Top 101 - 2008

Ranking 2008 Ranking 2007 Company Name Enterprise value*, 2008 Million LVL Enterprise value*, 2007 Million LVL Changes in value, % Sales 2007**, Million LVL Adjusted EBITDA** 2007, Million LVL Net profit 2007, Million LVL NASDAQ OMX RIGA Governance coefficient Industry
1 1 Swedbank AS 873,88 1142,91 -23,54% 5 060,89 505,13 100,29 91 Banks and financial services
2 5 Latvenergo AS 667,75 579,17 15,30% 405,33 87,53 7,86 47 Energy
3 6 Latvijas Valsts Meži AS 613,83 469,76 30,67% 162,35 107,52 92,67 62 Forestry and timber processing
4 3 SEB Banka AS 608,44 656,19 -7,28% 3 428,21 252,33 77,18 97 Banks and financial services
5 4 Latvijas Mobilais Telefons SIA 510,00 630,64 -19,13% 193,63 89,11 62,46 72 Telecommunication services
6 2 Parex Banka AS 344,12 731,17 -52,94% 3 352,62 217,15 41,42 61 Banks and financial services
7 7 Tele2 SIA 319,51 370,19 -13,69% 122,88 56,97 40,63 62 Telecommunication services
8 10 Lattelecom SIA 315,75 302,19 4,49% 148,53 55,50 38,07 92 Telecommunication services
9 8 Rietumu Banka AS 266,52 344,03 -22,53% 1 216,24 121,33 34,61 77 Banks and financial services
10 9 Latvijas Gāze AS 248,61 329,95 -24,65% 239,44 52,57 31,07 97 Energy
11 14 Latvijas Kuģniecība AS 228,44 222,83 2,52% 123,20 39,86 34,42 53 Transportation, transit, logistics
12 17 Latvijas Dzelzceļš VAS 211,46 167,93 25,92% 262,48 59,28 28,29 31 Transportation, transit, logistics
13 13 Aizkraukles Banka AS 200,83 243,95 -17,68% 1 102,82 85,26 27,51 64 Banks and financial services
14 11 DnB Nord Banka AS 189,45 250,36 -24,33% 2 059,12 143,03 19,18 86 Banks and financial services
15 12 Ventspils Nafta AS 176,50 118,04 49,53% 82,00 25,38 64,19 51 Transportation, transit, logistics
16 15 Alfor SIA 162,66 195,76 -16,91% 60,24 32,27 22,65 26 Gambling
17 26 VP Group Latvia SIA 157,60 104,11 51,38% 354,35 23,41 14,34 43 Retail
18 20 Liepājas Metalurgs AS 122,11 124,81 -2,16% 235,42 22,12 17,19 85 Manufacturing
19 24 Grindeks AS 119,99 107,16 11,98% 51,47 10,52 7,12 100 Medicine and pharmaceuticals
20 38 Trasta Komercbanka AS 111,35 59,40 87,46% 289,50 31,32 15,97 81 Banks and financial services
21 27 Rīgas Satiksme RP SIA 111,00 99,24 11,85% 89,08 17,45 0,16 49 Transportation, transit, logistics
22 28 RIMI Latvia SIA 101,38 97,38 4,11% 397,23 14,53 3,53 60 Retail
23 37 GE Money AS 100,98 63,12 59,98% 29,18 11,93 2,34 69 Banks and financial services
24 19 Elko Grupa AS 91,53 138,15 -33,75% 525,03 20,07 16,41 76 Information and Technology
25 22 Latvijas Finieris AS 84,07 115,31 -27,09% 116,20 13,59 2,83 51 Forestry and timber processing
26 35 Aldaris AS 80,87 64,68 25,02% 36,96 9,77 6,77 58 Tobacco and alcohol
27 29 UPB SIA 75,69 93,71 -19,23% 78,78 14,38 8,97 30 Construction services and materials 
28 16 Latvijas Hipotēku un Zemes Banka AS 71,21 191,02 -62,72% 927,59 62,41 6,52 84 Banks and financial services
29 31 A.C.B AS 69,80 74,82 -6,71% 74,07 13,62 10,41 18 Construction services and materials 
30 70 Rīgas Ūdens SIA 66,45 32,15 106,66% 25,40 9,61 1,79 31 Utility services
31 21 Knauf SIA 65,18 120,76 -46,02% 58,35 13,19 8,65 53 Construction services and materials 
32 23 Norvik Banka AS 64,69 111,21 -41,83% 618,75 55,49 6,22 75 Banks and financial services
33 33 Latvijas Tirdzniecības Banka AS 64,27 71,35 -9,92% 580,79 32,66 7,76 91 Banks and financial services
34 36 Latvija Statoil SIA 64,14 63,38 1,20% 283,52 14,19 8,30 74 Fuel trade
