BG E.ON BULGARIA PRODAZHBI Electricity 367,847 349,212 5.34 947 -2,774 134.14 71 417 NEW LV Sabiedriba ar ierobežotu atbildibu Latvija Statoil Service Station Operator 367,498 482,716 -23.87 1,688 3,034 -44.36 837 418 378 PL ABB SP. Z O.O. Production total 366,045 451,832 -18.99 35,654 58,050 -38.58 2,263 2,178 3.90 419 430 CZ Sokolovská uhelná, právní nástupce, a.s. Transport 365,052 380,832 -4.14 85,814 84,332 1.76 4,582 5,000 -8.36 420 414 PL Polski Koncern Mie˛ sny DUDA S.A. * Food industry 364,317 416,053 -12.43 -71,077 -6,650 968.80 2,363 2,500 -5.48 421 NEW HU Cola-Cola HBC Magyarország Kft. Production total 364,126 319,184 14.08 8,276 3,798 117.91 1,468 422 464 HU ELMÜ HÁLÓZATI ELOSZTÓ Kft. Electricity 364,071 376,271 -3.24 30,224 34,685 -12.86 225 224 0.45 423 432 PL IKEA RETAIL SP. Z O.O. Retail 363,631 402,529 -9.66 31,521 37,595 -16.16 2,000 1,600 25.00 424 323 HU Lear Corporation Hungary Autóipari Gyártó Kft. Automotive 361,217 523,153 -30.95 -20,787 13 -155.242.54 3,800 4,013 -5.31 425 NEW PL RZESZOWSKI ZAKŁAD ENERGETYCZNY S.A. Telecommunication 360,563 402,856 -10.50 6,296 2,138 194.53 426 NEW RO SOCIETATEA NATIONALA NUCLEARELECTRICA SA Electricity 360,290 394,258 -8.62 15,069 27,979 -46.14 2,165 427 NEW PL TECH DATA POLSKA SP. Z O.O. Wholesale 359,896 497,740 -27.69 2,022 3,819 -47.04 180 428 NEW CZ SCHOTT Solar CR, s.r.o. Electronic components 358,547 219,920 63.04 860 10,605 -91.89 532 429 451 HU LuK Savaria Kuplunggyártó Kft. Metal industry 357,841 394,265 -9.24 37,953 38,804 -2.19 1,390 1,245 11.65 430 NEW CZ Czech Coal a.s. Oil & Gas 357,679 316,828 12.89 9,729 23,908 -59.31 83 431 NEW SL SLOVENSKE ŽELEZNICE, d.o.o. Transport 357,591 296,419 20.64 -30,500 1,278 -2.486.90 7,863 432 NEW PL LEK S.A. Pharmaceutical industry 356,197 409,296 -12.97 4,644 5,984 -22.40 385 433 NEW HU BOS Automotive Products Metal industry 355,560 118,479 200.10 27,469 8,885 209.16 591 Magyarország Gyártó Betéti Társaság 434 419 PL WARBUD S.A. Construction industry 355,397 461,042 -22.91 16,224 9,453 71.63 1,000 1,208 -17.22 435 NEW HU Mátrai ErömüZrt. Electricity 354,663 328,319 8.02 79,756 51,430 55.08 2,483 436 NEW CZ GEHE Pharma Praha ,spol .s r.o. Pharmaceutical industry 353,302 299,212 18.08 1,116 -943 218.35 258 437 452 SK DOPRASTAV A.S. Construction industry 352,849 377,975 -6.65 12,686 8,973 41.38 3,116 3,095 0.68 438 418 PL FAURECIA WAŁBRZYCH SP. Z O.O. Production total 352,807 400,076 -11.82 1,628 -29,260 105.56 1,900 2,208 -13.95 439 334 HU Malév Magyar Légiközlekedési ZRt.* Transport 352,232 458,170 -23.12 -91,705 -54,903 67.03 1,300 3,277 -60.33 440 341 SL IMPOL, industrija metalnih polizdelkov, d.o.o. Metal industry 352,085 495,203 -28.90 4,075 5,504 -25.96 13 8 56.50 441 NEW BG EVN BULGARIA ELEKTROSNABDYAVANE Electricity 351,993 319,051 10.33 -720 37,324 -101.93 51 442 NEW RO RENAULT INDUSTRIE ROUMANIE SRL Automotive trade 351,979 493,307 -28.65 1,842 0 1 443 286 UA POLTAVSKYY ORE MINING AND PROCESSING PLANT Mining 351,134 584,506 -39.93 13,283 106,727 -87.55 8,119 9,497 -14.51 444 455 HU Bunge Növényolajipari Zrt. Food industry 350,866 387,939 -9.56 54,736 52,083 5.09 414 400 3.50 445 NEW PL SIEMENS SP. Z O.O. Electronic components 350,706 301,501 16.32 18,731 29,442 -36.38 1,050 446 461 PL KRAFT FOODS POLSKA S.A. Food industry 350,659 352,688 -0.58 69,984 51,822 35.05 973 973 0.00 447 422 SK ZIPP BRATISLAVA SPOL. S R.O. Construction industry 350,293 365,694 -4.21 762 3,644 -79.09 1,012 1,245 -18.71 448 331 HU IKR Termelésfejlesztési és Kereskedelmi Zrt.* Wholesale 348,776 509,215 -31.51 -9,676 -179 5.307.42 783 862 -9.16 449 256 UA ALCHEVSK COKERY PLANT Others 348,021 637,631 -45.42 6,446 3,634 77.37 3,750 3,750 0.00 450 NEW PL NETIA S.A. * Telecommunication 347,993 318,822 9.15 20,490 65,576 -68.75 1,414 451 NEW RO E.ON MOLDOVA FURNIZARE SA Electricity 343,778 403,075 -14.71 0 5,881 -100.00 337

