cetop500 ranking report 2010

8/8/2019 CETOP500 Ranking Report 2010

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Who is shapingtomorrow?

Ranking report 2010



As the world looks or signson the uture directiono the global economy,the leading companies o Central Europe have beentaking signifcant action toensure that early signs o economic upturn developinto a sustainable recovery.

2



Introduction

Welcome to the Deloitte CE Top 500 ranking, a unique

league table and commentary on the 500 largest Central

European companies by revenues. This important

report, now into its ourth year, reects the impact o

recent economic events on particular national markets

and how the recession has aected the results o

the region’s largest 500 frms.

This year’s Top 500 tracks the perormance o CE’s

leading companies during one o the most economicallytumultuous periods o recent history. It shows the rise in

signifcance o some sectors and the decline o others,

at a time when cost-cutting, organisational change

and response to circumstances beyond the control o

many were the key actors or survival and longer-term

sustainability.

One thing is or sure – 2009 will be recognised by uture

generations as a year when old rule books were torn

up and replaced by new ones. And as we see the frst

signs o a ragile recovery in 2010, it remains to be seen

whether the new landscape is to be one o continued

upturn or a return to urther economic turmoil.

I hope very much that you fnd the Deloitte CE Top

500 ranking report to be a useul and interesting tool

that provides insights into the recovery strategies o

the region’s business leaders. And I hope that next

year’s report will reect on a year o sustained growth

or companies and countries across Central Europe.

Tomasz Ochrymowicz

Partner, Financial Advisory

Deloitte Central Europe

3Who is shaping tomorrow? Ranking report 2010



Table o contents

Highlights 5

Ranking overview 6

Country comparative 12

Industry overview 17

Financial Services industry 20

Banking Sector 20

Insurance Sector 22

Construction industry 24

Consumer Business industry 25

Energy and Resources industry 26

Technology, Media and Telecommunications industry 27

Manufacturing industry 28

Automotive industry 29

Life Sciences 30

The methodology 31

Industry thought leadership 32

Contacts 34

Appendix: CE Top 500 ranking 35

4



Highlights

Turbulent times

Like the rest o the world, Central Europe is looking or

any signals that indicate where the economy is heading.

Have the unds invested by Western governments to

stimulate the economy produced the desired results? Are

we acing economic growth – or stagnation? Or are we

in or a prolonged period o recession? Have the region’s

countries and its leading companies been harmed by

the economic slump – and i so, how severely?

Macroeconomic indices and KPIs do not give us a clear

view o the economic situation, and the economists’

orecasts o expected trends vary considerably.

The substantial degree o macroeconomic uncertainty

does not make everyday business easy. Even though

the economic situations o individual countries in

Central Europe have similarities, each country is applying

a dierent approach to cope with its problems. Likewise,

the region’s largest enterprises and fnancial institutions

have been aected by the crisis to varying degrees and

are handling their own situations dierently.

It is true that this year’s ranking o the largest Central

European enterprises does not tell us how long we

will have to wait or an economic upturn. However, it

does show how Central European business leaders and

the industries they represent are fnding their bearings in

the continuing difcult commercial environment.

In most countries in the region, the frst quarter o

2010 was characterised by a gradual economic revival.The perormance o companies that trade interna-

tionally, due to their dependence on the national

economic perormance and sustainable growth o

countries rom outside the region such as Germany, is

hard to predict.

The next edition o the CE Top 500 ranking will discuss

whether we can pronounce the end o the economic

crisis and whether the actions undertaken by European

governments have yielded the results they are aiming

or.




Ranking overview

Leaders maintain their position

CEZ, which is presently Central Europe’s largest

company by market capitalisation, has now also moved

into the top three in terms o its revenues. Even though

its total revenues these did not increase, in 2009

CEZ outperormed another Czech frm – leading car

manuacturer Skoda – when Skoda’s revenues ell by

12 percent. CEZ now holds third place in terms o

revenues and is the largest Central European company

based on net proft.

The two leading positions remain unchanged rom

previous years. The two large petrochemical frms that

lead the ranking, PKN and MOL, are well ahead o CEZ.

Nevertheless, unlike previous years which were marked

by high revenue growth resulting rom increases in oil

prices and subsequent acquisitions or consolidations

o newly bought assets, both companies had lower

revenues in 2009 – by 30.7 percent and 18.3 percent

respectively (calculated in Euros). Decreases in local

currencies were smaller than the decreases in Euros due

to the depreciation o the Polish zloty and Hungarian

orint.

In previous years, the dierence between PKN and MOL

was continually growing. In 2008, PKN’s consolidated

revenues were almost 60 percent higher than those o

MOL. However, in 2009 and the frst quarter o 2010,

the gap shrank to 36 percent.

As or PKN, revenues generated by its Baltic operations

were relatively low in 2009, comprising approximately

8 percent o the company’s consolidated revenues. For

this reason, the potential sale o its Lithuanian refnery,

which was speculated recently by the press, shouldnot aect its leading position provided that MOL does

not make a major move resulting in an increase o its

revenues.

The total Euro revenues o the largest Central European

enterprises ell by nearly 21 percent in 2009 as

compared to 2008. This change appears to be a painul

consequence o the fnancial crisis, but a detailed

analysis o the available data indicates that depreciation

o local currencies has also exerted a signifcant impact.

There was a median revenue change o negative 12

percent in 2009. Almost 80 percent o frms experienced

declining revenues (averaging negative 18 percent).

In 2009, in act, only 90 o the largest 500 companiesgenerated higher revenues than in 2008, with

the average increase amounting to just 8 percent.

In the frst quarter o 2010 (compared to a year earlier),

69.2 percent o companies recorded a revenue increase.

By contrast in 2008-09, 78.8 percent o companies

recorded a decline.

0

20

40

60

80

100

Graph 1: The percentage o companies with revenue

increase vs. decrease

2008 - 2009

Increase

Decrease

No change

Q1 2009 - Q1 2010

16.2%

69.2%

78.8%

29.6%

5.0% 1.2%

6



A snapshot o 2009

Organisations based in Poland continue to dominate

the ranking as in previous years (representing 36 percent

o the Top 500). However Poland’s numbers have allen

rom 188 to 180 over the past year. Croatia and Ukraine

have also shown some decline, while the biggest gains

have been seen by the Czech Republic (rom 69 to

73) and Slovakia (rom 24 to 29). The biggest propor-

tional winner, however, was Serbia, which doubled its

representation rom six to 12 companies.

Much o this growth was represented by the Consumer

Business and Transportation sector, where Serbian

representation grew rom one to our companies.

The same sector grew in Poland rom 69 to 73 companies

represented in the ranking and the Czech Republic

shited rom 18 to 20 companies. The sectors showing

the largest decline in representation were Manuacturing

(down rom 114 to 101) and Technology, Media and

Telecommunication (rom 48 to 43).

Table 1: Breakdown by industry & country

2009 ConsumerBusinessand Trans-portation

Energy andResources

LieSciencesand HealthCare

Manuac-turing

PublicSector

Real Estate Technology,Media andTelecomm.

Total Percentageshare

Bosnia and Herzegovina - 1 - - - - - 1 0%

Bulgaria 2 8 - 1 - - 3 14 3%

Croatia 8 4 1 1 1 - 2 17 3%

Czech Republic 20 23 3 14 - 6 7 73 15%

Estonia 4 2 - - - - - 6 1%

Hungary 14 19 6 17 1 1 5 63 13%

Latvia 3 3 - - - - - 6 1%

Lithuania 5 3 - 1 - - - 9 2%

Poland 73 37 6 43 2 6 13 180 36%

Republic o Macedonia - 1 - - - - - 1 0%

Romania 10 13 1 4 - - 4 32 6%

Serbia 4 5 - 1 - - 2 12 2%

Slovakia 4 10 2 9 - 1 3 29 6%

Slovenia 7 4 2 3 - 1 1 18 4%

Ukraine 15 14 - 7 - - 3 39 8%

Total 169 147 21 101 4 15 43 500 100%

Graph 2: Breakdown by industry & country

Bosnia and Herzegovina (0%)

Bulgaria

Croatia

Czech Republic

Estonia

Hungary

Latvia

LithuaniaPoland

Republic o Macedonia (0%)

Romania

Serbia

Slovakia

Slovenia

Ukraine

3% 3%

15%

1%

13%

1%2%

36%

6%

2%

6%

4%

8%




Uncertain growth

In the frst quarter o 2010, revenues earned by

the largest enterprises in Central Europe increased in

total by approximately 16 percent over the frst quarter

o 2009. The median revenue change in Euros or

individual enterprises was 11 percent. The revenue

increase in local currencies was lower than in 2009, only

amounting to 3 percent.

It might appear that the region’s countries and

companies should be able to take advantage o

the strengthening currency. Unortunately, the frst

quarter’s increase in revenues in Euros – and even more

so in local currencies – was relatively low and took place

only in some countries, primarily Poland, Ukraine, and

Romania. It cannot thereore be defnitively stated that

the region’s economy has recovered.

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

Graph 3: Median revenue change - Q1 2010 vs. Q1 2009

R o m a

n i a

30

25

21

31

16

3

11 11 11

5

-2

4

-5

4

-4 -4

-6

-8

-4 -4

-6

-8

23

U k r a i n e

P o l a n

d

T O P 5

0 0

L i t h u

a n i a

C z e c h R

e p.

H u n g a r y

C r o a t i a

B u l g a

r i a

S l o v a k i a

L a t v i a

E s t o n i a

Median revenue change in EUR

Median revenue change in LC

Note: No data available or Bosnia & Herzegovina, Republic o Macedonia, Serbia and Slovenia

8



Privatisation

The number o state-controlled companies in the

CE Top 500 ell to 96 (rom 110 last year and over

120 two years ago). This means we are witnessing

a trend developing on the one hand rom the ongoing

privatisation process and on the other rom changes

to economic structures ollowing the economic

slump. However the majority o the energy, natural

resources and transportation frms included in the list

are still state-owned. This decrease in the numbero state-controlled companies was partly associated

with a slight increase in the number o companies

controlled by enterprises and individuals rom Central

Europe (+ three companies) but more so with a rise

in the number o frms controlled rom outside

the region (+11). The most signifcant increase in

those controlled rom outside the region was in

the Consumer Business and Transportation sector (+19

companies).

Companies owned by parent organisations rom

outside Central Europe dominate the ranking, with

a total o 286. This is a signifcant rise rom 12 months

earlier, when 262 were oreign-owned. During

the same period, the number o state-controlled

organisations represented has declined signifcantly,

rom 110 to 96, reecting the reduced government

spending that has resulted rom the fnancial and

economic crisis.

The proportion o CE oreign owned or state-

controlled companies is highest in the Energy and

Resources sector, with 121 out o 147. It is also

comparatively high in the growing Consumer Business

and Transportation sector, with 79 out o 101. It islowest in Technology, Media and Telecommunications,

where oreign ownership accounts or 34 out o

a total o 43 organisations.

Table 2: Breakdown by ownership by country

Status 2009 Externalparties

CE parties Stateowned

Total

Bosnia and Herzegovina - - 1 1

Bulgaria 11 1 2 14

Croatia 3 7 7 17

Czech Republic 48 14 11 73

Estonia 5 - 1 6

Hungary 50 8 5 63

Latvia 4 2 - 6

Lithuania 1 6 2 9

Poland 97 42 41 180

Republic o Macedonia 1 - - 1

Romania 26 1 5 32

Serbia 6 2 4 12

Slovakia 17 5 7 29

Slovenia 5 11 2 18

Ukraine 12 19 8 39

Total 286 118 96 500

Table 3: Breakdown by ownership by industry

Status 2009 Externalparties

CE parties Stateowned

Total

Consumer Business andTransportation

96 54 19 169

Energy and Resources 61 26 60 147

Lie Sciences and Health Care 12 8 1 21

Manuacturing 73 22 6 101

Public Sector - - 4 4

Real Estate 10 5 - 15

Technology, Media andTelecommunications 34 3 6 43

Total 286 118 96 500




The most valuable enterprises (by capitalisation)

The ranking’s top three positions in terms o capitali-

sation remain unchanged rom the 2009 report – they

are occupied by the Czech energy company CEZ and

two Polish banks, PKO BP and Pekao S.A. At the end

o July 2010 (compared with the end o 2009), these

companies increased their market capitalisations, both in

Euros and in the Polish zloty or Czech crown. This seems

to be a growing trend – only 10 (in local currencies) and

eight (in Euros) o the 25 enterprises with the highestcapitalisation recorded a decline between December

2009 and July 2010.

In short, stock markets appear to be making up or

the time lost due to the fnancial downturn.

Two large IPOs took place in the frst quarter o

2010 – PZU and Tauron – both by companies which

automatically ound their way into our ranking o those

companies with the highest capitalisations. Nonetheless,

CEZ seems to be secure in its leading position, as its

capitalisation exceeds that o second-placed PKO BP byapproximately 50 percent.

This year’s ranking shows some signifcant decreases in

the fnancial perormance o non-fnancial institutions and

insurance companies, mainly caused by the depreciation

o local currencies. While the most conspicuous slowdown

occurred in the Manuacturing sector, as expected the Lie

Sciences, Construction and Consumer Business and

Transportation sectors appear to have coped relatively well.

In the Financial Services sector, the quality o bank loan

portolios worsened across the region, while the asset

levels remained largely unchanged. Demand or insurance

policies declined (including demand or lie insurance with

investment options).

Table 4: Top companies by market capitalization

# Company Country Market caps (EUR mln) 2010 vs. 2009 2010 vs. 2009

31.12.2009 30.07.2010 EUR LC

1 ČEZ Czech Republic 17,617 18,921 7% 1%

2 PKO BP Poland 11,562 12,248 6% 3%

3 Pekao Poland 10,325 10,747 4% 1%

4 PGE Poland 10,318 9,574 -7% -10%

5 PZU Poland - 8,504 N/A N/A

6 MOL Hungary 6,560 7,235 10% 15%

7 Komerční banka Czech Republic 5,660 5,677 0% -6%

8 Teleónica O2 Czech Republic 5,103 5,663 11% 4%

9 KGHM Poland 5,160 5,334 3% 1%

10 TPSA Poland 5,160 5,312 3% 0%

11 PGNiG Poland 5,443 5,235 -4% -6%

12 OTP Bank Hungary 5,641 5,172 -8% -4%

13 PKN Orlen Poland 3,535 4,175 18% 15%

14 Petrom Romania 3,336 4,170 25% 25%

15 ArcelorMittal Kryvyj Rih Ukraine 3,776 3,964 5% -7%

16 BZ WBK Poland 3,380 3,370 0% -3%

17 Richter Gedeon Hungary 2,953 2,927 -1% 4%

18 T-HT Group Croatia 3,079 2,927 -5% -6%

19 BRE Poland 1,879 2,712 44% 41%

20 ING Poland 2,470 2,543 3% 0%

21 Handlowy Poland 2,226 2,525 13% 10%

22 Magyar Telekom Hungary 2,818 2,483 -12% -8%

23 Krka Group Slovenia 2,266 2,310 2% 2%

24 Enea Poland 2,300 2,035 -12% -14%

25 Tauron Poland - 2,034 N/A N/A

*LC: Local currency

10



Foreign investors

There are signs o substantial decline in the revenues

generated by oreign companies in the CE region

between 2008 and 2009. This is clear by the position o

the world’s largest steel company, ArcelorMittal, which

saw revenues all by 45.4% as it slipped rom third

(second a year earlier) to eighth place in this ranking

category. Indeed, a decline in revenues o well over 20

percent was experienced by each o the region’s three

largest oreign investors.

Reduced revenues or power companies including

E.ON, OMV and RWE reect primarily the impact o

depreciating local currencies. The arrival in this category

o LG and continued growth actors is a result o

greenfeld investments opened recently in the region.

