Central Europe Top 500 Methodology
The Central Europe Top 500 ranking is compiled based on consolidated company revenues for the fiscal year ending 2008. The rankings are based on revenues reported by a particular legal entity operating in Central and Eastern Europe.
The ranking groups companies by industry and country. We also display the ranking of the largest Central European companies by market capitalisation as of 31 December 2008 and a list of the major foreign investors in the region.
Deloitte has sourced the information by individually approaching the companies themselves, from publicly available databases 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 of insurance companies includes both premiums from life and non-life operations, despite the fact that in certain areas these companies operate as separate legal entities.
The list of major foreign investors in the region is made up of aggregated revenues of those Top 500 companies controlled by particular investors. These figures 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 of all subsidiaries in the region.
In cases where revenue for the fiscal year 2008 was not available, we used the reported 2007 revenue as a proxy for 2008.
We have not presented revenues of various subsidiaries of the top capital groups due to lack of data. This concerns in particular MetInvest Holding and Naftogaz of Ukraine and the Ukrainian railway state company, where we presented only consolidated figures representing the whole capital group.
The ranking for top Ukrainian companies is based on data from questionnaires filled in by representatives of these companies. The list does not include companies that were invited to participate in the ranking, but who informed us in writing or verbally that they would not be taking part this year.
In some cases, companies’ financial data was gathered from public sources and the alt.com.ua website. These are marked in the table with an asterisk.
Data gathered from public sources has not been confirmed by representatives of the companies themselves. Deloitte is not responsible for the accuracy or correction of third party data gathered from public sources or provided by company representatives.
- Revenue has been calculated in Euros at the relevant average exchange rates for 2006, 2007, and 2008
- The revenue for subsidiaries of large groups has been reported as part of the consolidated revenue and shown separately for those subsidiaries
- In our research, we scrutinised also companies from Albania, Bosnia and Herzegovina, Moldova and Kosovo. However they have not entered the Top 500 list due to their relatively low revenues.
For the purposes of this analysis, our ranking includes companies in Central and Eastern European countries with the exception of Russia and Belarus.
In both cases we were unable to find reliable data that could be used in the rankings. The size of the Russian economy and some of its major companies also makes industry and country comparisons difficult.