6th Place Poland: FIAT AUTO POLAND S.A. “Fiat Auto Poland is the leader of the Polish economy in terms of export figures and comes third in terms of revenues generated in 2009. The company achieved the SILVER WCM (“Word Class Manufacturing”) level, which is a natural result of measures undertaken on the path to continuous improvement.”

Enrico Pavoni, President of Fiat Auto Poland S.A.

16 The competition in Central and Eastern Europe is intense, the given circumstances. and the operating environment for companies is generally not easy. This situation was exacerbated by the economic The CEE Top 500 demonstrates that crisis: in already highly competitive markets, mutual trust these companies successfully maste- among the companies in the business sector was massively red the economic crisis – in spite of the shaken. extremely difficult operating environment and intense competition on their These circumstances make transparency more important local markets. Austrian companies can than ever. In particular, the CEE Top 500 give companies a therefore look forward to working with good opportunity to demonstrate their performance: how interesting partners in this region. they developed during the past year, what revenues they generated and how their workforce changed. The ranking clearly shows the effects of the economic crisis on these Christian Berger companies, and often allows for conclusions as to whether Member of the Management Board the companies made the right decisions for the future under Coface Austria & Coface Central Europe Position 2009 Change 2008 Position Country Company Name Main Sector Turnover in TEUR 2009 Turnover in TEUR 2008 Change in % Turnover Net Profit in TEUR 2009 Net Profit in TEUR 2008 Change Net Profit in % Employment 2009 Employment 2008 Change Employment in %

