Top 101 - 2011

Ranking 2011 Ranking 2010 Company Name Enterprise value*, 2011 Million LVL Enterprise value*, 2010 Million LVL Changes in value, % Sales 2010**, Million LVL Adjusted EBITDA** 2010, Million LVL Corporate governance coefficients Industry
1, 1, LATVENERGO, AS 973,95 1020,70 -4,58% 574,7 206,3 42 Energy
2, 2, SWEDBANK, AS 537,05 400,96 33,94% 4180,7 480,3 94 Bank, Insurance and other financial services
3, 3, LATVIJAS DZELZCEĻŠ, VAS 440,42 385,96 14,11% 257,4 54,9 33 Transportation, transit, logistics
4, 5, LATVIJAS VALSTS MEŽI, vAS 395,15 281,50 40,37% 216,0 101,8 19 Forestry and timber processing
5, 7, LATVIJAS GĀZE, AS 354,51 226,18 56,74% 353,3 56,7 91 Energy
6, 11, SEB BANKA, AS 256,16 162,29 57,83% 2718,0 227,9 97 Bank, Insurance and other financial services
7, 4, LATVIJAS MOBILAIS TELEFONS, SIA 244,48 304,67 -19,76% 134,1 53,6 79 Telecommunication services
8, 6, LATTELECOM, SIA 217,80 239,84 -9,19% 139,2 43,6 77 Telecommunication services
9, 14, VALSTS NEKUSTAMIE ĪPAŠUMI, VAS 199,20 115,61 72,31% 21,3 12,4 35 Real estate operations
10, 18, RIMI LATVIA, SIA 164,98 93,94 75,62% 391,8 15,1 60 Retail
11, 10, RĪGAS SATIKSME, RPSIA 158,20 173,25 -8,69% 90,5 22,0 18 Transportation, transit, logistics
12, 9, TELE2 HOLDINGS, SIA 149,77 212,67 -29,58% 97,6 29,5 68 Telecommunication services
13, 15, RIETUMU BANKA, AS 145,67 109,47 33,07% 1116,3 137,9 64 Bank, Insurance and other financial services
14, 16, DNB NORD BANKA, AS 129,24 102,16 26,51% 1804,9 118,3 81 Bank, Insurance and other financial services
15, 8, MAXIMA LATVIJA, SIA 122,54 223,69 -45,22% 390,5 11,8 51 Retail
16, 94, URALCHEM TRADING, SIA 120,96 16,84 618,35% 456,5 11,7 16 Retail
17, - VENTSPILS NAFTA TERMINĀLS, SIA 119,43 - - 43,4 14,3 62 Transportation, transit, logistics
18, 34, GRINDEKS, AS 113,54 48,53 133,94% 65,1 11,6 94 Medicine and pharmaceuticals
19, 31, LATVIJAS BALZAMS, AS 105,24 52,92 98,89% 74,9 7,8 100 Production of alcoholic beverages
20, 39, LATVIJA STATOIL, SIA 98,92 43,79 125,90% 287,1 12,7 64 Fuel trade
21, 56, LATVIJAS FINIERIS, AS 95,38 31,48 202,95% 96,2 21,7 46 Forestry and timber processing
22, 19, LATVIJAS HIPOTĒKU UN ZEMES BANKA, VAS 91,47 93,36 -2,02% 706,1 85,7 69 Bank, Insurance and other financial services
23, 12, RĪGAS TIRDZNIECĪBAS OSTA, SIA 90,00 131,57 -31,60% 75,9 13,7 19 Transportation, transit, logistics
24, - BOLDERAJA LTD, SIA 88,11 - - 84,9 21,8 13 Forestry and timber processing
25, 21, MIKROTĪKLS, SIA 85,83 69,21 24,02% 37,1 14,1 27 Information and technology
26, 17, RĪGAS SILTUMS, AS 81,46 94,81 -14,08% 112,3 12,7 42 Utility services
27, 51, ELKO GRUPA, AS 77,08 36,09 113,61% 416,9 8,0 34 Information and technology
28, 26, ABLV, AS 74,95 57,55 30,22% 1367,5 71,0 64 Bank, Insurance and other financial services
29, 32, NORVIK BANKA, AS 68,06 48,93 39,10% 591,3 63,5 71 Bank, Insurance and other financial services
30, 33, LATVIJAS AUTOCEĻU UZTURĒTĀJS, VAS 67,43 48,88 37,95% 44,8 7,4 17 Transportation, transit, logistics
