23 companies from Serbia on the List of Top 100 in the Adria RegionAdria Top 100 |
„A great majority of young educated people in Belgrade, for example, still have no mortgages to pay, although the number of those who will soon be able to afford it such expenses is growing", emphasizes Radoš Ilinčić, the director of Financial Counselling Sector in Deloitte
The list of Top 100 comapnies in the Adria region1 , published by the consulting and auditing company Deloitte, includes 23 companies from Serbia. The first five positions of the list based on the sales income earned in 2008, are headed by the Croatian Agrokor group, followed by INA from Croatia, the Oil Industry of Serbia, as well as the Slovenian comapnies Petrol and Mercator. In addition to the Oil Industry of Serbia, the best ranked Serbian comapnies are the Electric Power Industry of Serbia found on the 8th, Delta company on the 9th and the Post, Telephone, and Telegraph found on the 12th position. The list is prevailed by the comapnies working in the sector of consumer goods and energy.
A large number of companies on the list, 38 of them, originate from Slovenia, followed by 30 Croatian companies and 23 Serbian companies. The majority of firms, 34 of them, operate in the sector of consumer goods and energy. The total sales revenues of companies coming from the energy sector increased by 22% annually. This is more than the average growth rate registered among Adria Top 100 companies totalling 16%.
“The consequences of the global financial crisis started to permeate the economies of the Adria region in the last quarter of 2008. At this moment, it seems very likely that the average GDP in the region will decrease between 3 and 6 percent, which is, by far, the worst annual result registered from the early 1990s. Despite different structures in the economies in the region, the level of reductions in their GDPs will be similar. As a consequence of such considerable and sudden plummet, aggravated by even faster spread of illiquidity, managing cash flows has become of paramount importance for all companies and state institutions in the region” emphasizes Radoš Ilinčić, the director of Financial Counselling Sector in Deloitte.
The banking sector in the region marked a growth in assets albeit slower than it was in the previous years. Despite different levels of development in the region, all affected countries show some similar world trends as is a decline in crediting activities. On the list of Top 25 banks in the region, the leading position is taken by NLB, followed by four banks from Croatia: Zagrebačka, Privredna, Erste and Raiffeisen banks. Only five banks from Serbia found their way into the list, headed by Banca Intesa on the 11 place. As for the insurance companies, four out of five leading positions are taken by the insurance companies from Slovenia, with Triglav company on the first place. Four insurance companies from Serbia are listed among Top 25 insurers, including Dunav Insurance located on the 6th, DDOR on the 7th, Delata Generali on the 11th and Wiener Stadtische on the 18th place of the list compiled by Deloitte.
“Although the blow sustained by the region has definitely been significant, neither of the abovementioned countries has actually fallen into a real panic. The banking sector is still relatively well capitalized, so none of the banks operating in the region are known to have suffered a breakdown nor are any of these banks known to be under considerable pressure of its creditors and clients. A surge of optimism that started in the summer 2009, argues that the economies in the region will soon collect themselves. This will surely have a positive impact on the consumer behaviour in the months that follow – keeping in mind that, according to the western standards, debts’ burden still does not weigh to heavy on consumers in the region. A great majority of young educated people in Belgrade, for example, still have no mortgages to pay, although the number of those who will soon be able to afford it such expenses is growing,” concludes Ilinčić.
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1The region includes the followning countries: Serbia, Croatia, Slovenia, Bosnia and Herzegovina, Montenegro and Macedonia.
List of Top 25 insurance company in the Adria region
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