452 232 PL ZAKŁADY CHEMICZNE POLICE S.A. Production total 343,427 683,046 -49.72 -98,543 8,538 -1.254.16 2,923 2,900 0.79 453 371 LT LIETUVOS GELEZINKELIAI AB Transport 343,366 461,629 -25.62 4,065 0 10,506 454 417 CZ CESKÁˇ RAFINÉRSKÁ, a.s. Oil & Gas 342,647 386,528 -11.35 9,931 11,453 -13.29 663 672 -1.34 455 NEW HR PLODINE D. D. Retail 341,253 297,699 14.63 4,457 5,226 -14.70 2,558 456 492 CZ COOP Centrum družstvo Wholesale 339,885 343,880 -1.16 20 9 118.17 55 55 0.00 457 NEW HU LUKOIL Magyarország Kereskedelmi Kft. Service Station Operator 339,859 347,637 -2.24 -14,539 -14,872 2.24 731 458 372 SK ŽELEZNICˇ NÁ SPOLOCˇ NOSTˇ CARGO SLOVAKIA A.S. Transport 339,547 461,341 -26.40 -126,601 2,751 -4.702.00 9,826 11,000 -10.67 459 460 PL MARS POLSKA SP. Z O.O. Food industry 339,471 376,909 -9.93 45,905 22,181 106.96 1,366 1,400 -2.43 460 194 EE TALLINK GRUPP AS Transport 339,247 786,753 -56.88 -60,082 20,322 -395.65 6,900 6,890 0.15 461 407 UA ZAPOROZHTRANSFORMATOR Production total 338,897 424,359 -20.14 86,544 67,387 28.43 4,987 4,987 0.00 462 NEW RO COMPANIA NATIONALA POSTA ROMANA SA Others 338,834 380,238 -10.89 0 9 -100.00 35,520 463 NEW CZ SAZKA, a.s. Others 337,249 322,071 4.71 47,235 46,590 1.38 492 464 342 CZ PARAMO, a.s. Oil & Gas 337,081 458,166 -26.43 -5,982 1,327 -550.79 730 730 0.00 465 NEW LT RYTU SKIRSTOMIEJI TINKLAI AB * Electricity 336,899 345,767 -2.56 -10,811 -23,193 53.39 1,792 466 NEW HU HAUNI HUNGARIA Gépgyártó Kft. Production total 336,634 83,543 302.94 38,547 5,429 610.05 861 467 NEW RO COMPANIA NATIONALA LOTERIA ROMANA SA Others 336,171 345,762 -2.77 35,539 31,073 14.37 2,899 468 NEW RO CONTINENTAL AUTOMOTIVE PRODUCTS SRL Production total 334,630 303,586 10.23 57,916 10,732 439.67 1,356 469 NEW PL GDAN´ SKA STOCZNIA REMONTOWA Transport 334,034 308,983 8.11 5,710 7,909 -27.80 1,800 470 361 PL ZAK S.A. Pharmaceutical industry 333,535 469,553 -28.97 -20,483 36,472 -156.16 1,700 1,700 0.00 471 NEW HU MÁV-TRAKCIÓ Vasúti Vontatási Transport 333,060 351,288 -5.19 255 680 -62.52 4,840 Zártkörüen Müködö Részvénytársaság 472 316 RO ALRO SA Metal industry 332,873 534,395 -37.71 18,459 67,132 -72.50 2,825 3,908 -27.71 473 466 PL CNH POLSKA SP. Z O.O. Production total 330,789 373,025 -11.32 10,995 10,215 7.63 1,244 1,498 -16.96 474 315 HU Triton Hungary Vagyonkezelö Kft. Others 329,171 539,152 -38.95 -325,509 504,506 -164.52 475 NEW RO ROMANIA HYPERMARCHE SA Retail 329,126 398,956 -17.50 19,972 19,686 1.45 2,660 476 411 PL FIRMA OPONIARSKA DE˛ BICA S.A. Production total 328,741 417,225 -21.21 16,645 25,593 -34.96 2,600 2,820 -7.80 477 NEW LT RIVONA UAB Transport 328,489 272,823 20.40 2,574 7,741 -66.75 1,136 478 472 HR METRO CASH & CARRY, D.O.O. Wholesale 328,482 356,103 -7.76 12,711 9,309 36.54 1,351 1,490 -9.33 479 447 CZ Správa železnicˇ ní dopravní cesty, státní organizace Transport 328,425 377,986 -13.11 0 41,701 -100.00 4,694 4,694 0.00 480 NEW LT VST AB Electricity 328,305 335,887 -2.26 1,341 3,381 -60.33 1,846 481 NEW HR DALEKOVOD, D.D. Telecommunication 327,816 311,822 5.13 12,361 11,429 8.16 1,527 482 NEW HU Denso Gyártó Magyarország Kft. Production total 327,211 358,281 -8.67 -8,151 -41,554 80.38 3,651 4,102 -10.99 483 399 PL CERSANIT S.A. * Wholesale 327,037 431,479 -24.21 -1,879 2,063 -191.07 6,858 6,508 5.38 484 133 UA AVDIIVKA COKERY PLANT Others 327,014 987,259 -66.88 -43,546 102,656 -142.42 6,544 6,544 0.00 485 NEW CZ HOPI s.r.o. Transport 326,606 287,883 13.45 5,562 2,392 132.56 1,270 486 487 HU Magyar Lapterjesztö Zrt. Wholesale 326,110 360,188 -9.46 8,114 7,581 7.03 613 1,800 -65.94 487 252 LV Akciju sabiedriba ELKO GRUPA Retail 323,631 649,319 -50.16 816 10,675 -92.36 185 157 17.83 488 NEW SL GEOPLIN d.o.o. Ljubljana, Oil & Gas 323,127 337,344 -4.21 19,488 30,906 -36.94 28 Družba za trgovanje in transport zemeljskega plina 489 NEW LV Swedbank AS Others 321,929 454,019 -29.09 424,628 94,418 349.73 490 NEW RO PIRUZE COM SRL Wholesale 319,772 0 269 0 3 491 391 PL OPERATOR GAZOCIA˛GÓW PRZESYŁOWYCH GAZ-SYSTEM S.A. Oil & Gas 319,449 442,324 -27.78 66,690 92,213 -27.68 3,000 2,500 20.00 492 384 CZ Visteon - Autopal, s.r.o. Production total 317,882 398,018 -20.13 25 9,152 -99.73 3,423 4,700 -27.17 493 NEW HR ULJANIK BRODOGRADILIŠTE, D. D. Transport 315,573 255,409 23.56 2,441 1,074 127.31 2,082 494 NEW RO SOCIETATEA COMERCIALA FILIALA DE FURNIZARE A Electricity 315,076 367,600 -14.29 195 2,637 -92.60 388 ENERGIEI ELECTRICE ELECTRICA FURNIZARE TRANSILVANIA SUD SA 495 440 PL MONDI S´WIECIE S.A. Production total 314,651 397,139 -20.77 16,217 40,719 -60.17 946 960 -1.46 496 473 HU Glencore Grain Hungary Kereskedelmi és Szolgáltató Kft. Production total 313,928 366,421 -14.33 4,859 9,793 -50.38 46 41 12.20 497 NEW PL P4 SP. Z O.O. Telecommunication 313,520 237,400 32.06 -108,564 -243,037 55.33 1,597 498 NEW RO FILIALA DE FURNIZARE A ENERGIEI ELECTRICE Electricity 312,985 348,072 -10.08 4,350 1,965 121.37 350 ELECTRICA FURNIZARE MUNTENIA NORD SA 499 NEW RO INTERAGRO SA Food industry 312,228 538,240 -41.99 0 16,112 -100.00 274 500 502 PL NEXTEER AUTOMOTIVE POLAND SP. Z O.O. Production total 311,831 280,531 11.16 27,754 20,885 32.89 1,100

