Private companies clearly dominated the top-ten ranking of the largest companies in Romania for 2004. Despite their dominance, however, the number-one spot went to the only state-run company on the list: Electrica.
The energy company made 2.357 billion euros in consolidated turnover in 2004, 10 percent higher than Petrom, which ranked second.
Electrica will most likely vacate its position at the top this year, however, after four of its eight branches for the distribution and supply of electricity come under the control of private investors, such as Enel (Italy), E.ON (Germany) and CEZ (Czech Republic).
Petrom became part of Austrian group OMV''s portfolio at the end of last year, after its majority stake was acquired in a deal worth a total of 1.5 billion euros.
The petroleum company also posted last year''s largest losses - in excess of 240 million euros - due to its making massive provisions for the payment of environment-related damages, as well as the fact that a part of its employees went into retirement.
The most profitable company in the rankings is Mittal Steel Galati, which made 345 million euros in profits last year.
The former "black hole" of the Romanian economy now ranks third on the list and boasts the highest rate of turnover growth, at over 57 percent, which saw it reach a total of 1.693 billion euros. The steel plant in Galati - currently held by the world''s leading steel manufacturer, Mittal Steel - is the largest Romanian exporter and is seeing its business grow due to the high demand on foreign markets.
The Dacia Pitesti car factory - held by the Renault Group - has made it to the top ten of the largest companies in Romania for the first time, coming ninth on the list.
The highest profit rates among the companies in the rankings were recorded by the country''s two main mobile telephony operators: Orange Romania derived 183 million euros in net profits against turnover of 607 million euros; while Connex posted 150.2 million euros of net profits against turnover of 565 million euros.
Viewed by sector, the top positions in the rankings were held by companies working in the petroleum industry - Petrom, Petromidia and Rafo - and telecommunications companies - RomTelecom, Orange and Connex.
The rankings do not take into account the results posted by the state-owned railway company, CFR SA, whose financial results were not available on the Finance Ministry website.
The top ten companies cumulated a total of 11.59 billion euros in turnover in 2004, accounting for approximately 20 percent of Romania''s overall economy. The new types of trade are represented in the rankings by Metro Cash & Carry Romania, which overshot the one billion euro turnover mark in 2004, putting it among the top five local companies.
Metro Romania - the local branch of German distribution chain Metro - is, after all, the only company that managed to post over one billion euros in turnover having started from scratch after entering the market in 1996.
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