Revenues of the best companies in 2009 lowered by ten percent in comparison with the year before, while profits suffered a significant 25 percent drop. Twenty five thousand workers from top 500 companies became unemployed, companies’ productivity was decreased by 6.4 percent, and export figures showed a 15% fall. However, banks have justified their ‘well-to-do and crisis-resistant’ title. Consequently, Zagrebačka banka has dethroned Croatian telecom as number one.
In individual terms, banks have justified their ‘well-to-do and crisis-resistant’ title. There are four banks ranked among top ten, with Zagrebačka banka leading the list with 331 million euro of value added, which enabled this company a leap from the second to the first among top 500 companies in Croatia. At the same time, its productivity and profit decreased by about 12 percent, while its revenue, despite the crisis, recorded a nine percent growth. Zagrebačka banka has dethroned Croatian telecom, which recorded a 28 percent productivity decrease last year as well as a significant drop in revenues and profits as a result of not only recession and lowered consumption but also new taxes. The leading duo is still significantly ahead of others in terms of value added since Croatian telecom also recorded over 300 million euro i.e. 318m, while Zagrebački holding, ranking third, recorded 249 million euro of value added in 2009, which enabled its leap from the fifth to the third ranked. Fourth is Privredna banka Zagreb, the only company which suffered a negative trend among the top ten, apart from Croatian telecom.
Top five is completed with Konzum, which came in fifth (a leap from its seventh position) due to its 206 million euro of recorded value added. In 2009, a year of recession, Konzum recorded a mild productivity increase and a slightly better profit increase, while its revenues recorded a slight drop, still far less than the retail sector average. The single newcomer in top ten is Croatian Post, which was immediately ranked sixth with its 194 million euro of value added despite turbulent economic surrounding and absence the year before. Although its productivity decreased by about four percent, its revenue recorded a 9 percent growth. Croatian Post is followed by Erste&Steiremärkische bank, Hrvatske šume, Vipnet and Raiffeisen bank as the last among top ten. Eni Croatia, ranked twelfth, completes the circle of those with the value added exceeding a hundred million euro in the slow 2009. At the same time, the Croatian branch office of ENI, the Italian energy giant, which has been exploiting gas fields in northern Adriatic in mutual cooperation with INA, known as one of the most productive companies in Croatia, experienced a significant drop in productivity, income and profit last year, which resulted in a ranking slide from the sixth to a twelfth position.
The biggest drop was recorded by Mobis electronic, the importer and distributor of Nokia products, moving down by 283 places. In 2009 this company recorded a 30.4% less income, a 71.4% profit decrease and a 30.6% employee cut. Ranked 202 places lower than the year before was Tekstilpromet, the company which was, according to its Management Board, hit by the recession, special tax (resulting in lower demand) as well as slowed borrowing activity and opening of large retail chains. Despite its drop in ranking by 200 places, in 2009 and according to HANFA’ data, ZB Invest recorded the highest profit before taxes among all investment fund management companies. The crisis hit the fund management industry hard, 18 fund management companies i.e. more than a half, ended the year 2009 with a loss. The biggest loss before taxes was recorded by CAIB Invest (6.8 million kuna), thus forcing this company to merge its funds with ZB Invest.
Third largest drop in ranking was recorded by Agrokor Trade, a company ranking down from 166 to 337 due to a 50% lower value added than in 2008. Apart from already mentioned new players – Croatian Post, HEP, HŽ Cargo, PIK Vrbovec – top 100 also welcomes Alstom Croatia, Glaxosmithkline Research Center, Coop Supermarkets taken over by Interspar, AD Plastik, Erste&Steiremärkische S-Leasing and Unicredit Leasing Croatia. There is a total of 125 new companies which entered the rankings of top 500 ending with Primabiro, a company ranked 500th with 3.3 million euro in value added. Among those that disappeared from the list is first of all T-Mobile Croatia, not due to a dramatic fall of its business results but because of a merger between T-Mobile and T-HT. The same occurred with Slavonska banka which was merged with Hypo-Alpe-Adria Bank. While these cases are the result of administrative reasons, Pevec and Đakovšina have disappeared from the rankings due to bankruptcy of their business operations.
