This special publication provides this year for the second time an overview of 500 largest companies in Serbia, measured by business revenues. The latest list shows that Elektroprivreda Srbije, Telekom Srbija, Delhaize Srbija, Srbijagas, Tarkett, Mercator S, Delta Holding, Victoria Group and Koncern Farmakom follow NIS.
Revenue increases, profit decreases
During the previous year, 500 of the largest companies generated a growth in business profit of some 3,6% in real RSD, i.e. 0,7% in euros. Their total business profit totals EUR 37,7 billion and they together have EUR 11,7 billion of credit (which is some 40% indebtedness of all companies in Serbia). Apart from that, 390.000 of people work in the top 500 companies in Serbia,
Aleksandar Ilic, the Executive Manager at Certus Consulting explained that, observing in euros, 300 companies recorded growth and 200 of them a fall in business profit.
The first place of the inglorious list goes to Srbijagas (a loss of EUR 330 mil). Zeleznice, Petrohemija, EPS, VIP mobile, Putevi Srbije, Delhaize Srbija, Inter-kop, Galenika and Velefarm in bankruptcy follow.
The importance if the domestic private capital on the increase
The largest companies in Serbia listed 257 of them with the biggest domestic private ownership, 190 of foreign and 53 state-owned. Judging by the growth of business profit which foreign companies generated in our country, the importance is on the relative increase year in year out. Net profit of constant direct investments (SDI) from the list of 500 the biggest companies in the last year totaled some EUR 600 mil, EUR 400 mil generated by NIS only.
Still, if foreign direct investments have bigger importance for the economy of Serbia, importance of domestic private capital is on the increase as well - without NIS, mutual result of domestic and foreign private capital is similar.
- Still, we should not forget that the domestic capital is much more indebted in comparison to foreign which is significantly still in the developmental stage, Ilic explained.
The fact that a fair number of direct investors continues to invest and expands capacities proves that they run business successfully in Serbia, Ilic adds.
The largest number of wholesellers
Wholesale trade, food industry, construction, retail and agriculture make the majority at Top 500 However, the largest sum turnover was recorded by the energy sector, then wholesales and agriculture-food complex.
New companies at the list in 2012, 72 of them, are mostly from agriculture, trading in agricultural products, food and metal industry.
Due to leave of U.S. Steel, metal industry has recorded a fall, she adds.
The most profitable industries are IT, lotteries, construction material, agriculture, food and beverage. The least profitable, if observing the overall sector, were medicine production, retail sales and transport.
Old disease called illiquidity
- A trouble spot of the Serbian economy, which we stressed out in the previous publication, is illiquidity – Atanasijevic reminded.
It is a traditional disease in large governmental systems and large retail chains.
- The lacking illiquidity in large governmental systems is on the increase while delays in payment operations of retail chains are decreasing. The arrival of Delhaize also contributed a lot to the issue of Maxi's debts - Atanasijevic added.
What is next?
The results of this publication showed are important, first of all because they can provide conclusions for the future.
- A mix of large governmental systems which operate with the lacking liquidity has a great role in economy of Serbia through relations buyer-supplier with other economy segments, so one part of their (un) success transfers to the rest of the economy - Jasna Atanasijevic explains and adds that there is no dilemma that the implementation of the financial discipline is the right way to go.
The state which would control budget deficit and public debt thus avoiding the problem of domestic investments flow out and decreasing risk perception of the whole country should provide important support to the financial discipline of the economy.
Top 10 for business profit (in million euros)
1. NIS 2.069 (in 2011 also 1st place)
2. EPS 1.638 (in 2011 2nd place)
3. Telekom Srbija 1.056 (in 2011 3rd place)
4. Delhaize Srbija 912 (5)
5. Srbijagas 658 (6)
6. Tarkett 558 (10)
7. Mercator S 528 (9)
8. Delta Holding 507 (4)
9. Victoria Group 488 (10)
10. Koncern Farmakom MB484 (14)
Top 5 for business profit growth
1. FAS (435,1%)
2. Gradjevinska direkcija Srbije 363,1%
3. RST Corporation 215,4%
4. CRBC Serbia 178%
5. Kompanija Jovanovic 177,5%
For more detailed information and more data on business operations of TOP 500 companies in Serbia in 2012