35 52 Latvijas Balzams AS 63,09 42,62 48,03% 105,12 6,73 3,32 71 Tobacco and alcohol
36 60 RI-OS AS (Viesnīca Latvija) 56,43 35,72 57,97% 14,42 6,99 2,69 54 Tourism and hotel services
37 48 Drogas AS 55,98 43,89 27,53% 61,87 6,70 4,88 53 Retail
38 46 Recipe Plus AS 53,23 44,11 20,66% 88,81 5,94 4,69 27 Medicine and pharmaceuticals
39 55 Rīgas Siltums AS 52,66 40,89 28,77% 74,80 7,43 4,14 39 Utility services
40 82 Skonto Būve SIA 50,13 27,89 79,79% 76,53 12,95 11,31 40 Construction services and materials 
41 18 UniCredit Bank AS 46,62 161,72 -71,17% 735,65 48,58 3,46 94 Banks and financial services
42 63 Starptautiskā Lidosta Rīga VAS 44,84 34,68 29,29% 20,79 7,19 2,46 40 Transportation, transit, logistics
43 - Baltijas Izaugsmes Grupa AS (BIG) 44,82 New - 9,61 5,38 2,12 61 Banks and financial services
44 39 Latvijas Biznesa Banka AS 44,67 58,12 -23,15% 306,52 16,28 5,85 84 Banks and financial services
45 44 Olympic Casino Latvia SIA 41,88 47,17 -11,22% 24,00 7,60 3,44 68 Gambling
46 66 Severstaļlat AS 41,65 33,80 23,22% 171,37 7,72 2,36 73 Manufacturing
47 67 Peri SIA 40,89 33,43 22,31% 12,61 7,72 3,96 58 Construction services and materials 
48 50 Nelss SIA 40,87 43,47 -6,00% 97,58 7,97 1,89 43 Construction services and materials 
49 73 Valmieras Stikla Šķiedra AS 38,93 31,12 25,10% 37,20 6,35 0,06 88 Manufacturing
50 30 Latvijas Krājbanka AS 38,92 83,57 -53,43% 671,34 41,27 4,95 86 Banks and financial services
51 56 Inserviss Group SIA 37,51 40,53 -7,45% 13,23 4,58 1,12 53 Banks and financial services
52 54 VK Tranzīts SIA  36,48 41,78 -12,69% 36,08 5,74 14,07 49 Transportation, transit, logistics
53 - Valsts Nekustamie Īpašumi VAS 35,86 New - 9,90 5,02 2,57 35 Real estate operations
54 53 Baltic Container Terminal SIA 35,45 42,36 -16,30% 9,98 6,10 4,55 8 Transportation, transit, logistics
55 84 BMGS AS  35,39 26,71 32,53% 74,11 6,69 4,55 32 Construction services and materials 
56 69 GE Money Bank AS (Baltic International Bank AS) 35,03 104,63 -66,52% 277,31 34,41 2,92 81 Banks and financial services
57 42 Sentor Farm Aptiekas AS 34,80 47,68 -27,01% 46,55 4,34 3,07 33 Medicine and pharmaceuticals
58 95 Olainfarm AS 33,83 23,27 45,39% 18,96 3,11 0,34 75 Medicine and pharmaceuticals
59 - Merks SIA 32,55 New - 60,51 7,90 5,31 70 Construction services and materials 
60 77 Joker LTD SIA 32,38 29,78 8,72% 16,85 6,31 2,57 34 Gambling
61 47 STREK SIA 30,06 44,10 -31,84% 11,52 5,09 3,82 15 Transportation, transit, logistics
62 - Lauma Fabrics SIA 29,72 New - 22,68 4,65 2,62 34 Manufacturing
63 49 Binders Ceļu Būve SIA 29,65 43,60 -31,99% 31,43 5,55 3,78 37 Construction services and materials 
64 98 Ceļu Satiksmes Drošības Direkcija VAS 28,39 22,57 25,81% 19,97 3,20 1,37 22 Transportation, transit, logistics
65 59 Stockmann SIA 27,83 37,05 -24,90% 48,01 4,45 3,40 10 Retail
66 85 Cido Grupa SIA 27,22 26,60 2,31% 37,81 3,95 2,15 63 Food production
67 94 Ramiteh SIA 26,97 23,64 14,12% 10,12 5,14 2,73 54 Construction services and materials 
68 88 L'Oreal Baltic SIA 26,52 24,39 8,73% 26,74 3,13 1,71 60 Retail
69 45 Vika Wood SIA 25,93 45,13 -42,56% 44,55 4,49 2,34 68 Forestry and timber processing
70 79 Polar Bek Daugava SIA (Viesnīca Radisson SAS) 25,28 29,00 -12,82% 7,12 3,16 1,32 50 Tourism and hotel services
71 40 Neste  Latvija SIA 24,88 55,84 -55,44% 204,28 5,65 3,46 61 Fuel trade
