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MARKET500.
eu
The magaziNe for eUrope’s fasTesT growiNg compaNies
exclusive european ranking
the 500 fastest

growing companies
p. 18
MARKET500.eu
JUIN 2005

award winner
N° 1
jaN / feb / mar 2007
eUr 6.-
opinion | profiles | management | human resources | technology | investment | lifestyle

letter from the President e u r o p e ’ s 5 0 0
Growth Track
Entrepreneurs on the
Europe’s 500 – Entrepreneurs for Growth was founded in 1996 and

publishes the annual Europe’s 500 Listing, bringing together the
strongest growth companies.
T
he association’s sustained continuous growth since 1992.
primary goal is to The 2006 Europe’s 500 listing reveals for
develop a European the first time an impressive number of
network of high- new winners from Eastern Europe and the
growth companies Baltic states.
to provide a forum
for the exchange of Of course the Europe’s 500 Listing does
experience, the deve- not exist merely to allow entrepreneurs to
lopment of new busi- pat each other on the back and congra-
ness possibilities, as tulate each other on winning the “Oscar”
well as recommendations to the EU on of entrepreneurship. As a Europe-wide

how to improve the framework for growth network of the strongest growing compa-
and more employment. The association nies, they aim to exchange experience as
aims to offer its experience and ideas to well as seek new business opportunities
European and national policy-makers in and pass on the benefit of their expe-
order to improve the general business rience and best practice to European
conditions which should encourage more Martin Schoeller, and national policy-makers to help create
growth and employment. In other words, President of Europe’s 500 better conditions for more growth and
the group does not want to get tied employment. These entrepreneurs do not
down in discussions about the employ- creation is a particularly critical issue in only want to discuss employment; they
ment situation, but rather to take concrete Europe today. also want to do something to create more
measures for the creation of more jobs. paid job opportunities in Europe.
We research small and mid-sized compa-
Fortune 500 and Fortune 1000, for nies in 28 European countries (the 25 EU This last aim coincides directly with the
example, are both well established and member states, plus Switzerland, Iceland EU’s Lisbon Agenda, which aims to make
recognised measures of business perfor- and Norway) and invite them to submit Europe the most dynamic knowledge-
mance. Large companies in the US are their turnover and employment data for driven economy in the world and to create
proud to have the accolade of being the three previous fiscal years. Once the more and better jobs by 2010. Of course
MARKET500 no1 | January / February / March 2007

among the 500 or 1000 top firms in the data are verified, these fast growing, job- everyone wants this – politicians, organi-
country, not only to enhance their prestige creating companies are ranked to find the sations and also clever unions. Europe’s
but also to attract investment. However, top 500 who form the annual listing. The 500 provides the evidence that it is these
size is only one, and a rather static, indi- winners are honoured at an awards cere- fast growing companies which are at
cator of success. mony and gala dinner held in a different the forefront of job creation in Europe
European city each November (in Vienna – witness the nearly 150,000 new jobs
With Europe’s 500, the annual listing 2006). Over the years a number of compa- created by the 2006 Europe’s 500 winners
of Europe’s top fast growing companies have qualified for more than one over the past three years.
nies, we wanted to take a more dynamic listing by demonstrating sustained growth
approach to measuring success by iden- over four or more years, but only two firms Also, as Chairman of Schoeller Industries,
tifying companies that have shown growth – both Italian - have won each year since which has more than 2,000 employees
in employment as well as turnover as job the first listing in 1996, meaning they have (www.schoellergroup.com), I am convinced
continued on page 80
editor’s note w w w. a c - m a r k e t s . c o m
Bullish At t itude
business link
Creating the new European
W
here can you neurship. While covering high-potential
find succes- emerging markets such as India, China
sful European or Brazil, we clearly highlight the amazing
companies? performance and potential of European
Who are they? companies. We also focus the positive

Why are some effects EU enlargement is having on
competitors European economic growth rates.
growing faster
in other coun- A Strategic Partnership
tries than in Our access to the most successful
your own? Do you know any mid-sized European companies is our strength,
European companies? How many firms thanks to our exclusive partnership with
do you know abroad? There are so many Europe’s 500, officially publishing their
questions we might ask ourselves about ranking of fast growing European compa-

this new market: Europe. Most entrepre- nies. We also participate in Europe’s 500
neurs are experts in their local market key events throughout Europe, captu-
but it is more difficult to know about ring the essence and outcomes as a
the pan-European corporate world. Of real pan-European media channel. In a
course, we can get information about the reflection of the needs of leading entre-
most important corporations every day preneurs and companies across Europe,
in the leading media, but it remains hard
to find a real pan-European one which
market500.eu, the publication and the
website, aim to be interactive. Our online
A d v a n c e d M o b i l e Tr a d e r
is not American or related to a particular portal provides information ranging from a The new generation in online trading
European country. quarterly survey of leading entrepreneurs It enables you to access your account with your mobile phone,
to a company listing. In addition, a new monitor your account, check prices and open and close
A pan-European business approach version of the European Business Portal positions.
Market500.eu aims to help you, our will be rolled-out this spring. ACM, worldwide leader in the online trading of currencies
readers, better understand this complex and precious metals, offers technologically advanced
and multi-cultural market through in-depth Let the entrepreneurial spirit spread high quality trading platforms.
business stories and articles. In addition, around Europe as fast as it can. Make profits when buying and selling and enter your
our columns aim to provide to strong orders with a mouse click, real-time, 24 hours
opinions and analysis in order to promote Raphael Dana a day.
European ideas for stronger entrepre- rdana@market500.eu
Contact us right away
T +41 22 319 22 00
support@ac-markets.com
contents
23
gameloft
award winner
n 01 o
January / February / March 2007
europe’s 500
ranking 18 Letter from the President 3 HUMAN RESOURCES
Editor’s note 4 Recruitment

Finding the right players 64
Entrepreneur’s Survey 8
Defining the trends of 2007 TECHNOLOGY
Highlights 11 Ideas
Europe 2.0 66
68
Press review
Top 10 predictions in 2007 16 CASE STUDY
Europe’s 500 Ranking Barceló Group

case study: Family succession 68
Barceló Introduction 19
Listing 22 EUROPE’S 500

Winners’ profiles European Growth Summit
Award Winner No 1 - Gameloft 23 2007 Growth is East 76
No 2 Avion Group 27
No 3 Assystem 30 A short history of Europe’s 500 78
No 4 CPL 33
No 5 Spreadshirt 37 Policy framework for
No 8 Webhelp 39 growth and jobs 79
No 13 Centric 40
76
No 14 Puma 43 INVESTING
No 17 ntercentros Ballesol 45
No 21 Ryanair 46 The Mid-Cap way
No 22 New Wave Group 48 Investing in a medium-sized
growth is east No 26 DC Holding 51 European company 82
No 30 EngroTUS 52
A selection of European
Opinion Editor 54 small and mid-cap investment funds 84
Management LIFESTYLE
Focus Yachting
Managerial pitfalls to avoid 56 16th Monaco Yacht Show 90
90
Learning Hot products
CEO-Collaborative Forum 61 A high-tech, stylish selection
for a winter full of colour 96
yachting
s u r v e y trends
survey
Entrepreneur’s
Dear Readers,
How would you define your company’s Do you believe there will be a global

We invite you to interact with us in each prospects for 2007? economic recession by the end of the
issue of market500.eu through the year?
“Entrepreneur Survey“. Your participation o Bullish
will help us better understand you, your o Confident o Yes
views and the latest business trends o Average o Probably Helping others gives
across Europe. o
o
Worried
Pessimistic
o
o
No
It does not affect me
success true meaning.
Dedicated to the most successful busi-
nessmen, the survey is fast and easy to Are you worried about the growing Do you expect the real estate market to Nicolas Cage and Montblanc
use directly through our website (www. strength of the Euro? decline in 2007? have made a joint commitment to social responsibility.
market500.eu, click on “Survey”). Our With your purchase of a Montblanc TimeWalker,
survey has only 5 questions and takes o Yes o Yes, for sure you are supporting a significant donation
less than one minute to complete. o No o Probably by Nicolas Cage and Montblanc to
o It does not affect me o 50% chance the “Heal the Bay” organisation.
If one of the subjects captures your inte- o I do not think so
Montblanc TimeWalker Chronograph Automatic
rest or if you have a trend you would like Are you worried about political risk in o No way
self-winding mechanical movement
us to investigate in a future survey, please 2007? o It does not affect me
in a 43 mm steel case with skeleton horns.
contact survey@market500.eu.
Swiss made by Montblanc
o Yes
Our first survey aims to capture the o A little bit Visit www.montblanc.com
o
® Montblanc ®
general trends for 2007 through the No

following questions: o It does not affect me
new york london paris rome tokyo hong kong barcelona

moscow vienna amsterdam berlin singapore
Building Community highlights
Creative Productions
Meetings and Events
Performance Improvement Programs
Visa cards in MCAE Market

Communications
Bulgaria Europe 2006

Association Management Services
PCO and Exhibitions Management
Destination Management Services Bulgaria was the fastest growing market Last September, 01consulting released a
for Visa bank cards in Europe according report called MCAE Market Europe 2006.
to data from July to September 2006. Visa According the report, the MCAE Market,
In today’s high speed Bulgaria said that the number of cards which grows at 15% annual rate, repre-
issued in the country increased by 74%, sents almost €1 billion. It is one of the most
performance-oriented reaching the amount of 890,000 at the attractive segments of the PLM market
end of the period. with strong and solid future development
economy, companies focus on prospects and has been recording a
Bulgarians consumers are also using their steady growth for the last 30 years.
and invest in core-
Visa cards more and more often for trade
Nutricosmetics
competencies. Their strategy transactions. Nearly one million payments This report ranks the top 11 software
MCI understands this and will in trade centres were completed this vendors in Europe, through several
trend
and supply chain rely on way by the end of September 2006, a criteria and provides analysis per industry
help you enhance the
185% increase from September 2004 and country, spotlighting current trends.
outsourced expertise, creativity performance and outreach of to September 2005. Bulgarians carried The report highlights the fact that a few
An increasing number of companies out 5.2 million transactions through Visa mergers and consolidations should be
and processes. your organisation by:
worldwide are targeting the fast-growing cards between September 2005 and expected in the near future as bigger
nutricosmetics industry products that aim September 2006. vendors lag in technology development,
11
✔ helping you to communicate with your target audiences through live to provide beauty “from within” creating preferring to acquire existing techno-
communication and creative events. their own product lines. A recent survey Romania, which entered the EU at the logy that has been validated by smaller
by Klein & Company values the global same time as Bulgaria, also increased its vendors.
✔ supporting your business objectives through performance improvement nutricosmetics market at $1 billion. The number of Visa cards by 38%.
and knowledge transfer programmes. company says this figure is set to double
over the next five years. Nutricosmetics
✔ building an influential community around your company and your brand are taken orally to improve health and
beauty.
through cross marketing and strategic association.
✔ supporting your processes with expert meeting, conference, and The market has already seen serious inno-
vation, such as the partnership between
incentive travel management knowledge. L’Oreal and Nestlé and their Inneov line
of nutritional supplements for hair and
With 300 staff delivering projects for small to medium sized companies
skin, and German cosmetics company
and Fortune 500 clients, across 5 continents, MCI is a full-service agency Christine Schrammek with its dermaneu-

with a world of experience. We are convinced that our solutions are trics range targeting skin ailments. The
survey pinpoints skin care as the main
powerful in retaining the attention of, and building strong relationships
BARCELONA market, but those for hair, nail and sun
BERLIN with, target audiences as well as improving their performance. care are growing.
BRUSSELS
DUBAI
GENEVA
For more information, please contact: However not all countries are picking
LYON upon the trend. In the USA, according to
MADRID MCI- HQ Office Carrie Mellage from Klein & Company,
PARIS
75 rue de Lyon potential customers are used to buying
PETERSFIELD/LONDON
PRAGUE CH–1211 Geneva 13 their healthcare products from pharma-
SINGAPORE Phone +41 (0)22 33 99 500 ceutical companies and are sceptical of
STOCKHOLM beauty companies.
STUTTGART Fax +41 (0)22 33 99 501
VIENNA E-mail: hq@mci-group.com
ZURICH
www.mci-group.com
highlights
Audemars Piguet
Awards
Last November in Geneva, Swedish CEO

Mårten Mickos of MySQL AB, a software
enterprise, received the “Changing Times
Award” from famous Swiss watchmaker
Audemars Piguet. This prize was created
to recognize the European entrepreneur
Chip sales Biorefinery

whose private company has had the
Research
biggest impact on the largest number of
12
people over the last three years.
As global sales of
MySQL develops and supports a family semiconductors At the end of October, the European
of high-performance, affordable data- reached $225.1 billion Conference on Biorefinery Research,
base products. The “Next Gem Award”, for the first 11 months which aims to present industrial perspec-
another prize from the watchmaker, was of 2006, 9.4% more tives on current and potential opportuni-
awarded to Icera, a pioneer in wireless than for the same ties for and synergies between European
soft modem platforms for next generation period in 2005, sales in Europe were up stakeholders, took place in Helsinki,
mobile phones and wireless terminals. 4% to $3.7 billion in November 2006, Finland. This conference concluded that
This prize rewards the company that according to the Semiconductor Industry the Finnish forest-based industry should
shows the most promise for the future. Association (SIA). Those in the Americas expect growing demand for biomass-

declined by 0.5% to $4 billion, while Asia based, non-food products. Considering
Pacific grew by 4.4% between to reach the situation, the government has decided First Fusion Tourbillon
$10.8 billion, with Japan showing a 2.6% to strengthen research into this area, Mono Pusher Chronograph
rise to $4.25 billion. Despite its results, most specifically into the development 18K Red Gold, Ceramic
Europe remains the poorest performer in of second-generation biofuels. As a and Rubber.
2006, with year to year sales to November first step, the Finnish Funding Agency
up only 4.3% to $3.7 billion. Asia Pacific for Technology and Innovation (Tekes)
grew at the strongest pace, up 15% to has started a Europe-wide ERA-Net
$10.8 billion, with chip sales up 6.6% in programme called Woodwisdom-Net,
the Americas to $4 billion. together with seven other European coun- “Grand Prix d’Horlogerie
tries. Furthermore, it is preparing a new de Genève”
‘BioRefine’ technology program, to begin
in 2007.
170 New Bond Street • W1Y 9PB • London • Tel. 0207 290 65 00 • Hublot live TV on: www.hublot.com
14
IT DOESN’T JUST
New investment
The AIM market P U S H T H E E N V E L O P E.
for Hymite A/S
Owned and operated by the London Stock

Exchange, AIM is the world’s leading
With a total of €€9 million, the Danish-
German technology company Hymite
LED (Light Emitting Diodes) and MEMS
(Microelectromechanical Systems) I T R I P S I T.
market for smaller growing companies. A/S has announced closure of its markets: “With key customers in both
These range from young venture capital Series Preferred B financing. Among high-brightness LED and MEMS, our wafer
businesses to more established busi- the new investors are TVM Capital, level packaging solutions have proven
nesses searching for finance and liqui- InnovationsKapital, Dansk Kapitalanlaeg, their potential in high volume, high growth
dity to expand their operations. Since Vaekstfonden and IVS. These new invest- […]. New requirements from the markets
1995, more than 2,500 companies have ment are intended to strengthen the sales such as a smaller footprint and higher
joined, raising more than $4.5 billion. AIM organisation of the company and build performance are bringing business in our With the first “clean sheet” light jet design in years, the Phenom™ 300 rewrites expectations.
companies come from 37 sectors and 26 up its manufacturing infrastructure with direction. Wafer level packaging is a clear Its all-glass, ergonomic, single-pilot-capable Prodigy™ flight deck commands a superb
countries. 25% of international companies the use of external foundries. Hymite A/S industry trend and we are supporting this performance package. Its serene, stylish cabin redefines luxury aloft. Single-point refueling
are in the mining sector, the next largest supplies advanced wafer level packaging with a low-cost, reliable solution that adds and an externally serviced lavatory cut turnaround time. And thanks to Embraer’s
being the oil and gas sector followed by products for electronics, micromecha- value for customers.” unmatched reliability, the Phenom 300 is ready when you are–-truly a ripping achievement.
finance. As of early October 2006, some nical and optoelectronics components.
350 new companies had been admitted Chief executive officer Claus Jorgen
and the junior market has seen a vast says that the company will be able to
increase in the number of US companies. consolidate its position in the flourishing
Latin America +55 12 3927 3399 – U.S., Canada and Caribbean +1 954 359 5387 – Europe and Africa +33 1 49 38 44 44
China +86 10 6505 5045 – Asia Pacific +65 6734 4321 – EmbraerExecutiveJets.com
highlights
“10 Predictions
p r e s s r e v i e w red herring
for 2007”
use of VoIP programmes, among other IPOs if it does not want to see companies
things, mobile phones will be affected going public abroad.
by computer viruses. Nevertheless, the
multitude of current operating systems HD-DVD and Blu-Ray: DOA
could reduce their impact, but only in the In 2007, the war between HD-DVD and
beginning. Blu-Ray will almost lose its senses. As
consumers will not be able to choose
Mega Buyouts between two incompatible formats, the
T
In 2007, private equity will enter the tech trend towards Internet downloading
sector. 2006 already saw mega-buyouts (without any physical support) will be
o continue with their between firms, the next year could be confirmed. Hewlett-Packard and Apple
tradition of annual the one where everything is possible. have already launched a device for this
predictions started Among other possibilities, keep an eye on purpose.
three years ago, EMC, leader of hardware storage, Dell,
journalists of the Red the computer maker, or Internet giant Rollins Booted Out at Dell
Herring, an American Yahoo!. 2007 will not be kind to Kevin Rollins. In
16
magazine speciali- fact, Dell’s chief executive officer is at the
sing in technology TV Grab head of a firm that has been accumulating
industry and innova- In 2007, look for Google to invade the bad results for a few years and which
tion, have put forth world of TV advertising. The on-line has been recently dethroned by its main
their forecasts for 2007 (vol. 4, No 1). ad king used to boast of wanting to competitor, Hewlett-Packard. His next
be everywhere advertising is and has mistake may well cost him his job.
In this special issue, journalists came already jumped from the on-line world
with 10 specific events or developments, and established itself in newspapers Solar Gets Simpler
whether good or bad, that they feel will and radio. “Google becoming a TV ad 2007 will be the year of “solar”. The solar
likely happen in 2007. Next year, a score broker isn’t a predication; it is a foregone industry is coming to maturity thanks to
box will be run on how well they did! conclusion.” the impending end of a worldwide shor-
tage of solar-grade silicon. Lower prices
Brain Gets Wired Nanotech Will Heat Up and easier access will enable more and
2007 will see advances in cures for 2007 will be the year of nano deve- more people to be equipped with solar
depression or blindness thanks to elec- lopments -- a revolution in the scien- technology. Mergers and consolidations
trical devices implanted in their head tific world. Indeed nanotechnology, will within the solar industry will also boost
or eye. The first company to watch is be present in medicine under nanotech the market.
Medtronic, which has built a “brain pace- cancer drugs, but we might also use it in
maker” delivering electrical pulses to treat water filtration. Nevertheless, this techno- New Year, New Jobs
depression and obsessive-compulsive logy will be certainly submitted to more In 2007, new needs will create new types
disorder. On blindness, Europe-based regulation, a fact companies have to know of activities. First, there will be a need for
Intelligent Medical Implants has been to succeed in this field. people to bring online social networking
working on an electrode implanted in the to those over 50. Secondly, after the
retina to help blind people see light and SOX Gets a Makeover boom of YouTube, the next user-gene-
simple patterns. In 2007, SOX will be less burdensome, rated content website might be about
at least for micro and small companies. games, revealing the talents of new
Attack of the Mobile Virus! In fact, to keep US stock exchanges games makers. Thirdly, the expansion OPENING SOON: TOKYO
In 2007, people will fall victim of a global attractive the Securities and Exchange of solar technology will put solar finance G E N E VA - G S TA A D - H O N G K O N G - K U WA I T - L O N D O N - M O S C O W
M Y K O N O S - N E W Y O R K - PA R I S - P O RT O C E R V O - R O M E - S T M O R I T Z
cell phone virus attack. With the increasing Commission (SEC) will have to reduce specialists on top.
w w w. d e g r i s o g o n o . c o m
ranking e u r o p e ’ s 5 0 0
Europe’s 500
“European growth”
is not an oxymoron
“Entrepreneurs for Growth”, a Belgian not-for-profit organization
which represents 2,000 entrepreneurs, has published its Europe’s
500 ranking of fast growing companies. This ranking, supported by
Microsoft and KPMG, is built from data provided mainly by companies,
which declare their turnover and number of employees for 2002 and
2005. Their performance is analysed over a three-year period.
19
T
o participate in The key findings of this 2006 edition are Germany ranks first in number of compa-
the ranking, these the following: nies in the top 500, despite its sluggish
companies must be GDP over the last three years. Its ranking
based in Europe, Geographically, the five largest European proves that its Mittelstand is still doing
that is to say in the countries represent 59% of the 500 fastest well. The UK, which has strived economi-
European Union and/ growing companies. But Central and cally over the course of the same period,
or European Free Eastern Europe surprisingly rank before is ranked a distant second, just before
Trade Area (EFTA). the Nordic countries, showing the poten- France.
Public and private tial of this region. The Baltic countries
companies can together are 10% of the overall sample. Despite their nationality, companies with
compete, but must have been created fast growth rates are finding their greatest
before 2003 and meet various criteria. Breakdown by stock exchange growth opportunties beyond their home
They must not have had more than and average 2005 turn-over market, exporting and thus capturing
5,000 employees in 2002, and not less market shares abroad.
Number of Average turn-
than 50 in 2005. Growth is measured by

companies Percentage over (EUR m.)
turnover progression and the equivalent EURONEXT (Paris, Sector-wise, IT services have the lion’s
Lisbon, Amsterdam,
number of full time employees. Brussels) 38 31% 174.5 share (23%) of the sectors, showing
British Stock Exchange 23 19% 382.2
German Stock the maturity of information technologies
Exchange 14 12% 694.0
The ranking uses the Birch Index, by David Italian Stock Exchange 7 6% 1143.7 and their “rippling effect” throughout the
Austrian Stock
Birch, Director of Neighbourhood and Exchange
Swedish Stock
5 4% 878.9 economy. Once infrastructures are set up
Regional Change at the Massachusetts Exchange
Other
5
5
4%
4%
145.1
469.0
and running, companies willing to leve-
Institute of Technology (MIT), to measure Swiss Stock Exchange
Norwegian Stock
4 3% 820.1
rage them are blossoming and gaining
Exchange 4 3% 160.6
employment growth. This index weighs Greek Stock Exchange 4 3% 225.0 ground fast.
NASDAQ 3 2% 572.7
absolute and relative job growth by Spanish Stock
Exchange 3 2% 925.0
industry and company size in order to Irish Stock Exchange 3 2% 1649.9
Remarkably, the other sectors are rela-
Icelandic Stock
determine the real employment genera- Exchange 3 2% 636.6 tively equal, holding between 5 and
tion of each company. Total 121 7% of the total. This shows that fashio-
nable sectors such as biotechnology
details.ch
e u r o p e ’ s 5 0 0 ranking
Protecting Your Business Starts
with Securing Your Assets!
and healthcare are not producing more 38 companies. The impact of the launch Gameloft comes back to the roots of
fast-growing companies than traditional of Alternext, created to offer a relay of video games, where the pleasure of the
sectors such as automotive, for example. financing to mid-sized and high-growth customer is key, whereas Eletronic Arts
It is thus possible to succeed in almost companies, will probably increasingly and other American and Asian video
any economic sector, although textiles be seen in the future editions of the game makers offer merely technical
and chemicals are below 2%. challenge.
The average turnover of Europe’s 500

companies per stock exchange varies Sector breakdown of the Europe
Geographical breakdown of the 500’s companies
significantly. Nordic stock exchanges
Europe 500’s companies
and Euronext have the lowest average,
3% 4%
whereas small (Ireland, Switzerland) and 3%
2% 3%
2%2% Southern markets (Italy, Spain) seem to 4% 23%
3% 21%
4% have a higher threshold. In a context of 4%
5%
stock exchange convergence, it is inte- 4%
resting to see that further consolidation
5%
could have an impact by easing the finan- 5%
7%
cing on companies situated in markets
6% 6%
13% with higher admittance criteria.
7%

20 8% 6%
The only Eastern and Central Europe 6%
6%
6% 11% stock exchange represented is Budapest 6% 6%
9% (one company), which proves that local

IT Services IT Manufacturing
Germany Austria
financing mechanisms still need to be
Biotech/Health Construction/Real Estate
UK Greece found. The fact that venture capital
Consulting Food/Beverages
France Netherlands firms are massively investing in this area
Transport/Logistics Retail
Italy Ireland should boost exits and thus may promote
Steel/Metals Energy/Mining Utilities
Spain Switzerland local stock exchanges. The NYSE and
CEE Baltic Automotive Financial/Legal Services
NASDAQ welcome only four compa-
Nordic Other Support Services Tourism
nies from Europe, which shows that the
Belgium Consumer Goods
attraction of the American markets tends Other
to be limited.
Services represent nearly 46% of the

Overall, this 2006 edition of Europe’s
500 shows that not only can European prowess and visually impressive scenes.
T H E S W I S S DATA C E N T R E C O M PA N Y
overall sample, thus confirming the companies achieve high growth, just like EngroTUS reverses the trend of low-cost
positioning of Europe in the worldwide their American and Asian counterparts, and cut-throat retailing by putting forward
Switzerland is the ideal tax-efficient location for consolidating your European corporate data
economy. but also that they offer successful alterna- its values and the quality of its products, centre operations. Over the next 25 years, it will provide a stable, low-risk environment with
tives to dominant models. DoubleCoffee challenging the Wal-Mart assumption that a consistent and abundant source of available power.
As for financing, 4 of the top 5 companies (DC Holding) offers high-quality coffee, customers always want lower prices and
are currently listed, but most of them (73%) as opposed to the Starbucks model nothing else.
are not. Growth financing is thus mainly a of multiple flavours added to American Find out why some of the leading companies in the world rely on Safe Host.
matter of private equity (3i Group being coffee. Puma proposes fashionable and Europe can thus be a source of valuable To contact our sales team, e-mail sales@safehost.net or call +41 (0)22 884 50 00
cited as an active investor in the sample, trendy footwear where Nike and Reebok examples for those who think outside the
with CVO and Intercentros Ballesol) and compete to offer only sports shoes. box.
other private means of funding. Webhelp successfully provides call
centre services when the trend towards Cyril Demaria ®
Euronext is the stock exchange which is contracting with low-cost outsourced call cdemaria@market500.eu
the most represented in the sample, with centres in India seems irreversible.
e u r o p e ’ s 5 0 0 listing winner’s profile e u r o p e ’ s 5 0 0
Europe’s 500 Listing

Europe’s only independent, pan-European Listing
of high growth, job-creating companies.
Methodology Selection of the Final Europe’s 500

The Europe’s 500 search process combines a unique mix of proactive Companies which qualified for the initial list and passed the verification
1
AR
targeting and searching for the best companies. process are ranked according to their Birch Index. The top 500 Birch scores
AW
define the final Europe’s 500.
The methodology used comprises four key phases:
• Compilation of the universe Ranking
• Selection of initial list The Europe’s 500 focuses on employment creation. Companies which have
• Independent review successfully met the criteria and verification process are ranked according
• Selection of the final Europe’s 500 to their growth performance via the David Birch Employee Growth Index.
This index focuses on employment creation combining both relative and
Compilation of the universe absolute growth and is used to rank and quantify the companies’ perfor-
Europe’s 500 researches, targets and pre-selects high-growth companies mance.
from across the 28 countries covered.
Mezzanine View on Success

