Top 101 - 2010

Ranking 2010 Ranking 2009 Company Name Enterprise value*, 2010 Million LVL Enterprise value*, 2009 Million LVL Changes in value, % Sales 2009**, Million LVL Adjusted EBITDA** 2009, Million LVL Net profit 2009, Million LVL Corporate governance coefficients Industry
1 1 LATVENERGO, AS 1020,70 871,30 17,15% 500,51 146,98 19,56 37 Energy
2 8 SWEDBANK, AS 400,96 230,39 74,04% 4 090,13 470,58 -56,57 97 Bank, Insurance and other financial services
3 4 LATVIJAS DZELZCEĻŠ, VAS 385,96 327,06 18,01% 284,83 58,44 5,86 17 Transportation, transit, logistics
4 2 LATVIJAS MOBILAIS TELEFONS, SIA 304,67 489,47 -37,76% 151,12 51,90 25,18 79 Telecommunication services
5 3 LATVIJAS VALSTS MEŽI, VAS 281,50 403,01 -30,15% 136,55 48,67 33,21 38 Forestry and timber processing
6 7 LATTELECOM, SIA 239,84 256,45 -6,48% 139,86 45,86 20,26 83 Telecommunication services
7 5 LATVIJAS GĀZE, AS 226,18 283,45 -20,21% 329,71 49,53 19,17 91 Energy
8 10 MAXIMA LATVIJA, SIA 223,69 214,15 4,46% 397,32 25,28 14,60 53 Retail
9 6 TELE2, SIA 212,67 272,45 -21,94% 108,57 37,49 30,04 62 Telecommunication services
10 11 RĪGAS SATIKSME, RPSIA 173,25 201,29 -13,93% 102,22 26,06 1,99 20 Transportation, transit, logistics
11 13 SEB BANKA, AS 162,29 149,68 8,43% 2 839,73 190,48 -30,58 97 Bank, Insurance and other financial services
12 17 RĪGAS TIRDZNIECĪBAS OSTA, SIA 131,57 98,92 33,02% 82,23 17,17 9,87 19 Transportation, transit, logistics
13 - ALPHA OSTA, SIA 131,55 - - 30,57 16,97 10,43 24 Transportation, transit, logistics
14 19 VALSTS NEKUSTAMIE ĪPAŠUMI, VAS 115,61 94,47 22,38% 17,47 8,78 0,37 42 Real estate operations
15 23 RIETUMU BANKA, AS 109,47 77,65 40,97% 2 839,73 136,75 2,02 64 Bank, Insurance and other financial services
16 22 DNB NORD BANKA, AS 102,16 79,46 28,56% 1 859,63 122,70 -16,29 84 Bank, Insurance and other financial services
17 20 RĪGAS SILTUMS, AS 94,81 93,37 1,54% 140,30 13,53 5,00 41 Utility services
18 12 RIMI LATVIJA, SIA 93,94 189,38 -50,40% 404,39 10,38 -2,09 64 Retail
19 39 LATVIJAS HIPOTĒKU UN ZEMES BANKA, VAS 93,36 48,45 92,70% 833,89 111,56 -39,32 87 Bank, Insurance and other financial services
20 28 RĪGAS ŪDENS, SIA 74,63 72,51 2,92% 27,68 10,41 1,99 19 Utility services
21 26 MIKROTĪKLS, SIA 69,21 75,67 -8,54% 29,34 11,89 8,81 18 Information and Technology
22 15 VENTSPILS NAFTA, AS 66,37 117,42 -43,48% 66,37 7,84 -1,99 65 Transportation, transit, logistics/Petrochemicals
23 53 STREK, SIA 65,03 30,77 111,35% 15,88 8,47 6,63 20 Transportation, transit, logistics
24 30 VK TRANZĪTS, SIA 62,90 66,00 -4,70% 80,03 8,30 9,27 14 Transportation, transit, logistics
25 57 SKONTO BŪVE, SIA 59,38 28,73 106,71% 78,28 9,84 6,98 38 Construction services and materials 
26 44 AIZKRAUKLES BANKA, AS 57,55 43,91 31,07% 1 139,99 71,89 -4,61 64 Bank, Insurance and other financial services
27 38 VALMIERAS STIKLA ŠĶIEDRA, AS 54,87 52,98 3,57% 30,26 6,55 0,02 79 Manufacturing
28 29 RECIPE PLUS, AS 54,73 66,75 -18,00% 74,39 7,02 5,51 13 Medicine and pharmaceuticals
29 - AIR BALTIC CORPORATION, AS 54,45 - - 206,80 9,17 11,13 23 Transportation, transit, logistics
30 34 STARPTAUTISKĀ LIDOSTA "RĪGA", VAS 54,13 56,58 -4,34% 22,85 6,84 0,33 16 Transportation, transit, logistics
