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08/21/2013
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Coface Baltic Top 50: Ranking of largest companies in Baltic region mirrors economic recovery

Coface Baltic Top 50: Ranking of largest companies in Baltic region mirrors economic recovery

  For the first time Coface conducted a study dealing with the Top 50 companies in Latvia, Lithuania and Estonia. In 2012, the total turnover of the biggest companies in the Baltic region increased by 7.6% to approximately 36 billion EUR. More than 190,000 people were employed by them (+3% compared to 2011). A detailed country analysis including an outlook and a sector report are covered by the survey.

 

   “Our Baltic Top 50 study puts a growth market in the spotlight. The region recovered considerably after the economic crisis 2009. All three states reported a sound growth ranging from 3.3% in Estonia to 5.1% in Latvia“,explains Katarzyna Kompowska, Executive Manager Central Europe.

 
The 3 largest companies: When Oil & Gas meet holdings

   With a turnover of approximately 6.3 billion EUR (+7% compared to 2011), Orlen Lietuva AB, a Polish-based oil and gas company with a branch in Lithuania, ranks first in 2012. Vilniaus Prekyba UAB (2.8 billion EUR, +8%) comes in second place and Maxima Grupe UAB (2.4 billion EUR, +5%) in third. These three companies – all based in Lithuania – generated almost one third of the total turnover of all Baltic Top 50 companies. The fourth place holds the Lithuanian Maxima LT UAB (turnover of 1.4 billion EUR, +3%) followed by the only non-Lithuanian company within the first five, the Estonian Ericsson Eesti AS with a turnover of 1.3 billion EUR (+7%). The biggest Latvian company, Uralchem Trading SIA, ranks 6th.

 

Country Analysis: Lithuania rocks the Baltics

  The total revenue of the biggest companies in the Baltic region increased by 7.6% year-on-year to approximately 36 billion EUR in 2012. Almost 70% was contributed by 29 Lithuanian companies in the ranking. Twelve companies are Latvian and only nine Estonian. Latvia had the highest GDP growth rate in Europe in 2012 (5.1%). Also Latvian companies showed the highest growth rate in turnover in this study (average rate: 18%). The turnover of Estonian companies increased by 13% on average, Lithuanian companies had to be satisfied with 9%.

 

Industry Analysis: Oil & Gas as top performer

  In 2012, the oil and gas sector became one of the sectors with the most dynamic growth rate in the Baltics, with companies posting a plus of 29%. Baltic oil and gas giants generated a turnover of approximately 8.5 billion EUR (+10.3%).The only sector with a negative growth rate was energy supply. Nevertheless, energy companies still rank third in terms of turnover.

 

  It is exciting to see if the Baltic region still performs well in a broader context like the CEE region. Be updated with the CEE Top 500 study, published in September.

 

Metholody

  Thelargestcompanies in terms of turnover in each of the above countries (turnover≥EUR 120 million) were identified, whereby financial service providers such as banks, insurance companies, leasing firms and brokers were excluded. In addition to revenues, the ranking of the Coface Baltic Top 50 companies includes other key corporate indicators, e.g. net profits and the number of employees. Turnover and profit were converted into EUR based on the exchange rate at the end of 2012. The data were taken from our databases and supplemented with external information as required. Companies invited to participate in the survey which refused to take part are not included in the final ranking.

 

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Contact


Milena VIDENOVA

Country Manager
42 Petar Parchevich str.
1000, Sofia
BULGARIA
Tel.: 359 2 821 37 35
mail: milena.videnova@coface.com

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