31, 48, LATVIJAS KRĀJBANKA, AS 62,92 37,67 67,04% 654,2 56,0 97 Bank, Insurance and other financial services
32, 37, TIRDZNIECĪBAS CENTRS PLESKODĀLE, SIA 62,71 44,72 40,23% 6,8 3,7 47 Real estate operations
33, 20, RĪGAS ŪDENS, SIA 62,44 74,63 -16,34% 27,2 10,3 12 Utility services
34, 30, STARPTAUTISKĀ LIDOSTA RĪGA, VAS 60,09 54,13 11,02% 22,7 8,7 28 Transportation, transit, logistics
35, - LUKOIL BALTIJA R, SIA 57,85 - - 186,5 6,3 62 Fuel trade
36, - LIEPĀJAS METALURGS, AS 56,45 - - 204,2 2,5 71 Manufacturing
37, - SEVERSTAĻLAT, AS 54,01 - - 118,6 5,1 70 Manufacturing
38, - DROGAS, AS 53,58 - - 50,5 5,8 50 Retail
39, - BALTIJAS TRANZĪTA SERVISS, AS 53,25 - - 35,5 5,8 18 Transportation, transit, logistics
40, 97, ALFOR, SIA 52,52 15,32 242,81% 29,4 8,8 64 Gambling
41, - PLESKO REAL ESTATE, SIA 51,60 - - 6,2 2,7 50 Real estate operations
42, 36, OLAINFARM, AS 51,34 45,16 13,67% 25,0 6,7 80 Medicine and pharmaceuticals
43, 28, RECIPE PLUS, AS 50,62 54,73 -7,52% 87,2 7,6 18 Medicine and pharmaceuticals
44, 35, UNICREDIT BANK, AS 49,98 48,27 3,54% 704,3 45,5 84 Bank, Insurance and other financial services
45, 49, LTB BANK, AS 49,38 36,92 33,73% 445,2 44,4 91 Bank, Insurance and other financial services
46, 59, TOLMETS, SIA 49,35 29,45 67,61% 102,4 5,4 40 Manufacturing
47, 27, VALMIERAS STIKLA ŠĶIEDRA, AS 49,09 54,87 -10,54% 39,2 6,8 85 Manufacturing
48, - DELTA PROPERTY, SIA 48,95 - - 6,1 2,9 14 Real estate operations
49, 74, NESTE LATVIJA, SIA 48,29 22,88 111,07% 156,7 5,4 54 Fuel trade
50, 42, PAULA STRADIŅA KLĪNISKĀ UNIVERSITĀTES SLIMNĪCA, VSIA 45,25 39,93 13,34% 58,1 6,0 22 Medicine and pharmaceuticals
51, 38, VIKA WOOD, SIA 44,37 44,52 -0,34% 43,7 9,8 61 Forestry and timber processing
52, 57, PASAŽIERU VILCIENS, AS 41,86 30,36 37,86% 41,7 4,7 11 Transportation, transit, logistics
53, - MARNO J, SIA 41,71 - - 4,6 2,4 47 Real estate operations
54, 13, ALPHA OSTA, SIA 40,61 131,55 -69,13% 22,7 6,4 24 Transportation, transit, logistics
55, 54, SENTOR FARM APTIEKAS, AS 38,59 34,29 12,54% 51,8 6,1 16 Medicine and pharmaceuticals
56, 23, STREK, SIA 37,99 65,03 -41,59% 12,7 6,3 20 Transportation, transit, logistics
57, 58, RĪGAS AUSTRUMU KLĪNISKĀ UNIVERSITĀTES SLIMNĪCA, SIA 37,89 30,09 25,93% 48,8 5,3 6 Medicine and pharmaceuticals
58, - OLYMPIC CASINO LATVIA, SIA 37,04 - - 15,9 6,2 80 Gambling
59, 66, BALTIC CONTAINER TERMINAL, SIA 36,86 27,57 33,69% 11,1 6,4 9 Transportation, transit, logistics
60, - JELD-WEN LATVIJA, SIA 35,63 - - 19,4 6,3 54 Construction services and materials 
61, - PATA AB, SIA 34,86 - - 65,5 8,2 16 Forestry and timber processing
62, 53, CEĻU SATIKSMES DROŠĪBAS DIREKCIJA, VAS 34,10 34,55 -1,31% 20,1 4,6 17 Other industry
63, 65, CĒSU ALUS, AS 33,71 27,73 21,59% 30,4 3,9 63 Production of alcoholic beverages
64, 44, LATVIJAS GAISA SATIKSME, VAS 32,89 39,04 -15,76% 15,3 4,0 25 Transportation, transit, logistics
65, - AKZ, SIA 31,73 - - 32,4 7,6 25 Forestry and timber processing
66, 64, DEPO DIY, SIA 31,12 27,83 11,82% 80,5 3,5 50 Retail