These companies are invited to confirm their nomination and agree to all data.. The Europe’s 500 growth performance Birch Index represents:
In addition, spontaneous nominations are sought through media announce- The absolute difference in employment between the upper (End 2005)
ments and third party organisations. and
22 the lower (End 2002) reference year 23
Selection of initial list multiplied by
Upon closure of the nomination process (15 July 2006), all data is analysed Employment in the upper reference year
and a first list of companies that meet all seven criteria established. divided by
Independent review
Company data as submitted by the Nomination Form may be verified with
employment in the lower reference year.
Example: if a company grew its employment from 200 employees in 2002 to
Gameloft is proof that until the game is over, there is hope for success.
the legal auditor, on an as needed basis. Checks are also carried out with 800 employees in 2005, the Birch index would be: Weathering the storm of mobile gaming, it emerges as number 1 in
national experts who visit selected nominated companies to independently = (800-200) x (800/200) = 600 x 4 = 2400 Europe – on top of both the ranking and its sector.
review their application. At this stage a company may be rejected from the
initial list, if a review raises doubts about the company’s eligibility.
Gameloft SA
Key facts & figures
Rank Company Company Business Sector Website Birch Index
Ranking: 1st | Industry: Software | Turnover growth (2002-2005): 1,460% |
Headquarters Employment growth (2002-2005): 2,307% | Listed (Paris), with a market capitalisa-
tion of EUR 0.29 billion
T
1 Gameloft SA France IT - Manufacturing www.gameloft.com 44994
2 Avion Group Iceland Transport, Logistics www.aviongroup.com 25634
3 Assystem France IT Services, Information and Communication Technologies www.assystem.com 22872 ransform your mobile for mobile phones, using Java and BREW basis, willing to invest on the long term.
4 Cpl Resources Plc Ireland Consulting, Management S www.cpl.ie 20622 phone into a video technologies. At its creation in 1999, This has allowed us to be able to wait for
5 Spreadshirt AG Germany Retail www.spreadshirt.net 19800
6 EVN AG Austria Energy, Mining, Utilities www.evn.at 13480 game station; that is Gameloft – then a subsidiary of Ubisoft the market to switch to Java/BREW compa-
7 Kögun HF Iceland IT Services, Information and Communication Technologies www.kogun.is 11453 the target of Gameloft. Entertainment – focused on the develo- tible mobile phones,” says Alexandre de
8 Webhelp France IT Services, Information and Communication Technologies www.webhelp.fr 9860
With Qualcomm intro- pment of games for mobile phones, the Rochefort, CFO of Gameloft.
9 Groupe Open SA France IT Services, Information and Communication Technologies www.groupe-open.com 9101
10 pharmexx GmbH Germany Consulting, Management Services www.pharmexx.de 8436 ducing its BREW Internet and digital television.
11 Integrated Cleaning Management Ltd United Kingdom Support Services www.icmltd.uk.com 7417 technology in Europe, This move proved to be successful and
12 Q-Cells AG Germany Energy, Mining, Utilities www.q-cells.com 6407
13 Centric Netherlands IT Services, Information and Communication Technologies www.centric.nl 6015
even 3D games will Gameloft was a bit too early for the market. has allowed it to expand dramatically
14 Puma AG Rudolf Dassler Sport Germany Textiles, Clothing, Footwear - Manufacturing www.puma.com 5770 soon be accessible on Following its merger with Ludigames in since then. Gameloft is now developing
15 Intec Telecom Systems Plc United Kingdom IT Services, Information and Communication Technologies www.intecbilling.com 5137 compatible phones. February 2002, Gameloft took the oppor- 40 new video games through 6 studios in
16 Marquard & Bahls AG Germany Energy, Mining, Utilities www.mbholding.de 5108
17 Intercentros Ballesol SA Spain Support Services www.ballesol.es 4680 tunity to focus exclusively on the mobile the US, Canada, Romania, France, Japan
18 Mears Group Plc United Kingdom Support Services www.mearsgroup.co.uk 4460 The winner of the Europe’s 500 challenge gaming market. “One of our main strengths and China. “Our key differentiator was the
19 I. K. Hofmann GmbH Germany Consulting, Management Services www.hofmann.info 4102
develops, markets and sells video games was that we had a very strong shareholder choice of doing everything by ourselves.
20 United Internet AG Germany IT Services, Information and Communication Technologies www.united-internet.de 4066
winner’s profile e u r o p e ’ s 5 0 0
Hofburg, Vienna, 24 November 2006,

Michel Guillemot, President and CEO of Gameloft
(France) receives the Europe’s 500 Champion of Growth
award bestowed on the No. 1 company for 2006.
has disposed of jeuxvideo.com, to only acquired by the American leader of the franchising and branding agreements it
focus on mobile gaming. This extra video game sector Electronic Arts (EA) can sign, thus competing head to head
cash will allow Gameloft to compete for USD 100 million. with EA which has locked in key sports
with Jamdat Mobile, which was recently franchises.
The company so far offers 80 titles,
costing EUR 3 to 5, over 600 hand- Michel Guillemot has learned from his 20
sets and is capitalising on branding years at UbiSoft Entertainment, a leading
Gameloft PAR 25
(11/28/2003 - 11/27/2006) (notably with Ubisoft Entertainment) and French game developer and editor that
Datastream franchise agreements to develop games he created with his four brothers. He
which could attract a target wider than knows how to manage the ups and downs
220.0%
its traditional teenager customer base. Its of a challenging but rewarding market.
200.0%
next titles draw directly from successful Back in 1986, the personal computer
180.0% TV sitcoms, reality shows and movies was hardly a gaming platform and non-
160.0% such as “Lost”, “Desperate Housewives”, compatible machines were king.
140.0% “Mission Impossible”, “Open season” and
120.0% “Newport Beach”. Users download some These platforms required the adaptation
100.0% 100,000 games per day from Gameloft of each title and the ability to provide
90.0% and 25 of the company’s titles have gone “game play” to players, as graphical
60.0% over the 1 million downloads mark. and sound features were basic. Fast
GFT-FR
forward 20 years, same questions and
SBF 120
Through mobile phones, Gameloft can target same answers, but Guillemot has desi-
1.00 the dream audience of Sony, Nintendo and gned his company to face such chal-
0.50 Microsoft: the general public, which so far lenges, recruiting talent worldwide, even
0 has mainly remained out of reach. By 2008, at the expenses of his gross margins.

04 05 06 it is expected that 2.5 billion customers will Developers accounted for 2,100 of the
Volume
This was the only way to deliver and to these partnerships, subscribers can With a turnover of EUR 47 million in own a mobile phone supporting the down- 2,400 total staff in 2006.
guarantee the quality of our products,” download games on their mobile phone. 2005, some 70 million for 2006 and EUR Millions Source: Datastream load of video games.
says Alexandre de Rochefort. 90% of mobile games are purchased 110 million in 2007, Gameloft is number Gameloft perceives its staff as its main
through mobile phone operators. “Our 2 worldwide for mobile gaming, and Gameloft’s summarised profit Will Gameloft be able to defy the highly asset. After a massive recruitment effort
The force of the company lies in the past growth was fuelled by the signature of number 1 in Europe. It remains a small and loss statement (2001-2005) cyclical video game sector by further (+200% in 2004, +160% in 2005), it is
agreements it has signed with more than new partnerships every week and growing player in the video game market, EUR (millions) 2002 2003 2004 2005 2006
growing? The fact that its customer base willing to capitalise on its production base
130 mobile operators throughout the market share. Going forward, it should be which has seen a wave of consoli- Sales 3 3 10 23 47 is free to use any mobile phone, unlike to develop its products. The expected
EBIT (67) (16) 6 6 2
world, covering 65 countries. This means based only on market share growth, which dation recently with editors acquiring Net Income (67) (17) 2 2 1
Sony Playstation or Microsoft X-Box rhythm of recruitment is thus a maximum
that Gameloft has to adapt each title it will normalise our growth rate, but never- studios. To face this movement and customers who are stuck to their hard- 25% in 2006 and 5 to 10% in 2007.
produces to the specifications of the hand- theless stay in the high double digits,” says finance its high fixed costs and invest- Source: Thomson One Banker ware, should soften the cycles. However,
sets and the mobile operators. Thanks Alexandre de Rochefort. ments in human capital the company its successes are still conditioned by the C.D.
See Beyond
Historical
Second
Logi(sti)cally
Performance
Avion has transformed a national symbol of insular independence
into a global logistics services force, taking over competitors and
streamlining entire industries.
2
Standard & Poor’s Fund Management Ratings AW
AR D
Avion Group (Hf. Eimskipafélag Íslands)
Key facts & figures
For more than 15 years Standard & Poor’s have been assisting investors
Ranking: 2nd | Industry: Business Logistics | Turnover growth (2002-2005): 627%
to see further - uncovering the qualitative factors behind funds that lead | Employment growth (2002-2005): 570% | Listed (Reykjavik), with a market capi-
to consistent results year after year. talisation of EUR 0.6 billion
Evaluated by a team of analysts whose independence and expertise is
renowned throughout the global investment industry, the achievement 27
of a Standard & Poor’s Fund Management Rating is the culmination of
a rigorous and demanding process involving in-depth research, face-to-face
interviews and careful deliberation.
Encompassing traditional equity, bond and managed funds, as well as
A
alternative strategies such as funds of hedge funds and absolute return
funds, this unique benchmark is recognised by the investment industry
as an unrivalled guide to fund selection. vion Group
was formed in
Isn’t it time you asked Standard & Poor’s to help you January 2005
see beyond historical performance? to invest in the
transportation
industry. The
Company
controls an
international
network of air

and sea transportation companies provi-
ding transportation solutions.
The mother company is dedicated to

To learn more, visit www.sandpfundservices.com or access fund investments, aircraft trading and asset
ratings and analysis free of charge at www.funds-sp.com management. Its three divisions are:
Eimskip (shipping and logistics), Air Atlanta
(aviation services) and Excelairways &
Star (charter and leisure).
Avion is focusing on aviation services,

and has been striving to be a premier
Copyright© 2006 The McGraw-Hill Companies, Limited trading as Standard & Poor’s. All rights reserved. The analytic services and products provided by Standard & Poor’s are the result of separate activities in order to preserve the independence
and objectivity of each analytic process. Each analytic product or service is based on information received by the analytic group responsible for such product or service. Standard & Poor’s has established policies and procedures to maintain the
confidentiality of non-public information received during each analytic process. S&P and Standard & Poor’s are trademarks of The McGraw-Hill Companies, Inc. which are registered in the United States of America and other countries and in
which all rights are reserved. Analytic services and products provided by Standard & Poor’s are the result of separate activities designed to preserve the independence and objectivity of each analytic process. Standard & Poor’s has established
policies and procedures to maintain the confidentiality of non-public information received during each analytic process.
europe’s 500 winner’s profile
Avion believes it will be Wherever you go...

able to sustain a high
level of growth going
forward, capitalising on
the trend it has identified
and targeting mid-sized
assets.
outsourcer for cargo first Chinese operations in 2004. It has

and passenger 9,500 employees and operates 30 aircraft
28 Avion Group (HFEIM) stock
customers, covering price evolution in 2006 and 30 vessels.
key components of
the value chain such To further expand, the company went
45.0
as aircrafts, crew, public on 20 January 2006 as the largest
maintenance and initial public offering on the Iceland Stock
42.5
insurance services. It is also focusing on Exchange. It is the fourth largest company
engineering and airport handling services. listed on the ICEX. Its progression has
40.0
Its charter and leisure businesses are been based on acquisitions of profitable
...EuroNews is there.
divided between airline and aviation 37.5 companies which could prove to be
(providing chartered airline services) and complementary in the strategy of Avion,
tour operating (booking and charter seat 35.0 the latest being Star Airlines (France) and
broker services). Shipping, logistics and Kosmar Holidays (Greece).
supply chain management services for 32.5
domestic and international customers The approximate organic growth for 2006
30.0 MARKET500 no1 | January / February / March 2007
complete the offering. was 36%, from USD 1,400 million (EUR
01.04.06 01.07.06 01.10.06 1,069 million) to USD 1,900 million (EUR
Avion owns Eimskip, which is the oldest 1,451 million). The EBIT increased by
Icelandic shipping company. This 67% from USD 61 million (EUR 46 million)
Source: Iceland Stock Exchange
company is a national symbol, as it was to USD 102 million (EUR 78 million). This
widely associated with Iceland’s fight proves that the industrial logic of this
Avion Group’s summarised profit
for independence. There were 14,000 and loss statement (2001-2005) investment group is working well, leve-
company, or 15% of the population. The EUR (millions) 2001 2002 2003 2004 2005 raging synergies between its portfolio
date of its creation is a national holiday Sales N/A N/A 187 363 1,130 companies. Avion believes it will be able
EBIT N/A N/A (-12) 11 65
in Reykjavik. Net Income N/A N/A (-12) 10 33 to sustain a high level of growth going
Fiscal year ends on 31 Dec. forward, capitalising on the trend it has
Even though the company was created in for 2003 and 2004, and 31 Oct. for 2005
identified and targeting mid-sized assets. Contact EuroNews Sales:
Iceland, Avion has a global reach through Source: Thomson One Banker Olivier de Montchenu - Managing Director > T: +33 (0)1 53 96 50 11
its 174 locations worldwide. It opened its C.D. London > T: +44 (020) 7240 8717
Paris > T: +33 (0)1 53 96 50 12
Frankfurt > T: +49 (0) 6196 9994 220
www.euronews.net On TV, on the web, on the move
europe’s 500 winner’s profile winner’s profile e u r o p e ’ s 5 0 0
Consulting
Acing, Booming, a specialist, and is thus able to add
process and products engineering to the
value chain.
Assystem - PAR
(11/28/2003 - 11/24/2006)
The Group published its 3rd quarter 2006
Assystem has been able to differentiate itself in a business that figures,
170%which were well above expecta-
is fast commoditising: consulting. Technological expertise and tions160%

with sales at EUR 159.3 million, up
150%
18.4% organically, but partly conditioned
opportunistic developments form the matrix of its development. 140%
by a130% one-off effect (part of revenues
120%
came from projects successfully closed
110%
in advance).
100% France grew by 17.3% orga-
nically90%and international operations by
3
AR D
AW
80%
20.5%. The group disposed of its Spanish
70%
and 60%Canadian operations. 2006 sales
Assystem SA approximately
50% reached EUR 675 million
Key facts & figures and are expected SY.FRat EUR 736 million
SBF 120
Ranking: 3rd | Industry: Consulting | Turnover growth (2002-2005): 283% | 0.40
in 2007, with an EBIT of EUR 41.1 and
Employment growth (2002-2005): 276% | Listed (Paris), with a market capitalisation 0.20 million respectively. Net results
EUR 48.5
of EUR 0.32 billion
should 0reach EUR 24.3 and EUR 31
0.4 0.5 0.6
million respectively.
30 31
A
Source: Datastream
s s y s t e m develop itself along other vertical markets focused on ERP integration and high-tech Assystem’s summarised profit
and loss statement (2001-2005)
(formerly known and geographic regions. To do so, it consulting.
as Assystem acquired companies and accelerated 2001
EUR (millions) 2002 2003 2004 2005
Brime) provides Assystem decided to dispose of ERP Sales 120 148 163 465 568
EBIT 11 8 (42) 18 41
consulting, integration to focus its positioning on Net Income 7 2 (47) 7 27
advisory and Assystem - PAR technological expertise. The group has
(11/28/2003 - 11/24/2006) Source: Thomson One Banker
services in the managed a development program which
field of engi- 170%
has transformed it into a strong compe-
neering. It is 160% titor for Altran and Alten in the low-
active in the 150% end R&D subcontracting market. To go Assystem is still clearly positioned as a
140%
following sectors: aeronautical and spatial 130%
beyond its French reach (70% of sales), recruiter in France (+11.7% for the first
(28%); automotive (13%); energy and 120% the company addressed the German and 9 months vs. organic growth of 10.9%),
nuclear (10%); technologies and systems; 110% British markets in 2005. That year, the which points to improved confidence in
100%
network and telecom; facilities; indus- 90%
Group booked EUR 568 million in sales the progression of its margins in that
tries; and pharmacies. In 2005 Assystem 80% (up 10.3% organically), with a total of region.
opened a new office in Shanghai and 70% 8,290 staff members. It is now active in 16
60%
acquired Inbis in the UK and Atena in 50%
countries worldwide. In 2005, international The company, as a high-growth busi-
Germany. It created Assystem France. SY.FR SBF 120 sales reached 29% of total revenues, and ness, has room to improve (integration of
0.40 34% in 1H06. IT systems and cash management). Its
Assystem (then Atem) was created in 0.20 stock price has varied wildly on the pros-
1966 as an engineering and high-tech Its expansion throughout Europe and pect of acquisitions, as well as on difficul-
0
consultancy company, mainly dedicated 0.4 0.5 0.6 overseas should further fuel the growth ties with profit warnings. However, having
to the French market and its nuclear of the company, leveraging its client delivered stellar performance, could its
Source: Datastream
activities. In 1994, it absorbed its nuclear portfolio and its solid expertise in multiple ability to reach new levels lead this chal-
subsidiary Alphatem, and the group listed Assystem’s summarised profit areas. Thanks to its project orientation lenger to the top spot next year?
in 1995. When difficulties affected nuclear its
andexpansion in 2003
loss statement by merging with
(2001-2005) and its R&D focus, Assystem has deve-
markets in the 1990s, Assystem started to Brime Technologies, a small consultancy loped the capacity to impose itself as C.D.
2001
EUR (millions) 2002 2003 2004 2005
Sales 120 148 163 465 568
EBIT 11 8 (42) 18 41
Net Income 7 2 (47) 7 27
Source: Thomson One Banker


Headquarters
21 Ryanair Holdings Plc Ireland Transport, Logistics www.ryanair.ie 3739

22 New Wave Group AB Sweden Textiles, Clothing, Footwear - Manufacturing www.nwg.se 3632
23 Caffè Nero Group Plc United Kingdom Tourism, Leisure, Gastronomy - Services www.caffenero.com 3545
Full Throttle
24 Wincor Nixdorf AG Germany IT Services, Information and Communication Technologies www.wincor-nixdorf.com 3484
25 SIA Elvi Latvia Retail www.elvi.lv 3233
26 DC Holding AS Latvia Tourism, Leisure, Gastronomy - Services www.doublecoffee.com 3192
27 BCW Group Plc United Kingdom Financial Services, Legal Services www.bcwgroup.com 3069
28 Ferretti Group Italy Consumer Goods - Manufacturing www.ferrettigroup.com 3046
29 Nuova Pansac SpA Italy Chemical, Plastics - Manufacturing www.nuovapansac.com 3000
30 EngroTUS d.o.o. Slovenia Retail www.tus.si 2915
31 Bechtle AG Germany IT Services, Information and Communication Technologies www.bechtle.com 2868
32 ILIOTEC Solar GmbH Germany Energy, Mining, Utilities www.iliotec.de 2663
33 International Power Plc United Kingdom Energy, Mining, Utilities www.ipplc.com 2492
34 Conergy AG Germany Energy, Mining, Utilities www.conergy.de 2415
35 Götz-Gebäudemanagement West GmbH & Co KG Germany Support Services www.goetz-dienste.com 2367
36
37
RPS Group Plc
Alumil Milonas - Aluminium Industry SA
United Kingdom
Greece
Consulting, Management Services
Steel, Metals - Manufacturing
www.rpsgroup.com
www.alumil.com
2288
2286
Capitalising on the advent of the “knowledge economy”,
38
39
Metrovacesa
Inspecs Group Plc
Spain
United Kingdom
Construction, Real Estate
Textiles, Clothing, Footwear - Manufacturing
www.metrovacesa.es
www.inspecs.com
2225
2178
CPL Resources has become a role model for human
40 Sécuritéfrance France Support Services www.securifrance.com 2154 resources management.
41 Schoeller Industries GmbH Netherlands Chemical, Plastics - Manufacturing www.schoellergroup.com 2129
42 Sophos United Kingdom IT Services, Information and Communication Technologies www.sophos.com 2113
43 DCC Plc Ireland Consulting, Management Services www.dcc.ie 1974
44 Sword Group France Consulting, Management Services www.sword-group.com 1973
45 Dynafix Group BV Netherlands IT Services, Information and Communication Technologies www.dynafix.com 1972
46 GN Store Nord A/S Denmark IT - Manufacturing www.gn.com 1881
4
CPL
AResources
RD (Dublin)
47
48
Mariella Burani Fashion Group SA
Ranger SpA
Italy
Italy
Textiles, Clothing, Footwear - Manufacturing
Automotive - Manufacturing
www.mariellaburani.com
www.ranger.it
1879
1862
AW
DUB (11/28/2003 - 11/24/2006
Datastream
CPL Resources Plc
32 49 AT&S Austria Technologie und Systemtechnik AG Austria IT - Manufacturing www.ats.net 1828 33
50 IAWS Group Plc Ireland Food, Beverages - Manufacturing www.iaws.com 1770
Key facts & figures
1000.0%
51 Holroyd Howe Ltd United Kingdom Support Services www.holroydhowe.co.uk 1745
52 Andritz AG Austria Steel, Metals - Manufacturing www.andritz.com 1733
Ranking: 4th | Industry: Business Training and Employment Agency | Turnover
900.0%
53 Cisalfa Sport SpA Italy Retail www.cisalfasport.it 1713 growth (2002-2005): 279% | Employment growth (2002-2005): 687% | Listed
800.0%
54 Scanfil Oyj Finland IT - Manufacturing www.scanfil.com 1656 (Dublin), with a market capitalisation of EUR 0.2 billion
700.0%
55 Coloplast A/S Denmark Biotechnology, Health www.coloplast.com 1648 600.0%
56 Fonebak Plc United Kingdom IT Services, Information and Communication Technologies www.fonebak.com 1633
500.0%
57 April Group France Financial Services, Legal Services www.aprilgroup.com 1564
400.0%
58 Photel Communications Inc (Teleperformance Hungary) Hungary IT Services, Information and Communication Technologies www.photel.hu 1512
59 Soitec France IT - Manufacturing www.soitec.com 1500 300.0%
200.0%
C
60 Phonak Holding AG Switzerland Biotechnology, Health www.phonak.com 1499
61 Naturex France Food, Beverages - Manufacturing www.naturex.com 1487 100.0%
62 Normaction SA France IT Services, Information and Communcation Technologies www.normaction.com 1480 0
63 Bennet SpA Italy Retail www.bennet.com 1462 D Q5 DB
64 C1 Group Germany IT Services, Information and Communication Technologies www.c1-group.de 1446 apitalising Created inIRELAND
1989, the company has fully
SE OVERALL clients payroll administration, workforce
65 Axon Group Plc United Kingdom Consulting, Management Services www.axonglobal.com 1396 on the benefited from its home country boom, management and performance develop-
66 Teltonika UAB Lithuania IT Services, Information and Communication Technologies www.teltonika.lt 1331 4.00
boom of the but its success does not only lie on macro- ment services.
67 Össur Hf Iceland Biotechnology, Health www.ossur.com 1320 2.00
68 Umeco Plc United Kingdom Support Services www.umeco.com 1286 “European economic reasons. CPL went public in
0
69 Dreams Plc United Kingdom Retail www.dreams.co.uk 1250 tiger”, CPL 1999 and 04benefited from
05 the boom
06 in tech CPL Resources was able to react fast and
70 Fast Search & Transfer ASA Norway IT Services, Information and Communication Technologies www.fastsearch.com 1226
71 Esterbauer & Windisch Personalservice GmbH Germany Support Services www.esterbauer-windisch.de 1224
Resources recruitment specialists. It then diversified
Volume refocus itself to face the market needs.
72 Joyéria Tous Spain Retail www.tous.es 1197 has made into finance, accounting and manufactu- This was done without any slowdown in
73 Engineering Ingegneria Informatica SpA Italy Consulting, Management Services www.eng.it 1179 EUR Millions Source: Datastream
employ- growth and CPL has even been able to be
74 Grupo ISN Spain Support Services www.grupoisn.com 1129
75 Ipte NV Belgium IT - Manufacturing www.ipte.com 1123 ment its the best-in-class in profit generation. With
76 CompuGROUP Holding AG Germany IT Services, Information and Communication Technologies www.compugroup.de 1120 bread and CPL Resource’s summarised profit 41% in fee growth converted to a profit
77 Plantasjen ASA Norway Retail www.plantasjen.no 1118
butter. The Group’s provides employment and loss statement (2002-2006) growth of 83% before tax, CPL has even
78 Palfinger AG Austria Automotive - Manufacturing www.palfinger.com 1113
79 Creston Plc United Kingdom Consulting, Management Services www.creston.com 1073 services, specialising in the placement EUR (millions) 2002 2003 2004 2005 2006 beaten the analysts’ predictions by 12%.
80 Straumann Holding AG Switzerland Biotechnology, Health www.straumann.com 1059 of candidates in permanent, temporary Sales 27 52 74 105 148
81 Creditinfo Group Ltd Iceland Financial Services, Legal Services www.creditinfo.com 1050 EBIT 1 2 3 5 11
82 Aliplast NV Belgium Steel, Metals - Manufacturing www.aliplast.com 1047
and contract positions. CPL also offers Net Income 1 1 2 5 9 CPL’s force comes from its ability to
83 S&B Industrial Minerals SA Greece Energy, Mining, Utilities www.sandb.com 1041 human resources consultancy services. generate fees from permanent place-
84 SII France Consulting, Management Services www.sii.fr 1041 Fiscal year ends on 30 June
The Group focuses on the areas of tech- Source: Thomson One Banker
ments (53%) and temporary placements
85 Europastry Spain Food, Beverages - Manufacturing www.fripan.com 1025
86 ITS SEEVIA Group France IT Services, Information and Communication Technologies www.itsseeviagroup.fr 1022 nology, accounting and finance, sales, (47%) whether in IT, finance or telecoms.
87 Omega Pharma Belgium Biotechnology, Health www.omega-pharma.be 986 engineering, light industrial, healthcare/ ring. After 2001, the recruitment services The company generated 9% of its fees
88 Cistoca d.o.o. Slovenia Support Services www.cistoca.si 939
pharmaceutical, and office administration. slowed down, but CPL started to offer its from its outsourced services to large

CPL has thus succeeded in
imposing itself in the recruitment
landscape, taking on Adecco,
Hays or Michael Page.