Table 5: Largest oreign investors

No. Company Revenues 2008(mln EUR)

Revenues 2009(mln EUR)

Change (%)

1 Volkswagen 22,516 16,912 -24.9%

2 E.ON 13,403 9,946 -25.8%

3 Metro 12,781 9,862 -22.8%

4 RWE 8,685 8,230 -5.2%

5 Deutsche Telekom 9,044 7,887 -12.8%

6 Samsung Electronics 6,891 7,209 4.6%

7 Tesco 7,338 7,004 -4.5%

8 Arcelor Mittal 12,709 6,933 -45.4%

9 OMV 8,842 6,292 -28.8%

10 Lukoil 9,489 5,950 -37.3%

11 France Telecom 7,287 5,685 -22.0%

12 Fiat 5,404 5,261 -2.7%

13 REWE 4,669 4,723 1.2%

14 Foxconn 4,987 4,550 -8.8%

15 Nokia 5,391 4,396 -18.5%

16 BP 5,426 3,992 -26.4%

17 Kauand 3,611 3,799 5.2%

18 Shell 4,244 3,208 -24.4%

19 Philips 3,433 3,049 -11.2%

20 Carreour 3,356 3,028 -9.8%

21 Eni 3,773 2,909 -22.9%

22 Toyota 2,530 2,500 -1.2%

23 Renault 2,522 2,485 -1.4%

24 LG 2,144 2,348 9.5%

25 Phoenix 2,367 2,308 -2.5%




0%

20%

40%

60%

80%

100%

Graph 4: The percentage o companies with revenue increase vs. decrease 2008 - 2009 by country

P o l a n

d

H u n g

a r y

C z e c h R

e p u b l i c

U k r a i n e

C r o a t i a

S l o v a k i a

L i t h u

a n i a

R o m a

n i a

S l o v e n i a

B u l g a

r i a S e r b i a

E s t o n i a

L a t v i a

B o s n i a

a n d H

e r z e g o v i n a

R e p u b l i

c o f M

a c e d o n i a

Increase

DecreaseNo change

16 1613

8

2731

1116

6

1425

33

17

100

8083

82

9267 59

89 81

56

79

75

50 83

100

3 2

6 710

3

39

717

0

20%

40%

60%

80%

100%

Graph 5: The percentage o companies with revenue increase vs. decrease Q1 2009 - Q1 2010 by country

P o l a n

d

H u n g a r y

C z e c h R

e p u b l i c

U k r a i n e

C r o a t i a

S l o v a k i a

L i t h u

a n i a

R o m a

n i a

S l o v e n i a

B u l g a

r i a S e r b i a

E s t o n i a

L a t v i a

B o s n i a

a n d H

e r z e g o v i n a

R e p u b l i c

o f M

a c e d o n i a

Increase

Decrease

No change

80 78

61 61 63

17

75

100

N/AN/A N/A N/A

N/A

N/A

N/A

2933

50

18 22

3539 37

83

25

7167

50

1 4




Graph 7: Total revenues by country

Bosnia and Herzegovina (1)

Bulgaria

CroatiaCzech Republic

Estonia

Hungary

Latvia

Lithuania

Poland

Republic o Macedonia (0)

Romania

Serbia

Slovakia

Slovenia

Ukraine

Bosnia and Herzegovina (0%)

Bulgaria

Croatia

Czech Republic

Estonia

Hungary

Latvia

Lithuania

Poland

Republic o Macedonia (0%)

RomaniaSerbia

Slovakia

Slovenia

Ukraine

2% 3%

17%

1%

14%

1%2%35%

5%

2%

6%

3%8%

Fewer Ukrainian enterprises are included in the ranking

this year, and the share o Top 500 revenues generated

by that country’s companies is also lower. On the other

hand, there is a greater presence o Czech and Slovak

companies, in terms o both the number o frms and

their share o total revenues. The revenues o Polish

companies included in the Top 500 ranking remain

largely unchanged at around 35 percent, although

the number o Polish frms in the ranking has allen

down due to the consolidation o entities operatingwithin large energy groups which had previously been

listed separately.

The year in review

Over the last year we have noted signifcant changes

across countries and industries.

There is a very close correlation between the total

revenues achieved by each country and the proportion

o businesses each has in the CE Top 500 ranking (see

Table 1). While Poland has 36 percent o the ranking’s

entries, it has 35 percent o the region’s revenue. Such

correlations are also evident urther down the ranking,

in countries such as Slovakia (6 percent), Serbia (2 percent)

and Latvia (1 percent) where the fgures are the same

or each category. The only slight exception is the Czech

Republic, with 15 percent o the entries and 17 percent

o the revenue.

Central Europe’s largest sector by revenue is Energy

and Resources (EUR 200,180 million), which also has

the highest proportion o state ownership within

the region. The largest and astest-growing sector by

number o companies within the Top 500 is Consumer

Business and Transportation, but with revenues oEUR 147,435 million in 2009 a distant second.

Third-placed Manuacturing is also the region’s astest

declining sector.

Graph 6: Geographic structure o companies

0

100

200

300

400

500

2008

2

71

1312

62

6

73

1714

63

107

96

188 180

632

1232

2829

2018

48 39

2009

14



While the region’s median revenues declined across

the board between 2008 and 2009, some sectors in

select countries stand out as being particularly hard hit

by the economic and fnancial crisis.

These include Energy and Resources in Serbia,

Romania, Ukraine and the Republic o Macedonia,

and Manuacturing in Serbia, Ukraine, Lithuania and

Hungary.

Table 6: Total revenues / end o 2009 in EUR mln

Total revenues / endo 2009 in EUR mln

ConsumerBusinessand Trans-portation

Energy andResources

LieSciencesand HealthCare

Manuac-turing

PublicSector

Real Estate Technology,Media andTelecommu-nications

Total Percentageshare

Bosnia and Herzegovina - 441 - - - - - 441 0%

Bulgaria 856 7,661 - 1,054 - - 1,563 11,135 2%

Croatia 7,748 5,434 625 364 602 - 1,652 16,426 3%

Czech Republic 19,975 30,745 2,007 18,867 - 4,815 10,889 87,298 17%

Estonia 2,114 1,277 - - - - - 3,392 1%

Hungary 13,647 30,959 4,811 16,825 670 439 7,794 75,145 14%

Latvia 1,602 1,552 - - - - - 3,154 1%

Lithuania 6,209 3,936 - 888 - - - 11,033 2%

Poland 62,105 65,217 5,700 30,739 2,905 4,313 14,552 185,531 35%

Republic o Macedonia - 402 - - - - - 402 0%

Romania 7,635 11,699 464 4,232 - - 3,194 27,224 5%

Serbia 3,155 4,816 - 498 - - 2,479 10,949 2%

Slovakia 2,188 12,065 937 14,149 - 361 2,342 32,043 6%

Slovenia 7,494 4,198 1,647 2,028 - 520 848 16,734 3%

Ukraine 12,704 19,777 - 9,574 - - 2,444 44,499 8%

Total 147,435 200,180 16,192 99,218 4,177 10,447 47,759 525,407 100%

Table 7: Annual median change - Revenues

2009 / 2008 medianrevenues change in EUR

ConsumerBusiness andTransportation

Energy andResources

Lie Sciencesand Health Care

Manuacturing Public Sector Real Estate Technology,Media andTelecommuni-cations

Bosnia and Herzegovina N/A 3% N/A N/A N/A N/A N/ABulgaria -8% -4% N/A -19% N/A N/A -5%

Croatia -4% 3% -2% -8% 20% N/A -5%

Czech Republic -7% -6% -4% -20% N/A -4% -13%

Estonia -1% -7% N/A N/A N/A N/A N/A

Hungary -11% -18% -2% -27% -11% -6% -16%

Latvia -13% -6% N/A N/A N/A N/A N/A

Lithuania -11% -19% N/A -39% N/A N/A N/A

Poland -12% -18% -5% -21% -22% -5% -19%

Republic o Macedonia N/A -38% N/A N/A N/A N/A N/A

Romania -3% -25% -2% -32% N/A N/A -13%

Serbia 5% -24% N/A -53% N/A N/A -7%

Slovakia -6% -2% 10% -3% N/A -8% -3%

Slovenia -2% -14% -7% -20% N/A 0% 1%

Ukraine -18% -29% N/A -51% N/A N/A -33%

Total -9% -17% -2% -22% -14% -5% -12%




Table 8: First quarter median change - Revenues

Q1 2010 / Q1 2009

median revenues changein EUR

Consumer

Business andTransportation

Energy and

Resources

Lie Sciences

and Health Care

Manuacturing Public Sector Real Estate Technology,

Media andTelecommuni-cations

Bosnia and Herzegovina N/A N/A N/A N/A N/A N/A N/A

Bulgaria N/A 1% N/A 86% N/A N/A -7%

Croatia 7% 10% N/A -2% N/A N/A -2%

Czech Republic 5% 5% N/A 18% N/A 32% -1%

Estonia -6% 21% N/A N/A N/A N/A N/A

Hungary N/A 4% 5% 61% N/A N/A 1%

Latvia 3% -18% N/A N/A N/A N/A N/A

Lithuania -10% 19% N/A N/A N/A N/A N/A

Poland 17% 21% 15% 17% 35% 4% 11%

Republic o Macedonia N/A N/A N/A N/A N/A N/A N/A

Romania N/A 31% N/A 11% N/A N/A N/A

Serbia N/A N/A N/A N/A N/A N/A N/A

Slovakia N/A 17% N/A N/A N/A N/A -8%

Slovenia N/A N/A N/A N/A N/A N/A N/A

Ukraine 29% 34% N/A 0% N/A N/A -8%

Total 13% 12% 15% 17% 35% 5% -2%

By the frst quarter o 2010, a signifcant turnaround was

underway. In Energy and Resources, median revenues

were undergoing double-digit recovery in at least two o

these countries, while in Manuacturing decline

had stabilised in Ukraine and reversed by an astonishing

61 percent in Hungary.

16



Industry overview

All industries experienced a general decrease inrevenues, with Lie Sciences, Construction, Real Estate

and Consumer Business and Transportation being

the least aected. These sectors increased their share

both o the total revenues generated by the 500 leading

frms and also o the number o frms represented in

the report.

The Technology, Media and Telecommunications sector

has continued to decline across Central Europe and

this is reected in this year’s ranking which saw more

than 88 percent o these companies record a revenue

decrease between 2008 and 2009. While this wasthe worst perormance o all sectors, decreasing

revenues across the board were the main story o

the year – only the Real Estate sector (primarily

construction companies) recorded position where

over 40 percent o companies experienced a revenue

increase or no change.

By comparing the frst quarter o 2010 with that o2009 it is clear how revenues began to recover, albeit

rom a low base, during the intervening 12 months.

While the substantial decline in the Technology, Media

and Telecommunications sector continued, others –

most particularly the economically critical Real Estate,

Energy and Resources and Manuacturing sectors –

demonstrated considerable progress which may prove

to be the beginning o a sustainable recovery across

the region. Proportionally, the Technology, Media and

Telecommunications and Manuacturing sectors in

Central Europe saw the greatest decline in represen-

tation in the Top 500 ranking between 2008 and 2009.The Consumer Business and Transportation sector,

already the largest in terms o representation, extended

its lead in revenue generation over the year. Energy

and Resources also showed some signifcant growth,

even though reduced revenues or some o the sector’s

oreign investors (see Table 5) prevented the sector rom

perorming even better.




0%

20%

40%

60%

80%

100%

0%

20%

40%

60%

80%

100%

Graph 10: Top 500 broken down by Industry by

number o companies

Graph 11: Top 500 broken down by Industry by

number o companies by revenues

2008 2008

30% 23%34% 28%

28%40%

29% 38%

4%

3%4% 3%

24%21%20% 19%

1% 1%1%1%3%

2%3%2%

10% 10%9%9%

2009 2009

Consumer Business andTransportation

Energy and Resources

Lie Sciences and Health Care

Manuacturing

Public Sector

Real Estate

Technology, Media andTelecommunications

0%

20%

40%

60%

80%

100%

0%

20%

40%

60%

80%

100%


increase vs. decrease 2008 - 2009 by industry

(calculated in EUR)


increase vs. decrease Q1 2009 - Q1 2010 by industry

(calculated in local currencies)

E n e r g

y a n d

R e s o u r c e s

E n e r g

y a n d

R e s o u r c e s

M a n u f a c t u r i n g

M a n u f a c t u r i n g

C o n s u m

e r B u

s i n e s s

a n d T

r a n s p o r t a t i o n

C o n s u m

e r B u

s i n e s s

a n d T

r a n s p o r t a t i o n

T e c h n o l o g

y, M

e d i a

a n d

T e l e c

o m m u

n i c a t i o n

s

T e c h n o l o g

y, M

e d i a

a n d

T e l e c

o m m u

n i c a t i o n

s

P u b l i

c S e c t o r

P u b l i

c S e c t o r

L i f e S

c i e n c e s

a n d

H e a l t h C

a r e

L i f e S

c i e n c e s

a n d

H e a l t h C

a r e

R e a l E s

t a t e a

n d

C o n s t r u

c t i o n

R e a l E s

t a t e a

n d

C o n s t r u

c t i o n

20

72

10

73

17

77

10

3325

100

24

67

14

71

76

28

85

24

79

23

88

6175

67

57

4 5 34 2 6

10

3329 29

Increase

Decrease

No change

18



Graph 12: Median revenue change - annual

Manuacturing

-25% -20% -15% -10% -5% 0% 5% 10%

-10%-22%

-2%-17%

0%-14%

-3%-12%

0%-12%

-9%

-5%

-2%

2%

5%

7%

Energy and Resources

Public Sector

Technology, Media and Telecommunications

TOP500

Consumer Business and Transportation

Real Estate

Lie Sciences and Health Care

Median revenue change in EURMedian revenue change in LC

Reduced revenues or the Energy and Resources industry

were demonstrated in this year’s Top 500, although

it still remains the region’s largest sector by revenue.

The largest growth sector, again, was Consumer Business

and Transportation, which now accounts or over 28

percent o the region’s revenues to demonstrate the key

importance o consumer spending in a sustainable

economic recovery across the region. A comparison

between the relative perormance o key sectors in

the euro and local currencies clearly shows the stabilitybenefts delivered by adoption o the EU-wide currency.

While the 22 percent decline o revenues experienced by

Manuacturing in local currencies looks like a calamitous

collapse, the 9 percent decline in euros is serious but not

disastrous.

The local currency decline in the Top 500’s greatest

growth sector – Consumer Business and Transportation

– is placed in context by the 5 percent revenue growth it

experienced under the common currency.




Banking sector

In 2009 PKO BP overtook the Hungarian OTP Bank to

become the largest Central European bank in terms

o total assets. Despite the generally difcult situation

aecting the entire sector in 2009, PKO BP achieved

an impressive 18 percent rise in its Euro-denominated

asset value. Only our o the 50 eatured fnancial

institutions saw higher asset value increases in 2009.

Banks based in Bulgaria, Croatia, the Czech Republic and

Slovenia achieved asset increases in 2009.

PKO BP did not achieve the highest net proft, however.

In 2009 CSOB, ranked second in terms o assets,

recorded the highest nominal net proft and the highest

return on equity (ROE) (25 percent) among the 50

largest banks. Only seven o these recorded net proft

increases, and the average ROE in the largest banks ell

rom 13 percent in 2008 to 9 percent in 2009.

Last year the quality o the bank loan portolio

worsened across the region, with the value o loan loss

provisions increasing by more than 100 percent.

At the end o 2009 the loan-to-deposit ratio ell rom

1.12 to 0.99, a result both o limited credit acilities

(average loans outstanding decreased by 5.7 percent)

and an 11 percent average increase in value o deposits

placed. This trend continued into the frst quarter o

2010, when the ratio ell to 0.93 (outstanding loans ellby 8.1 percent and the number o deposits increased by

0.6 percent).

In the frst quarter o 2010, assets grew slightly (average

Euro assets growing by 4 percent) when compared with

the frst quarter o 2009. This was due to the intensifed

activities o banks in Poland, Ukraine, the Czech Republic

and Hungary.

Financial Services industry

Rank Company name Country

1 PKO BP Poland

2 OTP Bank Hungary

3 ČSOB Czech Republic

4 Česká spořitelna Czech Republic

5 Pekao Poland

6 Komerční banka Czech Republic

7 NLB Group Slovenia

8 BRE Poland

9 BCR Romania

10 ZABA Croatia

11 ING Poland

12 BZ WBK Poland

13 BRD Romania

14 Slovenská sporiteľňa Slovakia

15 MKB Hungary

16 K&H Hungary

17 Millennium Bank Poland

18 Erste Bank Hungary Hungary

19 CIB Hungary

20 UniCredit Bank Czech Republic Czech Republic

21 VÚB Slovakia

22 PBZ Croatia

23 Kredyt Bank Poland

24 Swedbank Baltic Estonia

25 Handlowy Poland


26 Tatra banka Slovakia

27 Raieisen Bank Hungary Hungary

28 BPH Poland

29 Getin Noble Poland

30 BGK Poland

31 SEB bankas Lithuania

32 PrivatBank Ukraine

33 Raieisenbank CR Czech Republic

34 Erste Croatia Croatia

35 Swedbank Latvia Latvia

36 Unicredit Bank Hungary Hungary

37 Swedbank Lithuania Lithuania

38 Hypoteční banka Czech Republic

39 Raieisen Bank Polska Poland

40 Českomoravská stavební spoř ite lna Czech Republic

41 BGŻ Poland

42 Unicredit Bulbank Bulgaria

43 Raieisen Croatia Croatia

44 ČSOB Slovakia Slovakia

45 NKBM Group Slovenia

46 GE Money Bank Czech Republic

47 UniCredit Tiriac Bank Romania

48 HYPO Croatia Croatia

49 Oschadbank Ukraine

50 Volksbank Romania Romania

Table 9: Top 50 in the banking sector within Central Europe by total assets

20



With 13 o the 50 largest banks, Poland’s strong

presence in the rankings is well established; the Czech

Republic is represented by eight banks. It should be

pointed out that two Ukrainian banks – Raieisen Bank

Aval and UkrSibbank – are no longer on the list, as their

asset sizes decreased in 2009 by over 20 percent.

