This site uses cookies to provide you with a more responsive and personalized service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Bookmark Email Print page

Ranking of the 500 largest companies in Central and Eastern Europe

The largest companies in Central and Eastern Europe: strong growth in 2011; slowdown in early 2012


  • 50 Ukrainian companies entered the table of the top 500 companies in Central and Eastern Europe
  • In 2011, the rate of growth for the largest Ukrainian companies was 24.2% overall; significantly higher than the rates posted by most of the other countries in the region.
  • In the first quarter of 2012, the rate of business growth both in Ukraine and in the other countries of Central and Eastern Europe slowed down.

Kyiv, 5 September – 50 Ukrainian companies entered the table of the top 500 companies in Central and Eastern Europe. The rankings are being prepared for the sixth consecutive year by specialists of the international audit company Deloitte.

For the second consecutive year, the growth rate of Ukrainian companies has considerably exceeded the average growth rate of other companies operating in Central and Eastern Europe. Ukrainian companies that joined the rankings continued the positive trend set in 2010 following an increase in revenues by an average of 24%, outshining many other countries included in the survey. In comparison, the revenue growth of the 500 largest companies in Central and Eastern Europe averaged 9.8% in 2011.

“The ratings data once again has confirmed that an increase or decrease in companies’ income not only depends on the economic environment, but also on the ability of leaders to respond promptly and flexibly to ever-changing conditions and make the right decision. Ukrainian companies have survived the very difficult crisis period of 2008 and 2009, and those who remain standing acquired a substantial level of sound leadership skills," said Vladimir Vakht, Managing Partner of Deloitte in Ukraine. According to Vakht, Ukrainian businesses are already “in standby position for more turbulence in the economic environment.”

Following the year-end results, total revenues for the region’s 500 leading companies returned to the levels achieved in 2008 before the region was hit by the global crisis. Despite the increase in revenues, however, the economic outlook  after analyzing the financial performance of companies in the region during 2011 is not optimistic, and the decline in company revenues by 3.5% during 2011 is cited as the main reason for the negative prognosis.

Out of the 50 Ukrainian companies included in the rankings, 42 companies posted increases in revenue. The only countries with a higher proportion of companies posting revenue increases than Ukraine in 2011 were Romania and Bulgaria. Poland, Ukraine’s neighbor, for example, saw a quarter of its companies in the rankings posting a drop in revenues during 2011.

Top 10 largest companies

This year, the list of the 10 largest companies was joined by two state-owned enterprises: Naftogaz and Energorynok. Metinvest Holding was the highest ranking Ukrainian company, being the fourth-largest company in Central and Eastern Europe following a 44.3% increase in its revenues.

The companies comprising the 10 largest companies changed little. Seven of the top ten places were held by companies operating in the energy and resources sector, with the other places taken by the retailer Jeronimo Martins and manufacturing companies Škoda Auto and Metinvest. Lotos was the only company to join the top 10, moving up from eleventh to seventh place. The companies holding the top three positions in the rankings remain unchanged: PKN Orlen, MOL, and Škoda.

Industry review

In 2011 manufacturing became one of the sectors with the most dynamic rate of growth in Ukraine, with companies posting a growth rate of 34%. The consumer business and transportation sector saw revenues increase by 24%, while energy and resources companies posted growth of 20%.

Nevertheless, energy companies lead the pack in terms of overall revenues, with 14 companies in the power sector accounting for 41% of all the income generated by the Ukrainian companies included in the survey.

For the second consecutive year, the Technology, Media and Telecommunications (TMT) sector showed very poor results, attributed to fierce competition and market saturation, and experiencing a 1% drop in revenues.

Results for Q1 of 2012

According to the Q1 results for 2012 on companies’ performances, economies in the region did see growth slow down. After a recovery in business during 2010-2011, companies posted slower growth rates in Q1 of 2012. During this period, the companies surveyed posted an average growth in revenues of 7%, while Ukrainian companies posted an 11% increase in revenues over the same period.

Key business figures surveyed by Deloitte expect a further worsening of the economic situation. According to Vladimir Vakht, we should expect a further weakening of the economy in 2012. However, he believes that business is maintaining a high state of readiness for a new wave of crises and leaders will manage to maintain their positions. “Business has become more effective and careful in choosing its partners and investment projects. We see many examples of companies actively exploiting development opportunities, even during a period of economic slowdown,” said Vladimir Vakht.


The rankings of the 500 largest companies in Central and Eastern Europe were prepared based on revenue data for the 2011 fiscal year. Revenues were calculated in euros at the relevant average exchange rates.

The rankings of Ukrainian companies were prepared based on data acquired through questionnaires completed by the companies’ representatives, as well as from publicly available data. This list does not include companies invited to participate in the survey which refused to take part, having submitted such a notification in written or oral form. In some cases, financial data was obtained from open sources.

Data acquired from public sources has not been confirmed by representatives of the companies. Deloitte is not liable for the accuracy or completeness of information obtained from public sources or provided by companies.


Ruslana Pisotska
Job Title:
+38 (067) 464 1101

Related links

  • TOP 500 rating, 2010
    39 Ukrainian companies are ranked among the top 500 companies of Central and Eastern Europe.
  • TOP 500 rating, 2009
    With individual country reports, a special focus on seven industry sectors.
  • TOP 500 rating, 2008
    The interviews reveal a surprising consensus among executives regarding the main problems their companies face.
/Platform/Portal/Solution Delivery/Footer/Copyright Message


© 2014 PJSC “Deloitte & Touche USC”. All rights reserved. Please see for a detailed description of the structure of Deloitte CIS.


Get connected:





Deloitte is the brand under which tens of thousands of dedicated professionals in independent firms throughout the world collaborate to provide audit,consulting, financial advisory, risk management, and tax services to selected clients. 

The CIS is evolving rapidly and this dictates that we cannot be bound by traditional approaches. We are constantly tailoring our services to fit this unique market and to match the needs of our clients, often being called upon to develop new solutions to current issues. Our success can be measured in the response of the market, making us the fastest-growing professional services firm in the CIS.