Top 101 - 2012

Ranking 2012 Ranking 2011 Company Name Enterprise value*, 2012 Million LVL Enterprise value*, 2011 Million LVL Changes in value, % Sales 2011**, Million LVL Adjusted EBITDA** 2011, Million LVL Corporate governance coefficients Industry
1, 1, LATVENERGO, AS 876,30 973,95 -10,0% 681,8 180,8 40 Energy
2, 2, SWEDBANK, AS 631,36 537,05 17,6% 3460,9 562,8 94 Bank, Insurance and other financial services
3, 4, LATVIJAS VALSTS MEŽI, AS 490,96 395,15 24,2% 214,7 84,2 26 Forestry and timber processing
4, 3, LATVIJAS DZELZCEĻŠ, VAS 459,17 440,42 4,3% 318,8 63,3 33 Transportation, transit, logistics
5, 6, SEB BANKA, AS 326,49 256,16 27,5% 2609,2 289,5 97 Bank, Insurance and other financial services
6, 5, LATVIJAS GĀZE, AS 287,65 354,51 -18,9% 353,3 54,6 91 Energy
7, - VENTSPILS NAFTA, AS 260,70 - - 118,2 38,9 69 Transportation, transit, logistics
8, 7, LATVIJAS MOBILAIS TELEFONS, SIA 253,20 244,48 3,6% 135,5 52,6 85 Telecommunication services
9, 8, LATTELECOM, SIA 230,52 217,80 5,8% 135,8 47,9 77 Telecommunication services
10, 15, MAXIMA LATVIJA, SIA 174,07 122,54 42,1% 413,2 20,2 73 Retail
11, 14, DNB, AS 162,63 129,24 25,8% 1632,7 148,4 81 Bank, Insurance and other financial services
12, 21, LATVIJAS FINIERIS, AS 151,33 95,38 58,7% 118,1 25,6 32 Forestry and timber processing
13, 13, RIETUMU BANKA, AS 142,97 145,67 -1,9% 1396,2 141,4 41 Bank, Insurance and other financial services
14, 24, BOLDERAJA LTD, SIA 139,09 88,11 57,9% 89,9 22,8 48 Forestry and timber processing
15, 12, TELE2 HOLDINGS, SIA 136,22 149,77 -9,0% 91,1 29,8 68 Telecommunication services
16, 10, RIMI LATVIA, SIA 131,54 164,98 -20,3% 417,2 14,8 58 Retail
17, 16, URALCHEM TRADING, SIA 130,14 120,96 7,6% 720,0 17,6 19 Retail and distribution
18, 18, GRINDEKS, AS 102,24 113,54 -10,0% 69,6 10,6 97 Medicine and pharmaceuticals
19, 25, MIKROTĪKLS, SIA 98,59 85,83 14,9% 43,8 15,6 32 Information and technology
20, 9, VALSTS NEKUSTAMIE ĪPAŠUMI, VAS 97,76 199,20 -50,9% 19,2 9,8 22 Real estate operations
21, 28, ABLV, AS 93,38 74,95 24,6% 1778,3 85,2 81 Bank, Insurance and other financial services
22, 23, RĪGAS TIRDZNIECĪBAS OSTA SIA 93,28 90,00 3,6% 111,4 12,7 19 Transportation, transit, logistics
23, 42, OLAINFARM, AS 90,65 51,34 76,6% 35,8 11,4 80 Medicine and pharmaceuticals
24, 26, RĪGAS SILTUMS, AS 79,47 81,46 -2,4% 128,8 15,1 45 Utility services
25, 27, ELKO GRUPA, AS 78,27 77,08 1,5% 482,8 10,7 34 Information and technology
26, 40, ALFOR, SIA 76,27 52,52 45,2% 32,9 11,3 57 Gambling
27, 39, BALTIJAS TRANZĪTA SERVISS, AS 69,67 53,25 30,8% 53,8 9,5 23 Transportation, transit, logistics
28, 84, SKONTO BŪVE, SIA 64,97 24,34 166,9% 79,4 11,5 39 Construction services and materials 
29, 44, UNICREDIT BANK, AS 64,26 49,98 28,6% 586,1 58,3 84 Bank, Insurance and other financial services
30, 58, OLYMPIC CASINO LATVIA, SIA 62,81 37,04 69,6% 19,0 8,9 81 Gambling