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DUB (11/28/2003 - 11/24/2006
Datastream

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Headquarters
The Right Motto

89 D. Masoutis SA Greece Retail www.masoutis.gr 921
90 Kago-Kamine-Kachelofen GmbH & Co Deutsche Wärmesysteme KG Germany Consumer Goods - Manufacturing www.kago.de 916
91 Avl List GmbH Austria Automotive - Manufacturing www.avl.com 895
92 Mellon Collection Services SA Greece IT Services, Information and Communication Technologies www.mellongroup.com 894
93 Banco Pastor SA Spain Financial Services, Legal Services www.bancopastor.es 888
94 Heisterkamp Transport Netherlands Transport, Logistics www.heisterkamp.nl 871
95 BI-LOG AG Germany Consulting, Management Services www.bi-log.de 852
96 Reiwag Facility Services GmbH Austria Support Services www.reiwag.at 830
97 Süd-Chemie AG Germany Chemical, Plastics - Manufacturing www.sud-chemie.com 812
98 Novabase - S.G.P.S. SA Portugal IT Services, Information and Communication Technologies www.novabase.pt 812
99
100
Plaisio Computers SA
ClinPhone Group Ltd
Greece
United Kingdom
IT Services, Information and Communication Technologies
Biotechnology, Health
www.plaisio.gr
www.clinphone.com
809
796
(http://www.spreadshirt.com)
101 Aircom International United Kingdom IT Services, Information and Communication Technologies www.aircominternational.com 763 Spreadshirt leverages a simple idea with modern tools – and it works.
102 paragon AG Germany Automotive - Manufacturing www.paragon-online.de 759
103 msg systems AG Germany IT Services, Information and Communication Technologies www.msg-systems.com 759 Far from the go-go days of business concepts, this shoebox start-up
104
105
Zollner Elektronik AG
Inoplast
Germany
France
Transport, Logistics
www.zollner.de
www.inoplast.fr
754
747
proves that execution is key to success.
106 Eurofins Scientific France Biotechnology, Health www.eurofins.com 747
107 IMO Momentenlager GmbH Germany Steel, Metals - Manufacturing www.imo.de 743
108 Peyber Hispania Empresa Constructora SL Spain Construction, Real Estate www.peyber.es 740
109 Ted Baker Plc United Kingdom Retail www.tedbaker.co.uk 721
110 Town & Country Haus Lizenzgeber GmbH Germany Construction, Real Estate www.franchisepartnerschaft.de 683
111 Parrot France IT - Manufacturing www.parrot.biz 673
5
AR D
AW
112 Società Cattolica di Assicurazione - Società Cooperativa Italy Financial Services, Legal Services www.cattolicaassicurazioni.it 655
113 Interhyp AG Germany Financial Services, Legal Services www.interhyp.de 647
114 Redur SA (Group) Spain Transport, Logistics www.redur.es 626
115 SICK AG Germany Automotive - Manufacturing www.sick.com 601 Spreadshirt
116 De Vizia Transfer SpA Italy Construction, Real Estate www.deviziatransfer.it 596
Key facts & figures
117 Panda Software Spain IT Services, Information and Communication Technologies www.pandasoftware.com 596
Ranking: 5th | Industry: Retail | Turnover growth (2002-2005): 13,733%
36 118 Business & Decision France Consulting, Management Services www.businessdecision.com 594 37
119 Fontana Pietro Italy Automotive - Manufacturing www.fontana-group.com 591 Employment growth (2002-2005): 9,900% | Not listed, backed by private equity firms
120 Societa Servizi Socio Culturali Cooperativa Sociale Onlus Italy Support Services www.sssc.it 587
121 FOKAS AVE SA Greece Retail www.fokas.gr 583
122 TM Software Iceland IT Services, Information and Communication Technologies www.t.is 582
123 Zaklady Drobiarskie Kozieglowy Sp Z O O Poland Food, Beverages - Manufacturing www.zd-kozieglowy.pl 581
124 Beluga Shipping GmbH Germany Transport, Logistics www.beluga-group.com 578
S
125 Buongiorno SpA Italy IT Services, Information and Communication Technologies www.buongiorno.com 573
126 TANDBERG Television ASA Norway IT Services, Information and Communication Technologies www.tandbergtv.com 552
127 PC-Ware Information Technologies AG Germany IT Services, Information and Communication Technologies www.pc-ware.com 548
128 Bitzer Kühlmaschinenbau GmbH & Co. Holding KG Germany Consumer Goods - Manufacturing www.bitzer.de 532
129 Central Trust Plc United Kingdom Financial Services, Legal Services www.centraltrust.co.uk 531 preadshirt, a the suppliers in 30 medium-sized businesses to help them
130 Esprinet SpA Italy IT Services, Information and Communication Technologies www.esprinet.com 527 German upstart, days. In that respect, offer this option on their website and
131 Wolfson Microelectronics Plc United Kingdom IT Services, Information and Communication Technologies www.wolfsonmicro.com 516
has made it simple the two founders, customise t-shirts for their customers.
132 Brain Force Holding AG Austria IT Services, Information and Communication Technologies www.brainforce.com 513
133 North Midland Construction Plc United Kingdom Construction, Real Estate www.northmid.co.uk 513 for everyone to Lukasz Gadowki and
134 Passage Fitness NV Belgium Tourism, Leisure, Gastronomy - Services www.passagefitness.com 500 design and market Matthias Spiess, laun- The company has been profitable since its
135 Sinfonika Slovenia IT Services, Information and Communication Technologies www.sinfonika.eu 489
136 Kraft Malerwerkstätten GmbH Germany Construction, Real Estate www.arta.de 479
their own t-shirts. ched the company inception and its turnover has progressed
137 Grupo Pevafersa Instalaciones Spain Energy, Mining, Utilities www.pevafersa.com 462 Capitalising on the without capital. As a from EUR 60,000 in 2002 to EUR 8.3
138 buw Unternehmensgruppe Germany Consulting, Management Services www.buw.de 461 personalisation typical Internet start- million in 2005. It has now subsidiaries
139 Direct Wines Ltd United Kingdom Retail www.laithwaites.co.uk 455
140 Poas Mantenimiento SI Spain IT Services, Information and Communication Technologies www.poas.net 453 trend, Spreadshirt up, they did it from in the US, France and Canada, and is
141 SDL Plc United Kingdom IT Services, Information and Communication Technologies www.sdl.com 451 offers its clients a their university dorm room. Unlike typical progressively launching other customi-
142 Vanco United Kingdom IT Services, Information and Communication Technologies www.vanco.com 449
simple way to use the tools that it has set Internet start-ups, they did it from Leipzig sable products such as coffee mugs.
143 BrainLAB AG Germany Biotechnology, Health www.brainlab.com 444
144 Poco Holding GmbH Germany Retail www.poco.de 443 up: through the Internet. The concept goes (Germany) and in 2002, after the Internet
145 Mürdter Dvorak lisovna, spol.s.r.o Czech Republic Automotive - Manufacturing www.muerdter.cz 432 beyond simple slogans to be printed on t- bubble burst. To support its growth, Spreadshirt has
146 The Listening Company Ltd United Kingdom Consulting, Management Services www.listening.co.uk 409
147 Forez s.r.o. Czech Republic Steel, Metals - Manufacturing www.eurographics.de 404
shirt. Spreadshirt supports the marketing knocked on the door of one of the most
148 EUROGRAPHICS AG Germany Consumer Goods - Manufacturing www.forez.cz 404 and sales of the t-shirts designed by its More than 200,000 visitors have desi- famous venture capital firms in the US:
149 Precimed SA Switzerland Biotechnology, Health www.precimed.com 401
visitors. In that way, everyone can design gned t-shirts online and are marketing Accel Partners. The fund has invested a few
150 innocent Ltd United Kingdom Food, Beverages - Manufacturing www.innocentdrinks.co.uk 400
151 Option Belgium IT - Manufacturing www.option.com 400 t-shirts and Spreadshirt takes care of the them through Spreadshirt’s channels million to offer Spreadshirt the opportunity
152 Huntleigh Technology Plc United Kingdom Biotechnology, Health www.huntleigh-technology.com 393 sales and commissioning. (“shops”). Spreadshirt proposes an inte- to support its target: double its sales every
153 Tandberg ASA Norway IT Services, Information and Communication Technologies www.tandberg.net 392
grated service to its visitors, from shirt year, and thus compete with other persona-
154 FreeSoft Plc Hungary IT Services, Information and Communication Technologies www.freesoft.hu 389
155 Reichhart Logistik Gruppe Germany Transport, Logistics www.reichhart.net 388 Spreadshirt was conceived as a low-cost production management, to shipping and lisation specialists such as CafePress.
156 Creganna Ltd Ireland Biotechnology, Health www.creganna.com 386 t-shirt retailer, enabling visitors to leverage even customer service. The company
157 Typsa Spain Consulting, Management Services www.typsa.es 378
a simple retail law: get paid upfront, pay has signed partnerships with small- and C.D.
e u r o p e ’ s 5 0 0 listing

Headquarters
158 Elite Service Partner A/S Norway Support Services www.elite.as 377
159 First Call Global Solutions United Kingdom IT Services, Information and Communication Technologies n/a 375
Offshore buoy
160 Zucchetti Italy IT Services, Information and Communication Technologies www.zucchetti.it 369
161 Tsakos Energy Navigation Ltd (TEN Ltd) Greece Transport, Logistics www.tenn.gr 364
162 Melexis NV Belgium Automotive - Manufacturing www.melexis.com 355
163 BWT AG Austria Energy, Mining, Utilities www.bwt.at 354
164 ICOS Vision Systems Corporation NV Belgium IT - Manufacturing www.icos.be 350
8
165 Formel D GmbH Germany Support Services www.formeld.com 348
166 HiQ International Sweden IT Services, Information and Communication Technologies www.hiq.se 344
167 Altea SpA Italy IT Services, Information and Communication Technologies www.alteanet.it 334
168 CVO Group Hungary Support Services www.cvogroup.com 333
169 Michielsens Kranen NV Belgium Transport, Logistics www.michielsens.be 331
170 Boss Media AB Sweden IT - Manufacturing www.bossmedia.se 324
171
172
Der Beck GmbH
GL Trade SA
Germany
France
Food, Beverages - Manufacturing
www.der-beck.de
www.gltrade.com
318
315
Surfacing in the top ten of the ranking, Webhelp proves that
173
174
Advanced Digital Broadcast Holdings SA
Environmental Waste Controls Plc
Switzerland
United Kingdom
Support Services
www.adbholdings.com
www.ewc.eu.com
315
310
outsourcing and offshoring can rhyme with quality. The stock
175 Waterman Group Plc United Kingdom Consulting, Management Services www.waterman-group.co.uk 310 exchange lighthouse is in sight.
176 Laboratoires Arkopharma SA France Biotechnology, Health www.arkopharma.com 305
177 Pankl Racing Systems AG Austria Automotive - Manufacturing www.pankl.com 305
178 Neurones France IT Services, Information and Communication Technologies www.neurones.net 302
179 Faktab Finans AB Sweden Financial Services, Legal Services www.faktab.se 299 Webhelp SA
180 JSC Salinta Lithuania Chemical, Plastics - Manufacturing www.salinta.lt 298
Key facts & figures
181 Eltete Ltd Finland Transport, Logistics www.eltete.com 294
182 Realtime Technology AG Germany IT Services, Information and Communication Technologies www.rtt.ag 294
Ranking: 8th | Industry: IT Services | Turn-over growth (2002-2005): 973% |
183 Raiffeisen Informatik GmbH Austria IT Services, Information and Communication Technologies www.raiffeiseninformatik.at 291 Employment growth (2002-2005): 580% | Not listed, backed by private equity
W
184 Atlanta Capital Consulting GmbH Germany Financial Services, Legal Services www.atlanta-capital.de 289 companies
185 Testo AG Germany Automotive - Manufacturing www.testo.de 287
186 Capelle France Transport, Logistics www.transports-capelle.com 285
38 187 Serono SA Switzerland Biotechnology, Health www.serono.com 283 39
188 Cavotec Group Netherlands Energy, Mining, Utilities www.cavotec.com 281 ebhelp is table to its positioning in a high-growth to 14th in 2005, and 4th in 2006. They
189 Etnoteam Italy IT Services, Information and Communication Technologies www.etnoteam.it 278 an offshore market that has benefited from new expect to be second in 2007, behind
190 Grainger Trust Plc United Kingdom Construction, Real Estate www.graingertrust.co.uk 277
call centre technologies. “Historically, the 250,000 French leader Teleperformance. “Beyond
191 Systeam AB Sweden IT Services, Information and Communication Technologies www.systeam.se 277
192 South Lakeland Caravans Ltd United Kingdom Tourism, Leisure, Gastronomy - Services www.southlakeland-caravans.co.uk 274 pioneer. people who were working in customer this progression, a lot of sectors should
193 Solucom France IT Services, Information and Communication Technologies www.solucom.fr 268 O l i v i e r relationship were based in France. Today, open to outsourcing of client relationship
194 Westcoast Ltd United Kingdom IT Services, Information and Communication Technologies www.westcoast.co.uk 264
195 Opera Software ASA Norway IT Services, Information and Communication Technologies www.opera.com 260
Duha and there are 20,000 in North Africa,” among management under deregulation and
196 B.B.R. Service Srl Italy Support Services www.bbrservice.com 260 Frédéric them Webhelp’s staff, says Jousset. competition in the public sector, health,
197 MCI Group Holding SA Switzerland Consulting, Management Services www.mci-group.com 253
Jousset electricity, et cetera,” says Jousset.
198 Sipro Sicurezza Professionale Srl Italy Support Services www.grupposipro.it 249
199 Jahn GmbH Germany Steel, Metals - Manufacturing www.jahngmbh.de 244 created This has fuelled its growth, their revenues
200 Workcenter Servicios Globales De Documentacion SA Spain Retail www.workcenter.es 243 Webhelp in having tripled over the course of the last Jousset mentions three main challenges to
201 Wavelight AG Germany Biotechnology, Health www.wavelight.com 242
2000, operating a French online portal that three years. The company aims to continue managing growth: staff, processes and finan-
202 ACP Gruppe Austria IT Services, Information and Communication Technologies www.acp.at 240
203 Cuddy Group United Kingdom Construction, Real Estate www.cuddy-group.com 238 provides a live, human-assisted Internet this trend for the next three years. This cial resources. As a high-growth business,
204 Walkers Shortbread Ltd United Kingdom Food, Beverages - Manufacturing www.walkersshortbread.com 237 search service. The market is a busi- explains how the company raised a total Webhelp has chosen to “over dimension
205 Degetel Group France IT Services, Information and Communication Technologies www.degetel.com 236
206 Sunways AG Germany Energy, Mining, Utilities www.sunways.de 232
ness-to-business, web-based customer of EUR 15 million, through venture capital, its management team since the beginning”
207 Roularta Media Group NV/SA Belgium Media www.roularta.be 231 support solution delivered in real time, expansion and LBO rounds in 2000, 2001 when planning its growth. Processes are
208 Komsa Kommunikation Sachsen AG Germany IT Services, Information and Communication Technologies www.komsa.com 228
supported by human chat. and 2005. Alven Capital, Europatweb, Jet key at Webhelp, as they are outsourcing call
209 Muehlbauer Holding AG & Co KGaA Germany Consumer Goods - Manufacturing www.muehlbauer.de 226
Innovation, Avenir Finance and Barclays centres with an ISO level of quality.
210 TQ-Systems GmbH Germany IT - Manufacturing www.tq-group.com 224

211 ADVA AG Optical Networking Germany IT Services, Information and Communication Technologies www.advaoptical.com 224 The two founders identified the potential Private Equity are the company’s financial
212 Optisport Exploitaties Netherlands Tourism, Leisure, Gastronomy - Services www.optisport.nl 220
213 Formula Servizi Società Cooperativa A Responsabilità Limitata Italy Support Services www.formulaservizi.it 219
that outsourcing call centres in cheaper backers. The company plans to reach a Jousset’s advice to entrepreneurs is “think
214 Control Risks Group Holdings Ltd United Kingdom Consulting, Management Services www.control-risks.com 218 areas was offering. The company employs turnover of EUR 60 million this year and big”, and make your company scalable in
215 Grupo Tecnologico e Industrial GMV SA Spain IT Services, Information and Communication Technologies www.grupogmv.com 218 3,300 staff, 2,400 in Morocco, 250 in continue this trend. order to be ready for growth. Then “involve
216 Ferri Elettroforniture Srl Italy Energy, Mining, Utilities n/a 211
217 Ikm Gruppen AS (Incl. Ikm Laboratorium AS) Norway Energy, Mining, Utilities www.ikm.no 211 Romania and 550 in France. Its target is to the staff in the growth challenge by giving
218 Proservia France Consulting, Management Services www.proservia.fr 209 deliver quality services to its customers, “This growth is sustainable, as the funda- them a financial incentive. […] Details are
219 Iris Cleaning Services SA Belgium Support Services www.iris.be 208
large French and international compa- mentals (growing market, attractive posi- key and execution is critical. […] Luck is
220 Isra Vision Systems AG Germany Automotive - Manufacturing www.isravision.com 203
221 Cadtech Iberica S.A. - Grupo CT Spain IT Services, Information and Communication Technologies www.ctgrupo.com 203 nies. It is the only ISO 9001-2000 certified tioning, increasing brand awareness, also important, and we must admit that we
222 Epsilon Net SA Greece IT Services, Information and Communication Technologies www.epsilonnet.gr 202 call centre in France. quality of the team) are getting stronger,” had some in our development.”
223 XAPT Hungary Kft Hungary IT Services, Information and Communication Technologies www.xapt.com 200
224 Medical and Health Science Centre UD Hungary Biotechnology, Health www.dote.hu 200
declares Jousset. On the French market,
225 Devoteam France IT Services, Information and Communication Technologies www.devoteam.com 199 According to its President Frédéric which counts 200 companies, Webhelp C.D.
226 Chiltern International Holdings Ltd United Kingdom Biotechnology, Health www.chiltern.com 198 Jousset, Webhelp’s success is attribu- has progressed from 50th place in 2003
Is your company
one of Europe’s high growth,
Revolution
A Stellar
job-creating champions?
Built on prudence and independence, Centric has set itself up for
meteoric performance. It is a gravity centre for European IT
Find out how you measure up against the best
2007 Europe’s 500 Listing
13
A RD in Europe by submitting your company
AW
Services, through consolidation. for the 2007 Europe’s 500 Listing – the only Any small and mid-sized company headquartered in one of the 25 EU
independent pan-European ranking of high member states, plus Switzerland, Norway and Iceland, can apply to be
Centric growth, job-creating companies across all considered. Nominations are free and without obligation.
Key facts & figures business sectors. Altogether, the high growth companies that qualified for the 2006
Ranking: 13th | Industry: IT Services | Turnover growth (2002-2005): 55% |
Employment growth (2002-2005): 107% | Not listed
Europe’s 500 Listing:
C
• created some 150,000 new jobs across Europe
• increased their turnover by €36.9 billion
entric was (vertical markets or custom made) to such as integrating the acquisitions (inte-
created in infrastructure, including consultancy, IT grating small acquisitions can represent
• recorded an impressive average annual job growth rate of 16% over
1991 by Solutions, e-business, software enginee- a lot of work). Finding the right mana- three consecutive years.
G e r a r d ring, systems integration, managed ICT gement can also be difficult, as some
Sanderink services and training. Centric is thus able acquisitions come with an adequate
a n d to design, develop, maintain, implement, staff, and others not. Europe’s 500 winning companies receive significant media
40
weathered and, if necessary, run the software it exposure giving recognition to their achievements, helping to
the 2001- supplies. According to Henkens, the high growth motivate and reward staff and attract investment. The winners are
2002 crisis of Centric has been a “coincidence”. honoured at an Awards Ceremony and Gala Dinner held in a different
without “Our target is to build long-term, stable
Centric’s profit European city each November.
any losses. This simple fact shows how and loss statement (2001-2005) and sustainable growth.” In that respect,
stable and resilient the performance of EUR (millions) 2001 2002 2003 2004 2005 Centric has been very cautious in its inter-
this company, dedicated to IT services, Sales 215 228 235 274 353 national expansion. It took Centric three
Europe's 500 - Entrepreneurs for Growth is a pan-European association To register your interest and to be alerted when nominations for
Net profit 11 9 14 16 23 of high growth entrepreneurs which advocates measures to improve 2007 open in April, please e-mail your contact details to
is. Centric is debt free, and finances all years to go to Belgium; it is now using business conditions for growth and jobs at EU and national level
its developments with its own resources.
Source: Centric
that approach as a blueprint for its inter- listing@europes500.com
It has reinvested all profits in the busi- nationalisation. Norway, Germany and www.europes500.com
ness, which has further generated growth. Switzerland are now on the radar.
According to Centric IT Director Karim To grow, the company has applied
Henkens, “this has given Centric the the same stability focus and prudent Henkens’s advice to entrepreneurs would
ability to make independently its own approach. It has taken over competitors be to “take the steps that you think you
choices.” Not only has the company who went bankrupt and thus financed can handle. If it is not financially possible,
remained independent, but it has also
avoided fundraising from third parties.
its acquisitions only at the best price
possible. The company made acquisi-
then do not do it.” Planning is also crucial,
especially before the acquisition, not afte-
Gain visibility, recognition
tions amounting to EUR 350 million in rwards. and market share…
Its strategy has been to spread its activi- 2005 and EUR 600 million in 2006. This
Published by Entrepreneurs for Growth
ties between the profit (financial services has been one of its largest moves and it Centric now has 7,200 employees, but
1 0 th A n n i v e r s a r y 1 9 9 6 - 2 0 0 6
and wholesale) and not-for-profit sectors aims to grow at a rate of 10 to 15% per 40% of the time of the management
(local government, housing associations). year at least, mostly organically. is spent with customers. According to
Its turnover is evenly generated by these Henkens, this is what allowed Centric to
two markets. This gives real stability to the “We do not plan to go on the stock be so successful. The management is
company, and if the economy declines, exchange or change our strategy and able to listen to and understand custo- Supported by
the resilience of the not-for-profit sector call banks to finance us. We want to mers. By meeting 10 customers per
will buoy the company. develop by ourselves and remain free to month, the management has a deep
make our own choices,” says Henkens. knowledge of the market.
Centric has also developed multiple lines This also saves a lot of time and allows
of business, from software development the management to focus on challenges, C.D.
2000s
Headquarters
227
228
Flamel Technologies SA
Local Contract Hire & Leasing Ltd
France
United Kingdom
www.flamel.com
www.1car1.com
197
194
The roaring
229 Real SA Poland Food, Beverages - Manufacturing www.realsa.pl 189
230 Gestión Técnica de Montajes y Construcciones GTM SA Spain Construction, Real Estate www.gtmsa.es 189
231 Incanto Group Srl Italy Consumer Goods - Manufacturing www.incantodivani.com 186
232 Fortakas Lithuania IT Services, Information and Communication Technologies www.fortakas.lt 185
233
234
Etud Integral
Corporación Alimentaria Guissona
France
Spain
www.etud-integral.fr
www.cag.es
184
180 Sport and fashion are converging and redesigning an entire
235
236
Chipidea-Microelectronica SA
Putzteufel Reinigungsgesellschaft mbH
Portugal
Austria
Support Services
www.chipidea.com
www.putzteufel.at
179
176
industry under new marketing rules. This cat, or Puma, is landing
237 Forum Media Group GmbH Germany Media www.forum-media.com 173 on its paws and racing to grab market share.
238 Arthur McKay & Co Ltd United Kingdom Construction, Real Estate www.arthur-mckay.com 173
239 Radiall SA France Steel, Metals - Manufacturing www.radiall.com 172
AR D
14
240 Delcam Plc United Kingdom IT - Manufacturing www.delcam.com 172 AW
241 Group Rovi Spain Biotechnology, Health www.rovi.com 170
242 Econcern BV Netherlands Energy, Mining, Utilities www.econcern.com 169 Puma AG
243 HP Pelzer Group Germany Automotive - Manufacturing www.pelzer.de 169
244 Avanquest Software France IT Services, Information and Communication Technologies www.avanquest.com 168
Key facts & figures
245 SILIKO d.o.o. Slovenia Chemical, Plastics - Manufacturing www.siliko.si 166 Ranking: 14th | Industry: Footwear | Turnover growth (2002-2005): 95% |
246 Sturm Holding GmbH Germany Steel, Metals - Manufacturing www.sturm-gmbh.de 165 Employment growth (2002-2005): 113% | Listed (Frankfurt), with a market capitali-
247 Korres SA Greece Consumer Goods - Manufacturing www.korres.com 164
sation of EUR 4.58 billion
248 Wenglor Sensoric GmbH Germany IT - Manufacturing www.wenglor.de 164
249 Lynn`s BEST GmbH Germany Biotechnology, Health www.Lynns-BEST.de 160
A
250 GTG Gummidichtungstechnik GmbH & Co KG Germany Automotive - Manufacturing www.gtg-group.com 159
251 Ioniki Sfoliata SA Greece Food, Beverages - Manufacturing www.ionikigr.com 159
252 Inter Contract Wbc s.r.o. Czech Republic Textiles, Clothing, Footwear - Manufacturing www.intercontract.cz 154
253 Micronic Laser Systems AB Sweden IT - Manufacturing www.micronic.se 152 dd fashion to upon it and be associated with cham-
254 Alternative Networks Plc United Kingdom IT Services, Information and Communication Technologies www.alternativenetworks.com 152
255 Sigma Pharmaceuticals Plc United Kingdom Biotechnology, Health www.sigpharm.co.uk 152 footwear and pions and events. Even though highly Puma - FRA
256 PAA Laboratories GmbH Austria Biotechnology, Health www.paa.com 151 you will get a dependent on the European market for its (11/21/2003 - 11/17/2006)
42 257 Loacker Recycling GmbH Austria Steel, Metals - Manufacturing www.loacker.at 149 Datastream 43
big cat in your sales (62% in 2005), Puma has room to
258 MarketXS Netherlands IT Services, Information and Communication technologies www.marketxs.com/ 149
259 Cramer United Kingdom IT Services, Information and Communication Technologies www.cramer.com 148 growth engine. expand in North America, where Nike and 270.0%
260 M. J. Eriksson A/S Denmark Construction, Real Estate www.mjeriksson.dk 148 Puma has Reebok are leading the pack, and Asia, 250.0%
261 Jokey Plastik GmbH Germany Consumer Goods - Manufacturing www.jokey.com 148
262 Clarkson Evans Ltd United Kingdom Construction, Real Estate www.clarksonevans.co.uk 147
redesigned which is strong prospect. 230.0%
263 MetalCom-R Ltd Hungary IT Services, Information and Communications Technologies www.metalcom.hu 145 itself from a 210.0%
264 Ognibene SpA Italy Automotive - Manufacturing www.ognibene.com 144 typical sports Is the big cat able to hold its breathe and 190.0%
265 Johann Dettendorfer Spedition Ferntrans GmbH & Co KG Germany Transport, Logistics www.dettendorfer.de 144
footwear manu- continue to run as fast? Analysts appear 170.0%
266 Athinaiki Bed Mattress Manufacturer SA (Media Strom) Greece Consumer Goods - Manufacturing www.mediastrom.gr 143
150.0%
267 Spoldzielnia Mleczarska Ostroleka Poland Food, Beverages - Manufacturing www.sml-ostroleka.pl 142 facturer to a fashion and luxury footwear to doubt it: they lowered their forecasts
268 Simon, Kucher & Partners GmbH Germany Consulting, Management Services www.simon-kucher.com 142 130.0%
brand with four collections per year. and do not count on double digit growth
269 Native Instruments Software Synthesis GmbH Germany IT - Manufacturing www.native-instruments.com 142 110.0%
270 Thomann Germany Retail www.thomann.de 141 rates for earnings going forward (as
90%
271 Mindjet GmbH Germany IT - Manufacturing www.mindjet.de 141 Puma designs, manufactures and gross margins are declining). However, PUM - FF
272 mG miniGears SpA Italy Automotive - Manufacturing www.minigears.com 140
273 ACTANO GmbH Switzerland Consulting, Management Services www.actano.com 139
markets sporting goods, mainly footwear. the company still has some assets and DAX 30 PERFORMANCE
274 Rödl & Partner Germany Financial Services, Legal Services www.roedl.de 137 Its activities are organised around three expects double digit growth in sales in
275 IQ Intelligentes Ingenieur Management GmbH Germany Consulting, Management Services www.iq-nbg.de 136 0.02
divisions: footwear, apparels and acces- 2007, notably with an organic growth rate
276 Loyalty Partner GmbH Germany Consulting, Management Services www.loyaltypartner.com 132 0.01
277 Tubacex Spain Steel, Metals - Manufacturing www.tubacex.com 131 sories. The footwear department designs, above 15%.
0
278 Arkitema K/S Denmark Construction, Real Estate www.arkitema.dk 128 manufactures and markets mainly sports 04 05 06
279 Mobile Ambulante Pflegepartner GmbH & Co KG Germany Biotechnology, Health www.mobile-ambulante-pflegepartner.de 126 Volume
shoes. The apparel department is dedi- Will Puma make it to the 2007 ranking
280 GEALAN Formteile GmbH Germany Steel, Metals - Manufacturing www.gealan.com 123
281 Prodrive Holdings Ltd United Kingdom Automotive - Manufacturing www.prodrive.com 122 cated to the production and marketing of and improve its positioning? With Asia Source: Datastream
282 Schreiner Group GmbH & Co KG Germany IT - Manufacturing www.schreiner-group.com 122 sportswear-related articles. The accesso- growing above 100%, the US at almost
283 Soflog-Sofembal France Transport, Logistics www.soflog.fr 122
284 I.R.I.S. Belgium IT Services, Information and Communication Technologies www.irislink.com 122
ries department focuses on luggage and 50% in Q3 2006, and Europe at 10%, the
Puma’s summarised profit
285 Callataÿ & Wouters Belgium IT Services, Information and Communication Technologies www.cw-thaler.com 120 other sports-related goods. The Group prospects are good. But currency move- and loss statement (2001-2005)
286 Italtrans SpA Italy Transport, Logistics www.italtrans.com 119
operates and sells in Europe, North and ments and high marketing and distribu-
287 Harlekin Spiel- u. Unterhaltungsautomaten Betriebs GmbH Germany Consumer Goods - Manufacturing n/a 118
In EUR (millions) 2001 2002 2003 2004 2005
288 Bruder Straubinger Gebäudereinigung GmbH Germany Support Services n/a 116 Latin America, Africa and Asia. tion costs are putting some pressure on
Sales 598 910 1274 1530 1778
289 Hör Technologie GmbH Germany Automotive - Manufacturing www.hoer-technologie.de 116 the management. If customers are loyal EBIT 61 127 266 372 409
290 Allando Trailways A S Estonia Transport, Logistics www.allando.com 115 Net Income 40 85 179 257 286
291 Comoli Ferrari & C. SpA Italy Consumer Goods - Manufacturing www.comoliferrari.it 115
The company has shown 39% average to the brand, Puma will be able to show
292 Euroskilt AS Norway Transport, Logistics www.euroskilt.no 114 yearly growth since early 2001, with a its claws and aggressively catch a greater End of fiscal year: 31 March
293 Odyssey Asset Management Systems SA Luxembourg IT Services, Information and Communication Technologies www.odyssey-group.com 112 leading position in the upscale market. Its market share. Source: Thomson One Banker
294 Freedom Finance Plc United Kingdom Financial Services, Legal Services www.freedomfinance.co.uk 112
295 PSW automotive engineering GmbH Germany Automotive - Manufacturing www.psw-konstruktion.de 110 brand is its main asset and the company
296 Thomas & Piron SA Belgium Construction, Real Estate www.thomas-piron.com 109 has shown an impressive capacity to build C.D.

