State firms still dominate Poland's top 25 companies
The list of companies was supplied by Dun & Bradstreet and rankings are based on gross revenue for 1994.
Fiat Auto Poland, eighth in terms of gross earnings, is the first private company on the list. Fiat took in zl. 2.7 million ($1.13 million) last year. Pre-tax profit (or loss) figures for 1994 and for the previous year were not available to Dun & Bradstreet. Wire service reports said Fiat posted a net loss of zl. 278 million ($116 million) on revenues of zl. 2.52 billion ($1.05 billion).
Centrala Produktow Naftowych (CPN), the state oil company, brought in the most revenue in 1994 - nearly zl. 9.1 billion ($3.8 billion) for a pre-tax profit of zl. 335 million ($143 million). The company accounted for nearly 14% of the gross revenues earned by the top 25 companies in the country.
Polskie Sieci Elektroenergetyczne SA, the Polish Power Grid Company (PPGC), ranks second, with 1994 revenues of zl. 7.1 billion ($2.98 billion). Like the petroleum industry, PPGC, which has a monopoly on the distribution of electricity in most of the country, is considered a "strategic industry" which will not be put in private hands, although it is organized as a stock company with all shares in the hands of the state treasury. PPGC posted pre-tax profits last year of $129.3 million.
Petrochemia Plock SA, which ranks third in terms of gross revenue - zl. 6.3 billion ($2.6 billion) - and third in terms of pre-tax profits for last year - zl. 588 million ($250 million), is a joint-stock company, with all shares held by the state treasury.
PKP (Polskie Koleje Panstwowe), the state railroad, takes fourth place in terms of gross revenues - zl. 5.7 billion ($2.4 billion) and tops the list in terms of pre-tax losses posted for 1994. The railways lost zl. 108 million ($46 million) last year, almost a 50% improvement over 1993, when PKP posted losses before taxes of zl. 209 million ($89 million).
Poczta Polska reported losses before taxes last year of zl. 27 million ($11.5 million), on earnings of zl. 1.6 billion ($687 million) - placing it 16th on the list.
Polska Miedz SA (KGHM), seventh on the list with earnings of zl. 2.8 billion ($1,154 million) and profits of zl. 648 million ($273 million), is also a state-owned stock company. It is scheduled for privatization some time next year.
Companies already in private hands, or listed on the Warsaw Stock Exchange, cluster at the bottom of the list. These include Stalexport SA - ranked 19th with earnings of zl. 1.5 billion ($625 million); Bank Slaski SA - ranked 20th with earnings of zl. 1.4 billion ($517 million); Bank Przemyslowo Handlowy SA - 23rd with earnings of zl. 960 million ($408 million) and pre-tax profits of zl.($1.3 billion) - tops in terms of profits.
Zaklady Przemyslu Tytoniowego w Krakowie SA (number 21), and Bank Gdanski SA (number 25) are in the process of privatization.
Fiat Auto Poland, eighth in terms of gross earnings, is the first private company on the list. Fiat took in zl. 2.7 million ($1.13 million) last year. Pre-tax profit (or loss) figures for 1994 and for the previous year were not available to Dun & Bradstreet. Wire service reports said Fiat posted a net loss of zl. 278 million ($116 million) on revenues of zl. 2.52 billion ($1.05 billion).
Centrala Produktow Naftowych (CPN), the state oil company, brought in the most revenue in 1994 - nearly zl. 9.1 billion ($3.8 billion) for a pre-tax profit of zl. 335 million ($143 million). The company accounted for nearly 14% of the gross revenues earned by the top 25 companies in the country.
Polskie Sieci Elektroenergetyczne SA, the Polish Power Grid Company (PPGC), ranks second, with 1994 revenues of zl. 7.1 billion ($2.98 billion). Like the petroleum industry, PPGC, which has a monopoly on the distribution of electricity in most of the country, is considered a "strategic industry" which will not be put in private hands, although it is organized as a stock company with all shares in the hands of the state treasury. PPGC posted pre-tax profits last year of $129.3 million.
Petrochemia Plock SA, which ranks third in terms of gross revenue - zl. 6.3 billion ($2.6 billion) - and third in terms of pre-tax profits for last year - zl. 588 million ($250 million), is a joint-stock company, with all shares held by the state treasury.
PKP (Polskie Koleje Panstwowe), the state railroad, takes fourth place in terms of gross revenues - zl. 5.7 billion ($2.4 billion) and tops the list in terms of pre-tax losses posted for 1994. The railways lost zl. 108 million ($46 million) last year, almost a 50% improvement over 1993, when PKP posted losses before taxes of zl. 209 million ($89 million).
Poczta Polska reported losses before taxes last year of zl. 27 million ($11.5 million), on earnings of zl. 1.6 billion ($687 million) - placing it 16th on the list.
Polska Miedz SA (KGHM), seventh on the list with earnings of zl. 2.8 billion ($1,154 million) and profits of zl. 648 million ($273 million), is also a state-owned stock company. It is scheduled for privatization some time next year.
Companies already in private hands, or listed on the Warsaw Stock Exchange, cluster at the bottom of the list. These include Stalexport SA - ranked 19th with earnings of zl. 1.5 billion ($625 million); Bank Slaski SA - ranked 20th with earnings of zl. 1.4 billion ($517 million); Bank Przemyslowo Handlowy SA - 23rd with earnings of zl. 960 million ($408 million) and pre-tax profits of zl.($1.3 billion) - tops in terms of profits.
Zaklady Przemyslu Tytoniowego w Krakowie SA (number 21), and Bank Gdanski SA (number 25) are in the process of privatization.