17 CEE Top 500 Country Comparison: Ranks 4 to 13

Ranks 4 to 13 also include a number of changes compared with the previous year. For example, Romania now holds 5th place (previous year: 7th) and Bulgaria rose from 11th to 8th place. In contrast, Croatia fell from 8th to 10th place. This ranking is based on the total revenues of the CEE Top 500 companies in the individual countries. Find out more about the different countries in the region.

4. Ukraine 2009, which represents fourth place in this category. The The combined revenues generated by the Ukrainian com- number of Ukrainian companies in the ranking declined panies in the CEE Top 500 fell by 31.3% from 2008 to significantly from 66 in the previous year to 43 in 2009.

18 Ukraine was rated fifth in this category as a result of the 5. Romania 35% decrease in the number of top players. Based on the The share of revenues generated by the CEE Top 500 share of employees, Ukraine still held second place despi- companies from Romania is 17.7% behind the revenues of te a decline of nearly 7%. the top players from the previous year, which results in fifth place in the country comparison. Romania recorded an The number of bankruptcies in Ukraine rose by a dramatic enormous increase of 243% from 14 to 48 companies in 109% from 2008 to 2009. The payment behaviour mo- the Top 500 for 2009, which represents fourth place in in- nitored by Coface deteriorated significantly during 2009, ternational comparison. The top Romanian companies also with the number of default cases reaching a high in March. hold fifth place in the ranking by the number of employees All branches were affected by this development: the con- with a plus of 93.7%. struction sector was negatively influenced by the sharp downturn on the property market, above all in Kiev, which This is all the more surprising because Romanian compa- followed a cutback in lending. In addition, new car sales nies have been faced with a range of challenges during declined by three-fourths compared with 2008. Problems the past two years. In addition to the downturn in the caused by payment periods for fertilizer weakened the global economy and weakening domestic demand, the agricultural sector, which nevertheless produced relatively business sector in this country was also faced with rising dynamic results. Companies and banks are still confronted interest rates, the devaluation of the Leu in February 2008 with difficulty in refinancing or restructuring foreign curren- and the resulting foreign exchange fluctuations as well as cy debt. Current economic forecasts and growing uncer- substantially more restrictive lending practices on the part tainty are exerting pressure on the exchange rate, and the of banks. The number of bankruptcies rose by 27%, giving financial situation of companies and banks is therefore not Romania the second highest bankruptcy rate in the region likely to improve. Consequently, additional default cases after Hungary. cannot be excluded. Assistance by the IMF saved Ukraine from financial disaster, but weak domestic and internatio- Inadequate legal security, insufficient infrastructure (e.g. in nal demand combined with the substantial devaluation of the roadway network), the dominant role of the agricultural the local currency (Hrywna) led to the virtual collapse of sector in the labour market and widespread corruption business activity. While tax revenues continue to decline, reduce the attractiveness of Romania for investors. A de- the state is faced with a range of urgent expenditures. clining inflow of capital and shrinking export markets led to These responsibilities include injecting new capital into the a significant drop in exports, consumption and investment banking sector as well as meeting the extensive financing activity during 2009. Coface has noted a sharp rise in the requirements of Naftogaz that were caused by structural number of default cases since December 2008, which financial difficulties in this public gas company. The options have been concentrated in branches such as agrochemi- for financing these types of expenditures from the budget cals, electronics, pharmaceuticals and construction. surplus are declining. Income from privatisations is still impaired by the general political instability and the mistrust 6. Slovakia of international investors. Although the number of Slovakian top players increased substantially from 17 to 32, these companies generated