31, 33, RĪGAS ŪDENS, SIA 61,69 62,44 -1,2% 27,4 10,0 19 Utility services
32, 47, VALMIERAS STIKLA ŠĶIEDRA, AS 61,37 49,09 25,0% 46,6 7,8 85 Manufacturing
33, 48, DELTA PROPERTY, SIA 58,96 48,95 20,5% 6,9 5,9 39 Real estate operations
34, 38, DROGAS, AS 56,27 53,58 5,0% 51,1 6,1 50 Retail
35, 59, BALTIC CONTAINER TERMINAL, SIA 53,71 36,86 45,7% 14,1 8,4 9 Transportation, transit, logistics
36, 34, STARPTAUTISKĀ LIDOSTA "RĪGA", VAS 53,62 60,09 -10,8% 23,2 6,9 23 Transportation, transit, logistics
37, 43, RECIPE PLUS, AS 51,37 50,62 1,5% 84,5 8,2 21 Medicine and pharmaceuticals
38, 45, EXPOBANK, AS*** 50,22 49,38 1,7% 242,3 45,8 81 Bank, Insurance and other financial services
39, - CEMEX SIA 49,68 - - 53,4 6,8 60 Construction services and materials 
40, 19, LATVIJAS BALZAMS, AS 48,18 105,24 -54,2% 46,1 5,5 91 Production of alcoholic beverages
41, 36, LIEPĀJAS METALURGS, AS 48,13 56,45 -14,7% 221,7 5,6 91 Manufacturing
42, 29, NORVIK BANKA, AS 46,71 68,06 -31,4% 592,2 43,5 71 Bank, Insurance and other financial services
43, 32, TIRDZNIECĪBAS CENTRS PLESKODĀLE, SIA 42,17 62,71 -32,8% 7,3 4,2 47 Real estate operations
44, 30, LATVIJAS AUTOCEĻU UZTURĒTĀJS, AS 41,84 67,43 -37,9% 45,2 5,7 21 Transportation, transit, logistics
45, 67, KNAUF, SIA 39,33 31,11 26,4% 28,4 5,7 54 Construction services and materials 
46, 37, SEVERSTAĻLAT, AS 39,33 54,01 -27,2% 138,6 5,5 56 Manufacturing
47, 55, SENTOR FARM APTIEKAS, AS 39,32 38,59 1,9% 53,1 6,4 14 Medicine and pharmaceuticals
48, 56, STREK, SIA 38,64 37,99 1,7% 11,9 5,8 23 Transportation, transit, logistics
49, 83, ITERA LATVIJA, SIA 38,34 24,65 55,5% 119,6 10,8 9 Energy
50, 41, PLESKO REAL ESTATE, SIA 38,05 51,60 -26,3% 9,0 3,8 50 Real estate operations
51, 85, RETTENMEIER BALTIC TIMBER, SIA 37,81 24,19 56,3% 24,0 6,3 39 Forestry and timber processing
52, 70, TRASTA KOMERCBANKA, AS 37,42 30,69 21,9% 295,7 34,4 77 Bank, Insurance and other financial services
53, 46, TOLMETS, SIA 36,81 49,35 -25,4% 110,6 4,0 58 Manufacturing
54, 51, VIKA WOOD, SIA 36,58 44,37 -17,5% 41,3 6,1 62 Forestry and timber processing
55, 20, STATOIL FUEL & RETAIL, SIA 35,76 98,92 -63,8% 279,8 7,9 68 Fuel trade
56, 61, PATA AB, SIA 35,42 34,86 1,6% 69,3 5,7 27 Forestry and timber processing
57, 78, BALTIC COAL TERMINAL, AS 35,35 26,22 34,8% 24,6 5,8 8 Transportation, transit, logistics
58, 98, GAUJAS KOKS, SIA 35,00 20,81 68,2% 34,2 6,2 32 Forestry and timber processing
59, 65, AKZ, SIA 34,41 31,73 8,5% 34,2 6,0 35 Forestry and timber processing
60, 66, DEPO DIY, SIA 34,25 31,12 10,1% 88,4 5,3 24 Retail
61, 80, VIESNĪCA "LATVIJA", AS 34,24 25,26 35,6% 11,0 4,3 50 Real estate operations
62, 60, JELD-WEN LATVIJA, SIA 33,87 35,63 -4,9% 21,0 5,5 54 Construction services and materials 
63, 54, ALPHA OSTA, SIA 33,43 40,61 -17,7% 17,1 5,2 32 Transportation, transit, logistics
64, - ECO BALTIA, AS 33,40 - - 26,6 5,3 57 Waste and recycling services