Headquarters
297 Semcon AB Sweden IT Services, Information and Communication Technologies www.semcon.se 109
298 HPS Ltd Hungary Consulting, Management Services www.hps.hu 108
299 Vitronic Dr.-Ing. Stein Bildverarbeitungssysteme GmbH Germany IT Services, Information and Communication Technologies www.vitronic.de 107
enjoying it
300 Ecm (Vehicle Delivery Service) Ltd United Kingdom Transport, Logistics n/a 105
301 Msource Medical Development Belgium Biotechnology, Health www.msource-cro.com 105
Aging and
302 Eckert & Ziegler Strahlen- und Medizintechnik AG Germany Biotechnology, Health www.ezag.de 105
303 Volz Luftfilter GmbH & Co KG Germany Energy, Mining, Utilities www.volzfilters.com 102
304 Groupe Silicomp France IT Services, Information and Communication Technologies www.silicomp.fr 102
305 Altia Consultores SL Spain IT Services, Information and Communication Technologies www.altia.es 102
306 Coffee Connection SA Coffeeway Greece Tourism, Leisure, Gastronomy - Services www.coffeeway.com 100
307 Fokas Odysseus SA Greece Retail www.fokas.gr 100
308 Bogdol Verwaltungs- und Immobilien GmbH Germany Support Services www.bogdol-dienstleistungen.de 100
309 Michel Baule SA France Chemical, Plastics - Manufacturing www.baule.com 100
310 NV Joris Ide Belgium Steel, Metals - Manufacturing www.joriside.be 99
311 Defim SpA Italy Steel, Metals - Manufacturing www.defim.com 99 Retiring can be a luxurious experience, even more so if the resi-
312 Geoffrey Robinson Ltd United Kingdom Construction, Real Estate www.geoffreyrobinson.ltd.uk 98
313 Bott Ltd Germany Consumer Goods - Manufacturing www.bottltd.co.uk 98 dence is comparable to a four star hotel in the number two desti-
314
315
Ridderikhoff Groep BV
SMI SpA
Netherlands
Italy
Support Services
www.ridderikhoff.com
www.smigroup.it
97
97
nation in the world for tourism.
316 GENESIS Pharma SA Greece Biotechnology, Health www.genesispharma.com 97
317 MorphoSys AG Germany Biotechnology, Health www.morphosys.de 97
318 P to P IT Consulting Sweden IT Services, Information and Communication Technologies www.ptop.se 96
319 Soft Computing France IT Services, Information and Communication Technologies www.softcomputing.com 94
320 Qbranch AB Sweden IT Services, Information and Communication Technologies www.qbranch.se 94
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321 Seissenschmidt AG Germany Steel, Metals - Manufacturing www.seissenschmidt.de 92
322 Protecta SA Greece Consumer Goods - Manufacturing www.protecta.gr 91
323 Ajkai Elektronikai Gyarto Es Szolgaltato Korlatolt Felelossegu Tarsasag Hungary Automotive - Manufacturing www.ajkaelektron.hu 91 Intercentros Ballesol
324 CASON Engineering Plc Hungary IT - Manufacturing www.cason.hu 90
Key facts & figures
325 Fussl Modestraße Mayr GmbH Austria Retail www.fussl.at 89
Ranking: 17th | Industry: Services | Turnover growth (2002-2005): 138% |
44 326
327
Parcours SA
Ceuta Healthcare Group Of Companies
France
United Kingdom
www.parcours.fr
www.ceutahealthcare.com
89
89 Employment growth (2002-2005): 260% | Not listed, backed by the private 45
328 Autonomy Corporation Plc United Kingdom IT Services, Information and Communication Technologies www.autonomy.com 88 equity firm 3i
329 Samhammer AG Germany IT - Manufacturing www.samhammer.de 88
330 Schmack Biogas AG Germany Energy, Mining, Utilities www.schmack-biogas.com 87
331 QUMAS Ireland Financial Services, Legal Services www.qumas.com 87
332 Eiffel Netherlands Financial Services, Legal Services www.eiffel.nl 87
333 Econet Spain Consulting, Management Services www.econet.es 86
C
334 Futbol Club Barcelona Spain Tourism, Leisure, Gastronomy - Services www.fcbarcelona.com 86
335 Brack Electronics AG Switzerland IT Services, Information and Communication Technologies www.brack.ch 86
336 Expo Biro Slovenia Tourism, Leisure, Gastronomy - Services www.expobiro.si 82
337 LM IT Services AG Germany IT Services, Information and Communication Technologies www.lm-ag.de 81 apitalising average 65 employees for 100 retirees), supporter of Grupo Ballesol’s develop-
338 Artizian Catering Services Ltd United Kingdom Support Services www.artizian.co.uk 79 on aging. guaranteed by solid training and a perma- ment. To offer an attractive profile, the
339 Doppstadt Calbe GmbH Germany Energy, Mining, Utilities www.doppstadt.com 79
340 Przedsiebiorstwo Produkcyjne Uslugowo-Handlowe Poland Food, Beverages - Manufacturing www.prosper.biz.pl 78
Created nent medical team based in each centre. company does not exclude some targeted
341 Beko Holding AG Austria IT - Services, Information and Communication Technologies www.beko.eu 78 in 1980, The cost of a retiree is roughly EUR acquisitions, thus playing a consolidation
342 Cobra Beer United Kingdom Food, Beverages - Manufacturing www.cobrabeer.com 76
Intercentros 22,000 per year. role in a very fragmented market (15
343 Przedsiebiorstwo Wielobranzowe Eltar Sp Z O O Poland Construction, Real Estate www.eltar.com.pl 76
344 Kloiber GmbH Germany Transport, Logistics www.kloiber.com 76 Ballesol is companies control less than 2% of the
345 Artwork Systems NV Belgium IT Services, Information and Communication Technologies www.Artwork-Systems.com 75 dedicated This success was partially funded by market).
346 JSC Dzintars Latvia Consumer Goods - Manufacturing www.dzintars.lv 74
to providing the private equity firm 3i, which bought
347 Prigo d.o.o. Brezovica Slovenia Transport, Logistics www.prigo.si 74
348 Soudal NV Belgium Chemical, Plastics - Manufacturing www.soudal.com 73 hosting 20% of the company in 2001 for EUR 18 The company is now looking to offer an
349 Amlin Plc United Kingdom Financial Services, Legal Services www.amlin.com 73 services million, and Morgan Stanley (through its exit path to its private equity backers and
350 Siac Butlers Steel Ltd Ireland Steel, Metals - Manufacturing www.siacbutlers.ie 72
351 Reinsch Speditions- und Kontraklogistik Germany Transport, Logistics www.reinsch-spedition.de 71
to retirees, mainly through the building subsidiary Lar). It also counts the foun- gain new support, probably from Spanish
352 Labor L+S AG Germany Biotechnology, Health www.Labor-LS.de 71 and management of residences. Starting ders (35%) and the Hermandad Nacional insurance groups (Santa Lucia is said to
353 Grenkeleasing AG Germany Financial Services, Legal Services www.grenkeleasing.com 70
in Madrid and Valencia, the company de Arquitectos (18%). This has fuelled be in advanced negotiations), to further
354 L A International Computer Consultant Ltd United Kingdom Consulting, Management Services www.lainternational.com 70
355 E.C.S. Electronics BV Netherlands Automotive - Manufacturing www.ecs-electronics.nl 70 soon expanded to Andalusia, Aragon, the growth of the company, from a yearly develop. The company is targeting a
356 Axesor, Grupo Infotel Spain Consulting, Management Services www.axesor.es 69 Asturias, Catalonia, Castilla-Leon, Galucia turnover of EUR 20 million in 2001 to EUR listing on the Spanish Stock Exchange
357 Empire Direct Plc United Kingdom Retail www.empiredirect.co.uk 68
and Murcia. The company offered 5,000 50 million in 2005 and approximately EUR within two to four years.
358 Xsil Ltd Ireland IT - Manufacturing www.xsil.com 67
359 Drukkerij Verstraete NV/SA Belgium Consumer Goods - Manufacturing www.verstraete.be 66 places for retirees at the end of 2005 and 70 million in 2006.
360 Plan-Net Services Plc United Kingdom IT Services, Information and Communication Technologies www.plan-net.co.uk 65 plans to grow it organically to 7,000 by the C.D.
361 Hirsch Servo AG Austria Chemical, Plastics - Manufacturing www.hirsch-gruppe.com 65
362 Arginta Lithuania Steel, Metals - Manufacturing www.arginta.lt 64 end of 2007. The Spanish Law on Dependency, in
363 Prangl Gesellschaft mbH Austria Transport, Logistics www.prangl.at 63 which the Spanish Government will invest
364 BUG Computer Components AG Germany IT - Services, Information and Communication Technologies www.e-bug.de 63
The positioning of the company is rather EUR 26 million until 2015 to help depen-
365 Restaurants At Work United Kingdom Tourism, Leisure, Gastronomy - Services www.restaurantsatwork.co.uk 62
366 Cassis SA Belgium Retail www.cassis.be 61 upscale, with high-quality service (on dent elders, will probably be an active
flying high
Low cost,
Ryanair has shown that low cost is more than just a fad,
and that operating under budget constraints can make an
entire industry move towards efficiency
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Key facts & figures
Ranking: 21st | Industry: Airlines | Turnover growth (2002-2005): 171% |
Employment growth (2002-2005): 113% | Listed (NASDAQ), with a market capitali-
sation of EUR 7.57 billion
R
46
yanair is defying the law The company
Ryanair - DUBhas shown a 34% average
of gravity through low (11/21/2003
yearly growth- 11/17/2006)
rate since early 2001 Ryanair - DUB
Datastream (11/21/2003 - 11/17/2006)
fares. The Irish cowboy using aggressive marketing techniques. Datastream
has successfully Profitability
190.0% is exceptional, ranging from
imported low-cost air 18% in 2005, despite high gas prices, 190.0%
170.0%
travel, following in the to150.0%
24% in 2001, when the cost of oil was 170.0%
footsteps of Southwest lower. The company is said to have the 150.0%

130.0%
and Jetblue in the United lowest breakeven load point of the sector 130.0%
110.0%
States: While most of and has the luxury of setting its own prices 110.0%
the American airlines in a90.0%
context of growing traffic.
90.0%
were under bankruptcy protection in the 70.0%
70.0%
United States, low-cost airlines defied The50.0%
Irish airline not only grows organically,
the sector, growing fast at the expense of but also plans
RYA DB
to expand aggressively. It 50.0%
IRELAND SE OVERALL
RYA DB
incumbent airline operators, and opening thus offered to buy its national competitor
10.00 IRELAND SE OVERALL
new routes. Ryanair operates from 16 Aer 5.00

Lingus for EUR 1.48 billion a year ago, 10.00
European bases (Ireland, UK, France, in a move

0 which shocked the sector. Aer 5.00
Sweden and Italy), bringing together 123 Lingus was 04 only listed
05 for a few
06days and 0
airports and 366 routes. Volume20% of it in a week to posi-
Ryanair bought 04 05 06
Source: Datastream Volume
The strength of the Group does not only Source: Datastream
lie in its ability to make its bookings grow

Ryanair’s summarised profit
in a very competitive market – even Air and loss statement (2001-2005 tion its hostile takeover bid. Even though
Ryanair’s summarised profit
France KLM is looking to open a low-cost the
andoffer
lossis not expected
statement to succeed, this
(2001-2005
EUR (millions) 2001 2002 2003 2004 2005
alternative -- but also to diversify its income Sales 624 843 1074 1337 1693 shows that Ryanair is willing to pursue not
EUR (millions) 2001 2002 2003 2004 2005
EBIT 192 295 276 353 413
from other sales such as hotel bookings, Net Income 150 239 207 267 307
only
Salesorganic624 growth
843opportunities,
1074 1337but 1693
also
EBIT 192 295 276 353 413
car rentals, etc. In Q2 2006, the company acquisitions
Net Income 150
going forward.
239 207 267 307
End of fiscal year: 31 March
even surprised analysts by reporting better Source: Thomson One Banker
results than expected. C.D.
Surfin’ Sweden
New Wave Group could have been a band of blond Swedish pop
singers, but once again, the revolution comes from marketing, design
and selling – this time in the clothing industry.
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Key facts & figures
Ranking: 22nd (59th in 2004) | Industry: Clothing and Accessories | Turnover
growth (2002-2005): 77% | Employment growth (2002-2005): 179% | (Stockholm),
with a market capitalisation of EUR 2.94 billion New Wave Group ‘B’ STO
(11/21/2003 - 11/17/2006)
48 Datastream 49
270.0%
E
250.0%
230.0%
210.0%
ven the autumn heat footwear retailers. New Wave’s brands values” are key to achieving and maintai- 190.0%
wave which has are Clique, Harvest, Grizzly, Craft, ning such a high level of growth. In that 170.0%
affected Europe hardly Seger, Mac One, DAD and Umbro. After respect, finding the right people is the 150.0%
slowed down New acquiring Joman Workwear in 2004, a main challenge that Jansson has identi- 130.0%
Wave’s growth rate. maker of high-quality work clothes, the fied over the years and he has spent a lot 110.0%
Analysts have lowered Group acquired Dahetra and Orrefors of time on it. “It’s a constantly changing 90%
NEW AB - SK
their projections, but it Kostaboda in 2005. business, as it is a high growth environ- AFFARSVARLDEN GENERA
seems that the warm ment. You have to like it to succeed in
garments of the highly The company has shown a 44% average this kind of company.” Client focus is 0.50
successful brands of yearly growth rate since the early 1990s, also key: it is important to take care of
MARKET500 no1 | January / February / March 2007 0
the Group will still be in high demand at focusing on quality clothes and special existing clients and grow with them. 06
04 05
the end of the year. niches, rather than on fashion like H&M, Volume
Zara or Mango. Its production is located Its growth potential is well appreciated
Source: Datastream
The Swedish group has an original distri- in Asia, and New Wave sells in 15 by the market, as it is trading at a 20%
bution model, combining a business- countries, mostly in Nordic countries, premium based on market capitalisa-
to-business and retail approach. Its Germany, Benelux and Italy. “The best tion/EBITDA, but still at a 10% discount New Wave’s summarised profit
and loss statement (2001-2005)
business-to-business division is specia- margins are achieved in Italy,” says based on its P/E multiple as its earnings
lised in the marketing of promotional CEO Torsten Jansson. This proves that per share grow faster than for its peers. EUR (millions) 2001 2002 2003 2004 2005
clothes, shoes, gifts and textiles. New New Wave’s business model is not only “We still have a low market share, with Sales 140 186 207 253 337
EBIT 15 20 23 28 33
Wave designs, purchases, stores and adaptable but very successful outside a lot of space to grow organically in the Net Income 9 11 15 17 22
markets promotional wear and gifts. of Nordic countries. North of Europe, but also in Asia and the
US,” says Jansson. “Selective acquisi-
The Group also sells products using Jansson attributes New Wave’s success tions may help as well.”
its brands and other licensed trade- to its corporate culture, where people
marks to retailers, notably sports and “want to do their best”. These “soft C.D.

Headquarters
Alternative
367 Interware Plc Hungary IT - Services, Information and Communication Technologies www.interware.hu 60
368 Gold Club Slovenia Consumer Goods - Manufacturing www.gold-club.si 60
The Latvian
369 Valor Consultants France Consulting, Management Services www.valor.fr 59
370 Opacmare SpA Italy Consumer Goods - Manufacturing www.opacmare.com 58
371 Llentab AB Sweden Construction, Real Estate www.llentab.se 58
372 MR Datentechnik Vertriebs - u Service GmbH Germany IT - Services, Information and Communication Technologies www.mr-daten.de 57
373 Errecinque Srl Italy Automotive - Manufacturing www.errecinque.it 56
374
375
Sadiel SA
Luoman Oy
Spain
Finland
Consumer Goods - Manufacturing
www.sadiel.es
www.luoman.fi
55
55
Coffee? Yes, a Latvian one. Synonymous with quality, in a world where
376
377
Independent Specialist Technology Ltd
Breyer Gebäudereinigung GmbH
United Kingdom
Germany
Support Services
www.1stsoftware.com
www.k-breyer.de
55
55
Nespresso has imposed this beverage as a luxury, Double Coffee is master
378 Antica Ditta Marchisio SpA Italy Steel, Metals - Manufacturing www.mattioligioielli.it 54 of the Baltic region. Europe next?
379 Koopman Holding BV Netherlands Transport, Logistics www.koopman.nl 54
380 Loch Fyne Restaurants Ltd United Kingdom Tourism, Leisure, Gastronomy - Services www.lochfyne.com 54
381 denkwerk GmbH Germany IT Services, Information and Communication Technologies www.denkwerk.com 53
382 G2 C Environnement France Consulting, Management Services www.g2c.fr 53
383 Maschinenbau Silberhorn GmbH Germany Steel, Metals - Manufacturing www.maschinenbau-silberhorn.de 52
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384 In Tech Medical France Biotechnology, Health www.intech-medical.com 52
385 ILOG SA France IT Services, Information and Communication Technologies www.ilog.fr 52
386 Prolainat France Food, Beverages - Manufacturing www.prolainat.com 51 DC Holding A/S (“Double Coffee”):
387 Mürdter Dvorak nastrojarna, spol.s.r.o. Czech Republic Automotive - Manufacturing www.muerdter.cz 51
388 Technosert Electronic GmbH Austria IT Services, Information and Communication Technologies www.technosert.com 51
Key facts & figures
389 B.V. Gerritse Groep Netherlands Construction, Real Estate www.gerritse.nl 50 Ranking: 26th | Industry: Retail | Turnover growth (2002-2005): 2,500% |
390 Stichting Sint Maartenskliniek Netherlands Biotechnology, Health www.maartenskliniek.nl 50 Employment growth (2002-2005): 700% | Not listed
391 Hickman Industries Ltd United Kingdom Construction, Real Estate www.national-hickman.com 50
392 Central Telecom Uk Ltd United Kingdom IT Services, Information and Communication Technologies www.central-telecom.co.uk 49
393 Dino Lift Oy Finland Steel, Metals - Manufacturing www.dinolift.com 49
394 Creuzot Michel SA France Financial Services, Legal Services www.mcreuzot.com 49
50 395 Dibaq-Diproteg SA Spain Food, Beverages - Manufacturing www.dibaq.com 49 51
L
396 CS Trans s.r.o. Czech Republic Transport, Logistics www.cstrans.cz 47
397 Hiolle Industries France Support Services www.hiolle-industries.com 47
398 Scaltel AG Germany IT Services, Information and Communication Technologies www.scaltel.de 47
399 Kistenpfennig AG Germany IT Services, Information and Communication Technologies www.kuki.de 46
400 3 Step It Oy Finland IT Services, Information and Communication Technologies www.3stepit.com 45 atvia, with a population of 2.2 level service coffee shops,” says Ustinov. in Ukraine and Belarus in next the next 4
401 Strama-MPS Maschinenbau GmbH & Co KG Germany Steel, Metals - Manufacturing www.strama-mps.de 44 million and situated between This explains the rapid development of to 5 years,” declares Ustinov.
402 TTTech Computertechnik AG Austria IT Services, Information and Communication Technologies www.tttech.com 42
Russia, Estonia and Lithuania, Double Coffee, with now 45 shops cove-
403 SCP Holding BV Netherlands IT Services, Information and Communication Technologies www.scpartners.com 41
404 Soc De Transports Routiere International France Transport, Logistics www.prevoststri.com 41 is a challenger to the United ring the Baltic region. Double Coffee offers 50 different types of
405 Eustema SpA Italy IT Services, Information and Communication Technologies www.eustema.it 41 States, at least in the coffee coffee, as well as cakes, cocktails, break-
406 Sabaf SpA Italy Steel, Metals - Manufacturing www.sabaf.it 41
407 S & L Mediengruppe Germany Consulting, Management Services www.slmedien.de 41
chain market. Double Coffee is The company grew to 457 employees in fast and snacks. The company is willing
408 Doll Fahrzeugbau GmbH Germany Automotive - Manufacturing www.doll-oppenau.com 41 the largest chain in the Baltic 2005, with a turnover of EUR 4.6 million to deliver quality and an atmosphere to its
409 Endress + Hauser Wetzer GmbH & Co KG Germany IT - Manufacturing www.wetzer.endress.com 40 area and is the local answer in Latvia. The potential for further growth customers. “There are many challenges
410 Primavera Business Software Solutions SA Portugal IT Services, Information and Communication Technologies www.primaverabss.com 40
411 Targetti Sankey SpA Italy Consumer Goods - Manufacturing www.targetti.com 39 to Starbucks. However, Nick is high. “The only way to ensure proper of course, and they differ from country to
412 Autointermediates Ltd t/a UKIP Media & Events United Kingdom Media www.ukintpress.com 38 Ustinov, the CEO of Double expansion from our point of view is to country,” says Ustinov. The main preoccu-
413 nicko tours GmbH Germany Tourism, Leisure, Gastronomy - Services www.nicko-tours.de 38
Coffee, remains modest with what look at new European markets. The Baltic pation of the management is thus to ensure
414 Adu Oktatási Központ Hungary Education, Training - Services www.adu-csepel.hu 38
415 Version One Ltd United Kingdom IT Services, Information and Communication Technologies www.versionone.co.uk 37 appears already as a success. “Success region is too small and we don’t see much this quality by always bringing on board
416 Tilman Belgium Biotechnology, Health www.tilman.be 37 is something we will be referring to after expansion possibilities here,” explains good employees and excellent locations.
417 M and M Direct Ltd United Kingdom Retail www.mandmdirect.com 37
four or five more years of operations. Do Ustinov.