19 16.3% less revenues than the significantly smaller group in 2009 (2008: sixth place). The number of Lithuanian compa- the previous year. Slovakia holds sixth place in this year’s nies in the ranking declined from 18 in the previous year to ranking based on revenues. The country also ranks sixth in 16 and, in relation to 2008, Lithuania slipped from sixth to the number of employees, following a near doubling of the ninth place in this category. A listing based on the number number of Slovakian countries in the CEE Top 500 and a of employees in these companies, which rose by an im- resulting increase of 136.7% in the combined workforce. pressive 41.8%, shows Lithuania on eighth place.

The number of bankruptcies in Slovakia rose by a relative- Lithuania recorded a 99% rise in bankruptcies from 2008 ly moderate 8% from 2008 to 2009. Weakness on the to 2009. In addition to attempts to drastically cut federal European and domestic markets left its mark on many spending, the Lithuanian government introduced a tax companies – above all in the automobile industry and the reform. It is intended to shift the tax burden from employ- construction branch – but payment behaviour deteriorated ees to companies, and thereby prevent the decline in tax to only a limited extent. The Coface default index for this revenues from increasing the already high budget deficit. country still remains below the worldwide average. In order However, a parallel increase in the value added tax and the to provide impulses in these economically difficult times, elimination of reduced VAT rates created an additional tax the Slovakian government approved a EUR 332 million burden that further weakened demand – a step that could assistance package that was financed solely by restructu- have a negative influence on the Lithuanian economy for ring from the 2009 federal budget and with no additional some time to come. debt. The primary objective of this programme was to provide relief for the middle class. The related measures 8. Bulgaria include, among others, a reduction from 60 to 30 days for The Bulgarian top players in this year‘s ranking recorded claims to value added tax payments. In addition, the re- a 20% decrease in revenues over the previous year, giving venue threshold for mandatory audits and the preparation the country eighth place in this category. The number of of consolidated financial statements was raised by 50%. Bulgarian companies in the CEE Top 500 tripled from 6 to For sole proprietorships, the obligation to prepare financial 18, which advanced the country from 11th to 7th place in statements was eliminated for annual revenues of less this category. The number of employees in these compa- than EUR 170,000. The general income tax exemption for nies was 116% higher than in 2008, which represents 11th private persons was increased from EUR 3,435.26 to EUR place in the country comparison. 4,025.70 as was the employee bonus that was introduced at the beginning of 2009. Additional incentives were also The number of bankruptcies in Bulgaria rose by 29% from provided to stimulate the economy, including a scrapping 2008 to 2009. The economy was negatively affected by a bonus for older autos. sharp drop in exports and imports as well as a decline in domestic demand. This downturn had a particularly strong 7. Lithuania impact on the automobile branch and industry in general, Revenues recorded by the Lithuanian companies in the with a significant decrease in orders as the result. Foreign CEE Top 500 fell 19.4% below the prior year level, which investments, which have played a particularly important represents seventh place in the country comparison for role in Bulgaria to date, also declined substantially. In 2009