• The shares o the region’s banking markets have

remained relatively stable. Poland has 31 percent,

the Czech Republic 21 percent and Hungary16 percent, measured on the share o CE Top 50

banks’ sum o assets.

• The sum o assets o the CE Top 50 banks grew rom

2005 to 2008, and declined by 3 percent in 2009.

It grew by 5 percent rom the frst quarter o 2009

to the frst quarter o 2010.

• The period 2005 to 2008 saw a trend o income

growth rom ees and commissions. There was

a -23 percent downturn rom 2008 to 2009, and only

1 percent growth between the frst quarters o 2009

and 2010. This means that banks are able to earnsignifcantly less income rom ees and commissions

than in the past, and they appeared unable to break

this trend in the frst quarter o 2010.

The delayed impact o the economic and fnancial crisis

on the CE region meant that the frst hal o 2008 saw

a comparatively strong perormance among CE banks.

Similarly, improving prospects in the second hal o 2009

meant that the sector showed only a 3 percent decline

in the sum o assets among banks. Overall, CE banks

ared better than their western counterparts.

The insurance industry, on the other hand, with its

23 percent decline in Gross Written Premiums (GWP)

showed signifcantly greater vulnerability to the impact

o the crisis, and there is a view that it will continue to

eel its eects or longer than other industries – both

those within the Financial Services sector and outside it.

A comparison between the frst quarters o 2009 and

2010 shows some improvement in banking revenuesand insurance companies’ GWP.

For the banks, this disguises the ferce competition

underway or market share, which is always gained at

another’s expense. Their key competitive weapon is

to maintain or improve customer service levels while

cutting costs to enhance proftability.

Looking ahead, CE banks are likely to beneft rom

relatively healthy capital reserves as they seek to comply

with Basel III requirements. We expect that orthcoming

changes caused by the economic climate will cause

the CE banking industry to move more in line with its

Western European counterparts.




Insurance sector

In 2009 the CE region’s insurance companies saw gross

written premium expressed in Euros all on average

by 8 percent, but this decline resulted mainly rom

depreciation in the average annual local currency

exchange rates. The average decrease in the premium

when expressed in local currencies only came to

1 percent.

40 o the 50 largest insurance frms saw decreases intheir Euro premiums. Against this background, insurance

companies in the Czech Republic and Slovenia did

relatively well with premiums increasing in 2009.

PZU still holds the leading position among the region’s

insurance companies, despite its 20 percent decrease

in gross written premium. It achieved a simultaneous

30 percent rise in net proft in 2009. As in previous

rankings, Ceska pojistovna (with a 22 percent decrease

in gross written premium) was in second place. Warta,

ollowing a decrease o more than 26 percent in its

gross written premium, lost its previous third place to

Czech Kooperativa pojistovna.

Compared to the frst quarter o 2009, gross written

premium increased in almost all countries in the frst

quarter o 2010 (with the exception o Slovakia). In

Euros, the premium rose by an average o 8 percent,

mainly the result o local currency appreciation –

the average increase in local currencies amounted to just

over 1 percent.

The CE insurance industry is acing a challenging time as

it continues to experience the impact o the economiccrisis or longer than other sectors. Additional difculties

include growing incidences o raud and decreasing

premiums as companies battle or market share.

More stringent capital hold ing, corporate governance,

risk, disclosure and transparency requirements under

Solvency II are additional challenges, demanding

improved IT systems and the need to minimise

mis-selling. Alongside the need to work more eectively

with intermediaries, these are all key issues that need to

be addressed by a unifed industry voice – without this,

consumer confdence will decline urther to threaten

the industry’s long-term uture.

22




1 PZU Poland

2 Česká pojišťovna Czech Republic

3 Kooperativa pojišťovna Czech Republic

4 Warta Poland

5 Zavarovalnica Triglav Slovenia

6 Allianz Polska Poland

7 Allianz Hungaria Hungary

8 ING Polska Poland

9 Allianz - Slovenská poisťovňa Slovakia

10 STU Ergo Hestia Poland

11 Aviva Polska Poland

12 Generali Providencia Hungary

13 Kooperativa Slovakia Slovakia

14 Generali Polska Poland

15 Croatia osiguranje Croatia

16 Uniqa Polska Poland

17 Allianz pojišťovna Czech Republic

18 ČSOB Pojišťovna Czech Republic

19 Amplico Lie Poland

20 Generali Pojišťovna Czech Republic

21 Allianz-Tiriac Asigurari Romania

22 Groupama Hungary

23 Aegon Hungary Hungary

24 ING Hungary Hungary

25 Nordea Polska Poland


26 Zavarovalnica Maribor Slovenia

27 Pojišťovna České spořitelny Czech Republic

28 Omniasig Romania

29 Adriatic Slovenica Zavarovalna družba Slovenia

30 Vzajemna Slovenia

31 Česká podnikatelská pojišťovna Czech Republic

32 ING Životní pojisťovna Czech Republic

33 Generali Slovensko Slovakia

34 HDI Polska Poland

35 Astra-Uniqa Romania

36 Uniqa Hungary Hungary

37 Komerční pojišťovna Czech Republic

38 InterRisk Poland

39 UNIQA pojišťovna Czech Republic

40 Compensa TU Poland

41 AXA Polska Poland

42 Dunav Osiguranje Serbia

43 Asirom Romania

44 Aegon Polska Poland

45 Euroherc osiguranje Croatia

46 Komunálna poisťovňa Slovakia

47 BCR Asigurari Romania

48 Allianz Zagreb Croatia

49 K&H Insurance Hungary

50 DDOR Serbia

Table 10: Top 50 in the insurance sector within Central Europe

• Poland is the most important insurance market, with

the share o Polish companies in the top 50 insurers

growing rom 44 percent to 53 percent. Thereore

just over hal o the regional gross written premiums

between 2005 and 2008 were generated by Polish

insurance companies. The most signifcant decline

was in the Czech Republic, whose share ell rom 26

to 19 percent between 2005 and 2008, but partially

recovered to 23 percent in 2009. Hungary hovered

around 10 percent and Croatia shrank rom 4.7 to 3.2

percent. Other countries remained stable.

• Total gross written premium obtained by the insurers

in the region increased by over 20 percent each year

rom 2005 to 2008, but decreased by 23 percent in

2009.




Few CE construction businesses saw a rise in their

revenues between 2008 and 2009. One o the ew

exceptions was Strabag Polska o Poland, which saw

a revenue increase o 16.3 percent, but the overall

picture was one o companies struggling to cope

with decreased consumer spending and increased

price-sensitivity. However, in some cases declining

revenues did not mean a decline in net income (NI) –

Pollmex-Mostostal and Mostostal Warszawa showed

signifcant NI growth despite reduced revenue.

The housing market across CE has contracted, leaving

the region’s construction companies aced with alling

consumer demand. As a corollary, however, public

sector demand has increased, particularly in Poland –

which never entered recession – as the government

undertakes major inrastructure projects.

Across the region, however, companies are being orced

to take any opportunity to streamline and modernise

their operations. This is leading to leaner and more

efcient companies and building techniques that will

enable them to incur reduced costs and become more

price-competitive. Such activities underlie the apparent

anomaly between some revenue and NI fgures.

Construction industry

Table 11: Top 10 in the Construction Industry within Central Europe (All revenue and net income fgures are in EUR million)

Rank Top 500Rank

Company name Country Revenuerom sales

Revenuechange (%)

Net income Net incomechange (%)

Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010- Q1 2009

1 126 Polimex-Mostostal Poland 1,117.7 -8.7% 51.7 88.9% 193.3 4.5%

2 128 Metrostav Czech Republic 1,104.0 -7.1% 32.5 7.8% 185.1 31.5%

3 142 Skanska Czech Republic 1,046.4 N/A 55.1 N/A N/A N/A

4 163 Eurovia CS Czech Republic 927.1 0.5% 32.6 -12.0% 103.5 52.2%

5 204 Budimex Poland 760.3 -18.5% 40.1 45.0% 144.6 -4.6%

6 221 Strabag Polska Poland 726.3 16.3% 43.5 65.2% N/A N/A

7 237 Skanska Poland 694.7 -12.2% 28.0 -26.9% N/A N/A

8 247 Strabag ČR Czech Republic 676.3 -6.0% N/A N/A N/A N/A

9 273MostostalWarszawa

Poland 626.8 -0.5% 37.0 103.4% 132.3 4.2%

10 316 ŽPSV Czech Republic 552.4 -3.9% 13.6 -21.2% N/A N/A

24



While revenues ell almost across the board or CE’s

Consumer Business companies (with the exceptions o

Jeronimo Martins and Samsung) in 2009 compared with

2008, results or the frst quarter o 2010 are encouraging

with two o the three companies reporting signifcant

growth over the same period in 2009.

169 companies rom the Consumer Business and

Transportation sector generated 28 percent o total

CE Top 500 revenues in 2009, up rom 23 percent in2008 and 20 percent in 2006, showing how the

sector’s market share has been constantly growing.

Despite this, reduced consumer spending and

increasing price-sensitivity continues to drive down

prices throughout the supply chain. Long-term price

reductions bring with them the danger o devalued

brands, as consumers come to regard products as

commodities – this is a challenge to which sector players

need to respond through eective dierentiation within

the marketplace. Possible uture means o achieving this

are through brand extension into new product or service

areas and implementing loyalty programmes.

Consumer Business industry

Table 12: Top 10 in the Consumer Business Industry within Central Europe (All revenue and net income fgures are in EUR million)

Rank Top 500Rank


Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010- Q1 2009

1 12Jeronimo MartinsDystrybucja

Poland 3,882.8 6.6% N/A N/A 1,129.7 36.5%

2 13 Metro Group Poland 3,882.3 -34.6% N/A N/A N/A N/A

3 18 Agrokor Croatia 3,607.4 -5.8% 32.3 -3.6% 752.4 1.8%

4 20 Agroert Holding Czech Republic 3,248.9 -20.0% 141.1 -20.6% 1,196.6 22.6%

5 31SamsungElectronics Magyar

Hungary 2,788.3 7.7% 135.8 N/A N/A N/A

6 35 Mercator Group Slovenia 2,643.3 -2.4% 21.1 -48.2% N/A N/A

7 36 Vilniaus prekyba Lithuania 2,596.0 -10.8% N/A N/A N/A N/A

8 40 Tesco Polska Poland 2,344.0 -12.0% N/A N/A N/A N/A

9 44 Maxima Lithuania 2,251.6 -12.2% N/A N/A N/A N/A

10 49Philips IndustriesMagyarország

Hungary 2,090.0 -11.5% -99.5 -180.9% N/A N/A




The Energy and Resources sector is still the largest in

the CE Top 500, although it declined rom 40 percent

o total revenue in the 2009 edition to 38 percent in

2010. With 147 frms in the list, it is also the second

best-represented sector in the current ranking.

• The ranking’s largest company, PKN Orlen, achieved

a positive fnancial result in 2009 (280 million

Euros) in contrast with 2008 when its net income

corresponded to a loss o 324 million Euros.

• Orlen Liuteva ell rom 13th to 24th place, due to

a revenue decline rom 5.1 billion to 3.1 billion

Euros (2008-2009).

• Hungarian company Vertis makes an appearance in

the current CE Top 500, having grown its revenue

rom 1 billion to 1.8 billion Euros (2008-2009).

Decreased industrial demand due to reduced

manuacturing output has led to signifcant reductions

in commodity prices.

Future industry trends including d iversifed energy

sources, new pipelines (such as Nabucco and South

Stream) and cleaner modern plants will eventually

reduce production costs and introduce greater

competition. Governments in the CE region are taking

steps to meet the EU’s renewable energy goals or 2020.

Energy and Resources industry

Table 13: Top 10 in the Energy and Resources Industry within Central Europe (All revenue and net income fgures are in EUR million)

Rank Top 500Rank


Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010- Q1 2009

1 1 PKN Orlen Poland 15,697.5 -30.7% 279.9 186.5% 4,368.0 33.6%

2 2 MOL Hungary 11,499.0 -18.3% 373.0 -33.6% 3,218.2 49.9%

3 3 ČEZ Czech Republic 7,426.6 0.7% 1,961.3 3.3% 2,081.1 6.5%

4 5 Natogaz Ukraine 6,891.7 4.2% 208.1 -85.8% 2,690.1 -16.0%

5 6 PGE Poland 4,997.0 -9.6% 992.9 29.1% 1,337.3 12.5%

6 8 PGNiG Poland 4,457.8 -15.1% 281.3 21.2% 1,658.4 16.9%

7 15 RWE Transgas Czech Republic 3,864.0 -11.2% 601.0 49.4% 1,248.7 -24.8%

8 16 Energorynok Ukraine 3,840.1 -27.6% 10.4 -56.6% N/A N/A

9 19 Lotos Poland 3,309.5 -28.7% 214.6 N/A 979.6 62.2%

10 23 Tauron Poland 3,150.6 -11.1% 207.7 N/A N/A N/A

26



The Technology, Media and Telecommunications (TMT)

sector has seen a marked reduction in business activity,

with median revenues declining by 12 percent in Euros

and by 3 percent in local currencies.

This sector was one o the biggest losers during 2009,

as many countries reached virtual market saturation in

both mobile and fxed-line telephony.

Looking ahead, companies are looking towardsignifcant growth opportunities in both broadband

and smartphone penetration, with the latter providing

signifcant new revenue opportunities in a drive to

achieve western usage levels.

Tha share o Technology, Media and Telecommunica-

tions secor has continuously decreased rom 12 percent

in 2005, to 11 percent in 2006 and 2007, 10 percent in

2008 and 9 percent in 2009.

Technology, Media and Telecommunications industry

Table 14: Top 10 in the TMT Industry within Central Europe (All revenue and net income fgures are in EUR million)

Rank Top 500Rank


Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010- Q1 2009

1 11 Nokia Komárom Hungary 3,970.9 -18.4% 154.9 -29.5% N/A N/A

2 17 TPSA Poland 3,826.9 -26.0% 306.0 -50.8% 969.9 1.2%

3 22 Foxconn CZ Czech Republic 3,165.0 -12.1% 19.9 143.3% N/A N/A

4 42 Magyar Telekom Hungary 2,295.5 -14.3% 276.7 -25.3% 547.5 1.2%

5 43 Teleónica O2 Czech Republic 2,265.2 -12.7% 441.2 -5.3% 534.1 -2.6%

6 56Panasonic AVCNetworks Czech

Czech Republic 1,956.6 -5.7% N/A N/A N/A N/A

7 61 Polkomtel Poland 1,796.3 -25.6% 226.5 -41.5% 551.2 12.6%

8 63 Centertel Poland 1,789.8 -27.2% N/A N/A N/A N/A

9 66 PTC Poland 1,756.8 -22.1% N/A N/A N/A N/A

10 101 PTT Srbija Serbia 1,304.3 -6.9% 313.8 -1.3% N/A N/A

Revenues in local currency assumed due to lack o other data




Manuacturing companies saw the highest losses in

revenue, with average alls o more than 20 percent.

With companies like Metinvest, Audi Hungaria

and Volkswagen Slovakia all showing substantial

double-digit percentage declines in revenues rom 2008

to 2009, the CE Manuacturing sector was the hardest

hit o all to be eatured in the Top 500.

The causes are not hard to fnd. Not only did consumerdemand decrease during the year, but company liquidity

also declined sharply due to the global credit crisis.

These actors conspired to put many companies into

insolvency during the period. Available frst quarter 2010

fgures or two companies – sector leader Skoda and

eighth-placed Unipetrol, however, both show healthy

revenue increases over the same period in 2009.

Companies now ace the need to improve innovation

in areas including cost-efciency and distribution, and

to respond more eectively to consumer demands

or higher perceived value. The emerging model is oa exible business with the agility to react rapidly to

changes in market requirements by shrinking or growing

to match production demand without carrying excess

stock or personnel.

