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And other three with improved ranking. The best company in Croatia last year was Zagrebačka banka 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.

On the other hand, Adris Group from Rovinj recorded a significant improvement by climbing from its 29th to the 15th position among top 500 companies as a result of its 34 percent productivity and a 50 percent profit growth compared to 2008. A newcomer among the ranked is HEP, a company that suffered significant damage in light of numerous affairs and wrongdoings, as 19th among top 500 with a huge productivity growth of 428 percent. Highest ranking food processing company is Dukat, ranked 25th, which recorded a mild productivity rise as well as revenue and profit decrease. It is followed by Zagreb Brewery, a company which climbed by 11 places recording a 22% productivity growth and improving its profitability despite the fall of its revenue.

Top 50 companies in 2009 was also joined by HŽ Cargo and PIK Vrbovec, two companies absent from the best ranked a year before. Despite a 46% income decrease, Hypo-Leasing Kroatien recorded a significant 91 percent growth of its productivity by thus ranking 31 compared to its 96th position a year before. Belje also recorded a significant leap in its ranking as well as Karlovac Brewery and Plinacro.

The biggest move up on the ranking list last year was recorded by City Gas Works Zagreb – Supply by 538 places entering the best 300 companies with a large income decrease of 56% but also with a very high profit growth of 134 percent. Techno-Elektro, the construction company from Đakovo specializing in the construction of energy facilities, design and testing of energy plants also moved up by 500 places. Mucić&co, a construction company specializing in the construction of shopping malls (its major project was the construction of the Trigranit Center) recorded a large climb up. There is another construction company among those with highest upward trends. Geoprojekt was employed in the construction of the Vrbani housing estate.

Among the best, positioned 482 in 2009 was Vjekoslav Majetić with his company Dok-Inga. This man has recently been mentioned in the context of XD, the first Croatian electrical car.

On the other hand, the heaviest 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.