Top 101 - 2009

Ranking 2009 Ranking 2008 Company Name Enterprise value*, 2009 Million LVL Enterprise value*, 2008 Million LVL Changes in value, % Sales 2008**, Million LVL Adjusted EBITDA** 2008, Million LVL Net profit 2008, Million LVL Corporate governance coefficients Industry
1 2 LATVENERGO, AS 871,30 667,75 30,48% 475,86 107,05 11,15 39 Energy
2 5 LATVIJAS MOBILAIS TELEFONS, SIA 489,47 510,00 -4,02% 192,55 84,97 57,32 71 Telecommunication services
3 3 LATVIJAS VALSTS MEŽI, VAS 403,01 613,83 -34,35% 148,04 63,42 52,27 39 Forestry and timber processing
4 12 LATVIJAS DZELZCEĻŠ, VAS 327,06 211,46 54,67% 299,45 43,87 13,35 18 Transportation, transit, logistics
5 10 LATVIJAS GĀZE, AS 283,45 248,61 14,01% 351,00 41,38 18,16 91 Energy
6 7 TELE2, SIA 272,45 319,51 -14,73% 130,08 48,18 37,18 62 Telecommunication services
7 8 LATTELECOM, SIA 256,45 315,75 -18,78% 160,40 52,05 29,70 82 Telecommunication services
8 1 SWEDBANK, AS 230,39 873,88 -73,64% 5 496,09 572,80 59,08 94 Banks and financial services
9 11 LATVIJAS KUĢNIECĪBA, AS 226,91 228,44 -0,67% 120,92 33,73 28,16 73 Transportation, transit, logistics
10 17 MAXIMA LATVIJA, SIA 214,15 157,60 35,88% 426,30 27,50 15,95 49 Retail
11 21 RĪGAS SATIKSME, RPSIA 201,29 111,00 81,34% 113,09 26,54 5,11 21 Transportation, transit, logistics
12 22 RIMI LATVIJA, SIA 189,38 101,38 86,80% 464,99 24,01 13,18 55 Retail
13 4 SEB BANKA, AS 149,68 608,44 -75,40% 3 383,84 274,73 29,93 97 Banks and financial services
14 16 ALFOR, SIA 120,90 162,66 -25,67% 52,54 17,31 7,31 58 Gambling
15 15 VENTSPILS NAFTA, AS 117,42 176,50 -33,47% 63,12 17,52 12,87 71 Transportation, transit, logistics/Petrochemicals
16 18 LIEPĀJAS METALURGS, AS 103,36 122,11 -15,36% 270,17 17,92 5,94 81 Manufacturing
17 - RĪGAS TIRDZNIECĪBAS OSTA, SIA 98,92 New - 64,28 16,74 13,37 13 Transportation, transit, logistics
18 35 LATVIJAS BALZAMS, AS 94,66 63,09 50,03% 103,60 8,83 5,91 88 Tobacco and alcohol
19 53 VALSTS NEKUSTAMIE ĪPAŠUMI, VAS 94,47 35,86 163,43% 21,03 9,65 7,43 47 Real estate operations
20 39 RĪGAS SILTUMS, AS 93,37 52,66 77,31% 109,37 11,60 3,72 34 Utility services
21 19 GRINDEKS, AS 87,88 119,99 -26,76% 62,11 10,49 9,03 100 Medicine and pharmaceuticals
22 14 DNB NORD BANKA, AS 79,46 189,45 -58,06% 2 190,06 148,42 5,03 86 Banks and financial services
23 9 RIETUMU BANKA, AS 77,65 266,52 -70,86% 1 102,87 132,14 18,80 61 Banks and financial services
24 29 A.C.B., AS 76,26 69,80 9,25% 97,15 14,10 9,22 13 Construction services and materials 
25 31 KNAUF, SIA 76,24 65,18 16,96% 51,03 11,37 7,97 53 Construction services and materials 
26 - MIKROTĪKLS, SIA 75,67 New - 26,78 12,83 12,97 31 Information and Technology
27 25 LATVIJAS FINIERIS, AS 73,86 84,07 -12,14% 99,41 11,50 -1,19 44 Forestry and timber processing
28 30 RĪGAS ŪDENS, SIA 72,51 66,45 9,12% 29,65 11,06 1,32 24 Utility services
29 38 RECIPE PLUS, AS 66,75 53,23 25,41% 99,95 7,78 6,14 15 Medicine and pharmaceuticals
30 52 VK TRANZĪTS, SIA 66,00 36,48 80,93% 66,24 11,17 7,20 13 Transportation, transit, logistics