418 Contec Steuerungstechnik u. Automation GmbH Austria IT - Manufacturing www.contec.at 36
419 i-level Ltd United Kingdom Consulting, Management Services www.i-level.com 35 not forget we are only four years old, so Double Coffee is first and foremost proof
420 NexTReT Spain IT Services, Information and Communication Technologies www.nextret.net 35
it’s a little bit too early to speak about The competition is rising. Italian Illy has that when there is a challenge and the will
421 Newsphone Hellas SA Greece IT Services, Information and Communication Technologies www.newsphone.gr 35
422 StatPro Group Plc United Kingdom IT Services, Information and Communication Technologies www.statpro.com 35 ‘success’.” also identified the need for a high-quality to rise to it, then there is room for success.
423 S2M Société De Mécanique Magnétique France Automotive - Manufacturing www.s2m.fr 34 coffee chain and is rolling out its 120 Ustinov’s advice to would-be entrepreneurs
424 Compin France Transport, Logistics www.compin.com 34
Nick Ustinov and Sergei Pushnoy founded Espressamente Bars in Western coun- is “...never give up, of course, the main
425 Sum France Automotive - Manufacturing www.sum76.fr 34
426 Syncera BV Netherlands Consulting, Management Services www.syncera.nl 34 Double Coffee in September 2002 in tries. However, Double Coffee is targe- asset in any business is the will to achieve
427 Gebr. van ´t Hek BV Netherlands Construction, Real Estate www.vanthek.nl 33 Riga, and rapidly extended their reach to ting a different region. “Our geographical something and to do something. If you
428 KDL Trans NV Belgium Transport, Logistics www.kdltrans.be 32
429 Automobiles Dangel France Automotive - Manufacturing www.dangel.com 32
Lithuania and Estonia. “The factors which location allows us to easily manage the do not have a ‘battery’ powerful enough
430 Trepesch GmbH Germany Support Services www.trepesch.de 32 have helped us to achieve that, besides Ukrainian market. We see a lot of potential to finish the job, you will never achieve
431 Optima Srl Italy Food, Beverages - Manufacturing www.mec3.it 32
the hard work we have invested, could be there. At the beginning of 2007 we will anything - neither in growth or your life.”
432 ARCONT IP Slovenia Steel, Metals - Manufacturing www.arcont-ip.si 31
433 Emailvision France IT Services, Information and Communication Technologies www.emailvision.com 31 being in the right place at the right time. open our first outlet in Belarus as well.
434 BSC Praha, spol. s.r.o. Czech Republic IT Services, Information and Communication Technologies www.bsc.cz 31 The market was ready for a chain of high- The plan is to open over 80 coffee shops C.D.
europe’s 500 winner’s profile listing e u r o p e ’ s 5 0 0

Headquarters
Sustainable retail
435 Gruppo Manni HP Italy Steel, Metals - Manufacturing www.gruppomanni.it 30
436 HMS Networks AB Sweden IT Services, Information and Communcation Technologies www.hms.se 30
437 Transports Logistique Services SA Belgium Transport, Logistics www.tls-be.com 30
438 Barkawi & Partner GmbH & Co KG Germany Consulting, Management Services www.barkawi.com 28
439 Phönix SonnenStrom AG Germany Energy, Mining, Utilities www.SonnenStromAG.de 27
440 Vetreria Etrusca Srl Italy Consumer Goods - Manufacturing www.vetreriaetrusca.it 27
Making retailing synonymous with best in class stakeholder manage- 441

442
Occasio d.o.o.
Scilm SpA
Slovenia
Italy
Tourism, Leisure, Gastronomy - Services
Consumer Goods - Manufacturing
www.sonchek.com
www.scilm.it
27
27
ment seems to have been the aim of EngroTUS. The pay out? Triple 443 Ind.I.A. SpA Italy Steel, Metals - Manufacturing www.arteferro.com 26
444 Omr SpA Italy Steel, Metals - Manufacturing www.omrspa.com 25
digit growth and a ranking at 30th. 445 Agricultural Poultry Cooperative Of Arta Llc Greece Agriculture, Fisheries n/a 25
446 Haas & Czjzek - Prvni Porcelanova Manufaktura v Cechach, spol. s r.o. Czech Republic Consumer Goods - Manufacturing www.haasczjzek.cz 25
447 Comptoir Vendeen De L´Artisan Plombier France Construction, Real Estate www.covap.fr 25
448 Keros Ceramica SA Spain Consumer Goods - Manufacturing www.keros.com 25
449 Kürt Hungary IT Services, Information and Communcation Technologies www.kurt.hu 25
450 UC4 Software GmbH Austria IT Services, Information and Communication Technologies www.uc4.com 25
451 SBB Accountants & Adviseurs Belgium Financial Services, Legal Services www.sbb.be 24
452 Modus Group Ltd United Kingdom Construction, Real Estate www.modusgroup.com 24
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AW 453 G.S.E. Ground Support Equipment Srl Italy Transport, Logistics n/a 23
454 Janavalo Oy Finland Steel, Metals - Manufacturing www.janavalo.fi 23
455 Germany Biotechnology, Health www.mediteam.de 23
EngroTUS d.o.o. 456
Mediteam/Visit Ambulante Pflege GmbH & Co KG/FPB Aktiengesellschaft
NICOMATIC France IT - Manufacturing www.nicomatic.com 22
Key facts & figures 457 William Cox Ireland Ltd Ireland Construction, Real Estate www.williaamcox.ie 21
Ranking: 30th | Industry: Retail | Turnover growth (2002-2005): 105% | Employment 458 Logos Group Italy IT Services, Information and Communication Technologies www.logos.net 21
459 Stagecoach Theatre Arts Plc United Kingdom Education, Training - Services www.stagecoach.co.uk 21
growth (2002-2005): 109% | Not listed
52 460 ATEME France IT Services, Information and Communication Technologies www.ateme.com 21
53
461 Era A.S. Czech Republic IT - Manufacturer www.era.cz 20
462 ConSol Software GmbH Germany IT Services, Information and Communication Technologies www.consol.de 20
463 SIV.AG Germany IT Services, Information and Communication Technologies www.siv.de 20
464 Unicer - Distribuição De Bebidas SA Portugal Food, Beverages - Manufacturing www.unicer.pt 19
465 Roxtec AB Sweden Chemical, Plastics - Manufacturing www.roxtec.com 19
S
466 B&T SpA Italy Consumer Goods - Manufacturing www.dorelan.com 19
467 Karl Krestel Gastronomische Betriebe eK Germany Tourism, Leisure, Gastronomy - Services www.sudhausnuernberg.de 18
468 Autostop SA Greece Automotive - Manufacturing www.autostop.gr 18
lovenia, population group started as a retailer, but soon also EngroTUS believes its path to success is 469 Okregowa Spoldzielnia Mleczarska W Sokolowie Podlaskim Poland Food, Beverages - Manufacturing www.osmsokolow.pl 17
470 AUBEMA Crushing Technology GmbH Germany Steel, Metals - Manufacturing www.aubema.com 16
2 million, has a fast became the owner of its shops and deve- made of: 471 B + S Ingenieur AG Switzerland Construction, Real Estate www.bs-ing.ch 16
growing retailer loped shopping malls to offer an all-in-one 472 Technocover Ltd United Kingdom Support Services www.technocover.co.uk 16
473 IBITEC AB Sweden IT Services, Information and Communication Technologies www.ibitec.se 15
ranked in the top location for shopping. Planet Tuš, in Celje, 1. an ambitious investment strategy
474 Izoterm - Plama D.D. Slovenia Consumer Goods - Manufacturing www.izoterm-plama.si 15
30 of Europe’s 500 offers 3,500 m² of shopping space, 45 2. a reasonable level of debt 475 Bruyerre SA Belgium Food, Beverages - Manufacturing www.bruyerre.be 14
fastest growing shops and 8 cinema halls. 3. the import of best practices from 476 Nabaltec GmbH Germany Steel, Metals - Manufacturing www.nabaltec.de 14
477 Pieron GmbH Germany Steel, Metals - Manufacturing www.pieron.de 13
companies. The abroad and adapting them to the local 478 Zech Gruppe Austria Construction, Real Estate www.zechfenster.com 13
company opened its To achieve these targets, the company environment 479 Alacer Mas SA Spain Retail www.alacermas.com 12
480 ANAGNOSTARAS Bros SA Greece Construction, Real Estate www.anagnostaras.gr 11
first store in 1989, puts the quality of its relations with its 4. the recognition and adaptation to
481 Sinfo Pragma Spa Italy IT Services, Information and Communication Technologies www.sinfopragma.it 10
the year the Berlin employees and customers first. The social regional distinctiveness by caring for the 482 Ifr France France IT Services, Information and Communication Technologies www.ifr.aero 9
Wall fell. Since then, EngroTUS has aims of the company are even mentioned local needs of customers 483 Cybit Holdings Plc United Kingdom IT Services, Information and Communication Technologies www.cybit.co.uk 9

484 Tibard Ltd United Kingdom Textiles, Clothing, Footwear - Manufacturing www.tibard.co.uk 9
grown with a unique motto: customer explicitly on its website to show that 5. an openness to ideas which are emer-
485 Dragenopharm Apotheker Püschl GmbH Germany Biotechnology, Health www.dragenopharm.de 8
satisfaction. In a country still belonging EngroTUS is committed to its stakehol- ging from within the company. 486 Agrico SA Poland Food, Beverages - Manufacturing www.agrico.com.pl 8
to former Yugoslavia, where customers ders, as a non-listed company: “We would 487 Alessanderx SpA Italy Consumer Goods - Manufacturing www.magniflex.com 7
488 Riviere Transports France Transport, Logistics www.riviere-transports.fr 7
had to line up to buy meagre supplies of like to create a flexible system for indivi- These principles have helped this retailer, 489 United Labels AG Germany Retail www.unitedlabels.com 6
goods and food, this has been a revol- duals as well as our business.” addressing a market the size of a city in 490 Sulpasteis - Comércio e Industria Produtos Alimentares Congelados, Lda Portugal Food, Beverages - Manufacturing www.harrowhouse.com 5
491 Harrow House International College (Swanage) Ltd United Kingdom Education, Training - Services www.sulpasteis.com 5
utionary policy. other countries, to achieve a turnover of
492 Videor Technical E. Hartig GmbH Germany IT Services, Information and communication services www.videortechnical.com 5
Learning from Western retail marketing EUR 453 million in 2005. 493 Bertin Technologies France Biotechnology, Health www.bertin.fr 5
The mission statement of the company is techniques, EngroTUS has developed its 494 UNIMERCO GROUP A/S Denmark Consumer Goods - Manufacturing www.unimerco.com 5
495 SAS De Buyer Industries France Steel, Metals - Manufacturing www.debuyer.com 3
as simple as the execution can be compli- own private label for goods: Aneta and C.D. 496 Itesoft France IT Services, Information and Communication Technologies www.itesoft.com 3
cated: “to offer customers a wide range Tus. This allows EngroTUS to capture 497 Coremain SL Spain IT Services, Information and Communication Technologies www.coremain.com 3
of products at the best possible value, further value from the sale of products by 498 Akaba SA Spain Consumer Goods - Manufacturing www.akaba.net 2
499 Housing Cooperative Nasz Dom Poland Construction, Real Estate www.naszdom.radom.pl 2
high-quality goods and kind service.” The colonising the value chain. 500 Hologram Industries France IT - Manufacturing www.hologram-industries.com 1
europe’s 500
ENTREPRENEURS:
START
YOUR
ENGINES
tage lies in their expertise in sectors such as
biotech, electrical engineering or specialty
machinery. Other areas in which we see high
growth rates is in the design and production
of automotive and alternative energy tech-
nologies, as well as in consumer and luxury
goods. Alongside these companies have
appeared growing numbers of consulting and
IT firms catering specifically to these sectors
and drawing on the same human capital to
develop and expand.
Forging Ahead
The geographical diver-
54
sity of the companies that
make up this year’s list is We are the catalyst that enables Europe’s
top entrepreneurs to learn and grow.
a clear representation of
Analysing the trends in Europe’s fast growth The Entrepreneurs’ Organization (EO) – for entrepreneurs
Europe as a whole. only – is a global community that enriches members’
I
lives through direct peer-to-peer learning, connections
n this year’s Europe’s 500, we see The geographical diversity of the compa- yet their sales lagged behind the UK’s at to experts and once-in-a-lifetime experiences. EO is
the resurgence of the IT sector in nies that make up this year’s list is a clear just under EUR 5 billion. Ireland, although the catalyst that enables entrepreneurs to learn from
Europe. Web 2.0 is here to stay. It representation of Europe as a whole, with only having 9 (1.8%) companies in the
each other, leading to greater business success and an
shows us that while IT and consul- the five largest economies making up list, came in punching above its weight The key ingredient to the success of these
ting are considered a sector apart, more than 60% of the list and bringing in with EUR 6.7 billion, representing 7% of companies, whether in life sciences, enginee-
enriched personal life.
they have become an integral part 65% of 2005 turnover. The new members total sales. ring, IT or consulting, seems to be the rich
of every organization, from “old of the community to the East and others human and intellectual capital available to A global network
economy” sectors such as trans- are a varied lot, although many demons- The Europe’s 500 growth companies seem them. Although much has been said about the EO has chapters in eight European countries and 6,400
portation and agriculture, to new trate some strong characteristics in terms to be debunking much of the conven- ailments of the educational establishment in
members in 41 countries worldwide.
economy stalwarts such as biotech. of productivity per employee and job tional wisdom about the malaise of many Europe and more definitely needs to be done
growth. of its members, most notably Germany, to improve the risk taking nature of today’s
IT and consulting companies make up France and Italy. It seems entrepreneurs European university students, we continue
the lion’s share of the companies on the Germany remains the heavyweight with in biotech, IT, and service businesses of to see cutting edge European firms. It is by
list. European companies, however, are 109 companies and EUR 25 billion (26.8% all kinds have picked up the slack left by harnessing these strengths that Europe’s 500
active across a wide spectrum of sectors, of the total) in sales in 2005. The UK many of the family-owned manufacturers growth companies will be able to profit in
most notably, biotech, engineering and with its 72 companies comes second, facing the fiercely competitive pressure of today’s global economy and become tomor-
the automotive sectors. although its sales at EUR 12.5 billion the emerging economies of Asia. row’s leaders.
come in just below Italy whose 44 compa-
nies turned over EUR 13 billion. French Entrepreneurs from these countries have Daniel J. Macias
companies number 55, more than Italy’s, decided that their comparative advan- dmacias@market500.eu
e u r o p e ’ s 5 0 0 Opinion editor
For more information on EO or to apply for membership,
visit www.eonetwork.org or call +1.703.519.6700.
+49 30 280 998 31
m a n a g e m e n t focus focus m a n a g e m e n t
Sustaining growth
Some managerial pitfalls to avoid *
I
n all likelihood a majority of small- and then grow again and experience the lack of ambition of their owners or
and medium-sized enterprise decline, more than once during their life decision-makers, to unfavourable condi-
owners and decision-makers have cycle. Also many companies spend long tions in the market or segment where the
asked themselves at least once “do periods in a stagnant or static situation. firm operates, or a limited management
we really need to grow?” Asking A stagnant situation does not generate team or the pressure of competition, etc.
“what if we do not?” is not so any value, employment or wealth whatso- Stagnancy cycles can be present in any of
frequent. Neither all businesses nor ever. But it might well be an opportunity the stages of development of a company.
56 57
all entrepreneurs want to grow or for many companies to seek and find a But “not moving” during a lengthy period
are capable of doing so. However, possible path to future growth. The fact of time may ultimately mean putting the
in today’s flat and “small” world, whole project on the edge of collapse (as value at all. While there are many unambi- complexity that is triggered in the organi- many entrepreneurial firms in light of
in a progressively more extensive global may be the case for a young company), guous reasons to grow, there may also be zation as a result of this. high-growth forums and networks all over
community where the central differential or to enter a stage of progressive decline many reasons to sell (often not sufficiently Europe and much of the existing research
factor in comparison with other precedent while others take advantage of the oppor- distinguished or explicitly assumed by The literature on high growth firms’ attri- in the field point out the importance of
times of profound paradigmatic change High-growth entrepre- tunities in the market (as may be the case the decision-makers involved). In the end butes and performance, particularly keeping focus on the creation of value
are the challenges that arise from the for more established companies). there is no such trade-off as grow or go focussing on the internal factors directly for shareholders, employees and clients
speed of change and the level of inter- neurs know well how (or sell): if firms mean to grow, they should affecting their capability to generate and if companies want to meet their growth
connectivity, two main issues come into The real problem with no growth or low be able to grow well, and if they mean to sustain fast growth, reveals that these dreams and sustain it over long periods
view as possible consequences. One is to decipher the signals growth is that it is not a good strategy sell, they should be able to sell well, but companies are especially effective in of time.
the most likely increase of the relative in the long run. For most companies the what they should never do is both not addressing many of these difficulties. This
vulnerability of the business vis-à-vis its they receive from their growth challenge is there to stay. There grow and not sell. ca-pability is generally linked to factors High-growth entrepreneurs know well how
current and potential competitors as well is no a “supernatural” force that allows primarily associated with the profile of to decipher the signals they receive from
as in the eyes of its customers. The other employees and their a firm to grow and survive over time. In If we turn our attention to the manage- their founders or management teams, their employees and their customers and
is the higher probability of a progressive practice firms have to be able to make rial challenges specifically connected to with particular business practices, with respond to their needs and wants. This
decline of the firm’s ability to respond customers and respond progress and grow if they intend to stay high growth, we see that it is not only specific organizational and culture attri- in turn leads to the creation of higher
to market signals and innovate, thus es- in the market. Frequently this challenge tough to achieve but extremely difficult butes of the firm, and with people mana- value in the long run. They are masters in
tablishing a negative dynamic that may to their needs and wants. may develop into a reality check between to maintain. Leaving aside environmental gement. A first insight is that leading combining a focused strategic business
well lead to its exit from the market. “grow or exit”, or even “grow for not conditions, growth success is greatly a firm to rapid growth can be seen as approach with the ability to move fast
exiting”, depending on the firm’s context influenced by internal factors such as a management challenge equivalent to enough to take advantage of business
There are no identical companies. and peculiarities. strategy, access to resources, leadership other managerial challenges that deci- growth opportunities and address those
Nevertheless, all businesses face the that a company shows low growth or no style and management approaches and sion-makers may face along a specific problems that may be a threat to the
same type of problems which go beyond growth during a long period of time does Still for many young and established firms, performance. While there is no unique development path. firm’s sustainability in the long run. To
their size or their stage of growth, and not necessarily mean that it is not capable the “grow-or-go” trade-off, far from being managerial approach to address this type achieve it they pragmatically assess what
all are subject to big transformations as of growing again in the future. a di-lemma, can be —under determined of problem, it is clear that high growth In the end, sustainable and profitable the existing businesses can deliver and
they evolve. Companies may grow or circumstances— an opportunity to study calls for the need to accomplish substan- growth has little to do with management what level of management attention they
not, get into a high-growth period, expe- Whatever happens the reasons for not an exit option through a sale process well tial transformations in structures, systems fads and trends at certain points in time. need, and they are simultaneously able
rience transitory crises and stop growing, growing may be multiple, ranging from before being forced to “go” with low or no and competences to deal with the high The observation of the experience of to perform a clear-headed assessment
* A full version of this article, “The ‘growth dream’: Challenges and managerial pitfalls to avoid” by Juan Roure and Luis Segurado, is to be published in
Entrepreneurship in the Netherlands: Ninth Edition, EIM Business & Policy Research, 2006 (currently in press).
m a n a g e m e n t focus
of the opportunities that exist to enter

new businesses and to evaluate whether
The chances for success of new growth
initiatives in any company are very
these as well as other related topics
from high growth “practitioners” in Europe
Don’t miss the action!
these opportunities fit the firm’s existing complex even when they are based on directly. It will be also a good opportunity
resources and capabilities. the best business ideas. To accomplish to debate once more the importance of
this successfully, high potential compa- quality entrepreneurship at the public
However, while there are many good nies should move on a more conscious and private levels. Examples include how
MARKET500. eu
examples of highly dynamic entrepreneu- self-assessment of managerial growth- to increase the social recognition of high-
rial companies that have been able to related fronts. They should start by asking growth entrepreneurial role models and
MARKET500. eu - n 01
o
generate and sustain rapid growth, and themselves how powerful their ambition their contributions, how to further increase
even to do so in a profitable manner, the is to make that dream real, how focused the current alignment of policy-makers
real story is they are the exception, not the their business is while selectively explo- and key social agents to lead the cultural The magaziNe for eUrope’s fasTesT growiNg compaNies
rule. The growth challenge takes place on ring new growth options, how effective change needed, and how to enhance the
the 500 fastest growINg compaNIes

a continuum and companies move along it the tool in place to systematically screen direct public support of entrepreneurial
at different speeds as a result of their stra- these opportunities on a regular basis is; high-growth networks and associations exclusive european ranking
tegic choices, the impact of the industry in order to increase both the value of
structure or a combination of both. But in the networks themselves and the value the 500 fastest
any case, from an entrepreneurial mana-
gement perspective, it is as important to Because of their real
and advice their members receive at all
levels (for example training in high-growth growing companies
p. 18
recognize where the company actually is practices, formal and informal forums of
along this development continuum as to contribution to employ- “high growers”, mentoring and funding
MARKET500.eu
exclUsIve eUropeaN raNkINg
identify the kind of transformations that are sources, business transition and trans-
required at the personal and the organiza- ment and wealth creation, fers, local support services, corporate
tional level to deal with the stage of growth (and family) governance, corporate entre-
JUIN 2005
in question. dynamic entrepreneurial preneurship, etc.).
58
While it can be said that many exis- firms have become Because of their real contribution to
ting businesses can not grow forever, employment and wealth creation, dynamic
JaNUary / febrUary / march 2007

themselves a target of
the perception is that a great number
of companies (often more than would
entrepreneurial firms have become them-
selves a target of public policy agenda
be desirable) are not able to achieve public policy of many countries in Europe. Others are
their full growth potential. The observa- increasingly the object of policy-makers’
award winner
tion, knowledge and information exchange intention to integrate them as a signifi-
between high-growth firms in different cant component of their entrepreneurship
N° 1
eUr 6.-
programs, forums and networks of entre- policy. But entrepreneurial companies
preneurial dynamic en-terprises such as how completed and balanced the current can also be a highly effective tool to
the European Growth Plus Association or management team for growth is, how spread a more conducive culture toward

the Entrepreneur of the Year Award, as active the governance process that adds entrepreneurship in society. In this regard
well as the contributions of some specific value to the strategic choices is; and there still seems to be a long way to
research work and surveys based on diffe- how flexible they are to approaching new go for both private and public layers in
rent entrepreneurial firms, reveal that there growth options other than organic growth terms of the building of the necessary
seem to be some managerial pitfalls that as well as different ownership structures “intangible” infrastructure to bring cultural
may have an impact on the ability of firms
to follow the path to growth generation and
sustainability. Some of the observed highly
to implement them.
The real challenge for every company to

change to fruition along with the more
“tangible” infrastructure already in place
in the policy agenda of many countries.
Subscribe online
interconnected managerial deficits mostly sustain growth over time lies in the ability Exchanging knowledge, experiences and
have to do with the lack of entrepreneu- of either would-be directors or existing information between high growth peers
rial ambition, the lack of focus, the lack corporate directors of growth firms to appears to be a highly valuable tool in 4 issues / 1 year 8 issues / 2 years
of an internalized opportunity screening avoid these managerial pitfalls and to attaining this decisive goal of continuing
process, the lack of a proactive growth- disseminate knowledge and best prac- cultural change. 24 EUR 45 EUR
driven approach to funding, the lack of a tices. In this sense the next Europe’s 500
superior management team, the lack of an Growth Summit to be held in May 2007 Juan Roure
active governance system, and the lack of at IESE Business School in Barcelona is jroure@market500.eu
a flexible approach for implementing new certainly a promising platform to exchange
growth options and ownership structures. and gain knowledge and information on
www.market500.eu
The MARKET500.EU
Learning m a n a g e m e n t
FORUM
Banking Awards CEO-COLLABORATIVE
The EU’s fast lane CEOs find a valuable pitstop.
- Forex Trading Award
V
irtually every from the office to focus on vital goals with What distinguishes CEO-CF is its refined
- Stocks Trading Award profession has a world-class peers who have experienced model. Darsch and Macdonald take
support network; many of the same challenges. Members extraordinary care in the composition
an opportunity discuss critical business issues, present of each of the three distinct groups that
61
to exchange specific challenges, and integrate the comprise CEO-CF, working closely with
- Funds Award information,

contacts, and
feedback into their strategies. every member to understand individual
goals and the company’s outlook for
ideas; a chance The basic concept of a CEO forum is not growth. They also make sure that no two
to compare notes new. More than 10,000 CEOs represen- members are marketplace competitors.
and worry aloud. ting more than one million employees
- Banking Software Award But top CEOs need something more—a and more than $300 billion in assets The intimacy of the CEO-CF experience
multilateral, mutually duty-bound group of participate in forums worldwide. In fact, is unique among such forums. Because
peers with whom they can talk frankly and forums have a formidable track record. the groups are small and tight-knit—12 to
express ideas they might not be ready
to share with their senior management
teams. And these peers must be trus-
Discover the winners in MARKET500.EU tworthy and discreet, experienced and

committed. A tall order? Perhaps.
Research shows that companies headed by CEOs
April 2007 edition But CEO-Collaborative Forum (CEO-

who belong to forums grow at five times the average
CF) founder Dave Darsch has done it
of small-to medium-sized businesses headed by

anyway. And done it well. His CEO-CF
groups bring together the chief execu-
tives of high growth companies across
non-forum CEOs.
the European Union. Darsch and partner
Lisa Macdonald accept members based
on their company and career profiles and
on their potential to offer maximum value
to the other participants. Research shows that companies headed 14 members in each—the bond between
by CEOs who belong to forums grow members is strong. The foundation of the
This pan-European CEO network—the first at five times the average of small- to CEO-CF model is the Member Challenge,
of its kind—gives some of the world’s most medium-sized businesses headed by a specific issue that each CEO brings
dynamic chief executives a forum away non-forum CEOs. to every forum meeting that receives
www.market500.eu
m a n a g e m e n t Learning
High-growth, venture-backed CEOs face of the members themselves. A full 30% have
intense pressure to deliver success, experienced IPO exits. More than 25% appear
On an up-close and Darsch says. “Giving them a forum desi- on the Europe 500 list of fastest growing compa-
gned just for them allows them to talk over nies. Many have been recognized by Deloitte’s
personal level, the forum solutions with peers who are facing the Fast 500 and have appeared on the Inc. 500
same challenges. It’s a lifeline many of list. Several have won or were finalists in the
helps individual CEOs them have come to rely on.” E&Y “Entrepreneur of the Year” program.
design and develop stra- Participants attribute much of the value Darsch and Macdonald are able to deliver
of CEO-CF to the care, skill and passion value to these talented CEOs because they
tegy and deliver results that Darsch and Macdonald invest in the are immersed in their world. Headquartered
forums. “CEO-CF has done an outstan- in Barcelona, Darsch is an internationally
62 in a hyper-competitive ding job putting together the group,” says respected CEO, board member, business
Nicolas Hassbjer, CEO of HMS Industrial consultant, and advisor and sits on the boards
marketplace. Networks AB in Sweden. “I am really of directors of several companies. He founded

“I am very satisfied with the dynamics impressed by the combined knowledge and managed a privately held software company
of the group—the opportunity to get to and experience of our team of CEOs.” in the Washington, DC area from 1979 until its HRS is Europe’s leading hotel portal.
know each other and discuss deep and acquisition by a systems integrator in 1996. The
Comprehensive worldwide coverage with 180,000 hotels
significant issues in such an open way In this, Hassbjer raises one of CEO-CF’s firm made the Inc. 500 list of fastest growing in all price and hotel categories
without hidden agendas. A lot of personal These complimentary tools give Darsch pivotal benefits—the world-class quality companies in America and was widely reco-
learning has occurred that will impact my and Macdonald the ability to monitor gnized as one of the few firms in the high-tech Super rates updated daily
company greatly. This is much more the needs of members and bring in market to experience both explosive growth Free booking – even without a credit card
powerful than a three-week session at appropriate specialists to address the and longevity without external capital.
INSEAD. It is real life.” groups during their three-day forums, Cost control via reporting and statistics
Jeremy Goulding, ARTiSAN, UK which take place every few months Macdonald, based in the Washington, DC Tailored access to exclusive corporate rates
in European locales like Mallorca and area, is a management consultant for execu- Free amendments and cancellations
a dedicated hour of intense discussion Budapest. tive level human resources and healthcare
Online processing of enquiries for seminars,
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conferences and groups
twelfth power with an elite peer group. Darsch describes CEO forums as having rience in the healthcare field, including human

