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The National Electricity Company is the most profitable Greek enterprise

02 November 2013 / 17:11:34  GRReporter
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The business information and advisory services company ICAP presented the 500 most profitable Greek companies based on their published balance sheets for the financial year 2012.

"The Greek economy is once again in a recession, a fact which is certainly affecting the functioning and performance of all companies in the country. The deep and prolonged economic crisis of recent years has affected all economic activities in Greece and the profits of the private sector have received heavy blows in all business sectors", noted the company in its report.

It is noted, however, that this year there are encouraging signs that the situation is beginning to change primarily in terms of fiscal parameters. "In terms of the real economy, however, there are serious difficulties," adds the report.

The total operating profit (EBITDA) is 10 billion euro

The operating profit (EBITDA - Earnings Before Interest, Tax, Depreciation and Amortization) is the criterion on which the rankings of companies (and groups of companies, respectively) is based.

Based on data processed by ICAP, the 500 most profitable Greek companies have reported a total profit before tax amounting to 2.4 billion euro in 2012 (+26% from the previous corresponding year) and the total net result of all companies as a whole for the third consecutive year is negative with losses of about 13.1 billion euro.

In 2012, these 500 companies reported an operating profit (EBITDA) of 10 billion euro - at the same level as the top 500 most profitable companies in 2011. This profit, however, is much greater than the operating profit of all companies as a whole, eventually reaching 2.09 billion euro.

Also, with their turnover, these companies cover 54.1% of the total turnover of all the companies which presented balances.

Regarding the composition of the group of the 500 most profitable companies (based on their operating profit for 2012) it is noted that 132 companies from last year’s ranking are not included in this year’s ranking and are replaced by other companies.

Of the companies which left the rankings last year, 23 companies reported a negative operating profit (EBITDA) in 2012, and the rest either reported earnings below the minimum required, or did not publish a balance, or have not developed business in the last year (9 of them).

It should be noted that of the 500 most profitable Greek companies in 2012, only 67 companies have been listed on the Athens Stock Exchange.

With regard to participation rates of individual sectors in the total turnover of the 500 companies in the ranking in 2012, the industrial sector ranks first with a share of 34.8%. The service sector ranks second, with a share of 29.3%, followed by trade (with a share of 26.5%).

The National Electric Company is the most profitable - Top 20

The top of the ranking in 2012 is interesting. It is noted that the top 20 most profitable companies (based on EBITDA) have kept a stable majority and 16 of the 20 companies were at the top of the rankings in 2012 and in 2011, some have only changed their location.

As regards the participation of the various sectors in the composition of the top 20, in 2012, 12 companies from the services sector took part, as well as two companies from the industry, three commercial companies and one company from each of all the other branches.

The National Electricity Company was the most profitable in 2012, which returned to the top achieving impressive improvement in terms of its operating profit EBITDA (+52,2%), and thus shifted the state lottery OPAP to the second place, which reported a 8.5% decline in its profit.

New companies in the TOP 20 include a company in the service sector (WIND Hellas Telecommunications SA), a commercial company (Genesis Pharma SA), an insurance company (Ethniki Insurance) and one company of the tourism industry (OLYMPIC JSC).

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