Manuacturing industry

Table 15: Top 10 in the Manuacturing Industry within Central Europe (All revenue and net income fgures are in EUR million)

Rank Top 500Rank


Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010- Q1 2009

1 4 Škoda Czech Republic 7,105.3 -11.5% 130.9 -69.8% 2,026.0 40.7%

2 7 Fiat Poland 4,517.8 4.9% 189.5 113.3% N/A N/A

3 9 Metinvest Ukraine 4,309.0 -52.7% 238.8 -87.6% N/A N/A

4 14 Audi Hungaria Hungary 3,868.1 -30.8% 291.2 -43.9% N/A N/A

5 21SamsungElectronics Slovakia

Slovakia 3,168.2 -3.4% 236.7 N/A N/A N/A

6 26 GE Hungary Hungary 3,010.6 13.3% 1,109.7 N/A N/A N/A

7 28VolkswagenSlovakia

Slovakia 2,944.0 -42.9% 57.0 -79.8% N/A N/A

8 48 Automobile Dacia Romania 2,126.9 2.4% 54.4 -9.8% N/A N/A

9 55Toyota PeugeotCitroën AutomobileCzech


10 58ArcelorMittalPoland

Poland 1,864.0 -57.0% -90.4 -116.0% 437.8 23.4%

28



The automotive industry is clearly the backbone o CE’s

struggling manuacturing sector. Despite some initial

signs o upturn in early 2010 ollowing a year when

most major companies’ revenue declined (the exceptions

being Fiat in Poland, Automobile Dacia in Romania

and PCA Slovakia) there is now a concern that the end

o scrap subsidies in certain key export markets may

cause urther economic impact later in 2010. Even

the CE sector leader, Skoda, has issued warnings that

production may drop this year.

However, the position in CE is still brighter than in Western

Europe, thanks to lower labour costs and the modernity

o the region’s recently constructed production sites that

contrast with older plants in the West.

Automotive industry

Table 16: Top 10 in the Automotive Industry within Central Europe (All revenue and net income fgures are in EUR million)

Rank Top 500Rank


Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010- Q1 2009

1 4 Škoda Czech Republic 7,105.3 -11.5% 130.9 -69.8% 2,026.0 40.7%

2 7 Fiat Poland 4,517.8 4.9% 189.5 113.3% N/A N/A

3 14 Audi Hungaria Hungary 3,868.1 -30.8% 291.2 -43.9% N/A N/A

4 28VolkswagenSlovakia

Slovakia 2,944.0 -42.9% 57.0 -79.8% N/A N/A

5 48 Automobile Dacia Romania 2,126.9 2.4% 54.4 -9.8% N/A N/A

6 55Toyota PeugeotCitroën AutomobileCzech


7 59 PCA Slovakia Slovakia 1,853.7 10.4% 59.7 N/A N/A N/A

8 62 Volkswagen Poland 1,789.9 -20.5% 57.8 -41.6% 462.9 18.1%

9 71 Kia Motors Slovakia Slovakia 1,684.6 -18.3% 25.9 -1.3% N/A N/A

10 82 Magyar Suzuki Hungary 1,540.6 -36.5% 8.7 -53.0% N/A N/A




Changes since 2008 in the CE Lie Sciences sector were

unspectacular by comparison with some others, both in

terms o revenues and the top 10 companies in the Top

500 ranking.

The one major exception is the move o Neuca rom

third place in the 2009 report (ormally named Torarm)

on the back o revenue growth o over 16 percent.

This growth continued into the frst quarter o 2009

when Neuca’s revenues were 55 percent up on

the same period in 2010.

Polish companies continued to dominate the sector,

occupying the frst three places as they did in 2009.

Lie Sciences

Table 17: Top 10 in the Lie Sciences Industry within Central Europe (All revenue and net income fgures are in EUR million)

Rank Top 500Rank


Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010- Q1 2009

1 97 Neuca Poland 1,314.3 16.3% 9.1 N/A 406.3 55.7%

2 110 PGF Poland 1,254.2 -13.5% 14.6 -25.0% 349.2 14.8%

3 115 Farmacol Poland 1,187.0 -1.0% 17.9 -11.3% 341.9 15.0%

4 120 Chinoin Hungary 1,158.5 2.9% 114.3 36.3% N/A N/A

5 146Phoenix lékárenskývelkoobchod


6 150 GSK Poland 989.1 0.5% N/A N/A N/A N/A

7 159 Krka Group Slovenia 953.0 0.3% 173.7 11.4% N/A N/A

8 160 Richter Gedeon Hungary 952.9 1.2% 181.6 9.8% 235.7 13.2%

9 176 Hungaropharma Hungary 859.3 -6.0% 1.1 -87.6% N/A N/A

10 224Phoenix PharmaHungary

Hungary 721.9 -1.8% 9.5 -8.5% N/A N/A

Revenues in local currency assumed due to lack o other data

30



The Central Europe Top 500 ranking is compiled based

on consolidated company revenues or the fscal year

ending 2009. The rankings are based on revenues

reported by a particular legal entity operating in Central

Europe.

The ranking groups companies by industry and country.

We also display the ranking o the largest Central

European companies by market capitalisation as o

July 2010 and a list o the major oreign investors inthe region.

Deloitte has sourced the inormation by individually

approaching the companies themselves, rom publicly

available sources and estimates based on a comparison

with last years’ results and our research.

We have ranked banks and insurance companies by

total assets and gross written premium respectively.

The gross written premium o insurance companies

includes both premiums rom lie and non-lie

operations, despite the act that in certain areas these

companies operate as separate legal entities.

The list o major oreign investors in the region is

made up o aggregated revenues o those Top 500

companies controlled by investors. These fgures are

only approximate, as they do not include, inter alia,

intra-group sales and it is possible that they also do not

contain the revenues o all subsidiaries in the region.

Missing data

In cases where revenue or the fscal year 2009 was not

available, we used the reported 2008 revenue in local

currency as a proxy or 2009.

The list does not include companies that were invited

to participate in the ranking, but who inormed us in

writing or verbally that they would not be taking part

this year. This situation regards three entities rom

Ukraine, two rom Bulgaria and one rom Romania.

The list reects structural changes in Central European

economies such as acquisitions, splits, or liquidations o

companies. A signifcant change to the list o companies

as compared to last year is consolidation o the entities

operating within large energy groups, which had

previously been listed separately (e.g. entities belonging

to the PGE Group).

Revenue calculation

Revenue has been calculated in Euros at the relevantaverage exchange rates or 2008, 2009, and the frst

quarters o 2009 and 2010. The revenue or subsidiaries

o large groups has been shown separately or those

subsidiaries which operate in dierent industries,

subsidiaries or countries than the consolidating entity

and are large enough to enter the list on their own.

In our research, we also examined companies rom

Albania, Moldova and Kosovo. However they have

not entered the Top 500 list due to their relatively low

revenues.

Data gathered rom public sources has not been

confrmed by representatives o the companies

themselves. Deloitte is not responsible or the accuracy

or correction o third party data gathered rom public

sources or provided by the company.

Russia/Belarus

For the purposes o this analysis, our ranking includes

companies in Central European countries with

the exception o Russia and Belarus.

In both cases we were unable to fnd reliable data that

could be used in the rankings. The size o the Russianeconomy and some o its major companies also makes

industry and country comparisons difcult.

The methodology




Industry thought leadership

Positioning or a new fnancial landscape

This survey was conducted at a period o transition, it reveals executive views on a variety o topics,

including the impact o the crisis – the relationships damaged, the perormances curtailed, and

the strategies disrupted. It also highlights their uture ocus around customers and products, strategy

and operations, risk and regulation, capital and liquidity and talent and technology.

Solvency II Survey 2010: Counting down to the Directive

This survey has been conducted on our behal by the Economist Intelligent Unit (EIU). It covers awareness

and preparedness, cost and resource, business impact, implementation, stochastic modeling; alignment

with other initiatives, and lobbying activity. It fnds organisations still have much to do as they begin to

understand the scale o the requirements and the impact on their frms.

Risk Intelligence in the Energy and Resources Industry: Enterprise Risk Management

Benchmark Survey

Deloitte Belgium launched an Energy & Resources Enterprise Risk Management Benchmark Survey or

the EMEA region. The goal o the survey is to capture and report eedback on the current state o ERM

implementation or a cross-section o organization within the Energy & Resources industry.

2010 Global Manuacturing Competitiveness Index

This report, based on the responses o over 400 executives worldwide, identifes the issues and priorities

that global manuacturing executives believe are key to their growth as well as those countries that in

their view are stepping up to the challenge.

32



More inormation on our recent publications can be ound at

www.deloitte.com

Residential development: The role o EU governments in real estate markets

In this report Deloitte investigates government support or homeowners in 27 EU countries.

It ound that some governments already support residential development through mortgage interest

deductibility, exemptions in capital gains tax, reduced VAT or VAT exemption, tax loss in a rented

apartment and guarantee unds.

Global powers o the consumer products industry 2010

The 3rd annual Global Powers o Consumer Products identifes the 250 largest CP companies around

the world, but it is much more than just a list. Like its companion retailing report, this one examines

major trends or companies in this sector, looks at the global economic context in which they operate,

and analyzes the companies by product sector.

TMT Predictions

In our annual TMT Predictions series o reports, we identiy the trends anddevelopments that will make the biggest impact across the Technology, Media

and Telecommunications industry in the coming year by profling ten issues in

each sector.




Contacts

Ofce Managing

Partners

Balkans Maksim Caslli +40 21 2075 [email protected]

PannonAdria

Milos Macura+381 11 3812 [email protected]

Poland & Baltics

Marek Metrycki +48 22 511 [email protected]

Czech Republic & Slovakia

Michal Petrman+420 246 042 [email protected]

Function Leaders

Audit

Gavin Flook +48 22 511 [email protected]

Tax

Jaroslav Škvrna+420 246 042 636 [email protected]

Consulting

Eric Olcott +385 1 2351 [email protected]

Financial Advisory Béla Seres+36 1 423 [email protected]

Enterprise Risk Services

Zbigniew Szczerbetka+48 22 511 [email protected]

Industry Leaders

Financial Services Industry

Mike Jennings+420 246 042 [email protected]

Energy & Resources

Vladimír Vaněk +420 246 042 [email protected]

Manufacturing

Bronislav Pánek +420 246 042 [email protected]

Real Estate

Diana Rádl Rogerová+420 246 042 [email protected]

Public Sector

Martin Buranský +420 246 042 [email protected]

Consumer Business

Martin Tesař +420 246 042 [email protected]

Technology, Media &

Telecommunications

Dariusz Nachyła+ 48 22 511 0631

[email protected]

CE Top 500

Project Team

Tomasz Ochrymowicz +48 22 511 [email protected]

Rafał Antczak +48 22 511 [email protected]

Ranking Analysts

Patryk Darowski +48 22 [email protected]

Artur Galbarczyk +48 22 [email protected]

Clients and Markets

Matthew Howell +420 234 078 [email protected]

Anne Charlesworth+420 246 042 [email protected]

Client service responsibilities are a keyelement o our partner’s roles. Theircommitment to quality and integrityin leading client service teams, helps

deliver excellence to our clients.

34



Appendix



2008 revenues in local currency assumed due to lack o other data36

All revenue and net income igures are in EUR million

CE Top 500 ranking



2008 revenues in local currency assumed due to lack o other data 37Who is shaping tomorrow? Ranking report 2010


Rank Company name Country Industry Subindustry Revenuerom sales

Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

1 PKN Orlen Poland Energy and Resources Oil and Gas 15,697.5 -30.7% 279.9 186.5% 4,368.0 33.6%

2 MOL Hungary Energy and Resources Oil and Gas 11,499.0 -18.3% 373.0 -33.6% 3,218.2 49.9%

3 ČEZ Czech Republic Energy and Resources Power and Utilities 7,426.6 0.7% 1,961.3 3.3% 2,081.1 6.5%

4 Škoda Czech Republic Manuacturing Automotive 7,105.3 -11.5% 130.9 -69.8% 2,026.0 40.7%

5 Natogaz Ukraine Energy and Resources Oil and Gas 6,891.7 4.2% 208.1 -85.8% 2,690.1 -16.0%

6 PGE Poland Energy and Resources Power and Utilities 4,997.0 -9.6% 992.9 29.1% 1,337.3 12.5%

7 Fiat Poland Manuacturing Automotive 4,517.8 4.9% 189.5 113.3% N/A N/A

8 PGNiG Poland Energy and Resources Oil and Gas 4,457.8 -15.1% 281.3 21.2% 1,658.4 16.9%9 Metinvest Ukraine Manuacturing Process Industries 4,309.0 -52.7% 238.8 -87.6% N/A N/A

10Ukrainian railway statecompany

UkraineConsumer Businessand Transportation

Transportation 4,107.5 -16.7% 35.6 107.0% 993.8 17.2%

11 Nokia Komárom HungaryTechnology, Media andTelecommunications

Telecommunications 3,970.9 -18.4% 154.9 -29.5% N/A N/A

12Jeronimo MartinsDystrybucja

PolandConsumer Businessand Transportation

Retail 3,882.8 6.6% N/A N/A 1,129.7 36.5%

13 Metro Group PolandConsumer Businessand Transportation

Retail 3,882.3 -34.6% N/A N/A N/A N/A

14 Audi Hungaria Hungary Manuacturing Automotive 3,868.1 -30.8% 291.2 -43.9% N/A N/A

15 RWE Transgas Czech Republic Energy and Resources Power and Utilities 3,864.0 -11.2% 601.0 49.4% 1,248.7 -24.8%

16 Energorynok Ukraine Energy and Resources Oil and Gas 3,840.1 -27.6% 10.4 -56.6% N/A N/A

17 TPSA PolandTechnology, Media andTelecommunications

Telecommunications 3,826.9 -26.0% 306.0 -50.8% 969.9 1.2%

18 Agrokor CroatiaConsumer Businessand Transportation

Wholesale andDistribution

3,607.4 -5.8% 32.3 -3.6% 752.4 1.8%

19 Lotos Poland Energy and Resources Oil and Gas 3,309.5 -28.7% 214.6 N/A 979.6 62.2%

20 Agroert Holding Czech RepublicConsumer Businessand Transportation

Consumer ProductCompanies

3,248.9 -20.0% 141.1 -20.6% 1,196.6 22.6%

21Samsung ElectronicsSlovakia

Slovakia ManuacturingIndustrial Productsand Services

3,168.2 -3.4% 236.7 N/A N/A N/A

22 Foxconn CZ Czech RepublicTechnology, Med ia andTelecommunications

Technology 3,165.0 -12.1% 19.9 143.3% N/A N/A

23 Tauron Poland Energy and Resources Power and Utilities 3,150.6 -11.1% 207.7 N/A N/A N/A

24 Orlen Lietuva Lithuania Energy and Resources Oil and Gas 3,115.6 -38.8% -24.7 N/A 774.1 19.1%

25 Petrom Romania Energy and Resources Oil and Gas 3,033.3 -33.3% 323.1 16.4% 957.6 34.5%






Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

26 GE Hungary Hungary ManuacturingIndustrial Productsand Services

3,010.6 13.3% 1,109.7 N/A N/A N/A

27 ČEZ Prodej Czech Republic Energy and Resources Power and Utilities 3,009.8 -3.9% -27.5 -157.4% N/A N/A