31 - LATVIJAS AUTOCEĻU UZTURĒTĀJS, VAS 62,99 New - 60,55 8,25 1,63 24 Construction services and materials 
32 34 LATVIJA STATOIL, SIA 61,15 64,14 -4,67% 342,12 6,88 2,15 64 Fuel trade
33 - RE & RE, SIA 60,60 New - 50,67 11,13 6,34 16 Construction services and materials 
34 42 STARPTAUTISKĀ LIDOSTA "RĪGA", VAS 56,58 44,84 26,18% 24,53 7,54 2,69 35 Transportation, transit, logistics
35 24 ELKO GRUPA, AS 55,85 91,53 -38,98% 505,38 10,07 6,12 70 Information and Technology
36 36 VIESNĪCA "LATVIJA", AS 54,21 56,43 -3,93% 12,55 5,78 0,49 54 Tourism and hotel services
37 - ITERA LATVIJA, SIA 54,04 New - 140,83 9,31 7,88 13 Energy
38 49 VALMIERAS STIKLA ŠĶIEDRA, AS 52,98 38,93 36,10% 37,81 7,38 0,50 81 Manufacturing
39 28 LATVIJAS HIPOTĒKU UN ZEMES BANKA, VAS 48,45 71,21 -31,97% 969,02 79,63 0,18 87 Banks and financial services
40 26 ALDARIS, AS 47,38 80,87 -41,42% 36,40 5,36 3,32 56 Tobacco and alcohol
41 37 DROGAS, AS 47,11 55,98 -15,84% 64,70 7,00 5,00 53 Retail
42 27 UPB, AS 46,48 75,69 -38,59% 74,38 8,52 2,74 17 Construction services and materials 
43 57 SENTOR FARM APTIEKAS, AS 46,38 34,80 33,27% 54,52 5,19 3,57 33 Medicine and pharmaceuticals
44 13 AIZKRAUKLES BANKA, AS 43,91 200,83 -78,14% 982,07 75,14 10,22 67 Banks and financial services
45 - TIRDZNIECĪBAS CENTRS PLESKODĀLE, SIA 41,89 New - 6,93 4,24 2,03 51 Retail
46 23 GE MONEY BANK, AS 35,24 100,98 -65,10% 252,99 58,61 -14,94 81 Banks and financial services
47 54 BALTIC CONTAINER TERMINAL, SIA 35,23 35,45 -2,00% 10,64 5,96 4,43 13 Transportation, transit, logistics
48 32 NORVIK BANKA, AS 33,87 64,69 -47,64% 505,69 57,02 2,65 75 Banks and financial services
49 55 BMGS, AS 32,86 35,39 -7,15% 53,80 6,01 2,97 18 Construction services and materials 
50 - RETS INVESTĪCIJAS, SIA 32,71 New - 3,42 2,81 1,43 45 Energy
51 66 CIDO GRUPA, SIA 32,14 27,22 18,09% 45,64 3,55 2,12 56 Food production
52 47 PERI, SIA 31,15 40,89 -23,81% 10,23 4,60 1,06 58 Construction services and materials 
53 61 STREK, SIA 30,77 30,06 2,36% 12,24 5,18 3,04 15 Transportation, transit, logistics
54 - BALTENERGOTRADE, SIA 30,53 New - 36,68 2,58 2,33 53 Energy
55 78 JYSK LINNEN'N FURNITURE, SIA 29,19 21,26 37,27% 22,20 3,13 2,73 49 Retail
56 - ARIS BALTIJA, SIA 28,86 New - 7,25 3,80 3,03 44 Fuel trade/Card retail
57 40 SKONTO BŪVE, SIA 28,73 50,13 -42,70% 61,49 5,07 3,76 34 Construction services and materials 
58 41 UNICREDIT BANK, AS 27,78 46,62 -40,42% 789,56 45,93 2,73 84 Banks and financial services
59 60 JOKER LTD, SIA 27,63 32,38 -14,66% 15,39 4,23 0,07 27 Gambling
60 - GETLIŅI EKO, SIA 26,61 New - 6,75 3,79 1,98 23 Utility services
61 33 LTB BANK, AS  25,75 64,27 -59,93% 327,29 42,00 8,15 91 Banks and financial services
62 99 FIRST DATA LATVIA, SIA 25,13 17,20 46,07% 7,95 3,07 2,15 58 Information and Technology
63 81 TAMRO, SIA 23,71 20,75 14,23% 73,89 2,47 1,79 67 Medicine and pharmaceuticals
64 50 LATVIJAS KRĀJBANKA, AS 23,26 38,92 -40,24% 681,48 38,08 2,78 89 Banks and financial services
65 - BULBASH, SIA 22,95 New - 16,74 3,36 3,40 16 Retail