67, 47, KNAUF, SIA 31,11 37,81 -17,71% 24,8 5,3 54 Construction services and materials 
68, - JAUNPAGASTS PLUS, SIA 31,08 - - 14,3 3,4 22 Production of alcoholic beverages
69, 70, BELAM-RĪGA, SIA 30,78 24,85 23,88% 40,2 4,7 27 Information and technology
70, 71, TRASTA KOMERCBANKA, AS 30,69 24,59 24,77% 217,4 28,3 77 Bank, Insurance and other financial services
71, 40, BALTICOVO, AS 29,34 43,50 -32,56% 21,2 5,3 43 Food production
72, - BIO-VENTA, SIA 29,03 - - 32,2 6,7 14 Manufacturing
73, 69, GJENSIDIGE BALTIC, AAS 28,08 25,28 11,08% 67,5 30,4 81 Bank, Insurance and other financial services
74, - STORA ENSO LATVIJA, AS 27,14 - - 49,7 5,6 53 Forestry and timber processing
75, - MAŽEIĶU NAFTA TIRDZNIECĪBAS NAMS, SIA 27,07 - - 204,6 1,5 48 Fuel trade
76, 73, BALTKOM TV, SIA 26,98 23,08 16,93% 12,1 3,9 25 Telecommunication services
77, 72, TAMRO, SIA 26,24 23,48 11,76% 73,6 3,1 63 Medicine and pharmaceuticals
78, - BALTIC COAL TERMINAL, AS 26,22 - - 10,3 4,5 8 Transportation, transit, logistics
79, 81, KUREKSS, SIA 26,13 21,66 20,68% 30,8 6,0 31 Forestry and timber processing
80, 77, VIESNĪCA LATVIJA, AS 25,26 22,15 14,00% 10,0 2,9 50 Real estate operations
81, 78, ARČERS, SIA 25,24 22,06 14,40% 23,0 4,6 31 Construction services and materials 
82, - LEXEL FABRIKA, SIA 24,87 - - 18,2 3,6 50 Manufacturing
83, - ITERA LATVIJA, SIA 24,65 - - 81,6 3,5 9 Energy
84, 25, SKONTO BŪVE, SIA 24,34 59,38 -59,01% 73,8 2,9 42 Construction services and materials 
85, 55, RETTENMEIER BALTIC TIMBER, SIA 24,19 33,17 -27,07% 22,4 5,8 29 Forestry and timber processing
86, 75, BTA, AAS 22,91 22,79 0,51% 113,3 26,9 41 Bank, Insurance and other financial services
87, 82, KOMERCBANKA BALTIKUMS, AS 22,88 21,34 7,22% 125,8 21,2 74 Bank, Insurance and other financial services
88, 41, RE & RE, SIA 22,77 41,34 -44,91% 27,8 4,0 23 Construction services and materials 
89, - LATGRAN, SIA  22,37 - - 22,2 4,9 50 Manufacturing
90, - GE MONEY BANK, AS 22,33 - - 208,6 18,5 81 Bank, Insurance and other financial services
91, - NARVESEN BALTIJA, SIA 22,06 - - 53,9 1,9 59 Retail
92, - NIAM III HOLDING, SIA 21,66 - - 1,5 1,5 14 Real estate operations
93, 67, ALDARIS, AS 21,54 26,70 -19,32% 25,5 2,5 65 Production of alcoholic beverages
94, - TRANSTRADE RIGA, SIA 21,50 - - 12,0 5,1 8 Transportation, transit, logistics
95, 84, PRIVATBANK, AS 21,18 20,86 1,55% 274,4 19,5 77 Bank, Insurance and other financial services
96, - TIESU NAMU AĢENTŪRA, VAS 21,00 - - 2,7 1,2 7 Real estate operations
97, 83, BALTA, AAS 20,88 21,17 -1,38% 60,8 22,8 75 Bank, Insurance and other financial services
98, - GAUJAS KOKS, SIA 20,81 - - 29,6 4,7 21 Forestry and timber processing
99, 90, SSF LOGISTIC, SIA 20,38 18,41 10,67% 7,1 3,8 3 Transportation, transit, logistics
100, 43, BMGS, AS 20,37 39,09 -47,89% 37,3 3,4 16 Construction services and materials 
101, - SPĒKS-R, SIA 20,04 - - 2,2 1,2 41 Real estate operations

* 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