Key performance indicators for state enterprises
The research covers all enterprises in state ownership (public enterprises and joint stock companies) established by the Government or by Municipal Councils, i.e. Council of the City of Skopje, which have submitted their final balance sheets to the Central Register of the Republic of Macedonia. Moreover, the research ranked all 101 state-owned enterprises according to several criteria: total revenue, financial performance and number of employees.
Rank list of enterprises according to revenue
In 2014, all state-owned enterprises earned revenue in the amount of 698 million EUR. At individual level, their revenue ranged from around 6 thousand EUR to 240 million EUR.
According to revenue earned in 2014, JSC ELEM is at the top of the rank list of state enterprises according to their revenue, with total annual revenue of 240 million EUR, which is by 5.3% lower compared to 2013.
10 state enterprises with highest revenue in 2014
Next on the list is PE State Roads, which has increased its revenue in 2014 to the amount of around 80 million EUR. Third-ranked is JSC MEPSO, with revenue in the amount of 66 million EUR, representing an increase by 33% compared to the previous year. Fourth position is held by the Public Transport Enterprise Skopje with revenue in the amount of 32 million EUR, followed by PE Macedonian Forests with revenue in the amount of 26 million EUR. Sixth on this list is the Macedonian Post, with 22 million EUR, and seventh is the Macedonian Radio Television, with revenue in the amount of 21 million EUR. Top 10 state enterprises according to revenue also include Macedonian Railways – Transport, and Skopje-based public enterprises – PE Water Supply and Sewage and PE Communal Hygiene. Actually, all top 10 enterprises with highest revenue account for as much as 80% of total revenue generated by all state enterprises covered by this analysis.
Financial performance of enterprises
Analysed in terms of performance results, 2014 has been more financially challenging for state enterprises than the previous year, i.e. 2013. Total financial losses in 2014 amount to 48 million EUR compared to 34 million EUR recorded as losses in 2013. Moreover, state enterprises reported slightly decreased profits, from 30.6 million EUR in 2013 to 29.3 million EUR in 2014.
In 2014, 36 from total of 101 state enterprises covered by this research reported financial losses, while 65 of them performed with positive financial balance. Nevertheless, financial losses were significantly higher than profits.
The rank list of state enterprises according to financial losses features JSC ELEM Skopje on the top position, with financial losses in the amount of 14 million EUR, representing five and a half times higher losses compared to those reported in 2013. Increased financial losses were also reported by the public enterprise for railway infrastructure within Macedonian Railways – Skopje, which completed the previous year with losses in the amount of 7.8 million EUR, representing an increase by 20% compared to its 2013 negative balance.
Third-ranked is the joint stock company on airport services “Airports of Macedonia – Skopje”, with reported financial losses of 7.8 million EUR, representing an increase by 141% compared to losses reported by this state enterprise in 2013.
Next on the list is Macedonian Railways Transport JSC – Skopje, which managed to reduce its financial losses from 8.3 million EUR to 7.4 million EUR.
10 state enterprises with highest financial losses in 2014
Fifth-ranked according to the amount of financial losses is the public enterprise “Strezevo” – Bitola, with negative financial balance of 4 million EUR, representing a decrease by 6.4% compared to financial losses reported in 2013.
Marked by the highest increase of financial losses by 45%, sixth on this rank list is PE Macedonian Forests – Branch Skopje, with financial losses in the amount of 2 million EUR.
Although it reduced financial losses compared to 2013, the public water economy enterprise “Lisice” – Veles is ranked on the seventh position according to 2014 financial losses, with less than 1 million EUR.
The eighth position is held by the inter-municipal public enterprise for drinking water supply, waste and atmosphere water drainage and treatment for municipalities Ohrid and Struga and for protection of Ohrid Lake “Proacqua” – Struga, with financial losses in the amount of 926 thousand EUR.
Next is the public enterprise for maintenance and protection of national and regional roads “Macedonia Road” – Skopje, with financial losses in the amount of 813 thousand EUR, which have been doubled compared to 2013.
Top 10 enterprises according to the amount of financial losses also include the company for construction, management and leasing of multipurpose hall “Boris Trajkovski”, with financial losses in the amount of 680 thousand EUR.
The rank list of state enterprises according to profits in 2014 includes 65 enterprises whose profits range from 13 million EUR to the minimum amount of 552 EUR.
The list of top 10 enterprises with highest profits is comprised of 6 enterprises established at state level and 4 local enterprises. Firmly at the top stands PE State Roads with profits in the amount of 13.6 million EUR, followed by MEPSO (Electricity Transmission System Operator of Macedonia) which reported major increase of profits in 2014 and finished the year with positive balance of 8 million EUR. Third position is reserved for JSC Construction and Management of Residential and Commercial Property of the Republic of Macedonia, whose profits have increased by 44% compared to 2013. Major increase of profits was also reported by PE Communal Hygiene – Skopje, which finished the fiscal year with positive balance of around 1.4 million EUR. Fifth to tenth positions are occupied by state enterprises whose profits are in the range below 1 million EUR, those being: Macedonian Radio Television (699,389 EUR) and Macedonian Broadcasting (447,129 EUR), as well as local enterprises: PE Komunalec – Kavadarci (386,506 EUR), PE Komunalec – Gostivar (321,957 EUR), PE Streets and Roads – Skopje (278,743 EUR) and PE Parks and Greenery – Skopje (275,172 EUR).
10 state enterprises with highest number of employees in 2014
According to data submitted to the Central Register, the total number of employees at state-owned enterprises in 2014 was 26,989 and is marked by insignificant decrease compared to 2013 when they accounted for 27,040 employees. As shown on the rank list of enterprises according to the number of employees, these figures range from 4,566 to 1 employee. Here, it should be noted that 10 enterprises with the highest number of employees account for 63% of the total number of people employed at public enterprises.
10 state enterprises with highest number of employees in 2014
Top 10 state-owned enterprises according to the number of employees is dominated by those established by the state, unlike local enterprises, which are represented on this list by three public enterprises established by the City of Skopje, those being: PTE Skopje, PE Communal Hygiene and PE Water Supply and Sewage.
This research was developed in order to compile database on financial performance of state enterprises that could be used as resource for future research and analyses. It was conducted by means of collecting, processing and analysing data submitted by individual state enterprises to the Central Register of the Republic of Macedonia.
