The protracted economic crisis has caused a realignment among Hungary’s top 100 companies, according to the list published on Thursday by Figyelo, the precursor of Figyelo’s TOP 200 list due to be published in October.
The top 100 companies’ list, based on sales revenue, includes 19 entries, 8 companies that jumped more than ten places higher – including Jabil Circuit and pharmaceutical company Richter – and 16 companies that fell more than ten places in the ranking. The list has been compiled by Dun and Bradstreet.
The top ten companies are the same as last year with the exception of new entrant Nokia Komarom, which made its debut at second place after MOL, which has been leading the list for years. Analysts had expected the Finnish multinational company’s Hungarian subsidiary at this place anyway, however, the company would not provide any figures in earlier years, but now the corporate data are publicly available on the internet.
Audi, which took second place earlier, finished third this year. The biggest advance among the top ten was made by General Electric, which moved from 7th place to 4th.
The figures show that while the GDP contracted 6.3pc last year, the top 100 companies saw their revenue shrink 9.3pc. The performance of the energy sector, in particular, which accounts for one-third of the GDP, declined 11pc.
In terms of the number of employees, the biggest companies proved resistant to the crisis, employing only 241 fewer workers than one year earlier.
The list shows that the vehicle industry has lost more than 30pc of its market in one year, while metal processing suffered an even steeper decline of 44.5pc.
GE moved from 7th to 4th, Law is working very hard it would seem!
Well done Law! Now, if you’ll just spend the other half of the work day commenting here, maybe it’ll move up to #1.
Dear Sir/Madam
Can you email me the list please,
Regards,
I’m not sure if Maurice even knows who he is
addressing, but if anyone has a link to this please
share it. I had a quick kukucskálás into the figyelő
site but didn’t find it.
Here you can find the top 100 Hungarian companies: http://gazdasagiradio.hu/cikk/51570/#
Have a nice day!
“top 100 Hungarian companies”
Few of these – if any – are Hungarian companies. They are multies, operating in Hungary, taking advantage of cheap labor, unconditional government support and other favorable conditions.
@Bob. Not so sure about your reasoning for the
multi’s being in HU. Multi’s have SOX (and
others) crawling all over their finances – so they
cannot pay people under the table. Many (Diageo
for one) were taken in by the “official” stats,
they soon discover that employing people here is
more expensive as they compete with locals who use
orthodox means to subsidize the official
wage.
While there were tax holidays from by-gone
regimes, eg for Audi, weren’t most Multi’s hit
with the austerity taxes?
I think the real reason the Multi’s dominate this
list is the paucity of HU homegrown companies.
And I’d say that’s a direct result of boneheaded
gov’t policy. These have drove away talent and
assured what capital there is, is expensive and
hard to get at. There’s a shortage of materials
to build national contenders.
It’s an anti-entrepreneur ethos. If you launch
here:-
- the investment capital gets taxed.
- to wine & dine attracts income and social taxes.
- setting up and stopping companies has been
historically an awesome undertaking; heck you
cannot make a company dormant!
- entrepreneurs have to pay minimum taxes even if
the company isn’t making money.
- if you own a company and don’t have a job, you
have to pay yourself a wage – so it can be taxed.
The list goes on and on… In short the gov’t
compounds the risk, while existing multi’s can
easily set up shop from discretionary budgets;
they’re already going concerns.