YOU HAVE THE WATTS WE HAVE THE WHATS. YOUR PERSONAL NEWSROOM FOR THE POWER MARKET Structured data from 17 countries in English. Searchable. Downloadable. Always on your fingertips. News, trends, tender updates, analyses and events from the electricity markets of Central and Southeast Europe. Visit: powermarket.seenews.com contents TOP 100 Editor-in-chief: Nevena Krasteva 6 companies Editors: Georgi Georgiev, Valentina Gerasimova Analysts: Valentin Stamov, Deyan Matov, Alexander Yanev, Tsvetan Ivanov TOP 100 Authors: Borislava Andreevska, Djordje Daskalovic, 18 banks Doinita Dolapchieva, Konstantina Vasileva Head of SeeNews: Anna Koleva TOP 100 Marketing & sales: Gergana Arsova, Ralitsa Gogova 32 insurers Design & prepress: Madlen Nacheva, Krustyo Burski Print: Alliance Print TOP 100 SeeNews, SEE TOP 100 and their logos are registered 40 per capita trademarks of AII Data Processing Ltd. All rights reserved. Re-publication or re-distribution of SeeNews content, including by framing, is strictly prohib- ited without the prior written consent of SeeNews. TOP 100 44 listed companies TOP 100 Our partners 50 industries SEE 64 innovation ROMANIA’S PREMIER BUSINESS WEEKLY Contact us: SEE 64 Kiril i Metodii Str, 1202 Sofia, Bulgaria 74 colours tel: +359 2 8012 610/611 email: [email protected] top100.seenews.com SEE @SeeNewsTOP100 80 country profiles SEENEWSTOP100 SEENEWS TOP 100 SEE Disclaimer: SeeNews is not liable for the content of the published advertisements. Full liability rests with the advertisers. 3 editorial At the time when SeeNews started publishing the SEE TOP 100 rank- ing seven years ago, Southeast Europe was a fast-growing market, luring investors with high yields, flexible labour policies and low pro- duction costs. The companies in the region were growing at a robust pace, and the difference in the net sales revenues of the first and the last ranked indicated ample room for growth and consolidation. Back then, riding the wave of optimism, local businesses were con- fident the region was firmly set on a path to gradually unlock its po- tential. What a difference seven years make. Or don’t make in the case of pesky investor deterrents like poor infrastructure and inadequate government and regulatory policies. Corporate revenues are staying flattish, profits are declining, and the difference between the first and the last entrant in the ranking has faded. Room for growth is limited, and competition is getting fiercer. The effects of cost-cutting and more sustainable use of resources – hailed as a cure-all for corporate ills in the past few years – seem to have worn off. At the same time, in- vestment in innovations, universally acknowledged as a key driver of competitiveness and profitability, is largely absent from the agenda of business executives in the region. To help draw attention to the need to nurture innovation in the re- gion, we have decided to include in this year’s edition a special chapter featuring exclusive interviews with some of the global leaders in in- novation – IBM and Cisco, as well as an article on LAUNCHub, a seed fund with an investment focus on digital technology. Like previous editions, apart from the flagship ranking of the larg- est non-financial companies by total revenue, SEE TOP 100 features rankings of the biggest banks and insurers, complemented with in- terviews with the chart-toppers and key market players. The edition Nevena Krasteva Editor-in-chief also includes sub-rankings of the most profitable companies and big- gest loss-makers, as well as the companies with the biggest revenue per capita. The ranking of the most successful industries in the re- gion comes together with an analysis of the energy sector, courtesy of the Institute of Energy for South East Europe, and an overview of the grocery market trends, contributed by our partner Euromonitor International. We have made it a tradition in past years to also bring you the per- spective on the region of the big international banks. In our seventh edition, we talk to Ihsan Ugur Delikanli, the president of the Black Sea Trade and Development Bank, about the bank’s operations, and Jean- Marc Peterschmitt, the managing director for Central and Southeast Europe of the European Bank for Reconstruction and Development, about the challenges faced by the banking sector in the region. To give you a fuller picture, we have decided to also include an analysis by SeeNews Competitive Intelligence on the region's small and medi- um-sized enterprises – the backbone of every economy, which usually remains invisible in the big rankings. 