“The best part of being a member of the multiple levels of value. “CEO-CF is a resources, finance and clinical care, she
CEO Collaborative Forum is that we know component of the worldwide CEO forum assists organisations with change manage-
each other,” notes Rui Paiva, CEO of community, which is enhancing both ment, accelerated growth, and acquisitions
WeDo Consulting based in Lisbon. “We the knowledge and the collaborative and mergers from a human relations pers-
have forged a connection and a network spirit of the international community of pective. Her healthcare finance background
to exchange ideas.” chief executives. And CEO-CF offers an has benefited many member CEOs who are
invaluable lifeline to high-growth CEOs targeting the US market for medical devices
The forums sustain their impact between across the EU. On an up-close and “While being in this CEO forum may not or pharmaceuticals. To learn more about CEO-
The worlwide Hotelportal!
face-to-face meetings with the CEO-CF personal level, the forum helps individual help me predict the future, it allows me CF, visit www.ceo-cf.com.
+ 49 (0) 2 21 / 20 77-0
E-Forum™ and Mid Forum Connect™, CEOs design and develop strategy and to be able to see it better and be more
a global telephone connection during deliver results in a hyper-competitive prepared for it.” Murielle Delucinge
which members make commitments marketplace.” Marien van Ouwerkerk, mBalance, mdelucinge@market500.eu
and provide assistance to one another. Netherlands
h u m a n r e s o u r c e s recruitment recruitment h u m a n r e s o u r c e s
Achieving
High ROI –– –+ ++
by Hiring ”A” Players
the receptionist to a senior manager. What and sometimes work harder than anyone the world’s population would fall into the
Are you hiring A Players, B Players or C Players? Are you getting a do all these people have in common? else in the team as they know they don’t C Player category and the remaining
significant return-on-investment (ROI) from your human capital? What traits? What patterns? What beha- have any serious talent or uniqueness. 20% in the A and B Player category.
viours? Whenever I am speaking at major This means we have nearly 1.4 billion
conferences or in-house seminars for I remember interviewing former world rally people to choose from to find and
organisations, I ask these questions and champion, and he said he always felt like attract into our business who would give
always get back different words from the a B Player as he always worked harder us a great ROI.
T
audience. than everyone else but felt others had
64 65
more talent than him – but he became The best companies I have seen are
raditional human world. I tracked Google from 1999, when The first area is about creating a strategic After reaching some 100,000 people over world champion. B players are great to achieving a minimum of 10x the salary
resources strategies I met Sergey Brin, one of the co-founders, workforce plan and clearly understanding the past five years, I would say that have in the company and can give you a they are paying their employees. Imagine
do not work! We at a technology forum in the UK. the type of top talented people we need there are over 1,000 words out their healthy ROI. paying EUR 20,000 and receiving back
need to be proactive short-term and long-term to achieve our that describe “success“. Most of the EUR 200,000. This is the norm with hiring
and not reactive if What did these companies have in common? objectives and vision. Only after this is words used are really describing a form So what about the A players? The A Player A Players, as they have the potential
we are going to hire How did they manage their human capital complete can we then focus on other of “energy”. Determination, ambition, is someone who has discovered what their and capacity to do this. Now obviously
A Players who give and seem to hire A Players consistently elements like finding & identifying top hardworking, commitment, enthusiasm, true strengths are inner talents – I call it depends on your type of business and
us high ROI. when their competitors struggled? talent, attracting top talent and inter- passion and positive are all forms of it their DNA – they have unleashed it! It market place, and the margins that are
viewing top talent. energy, so the second part of our formula unleashes when someone has tried lots of possible; however, saying all that I have
Top talented people Looking at these companies less than summarizes all these traits with Energy2 different jobs, tasks, projects and careers still seen A Players achieve miracles in
are true assets for our business and not 10 years later Siebel Systems broke the We will explore these three areas in future or E2 meaning Energy traits and more and suddenly wakes up one day and a market place which is tight or over
simply transactions; forget about the cost- billion dollar sales mark and then sold issues of Market500. But for now let’s than one. So we have a final formula – T x confirms to themselves that this is what crowded with competitors.
per-hire and start thinking about the ROI out to Oracle – their biggest competitor. first understand the difference between E2. Let’s see how this works with the three they are excellent at and what they want to
of human capital you will get if you hire the As for Google, at the time of writing this A Players, B Players and C Players and types of players in the world. do – this thing gives them complete fulfil- So, from now on, get clear on the type of
A Player. A Players hire more A Players; C article, their share price broke USD 500 who you really want to hire. It all starts by ment and personal satisfaction. players you want to be bringing into the
Players hire more C Players – what type of per share. I had a chance to meet with understanding the magic hiring formula- The C Player is someone who has some business. In future editions of Market500,
company do you want? Sergey Brin again at a conference in the T x E2. The first part stands for “Talent”. (+) (-) Talent but zero (-) (-) Energy2, The A players have lots of (+) (+) Talent we will explore the other areas of the
USA in 2005. This time I was shaking Would you agree everyone is born with meaning they lack the self-motivation to and they have a tremendous amount of Human Capital Lifecycle and how you
In 1999 I started my research to educate hands with a young man who was worth some degree of talent? Some people ever be successful. But you can some- (+) (+) Energy2. That is why these people can effectively find, attract and interview
and help managers and executives over USD 7.5 billion dollars, an amount discover it from a young age, some later times see some glimpses of genius and become the very best at what they do and top talent. In the interim, if you have any
become more human-capital focused. which has nearly doubled since then. on in life between the age of 45 to 55, their talent. These people are the ones are in the top 3% of their profession. The further questions or would like to enquire
That is when I started to put the pieces and some unfortunately keep it hidden you have to keep motivating and the best sales people in the world are in this more about this subject matter, expert
together of the Human Capital Lifecycle The Human Capital Lifecycle has fifteen and never explore it or use it and then die ones that never give you true ROI. In fact, player category, the best nurses, the best speeches and seminars, contact our
(HCL). I started assessing top companies key elements in which the CEO of today’s feeling unfulfilled. they always cost you more money. The B drivers, the best researchers and the best human capital management specialist,
around the world like Siebel Systems landscape needs to be actively involved Player is someone who has some (+) (-) educators. Mr. Reg Athwal.
founded by Tom Siebel, which was and manage in order to build a lean, Now what about the second part - E2? Talent, just like the C player, but has (+)
growing rapidly and is quoted as one fast growing and prosperous long-term Think about the most successful people (+) Energy2 in abundance; they have lots If we were to apply the 80-20 principle Reg Athwal
of the fastest growing companies in the company. you know at all levels of a company, from and lots of self-motivation and energy, to our player categories, then 80% of rathwal@market500.eu
t e c h n o l o g y Ideas
Europe 2.0
I
have always been impressed by the downturn. Fortunes were destroyed, the user”, as Skype puts it. They are
how good the US society is at along with the dreams they were backing. European, often global.
66
making people from all corners of Silence reigned. The media and investors
the world feel at home and see the lost interest in the bruised and battered While building their companies, a new
US as their new home - the land industry and the Americans pulled back European “ecosystem” started to evolve.
of opportunity. Regardless of their their troops from the strange continent An ecosystem I believe will be one of the
ethnic origin, skin colour or religious with so many languages and strange most important cornerstones of Europe’s
beliefs, you will often hear them tribes. digital future. In a not too distant future
say (regularly in broken English), most of us will be knowledge workers,
“I am proud to be American”. Have In the meantime something happened. It many of us even digital workers doing
you ever heard anyone say the same happened in the digital mines of Silicon such alien tasks as producing digital furni-
in Europe? I have not. On the contrary, Valhalla in Scandinavia, and in the shar- ture to sell in online worlds or pursuing
I have heard third generation Swedes pest minds in the gaming and gambling athletic careers in the booming digital
maintain that they are Turkish or from hub of Gibraltar, and in the waking sports arena.
other ancestral origins. German web 2.0 scene. It happened in
the Mecca of mobile phones – Finland, Companies like Skype, Spain’s WiFi
In business the Americans also have some and in France where the blog movement company FON, Germany’s openBC,
interesting traits. There are optimists and grew stronger with every blog post, every mobile content company Jamba, Finland’s
they often have an ability to think big. This comment, every user-generated opinion. Habbo Hotel or Sweden’s free mobile
is especially true in the Internet industry. A new breed of European companies and calls service Rebtel have started to beat
From the birth of the Internet the Americans entrepreneurs (even though many of the the incumbents as well as the Americans
have been taking the lead and the height heroes of the dotcom boom are back with at their own game. When serial-entre-
of ambition for most European entrepre- new, even bolder ideas) started to surface preneurs like the Sahmwer brothers in French Netvibes who in no time gather while striking alliances and flirting with the opposite is for an American. This new breed
neurs is to be bought by an American and the companies they have built are no Germany, French blogger Loic Le Mure, millions of Europeans and succeed in growing Asian titans, India and China. of European entrepreneurs will create jobs
competitor. During the dotcom boom we longer built on dreams or US blueprints. Skype founder Nicklas Zenström and making even the largest portals tremble. and wealth, inspire and make life easier,
were seduced by the new models and many other successful European digital They are leveraging the fact that Europe more fun and a lot of other things with their
ideas. We started measuring our e-matu- They have innovative, often disruptive, entrepreneurs exchange ideas with new Something significant is happening. We is ahead of the game in mobile techno- ideas. Maybe over time they will also make
rity in how many American products and ideas. These ideas do not focus on hype entrepreneurs and each other, something are seeing a new Europe evolving, a logy and they are bringing their network us all say, “I am proud to be European”.
services we consumed rather than in how and fast cash, like the worst examples of happens. It is the same thing that made Europe focusing on Europe, European of European companies with them. For
many European products and services the dotcom boom did, but on making the Silicon Valley so vibrant: entrepreneurial entrepreneurs easily manoeuvring through them the question “how can we Europeans Ola Ahlvarsson
we invented and produced. Then came user a little bit happier or on “delight[ing] zeitgeist giving birth to companies like the diverse cultural landscape of Europe compete with the US” is as strange as the oahlvarsson@market500.eu
c a s e s t u d y Barceló Barceló c a s e s t u d y
Family succession while keeping
Unattainable
the entrepreneurial spirit alive
goals ?
A profile of a family-owned hotel & travel business: The Barceló
Group*
68 69
S
pain-based Barceló work with him in 1940, while they were current leaders, inherited the family’s the precursor of a type of hotel that
Group is a leading still going to school. By the end of the businesses. This consisted of the bus would be adopted extensively a few years
international hotel 1940s, the first tourists started coming company and the tourist agency. Their later and which led to today’s “resort”
chain. It grew from to the island and Gabriel and Sebastián two sisters received properties that were concept.
A key milestone of Barceló’s entire business growth
37 establishments helped their father, driving buses for day part of the family estate. The family
in 1995 to 108 in trips from Palma de Majorca. At the end of business was split equally between the At the same time, the brothers created
over the last twenty years has certainly been the
2005. The Barceló the 1950s, the family business started to two brothers. Gabriel took charge of Construcciones Arte, a building company
Group is a singular focus on the travel and hotel businesses. the travel agency and Sebastián ran the with Sebastián Barceló at its head. The
construction of the 400-room Bávaro Beach Resort
case showing how The first step on its route to becoming an transport company. building company’s goal was to develop
an exemplary family international hotel chain years later was its own hotels as opportunities arose,
succession — from second generation the development of the first resort-type The business grew rapidly in the 1960s, thus reducing costs, building time and
to third generation — can turn itself into hotel in Spain. Since then the Group has favoured by the high influx of British investment requirements. One of the first phase of the business’ international the success of the Bávaro model led
a true agent for the transformation of a experienced extraordinary growth while and German tourists. The capacity to few tourism groups with its own building expansion. The expansion was completed the Group to explore opportunities in
family business’ entrepreneurial capabili- keeping it all in the family. The third gene- absorb this flow of people was far below company, Barceló was able to develop in 1997 with the integration into the chain other areas of the Caribbean (Costa Rica,
ties in the face of growth challenges. ration of Barcelós is currently leading the demand. This led the brothers to enter the products and services that helped diffe- of forty additional hotels worldwide. Nicaragua and Mexico). The Barceló
business – cousins Simón Barceló Tous field of hotel management, while keeping rentiate the brand from its competitors brothers have always preferred to clearly
The origins of the company and Simón Pedro Barceló Vadell are at the travel agency as their main busi- and at a reasonable cost. A key milestone of Barceló’s entire busi- lead their growth projects, maintaining
In the early 1930s, with his personal the head of the group. ness. Early in the decade they started ness growth over the last twenty years full ownership control at all times. The
savings and the help of his parents, to develop an innovative hotel concept In the early 1970s, Barceló consisted of has certainly been the construction of integration of hotel construction in the
Simón Barceló bought his first bus for 54 Growth opportunity: The role of the in terms of the architectural design and various hotels with a capacity of well over the 400-room Bávaro Beach Resort process has enabled them to reduce risks
euros and started a regular public shuttle second generation the multiple service format that led to the 2,000 rooms. At that time they also started (currently Barceló Bávaro Beach) in the associated with both costs and the design
service between Felanitx and Palma de When their grandfather passed building of the 360-room Hotel Pueblo in to deploy an opportunistic hotel acquisi- Dominican Republican (Punta Cana), the of the final product, preserving the natural
Majorca in Spain. By 1936, he had a away in 1958, his sons, Gabriel and Palma de Majorca. The hotel was opened tion policy. Ten years later, they had built first hotel complex built by the Group in environment while incorporating native
fleet of four buses. His sons started to Sebastián Barceló, the parents of the in 1966. Its concept was to a large extent five additional hotels and had started the the Caribbean. Operational since 1985, cultural elements.
™ Source: “The Barceló Group - Family succession while keeping the entrepreneurial spirit alive: Unattainable goals?” Case study prepared by Juan Roure and Luis
Segurado, IESE Business School, University of Navarre, Spain, 2006.
c a s e s t u d y Barceló
Passing the baton healthy financial situation and the Bávaro folio, with EUR 670 million in revenues
By the mid-1990s, thanks to its active project moving full speed ahead and in 1999. It had gone from 37 hotels in
investment policy, the company was providing high returns. 1995 to just under 90 hotels in 1999, with
a diversified tourism group with hotel approximately 6,000 people employed in
businesses, retail and wholesale travel The transition process was articulated the hotels, and gross earnings (EBITDA)
agencies, transport companies, commu- around the following premises: continue had increased eleven-fold between
nications media, electrical components with the Group’s professionalisation; 1996 and 1999. Furthermore, significant
and building companies. Traditionally, establish ownership distribution while progress had been made in the compa-
the Group had created a company for maintaining control of the Group’s mana- ny’s structuring and professionalisation,
70
each the businesses and assets in which gement among the three sons; increase in its governing bodies and also in the
company-family relationship.
New growth approaches from the

During the five-year transition period, the Group had third generation: Growing through
partnerships
turnover growth of more than 45% generated by the In the mid-1990s, the company was in
the midst of its transition process, with
hotels in the portfolio, with EUR 670 million in revenues the third generation implementing and
consolidating the Group’s expansion. Over more than one year, the top mana- hotels. In 1998, the Group signed an
The main challenges facing the company gement team analysed the different important expansion agreement, called
were to continue opening hotels in Latin options available to them within Europe The second significant Grubarges, with the Spanish banking
it invested. This led to the existence of a the responsibility of the third generation America and the Caribbean without and decided to partner with First Choice group Argentaria (currently BBVA) and
large number of companies. as owners, leaving management of the neglecting its expansion in the urban Holidays. First Choice was a leading strategic initiative was the Spanish building group FCC. The
company to those who work in it, with the hotel segment in Spain and opening new European tourism group, with a strong three companies formed an invest-
In 1995, the company started to plan the exception of the two co-chairmen; and travel agencies. presence in Canada and England, and was related to the Group’s ment and management firm, with each
transition process, from the second to design the exit of the second generation listed on the London Stock Exchange. This company owning one-third, which was run

the third generation. The transition was from management. The transition to the One of the biggest changes that took important strategic initiative concluded in core business: hotels. by the Barceló Group. The operation was
planned to last between three and five third generation was complete by June place in the company was that of the June 2000 with the integration of the designed to create Spain’s largest hotel
years and posed a serious challenge for 2000 and included, among other things, business model, from a vertical integra- Barceló Travel Division (Viajes Barceló) in group by leveraging the complementary
the family and the company’s leadership. the approval of the holding company’s by- tion strategy within the tourism business the British group First Choice. However, competences of its promoters. Between
A Transition Board of Directors was laws. Also, the present co-chairmanship to a horizontal specialization focus on at the end of 2003, Barceló announced 1998 and 2000, Grubarges invested EUR
formed since at that time there were no was created, shared by the cousins, the hotel management business, through that it was buying back the retail busi- Barceló Travel Division only involved the 670 million in purchasing existing hotels,
suitable coordination mechanisms in the Simón, Sebastián’s son, and Simón Pedro, partnerships, if necessary, to improve the ness (327 retail travel agencies in Spain, travel retail business, and did not include developing new hotels and improving
management structure or between the Gabriel’s son. Group’s competitive advantage in other Portugal, Argentina and Mexico) from the destination services business, which facilities, mainly in the US and Mexico.
company’s management and the family. business areas. Thus they started to look the British company in a move intended remained in First Choice’s hands. The purchases and holdings obtained
During the five-year transition period, the for European partners to grow the travel to avoid losing a significant presence in through Grubarges enabled 29 hotels to
The transition took place during a period Group had turnover growth of more than and vacation hotel businesses at the end the Spanish tourist market through the The second significant strategic initiative be added to the Barceló Hotels & Resorts
of high growth for the company, with a 45% generated by the hotels in the port- of the 1990s. travel agency network. The buyback of was related to the Group’s core business: portfolio. In October 2003, Grubarges’s
c a s e s t u d y Barceló
three partners announced the cancella- considerably, from 28% to 4% in the the Group took part, through BCC, in the
tion of this cooperation project and the same period with the aim of keeping full design and management of Highland
company’s assets were put up for sale. or nearly full ownership particularly when Hospitality Corp., a real estate invest-
dealing with strategic assets. ment trust which was listed on the New
After the dissolution of Grubarges as York Stock Exchange, and purchased
a holding company, in 2004 Barceló Another of the Group’s initiatives in recent 4.5% of its equity for a total of USD 13.5
entered into another “strategic alliance” years has been the acquisition of Crestline million. Four months after going public,
with FADESA, one of Spain’s leading real Hotels & Resorts, a United States-based Highland had already purchased seven
72
estate companies, with the goal of deve- hotel manager listed on the New York hotels across the US for a total of EUR 165
loping hotel investment projects together. Stock Exchange. Crestline was bought by million. Six of these were subsequently
The objective of the project was to operate
hotels developed by the property firm, with a total capacity of 30,000 rooms:
with Barceló having the option of mana- 37% in Europe, 32% in Latin America and
ging them. By leveraging the projects From 1998-2000, the Barceló Group experienced With a turnover of more than EUR 1 billion, and an the Caribbean; 25% in the United States,
generated by the new real estate partner, 2% in Asia and 4% in Africa. In Spain,
the alliance sought to ensure continued significant growth in urban hotels, which grew at a EBITDA of more than EUR 80 million, the Group has according to Hostelmarket, it holds fourth
growth in vacation hotels, urban hotels place in turnover in the hotel business,
and complexes with golf courses in two similar rate to vacation hotels. become the third largest Spanish international hotel it is the second largest Spanish chain
locations that the Group had chosen as in the Americas and the top Spanish
priority areas. chain in hotel capability. chain in the United States, the Dominican
Republic and Costa Rica.
From 1998-2000, the Barceló Group
experienced significant growth in urban means of a tender offer and the company managed by Barceló. Highland owns the The Group has grown from 37 hotels to
hotels, which grew at a similar rate to was subsequently withdrawn from the assets and Barceló Crestline manages were focused particularly on key internal the urban hotels located in downtown 108, of which some 54% are held under
vacation hotels. In 1997, only 30% of the market. After the transaction, the firm was the hotels. The real estate trust formula processes, for example, certain aspects areas; and Barceló Comfort, bringing management or leased, 40% are fully
total number of the Group’s hotels was merged with one of the Group’s subsidia- is widely used in the United States by the of the company’s governance, human together cheaper hotels which still offer owned or the Group holds a minority inte-
urban hotels. The development of the ries (which managed Barceló’s hotels in large chains operating in the industry. resources, information systems, the good quality for the price. rest, and 6% are franchised. The Group
urban hotel segment was a priority goal in the United States), giving birth to Barceló marketing function, brand development is also the owner of one of Spain’s largest
Spain, Central and Eastern Europe, and Crestline Corporation (BCC). In the United After 2000, with the new strategy and and budgeting processes. The results travel agency networks, Barceló Viajes,
the US. The proportion of urban hotels in States, the value chain in the hotel busi- management focus, a number of major With a turnover of more than EUR 1 billion, with more than 380 agencies.
the Group’s total hotel portfolio increased ness is clearly segmented, with specialist internal changes had been made to the Brand development is an initiative that is and an EBITDA of more than EUR 80
to 42% by the end of 2004, mainly through companies and groups in each link of the company. The main goal was to continue worth noting since the Group created a million, the Group has become the third Entering a new round of growth
lease and management agreements since chain: ownership, branding, franchises improving the level of professionalisation new corporate image after spending more largest Spanish international hotel chain Ten years after launching the family
this required fewer resources and the and management. A year and a half after of the management team, create a more than four years on its development. Thus, in hotel capability, and it holds 32nd succession process in 1995, the Group
hotels could be developed in less time. the creation of Barceló Crestline Corp decentralized organisation in decision- three brands have been created: Barceló place in the world ranking of hotel chains has achieved a reasonable balance on
Simultaneously the proportion of hotels (BCC) and as part of a decided move to making and optimise customers’ interac- Premium, bringing together the upmarket according to Hotels Magazine. The Group its vacation-urban hotel ratio, and has
under minority interest was reduced increase its presence in the US market, tions with the chain. The improvements hotels and resorts; Barceló, grouping operates in 15 countries on four continents, accomplished significant geographic
<
International Lifestyle City Magazines
74
diversification in the hotel business, with

the United States and Europe as its main
markets. The Group now aims to add 44
The Group’s biggest travel business challenge for
hotels over a 2-3 year period to reach 152
hotels by 2007, with a planned investment
the next few years is deciding whether to continue
of EUR 230 million, and expects to reach
200 hotels by 2010.
growing the network abroad or to explore a merger.
The Group’s main challenges ahead are
to continue generating growth by optimi-
sing the mix between vacation and urban
hotels while maintaining an improved what growth approaches to adopt, with the highest portion of the revenues
balance between hotel ownership and whether organic by purchasing land and (+85%) generated in Spain and the rest
hotel management. It is a tough but chal- building hotels or external development in Portugal, Argentina, Mexico and the
lenging task that will require that the top by buying individual hotels or exploring Dominican Republic. The Group’s biggest
management make important strategic possible acquisitions of hotel chains. travel business challenge for the next few
choices on the basis of various alterna- To this is added the travel business, years is deciding whether to continue
tive growth options, including: choosing consisting of the agency network, with growing the network abroad or to explore
geographic areas in which to operate; an expansion plan that has been under a merger. Whatever the decision, the
prioritising primary business areas, way since 2004. The network currently challenges are significant but the poten-
whether vacation, urban or golf resorts; has 387 units, of which 307 are located in tial rewards are promising.
Spain (45% franchised); 63 are business
travel outlets managed through Barceló Case study prepared by Professor Juan
Business World; and 12 are destination Roure and Juan Luis Segurado,
services agencies and international fran- Researcher, as a basis for class discus- Become a franchisee in your city !
chises in Portugal, Argentina and Mexico, sion. IESE-University of Navarre
c a s e s t u d y Barceló www.surlaterre.com
e u r o p e ’ s 5 0 0 growth summit grwoth summit e u r o p e ’ s 5 0 0
2007 Growth
European Growth Summit
is East
On 18 May 2007 in Barcelona, Europe’s 500 will hold its annual
conference on growth strategies and policies in conjunction with
IESE Business School.
M
Former US Vice-President Al Gore (right) at the 2005 European Growth Summit with Antonella Mei-Pochtler, Senior Vice-President,
The Boston Consulting Group and Martin Schoeller, President of Europe’s 500 – Entrepreneurs for Growth
76
uch as Enhancing the business environment speech on the perils of disregarding the
the World This is already happening in some parts effects of climate change, a forerunner
Economic of Europe and was recognised at the of the message he has since delivered
Forum in last Growth Summit in November 2005 to a global audience through his film can study opportunities such as public- we expect the Finance Minister of the • The regions: Eastern Europe–Russia–
Davos has in Barcelona by the presentation of a An Inconvenient Truth. Climate change private partnerships, European funding Moscow Region to give an insight into India–China
become special award for enhancing the business is at the top of the political agenda and public tenders, and can also contri- Russia’s business situation and opportu- • Perspectives from top entrepreneurs
the premier environment to Austrian Finance Minister worldwide, even in the US where it had bute their experience and improvement nities and to inspire entrepreneurs to seek and politicians
a n n u a l Karl-Heinz Grasser. Austria was singled been controversially sidelined until now. ideas to the European Commission. This support to enter the market. There will be • The growth opportunities: renewables
platform for out for successfully managing to lower It is increasingly clear that solar and wind enables them to combine corporate social a perspective on China from insiders who and CO2 reduction
discussing its budget deficit, reduce unemployment energies and alternative fuels will be the responsibility, individual business inte- are successful and there will of course be • The mega growth trend? Viewpoints
global economic trends, the European and increase growth while at the same booming markets of the future, a view rests and high level contacts. the new winners of the Europe’s 500 Listing from experts and entrepreneurs
Growth Summit allows political leaders time lowering taxes – all achieved despite reinforced by the results of this year’s from the Eastern European countries. • Workshops on growth financing–inno-
and growth entrepreneurs to come strong competition from neighbouring Europe’s 500 Listing of the best perfor- 2007: Growth is East vation–education–PPP
together to address the key issues of low wage Eastern European countries. ming European growth companies, which The main topic of the 2007 European Renewable energy is still only at the early • EU – enterprise policies / Europe’s 500
economic growth and job creation in Europe’s 500 special award is presented saw an increased number of renewable Growth Summit will be Growth is East. stage of demonstrating its potential for initiatives
Europe. annually to a European politician who is energy companies ranked among the There have been many conferences huge upward growth and will allow plenty • Opportunities for entrepreneurs,
judged to have significantly improved top 20. already about India and China, but this of opportunities for entrepreneurs who politicians and students to network and
Europe is lagging behind the United the economic climate. It also serves to summit will address the whole Eastern participate in this sector to help tackle exchange ideas
States and is struggling to meet the highlight the necessity of sharing best The Summit aims to identify and address European/Asian potential for European the most urgent problems of our planet.
challenge set by the European Council at practice between European countries. current and upcoming trends and give entrepreneurs. The emerging regions are It will be a key topic at the May summit To register your interest and to receive
Lisbon in 2000 to become a single, highly greater awareness of their economic not only China and India, but also Russia and an apt opportunity for follow-up from programme updates, please contact Petra
competitive market that will deliver “more 2005: Climate change impact. The conference format, consis- and Eastern Europe. Several Austrian the wake-up call that Al Gore gave us last Stadler at petra.stadler@europes500.com,
and better jobs” in Europe by 2010. These One of the key topics addressed at the ting of a main topic, learning from the companies in the service sector have year and through his film. or visit www.europes500.com.
Lisbon Agenda targets are still far from last Growth Summit in November 2005 best and workshops on current priori- recognised this opportunity earlier than
being met and in order to deliver jobs in Barcelona was climate change - what ties, offers a forum for the discussion their peers, in banking and real estate to Highlights of the 2007 Summit will By Martin Schoeller, President, Europe’s
500 – Entrepreneurs for Growth
and growth, Europe’s entrepreneurs, poli- it means for the economy and what chal- and generation of political recommenda- mention just two examples. include:
tical leaders and experts need to share lenges and opportunities it will provide for tions and improvements at both the EU • Europe’s 500 – Learning from the Best:
best practice and successful strategies, entrepreneurs. Former US Vice-President and regional levels, driven by a policy High-level speakers from India such as the winners present their breakthrough
network and learn from each other. Al Gore delivered a powerful keynote committee. Participating entrepreneurs Lakshmi Mittal are invited. From Russia strategies
e u r o p e ’ s 5 0 0 history
Europe’s 500
A short history of
I
Günter Verheugen (left), European Commission Vice-President in charge of Danuta Hübner, European Commissioner
n the 1970s Professor David Birch, as Europe’s 500 – crystallised, following Since 1996, the Europe’s 500 Listing has for Regional Policy, presenting the
enterprise and industry, speaking at the second Europe’s 500 Roundtable for
an economist at the Massachusetts a challenge to EFER from the European been published annually and the winners Growth in December 2005, with Martin Schoeller, President of Europe’s 500 Europe’s 500 awards 2006 in Vienna.
Institute of Technology (MIT) in the Commission’s Directorate-General for recognised at an awards ceremony and – Entrepreneurs for Growth.
US, was conducting research into Enterprise: where were Europe’s gazelles? gala dinner held each November in a
Promoting
the life cycle of companies and EFER, together with DG Enterprise, Ernst different European capital.
found to his - and policy-makers’ & Young and Europe Unlimited, carried
- surprise that of the 25 million out a search to find the fastest growing An annual conference – the European
companies in the US, only 12,000 enterprises in Europe and used Professor Growth Summit - is held separately to
had more than 500 employees. He Birch’s Employee Growth Index as the focus on key trends and topics affecting
also discovered that new compa- ranking tool. growth entrepreneurs, and a series of
nies created 90% of all the new jobs in Roundtables for Growth have been esta-
the US. Once the 500 winners had been selected, blished with senior officials from EU insti-
78