65, 62, CEĻU SATIKSMES DROŠĪBAS DIREKCIJA, VAS 33,02 34,10 -3,1% 22,7 4,7 25 Traffic surveillance services
66, 52, PASAŽIERU VILCIENS, AS 32,11 41,86 -23,3% 39,0 4,3 20 Transportation, transit, logistics
67, - LINSTOW, SIA 32,05 - - 4,1 3,2 64 Real estate operations
68, - ALCO, SIA 31,11 - - 98,7 8,3 32 Fuel trade
69, 74, STORA ENSO LATVIJA, AS 30,00 27,14 10,5% 56,3 4,4 59 Forestry and timber processing
70, - DOBELES DZIRNAVNIEKS, AS 29,68 - - 56,8 4,0 45 Food production
71, 63, CĒSU ALUS, AS 29,19 33,71 -13,4% 33,7 3,1 63 Production of alcoholic beverages
72, - TIETO LATVIA, SIA 28,62 - - 21,2 3,7 59 Information and technology
73, 73, GJENSIDIGE BALTIC, AAS 28,03 28,08 -0,2% 68,5 30,1 81 Bank, Insurance and other financial services
74, 53, MARNO J, SIA 27,91 41,71 -33,1% 7,4 2,8 47 Real estate operations
75, - JOKER LTD, SIA 27,74 - - 12,4 4,4 21 Gambling
76, - AGA, SIA 27,39 - - 12,5 3,0 51 Manufacturing
77, 35, LUKOIL BALTIJA R, SIA 27,14 57,85 -53,1% 230,4 5,9 62 Fuel trade
78, - KREISS, SIA 27,09 - - 27,9 6,7 33 Transportation, transit, logistics
79, - UPB, AS 26,95 - - 57,4 5,4 15 Construction services and materials 
80, - BALTIC INTERNATIONAL BANK, AS 25,52 - - 232,7 23,0 87 Bank, Insurance and other financial services
81, 94, TRANSTRADE RIGA, SIA 25,49 21,50 18,6% 12,4 5,0 11 Transportation, transit, logistics
82, - AKG THERMOTECHNIK LETTLAND, SIA 25,22 - - 18,8 3,8 55 Manufacturing
83, 86, BTA, AAS 25,05 22,91 9,3% 118,1 29,2 41 Bank, Insurance and other financial services
84, 87, BALTIKUMS BANK, AS 24,74 22,88 8,1% 211,6 22,9 74 Bank, Insurance and other financial services
85, - MOLLER BALTIC IMPORT, AS 24,58 - - 111,8 3,2 55 Automotive retail
86, 79, KUREKSS, SIA 24,57 26,13 -6,0% 31,4 4,5 19 Forestry and timber processing
87, 91, NARVESEN BALTIJA, SIA 24,33 22,06 10,3% 57,0 3,0 56 Retail
88, - ADMIRĀĻU KLUBS, SIA 23,91 - - 10,9 3,7 31 Gambling
89, - CIDO GRUPA, SIA 23,47 - - 33,2 2,6 56 Food production
90, - LATSIN, SIA 22,47 - - 53,1 3,1 54 Forestry and timber processing
91, 77, TAMRO, SIA 22,06 26,24 -15,9% 72,1 3,3 63 Medicine and pharmaceuticals
92, 81, ARČERS, SIA 21,91 25,24 -13,2% 28,1 3,9 38 Construction services and materials 
93, - A.F.P. OF NORTH AMERICA INC. PATSTĀVĪGĀ SABIEDRĪBA LATVIJĀ, SIA 21,67 - - 3,2 2,2 19 Real estate operations
94, 49, NESTE LATVIJA, SIA 21,36 48,29 -55,8% 182,8 4,7 58 Fuel trade
95, - DITTON NAMS, SIA 21,23 - - 2,6 2,1 45 Real estate operations
96, - FIRST DATA LATVIA, SIA 19,70 - - 8,1 3,0 54 Information and technology
97, - BULBASH, SIA 19,69 - - 32,5 3,4 22 Retail and distribution
98, - HENKEL LATVIA, SIA 19,25 - - 26,4 1,8 59 Retail and distribution
99, - OLAINES LOGISTICS PARKS, SIA 18,82 - - 2,5 1,9 8 Real estate operations
100, - LAUMA FABRICS, SIA 18,68 - - 22,1 3,9 13 Manufacturing
101, - FIRMA MADARA 89, SIA 18,37 - - 25,6 2,7 24 Retail

 * 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