31 18 LATVIJAS BALZAMS, AS 52,92 94,66 -44,10% 55,60 6,69 3,59 93 Production of alcoholic beverages
32 48 NORVIK BANKA, AS 48,93 33,87 44,46% 550,86 60,26 0,65 71 Bank, Insurance and other financial services
33 31 LATVIJAS AUTOCEĻU UZTURĒTĀJS, VAS 48,88 62,99 -22,41% 41,96 7,24 0,89 27 Construction services and materials 
34 21 GRINDEKS, AS 48,53 87,88 -44,77% 53,57 5,58 3,57 100 Medicine and pharmaceuticals
35 58 UNICREDIT BANK, AS 48,27 27,78 73,77% 700,29 58,29 -2,43 81 Bank, Insurance and other financial services
36 - OLAINFARM, AS 45,16 - - 22,44 5,48 2,36 71 Medicine and pharmaceuticals
37 45 TIRDZNIECĪBAS CENTRS PLESKODĀLE, SIA 44,72 41,89 6,77% 6,52 3,36 2,04 47 Retail
38 - VIKA WOOD, SIA 44,52 - - 34,83 7,39 4,71 57 Forestry and timber processing
39 32 LATVIJA STATOIL, SIA 43,79 61,15 -28,39% 260,47 10,16 1,20 61 Fuel trade
40 - BALTICOVO, AS 43,50 - - 22,45 6,38 3,00 41 Food production
41 33 RE & RE, SIA 41,34 60,60 -31,79% 39,73 7,07 6,13 24 Construction services and materials 
42 - PAULA STRADIŅA KLĪNISKĀ UNIVERSITĀTES SLIMNĪCA, VSIA 39,93 - - 57,27 5,89 0,05 26 Medicine and pharmaceuticals
43 49 BMGS, AS 39,09 32,86 18,96% 60,80 6,84 3,31 14 Construction services and materials 
44 - LATVIJAS GAISA SATIKSME, VAS 39,04 - - 14,19 4,67 0,93 41 Transportation, transit, logistics
45 - LATVIJAS TILTI, AS 38,69 - - 22,92 5,94 4,50 75 Construction services and materials 
46 81 MERKS, SIA 38,26 17,96 113,07% 40,16 5,99 4,06 65 Construction services and materials 
47 25 KNAUF, SIA 37,81 76,24 -50,41% 26,92 5,52 1,52 30 Construction services and materials 
48 64 LATVIJAS KRĀJBANKA, AS 37,67 23,26 61,96% 598,92 44,83 -4,63 89 Bank, Insurance and other financial services
49 61 LTB BANK, AS 36,92 25,75 43,39% 216,29 43,80 0,90 91 Bank, Insurance and other financial services
50 42 UPB, AS 36,29 46,48 -21,94% 42,41 6,26 1,24 20 Construction services and materials 
51 35 ELKO GRUPA, AS 36,09 55,85 -35,39% 324,45 6,49 -13,46 47 Information and Technology
52 24 A.C.B., AS 36,03 76,26 -52,74% 43,57 6,39 -1,55 8 Construction services and materials 
53 - CEĻU SATIKSMES DROŠĪBAS DIREKCIJA, VAS 34,55 - - 20,23 5,16 2,77 23 Other industry/Government services
54 43 SENTOR FARM APTIEKAS, AS 34,29 46,38 -26,06% 42,33 4,42 3,13 11 Medicine and pharmaceuticals
55 92 RETTENMEIER BALTIC TIMBER, SIA 33,17 16,08 106,30% 21,77 5,65 3,32 45 Forestry and timber processing
56 27 LATVIJAS FINIERIS, AS 31,48 73,86 -57,38% 67,74 5,29 -7,99 51 Forestry and timber processing
57 - PASAŽIERU VILCIENS, AS 30,36 - - 47,44 4,53 -0,66 24 Transportation, transit, logistics
58 - RĪGAS AUSTRUMU KLĪNISKĀ UNIVERSITĀTES SLIMNĪCA, SIA 30,09 - - 48,78 4,57 0,05 13 Medicine and pharmaceuticals
59 - TOLMETS, SIA 29,45 - - 62,01 5,05 2,34 40 Manufacturing
60 - BINDERS, SIA 29,37 - - 36,12 5,15 2,52 13 Construction services and materials 
61 51 CIDO GRUPA, SIA 28,66 32,14 -10,83% 31,44 2,58 -1,98 50 Food production
62 67 L & T, SIA 28,20 22,00 28,14% 14,82 3,99 1,90 58 Utility services
63 - LATVIJAS PASTS, VAS 27,98 - - 45,27 4,38 -0,25 36 Transportation, transit, logistics
64 - DEPO DIY, SIA 27,83 - - 74,15 4,36 1,90 56 Retail
65 66 CĒSU ALUS, AS 27,73 22,01 25,98% 27,04 3,40 0,13 56 Production of alcoholic beverages
