The Serbian Business Registers Agency has published the “Annual Report on the Performance of the Real Sector Consolidated Groups in 2022”. The publication is based on the data comprised in the 2022 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 664 real sector consolidated groups, encompassing not only the parent companies but also 2,173 subsidiary legal entities and associated legal entities. The number of consolidated groups increased by 21 compared to the previous year, while the number of subsidiaries and associated legal entities also increased by 78. At the same time, the number of employees in the real sector consolidated groups increased by 657, i.e. 321,098 in total.
As in previous years, the largest number of legal entities operated within the DELTA HOLDING DOO BEOGRAD group, which comprised 65 legal entities (61 in 2021), of which 18 had their registered seat abroad. Many legal entities are grouped within the KOEFIK DOO BEOGRAD and MPZ AGRAR DVA DOO NOVI SAD consolidated groups (43 entities each). These two groups decreased the number of associated legal entities compared to the previous year, by 9 and 1, respectively. A great number of associated legal entities operated within the MPZ AGRAR DOO NOVI SAD (35 compared to 37 in 2022), while the MK GROUP DOO BEOGRAD encompassed 26 legal entities (42 in 2021), as well as GALENS INVEST DOO NOVI SAD (19 in 2021).
In 2022, economic activity growth was also reflected in the business activities of consolidated groups which generated a total income of RSD 5,470,727 million (23% higher compared to the previous year) and total expenses of RSD 5,139,515 million, which were growing at a slower pace, at a rate of 22.6%. Consequently, they operated profitably on the overall level, gaining a positive net result of RSD 271,243 million, with an annual growth of 28.1%, which accounts for slightly more than a third of the positive net result of the entire economy (31.4%). A net profit was recorded by 577 consolidated groups (554 in 2021), whose consolidation circle encompassed 1,866 subsidiary legal entities and associated legal entities, while 87 groups (89 in 2021), which encompassed 307 subsidiary legal entities and associated legal entities, operated with a net loss.
The financial capacities of consolidated groups were also increased in 2022. Their business operating assets were increased by 13.0%, amounting to RSD 6,673,391 million. Their equity, amounting to RSD 3,066,875 million, was 6.1% higher compared to the previous year. At the same time, their total liabilities, amounting to RSD 3,717,491 million, increased by a fifth and this was followed by the rapid growth of their own sources of financing (7.1%), making their total net worth RSD 2,953,324 million. As in previous years, the business activity of consolidated groups was mainly financed from borrowing sources, whereby the shareholder equity ratio decreased from 46.7% to 44.3%, while the level of debt-to-equity ratio increased from 1.14 to 1.26.
On average, nearly a third (29.0%) of the financial performances of the economy is concentrated within consolidated groups, i.e. 30.8% of total income, 30.7% of total expenses, 30.6% of net profit and 28.8% of net loss. Their share in the financial capacities accounts for 31.3% of the business operating assets, 31.8% of equity and a fifth of the total loss of the economy. Additionally, they were employing a fourth 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 2022 and also top of the list by the amount of income, while also occupying third place in the category of business assets value and second place in equity. ELIXIR GROUP DOO ŠABAC and ЈП СРБИЈАГАС НОВИ САД also recorded high profitability. Among others, ЕМС АД БЕОГРАД and MK GROUP DOO BEOGRAD were also among the five groups with the highest net profit, ranking fourth and fifth, respectively.
The most valuable financial capacities were shown by the consolidated group JP EPS BEOGRAD, which also recorded the highest net loss and total loss, while ranking second in terms of business activity volume.
“The Annual Report on the Performance of the Real Sector Consolidated Groups in 2022” is published within the section Financial Statements - Publications / Annual Reports on the Performance of Legal Entities, Entrepreneurs and Consolidated Groups.