The Serbian Business Registers Agency has published the “Annual Report on the Performance of the Real Sector Consolidated Groups in 2021”. The publication is based on the data comprised in the 2020 and 2021 consolidated annual financial statements submitted to the Agency by the parent companies according to the law governing accounting.
The Annual Report contains an analysis of the financial standing and business performance of 636 real sector consolidated groups, encompassing not only the parent companies but also 2,077 subsidiary legal entities and associated legal entities. The number of consolidated groups decreased by 5 compared to the previous year, while the number of subsidiaries and associated legal entities decreased by 8. At the same time, the number of employees in the real sector consolidated groups decreased by 5,860, i.e. to 318,490.
As in previous years, the largest number of legal entities operated within the DELTA HOLDING DOO BEOGRAD group, which comprised 61 legal entities (as in 2020), of which 19 had their registered seat abroad. Many legal entities are grouped within the KOEFIK DOO BEOGRAD consolidated group, encompassing a total of 52 legal entities, 3 fewer than in the previous year. A great number of legal entities operated within the MPZ AGRAR DVA DOO NOVI SAD (44 legal entities), as well as within the MK GROUP DOO BEOGRAD, which encompassed 42 legal entities (47 in 2020). A high-volume consolidation is observed also in the following consolidated groups: MPZ AGRAR DOO NOVI SAD (37 legal entities) and NICCO DOO BELGRADE (20 legal entities).
In 2021, economic activity growth was also reflected in the business activities of consolidated groups which generated a total income of RSD 4,416,277 million (20.6% higher compared to the previous year) and total expenses of RSD 4,163,401 million, which were growing at a slower pace, at a rate of 19.6%. Consequently, they operated profitably on the overall level, gaining a positive net result of RSD 209,695 million, with an annual growth of 42.7%, which accounts for slightly less than a third of the positive net result of the entire economy. A net profit was recorded by 547 consolidated groups (526 in 2020), whose consolidation circle encompassed 1,828 subsidiary legal entities and associated legal entities, while 89 groups (115 in 2020), which encompassed 249 subsidiary legal entities and associated legal entities, operated with a net loss.
The financial capacities of consolidated groups were increased in 2021. Their business operating assets were increased by 9.2%, amounting to RSD 5,882,880 million. Their equity, amounting to RSD 2,884,281 million, was 5.5% higher compared to the previous year. At the same time, their total liabilities, amounting to RSD 3,129,411 million, increased by 11.8% and this was followed by the slower growth of their own sources of financing, making their total net worth RSD 2,751,204 million. In this sense, the business activity of consolidated groups was mainly financed from borrowing sources, whereby the shareholder equity ratio, on an annual level, decreased from 48.0% to 46.8%, while the level of debt-to-equity ratio increased from 1.08 to 1.14.
On average, a quarter (26.9%) of the financial performances of the economy is concentrated within consolidated groups, i.e. 29.9% of total income, 29.9% of total expenses, 27.0% of net profit and 18.3% of net loss. Their share in the financial capacities accounts for 30.7% of the business operating assets, 32.6% of equity and 19.9% of the total loss of the economy. Additionally, they were employing 25.2% of the overall number of employees in the economy.
The Report, in addition to the analysis of the overall business performance of consolidated groups, the analysis of business performance and specificities of leading consolidated groups by basic financial performances, also displays 20 groups with the highest operating income and net profit, the largest operating assets and equity, as well as the largest net loss and total loss.
The NIS AD NOVI SAD group was the most profitable in 2021 and second-ranked by the amount of income and equity, while also occupying third place in the category of business assets value. MK GROUP DOO BEOGRAD and COCA-COLA HBC-SRBIJA DOO ZEMUN also recorded high profitability and were second and third according to net profit, respectively. TELEKOM SRBIJA AD BEOGRAD and JP SRBIJAGAS NOVI SAD were also among the five groups with the highest net profit and were ranked highly in terms of business income, equity, and business assets.
The largest volume of business activity and the most valuable financial capacities were shown by the consolidated group JP EPS BEOGRAD, which also recorded the highest net loss and total loss.
“The Annual Report on the Performance of the Real Sector Consolidated Groups in 2021” is published within the section Financial Statements - Publications / Annual Reports on the Performance of Legal Entities, Entrepreneurs and Consolidated Groups.