4 When looking to enter new markets, it’s essential you use a local guide. With 190,000 professionals in 150 You need trusted advisors countries, EY is a reliable partner who who understand the local risks will give you the access, expertise and and will help you navigate the consistent quality that you are looking for. inevitable uncertainties that EY provides a full spectrum of investment new markets pose. advisory services, including: • Mergers & Acquisitions • Valuation & Business Modelling • Commercial & Financial Due Diligence • Debt & Equity Capital Raising • Feasibility Studies • Tax & Legal Advisory Visit ey.com. © 2014 Ernst & Young Bulgaria EOOD. All Rights Reserved. Rights All EOOD. Bulgaria Young & Ernst 2014 © TOP 100 companies in millions of euro Total revenue Y/Y change in Net profit/loss Net profit/loss Rank by net 2013 2012 Company name Country Industry 2013 revenue 2013 2012 profit/loss 1 1 OMV Petrom SA Romania Petroleum/Natural Gas 4 270 -2.97% 1 079 869.5 1 2 7 Automobile-Dacia SA Romania Automobiles 4 155 43.93% 75.2 62.6 20 3 2 Lukoil Neftochim Burgas AD Bulgaria Petroleum/Natural Gas 3 906 -7.15% -123.3 -48.2 94 4 5 Petrol d.d. Slovenia Petroleum/Natural Gas 3 281 0.54% 30.2 34.5 31 5 4 OMV Petrom Marketing SRL Romania Petroleum/Natural Gas 3 259 -3.69% 65.7 57.3 22 6 3 INA d.d. Croatia Petroleum/Natural Gas 3 246 -8.92% -213.8 175.3 98 7 6 Rompetrol Rafinare SA Romania Petroleum/Natural Gas 2 637 -14.53% -50.0 -67.2 88 8 8 Aurubis Bulgaria AD Bulgaria Metals 2 438 -10.56% 19.4 102.8 39 9 9 Naftna Industrija Srbije AD Serbia Petroleum/Natural Gas 2 301 7.37% 457.8 436.2 2 Compania Nationala de Autostrazi si Drumuri Nationale din 10 77 Romania Construction 2 173 325.02% 56.5 39.3 24 Romania SA 11 11 Rompetrol Downstream SRL Romania Petroleum/Natural Gas 1 953 6.85% -0.8 -33.9 71 12 13 Hrvatska Elektroprivreda d.d. Croatia Electricity 1 794 -0.26% 97.9 36.3 11 13 14 Konzum d.d. Croatia Wholesale/Retail 1 753 -0.82% 22.3 27.1 36 14 10 Holding Slovenske Elektrarne d.o.o. Slovenia Electricity 1 651 -15.55% 76.5 43.0 19 15 12 Lukoil-Bulgaria EOOD Bulgaria Petroleum/Natural Gas 1 649 -9.91% -27.7 -36.3 85 16 19 Kaufland Romania SCS Romania Wholesale/Retail 1 629 12.19% 73.8 62.0 21 17 88 FIAT Automobili Srbija DOO Serbia Automobiles 1 576 237.04% 9.9 -2.0 54 18 18 British American Tobacco (Romania) Trading SRL Romania Food/Drinks/Tobacco 1 553 4.59% 88.5 89.1 16 19 16 Natsionalna Elektricheska Kompania EAD Bulgaria Electricity 1 541 -3.54% -70.2 -47.9 90 20 20 Poslovni Sistem Mercator d.d. Slovenia Wholesale/Retail 1 495 3.29% -35.6 -74.7 86 21 24 JP Elektroprivreda Srbije (JP EPS) Serbia Electricity 1 411 17.87% 16.5 -16.2 43 22 15 Petrotel - Lukoil SA Romania Petroleum/Natural Gas 1 289 -23.00% -207.1 -62.0 97 23 17 GEN-I d.o.o. Slovenia Electricity 1 280 -15.02% 6.2 14.2 58 24 58 Ford Romania SA Romania Automobiles 1 159 79.53% 15.4 -108.5 44 25 26 Krka d.d. Slovenia Pharmaceuticals 1 125 6.10% 164.7 154.6 5 26 21 Lukoil Romania SRL Romania Petroleum/Natural Gas 1 111 -17.54% -11.3 -50.4 80 27 28 Electrica Furnizare SA Romania Electricity 1 069 5.94% 22.6 20.4 35 28 23 E.ON Energie Romania SA Romania Petroleum/Natural Gas 1 064 -11.31% 50.1 -7.4 26 29 27 GDF SUEZ Energy Romania SA Romania Petroleum/Natural Gas 1 018 0.16% 105.0 85.7 10 30 41 Complexul Energetic Oltenia SA Romania Electricity 1 018 26.55% 1.0 26.7 68 31 35 Orange Romania SA Romania Telecommunications 983.1 5.91% 111.7 116.9 9 32 34 MOL Romania Petroleum Products SRL Romania Petroleum/Natural Gas 974.0 3.83% 20.0 17.2 38 33 30 Carrefour Romania SA Romania Wholesale/Retail 969.7 -1.58% 32.2 23.6 29 34 29 Romgaz SA Romania Petroleum/Natural Gas 922.4 -8.04% 222.0 280.9 3 35 37 OMV Bulgaria OOD Bulgaria Petroleum/Natural Gas 917.1 3.11% 11.5 -3.7 52 36 25 Arcelormittal Galati SA Romania Metals 867.1 -26.79% -165.4 -52.2 96 37 33 Hrvatski Telekom d.d. Croatia Telecommunications 864.9 -8.62% 187.5 222.7 4 38 39 Telekom Srbija AD Serbia Telecommunications 833.0 -2.79% 134.1 99.2 7 39 31 Prirodni Plin d.o.o.* Croatia Petroleum/Natural Gas 825.3 -16.33% -105.1 -137.0 93 40 38 Selgros Cash & Carry SRL Romania Wholesale/Retail 787.4 -8.40% 12.0 15.5 50 41 40 Vodafone Romania SA Romania Telecommunications 782.3 -3.58% 96.1 113.4 13 42 32 Bulgargaz EAD Bulgaria Petroleum/Natural Gas 781.5 -18.82% 31.8 -58.1 30 43 49 Lek d.d.