28 Volkswagen Slovakia Slovakia Manuacturing Automotive 2,944.0 -42.9% 57.0 -79.8% N/A N/A

29 E.ON Földgáz Trade Hungary Energy and Resources Power and Utilities 2,835.6 -24.8% -54.1 -7.8% N/A N/A

30 KGHM Poland Energy and Resources Mining 2,800.8 -22.3% 454.8 -51.2% 901.5 54.8%

31Samsung ElectronicsMagyar

HungaryConsumer Businessand Transportation


2,788.3 7.7% 135.8 N/A N/A N/A

32 INA Group Croatia Energy and Resources Oil and Gas 2,775.7 -26.1% -53.7 64.7% 774.1 9.6%

33Slovenský plynárenskýpriemysel

Slovakia Energy and Resources Oil and Gas 2,760.0 -8.9% 622.0 0.3% N/A N/A

34 Slovnat Slovakia Energy and Resources Oil and Gas 2,735.5 -30.4% -55.7 N/A 718.5 36.6%

35 Mercator Group SloveniaConsumer Businessand Transportation

Retail 2,643.3 -2.4% 21.1 -48.2% N/A N/A

36 Vilniaus prekyba LithuaniaConsumer Businessand Transportation

Retail 2,596.0 -10.8% N/A N/A N/A N/A

37 Unipetrol Czech Republic Manuacturing Process Industries 2,548.8 -35.2% -31.8 N/A 696.7 32.5%

38 Kompania Węglowa Poland Energy and Resources Mining 2,444.0 -19.6% 15.3 41.0% 596.5 -1.5%

39 Lotos Paliwa Poland Energy and Resources Oil and Gas 2,423.0 -18.8% N/A N/A N/A N/A

40 Tesco Polska PolandConsumer Businessand Transportation

Retail 2,344.0 -12.0% N/A N/A N/A N/A

41 Petrol Group Slovenia Energy and Resources Oil and Gas 2,333.9 -20.9% 7.9 112.8% N/A N/A

42 Magyar Telekom HungaryTechnology, Media andTelecommunications


43 Teleónica O2 Czech Republic Technology, Media andTelecommunications

Telecommunications 2,265.2 -12.7% 441.2 -5.3% 534.1 -2.6%

44 Maxima LithuaniaConsumer Businessand Transportation

Retail 2,251.6 -12.2% N/A N/A N/A N/A

45 BP Poland Energy and Resources Oil and Gas 2,246.0 -21.1% 55.0 N/A N/A N/A

46 PKP PolandConsumer Businessand Transportation

Transportation 2,202.3 -14.1% N/A N/A N/A N/A

47 Lukoil Netochim Bulgaria Energy and Resources Oil and Gas 2,131.1 -39.4% -90.0 62.8% N/A N/A

48 Automobile Dacia Romania Manuacturing Automotive 2,126.9 2.4% 54.4 -9.8% N/A N/A

49Philips IndustriesMagyarország

HungaryConsumer Businessand Transportation


2,090.0 -11.5% -99.5 -180.9% N/A N/A






Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

50 MVM Hungary Energy and Resources Power and Utilities 2,069.7 -27.9% 216.8 37.3% N/A N/A

51 Tesco-Global Áruházak HungaryConsumer Businessand Transportation

Consumer Services 2,055.0 -3.3% 47.5 20.7% N/A N/A

52 Slovenské elektrárne Slovakia Energy and Resources Power and Utilities 2,049.0 8.3% 280.0 75.2% 526.0 -2.0%

53 E.ON Hungária Hungary Energy and Resources Power and Utilities 2,029.8 -29.0% N/A N/A N/A N/A

54 Carreour PolandConsumer Businessand Transportation

Retail 2,000.0 -13.9% N/A N/A N/A N/A

55Toyota Peugeot Citroën

Automobile CzechCzech Republic Manuacturing Automotive 1,959.2 -0.5% N/A N/A N/A N/A

56Panasonic AVC NetworksCzech

Czech RepublicTechnology, Media andTelecommunications

Technology 1,956.6 -5.7% N/A N/A N/A N/A

57 Energa Poland Energy and Resources Power and Utilities 1,936.3 -18.2% 66.5 N/A N/A N/A

58 ArcelorMittal Poland Poland Manuacturing Process Industries 1,864.0 -57.0% -90.4 -116.0% 437.8 23.4%

59 PCA Slovakia Slovakia Manuacturing Automotive 1,853.7 10.4% 59.7 N/A N/A N/A

60 Panrusgáz Hungary Energy and Resources Power and Utilities 1,803.8 -42.0% 4.4 -60.7% N/A N/A

61 Polkomtel PolandTechnology, Media andTelecommunications


62 Volkswagen Poland Manuacturing Automotive 1,789.9 -20.5% 57.8 -41.6% 462.9 18.1%

63 Centertel PolandTechnology, Media andTelecommunications

Telecommunications 1,789.8 -27.2% N/A N/A N/A N/A

64 Vertis Hungary Energy and Resources Power and Utilities 1,770.0 83.3% 9.4 129.9% N/A N/A

65 Tesco Stores ČR Czech RepublicConsumer Businessand Transportation

Retail 1,758.8 10.6% N/A N/A N/A N/A

66 PTC PolandTechnology, Media and

Telecommunications

Telecommunications 1,756.8 -22.1% N/A N/A N/A N/A

67 TNK-BP Commerce Ukraine Energy and Resources Oil and Gas 1,745.9 -32.3% 23.9 124.7% 407.4 4.7%

68 U.S. Steel Košice Slovakia Manuacturing Process Industries 1,741.7 -38.9% 11.3 -96.7% N/A N/A

69 Makro Cash and Carry PolandConsumer Businessand Transportation

Retail 1,733.2 -21.3% N/A N/A N/A N/A

70 Rompetrol Romania Energy and Resources Oil and Gas 1,720.2 -43.2% -120.5 38.7% 504.1 30.3%

71 Kia Motors Slovakia Slovakia Manuacturing Automotive 1,684.6 -18.3% 25.9 -1.3% N/A N/A

72 Delta SerbiaConsumer Businessand Transportation

Retail, Real Estate,Wholesale andDistribution, andAgribusiness

1,675.1 -6.7% 46.5 N/A N/A N/A

2008 revenues in local currency assumed due to lack o other data






Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

73 Čepro Czech Republic Energy and Resources Oil and Gas 1,670.5 -22.9% 21.0 3.5% 388.1 11.1%

74 Enea Poland Energy and Resources Power and Utilities 1,656.3 -5.5% 123.7 104.3% 506.2 20.8%

75 EPS Serbia Energy and Resources Power and Utilities 1,640.9 -9.1% -85.7 71.2% N/A N/A

76 HEP Group Croatia Energy and Resources Power and Utilities 1,625.7 6.8% 40.8 N/A N/A N/A

77 Lukoil Bulgaria Bulgaria Energy and Resources Oil and Gas 1,625.0 -34.1% N/A N/A N/A N/A

78 PSE Operator Poland Energy and Resources Power and Utilities 1,601.6 -18.8% 44.6 38.6% 435.9 22.8%

79 Poczta Polska Poland Public Sector Postal Services 1,594.5 -17.6% -46.2 -16.3% N/A N/A

80 Konzum Croatia Consumer Businessand Transportation Retail 1,549.3 -3.7% 46.6 2.1% 358.0 10.3%

81 Eurocash PolandConsumer Businessand Transportation

Retail 1,547.9 -11.3% 23.7 12.7% 385.8 16.7%

82 Magyar Suzuki Hungary Manuacturing Automotive 1,540.6 -36.5% 8.7 -53.0% N/A N/A

83 AHOLD Czech Republic Czech RepublicConsumer Businessand Transportation

Retail 1,526.0 -6.3% -65.8 N/A N/A N/A

84 E.ON Energie Czech Republic Energy and Resources Power and Utilities 1,465.1 -5.7% N/A N/A N/A N/A

85 NEK Bulgaria Energy and Resources Power and Utilities 1,425.6 -5.9% -9.6 -137.5% N/A N/A

86 Foxconn Slovakia Slovakia ManuacturingIndustrial Productsand Services

1,384.6 0.0% N/A N/A N/A N/A

87 Makro Cash & Carry ČR Czech RepublicConsumer Businessand Transportation


1,384.3 -7.1% N/A N/A N/A N/A

88 DTEK Ukraine Energy and Resources Power and Delivery 1,377.4 -18.8% 78.6 N/A N/A N/A

89 Auchan PolandConsumer Businessand Transportation

Retail 1,375.0 -12.2% N/A N/A N/A N/A

90 Eni Česká republika Czech Republic Energy and Resources Oil and Gas 1,362.8 -30.8% -10.7 34.9% N/A N/A

91 Kauand Česká repub lika Czech Republi cConsumer Businessand Transportation

Retail 1,360.5 -3.5% 76.6 77.3% N/A N/A

92Metro Cash & CarryRomania

RomaniaConsumer Businessand Transportation


1,357.4 -16.9% N/A N/A N/A N/A

93 Shell Czech Republic Czech Republic Energy and Resources Oil and Gas 1,344.9 -33.3% 2.4 -90.7% 350.8 35.7%

94 ArcelorMittal Galati Romania Manuacturing Process Industries 1,343.1 -31.1% -334.9 N/A N/A N/A

95 Barum Continental Czech Republic Manuacturing Automotive 1,325.6 -14.4% 63.0 18.4% N/A N/A

96 Lewiatan PolandConsumer Businessand Transportation


1,322.8 -6.0% N/A N/A N/A N/A






Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

97 Neuca PolandLie Sciences andHealth Care

Lie Sciences 1,314.3 16.3% 9.1 N/A 406.3 55.7%

98 ArcelorMittal Kryvyj Rih Ukraine Manuacturing Process Industries 1,313.0 -57.1% -152.9 -149.0% 408.4 24.0%

99 PKE Poland Energy and Resources Power and Utilities 1,311.9 2.8% 146.3 N/A 301.1 9.3%

100 Lasy Państwowe Poland Public Sector National Government 1,310.6 -26.9% 38.7 -40.4% 370.8 35.3%

101 PTT Srbija SerbiaTechnology, Media andTelecommunications


102 ČEZ Distribuce Czech Republic Energy and Resources Power and Utilities 1,298.2 -4.1% 110.7 -27.1% 413.8 26.6%

103 OMV Česká republika Czech Republic Energy and Resources Oil and Gas 1,287.3 -5.7% N/A N/A N/A N/A

104 Spar Magyarország HungaryConsumer Businessand Transportation

Consumer Services 1,284.0 -1.2% -52.8 -16.8% N/A N/A

105 Revoz Slovenia Manuacturing Automotive 1,282.6 5.9% 20.5 9.6% N/A N/A

106 Emperia Holding PolandConsumer Businessand Transportation


1,276.9 -14.7% 16.1 -1.4% 349.2 22.1%

107 Merkur Group SloveniaConsumer Businessand Transportation

Retail 1,266.8 0.0% N/A N/A N/A N/A

108 LG Electronics Mława PolandConsumer Businessand Transportation


1,266.4 10.7% 31.0 -37.9% 363.6 41.4%

109 NIS Serbia Energy and Resources Oil and Gas 1,254.6 -39.7% -400.5 N/A N/A N/A

110 PGF PolandLie Sciences andHealth Care

Lie Sciences 1,254.2 -13.5% 14.6 -25.0% 349.2 14.8%

111 Real PolandConsumer Businessand Transportation

Retail 1,247.9 -16.9% N/A N/A N/A N/A

112 Moravia Steel Czech RepublicConsumer Businessand Transportation


1,230.3 -33.6% -25.3 -119.9% N/A N/A

113 MMK im. Illicha Ukraine Manuacturing Process Industries 1,225.0 N/A -20.7 -111.6% N/A N/A

114 Flextronics Hungary Hungary ManuacturingIndustrial Productsand Services

1,189.5 16.8% -63.2 N/A N/A N/A

115 Farmacol PolandLie Sciences andHealth Care

Lie Sciences 1,187.0 -1.0% 17.9 -11.3% 341.9 15.0%

116 Gorenje Group SloveniaConsumer Businessand Transportation


1,185.9 -10.9% -12.2 N/A N/A N/A

117 OKD Czech Republic Energy and Resources Mining 1,176.3 -41.0% 56.0 -86.1% 347.3 38.2%

118 Telekom Srbija SerbiaTechnology, Med ia andTelecommunications

Telecommunications 1,175.1 -7.4% 141.7 26.1% N/A N/A






Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

119 T-HT Group CroatiaTechnology, Med ia andTelecommunications


120 Chinoin HungaryLie Sciences andHealth Care

Lie Sciences 1,158.5 2.9% 114.3 36.3% N/A N/A

121 JSW Poland Energy and Resources Mining 1,153.4 -54.4% -116.7 -160.9% N/A N/A

122 Vattenall Poland Poland Energy and Resources Power and Utilities 1,153.2 -9.6% 129.6 -9.8% N/A N/A

123 T-Mobi le Czech Republic Czech RepublicTechnology, Media andTelecommunications


124 Siemens Group ČR Czech Republic Technology, Media andTelecommunications

Technology 1,134.7 -35.7% N/A N/A N/A N/A

125 Castorama PolandConsumer Businessand Transportation

Retail 1,122.3 -8.9% 140.0 N/A N/A N/A

126 Polimex-Mostostal Poland Real EstateConstructionCompanies

1,117.7 -8.7% 51.7 88.9% 193.3 4.5%

127 Západoslovenská energetika Slovakia Energy and Resources Power and Utilities 1,112.8 3.6% 143.7 17.9% N/A N/A

128 Metrostav Czech Republic Real EstateConstructionCompanies

1,104.0 -7.1% 32.5 7.8% 185.1 31.5%

129 TIGÁZ Hungary Energy and Resources Power and Utilities 1,100.4 -9.7% 5.3 125.4% N/A N/A

130 Kompania Piwowarska PolandConsumer Businessand Transportation


1,098.6 -11.4% 174.9 -16.9% N/A N/A

131 České dráhy Czech RepublicConsumer Businessand Transportation

Transportation 1,096.1 -21.2% -37.9 -140.4% 115.3 5.3%

132 Orlen Petrocentrum Poland Energy and Resources Oil and Gas 1,094.1 -24.6% 1.6 158.2% 361.2 68.9%

133 CEDC PolandConsumer Businessand Transportation


1,085.3 -3.9% 60.6 N/A 108.3 -35.2%

134 LG Electronics Wrocław Poland Technology, Media andTelecommunications

Technology 1,082.0 8.1% 29.2 N/A 339.3 48.3%

135 Fozzy UkraineConsumer Businessand Transportation

Retail 1,073.8 -19.5% N/A N/A N/A N/A

136 Lidl PolandConsumer Businessand Transportation

Retail 1,072.2 4.5% 65.7 N/A N/A N/A

137 Třinecké Železárny Czech Republic Manuacturing Process Industries 1,065.1 -36.4% -36.8 -178.1% 303.1 2.8%

138 Kyivstar UkraineTechnology, Media andTelecommunications


139 Aurubis Bulgaria Manuacturing Process Industries 1,053.8 -19.5% -15.3 84.7% 375.3 85.8%






Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

140Zaklady KoksowniczeZdzieszowice

Poland Manuacturing Process Industries 1,053.2 -18.8% N/A N/A N/A N/A

141 Ukrtatnata Ukraine Energy and Resources Oil and Gas 1,050.1 -29.8% -134.8 N/A 359.2 104.0%

142 Skanska Czech Republic Real EstateConstructionCompanies

1,046.4 N/A 55.1 N/A N/A N/A

143 Kauand Polska PolandConsumer Businessand Transportation

Retail 1,045.8 3.5% -2.7 40.2% N/A N/A

144 Orange Romania RomaniaTechnology, Media and

Telecommunications


145British American TobaccoRomania

RomaniaConsumer Businessand Transportation


1,040.9 6.3% 77.2 -22.2% N/A N/A

146Phoenix lékárenskývelkoobchod

Czech RepublicLie Sciences andHealth Care

Lie Sciences 1,037.0 -5.7% N/A N/A N/A N/A

147 Carreour Romania RomaniaConsumer Businessand Transportation

Retail 1,028.1 -0.4% 20.8 3.3% N/A N/A

148 Penny Market CR Czech RepublicConsumer Businessand Transportation

Retail 1,020.7 42.0% 9.9 -59.3% N/A N/A

149 EFT Holdings Serbia Energy and Resources Power and Utilities 990.1 1.3% 73.2 N/A N/A N/A

150 GSK PolandLie Sciences andHealth Care

Lie Sciences 989.1 0.5% N/A N/A N/A N/A

151 PKP Cargo PolandConsumer Businessand Transportation

Transportation 977.7 -37.7% -115.1 -125.6% 265.8 34.0%

152 ArcelorMittal Ostrava Czech Republic Manuacturing Process Industries 976.4 -37.5% -42.4 -117.4% N/A N/A

153 Shell Poland Energy and Resources Oil and Gas 974.4 -22.0% N/A N/A N/A N/A

154 Slovak Telekom SlovakiaTechnology, Media and

Telecommunications

Telecommunications 974.2 -2.1% 145.6 28.4% 230.0 -5.7%

155 EnergiaPro Gigawat Poland Energy and Resources Power and Utilities 970.5 -18.8% N/A N/A N/A N/A

156Budapesti ElektromosMűvek

Hungary Energy and Resources Power and Utilities 969.8 -14.4% 66.9 -34.4% 246.6 4.3%