20 Coface CEE Top 500: Number of employees in the Top 500 companies by country compared with the working population

■ 2009 ■ 2008 10.1% 8.9% 6.0% 5.6% 5.2% 4.9% 4.4% 4.2% 4.1% 3.9% 3.6% 3.5% 3.2% 3.3% 2.5% 2.0% 1.9% 1.7% 1.6% 1.2% 1.1% 1.1% 1.0% 1.0% 0.6% 0.3% y t ia t via L a S e r bia Pola n d E s t o n ia Cr oa Uk r ai n e S love n ia Ro m a n ia S lovakia Hun ga r Bu lga r ia L i t h u a n ia Cz ech Re pu blic foreign direct investment fell by more than 50% in compa- by this group fell by only 4% – which represents ninth rison with the previous year. As assistance in countering place in the CEE Top 500 for 2009. In 2008 this listing these developments, Bulgaria will receive EUR 30 million included 30 Slovenian companies, but only 17 remained in of funds from the European economic stimulus plan during 2009 to reflect rank eight in the country comparison. 2009 und 2010. The situation in Bulgaria is serious, but the country can still rely on reserves from better years – since it In 2009 Slovenia also ranked ninth based on the number was one of the few EU member states to record a budget of employees, despite a decline of 67.5%. However, it is surplus in the past. However, declining tax revenues and the country in which the most people work in the CEE Top already low tax rates will preclude further budget surpluses 500, with 10.1% of the total labour force (see the graph on in the coming years. page 21).

9. Slovenia The number of bankruptcies in Slovenia rose by 22% Although the number of Slovenian companies in this ran- year-on-year. The government approved a EUR 800 mil- king decreased by nearly one-half, the revenues generated lion assistance package for the Slovenian economy at

21 the beginning of 2009, which is intended to moderate the this category. The number of employees in the top com- effects of the financial and economic crisis. This package panies rose by 5%, which represents seventh place in the includes subsidies for companies that were forced to intro- ranking. duce short-time work for their employees as well as federal bonds to support the financial system and additional The number of bankruptcies in Croatia increased 41% from measures to stimulate the economy. In September 2009 2008 to 2009. Bureaucratic hurdles still represent a problem Ljubljana issued federal guarantees for certain types of for Croatian companies, but the international crisis and the household credits and approved funding of EUR 150 million decline in global trade added further challenges. A sharp drop for the support of small and mid-sized companies as well in domestic demand and exports triggered a severe recessi- as EUR 100 million for municipal infrastructure projects and on. One consequence of this development has been a sub- EUR 50 million for investments in environmental technolo- stantial rise in delayed payments. The sectors most affected gy, renewable energy and energy efficiency. include the chemical/agrochemical, automobile, electronics and equipment sectors, which are all heavily dependent on 10. Croatia construction activity. Revenues recorded by the top Croatian companies fell by 6.8%, resulting in tenth place for the country in the CEE 11. Serbia Top 500 for 2009. The number of Croatian companies in Revenues recorded by the Serbian top players declined this ranking remained constant in comparison with 2008. 37.1%, placing the country 11th in the 2009 ranking. The As a result, Croatia dropped one place to number eight in number of Serbian companies remained unchanged in year-

Coface CEE Top 500: Number of Top 500 companies by branch and their revenues in 2009 y t io n s En e r gy s upp ly 67 companies y O il & G as 56 companies P r od u c t io n ge e al 55 companies ail W holesale 39 companies Re t 37 companies Teleco mmun ica 31 companies Ot he r s 31 companies al i n d u s tr Pha rm ace ut ical i n d u s tr 28 companies 27 companies Me t

9.7 bn 7.3 bn 4.1 bn 9.2 bn 8.5 bn 60.5 bn 98.8 bn 31.2 bn 25.3 bn 29.8 bn 26.9 bn 17.7 bn 26.6 bn 10.2 bn 23.9 bn 10.9 bn 32.0 bn 19.4 bn

22 on-year comparison and also represents 11th place. The ducts on the local market and promote exports. Exports still number of persons employed by these companies declined concentrate on products with low added value and, in part, only 2.2% versus 2008, giving the country 10th place in this are dependent on international price fluctuations.T he inflow category. of foreign direct investment is slow, but should improve the country’s production capacity over the long-term. As a reac- Serbia is the only country in the region to record a decline tion to the crisis, Serbia is attempting to strengthen invest- in bankruptcies from 2008 to 2009. However, this 26% de- ments and thereby also stimulate growth. The government crease took place from a high level and is also related to a has implemented a support package, while the Serbian na- significant rise in the bankruptcy rate from 2007 to 2008. The tional bank has loosened monetary policy and announced an most dramatic deterioration in the operating environment was interest rate cut. The International Monetary Fund and Russia noted in the processing industry, the construction branch, the have also provided loans, in particular to finance infrastructure retail trade and mining. In contrast, the development of busi- projects. ness remained sound in the transportation, financial service and agricultural sectors. The Serbian economy is still nega- 12. Latvia tively affected by the hesitant transition to a market economy, Revenues generated by the CEE Top 500 companies from by irregular efforts to implement reforms and by a generally Latvia fell by 16.3% year-on-year in 2009, which repre- difficult business climate.T he high current account deficit sents 12th place in the ranking. The number of countries in is more a sign of lively domestic consumption than genuine this year’s listing declined slightly from seven to nine. Latvia investment efforts that would improve the availability of pro- therefore dropped one place to 10th in this category. The