66 47 BALTIC CONTAINER TERMINAL, SIA 27,57 35,23 -21,75% 7,90 3,68 2,55 9 Transportation, transit, logistics
67 40 ALDARIS, AS 26,70 47,38 -43,65% 27,31 3,24 1,43 61 Production of alcoholic beverages
68 96 TILTS, SIA 26,34 15,04 75,13% 23,68 4,59 3,40 16 Construction services and materials 
69 - GJENSIDIGE BALTIC, AAS 25,28 - - 67,94 27,38 1,67 81 Bank, Insurance and other financial services
70 - BELAM-RĪGA, SIA 24,85 - - 20,39 4,19 2,92 30 Information and Technology
71 78 TRASTA KOMERCBANKA, AS 24,59 18,40 33,65% 210,15 30,10 -2,80 74 Bank, Insurance and other financial services
72 63 TAMRO, SIA 23,48 23,71 -0,96% 68,81 2,70 1,47 63 Medicine and pharmaceuticals
73 - BALTKOM TV, SIA 23,08 - - 15,18 4,54 1,18 0 Telecommunication services
74 - NESTE LATVIJA, SIA 22,88 - - 130,21 5,39 1,11 54 Fuel trade
75 - BTA, AAS 22,79 - - 71,63 25,54 3,59 64 Bank, Insurance and other financial services
76 68 HANZAS MAIZNĪCA, AS 22,33 21,75 2,66% 20,35 3,22 2,39 49 Food production
77 36 VIESNĪCA LATVIJA, AS 22,15 54,21 -59,13% 8,62 2,49 -7,51 50 Tourism and hotel services
78 91 ARČERS, SIA 22,06 16,13 36,74% 24,03 3,79 4,75 22 Construction services and materials 
79 - ABORA, SIA 21,73 - - 13,98 3,66 2,57 31 Construction services and materials 
80 - STRABAG AG FILIĀLE LATVIJĀ 21,72 - - 5,39 3,52 2,63 48 Construction services and materials 
81 - KUREKSS, SIA 21,66 - - 22,91 3,80 2,65 31 Forestry and timber processing
82 - KOMERCBANKA BALTIKUMS, AS 21,34 - - 135,43 26,12 0,76 74 Bank, Insurance and other financial services
83 - BALTA, AAS 21,17 - - 57,69 22,93 2,20 81 Bank, Insurance and other financial services
84 - PRIVATBANK, AS 20,86 - - 238,29 25,19 -3,94 81 Bank, Insurance and other financial services
85 62 FIRST DATA LATVIA, SIA 20,78 25,13 -17,32% 7,73 3,47 2,79 54 Information and Technology
86 - RĪGAS PIENSAIMNIEKS, SIA 20,07 - - 19,08 3,87 1,08 34 Food production
87 89 LATVIJAS ENERGOCELTNIEKS, SIA 19,89 16,39 21,33% 25,20 3,17 -4,60 56 Construction services and materials 
88 60 GETLIŅI EKO, SIA 18,91 26,61 -28,95% 6,37 2,94 1,43 14 Utility services
89 84 RĪGAS PIENA KOMBINĀTS, AS 18,61 17,09 8,88% 41,63 3,51 0,02 45 Food production
90 - SSF LOGISTIC, SIA 18,41 - - 5,42 2,88 2,49 3 Transportation, transit, logistics
91 - LIELZELTIŅI, SIA 18,32 - - 12,50 2,71 0,85 38 Food production
92 97 L-EKSPRESIS, SIA 17,46 15,02 16,31% 10,94 2,52 1,49 38 Transportation, transit, logistics
93 - HAVI LOGISTICS, SIA 16,98 - - 35,12 2,56 1,00 54 Transportation, transit, logistics
94 - URALCHEM TRADING, SIA 16,84 - - 93,35 2,27 2,36 14 Retail
95 - BALTIJAS EKSPRESIS, AS 15,56 - - 15,61 2,39 1,74 11 Transportation, transit, logistics
96 74 AGA, SIA 15,40 20,15 -23,57% 9,13 1,70 0,08 54 Other industry/Industrial gas
97 14 ALFOR, SIA 15,32 120,90 -87,33% 29,24 2,75 -4,22 27 Gambling
98 - ADUGS, SIA 15,12 - - 10,34 2,31 1,30 22 Food production
99 80 ALCO, SIA 14,55 18,07 -19,48% 4,65 3,70 2,75 19 Fuel trade
100 - B.L.B. BALTIJAS TERMINĀLS, AS 14,18 - - 5,94 1,87 0,81 14 Transportation, transit, logistics
101 - TURKISH AIRLINES INC. RĪGAS FILIĀLE 14,18 - - 2,94 2,25 2,21 51 Transportation, transit, logistics

* 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