157 Vodaone RomaniaTechnology, Media andTelecommunications

Telecommunications 968.4 -21.5% 244.7 -20.2% N/A N/A

158 Philips Lighting PolandConsumer Businessand Transportation


959.0 -10.4% 112.5 N/A N/A N/A

159 Krka Group SloveniaLie Sciences andHealth Care

Lie Sciences 953.0 0.3% 173.7 11.4% N/A N/A






Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

205 Jabil Circuit Magyarország Hungary ManuacturingIndustrial Productsand Services

758.5 61.0% -5.0 -109.5% N/A N/A

206 Česká pošta Czech RepublicConsumer Businessand Transportation

Consumer Services 757.6 -4.4% 21.0 78.3% N/A N/A

207 Grupa Muszkieterów PolandConsumer Businessand Transportation

Retail 755.7 -7.5% N/A N/A N/A N/A

208 Romgaz Romania Energy and Resources Oil and Gas 754.3 -15.4% 135.2 -7.4% N/A N/A

209 Totalizator Sportowy PolandConsumer Business

and Transportation

Tourism, Hospitality

and Leisure

752.2 -23.4% 57.5 -22.9% 164.0 -9.9%

210 MTS Ukraine UkraineTechnology, Media andTelecommunications

Telecommunications 750.1 -33.3% 58.7 -67.4% 176.5 -5.6%

211 Kernel UkraineConsumer Businessand Transportation


748.8 63.8% 94.4 66.5% 176.2 -38.3%

212 Unilever Polska PolandConsumer Businessand Transportation


745.3 -12.3% 22.7 N/A N/A N/A

213 Dneproblenergo Ukraine Energy and Resources Power and Utilities 744.5 -29.1% 5.7 -48.0% 234.7 26.5%

214 Fiat-GM Powertrain Poland ManuacturingIndustrial Productsand Services

743.1 -32.3% 22.6 -59.7% N/A N/A

215 Eustream Slovakia Energy and Resources Oil and Gas 742.9 -4.5% 78.7 -4.6% N/A N/A

216 PKP PLK PolandConsumer Businessand Transportation

Transportation 742.8 -6.8% -68.4 -118.2% N/A N/A

217 FŐGÁZ Hungary Energy and Resources Power and Utilities 740.7 -18.2% 18.8 7.5% 315.4 -11.1%

218 Vattenall Energy Trading Poland Energy and Resources Power and Utilities 731.8 3.7% 2.1 -66.8% N/A N/A

219 Michelin Poland Manuacturing Automotive 729.8 -11.6% 13.4 194.1% N/A N/A

220 Animex Poland

Consumer Business

and Transportation

Consumer Product

Companies 729.1 -17.4% N/A N/A N/A N/A

221 Strabag Polska Poland Real EstateConstructionCompanies

726.3 16.3% 43.5 65.2% N/A N/A

222 EDF Démász Hungary Energy and Resources Power and Utilities 725.3 9.6% 15.3 -67.9% N/A N/A

223 Jihomoravská plynárenská Czech Republic Energy and Resources Power and Utilities 724.4 -7.1% 75.3 N/A 265.6 -20.1%

224 Phoenix Pharma Hungary HungaryLie Sciences andHealth Care

Lie Sciences 721.9 -1.8% 9.5 -8.5% N/A N/A

225 Selgros Cash & Carry RomaniaConsumer Businessand Transportation

Retail 718.5 -16.3% 24.7 -36.7% N/A N/A






Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

226 Lidl Česká republika Czech RepublicConsumer Businessand Transportation


227 Latvenergo Latvia Energy and Resources Power and Utilities 712.2 5.2% 27.8 166.9% N/A N/A

228 OWG Group Ukraine Energy and Resources Oil and Gas 710.8 -36.3% N/A N/A N/A N/A

229 TEVA Magyarország HungaryLie Sciences andHealth Care

Lie Sciences 707.7 -1.5% 74.2 N/A N/A N/A

230 Metro-Kereskedelmi HungaryConsumer Businessand Transportation

Consumer Services 707.0 -18.7% 17.1 -21.7% N/A N/A

231 Asseco Poland Poland Technology, Media andTelecommunications

Technology 704.9 -11.2% 94.0 -32.2% 172.9 9.6%

232 Grupa Can Pack Poland ManuacturingIndustrial Productsand Services

701.8 10.2% 87.1 42.3% N/A N/A

233 Selgros PolandConsumer Businessand Transportation


700.4 -14.8% 24.9 -14.1% N/A N/A

234 Electrolux Lehel Hungary ManuacturingIndustrial Productsand Services

700.3 -18.9% 36.5 22.2% N/A N/A

235 Porsche Hungaria Hungary Manuacturing Automotive 695.0 -10.3% -9.5 -182.7% N/A N/A

236 Hyundai Motor Poland Manuacturing Automotive 694.8 -18.8% N/A N/A N/A N/A

237 Skanska Poland Real EstateConstructionCompanies

694.7 -12.2% 28.0 -26.9% N/A N/A

238 Lek Group SloveniaLie Sciences andHealth Care


239 Delta Maxi SerbiaConsumer Businessand Transportation

Retail 688.3 -5.0% 19.4 -4.6% N/A N/A

240 Kulczyk Tradex Poland Manuacturing Automotive 687.9 -18.8% N/A N/A N/A N/A

241 ATB Market Ukraine Consumer Businessand Transportation

Retail 685.6 3.7% 1.6 167.8% N/A N/A

242 SF Holding PolandConsumer Businessand Transportation


685.2 -17.7% -1,131.0 32.7% N/A N/A

243 ISD Dunaerr Hungary Manuacturing Process Industries 684.4 -48.5% -110.7 N/A N/A N/A

244 Eesti Energia Estonia Energy and Resources Power and Utilities 678.0 2.0% 115.0 65.5% 169.0 20.7%

245 Continental Automotive CR Czech Republic Manuacturing Automotive 677.8 -5.7% N/A N/A N/A N/A

246 Epicentr K UkraineConsumer Businessand Transportation

Retail 676.3 -17.0% 25.7 149.2% N/A N/A






Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

247 Strabag ČR Czech Republic Real EstateConstructionCompanies

676.3 -6.0% N/A N/A N/A N/A

248 Lekkerland PolandConsumer Businessand Transportation


670.4 -29.9% N/A N/A N/A N/A

249 Magyar Posta Hungary Public Sector Postal Services 669.8 -11.4% 25.8 -22.3% N/A N/A

250 Philip Morris Polska PolandConsumer Businessand Transportation


667.4 1.5% N/A N/A N/A N/A

251 Tele-onika Kable Poland ManuacturingIndustrial Products

and Services

666.9 -44.8% N/A N/A 169.3 44.8%

252 Magneti Marelli Poland Manuacturing Automotive 666.6 -32.3% 67.9 92.8% N/A N/A

253 RWE Polska Poland Energy and Resources Power and Utilities 666.4 -1.9% N/A N/A N/A N/A

254 Swedwood Poland Manuacturing Process Industries 665.8 -23.4% 24.2 52.5% N/A N/A

255 Engrotus SloveniaConsumer Businessand Transportation

Retail 660.9 -0.6% 11.7 44.9% N/A N/A

256 Energa-Operator Poland Energy and Resources Power and Utilities 659.7 -24.8% N/A N/A N/A N/A

257 J&S Energy Poland Energy and Resources Oil and Gas 658.7 -52.7% 6.3 118.4% N/A N/A

258GDF SUEZ EnergiaMagyarország

Hungary Energy and Resources Power and Utilities 657.8 -5.2% -11.8 N/A N/A N/A

259 AB PolandConsumer Businessand Transportation


656.2 -23.3% 6.2 27.8% 164.9 14.7%

260 TRW Poland Poland Manuacturing Automotive 648.6 0.2% 46.9 N/A N/A N/A

261 Spar Slovenia SloveniaConsumer Businessand Transportation

Retail 648.5 0.0% N/A N/A N/A N/A

262 Slovnat Česká republika Czech Republic Energy and Resources Oil and Gas 646.0 -26.9% 3.4 -34.9% 131.2 -2.1%

263 EMFESZ Hungary Energy and Resources Oil and Gas 642.2 -26.6% -47.6 N/A N/A N/A264 OMV Bulgaria Bulgaria Energy and Resources Oil and Gas 641.7 -20.4% 11.2 161.3% 144.2 5.2%

265 Telenor Magyarország HungaryTechnology, Media andTelecommunications


266Lukoil-Odesa petroleumrefnery plant

Ukraine Energy and Resources Oil and Gas 632.2 -33.5% -54.0 67.7% N/A N/A

267 Ukrtelecom UkraineTechnology, Media andTelecommunications

Telecommunications 630.6 -27.5% -41.9 79.1% 153.9 -8.2%

268 PAK Poland Energy and Resources Power and Utilities 630.4 2.9% 168.9 N/A 112.2 -1.8%






Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

269 PLL LOT PolandConsumer Businessand Transportation

Transportation 629.5 -31.7% N/A N/A N/A N/A

270 Grupa Empik PolandConsumer Businessand Transportation

Retail 628.5 -3.9% 9.7 -66.3% 150.2 19.2%

271 Sokołów PolandConsumer Businessand Transportation


628.3 15.9% 10.9 N/A 127.7 13.3%

272 Rossmann PolandConsumer Businessand Transportation


273 Mostostal Warszawa Poland Real Estate ConstructionCompanies 626.8 -0.5% 37.0 103.4% 132.3 4.2%

274 Pliva CroatiaLie Sciences andHealth Care

Lie Sciences 625.3 -1.6% N/A N/A N/A N/A

275 ISD Huta Częstochowa Poland Manuacturing Process Industries 623.0 -18.8% N/A N/A N/A N/A

276 PKP Energetyka Poland Energy and Resources Power and Utilities 616.9 -4.0% 8.0 N/A 156.4 12.4%

277 Mobiltel BulgariaTechnology, Media andTelecommunications


278 Bumar Poland ManuacturingAerospace andDeense

612.2 -38.9% 8.8 105.6% 136.5 -7.4%

279 Energokrak Poland Energy and Resources Oil and Gas 612.1 6.8% 0.8 177.1% N/A N/A

280 Specjał PolandConsumer Businessand Transportation

Retail 611.5 12.3% 1.2 1.5% 174.0 31.3%

281 Electrolux Poland PolandConsumer Businessand Transportation


611.0 -16.1% 8.8 40.2% 154.8 73.6%

282 Istrabenz SloveniaConsumer Businessand Transportation


610.4 -7.7% -71.9 67.5% N/A N/A

283 British American TobaccoPolska Poland Consumer Businessand Transportation Consumer ProductCompanies 607.6 N/A N/A N/A N/A N/A

284 Phi lip Morr is Magyarország HungaryConsumer Businessand Transportation


604.6 -6.0% 3.4 -37.4% N/A N/A

285 E.ON Gaz Romania Romania Energy and Resources Oil and Gas 604.1 -25.1% N/A N/A N/A N/A

286 Węglokoks Poland Energy and Resources Mining 602.4 -29.4% 28.0 35.1% 175.3 23.4%

287 Zagrebački Holding Croatia Public SectorLocal or MunicipalGovernment

601.9 19.5% 5.3 30.5% N/A N/A

288 Synthos Poland Manuacturing Process Industries 601.1 -25.8% 36.1 -33.7% 207.0 53.8%






Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

289 Polomarket PolandConsumer Businessand Transportation


290Baltic International TradingOÜ

Estonia Energy and Resources Oil and Gas 599.4 -16.7% -0.6 -138.5% N/A N/A

291 PBG Poland ManuacturingIndustrial Productsand Services

595.7 0.0% 73.5 N/A 117.5 51.3%

292 Cargill PolandConsumer Businessand Transportation


593.0 -3.6% 38.3 N/A N/A N/A

293 Salbatring Slovenia Energy and Resources Oil and Gas 591.0 0.0% N/A N/A N/A N/A294 CEZ Electro Bulgaria Energy and Resources Power and Utilities 590.2 7.2% 2.8 -61.5% 176.5 -3.5%

295 Kyivenergo Ukraine Energy and Resources Power and Utilities 589.0 -24.3% -11.9 79.0% 276.1 33.8%

296 Palink LithuaniaConsumer Businessand Transportation


297 Magyar Áramszolgáltató Hungary Energy and Resources Power and Utilities 586.0 51.0% 34.0 N/A N/A N/A

298 Anwil Poland Manuacturing Process Industries 584.9 -25.9% 15.1 -68.6% 150.1 -8.0%

299 Plzeňský Prazdroj Czech RepublicConsumer Businessand Transportation


582.9 -8.2% N/A N/A N/A N/A

300 Transelectrica Romania Energy and Resources Power and Utilities 580.8 -28.5% 4.3 -68.5% 169.4 4.6%

301 Robert Bosch Elektronika Hungary ManuacturingIndustrial Productsand Services

580.2 -22.5% 45.1 0.3% N/A N/A

302 P&G Trading Ukraine UkraineConsumer Businessand Transportation


579.9 -4.8% N/A N/A N/A N/A

303 Rimi LatviaConsumer Businessand Transportation

Retail 575.4 -13.0% -3.0 -115.8% N/A N/A

304 Hidroelectrica Romania Energy and Resources Power and Utilities 571.7 -13.9% 11.4 -35.4% N/A N/A

305 BorsodChem Hungary Manuacturing Process Industries 571.4 -34.4% -99.2 -169.6% N/A N/A

306 Nestle PolandConsumer Businessand Transportation


569.4 -8.8% 43.9 -17.3% N/A N/A

307 Maxima Latvija LatviaConsumer Businessand Transportation


565.3 -6.9% 20.8 -5.7% N/A N/A

308 Srbijagas Serbia Energy and Resources Power and Utilities 564.8 -24.3% 10.1 171.0% N/A N/A

309 Maspex PolandConsumer Businessand Transportation


562.3 -21.4% N/A N/A N/A N/A

310 Paksi Atomerőmű Hungary Energy and Resources Power and Utilities 559.6 -2.6% 60.8 -16.8% N/A N/A






Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

311 Szerencsejáték HungaryConsumer Businessand Transportation

Tourism, Hospitalityand Leisure

559.5 -13.2% 15.9 -34.0% N/A N/A

312 Transtrade EstoniaConsumer Businessand Transportation

Transportation 556.0 50.7% 0.4 -73.5% N/A N/A

313 T-Mobile Slovensko SlovakiaTechnology, Media andTelecommunications


314 Grupa ITI PolandTechnology, Media andTelecommunications

Media 555.3 -18.8% N/A N/A N/A N/A

315 Puławy Poland Manuacturing Process Industries 553.9 -22.3% 45.0 -52.3% 150.1 15.7%316 ŽPSV Czech Republic Real Estate

ConstructionCompanies

552.4 -3.9% 13.6 -21.2% N/A N/A

317 ABC Data PolandConsumer Businessand Transportation


551.8 -27.5% 9.5 121.8% N/A N/A

318Phoenix Zdravotníckezásobovanie

SlovakiaLie Sciences andHealth Care

Lie Sciences 548.9 3.0% 6.4 -17.4% N/A N/A

319 Elektrownia Kozienice Poland Energy and Resources Power and Utilities 547.8 -1.3% 38.8 N/A 144.2 4.1%

320 Mobis Slovakia Slovakia Manuacturing Automotive 545.3 0.0% N/A N/A N/A N/A

321 Basell Orlen Poland Manuacturing Process Industries 543.8 -30.9% -9.2 85.9% 167.5 42.4%

322Toyota MotorManuacturing

Poland Manuacturing Automotive 540.3 -3.8% 47.4 187.1% 152.3 12.6%

323Východoslovenskáenergetika

Slovakia Energy and Resources Power and Utilities 539.8 0.2% 74.9 -8.0% N/A N/A

324Česká společnost proplatební karty

Czech RepublicConsumer Businessand Transportation


539.6 -23.9% 16.9 -17.8% 136.2 15.7%

325 Celsa Huta Ostrowiec Poland Manuacturing Process Industries 539.4 -39.0% N/A N/A N/A N/A

326 Atlant-M Ukraine Manuacturing Automotive 536.5 -59.4% N/A N/A 105.4 -23.3%327 HEP-Proizvodnja Croatia Energy and Resources Power and Utilities 534.7 0.0% 3.6 9.5% N/A N/A

328 Kopex Poland ManuacturingIndustrial Productsand Services

534.6 -5.3% 25.0 48.5% 158.7 20.4%

329 ČEPS Czech Republic Energy and Resources Power and Utilities 532.8 -8.5% 29.4 -47.1% 158.6 10.1%