Over the next 10 years he refined his research
a conference was held at Ghent University
(Belgium) in 1996 to highlight their achie-
tutions and national governments to help
develop policies which will foster the best
the right policy framework for 79
and discovered that a tiny 3% of these new
small companies created more than three-
growth and jobs at the EU level
quarters of all the new jobs and were key to
the US economy’s growth. He called them
A
“gazelles”. Professor Birch’s research was
hugely influential in helping to change the
focus of government policy towards entre- s the only pan- At the first meeting with Erkki Liikanen in for 2007-2013 - the second biggest in
preneurs and how they were tracked, ranked European March 2004 and the second in December the EU – the key objective of the EU’s
and taught about by universities. organisation 2005 with European Commission recently reformed regional policy is to
promoting Vice-President Günter Verheugen, the identify Community priorities for delivering
In Europe, the picture was not as clear, so the interests discussions centred on growth entre- more growth and jobs throughout Europe
in 1987 a group of European Harvard alum- of the EU preneurship opportunities and the chal- through the use of its structural and cohe-
ni decided to found EFER, the European for more lenges faced by the dynamic mid-cap sion funds. The Roundtable discussed
Foundation for Entrepreneurship Research, European businesses in Europe - in particular, ways in which structural funds could be
to focus on supporting academia to carry g r o w t h innovation and growth financing, the used to promote growth entrepreneurship
out case studies of entrepreneurs. EFER’s entrepre- single EU market and existing barriers and innovation in Europe and concrete

profile was boosted at the annual World neurs, Europe’s 500, the association for to pan-European entrepreneurship, and proposals are being followed up.
Economic Forum in Davos, attracting the growth entrepreneurs, launched its first entrepreneurial education and mindset
support of McKinsey, Deutsche Bank, Rabo, To mark the 10th anniversary of Europe’s 500, its two co-founders Dr Bert Roundtable for Growth in March 2004. in Europe. The entrepreneurs present at Further Roundtables are planned and if
European Venture Capital Association and Twaalfhoven (left), Chairman of Twaalfhoven Group and the European Foundation for these meetings represented companies you are interested in joining or want to
Entrepreneurship Research (EFER), and Juan Roure, Professor of Entrepreneurship at
many successful entrepreneurs. In addition, The aim is to provide a practical and with around 500 employees – the ones learn more about future activities, please
IESE Business School, Barcelona, were presented with special commemorative silver
several leading business schools, including plates by Association President Martin Schoeller at the 2006 Europe’s 500 Awards informal forum for growth entrepreneurs creating most of the growth and jobs in contact Frédéric Soudain at roundtable@
IESE, IMD, LBS, Imperial College, Harvard Ceremony and Gala Dinner held at the Hofburg in Vienna. and senior officials from EU institutions Europe. europes500.com or phone him on +32
and INSEAD supported annual research and national governments to identify the The 2006 Roundtables were held with 2 639 6235.
and conferences. vements and discuss the key challenges business environment. EFER concentrates EU policies and regulatory initiatives that Graham Meadows, Director-General
facing growth entrepreneurs in Europe, on training teachers in entrepreneurship are stifling growth entrepreneurship and of DG Regional Policy in the European
However, it was not until 1995 that the including raising capital, succession (in and research into the role of SMEs and measures which could improve the busi- Commission and Prof. Danuta Hübner.
idea for an annual listing of Europe’s family-run businesses) and the functio- gazelles in driving jobs and growth. ness environment. With a budget of over 300 billion €
fastest growing companies – to be known ning of the stock market. roundtable e u r o p e ’ s 5 0 0
e u r o p e ’ s 5 0 0 letter from the President
continued from page 3
that there could be much more growth Europe’s 500 is currently working on five 3. Non-wage labour costs
in Europe if the political and economic main initiatives: Statistics show that countries with low increasing competitiveness in those
conditions only allowed it. I am parti- unemployment rates in Europe have a countries that adopted this system,
cularly critical of “old Europe” attitudes 1. Growth financing higher proportion of part-time employment. which in turn would lead to higher
which hamper competitiveness through 2. Innovation Despite this, politicians in the countries growth and more employment.
bureaucracy, the lack of a pioneering 3. Non-wage labour costs and a part- with the highest unemployment rates -
or entrepreneurial spirit and a raft of time labour model Germany, France, Italy – so far have done 4. International Trade and Social
political measures constraining business 4. Trade with the developing countries very little to enact changes in their labour Standards
decisions. At the same time, Europe is (Fair Wages) markets to facilitate greater flexibility. One of the most challenging problems
not sufficiently conscious in its dealings 5. Entrepreneurship education. facing the world today is the wholesale
with the developing world of the need More part-time employment means that relocation of jobs from high-wage to (from left) Professor Juan Roure, Jean-Paul Thill, KPMG’s CEO EMA, Alejo Vidal-
to defend or demand the same social 1. Growth financing the same available paid work (in hours) low-wage economies and the parado- Quadras MEP and Martin Schoeller at the European Growth Summit held at IESE
and environmental standards which have This is an area where Europe’s 500 sees gets allocated to more individuals. So xical high poverty levels which persist Business School, Barcelona in November 2005.
been established here. Development aid a big need for action, especially since what is needed is an incentive for the in these low-wage countries. Europe’s
alone is not enough. Specific measures the introduction of Basel II (the standards economy as well as for the employee to 500 questions the predominant opinion which introduce social development much taught as a subject at business schools,
and links to international trade policy governing the capital adequacy of inter- offer more part-time employment and for it that the most liberal form of globalisation more forcefully and efficiently. more entrepreneurship in that country
are also needed. This would motivate nationally active banks). In reality this to be more socially acceptable. Europe’s automatically leads to the best results. follows – this is certainly the case in
more entrepreneurs in medium-sized has complicated the supply of credit to 500 recommends that the burdensome It cannot be good for our world that a We encourage the EU to reward those the US and is noticeably deficient in
businesses to reach for sustained growth medium-sized businesses and private non-wage labour costs, which cripple business can replace employees who developing countries which are willing to Europe.
in Europe as well. Just look at America, equity is not an adequate alternative competitiveness in many countries, be are provided with a social safety net adopt the requisite social and environ-
where innovation and growth rates in as this mostly leads to the sale of the reduced massively for part-time employ- with cheap unprotected labourers while mental measures – to let them “join the Europe’s 500 board of directors, all of
medium-sized businesses are many times company after a few years. ment, for example by 80%. The conse- simultaneously avoiding tougher environ- club” - and gain trade benefits in Europe. them entrepreneurs who have quali-
more dynamic than in Europe. quence would be that: mental regulations. Those countries that do not adopt such fied at least once for the Europe’s 500
We want to encourage a credit insurance measures could be prevented from being listing, as well as a professor of entre-
However, Europe’s 500 is not interested system which would provide, in return a) two part-time jobs would cost the When we see the success of the 2006 able to use their cost advantage to adver- preneurship, bring their experience and
80 81
in joining the blame game about who for an annual risk fee, a reliable rating employer less than one full-time job. Europe’s 500 entrepreneurs from the new sely affect trade in Europe, thereby slowing know-how to these initiatives. Joining me
is responsible for the problems of the system for medium-sized companies and b) the employee with two part-time jobs EU member states and simultaneously the impetus for relocation to low-cost coun- on the board are Dave Darsch, founder
European economy: bureaucracy, protec- a bank or insurance guarantee to back could earn net more than in one full-time see how much bigger the growth is in the tries and contributing to the fight against of the CEO Collaborative Forum (Spain),
tionism, inflexible labour markets and investment bank loans. This solution can job. eastern European countries rather than poverty by encouraging salary levels to Jordi Galles, Chairman, Europastry
a lack of tax incentives. The public is be entirely sustained by the private sector in western Europe, this is not just due, increase to drive domestic demand. This (Spain), Declan Ganley, Chairman and
fed up with hearing this and seeing the and would remove a huge brake on We recognise, of course, that not every in our opinion, to the huge potential for would also result in the export of more CEO, Ganley Group (Ireland); George
snail’s pace of reform. It is more impor- growth. employee would look for two part-time catching-up that existed in those coun- technical know-how and machinery from Gerardos, President, Plaisio Computers
tant that growth entrepreneurs contribute jobs, either preferring a more family- tries’ economies, but also to their adoption Europe to developing countries as their (Greece); Dominique Louis, Chairman,
to solving the problems: Europe’s 500 2. Innovation friendly arrangement whereby one parent of EU norms in social and environmental domestic economies grow and reduce Assystem (France); Professor Juan
focuses on contributing concrete propo- In Europe a patent costs about 20 to 30 works full-time and the other part-time, or standards which the EU demanded from their reliance on export trade with deve- Roure, Professor of Entrepreneurship,
sals which will make a real difference times as much as in the United States. because they choose to devote the other all accession countries. loped countries which has heavy addi- IESE Business School (Spain); Dr Ulrich
towards helping businesses grow. Currently a new patent has to be legally half of their time to personal projects or tional costs, such as transport. Schwanengel, Managing Director,
registered in each European country of unpaid community or volunteer work. Europe’s 500 is working on a proposal Consol (Germany); Hendrik teNeues,
With this objective in mind, we bring operation. This is time-consuming, costly for the EU to link a step-by-step adoption 5. Entrepreneurship Education teNeues publishing company (Germany);
together entrepreneurs, politicians and and acts as a huge deterrent to innova- The savings in unemployment benefits of social and environmental standards In collaboration with the European Roger Tondeur, President, MCI Group
policy experts at an annual European tion in Europe. Not surprisingly, invention could be used to cover the missing by developing countries to their admis- Foundation for Entrepreneurship (Switzerland); and Dr Bert Twaalfhoven,
Growth Summit (see article on p.76) rates lag far behind the level in the US contribution to social costs. A portion sion to the marketplace. These coun- Research (EFER – www.efer.nl) of Chairman, Twaalfhoven Group, and EFER
to discuss upcoming trends and their and this has a trickle-down effect on of unemployment benefits would need tries are often overburdened and tend to Dr. Bert Twaalfhoven, Europe’s 500 (Netherlands).
economic impact and work out prac- overall economic growth. to be maintained for part-time workers react exclusively to the demands of the supports the initiative on entrepre-
tical proposals for improving the busi- to make part-time work more favourable International Monetary Fund (IMF) and neurship education in universities. Europe’s 500’s activities are supported by
ness environment. In addition, Europe’s Our suggestion is obvious: there should to staying unemployed. This would also the World Bank, which focus too much on Compared to the US, our universities sponsors who currently include KPMG,
500 organises regular Roundtables for be a single European-wide patent which help in the detection of those unem- savings measures, budget deficits and concentrate exclusively on the teaching Microsoft, Coface, HKB, Sal. Oppenheim,
Growth between growth entrepreneurs requires only one application and regis- ployed who are unwilling to work and combating inflation. It is also worth noting of management. Management starts in Schoeller Industries and The Boston
and senior EU and national policy-makers tration fee in the whole of Europe. Patents those who abuse the system. Such a that democracies do not automatically principle where there is something to Consulting Group.
to discuss specific policy measures should only be issued in English to avoid measure would not only achieve one of develop the know-how or possess the will administer and to enhance, the entre-
affecting them and to suggest ways of costly and time-consuming translations today’s key political goals – reducing needed to introduce social systems and preneur starts with a blank sheet but By Martin Schoeller, President of Europe’s
fostering more entrepreneurial activity in and there should be a central court of unemployment – but would also bring environmental systems into a country. In constantly creates new solutions and 500 – Entrepreneurs for Growth
Europe. (See article on p.79 for further arbitration in Europe to rule on possible about a reduction in working costs per actual fact, it is the one-party, virtual dicta- processes which have to be managed
information). infringements. hour (at higher net earnings), thereby torships like Singapore, China and Russia afterwards. Where entrepreneurship is
letter from the President e u r o p e ’ s 5 0 0
i n v e s t i n g mid-cap mid-cap i n v e s t i n g
The Mid-Cap Way Dj Euro Stoxx Mid Dj Euro Stoxx Large
360
Investing in a medium-sized, European company 350 440
340 It is not certain either that the mid-cap
sector will continue to be a happy hunting
420
330 ground for managers: valuation anoma-
320 lies are becoming harder and harder to
P
400 unearth as the mid-cap space attracts
310 every-increasing attention. The days
ointing at the wide becoming somewhat rich: in the UK, the The secular case for mid-cap investing 380 of finding a dull but worthy industrial
300
dispersion of returns FTSE 250 is trading on prospective p/e of is clear: there are over 1,000 mid-cap company that is deeply undervalued are
between top and bottom 13.9 times 2007 earnings while the FTSE companies in Europe, so it is always 290 waning. It is difficult to imagine a mid-
quartile managers, Yale possible for managers to find the diamond 360 cap stock that has not been sized up
82 280 83
University’s endowment in the rough. Ignoring that segment of the by hedge funds, private equity houses,
fund star manager David market may result more risky than not 270 340 trade buyers and a rising number of
Swensen shows that mid- ignoring it. Most mid-cap companies are more active, traditional fund managers.
cap stocks constitute
There are many reasons only in one business so an investment
260
Almost all carry out computerized, quan-
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2006
an inherently inefficient in their stock is quite pure. Also, several titative screening of stocks to seek out
market. The inefficiency
to believe that mid-cap emerging businesses such as renewable bargains on the basis of financial ratios
of mid-cap stocks comes from many well- energy can only be found in mid-cap and earnings performance. Many also
know factors: relatively reduced scrutiny
stocks could continue to land. In general, stock pickers point out cycle has proven its resilience and its private equity sponsors are raising employ the tactics of traditional stock
from investors and brokers, less readily that mid-sized companies can grow as longevity is not in doubt for the moment, records amount of cash and, as can be pickers to seek out primary information
available information and the more frag-
do very well in 2007. quickly as small ones and faster than big and 5) mid-size businesses tend to be seen by the record level of transactions, such as scouring trade publications and
mented nature of the market itself. Over ones. Unlike small companies however, more domestic so they are hurt less by a it is becoming more and more appealing talking to suppliers. Finally, another risk
the last few years however, you did not mid-size outfits tend to have established weaker dollar. for many public companies to be owned for investors is to invest in large-cap
need to beat the index to do very well. products and proven track records of by focused, professional investors with a managers disguised as mid-cap ones.
Just buying it would have generated very 100 is rated at 11.8 times. Despite rela- generating earnings. These last two attri- Another supporting factor put forward long-term industrial view rather than see Indeed, many mid-cap managers have
hefty profits for your portfolio. Not unlike tively high valuations, large institutional butes can make mid-size companies by mid-cap bulls is simply demand. It their stock go up or down according to seen massive asset inflows of late, trig-
early 2005, many strategists were quite investors, including pension funds, have “prime” candidates to be acquired by could continue to be very strong as many next quarter’s earnings or the unpredic- gered by their recent historical success.
pessimistic in early 2006 about the pros- been increasingly interested in raising big ones. Managers also like the fact that investors have missed the rally because table and volatile mood of stock market They could slowly be tempted to drift
pects for mid-cap European stocks. They their exposure to mid-cap stocks in order mid-size companies’ top executives make the large investment firms advising them investors. towards investing in large-cap stocks for
have been proven wrong again, and 2007 to generate additional alpha from equities themselves more accessible. have in general a poor mid-cap product liquidity reasons and there is a risk that
could well be a replay of 2006. markets. Should they do it themselves by offering. Indeed, large firms looking after The fact that the ECB is raising rates at their performance could become more
buying direct holdings or via a specia- There are many reasons to believe that vast pools of money typically do not find a reasonable pace could be interpreted index-like, which would mean of course
We are now in a continuing six-year cycle lized fund is they key question. Because mid-cap stocks could continue to do very it economical to focus on a market which as a positive sign for mid-caps since that their management fees would no
of out-performance relative to European mid-caps are inherently a specialist’s well in 2007: 1) it is a class with higher is relatively small compared to the assets it signals confidence about economic longer be justified (a little like beta mana-
large caps. According to the Euro STOXX market, in which you typically want to expected returns (and risk) compared to they manage. Boutique investment firms growth. The risk of course is that monetary gers pretending to be providers of alpha,
Mid 200 Index, the returns on European spread your risk across many positions large caps, 2) investors continue to have and their clients have profited the most policy becomes too aggressive and that in order to charge higher fees). Investors
mid-caps in 2006 outperformed the Euro rather than concentrate it on just a few a big appetite for risk as witnessed by from the boom in mid-cap stocks and growth slows abruptly in 2007; that would beware!
STOXX Large 200 Index by about 11%, bets, most investors usually decide to use the current tight credit spreads, 3) M&A they are now attracting the interest of be particularly bad for mid-cap compa-
with returns rising by 24%, and despite pooled investment vehicles rather than activity has been and is forecast to remain large institutional investors, no longer just nies indeed as they have fewer different Nicolas Sarkis
a sharp correction in May. Valuations are pick individual securities directly. very strong, 4) the current economic private money. Most importantly maybe, revenue streams than large caps. nsarkis@market500.eu
european Mid-Cap funds Fund Name Return Return Return

1 Year 3 Year 5 Year
S&P
Fund
Manager Currency Fund Size
Stars
A selection of small and mid-cap investment funds in Europe filtered by the yearly
best performances.
Small Companies Italy
Leonardo Small Caps 17.4 58.8 52.72 Leonardo SGR S.p.A. XEC 41.3
Optima Small Caps Italia 24.43 71.97 72.89 Optima SGR S.p.A. EUR 43.96
Source : Standard & Poor’s
Fund Name Return Return Return S&P Manager Currency Fund Size Database Name : Pan European
1 Year 3 Year 5 Year Fund Date : 29/12/2006
Stars Calculation Settings : Euro, Nav - Nav, Gross Reinvested.
* Since Launch Performance figures are calculated in fund base currency.
Small Companies France

AAZ Challenger 12.61 78.84 ** AAZ Finances EUR 13.72
AEden France Croissance 14.73 84.33 62.74 ** KBL France XFR 30.58
AXA France Small Cap C
AXA France Small Cap C
30.56
30.56
129.42
129.42
91.73
91.73
*****
*****
AXA
AXA
XFR
XFR
199.49
199.49
Small Companies Netherlands
ABN AMRO Small Comp Neth Fund 39.89 168.03 183.26 ABN AMRO Investment Management Funds BV XNL 126.1
BMM France PME P 18.46 86.62 70.55 *** Banque Martin Maurel XFR 24.14
Orange Fund 41.2 154.56 118.05 Kempen Capital Management XNL 141.22
BNP Paribas Smallcap France C 24.64 110.47 83.55 ***** BNP Paribas XFR 79.29
Boscary Mont-Blanc Sélection 37.13 110.25 **** Financière Boscary EUR 26.31
Database Name : Pan European
Cambacérès Risques 24.18 102.89 51.27 *** Credit Mutuel Nord Europe EUR 10.13
Date : 29/12/2006
Cambon Ventures 14.31 57.58 7.67 * Chaussier Gestion XFR 5.94
Calculation Settings : Euro, Nav - Nav, Gross Reinvested.
Centrale Actions Avenir 13.88 69.57 91.02 * CCR XFR 105.6
CFD Small Caps 12.17 CFD Capital Management EUR 1.85
CFD Small Caps 12.17 CFD Capital Management EUR 1.85
84 Chaussier Croissance
CIC Euro Opportunités
16.13
25.48
81.02
87.41
69.75
30.16
**
***
Chaussier Gestion
CIC
XFR
XFR
18.9
279.31
85
CIC Nouveau Marché 12.56 68.26 -10.36 ** CIC XFR 13.83
CIC Sud-Est
Cogefi Carpe Diem
21.17
5.4
84.39
53.91
76.09
-6.47
**
*
CIC
Cogefi
XFR
XFR
59.91
3.39
Small Companies UK
Abbey Natl Smaller Companies 25.84 87.49 36.85 ** Abbey National UT Managers GBP 27.98
Cogefi Prospective 9.6 61.86 10.14 * Cogefi EUR 14.46
Aberdeen UK Emerg Cos A Acc 29.41 77.89 51.23 ** Aberdeen Unit Trust Managers GBP 186.54
Découvertes 10.31 75.82 95.36 ** HSBC Private Bank France XFR 42.02
Aberforth UK Smaller Cos 29.61 119.88 140.49 **** Aberforth Unit Trust Mngrs GBP 865.03
Dexia France Small Caps C 20.54 102.26 89.9 **** Dexia Asset Management XFR 10.86
AIGLI/M&G Innovator 27.71 114.31 21.26 **** AIG Life (Ireland) GBP 0.01
Artemis UK Smaller Cos 19.44 85.29 101.52 *** Artemis Fund Managers Limited GBP 633.17
AXA Framlington UK Sm Cos Inc 20.3 104.98 122.29 **** AXA Framlington Group GBP 251.25
Digital Funds Stars France 23.14 UBS Third Party Management Co S.A. EUR 25.33
AXA Rosenberg UK S Cap A 18.94 61.61 76.46 * AXA Rosenberg Mgt Ireland Ltd GBP 20.29
Echiquier Junior 10.62 59.13 83.76 * Financière de l’Echiquier XFR 178.92
AXA UK Smaller Companies 24.35 80.29 37.18 * AXA Fund Managers GBP 139.42
Fortis France PME 21 84.66 101 *** Fortis Investments XFR 32.33
Baillie Gifford BrSmCo A Acc 37.49 127.9 105.75 **** Baillie Gifford & Co GBP 486.35
France Futur C 24.45 100.83 63.52 **** BFT XFR 108.45
Baring UK Smaller Companies 26.41 80.02 37.67 ** Barings GBP 39.59
France Futur C 24.45 100.83 63.52 **** BFT XFR 108.45
Source – © Standard & Poor’s - The McGraw-Hill Companies, Inc.

Cavendish AIM Rtl -2.46 Cavendish Unit Trust Mgmt GBP 9.22
Fructi France Microvaleurs 1.42 Banques Populaires EUR 19.57
Cazenove UK Smaller Cos B 38.5 102.3 48.11 *** Cazenove Investment Fd Mgt GBP 18.79
Fructi France Smallcap 14.62 61.6 -7.66 * Banques Populaires XFR 27.05
CF Canlife UK Smllr Companies 4.22 33.61 24.58 * Capita Financial Managers Ltd GBP 75.32
Generali France Small Caps 22.26 100.36 100.32 **** Generali Fin. EUR 49.74
Close Beacon Investment 9.89 38.64 4.86 * Close Fund Management Ltd GBP 17.18
HSBC Small Cap France 26.36 122.46 101.8 ***** HSBC Investments XFR 163.68
Close Special Situations Fund Close Fund Management Ltd GBP 5.21
IDE France Dynamisme 26.59 71.58 125.14 ** Investisseurs ds l’Entreprise XFR 83.66
Credit Suisse Small Companies 34.43 102.72 97.08 *** Credit Suisse Asset Mgmt (UK) GBP 42.23
IXIS Médianes 17.53 91.8 74.89 *** IXIS Asset Management XFR 186.69
Dimensional UK Sm Comps Inc 30.3 Dimensional Fund Advisors Ltd GBP 48.56
LFI PME 11.44 106.37 59.93 **** Portzamparc XFR 4.59
Discretionary Unit 23.71 79.84 97.58 ** Discretionary Unit Fund Mgrs GBP 64.41
MCA France 16.81 62.81 50.24 * MCA Finance XFR 7.26
Electra Active Value 5.08 34.23 29.83 * Electra Quoted Management Ltd GBP 25.28
MG Nouveau Marché C 13.59 68.65 -11.53 ** Muta Vie XFR 8.72
F&C UK Smaller Cos SC1 Acc 30.75 111.27 44.76 **** F&C Fund Management Ltd GBP 71.63
MMA Perspectives 25.26 103.25 45.75 **** MMA XFR 147.76
First State British Sm Cos A 10.58 63.3 86.33 ** First State Investments GBP 16.7
Moneta Micro Entreprises C 34.59 122.03 ***** Moneta Asset Management EUR 122.1
Gartmore UK & Irish Sm Co Rtl 20.72 70.43 52.91 * Gartmore Fund Managers GBP 284.62
Objectif Small Caps France 13.74 78.76 91.69 ** Lazard Freres Gestion XFR 189.52
Henderson UK Smaller Cos A 32.56 105.15 28.2 *** Henderson Global Investors GBP 155.95
Palatine France Midcap 16.49 95.55 35.72 **** Banque Palatine XFR 121.26
HSBC UK Smaller Cos Inc 18.96 64.37 43.48 * HSBC Investment Fds (UK) Ltd GBP 26.88
Palatine France Small Cap 6.01 73.22 -11.1 ** Banque Palatine XFR 14.52
Insight Inv UK Sm Cap Rtl Inc 25.02 88.37 70.1 ** Insight Investments Mgmt Ltd GBP 30.54
Pluvalca France Small Caps 27.16 103.9 121.96 *** Financiere Arbevel XFR 31.17
INV PERP UK Sm Cos Equity Acc 30.6 119.55 99.74 **** INVESCO Fund Managers GBP 435.59
Robeco Small Cap France 4.95 64.45 36 * Banque Robeco XFR 20.95
INV PERP UK Sm Cos Growth Inc 13.37 74.1 56.6 ** INVESCO Fund Managers GBP 152.86
RP Sélection Mid Cap 13.84 115.1 156.92 **** SPGP EUR 101.15
Investec UK Smaller Cos Acc 34.13 120.83 152.97 **** Investec Fund Managers Ltd GBP 122.01
Saint Germain Opportunités 8.85 43.76 40.3 * Banque Privee Quilvest XFR 9.13
JPM UK Smaller Cos A Acc 37.73 123.5 101.21 ***** JPMorgan Asset Management GBP 264.96
Saint Honoré PME 19.53 95.12 90.87 *** Cie Fin. Rothschild XFR 89.45
Jupiter UK Smaller Companies 31.28 85.62 64.07 ** Jupiter Unit Trust Mgrs GBP 82.5
SGAM Invest France Sm. Cap C -0.31 55.05 -9.58 * Societe Generale XFR 76.12
L&G UK Smaller Cos E Inc 30.68 96.96 74.65 *** Legal & General UT Managers GBP 181.99
Siparex Small Cap Value 30.84 140.3 221.79 Siparex XFR 151.73
Lazard UK Sm Cos Retail 35.26 114.79 103.27 **** Lazard Fund Managers Ltd GBP 97.82
Trusteam Microgarp 11.52 TrusTeam Finance EUR 7.57
Liontrust Intellectual Cptl 12.8 62.96 71.48 * Liontrust Investment Funds GBP 111.55
Vendôme Sélection 25.11 91.89 64.99 *** BGPI XFR 170.77
M&G Smaller Companies A Inc 28.71 123.21 94.57 ***** M&G Group GBP 241.49
Marlborough Special Sits 26.82 111.31 152.85 **** Marlborough Fd Mgrs GBP 136.59
Database Name : Pan European
Marlborough UK Micro-Cap Fund 28.35 Marlborough Fd Mgrs GBP 36.36
Date : 29/12/2006
Merrill Lynch UK Sm Cos Inc 30.2 130.72 113.1 ***** BlackRock M Lynch Inv Mgrs (UK) GBP 209.69
Calculation Settings : Euro, Nav - Nav, Gross Reinvested.
Fund Name Return Return Return S&P Manager Currency Fund Size Fund Name Return Return Return S&P Manager Currency Fund Size
1 Year 3 Year 5 Year Fund 1 Year 3 Year 5 Year Fund
Stars Stars
New Star GF UK Smllr Cos 11.97 74.68 73.87 ** New Star Asset Mgmt Limited GBP 15.44 Vontobel Swiss Mid & S-Cap A2 34.08 90.19 55.34 ** Vontobel Fonds Services AG CHF 89.67
Norwich Henderson UK Small Co 33.27 108.22 30.79 **** Norwich Union Intl Ltd GBP 0.44 Vontobel Swiss Small Companies 34.87 116.35 107.55 **** Vontobel Fonds Services AG CHF 490.34
Norwich Perpetual UK Small Co 31.24 122.14 97.14 **** Norwich Union Intl Ltd GBP 1.05 XMTCH on SMIM® 43.81 Credit Suisse AM Schweiz CHF 584.69
Norwich Schroder UK Small Co 31.91 85.83 85.77 *** Norwich Union Intl Ltd GBP 3.65 Source : Standard & Poor’s
Norwich UK Small Co 26.89 73.43 62.18 ** Norwich Union Intl Ltd GBP 2.78 Database Name : Pan European
Norwich UK Smaller Cos 1 26.71 77.7 71.23 * Norwich Union Trust Managers GBP 111.59 Date : 29/12/2006
Nucleus Sm Securities Trust 7.15 56.41 -4.3 * Smith & Williamson FA Ltd GBP 17.3 Calculation Settings : Euro, Nav - Nav, Gross Reinvested.
Old Mutual UK Sel Sm Cos Acc 40.92 147.94 174.82 ***** Old Mutual Fund Managers Ltd GBP 561.42
OM (Dub) UK Sel UK Smllr Cos 38.91 180.95 ***** Old Mutual Asset Managers (UK) Ltd GBP 105.29 * Since Launch Performance figures are calculated in fund base currency.
Premier UK Smaller Companies 6.84 64.83 59.69 ** Premier Portfolio Managers GBP 6.67
Premier UK Smaller Companies 6.84 64.83 59.69 ** Premier Portfolio Managers GBP 6.67
Pru Small Companies Trust Inc 28.15 121.6 97.02 **** Prudential Unit Trusts Ltd GBP 244.11
R&M UK Equity Smaller Comp Cl A River and Mercantile Funds ICVC GBP
Rathbone Smaller Cos Inc 26.8 97.28 70.21 **** Rathbone UT Mgmt Ltd GBP 48.49 Small Companies Euroland
Rensburg UK Micro Cap Growth 21.45 91.11 *** Rensburg Fund Management Limited GBP 29.67 AGF Invest Euro 29.37 AGF EUR 113.18
Rensburg UK Smaller Cos 25.26 92.74 60.78 ** Rensburg Fund Management Limited GBP 51.68 AXA L Fund Sm Caps Benelux C 25.53 140.67 148.85 ***** AXA-IM / Axabank XLF 13.29
Resolution Smaller Cos Inc 38.42 124.67 77.63 *** Resolution Fund Managers Ltd GBP 108.83 Barclays Small Cap Euro PEA C 15.09 79.32 46.84 ** Barclays EUR 100.65
Schroder Inst UK Sm Cos 27.83 88.44 102.74 ** Schroder Unit Trusts (UK) GBP 464.8 BG Sicav SC Euro Eqs DXB-C Generali Investments EUR 64.31
Schroder UK Smaller Cos Inc 32.05 85.59 88.28 ** Schroder Unit Trusts (UK) GBP 451.34 Bim Azionario Small Cap Italia 19.38 72.85 ** BIM Intermobiliare SGR S.p.A. EUR 60.94
SG UK Smaller Cos Ret Acc 22.82 Société Générale Investmt Fds GBP 117.18 BK Small & Mid Caps 27.39 93 *** Gesbankinter EUR 207.91
Skandia GBP InvPe UK SmCo IRL 28.83 111.38 **** Skandia Ireland Limited GBP 0.14 BMM Eurosmallcaps Banque Martin Maurel EUR 2.63
Std Lf UK Smll Cos Rtl Acc 46.44 137.26 106.59 ***** Standard Life Investments GBP 226 BNL European Small Caps A 27.54 121.01 **** BNL Global Funds PLC EUR 11.1
SW UK Smaller Cos A 29.97 94.16 74.36 *** Scottish Widows UT Mngrs Ltd GBP 228.09 BNP Paribas Micro Cap Eurol. 13.57 73.61 * BNP Paribas EUR 18.92
BNP Paribas Smallcap Eurol. C 25.69 103.35 97.73 **** BNP Paribas XFR 457.7
86 SWIP UK Smaller Cos A 33.89 96.72 52.73 *** Scottish Widows Investment Partnership GBP 87.63
CAAM Midcap Euro P 26.87 107.09 83.29 *** Crédit Agricole XFR 121.04 87
Threadneedle UK Sml Cos 1 33.61 102.28 77.41 *** Threadneedle Invstmt Services GBP 155.88
UBS UK Smaller Companies A 26.98 96.9 *** UBS Global Asset Mgmt Fds Ltd GBP 69.61 CAAM Midcap Euro P 26.87 107.09 83.29 *** Crédit Agricole XFR 121.04
Unicorn UK Small Cos A Inc 31.35 43.06 * Unicorn Asset Management Ltd GBP 3.58 Capitalgest Small Cap 26.33 51.25 59.04 * Capitalgest SGR S.p.A. EUR 98.13
Source : Standard & Poor’s Centrale Avenir Euro 21.4 CCR EUR 32.35
Database Name : Pan European Dexia Eq B EMU Small Caps C 33.82 120.2 127.89 *** Dexia Asset Management XBF 25.19
Date : 29/12/2006 Dexia Eq B EMU Small Caps C 33.82 120.2 127.89 *** Dexia Asset Management XBF 25.19
Calculation Settings : Euro, Nav - Nav, Gross Reinvested. Dexia Eq B EMU Small Caps C 33.82 120.2 127.89 *** Dexia Asset Management XBF 25.19
DWS Euroland Neue Märkte 13.98 70.91 0.06 * DWS Investment S.A. XDM 63.88
* Since Launch Performance figures are calculated in fund base currency. Elan Midcap Euro C 30.74 Rothschild Banque EUR 47.65
Elan MS Midcap Euro PEA 23.75 85.6 ** Rothschild Banque EUR 10.52
EuroAction: Midcap 22.54 89.08 51.39 * Union Investment Lux S.A. XDM 242.88
Groupama Avenir Euro I 26.71 100.96 *** Groupama EUR 37.79
HSBC GIF Euroland EqSmCo AC EUR 33.71 114.89 *** HSBC Investment Fds (Lux) SA EUR 42.91
Small Companies Switzerland HSBC Microcaps Euro C 11.4 67.93 -21.26 ** HSBC Investments XFR 31.46
3V Inv Swiss Small & Mid Cap 26.82 142.76 137.07 **** Oppenheim Pramerica Asset Mgt S.a.r.l CHF 263.37 Iéna Euro Mid C 17.18 81.22 58.04 ** BFT EUR 41.23
Iéna Euro Mid C 17.18 81.22 58.04 ** BFT EUR 41.23
Source – © Standard & Poor’s - The McGraw-Hill Companies, Inc.