72 - Mateks Credit SIA 24,21 New - 3,26 3,16 2,13 22 Banks and financial services
73 - United Panel Group Europe SIA 23,77 New - 28,27 4,66 3,92 10 Forestry and timber processing
74 - Greis SIA 23,74 New - 72,63 3,09 2,42 15 Retail
75 87 SMP Bank AS (Multibanka AS) 23,67 25,51 -7,19% 52,01 44,50 0,19 77 Banks and financial services
76 - Cēsu Alus AS 23,62 New - 23,80 2,86 0,86 57 Tobacco and alcohol
77 - Tolmets SIA 22,48 New - 89,12 4,53 1,70 55 Retail
78 99 Jysk Linnen'n Furniture SIA 21,26 22,36 -4,90% 22,55 4,50 3,76 63 Retail
79 - Volvo Truck Latvia SIA 21,06 New - 63,15 4,45 3,80 60 Automotive retail
80 - Kesko Agro Lavija SIA 20,87 New - 92,20 3,80 1,28 63 Retail
81 75 Tamro SIA 20,75 30,66 -32,32% 73,33 2,12 1,43 68 Medicine and pharmaceuticals
82 83 Latvijas Energoceltnieks SIA 19,98 26,79 -25,45% 44,67 3,53 2,42 64 Construction services and materials 
83 57 Gaujas Koks SIA 19,87 39,01 -49,05% 23,56 3,73 1,66 29 Forestry and timber processing
84 - West East Industries AS 19,36 New - 8,88 2,68 1,98 41 Real estate operations
85 - Preiļu Siers AS 18,83 New - 33,71 3,05 1,21 12 Food production
86 62 Domenikss SIA 18,80 35,15 -46,51% 57,48 4,19 2,93 35 Automotive retail
87 - Latalko SIA 18,71 New - 34,14 2,25 0,94 15 Tobacco and alcohol
88 - Narvesen Baltija SIA  18,69 New - 65,40 2,71 1,25 55 Retail
89 - Energofirma Jauda AS 18,52 New - 26,06 3,58 2,80 30 Energy
90 74 Akciju Komercbanka Baltikums AS 18,48 31,01 -40,42% 98,77 12,59 2,02 81 Banks and financial services
91 78 Stora Enso Timber AS 18,22 29,60 -38,43% 29,99 3,22 1,68 58 Forestry and timber processing
92 - Zemniecība SIA (veikalu tīkls BETA) 17,94 New - 21,82 2,83 2,07 15 Retail
93 - Paula Stradiņa Klīniskā Universitātes Slimnīca VAS 17,76 New - 51,59 2,44 0,26 9 Medicine and pharmaceuticals
94 - BaltKraft SIA 17,72 New - 16,83 2,73 1,36 26 Retail
95 - Latio SIA 17,69 New - 7,18 2,56 0,15 20 Real estate operations
96 89 Rīgas Piensaimnieks SIA 17,44 24,11 -27,65% 25,85 2,74 0,37 25 Food production
97 - PATA AB SIA 17,43 New - 60,67 3,33 2,01 21 Forestry and timber processing
98 - Laima AS 17,36 New - 31,82 2,57 1,20 54 Food production
99 - First Data Latvia SIA 17,20 New - 6,98 2,83 1,80 54 Information and Technology
100 61 SIS Biznesa Serviss SIA 17,15 35,35 -51,49% 20,50 4,20 3,65 5 Retail
101 80 Tilts SIA 17,12 28,48 -39,90% 19,56 3,32 2,37 21 Construction services and materials 

* TOP 101 reflects enterprise value of the companies except for banks and insurance companies, for which equity value is reflected.
** For banks and insurance companies the columns "revenue" and "adjusted EBITDA" present book value of total assets and shareholders' equity respectively.  

TOP 101 Assumptions and Explanations

  1. If available, consolidated financial statements were used to derive enterprise value. Holding companies were valued only if consolidated financial statements were available.
  2. If there were suspicions that a company is a part of a financial schemes, the company was excluded form the TOP 101.
  3. Specific risk of a company was not taken into account, since only publicly disclosed information was used. The information required to evaluate specific risk often is not publicly disclosed by companies.
  4. Companies that, according to our opinion, were of particularly high risk profile were excluded from the TOP 101