330 Boryszew Poland Manuacturing Process Industries 528.9 -42.2% 15.5 121.5% 168.2 45.5%

331 E. Leclerc PolandConsumer Businessand Transportation







Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

332 Mlekpol PolandConsumer Businessand Transportation


524.3 -5.3% 4.6 N/A 136.2 17.4%

333 Benzina Czech Republic Energy and Resources Oil and Gas 524.3 -21.3% 18.3 99.2% 122.5 16.2%

334 Esppol PolandConsumer Businessand Transportation

Transportation 524.0 -11.8% 1.7 9.2% N/A N/A

335Kauand Slovenskarepublika

SlovakiaConsumer Businessand Transportation


336 SCT Slovenia Real Estate Developers 519.8 0.0% N/A N/A N/A N/A

337 Philip Morris Romania Romania Consumer Businessand Transportation


517.1 -3.4% 18.7 N/A N/A N/A

338 International Paper-Kwidzyn Poland Manuacturing Process Industries 513.5 -3.8% 103.5 88.4% 130.2 1.9%

339 Vodaone Magyarország HungaryTechnology, Media andTelecommunications


340 Galnatogaz Ukraine Energy and Resources Oil and Gas 512.9 -28.8% 12.1 122.0% 155.1 53.1%

341 Indesit PolandConsumer Businessand Transportation


510.1 -16.3% -20.3 -199.4% N/A N/A

342 MHP UkraineConsumer Businessand Transportation


508.4 -8.1% 114.4 N/A 146.7 41.5%

343 OHL ŽS Czech Republic Real EstateConstructionCompanies

508.3 -0.5% 12.0 2.4% 62.9 -25.0%

344 Johnson Controls Czech Republic Manuacturing Automotive 506.9 -29.5% N/A -69.0% N/A N/A

345 Action PolandConsumer Businessand Transportation


502.3 -24.7% 3.4 -66.9% 121.0 -10.5%

346 ČD Cargo Czech RepublicConsumer Businessand Transportation

Transportation 502.0 -26.8% -16.2 N/A 129.5 4.4%

347 BTC Bulgaria Technology, Media andTelecommunications


348 Anwim Poland Energy and Resources Oil and Gas 499.7 -9.5% 1.4 -39.6% 93.6 -14.9%

349 Flextronics Poland PolandTechnology, Media andTelecommunications

Technology 499.1 7.8% 41.8 N/A N/A N/A

350 BAT Pécsi Dohánygyár HungaryConsumer Businessand Transportation


498.9 -14.3% 4.3 126.6% N/A N/A

351 US Steel Serbia Serbia Manuacturing Process Industries 497.9 -52.9% -156.2 N/A N/A N/A

352 HEP-Operator Croatia Energy and Resources Power and Utilities 497.7 14.5% -8.8 -153.7% N/A N/A






Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

353 Elektrownia Połaniec Poland Energy and Resources Power and Utilities 497.2 22.1% 77.8 152.2% 122.9 1.4%

354 Alliance Healthcare Czech RepublicLie Sciences andHealth Care

Lie Sciences 497.1 -3.6% 5.8 17.4% N/A N/A

355 ACP Pharma PolandLie Sciences andHealth Care


356 VIPnet CroatiaTechnology, Media andTelecommunications

Telecommunications 492.1 N/A 83.4 N/A N/A N/A

357 TVN PolandTechnology, Media and

Telecommunications

Media 490.7 -9.2% 79.7 -23.1% 137.3 41.9%

358 HŽ CroatiaConsumer Businessand Transportation


359 Penny Market HU HungaryConsumer Businessand Transportation

Consumer Services 489.0 -11.3% 7.7 -45.6% N/A N/A

360 Podravka CroatiaConsumer Businessand Transportation


488.7 -3.5% -39.2 N/A 109.6 3.9%

361 Żabka PolandConsumer Businessand Transportation


362 Dalkia Česká republika Czech Republic Energy and Resources Power and Utilities 482.7 9.7% 91.4 5.4% 153.5 -4.4%

363 Synthos Kralupy Czech Republic Manuacturing Process Industries 482.5 -5.7% N/A N/A N/A N/A

364 Geco Tabak Czech RepublicConsumer Businessand Transportation


482.2 -8.1% 10.1 -10.7% N/A N/A

365 WIZZ Air Hungary HungaryConsumer Businessand Transportation

Transportation 480.7 14.1% 4.1 -54.2% N/A N/A

366 Alstom Power Poland ManuacturingIndustrial Productsand Services

480.3 -27.6% 20.0 N/A N/A N/A

367 Bosch Diesel Czech Republic Manuacturing Automotive 480.1 -39.0% 5.7 -88.6% N/A N/A368 Nikopol Ferroalloys Plant Ukraine Manuacturing Process Industries 479.5 -49.4% -98.8 40.5% N/A N/A

369 Kite HungaryConsumer Businessand Transportation


478.9 -26.4% 7.0 -10.2% N/A N/A

370 ACH SloveniaConsumer Businessand Transportation

Retail 478.0 -34.9% 1.0 -88.9% N/A N/A

371 Inter Cars PolandConsumer Businessand Transportation


477.3 -3.5% 15.8 93.7% 123.6 27.1%

372 Roshen UkraineConsumer Businessand Transportation


477.3 -2.6% 71.2 N/A N/A N/A






Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

373 Slovnat Petrochemicals Slovakia Energy and Resources Oil and Gas 477.0 -22.7% -23.8 -64.1% N/A N/A

374 Pharmos Czech RepublicLie Sciences andHealth Care


375 CFR Calatori RomaniaConsumer Businessand Transportation

Transportation 473.1 -18.3% -49.7 29.7% N/A N/A

376 Foxtrot UkraineConsumer Businessand Transportation

Retail 472.5 -24.9% 2.4 N/A N/A N/A

377 Hrvatske željeznice CroatiaConsumer Business

and Transportation


378 Latvijas Gāze Latvia Energy and Resources Oil and Gas 469.1 -6.1% 27.3 0.6% 180.0 -18.4%

379 Kruszwica PolandConsumer Businessand Transportation


469.1 -22.7% 39.5 38.2% 124.8 1.5%

380 OMV Slovenija Slovenia Energy and Resources Oil and Gas 468.8 -47.3% 14.9 11.8% N/A N/A

381 Black Red White Poland ManuacturingIndustrial Productsand Services

464.5 -23.3% 28.2 -53.3% 109.4 7.0%

382 Mediplus Exim RomaniaLie Sciences andHealth Care


383 Ferrexpo Group Ukraine Energy and Resources Mining 463.9 -39.8% 50.8 -76.5% 385.6 66.2%

384 Slovnat Polska Poland Energy and Resources Oil and Gas 463.2 14.9% 0.7 -29.0% N/A N/A

385 Severomoravská plynárenská Czech Republic Energy and Resources Power and Utilities 463.2 -10.3% 51.6 131.2% N/A N/A

386 Metro Bulgaria BulgariaConsumer Businessand Transportation


387 LPP PolandConsumer Businessand Transportation

Retail 462.9 0.2% 25.0 -46.7% 106.3 3.2%

388 AmRest Poland

Consumer Business

and Transportation

Tourism, Hospitality

and Leisure 462.3 15.2% 1.3 -94.7% 120.5 3.9%389 Iveco Czech Republic Czech Republic Manuacturing Automotive 462.2 -7.3% 43.6 -20.9% 73.1 -29.6%

390 Elko LatviaConsumer Businessand Transportation


461.7 -35.8% -19.2 N/A 115.8 3.2%

391 Avon PolandConsumer Businessand Transportation


461.0 -19.4% N/A N/A N/A N/A

392 Prosper PolandLie Sciences andHealth Care

Lie Sciences 460.3 -9.9% 1.1 N/A N/A N/A

393 Anthousa (Furshet) UkraineConsumer Businessand Transportation


459.8 -29.9% N/A N/A N/A N/A






Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

394 Złomrex PolandConsumer Businessand Transportation


455.2 -60.3% N/A N/A N/A N/A

395 Lietuvos energija Lithuania Energy and Resources Power and Utilities 454.3 2.5% 6.0 -52.4% 125.8 3.4%

396 Natex Bulgaria Energy and Resources Oil and Gas 452.2 -0.8% -104.0 -198.6% 107.5 N/A

397 PKP Intercity PolandConsumer Businessand Transportation

Transportation 450.6 37.6% -15.7 N/A N/A N/A

398 Cosmo Bulgaria BulgariaTechnology, Media andTelecommunications


399 Vítkovice Czech Republic Manuacturing Industrial Productsand Services

447.7 -26.1% 35.6 -34.9% N/A N/A

400 MOL Romania Romania Energy and Resources Oil and Gas 447.6 -24.2% 17.4 49.1% N/A N/A

401 Mercedes-Benz Poland Manuacturing Automotive 446.8 -31.9% -2.7 54.1% N/A N/A

402 Eni Hungaria Hungary Energy and Resources Oil and Gas 446.0 -23.7% -4.1 10.6% N/A N/A

403 Polski Tytoń PolandConsumer Businessand Transportation


444.9 -6.2% N/A N/A N/A N/A

404Slov. elektrizačná prenosovásústava

Slovakia Energy and Resources Power and Utilities 443.8 1.0% 13.3 -50.4% N/A N/A

405 Philip Morris ČR Czech RepublicConsumer Businessand Transportation


442.1 13.1% 94.6 38.9% N/A N/A

406 JP Elektroprivreda BiHBosnia andHerzegovina

Energy and Resources Power and Utilities 440.8 3.2% 31.6 N/A N/A N/A

407 Coca-Cola HBC Romania RomaniaConsumer Businessand Transportation


440.3 -20.1% 40.7 -38.5% N/A N/A

408 Polski Koks Poland Energy and Resources Mining 439.9 -62.7% 1.3 -74.2% N/A N/A

409 Metro Cash & Carry Slovakia Slovakia

Consumer Business

and Transportation Retail 439.0 -9.8% N/A N/A N/A N/A410 Electrocentrale Bucuresti Romania Energy and Resources Power and Utilities 439.0 -25.3% -10.1 89.2% N/A N/A

411 Mlekovita PolandConsumer Businessand Transportation


439.0 3.1% N/A N/A N/A N/A

412 Colas-Hungária Hungary Real EstateConstructionCompanies

438.9 -6.1% 12.5 -38.3% N/A N/A

413 Import Volkswagen Group Czech Republic Manuacturing Automotive 437.8 -14.8% 5.2 -28.4% N/A N/A

414 Cargill A.T.Ukraine UkraineConsumer Businessand Transportation


437.4 -20.9% 52.2 -27.3% N/A N/A






Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

415 Sun Trade UkraineConsumer Businessand Transportation


433.3 -21.2% 9.0 -54.8% N/A N/A

416 MÁV HungaryConsumer Businessand Transportation

Transportation 432.9 -39.1% -99.5 N/A N/A N/A

417 Skoda Auto Poland Manuacturing Automotive 431.0 -3.5% 3.9 15.0% 110.4 29.0%

418 Inventec (Czech) Czech RepublicTechnology, Media andTelecommunications

Technology 429.6 -12.8% 0.4 -60.1% N/A N/A

419 Mercator-S SerbiaConsumer Business

and Transportation

Retail 428.7 311.9% 12.3 N/A N/A N/A

420 Ferrero PolandConsumer Businessand Transportation


426.9 -31.3% 33.6 183.0% N/A N/A

421 Ferona Czech RepublicConsumer Businessand Transportation


426.5 -51.2% -56.5 N/A N/A N/A

422 eD' system Czech Czech RepublicConsumer Businessand Transportation


426.1 -2.5% 0.9 28.1% N/A N/A

423 JTI Romania RomaniaConsumer Businessand Transportation


426.0 -2.7% -4.4 -133.7% N/A N/A

424 Nokia PolandTechnology, Med ia andTelecommunications

Telecommunications 425.1 -18.8% N/A N/A N/A N/A

425 NPP Kozloduy Bulgaria Energy and Resources Power and Utilities 423.9 -2.0% 33.2 -8.3% 101.7 N/A

426 Procter & Gamble PolandConsumer Businessand Transportation


422.5 -18.8% N/A N/A N/A N/A

427 Severočeské doly Czech Republic Energy and Resources Mining 421.0 -1.9% 218.3 72.1% 101.2 -4.6%

428 Mondi SCP Slovakia Manuacturing Process Industries 420.4 -12.5% 37.2 -18.8% N/A N/A

429 Kronopol Poland Manuacturing Process Industries 418.7 -36.8% 70.7 190.1% N/A N/A

430 Sharp ManuacturingPoland

Poland Consumer Businessand Transportation


417.8 -44.1% 7.5 189.7% N/A N/A

431 MAVIR Hungary Energy and Resources Power and Utilities 414.5 -0.8% 28.5 -13.2% N/A N/A

432 Opel Southeast Europe Hungary Manuacturing Automotive 414.3 -58.6% 2.3 -50.7% N/A N/A

433 CMC Zawiercie Poland Manuacturing Process Industries 413.4 -43.0% N/A N/A 113.5 -2.4%

434 Impexmetal Poland Manuacturing Process Industries 412.5 -41.0% 10.6 128.0% 141.6 53.8%

435Grupa OBI CentralaSystemowa

PolandConsumer Businessand Transportation







Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

436 EGIS HungaryLie Sciences andHealth Care

Lie Sciences 411.0 -5.4% 42.9 -23.0% 94.7 -3.1%

437 Zakhidenergo Ukraine Energy and Resources Power and Utilities 410.8 -35.2% -35.9 N/A 104.9 -17.1%

438 Centrenergo Ukraine Energy and Resources Power and Utilities 410.4 -32.9% -23.1 10.5% 139.2 41.8%

439 TZMO PolandConsumer Businessand Transportation


408.3 -0.5% 31.9 N/A 113.4 18.9%

440 Tallinna Kaubamaja EstoniaConsumer Businessand Transportation

Retail 408.3 -2.2% -12.6 N/A 91.5 -6.1%

441 EnergiaPro Poland Energy and Resources Power and Utilities 407.1 -21.4% 8.0 -59.3% 134.5 24.2%

442Samsung Electronics LCDSlovakia

Slovakia ManuacturingIndustrial Productsand Services

406.9 86.0% N/A N/A N/A N/A

443 Man Bus Poland Manuacturing Automotive 406.6 -12.4% 56.0 -17.0% N/A N/A

444 Alcoa-Köém Hungary Manuacturing Process Industries 404.6 -53.1% 38.3 -41.8% N/A N/A

445 OktaRepublic oMacedonia

Energy and Resources Oil and Gas 401.6 -38.0% 40.2 78.7% N/A N/A

446 Petrotank Poland Energy and Resources Oil and Gas 399.7 -20.6% 2.1 33.3% 123.0 50.3%

447 Żegluga Polska PolandConsumer Businessand Transportation

Transportation 398.2 -40.2% 24.3 -80.2% N/A N/A

448 Gazprom sbut Ukraina Ukraine Energy and Resources Oil and Gas 397.2 -18.7% 1.0 -88.2% N/A N/A

449 Bauer Media PolandTechnology, Media andTelecommunications

Media 396.7 -11.7% 62.0 -21.2% N/A N/A

450 K&K Electronics BulgariaConsumer Businessand Transportation


393.4 -8.5% 4.8 -63.4% 90.2 N/A

451 SPP - distribúcia Slovakia Energy and Resources Oil and Gas 393.1 13.3% 108.5 6.8% N/A N/A

452 Gdańska StoczniaRemontowa Poland Manuacturing Industrial Productsand Services 392.0 -1.2% 8.4 -27.0% N/A N/A

453 RCS & RDS RomaniaTechnology, Media andTelecommunications

Telecommunications 391.7 1.2% 50.0 N/A N/A N/A

454 AGC Flat Glass Czech Czech Republic ManuacturingIndustrial Productsand Services

391.4 -27.9% -4.0 -112.7% N/A N/A

455 MG Baltic LithuaniaConsumer Businessand Transportation


390.0 -16.6% N/A N/A N/A N/A

456Unipharma Prievidza, 1.slov. lekárnická

SlovakiaLie Sciences andHealth Care

Health Care Providers 388.5 16.4% 3.3 -1.2% N/A N/A





Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

457 Hydrobudowa Poland Real EstateConstructionCompanies

387.2 11.0% 36.2 N/A 80.8 73.5%

458 Vindija CroatiaConsumer Businessand Transportation


386.5 N/A 6.9 N/A N/A N/A

459 Adris CroatiaConsumer Businessand Transportation


385.5 -6.5% 68.4 -2.0% N/A N/A

460 Noros mažmena LithuaniaConsumer Businessand Transportation


384.9 -8.5% 0.8 N/A 83.2 -10.1%

461 Serna Ukraine Consumer Businessand Transportation Consumer ProductCompanies 383.2 -25.5% 12.2 101.4% N/A N/A

462 Billa Slovakia SlovakiaConsumer Businessand Transportation


463 Stalprodukt Poland Manuacturing Process Industries 383.1 -24.4% 65.8 -33.7% 90.8 0.1%

464 Telewizja Polska PolandTechnology, Media andTelecommunications

Media 382.8 -30.8% -25.9 N/A N/A N/A

465 L'Oréal Polska PolandConsumer Businessand Transportation


382.5 -11.8% N/A N/A N/A N/A

466 Porsche Romania Romania Manuacturing Automotive 382.4 -61.5% 38.3 -46.5% N/A N/A

467 Michelin Hungária Hungary Manuacturing Automotive 382.3 -13.3% -23.5 -71.0% N/A N/A

468 Henkel PolandConsumer Businessand Transportation


382.2 -11.9% 18.1 -46.2% 95.2 15.3%

469 IBM Data Storage Systems HungaryTechnology, Media andTelecommunications

Technology 382.1 -41.8% 11.1 N/A N/A N/A

470 Krajowa Spółka Cukrowa PolandConsumer Businessand Transportation


381.7 -21.8% 63.6 N/A N/A N/A

471 BASF Poland Manuacturing Process Industries 379.9 -21.0% N/A N/A N/A N/A

472 Netto PolandConsumer Businessand Transportation


473 ALRO Romania Manuacturing Process Industries 379.1 -32.8% 34.2 -39.1% 100.8 10.5%

474 KGHM Metraco Poland ManuacturingIndustrial Productsand Services

378.9 1.2% 1.4 -51.2% 168.4 263.7%

475 Valeo Autosystemy Poland Manuacturing Automotive 378.8 -7.2% 33.0 157.9% 90.7 8.2%

476 SIJ Slovenia Manuacturing Process Industries 378.2 -46.2% -26.9 -170.9% N/A N/A

477 NET4GAS Czech Republic Energy and Resources Oil and Gas 375.6 -5.8% 170.5 -8.5% N/A N/A





Revenuechange (%)


