The domestic economy continued its trend of economic growth in 2023 and real sector consolidated groups also operated successfully.
During 2023, the economy of the Republic of Serbia maintained its stability, achieving increased profitability, despite the unstable macroeconomic environment, which was significantly influenced by the positive results of real sector consolidated groups. The total income they generated increased by 5.1% and amounted to RSD 5,820,070 million, while total expenditures experienced slower growth (1.8%) amounting to RSD 5,293,070 million.
At the overall level, consolidated groups achieved a positive net result of RSD 452,640 million, which is 65.6% higher than last year. 579 groups operated with a net profit, and these include 1,889 subsidiary and associated legal entities. 104 consolidated groups, including 369 subsidiary and associated legal entities, reported net losses.
The financial capacities of consolidated groups were also increased, while their financial position slightly improved. Their business operating assets were increased by 8.3%, amounting to RSD 7,259,387 million. Capital, with an increase of 11.6%, amounted to RSD 3,434,454 million, while total liabilities went up at a slower pace (6.3%), amounting to RSD 3,933,249 million.
As own sources of financing demonstrated accelerated growth (12.1%), reaching a total of RSD 3,322,869 million, the equity ratio increased from 44.2% to 45.8%, while the total debt ratio decreased from 1.26 to 1.18.
The cumulative loss of consolidated groups remained nearly at last year's level of RSD 803,183 million. At the same time, the loss exceeding the capital of RSD 108,315 million decreased by 2.3%, and the rate of lost capital of consolidated groups dropped from 21.3% to 19.5%.
In 2023, consolidated groups accounted for 31.2% of total income and 30.3% of total expenditures of the economy, 37.4% of net profit and 9.9% of net loss. In addition, they hold almost a third of the business assets and capital of the domestic economy, accumulate a fifth of the total loss of the economy and employ a quarter of the total number of employees.
The publication "Annual Report on the Performance of the Real Sector Consolidated Groups in 2023" contains a concise analysis of the performance of consolidated groups on an overall level, a presentation of the specifics of the business operations of the leading consolidated groups according to basic financial performance, as well as lists of 20 groups with the highest operating income, net profit, operating business assets, capital, but also with the highest net loss and total loss.
The most successful consolidated group in 2023 was EPS AD BEOGRAD, recording the highest profit and income and having the most valuable financial capacities, while having the biggest cumulative total net loss as well. The second and third places on the list of the most profitable consolidated groups are held by TELEKOM SRBIJA A.D. BEOGRAD and NIS A.D. NOVI SAD, which are also at the top of the list of groups with the largest business assets and capital. According to the amount of net profit, the newly consolidated group INVIGO CAPITAL DOO BEOGRAD ranks fourth, while the fifth-placed group JP SRBIJAGAS NOVI SAD is also in fourth place according to the value of business assets and capital.
The Annual Report analyzed the financial performance of 683 consolidated groups, within which parent companies controlled 2,258 subsidiary and associated legal entities. The number of consolidated groups as well as subsidiary and associated legal entities increased compared to the previous year, by 10 and 64, respectfully, In addition, the number of employees in consolidated groups surged by 5,418, so that they employed a total of 331,551 workers.
As in previous years, the DELTA HOLDING DOO BEOGRAD group had control over the largest number of legal entities - 67, which is three more than in 2022, with 21 operating abroad. The consolidated group KOEFIK DOO BEOGRAD follows in terms of the number of affiliated legal entities with 44 subsidiary legal entities, two fewer than in the previous year, and 18 of them operating abroad. Also, the MPZ-AGRAR DOO NOVI SAD and MPZ AGRAR DVA DOO NOVI SAD groups recorded a large number of subsidiary legal entities - 42 each with their headquarters in the Republic of Serbia, with the former increasing the number of legal entities by eight, while the latter maintained last year's scope of consolidation. According to the significant scope of consolidation, the group GALENS INVEST DOO NOVI SAD stands out, which, with one less subsidiary legal entity, includes 26 of them (five with their headquarters abroad), while MK GROUP BEOGRAD controlled three subsidiary legal entities fewer, i.e. a total of 22 subsidiary legal entities (two abroad).
The Serbian Business Registers Agency has published the “Annual Report on the Performance of the Real Sector Consolidated Groups in 2023”, a publication which is based on the data comprised in the 2023 and 2022 consolidated annual financial statements submitted to the Agency by the parent companies according to the regulations governing accounting.
“The Annual Report on the Performance of the Real Sector Consolidated Groups in 2023” is published within the section Financial Statements - Publications / Annual Reports on the Performance of Legal Entities, Entrepreneurs and Consolidated Groups.