Coface CEE Top 500: Number of Top 500 companies by branch and their revenues in 2009

Turnover in Number of companies bn EUR by branch t o r y y t io n o p e r a a a n ies T r a n s p o rt 23 companies E lec tr o n ics 23 companies vice s t F ood i n d u s tr 20 companies S e r 15 companies Aut o m t ive 14 companies C o n s tru c t io i d u tr 12 companies C a r dis tr ib ut io n b u si ess 9 companies Mi n i g 7 companies H oldi n g co mp 6 companies

9.7 bn 7.3 bn 4.1 bn 9.2 bn 8.5 bn 60.5 bn 98.8 bn 31.2 bn 25.3 bn 29.8 bn 26.9 bn 17.7 bn 26.6 bn 10.2 bn 23.9 bn 10.9 bn 32.0 bn 19.4 bn

23 Coface CEE Top 500: Increase/decrease in profit by branch compared with the change in the number of employees in 2009 87.0% 25.0% 22.7% 14.4% 3.4% 0% -1.8% -5.2% - 1.0% -12.9% - 3.5% - 2.6% -14.8% -12.6% -10.9% -32.0% -33.5% -33.8% anies Phar m aceutical industry E ner g y su pp ly F oo d industry Pr o ducti n g eneral Co nstructi o n industry R etail o il & Gas A ut omo tive W h o lesale o ns T elec omm unicati C ar distributi o n business Minin g Ho ldin g c omp Others industry Metal o r o n op erat stati S ervice T rans po rt E lectr o nics

number of employees dropped 30%, which also resulted in rently directing its economic policies – generally with suc- 12th place for Latvia. cess – to manoeuvring the country out of the crisis. In order to stabilise the budget and be in a position to draw further The Baltic States are among the countries hit hardest by the tranches of the EU and IMF support loans, the government economic crisis. This is also reflected in the development has launched long-overdue structural reforms in public ad- of bankruptcies in Latvia, which rose by a massive 78% ministration, education and healthcare. Latvia can rely on from 2008 to 2009. The bursting of the real estate bubble, a package of EUR 7.5 million that has been promised by a decline in lending, the decreasing inflow of foreign capital lenders. and a recession on the most important export markets led to a record decline in GDP during 2009. The downturn had 13. Estonia a particularly severe impact on the export-oriented industrial The CEE Top 500 for 2008 included four Estonian compa- sector as well as branches that are linked to construction nies, but 2009 saw a decline to only two. The top players and consumer spending. The Latvian government is cur- from Estonia recorded 22.5% less revenues and had 46.8%

24 Coface CEE Top 500: Increase/decrease in profit by branch compared with the change in the number of employees in 2009

Change Change Net Profit Employment 10.0% 5.4% - 0.4% - 0.5% -2.5% - 1.7% - 1.8% - 5.7% -35.8% -36.2% -49.4% -45.8% -54.7% -60.4% -68.4% -88.5% anies -142.2% Phar m aceutical industry E ner g y su pp ly F oo d industry Pr o ducti n g eneral Co nstructi o n industry R etail o il & Gas A ut omo tive W h o lesale o ns T elec omm unicati C ar distributi o n business Minin g Ho ldin g c omp Others industry Metal o r o n op erat stati S ervice T rans po rt E lectr o nics -153.2%

less employees than in the previous year. In both of these dramatic slump in domestic demand supported an improve- categories, this represents the last place in the ranking. ment in the country’s balance of trade as imports declined to a greater extent than exports. The number of bankruptcies in Estonia rose by a further 30% year-on-year from an already high level in 2009. Do- Summary mestic demand began to weaken with the bursting of the In 2009 the most companies in the CEE Top 500 came real estate bubble in 2007. The resulting downturn was ac- from Poland (28.4%), Hungary (16.6%) and the Czech celerated by the financial crisis and the decline in worldwide Republic (13.8%). The lead held by Poland was somewhat trade. A decrease in exports and domestic consumption, smaller than the previous year, but Hungary was able to the collapse of investment activity and inventory reductions overtake the neighbouring Czech Republic. Each of the led to a deep recession in 2009. The decrease in output other countries in the ranking has a share of less than 10%. was particularly strong in the construction branch, financial The economic crisis also caught up with the top CEE services sector and the processing industry. However, the companies in 2009.

