For a second year running, Bulgaria's Kapital weekly published its ranking of the country's largest 100 companies. Ranked by revenue, the companies listed by Kapital accounted for 80 per cent of Bulgaria's gross domestic product (GDP) in 2007, while the revenues of the top 10 alone combined to some 20 billion leva, or 35 per cent of the country's GDP last year.

On surface, the overall picture painted by the Kapital 100 list is a positive one. Bulgaria's economy grew by 6.2 per cent in 2007, while the revenues of the companies in the list grew by an average of 16 per cent. But a closer look shows that a big part of that growth comes from the rising global prices of commodities like crude oil, metals and foodstuffs.

It is not surprising then that companies from the oil, energy and metal industries dominate the top of the ranking. The five biggest companies and 15 of the top 20, all hail from these sectors. The three sectors are represented by 35 companies, which account for close to 62 per cent of the combined revenues of the companies on the list.

Russian oil giant Lukoil rules the roost, with its two subsidiaries taking the first two spots - oil refinery Lukoil Neftochim Bourgas at the top, with a revenue of 5.78 billion leva, and fuel retailer Lukoil Bulgaria second, with a revenue of 3.64 billion leva. Despite the low profit margins, the rising oil prices on global markets have helped companies in the sector become even bigger.

National Electricity Company (NEK) is third on the list (2.47 billion leva), overtaking copper smelter Cumerio Med (2.22 billion leva), whose revenues dipped because it was shut down for two months for upgrades in 2007. The debt-laden Kremikovtzi steel mill took fifth spot with revenues of 1.63 billion leva, although it would struggle to maintain that position with its recent well-documented troubles.

NEK is one of only 12 state-owned companies in the list compiled by Kapital, two of which - shipping company Navibulgar and Bobov Dol thermal power plant - will pass into private hands in 2008. Energy and transport are the last two sectors where the state is reluctant to relinquish control, a fact that is easily explained by ranking the top 100 in terms of number of employees. The three largest employers - Bulgarian State Railways, National Railway Infrastructure Company and Bulgarian Posts - are all state-owned and have a combined payroll of 48 399.

The list has a number of notable absentees, including state-run gas company Bulgargas, retail giant Metro Cash & Carry, fuel trader Naftex Petrol and mining company Chelopech. Companies from the financial sector, including banks, insurers and leasing firms, have been intentionally left out. The data was collected using reports filed to the Bulgarian Stock Exchange, Financial Supervision Commission and the Trade Register.