66 76 CĒSU ALUS, AS 22,01 23,62 -6,80% 27,34 2,47 -0,14 60 Tobacco and alcohol
67 - L & T, SIA 22,00 New - 16,90 2,88 1,08 62 Utility services
68 - HANZAS MAIZNĪCA, AS 21,75 New - 21,74 2,95 2,10 49 Food production
69 - LINSTOW, SIA 21,48 New - 5,25 2,10 0,18 67 Real estate operations
70 - KREISS, SIA 21,01 New - 14,27 3,15 0,59 26 Transportation, transit, logistics
71 - SALDUS CEĻINIEKS, SIA 20,98 New - 32,06 3,81 2,78 21 Construction services and materials 
72 - VIA, SIA 20,88 New - 15,38 3,70 2,36 32 Construction services and materials 
73 - TV3 LATVIA, SIA 20,59 New - 10,93 2,73 2,35 54 Other services/Media
74 - AGA, SIA 20,15 New - 9,98 2,57 1,37 60 Other services/Industrial gas
75 - VENTBUNKERS, AS 19,98 New - 32,86 3,43 2,10 15 Transportation, transit, logistics
76 92 ZEMNIECĪBA, SIA 19,63 17,94 9,39% 22,15 2,72 2,08 15 Retail
77 - RĪGAS NAMI, SIA 18,90 New - 3,03 2,04 0,16 21 Real estate operations
78 20 TRASTA KOMERCBANKA, AS 18,40 111,35 -83,47% 278,92 33,35 52,36 74 Banks and financial services
79 - DAUGAVPILS LOKOMOTĪVJU REMONTA RŪPNĪCA, AS 18,29 New - 17,52 2,88 1,43 50 Other services/Industrial repairs
80 - ALCO, SIA 18,07 New - 17,22 3,06 2,00 21 Fuel trade
81 59 MERKS, SIA 17,96 32,55 -44,82% 40,13 2,95 2,73 67 Construction services and materials 
82 - FORUM CINEMAS, SIA 17,53 New - 8,94 2,30 2,00 54 Other services/Entertainment
83 100 SIS BIZNESA SERVISS, SIA 17,12 17,15 -0,16% 12,83 3,56 3,01 5 Information and Technology
84 - RĪGAS PIENA KOMBINĀTS, AS  17,09 New - 60,24 2,37 0,02 39 Food production
85 - G4S LATVIA, AS 17,07 New - 18,60 2,03 0,82 63 Other services/Security
86 - STABURADZE, AS  17,05 New - 47,23 2,28 -0,82 56 Food production
87 - RD ELEKTRONIKS, SIA 16,97 New - 50,82 2,47 1,71 51 Retail
88 - ABAVA, SIA 16,64 New - 3,56 1,77 1,52 29 Real estate operations
89 82 LATVIJAS ENERGOCELTNIEKS, SIA 16,39 19,98 -17,95% 46,74 2,65 1,85 76 Construction services and materials 
90 - NAFTIMPEKS, SIA 16,29 New - 12,04 2,86 1,55 5 Transportation, transit, logistics/Petrochemicals
91 - ARČERS, SIA 16,13 New - 28,10 2,86 7,58 31 Construction services and materials 
92 - RETTENMEIER BALTIC TIMBER, SIA 16,08 New - 20,66 2,38 1,46 67 Forestry and timber processing
93 - CEĻU PĀRVALDE, AS 16,00 New - 24,50 2,92 1,84 19 Construction services and materials 
94 - KRONUS, SIA 15,42 New - 14,65 2,45 1,40 35 Forestry and timber processing
95 - LATVIJAS LOTO, VAS 15,10 New - 8,49 2,30 0,84 30 Gambling
96 101 TILTS, SIA 15,04 17,12 -12,12% 19,05 2,73 1,85 21 Construction services and materials 
97 - L-EKSPRESIS, SIA 15,02 New - 11,34 2,34 1,54 10 Transportation, transit, logistics
98 97 PATA AB, SIA 14,99 17,43 -14,00% 34,86 2,43 -0,57 26 Forestry and timber processing
99 - CEĻU, TILTU BŪVNIEKS, SIA 14,95 New - 8,48 2,71 1,84 21 Construction services and materials 
100 - EAST METAL, SIA 14,82 New - 16,49 2,53 1,60 72 Manufacturing
101 - TVA CONSTRUCTION, SIA 14,69 New - 23,80 2,59 1,19 35 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