25 Coface Contacts

Coface Austria & Coface Central Europe ● ● ● ● Stubenring 24, 1010 Vienna T. +43 (1) 515 54-0, F. +43 (1) 512 44 15 www.coface.at

Coface Albania ● ● 85/87, todor Aleksandorv boul.,1303 Sofia is serviced by Coface Coface Bulgaria T. +359 (2) 920 71 25, F. +359 (2) 920 71 50 www.coface.bg

Coface Belarus ● ● ● Berzaunes 11a, 1039 Riga is serviced by Coface Latvia T. +371 (6) 732 34 60, F. +371 (6) 782 03 80 www.coface.lv

Coface Bosnia & Herzegovina ● ● Cankarjeva 3, 1000 Ljubljana is serviced by Coface Slovenia T. +386 (1) 425 90 65, F. +386 (1) 425 91 30 www.coface.si

Coface Bulgaria ● ● ● 85/87, todor Aleksandorv boul.,1303 Sofia T. +359 (2) 920 71 25, F. +359 (2) 920 71 50 www.coface.bg

Coface Croatia ● ● Avenija Dubrovnik 46/III, 10020 Zagreb T. +385 (1) 469 75 00, F. +385 (1) 469 75 35 www.coface.hr

Coface Czech ● ● ● ● I.P. Pavlova 5, 120 00 Prague T. +420 (2) 460 85 411, F. +420 (2) 225 40 446 www.coface.cz

Coface Estonia ● ● ● Narva mnt 86, 10127 Tallinn T. +372 (603) 1976, F. +372 (603) 1973 www.coface.ee

Coface Hungary ● ● ● Tüzoltó utca 57, 1094 Budapest T. +36 (1) 299 20 70, F. +36 (1) 216 73 11 www.coface.hu

Coface Latvia ● ● ● Berzaunes 11 a, 1039 Riga T. +371 (6) 732 34 60, F. +371 (6) 782 03 80 www.coface.lv

Coface Lithuania ● ● ● Vilniaus str. 23, 01119 Vilnius T. +370 (5) 279 17 27, F. +370 (5) 279 17 54 www.coface.lt

26 Coface Macedonia ● ● 85/87 Todor Aleksandrov boul.,1303 Sofia is serviced by Coface Bulgaria T. +359 (2) 920 71 25, F. +359 (2) 920 71 50 www.coface.bg

Coface Moldavia ● ● Calea Floreasca 39, Et. 2-3, Sector 1, 014453 Bucuresti is serviced by Coface Romania T t. +40 (21) 231 60 20, F. +40 (21) 231 60 22 www.coface.ro

Coface Montenegro ● ● Bulevar Oslobodjenja 111, 11000 Belgrad is serviced by Coface Serbia T. +381 (11) 397 60 51, F. +381 (11) 397 60 51 www.coface.rs

Coface Poland ● ● ● ● Al. Jerozolimskie 136, 02305 Warszawa T. +48 (22) 465 00 00, F. +48 (22) 465 00 55 www.coface.pl

Coface Romania ● ● ● Calea Floreasca 39, Et. 2-3, Sector 1, 014453 Bucuresti T. +40 (21) 231 60 20, F. +40 (21) 231 60 22 www.coface.ro

Coface Russia ● ● ● ● 1st Tverskaya-Yamskaya str., 23, bld.1, 125047 Moscow T. +7 (495) 785 57 10, F. +7 (495) 785 76 24 Voronezhskaya str. 33-1, 192007 St. Petersburg T. +7 (812) 766 12 05, F. +7 (812) 767 02 34 www.coface.ru

Coface Serbia ● ● Bulevar Oslobodjenja 111, 11000 Belgrad T. +381 (11) 397 60 51, F. +381 (11) 397 60 51 www.coface.rs

Coface Slovakia ● ● ● ● Soltésovej 14, 81108 Bratislava T. +421 (2) 67 20 16 11, F. +421 (2) 62 41 03 59 www.coface.sk

Coface Slovenia ● ● ● Cankarjeva 3, 1000 Ljubljana T. +386 (1) 425 90 65, F. +386 (1) 425 91 30 www.coface.si

Coface Ukraine ● ● Chernovola str. 20, of 106, 01135 Kyiv T. +380 (44) 585 31 60, F. +380 (44) 585 31 60 www.coface.ua

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