What do the results reported by 2,000 of the largest companies in 2008 – 2012 show us?

During 2008 - 2012, circa 30% of the largest 2,000 Serbian companies (turnover wise) incurred net losses at least in one year, and circa 11% of them incurred net losses for three years. If operating losses are taken into account, about 37% of the sample companies saw losses at least in one year, with circa 12% if them sustaining losses during no less than three years.


1 year

2 years

3 years

4 years

5 years

Net losses






Operating losses






Table 1: Share of companies that incurred net losses during 2008 – 2012, i.e. for … years

Above are the results of a research focusing on the scope of the aging losses amongst Serbian companies, carried out as a first by the consulting firm Transfer Pricing Services. Both aggregate data and data broken down as per controlling shareholder (resident or non-resident) are available upon request.

“It is a common sight, the new normal, to talk about losses during downturn times. However, analyses revealing the exact extent of the phenomenon are still overdue. For instance, the size of the segment of companies that incur losses for multiple years in a row. It is what we planned to uncover in our study now, five years after the recognised onset of the current global economic crisis” says Marko Milojevic, TPS Serbia director.

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