CE Top 500 Methodology
The Central Europe Top 500 ranking is compiled based on consolidated company revenues for the fiscal year ending 2010. The rankings is 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 of the 25 largest Central European companies by market capitalisation as of July 2011 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 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 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 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 2010 was not available, we used the reported 2009 revenue in local currency as a proxy for 2010.
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. This situation regards four entities from
Bulgaria and two from Ukraine.
The list reflects structural changes in Central European economies such as acquisitions, splits, or liquidations of companies. A significant change to the list of companies as compared to last year is consolidation of the entities operating within large energy groups, which had previously been listed separately (e.g. entities belonging to the Tauron Group or Rompetrol).
Revenue has been calculated in Euros at the relevant average exchange rates for 2009, 2010, and the first
quarters of 2010 and 2011. The revenue for subsidiaries of large groups has been shown separately for those subsidiaries which operate in different 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 from Albania, Moldova and Kosovo. However they have not entered the Top 500 list due to their relatively low revenues.
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 the company.
The revenue for subsidiaries of large groups has been shown separately for those subsidiaries, which operate in different industries, subindustries or countries than the consolidating entity and are large enough to enter the list on their own.
Deloitte ranking does not include holding structures or other types of business conglomerates with subsidiaries operating in various industries and different markets, trade strategies and separate management and whose consolidation on holding (conglomerate level) is rather a total sum of sales incomes of the subsidiaries acting in the relevant industries and markets. We do not present companies with several business units, out of which none can be treated as the main one, investment funds, leasing companies or other financial services companies, which are not banks or insurance companies.
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.