Twice Fewer Bulgarian Companies Make Deloitte's CEE Top 500

Business | September 8, 2011, Thursday // 18:17|  views

Aurubis Bulgaria, boasting the biggest jump among Bulgarian companies in the 2011 CEE Top 500, has unveiled plans to invest EUR 44.2 M in the expansion and overhaul of its Pirdop-based plant by 2014. Photo by BGNES

Seven Bulgarian companies have made it into the 2011 edition of CEE Top 500, the annual ranking of the biggest companies in Central Europe compiled by auditing firm Deloitte.

Aurubis Bulgaria, the Bulgarian subsidiary of Europe's largest copper smelter Aurubis, posts the most significant progress, climbing from 139th place to 88th position.

The front-runner among the Bulgarian companies is Lukoil Neftochim, owner of Bulgaria's sole operational refinery, which ranks 41st, up 6 slots from 2009.

Lukoil Bulgaria, the local retail arm of the Russian oil giant, moves three places down to place 80.

OMV Bulgaria ranks 221st, jumping 43 slots in a year.

Power distributor CEZ Bulgaria drops 34 places to 328th position, while mobile operator MobilTel rises to place 350 from place 270 in the 2010 edition of CEE Top 500.

Bulgarian telecoms group Vivacom, heir to the state-owned Bulgarian Telecommunications Company, ranks 439th, up from place 347 in the year-ago list.

At the bottom of the ranking is telecommunication services provider Cosmo Bulgaria, which comes in at place 493, up 5 slots compared to the 2010 list.

"In line with regional trends, the list of Bulgarian companies is also headed by representatives of the energy industry. Contrary to regional trends, however, Bulgarian telecommunication companies make it into this year's ranking, despite the lower positioning compared to 2010", Vasko Raychev from Deloitte Bulgaria comments.

In his words, in the next few years, the companies in the region will face the challenges of the already-changed economic and financial conditions.

According to the analyst, in this new reality, the search for and the application of new solutions and technical innovations will be the engine of growth for the local companies and economy.

The leader in CEE Top 500 2011 is once again Polish PKN Orlen, followed again by Hungarian MOL, while Czech-based Skoda ousts CEZ from the third position.

The top ten includes a total of 4 Polish, 3 Ukrainian, 2 Czech and 1 Hungarian companies.

Romania has a total of 38 companies on the top 500 list and the Czech Republic has 80 representatives.

According to Mike Barrington CEO of Deloitte Central Europe, as cited in a media statement to Deloitte Bulgaria, there is no big difference between the companies from countries whose economies are showing signs of recovery (Poland, the Czech Republic and Slovenia) and companies from Romania, Hungary and Croatia (whose economies are still struggling to recover).

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Tags: Aurubis Bulgaria, Lukoil Neftochim, Lukoil Bulgaria, Deloitte, Central and Eastern Europe, CEZ Bulgaria, OMV, Mobiltel, Vivacom


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