AIG EF S&M Caps Switzerland A 20.82 AIG Private Bank Ltd CHF 10.12
Asselsa SM-Caps Switzerland 33.53 99.03 ** PMG Fonds Management AG CHF 42.15 iShares DJ EURO STOXX Sm Cap 32.22 Barclays Global Investors EUR 193.16
Bank Hofmann Swiss Sml Stocks 37.06 115.99 88.19 ***** Bank Hofmann Fund Mgmt Ltd CHF 141.11 iShares DJ EURO STOXX Sm Cap 32.22 Barclays Global Investors EUR 193.16
Bank Hofmann Swiss Sml Stocks 37.06 115.99 88.19 ***** Bank Hofmann Fund Mgmt Ltd CHF 141.11 IXIS Découvertes 8.2 63.37 13.78 * IXIS Asset Management XFR 44.11
Callander F-Swiss Gr Mid-C C1 26.79 78.91 56.08 * Banque de Luxembourg CHF 13.34 Kairos Partners Small Cap 17.56 67.73 ** Kairos Partners Sgr S.P.A. EUR 683.07
CommCept Swiss Mid&Small Caps 8.79 49.48 * FidFund Management S.A. CHF 12 LBPAM Actions Midcap C 37.06 127.06 160.04 ***** La Banque Postale EUR 273.26
CS EF Small & Mid Cap Switzl 41.23 102.69 82.3 ** Credit Suisse AM Schweiz CHF 239.57 LFP Microcaps 9.28 61.64 * La Francaise des Placements EUR 10.46
Gem Small&Mid Caps Switzerld 26.42 FidFund Management S.A. CHF 234 Lupus alpha Sm Tec Champ C 24.93 75.79 30.29 ** Lupus alpha Asset Mgmnt GmbH EUR 89.43
JB Inst Swiss S&M Cap Eq A2 37.62 Bank Julius Baer CHF 39.97 Lupus alpha Smllr Eur Champ C 27.84 108.67 149.78 *** Lupus alpha Asset Mgmnt GmbH EUR 181.32
JB Swiss Small&Mid Cap SF B 35.08 94.37 57.32 *** Julius Baer Investmt Fd Serv. CHF 129.71 Lyxor ETF MSCI EMU Small Cap 25.55 Lyxor Asset Management EUR 78.49
LODH Opp Swiss Sm & M Caps 35.81 106.13 82.15 *** Lombard Odier Darier Hentsch & Cie CHF 92.95 Mellon Small Cap Eurold A EUR 32.29 122.67 **** Mellon Global Investments Ltd EUR 237.38
LODH Swiss Cap ex-SMI I 38.83 Lombard Odier Darier Hentsch & Cie CHF 78.91 Natexis Actions Cap. Struct. -9.42 Natexis Equity Management EUR 31.59
LODH Swiss Cap EX-SMI P 38.9 115.62 113.9 **** Lombard Odier Darier Hentsch & Cie CHF 488.35 Nextra Azioni Pmi Italia 12.32 69.05 80.7 ** CAAM Sgr S.P.A. EUR 202.37
MI-FONDS (CH) Inst Sm Stock CH UBS Fund Management AG CHF 38.71 Objectif Small Caps Euro 21.15 76.87 ** Lazard Freres Gestion EUR 225.55
MirGest Swiss Small & Mid Cap 37.48 Mirabaud Investment Mngt Ltd CHF 38.78 Parvest Euro Small Cap C 24.53 99.69 96.21 ** BNP Paribas Asset Management XEC 110.27
OZ Swiss Equities Optimized 13.76 51.75 26.74 * Helaba Investment (Schweiz) AG CHF 65.88 Prévoir Perspectives 17.96 92.54 *** Société de Gestion Prévoir EUR 8.88
OZ Swiss S&M Cap Selection Fd 25.72 Helaba Investment (Schweiz) AG CHF 25.82 SGAM Fund Eq Euroland S-Cap A 30.92 SG Asset Management EUR 149.08
Pictet (CH) Swiss Mid-Small P 32.11 108.91 91.6 *** Pictet & Cie CHF 228.13 SGAM Index Small Cap Euro 31.11 SGAM Alternative Investments EUR 49.88
RBZ Swiss Small & Mid Caps 39.24 83.64 46.14 * Rothschild Fund Management AG CHF 27.84 SLB EuroSmallCaps Fund 19.06 107.15 86.47 *** Swiss Life Belgium EUR 3.61
Reichmuth Pilatus 20.84 97.4 104.08 ** Reichmuth & Co Investmentfds AG CHF 74.71 Symphonia Comp Az Italia S Co 12.49 58.61 11.18 * Symphonia Sicav S.P.A. EUR 87.03
SaraSelect 36.69 115.72 126.05 **** Sarasin Investmentfonds AG CHF 676.65 Synergy Smaller Cies A 22.17 92.74 Sycomore Asset Management EUR 284.24
Schroder ISF Swi Sm&Mid A Acc 40.25 107.01 *** Schroder Investment Mgmt (Luxembourg) CHF 163.35 Zelia Euro Small Caps 19.06 107.15 86.47 ** Zelia Assurances XBF 14.35
Swisscanto (CH) EF SMCap CH A 38.15 105.9 94.36 *** Swisscanto Fondsleitung AG CHF 618.76 Source : Standard & Poor’s
Synchrony IF Small Cap CH A Gerifonds SA CHF 41.5 Database Name : Pan European
UBS (CH) EF-Mid Caps Switzl 33.74 95.86 83.96 ** UBS Fund Management AG CHF 528.89 Date : 29/12/2006
UBS (CH) EF-Small Cap Switzl 32.82 108.25 99.71 **** UBS Fund Management AG CHF 404.7 Calculation Settings : Euro, Nav - Nav, Gross Reinvested.
UBS (CH) IF-S&M Eq Switz B 35.98 107.68 102.99 *** UBS Fund Management AG CHF 196.46
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l i f e s t y l e yachting
YACHT SHOW
16th Monaco In spite of the astronomical costs,
world production of luxury supe-
ryachts has been growing at a
rate of knots in recent years. At
46.+ meters Lulworth is the world’s
largest gaff-rigged superyacht.
Monaco Yacht show, is the only International “The Monaco Yacht Show is a perfect Discovered virtually abandoned in
Boat Show dedicated exclusively to luxury example of an exhibition capable of crea- the Italian sun in 2001, she was
yachting. And, attracted by the prestige of ting community growth, not only has the bought by a company owned by
this event, top luxury brands, Blancpain, Principality of Monaco benefited, but the gregarious Dutch businessman
Lanson Champagne, Lenotre, Baccarat, entire nautical industry worldwide”, said Johan van den Bruele who decided
Lalique, Dassault Aviation and Mercedes, HSH Prince Albert 11 of Monaco. to create “the restoration of the
enthusiastically join forces with the MYS. century” using original materials,
Among 91 superyachts, 44% measure more “We Care For the Earth” is the theme throu- even managing to track down rare
than 40 meters in length. Taking part, 520 ghout MYS. With the collaboration of Camper Honduras mahogany for the hull. It
exhibitors, 77 shipyards, 29 luxury yacht and Nicholson, Monaco Yacht Show is the takes 20 minutes to hoist the main
brokers, 54 naval architects and interior first Monegasque event to receive the sail and when Lulworth races there
designers, 187 equipment manufacturers “Carbon Neutral” award, striving to increase are 28 crew on board. Restored
and 11 of the world’s top 15 customised awareness of its participants on global in the boatyards of Viareggio, she
yacht builders. warming issues. even boasts the original silverware
and interior features, graciously
returned by one of the previous
owners. For sale at 19.5€ million and
90 91
available for select day charters at
15,000€ including crew and skipper
Guiseppe Longon.
With 23 cutting-edge boats on show

the Italians are top of the “Builders
Nations” league, holding the keys to
the season’s must-haves, followed
by The Netherlands with 14, France
11, USA 8, Germany 7, New Zealand
Lulworth
6, Monaco 3, Russia 2, Turkey 2, UK
2 etc.
Blancpain

The Yacht Show also supports The Monegasque Association
Against Muscular Dystrophy, helping children affected by
this serious genetic disease. Each year since 2001, the MYS
donates, to AMM, half of each 50€ entry ticket and, sets up fund
raisers such as the annual Blancpain “Only One Watch” auction
with Prince Albert in the front line. The world’s most exclusive
auctioneers of rare timepieces Antiquorum and Osvaldo Patrizzi,
raised 110,000€€ this year. “With its 72-hour power reserve the “Only
One” watch is unique, the winding rotor, hand carved by Blancpain’s
master engraver, bears the image of the Lake Geneva historical sailing
vessel La Vaudoise”, explained the auctioneers.
Candyscape
yachting l i f e s t y l e
l i f e s t y l e xxxxxxx yachting l i f e s t y l e
Impossible to ignore Maltese The brilliant design duo brothers, Nick and
Falcon,Tom Perkins’ magnificent state- Christian Candy, recently refitted, the Benetti
of-the-art sailing-yacht, the largest built, Candyscape presented by Edmiston with
project to date to come out of Perini a price tag of 15.5€ million or, for charter at
Yildiz Tuzla shipyards, Istanbul. In €180,000 - €200,000 depending on the time of
addition to being a superb example of year. “This is our first venture into boat design for
technology and engineering in action, Candy & Candy. It’s art-deco meets contempo-
look up! The UK based Insensys rary: a fusion”, explains Candy. It’s certainly no
company is responsible for the ordinary 6-cabin: 6 bathrooms vessel. Original
Falcon’s revolutionary rotating mast artworks hang on silk covered walls, platinum
and the metallic silver rigging resem- and gold leaf coat the ceilings whilst bespoke
bles the ribs of an immense prehistoric furniture needs to be admired for its’ elegance.
carbon creature. “We clean it with a Check out Halle Berry’s knife belts worn in the
Karcher pressure washer with rotating James Bond film “Die Another Day”. Admire the
brushes and a very, very long hose, Louis Vuitton monogram trunk covering one of
along with two crew in the rig”, says the guest cloakroom walls, the mahogany dining
the yacht’s captain, Chris Gartner. room table that flips over to become a gaming
Maltese Falcon (up), Mirabella V (down)
The interior is by French architect/ table complete with roulette wheel.
92 93
designer Christian Liagre, a combina-
tion of classical marine tradition and From YachtPlus comes the Sea-Sleek Norman
contempoarary elegance. It’s yours for Foster customised 100-footer, built from 100%
a mere 100€ million carbon fibre including the sails. It has room for
Master Bedroom (up) and living room (down) Candyscape
6 passengers and four crew. Push button sail
For sale, or to charter, Mirabella V, the controls means one person can operate the
247-foot luxury sailing yacht exhibited boat. Their 180-foot mega-yacht features a top
by brokers Nigel Burgess. Mirabella is speed of 16 knots and an 861-square foot main
the world’s largest sloop, and is in the salon. The glass superstructure floods the inte-
Guinness Book of Records having the rior with sunlight and gives 360-degree views
tallest mast and largest sail. Burgess from the upper decks. Price? A mere $75.5
say it is nimble for its’ size and can million and from the time you place the order,
reach speeds of upwards of 20 knots expect a three year wait: because it’s worth it.
under sail. There’s room for 12 guests I’m not paying that!
in six luxurious cabins with en-suite
bathrooms, Plasma TV’s, DVD and So, YachtPlus have created Fractional
CD players with 250-hour centralised Ownership, a very practical and exciting
music system and, of course internet formula. “We have a fleet of 20 luxury motor
and telephone connections. The yachts built exclusively for our Fractional
master suite on the main deck runs the Ownership Programme”, explains Han
length of the boat. No excuse to stay Verstraete of YachtPlus. “Clients have the luxury
cabin side, try the Jacuzzi and pool, of leaving hectic schedules behind to escape
the 30-foot tender will whisk you off to on board their own fully serviced yacht, with
your favourite restaurant. Burn off the crew; where and when they want. The Norman
calories on the jet skis or in the gym. Foster designed boats have 5-cabins, are built
Oh! and there are indoor and outdoor by Rodriguez Cantieri Navale. 5 weeks a year
movie screens. Price on application in the Caribbean or the Mediterranean will cost
but if you want to charter for a week approximately £849,000 plus an annual fee of
$300,000 includes the crew of 14. £86,000 which includes crew and servicing.
l i f e s t y l e yachting
l i f e s t y l e xxxxxxx
The Autumn Boat Bonanza continues in Indian Princess one of the Burgess
Monaco, before moving on to Genoa, best boats. Definitely the grand piano
Barcelona and Paris, with the super is an attraction, the games room with
sexy Riva63 Vertigo, a must have 180 degree panoramic view, and the
toy for the likes of Brigitte Bardot and AC3 cinema/theatre, the gym, running
Sean Connery. Founded in 1842, by machine, cross trainer and oh! so much
Pietro Riva in Sarnico, Northern Italy, to enjoy a life on the ocean wave.
Riva is the world’s oldest and most
renowned boat builder. In the 1950’s Phocea is one of the largest privately
Carlo Riva took over the yard, located owned sailing yachts in the world, built
on the banks of Lake Iseo, and “le tout in 1976, by Arsenal de Toulon and raced
Hollywood” fell in love with Riva, now single-handed in the Transatlantic Yacht
part of the Ferretti Group. Production Race by Alain Colas. She was then
is limited to about 50 boats a year and converted for Club Med who sold her
you’ll pay about €2.05€ million plus tax to French entrepreneur/actor Bernard
for the “63” with vee-drive gearboxes. Tapie. Her transformation into the jet-
“Expect the best and live the best set took place when Mouna Al-Ayoub
– Riva”. bought her and spent fortunes on the
interior décor, recently transformed by
For a larger motor yacht there’s David Linley. Mike Horsley of Edmiston
Annaliesse, at 280 feet, shown at MYS presented Phocea at MYS. “She’s in
by Edmiston. Room for 36 guests, with the region of 19.5€ million to buy. If you
a crew of 45, including an in-house want her for charter think 80,000€ per
beautician and personal trainer. This is week, including crew, plus expenses”,
sea-spa attitude with Jacuzzi, sauna, Horsley quoted.
0 95
massage rooms, his and hers hair
salons, nail parlour and gym. The price Last May, Burger Boat Company laun-
is about $850,000 a week and if you ched the 144 foot tri-deck Mirgab V,
want to make them an offer at the end of the largest aluminium yacht in its’ 143-
the week it will have to be in the region year history. The defining focal point
of €€79 million. is a 1-meter diameter, glass tube
pneumatic elevator surrounded by a
The Wally Company, created in 1993, circular sculpted bronze stairway and
was named by owner Luca Bassani’s illuminated glass treads spanning three
son after Wally Gator his favourite stories. This incredible stairway, desi-
cartoon character. Bassani, a wealthy gned and created by Les Metailliers Wally Tango
Italian economist turned yachting Champenois, is grounded on all three
entrepreneur, collaborates with naval levels with rare onyx stone. Address Book
architect Luca Brenta to build fast,
Riva Vertigo (up), Analiesse (down)
light, safe, stylish and very expensive No expense was spared when a high Monaco Yacht Show Perini Navi T: +44 2077664300 Camper & Nicholson
carbon fiber sailing yachts. SYTango is profile executive and 24-hour party www.monacoyachtshow.com Via Michele Coppino, www.nigelburgess.com International
the fifth unit of the successful Wally80 person commissioned, from Amels, 114-55049 Viareggio, Italy Port Camille Rayon, 06220

design. Combining high performance Lady In Blue. This is the yacht that Blancpain SA T: +39 05844241 Riva Golfe Juan, France,
with interior volumes that are uniquely thinks it’s a resort, read, Aman-on-Sea. Chemin de l’étang 6 www.perininavi.it VIA Predore 30 T: +33 (0) 4 97 04 10 50
large considering its’ 24 meter size, There are space for 10 guests and 14 1094 Paudex, Switzerland 24067 Sarnico
there’s flush deck canting keel and crew, interior design is by Studio Alberto T: +41 21 796 36 36 YachtPlus Italy Amels
three cabins. Pinto, featuring a working fire place. www.blancpain.com 161 Brompton Road, T: +39 0359 10202 www.amels-holland.com
There’s plasma TV’s everywhere, disco- London SW3 1QP www.rivaboats.com
“The Monaco Yacht Show provides an theque, Jacuzzi, treadmill and the usual Edmiston & Company T: +44 020 3144 0103 Burger Boat Company
excellent opportunity to do business, tenders and toys. For sale at 35,000,000 Le Panorama www.yachtplus.co.uk Candy & Candy Ltd www.burgerboat.com
although there is obviously a lot of USD or charter for 300,000 USD weekly 57 rue Grimaldi, 100 Brompton Road
competition”, explains Rupert Nelson, + expenses. The galley would attract a MC98000. Monaco Nigel Burgess Group London SW3 1ER,
sales director of Yacht Broker Nigel 3-star chef – but Alain Ducasse doesn’t T: +377 93 30 54 44 16/17 Pall Mall T: +44 (0) 20 7594 4300
Burgess. 12 guests and 15 crew make come cheap. www.edmistoncompany.com London, SW1Y 5LU www.candyandcandy.com
l i f e s t y l e xxxxxxx yachting l i f e s t y l e
l i f e s t y l e hot products hot products l i f e s t y l e
Techno rabbit
The of desire
We used to know the Aibo robot dog, who’s no longer with us.
Robosapiens with an almost human form but with limited useful-
ness in everyday life. Today, the most technological animal is
a rabbit. Connected to your computer and Internet connection
via Wi-Fi, it is capable of reading your e-mail aloud as well as
playing music files stored on your PC. Better still: when your
Enough of grey! The trend is towards brightly coloured designer objects, large or friends are connected to an instant messaging client or when
small, that you can slip into your pocket or show off in your living room. A high- you’ve received e-mail, its ears imitate American mailboxes and
tech, stylish selection for a winter full of colour. drop to let you know.
Conran shop, Wi-Fi Bunny, € 115
Pocket flower
Music sharing
Love always. It’s been made into perfumes,
songs, films, and tragedies... Today, love We used to hear complaints about people listening to their
is also a range of glamorous and subtle music at full volume and making sure everyone else could hear it
mobile phones from Nokia’s designers. through poorly adjusted headphones. Today this will be better or
96 97
Rounded shapes, shades of pink and worse, depending on whether you’re a victim of your neighbour’s
jasmine, floral patterns... This mobile sonic assaults or whether you generously share your songs with
phone includes a 2 million pixel camera those around you. This dark-coloured personal stereo with touch
and a 128 Ko microSD format memory keys slides to reveal built-in miniature speakers for listening to
card for saving music and photos to take MP3 and radio in your hotel room or in the middle of the crowd.
with you. This seductive object conceals Samsung YP-K5, €€ 300
the latest quality: the ‘push to talk’ function
turns it into a walkie-talkie so you can
spend hours chatting with friends without
even having to call them.
Nokia N7373 Oh l’amour powder pink,
€ 350
Nomadic worker
The spirit of skiing

Sometimes, we have to decide to work. If we can conform
to this ritual from the place of our choosing, preferably
somewhere resembling paradise, the challenge will be
easier to overcome. With this true pocket office combining
keyboard, touchscreen and broadband telephony that can
Skiing is not a tourist sport; it’s a state of in ash and titanium, all of them numbered. go online anywhere via Wi-Fi or Bluetooth, you can get
mind, almost a life philosophy. It’s some- 500 pairs were manufactured last year and your e-mail and work between two flights. Or between two
thing within you whose line and materials 700 will be made this year. Don’t miss these lengths of the pool...
xxxxxxxxxxxx
form the pillars of the soul. Simon Jacomet real skiing Berluttis, made by a lover of Sony Ericsson P990, € 770
brought extra soul into sliding sports when design and work well done.
he created Zai skis in 2003. Hand made skis Zai Odavon, € 2,380
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500 Empresas para El Futuro (Peyber, Etc... )

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MARKET500.

exclusive european ranking

the 500 fastest

opinion | profiles | management | human resources | technology | investment | lifestyle

Europe’s 500 – Entrepreneurs for Growth was founded in 1996 and

MARKET500 no1 | January / February / March 2007

MARKET500 no1 | January / February / March 2007

Editor’s note 4 Recruitment

Europe’s 500 Ranking Barceló Group

MARKET500 no1 | January / February / March 2007

general trends for 2007 through the No

new york london paris rome tokyo hong kong barcelona

Meetings and Events

Performance Improvement Programs

Visa cards in MCAE Market

Bulgaria Europe 2006

PCO and Exhibitions Management

MARKET500 no1 | January / February / March 2007

Last November in Geneva, Swedish CEO

Chip sales Biorefinery

MARKET500 no1 | January / February / March 2007

Owned and operated by the London Stock

MARKET500 no1 | January / February / March 2007

The average turnover of Europe’s 500

MARKET500 no1 | January / February / March 2007

9% (one company), which proves that local

Services represent nearly 46% of the

Europe’s 500 Listing

Methodology Selection of the Final Europe’s 500

Mezzanine View on Success

Hofburg, Vienna, 24 November 2006,

MARKET500 no1 | January / February / March 2007

Encompassing traditional equity, bond and managed funds, as well as

MARKET500 no1 | January / February / March 2007

The mother company is dedicated to

Avion is focusing on aviation services,

Avion believes it will be Wherever you go...

outsourcer for cargo first Chinese operations in 2004. It has

is fast commoditising: consulting. Technological expertise and tions160%

Source: Thomson One Banker

Rank Company Company Business Sector Website Birch Index

21 Ryanair Holdings Plc Ireland Transport, Logistics www.ryanair.ie 3739

   

Rank Company Company Business Sector Website Birch Index

The Right Motto

Rank Company Company Business Sector Website Birch Index

210 TQ-Systems GmbH Germany IT - Manufacturing www.tq-group.com 224

Rank Company Company Business Sector Website Birch Index

Rank Company Company Business Sector Website Birch Index

footsteps of Southwest lower. The company is said to have the 150.0%

new routes. Ryanair operates from 16 Aer 5.00

European bases (Ireland, UK, France, in a move

The strength of the Group does not only Source: Datastream

lie in its ability to make its bookings grow

22 New Wave Group AB

Rank Company Company Business Sector Website Birch Index

MARKET500 no1 | January / February / March 2007

Rank Company Company Business Sector Website Birch Index

Making retailing synonymous with best in class stakeholder manage- 441

MARKET500 no1 | January / February / March 2007

of the opportunities that exist to enter

the 500 fastest growINg compaNIes