Revenuerom sales

Revenuechange (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010-Q1 2009

478 E.ON Bulgaria Energy and Resources Power and Utilities 371.9 5.3% 13.4 -26.1% N/A N/A

479 Tisak CroatiaConsumer Businessand Transportation

Consumer Services 371.5 10.4% 1.9 -68.9% 85.8 11.7%

480 Statoil Latvia Latvia Energy and Resources Oil and Gas 370.6 -23.9% 1.7 -44.4% N/A N/A

481 Malév HungaryConsumer Businessand Transportation

Transportation 370.0 -30.4% -95.6 -58.8% N/A N/A

482 Cimos Slovenia Manuacturing Automotive 367.5 -20.1% 3.8 -50.4% N/A N/A

483 Lietuvos dujos Lithuania Energy and Resources Oil and Gas 366.2 -18.7% 27.4 47.5% 198.4 29.6%

484 ABB Poland ManuacturingIndustrial Productsand Services

366.0 -19.1% 35.6 -38.7% 91.9 -1.3%

485 Yugorosgaz Serbia Energy and Resources Power and Utilities 365.8 -42.7% 14.0 -45.6% N/A N/A

486 Končar Croatia ManuacturingIndustrial Productsand Services

364.5 -8.4% 19.8 10.2% 89.9 -1.7%

487 Duda PolandConsumer Businessand Transportation


364.3 -12.5% -60.1 -157.7% 83.6 -2.7%

488 Idea SerbiaConsumer Businessand Transportation

Retail 363.0 14.5% -26.5 -0.9% N/A N/A

489 Danone PolandConsumer Businessand Transportation


361.9 -18.7% 33.0 -9.3% 112.9 25.1%

490 Sokolovská uhelná Czech Republic Energy and Resources Mining 361.7 -20.1% 73.2 -19.5% 91.9 -11.9%

491 Lear Corporation Hungary Hungary Manuacturing Automotive 361.2 N/A N/A 49.6% N/A N/A

492 Doprastav Slovakia Real EstateConstructionCompanies

360.6 -7.5% 10.0 4.6% N/A N/A

493 Nuclearelectrica Romania Energy and Resources Power and Utilities 360.6 -8.6% 11.7 -58.3% N/A N/A

494 Chevrolet Central andEastern Europe Hungary Manuacturing Automotive 360.4 -52.2% 1.6 N/A N/A N/A

495 ÉMÁSZ Hungary Energy and Resources Power and Utilities 359.3 -27.3% 36.1 -7.7% 82.7 3.6%

496 SCHOTT Solar CR Czech Republic Energy and Resources Power and Utilities 358.8 51.1% 0.9 -92.5% N/A N/A

497 Rimi Eesti Food EstoniaConsumer Businessand Transportation

Retail 358.4 -8.4% -3.9 N/A N/A N/A

498 Renault Polska Poland Manuacturing Automotive 358.2 -19.5% 2.8 177.1% N/A N/A

499 Czech Coal Czech Republic Energy and Resources Mining 358.0 4.7% 9.7 -62.3% N/A N/A

500 LuK Savaria Hungary Manuacturing Automotive 357.8 -9.0% 38.0 -1.9% N/A N/A





CE Top 50 Banks




Rank Company name Country Assets Assets

change (%)

Net income Net income

change (%)

Assets Assets

change (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010 - end o 2009

1 PKO BP Poland 38,089.4 18.0% 554.9 -37.9% 40,571.6 6.5%

2 OTP Bank Hungary 36,018.1 1.8% 535.4 -44.2% 35,762.3 -0.7%

3 ČSOB Czech Republic 32,554.8 6.3% 658.8 N/A 32,702.1 0.5%

4 Česká spořitelna Czech Republic 32,409.5 1.2% 454.7 -28.3% 35,066.8 8.2%

5 Pekao Poland 31,794.0 0.5% 525.4 -51.0% 33,123.0 4.2%

6 Komerční banka Czech Republic 26,341.7 1.5% 416.3 -21.1% 27,365.3 3.9%

7 NLB Group Slovenia 19,605.6 3.6% -85.9 N/A N/A N/A

8 BRE Poland 17,673.7 1.9% 44.6 -70.4% 21,943.8 24.2%9 BCR Romania 16,414.3 -5.3% 204.6 -63.0% 16,633.5 1.3%

10 ZABA Croatia 14,788.5 4.1% 189.9 -10.7% 14,789.6 0.0%

11 ING Poland 14,576.6 -12.6% 153.0 0.3% 16,078.7 10.3%

12 BZ WBK Poland 13,158.6 -4.4% 237.7 -9.7% 14,570.2 10.7%

13 BRD Romania 12,042.9 -0.6% 279.7 -33.9% 11,146.6 -7.4%

14 Slovenská sporiteľňa Slovakia 11,485.5 -8.5% 30.5 -77.8% 10,979.9 -4.4%

15 MKB Hungary 11,470.4 5.3% 9.0 -68.5% N/A N/A

16 K&H Hungary 11,314.8 -5.9% 35.8 -65.4% N/A N/A

17 Millennium Bank Poland 10,932.7 -3.2% -6.4 -104.9% 11,723.5 7.2%

18 Erste Bank Hungary Hungary 10,505.1 5.5% 9.4 -75.2% N/A N/A

19 CIB Hungary 10,180.2 -11.4% 16.6 -85.2% 10,544.7 3.6%

20UniCredit Bank CzechRepublic

Czech Republic 10,029.3 -3.3% 104.7 -46.9% 10,238.9 2.1%

21 VÚB Slovakia 9,852.4 -12.3% 141.7 -13.3% 9,966.4 1.2%

22 PBZ Croatia 9,791.8 0.7% 130.8 -24.3% 9,493.0 -3.1%23 Kredyt Bank Poland 9,511.9 2.5% -13.3 -109.2% 10,262.5 7.9%

24 Swedbank Baltic Estonia 9,289.9 -11.2% -77.8 -145.0% N/A N/A

25 Handlowy Poland 9,160.5 -10.2% 131.0 -28.6% 9,764.9 6.6%

26 Tatra banka Slovakia 9,013.9 -14.6% 94.9 -25.3% 8,787.0 -2.5%

All assets and net income igures are in EUR million



62

Rank Company name Country Assets Assets

change (%)

Net income Net income

change (%)

Assets Assets

change (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010 - end o 2009

27 Raieisen Bank Hungary Hungary 8,750.1 -9.9% -14.0 -124.2% N/A N/A

28 BPH Poland 8,571.9 -2.5% 9.7 -91.1% 9,382.3 9.5%

29 Getin Noble Poland 8,063.8 N/A 67.7 N/A 9,131.2 13.2%

30 BGK Poland 8,046.2 22.4% 20.0 -65.5% N/A N/A

31 SEB bankas Lithuania 7,805.9 -8.7% -408.3 N/A 7,241.4 -7.2%

32 PrivatBank Ukraine 7,517.4 1.8% 96.4 -43.0% 8,608.6 14.5%

33 Raieisenbank CR Czech Republic 7,459.1 8.3% 75.5 45.4% 10,680.4 43.2%

34 Erste Croatia Croatia 6,903.7 10.2% 95.6 -14.5% N/A N/A35 Swedbank Latvia Latvia 6,633.6 -15.2% -430.1 N/A 5,985.9 -9.8%

36 Unicredit Bank Hungary Hungary 6,413.9 -3.6% 55.2 -52.3% N/A N/A

37 Swedbank Lithuania Lithuania 6,350.0 -14.1% -345.1 N/A 5,804.9 -8.6%

38 Hypoteční banka Czech Republic 6,246.3 21.7% 52.8 11.8% 6,620.5 6.0%

39 Raieisen Bank Polska Poland 6,241.5 -11.8% 33.9 -67.0% N/A N/A

40Českomoravská stavebníspořitelna

Czech Republic 6,107.8 5.8% 63.6 7.5% 6,564.9 7.5%

41 BGŻ Poland 5,947.6 3.1% 23.3 -61.5% 6,709.9 12.8%

42 Unicredit Bulbank Bulgaria 5,889.5 4.6% 99.6 -32.5% 5,878.7 -0.2%

43 Raieisen Croatia Croatia 5,833.5 -1.9% 51.6 -20.3% N/A N/A

44 ČSOB Slovakia Slovakia 5,798.1 -20.7% -16.4 -145.8% 5,340.0 -7.9%

45 NKBM Group Slovenia 5,785.6 5.4% 12.9 -26.0% N/A N/A

46 GE Money Bank Czech Republic 5,572.2 52.3% 85.2 -28.5% N/A N/A

47 UniCredit Tiriac Bank Romania 5,539.1 9.0% 73.2 -23.7% N/A N/A

48 HYPO Croatia Croatia 5,377.5 49.3% 14.6 -24.5% N/A N/A49 Oschadbank Ukraine 5,234.3 -1.7% 63.6 58.9% 5,393.4 3.0%

50 Volksbank Romania Romania 5,139.0 -4.0% N/A N/A N/A N/A

All assets and net income igures are in EUR million





CE Top 50 Insurers



64


Rank Company name Country Gross Written

Premium

Gross Written

Premium Change (%)

Net Income Net income

Change (%)

Gross Written

Premium

Gross Written

Premium Change (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010 - Q1 2009

1 PZU Poland 3,319.1 -20.0% 869.6 31.1% 983.6 10.8%

2 Česká pojišťovna Czech Republic 1,478.8 -22.4% 334.0 N/A 335.3 -3.0%

3 Kooperativa pojišťovna Czech Republic 1,172.4 -4.8% 91.4 93.2% 329.5 2.4%

4 Warta Poland 1,032.0 -26.7% 10.5 -49.5% N/A N/A

5 Zavarovalnica Triglav Slovenia 1,022.3 -0.6% -6.3 N/A N/A N/A

6 Allianz Polska Poland 797.9 -10.4% -10.2 N/A 247.8 5.4%

7 Allianz Hungaria Hungary 589.9 -20.2% 5.0 -27.1% 232.2 36.0%

8 ING Polska Poland 588.8 -46.6% 46.2 -1.6% 128.7 -31.2%9 Allianz - Slovenská poisťovňa Slovakia 527.8 -0.7% 88.2 24.4% 181.8 -4.4%

10 STU Ergo Hestia Poland 504.7 -1.8% 11.3 -65.5% N/A N/A

11 Aviva Polska Poland 493.6 -58.6% 98.1 -4.8% N/A N/A

12 Generali Providencia Hungary 472.3 -13.8% 13.3 12.5% 134.4 11.9%

13 Kooperativa Slovakia Slovakia 467.8 4.9% 15.0 94.4% 143.9 -4.7%

14 Generali Polska Poland 448.3 13.1% 5.6 -36.4% 105.0 31.7%

15 Croatia osiguranje Croatia 413.4 -8.1% N/A N/A N/A N/A

16 Uniqa Polska Poland 400.1 -22.8% 3.5 48.5% 115.4 5.7%

17 Allianz pojišťovna Czech Republic 387.5 -2.0% 49.6 31.6% 106.2 -11.2%

18 ČSOB Pojišťovna Czech Republic 364.5 -4.1% 53.9 146.0% 95.6 7.8%

19 Amplico Lie Poland 361.2 -26.8% 79.5 -23.1% 78.9 -14.7%

20 Generali Pojišťovna Czech Republic 337.1 -2.0% 36.7 N/A 99.5 8.3%

21 Allianz-Tiriac Asigurari Romania 303.7 -19.3% 7.0 12.2% N/A N/A

22 Groupama Hungary 301.2 -4.6% N/A N/A 89.5 31.6%

23 Aegon Hungary Hungary 299.1 -13.7% N/A N/A 82.3 10.7%24 ING Hungary Hungary 281.7 -26.5% 8.0 -46.6% 70.8 -2.3%

25 Nordea Polska Poland 280.1 -26.4% -1.0 N/A 108.7 26.0%

26 Zavarovalnica Maribor Slovenia 266.0 5.6% -0.6 -119.9% N/A N/A

All gross written premium and net income igures are in EUR million





Rank Company name Country Gross Written

Premium

Gross Written

Premium Change (%)

Net Income Net income

Change (%)

Gross Written

Premium

Gross Written

Premium Change (%)

2009 2009 - 2008 2009 2009 - 2008 Q1 2010 Q1 2010 - Q1 2009

27 Pojišťovna České spořitelny Czech Republic 263.3 -1.7% 23.4 164.9% 82.3 81.0%

28 Omniasig Romania 263.2 -18.0% 10.3 -73.3% 57.2 -26.4%

29Adriatic Slovenica Zavarovalnadružba

Slovenia 260.7 1.5% 10.5 170.6% N/A N/A

30 Vzajemna Slovenia 248.4 5.7% 6.4 N/A N/A N/A

31 Česká podnikatelská pojišťovna Czech Republic 234.0 7.6% 12.8 5.5% 71.8 6.6%

32 ING Životní pojisťovna Czech Republic 232.5 -5.7% N/A N/A N/A N/A

33 Generali Slovensko Slovakia 204.4 -1.6% 10.3 N/A 51.3 -5.2%34 HDI Polska Poland 193.9 -20.5% 6.3 -34.3% N/A N/A

35 Astra-Uniqa Romania 191.2 8.3% 1.5 54.7% 80.3 72.0%

36 Uniqa Hungary Hungary 188.3 -26.8% 2.6 -73.3% 58.3 19.7%

37 Komerční pojišťovna Czech Republic 182.5 124.2% 2.7 N/A 112.0 203.9%

38 InterRisk Poland 177.7 -12.7% 9.9 -5.7% 62.4 65.0%

39 UNIQA pojišťovna Czech Republic 177.5 1.1% 13.2 135.2% 46.7 13.6%

40 Compensa TU Poland 167.1 0.1% 5.3 -1.8% 46.6 27.0%

41 AXA Polska Poland 157.3 -66.1% -12.6 26.9% 45.9 100.6%

42 Dunav Osiguranje Serbia 154.9 -14.6% 1.6 -93.3% N/A N/A

43 Asirom Romania 152.6 -25.2% 1.2 106.6% N/A N/A

44 Aegon Polska Poland 147.9 -43.2% 15.8 -10.7% N/A N/A

45 Euroherc osiguranje Croatia 142.2 -5.5% N/A N/A N/A N/A

46 Komunálna poisťovňa Slovakia 136.9 -8.9% -8.0 -128.6% 38.1 7.9%

47 BCR Asigurari Romania 136.1 -7.9% -13.1 N/A N/A N/A

48 Allianz Zagreb Croatia 134.4 -13.4% N/A N/A N/A N/A49 K&H Insurance Hungary 130.9 -6.2% N/A N/A 24.7 -4.5%

50 DDOR Serbia 128.1 -19.5% 2.8 N/A N/A N/A

cetop500 ranking report 2010

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