TOP 101 - 2017

Place in the TOP of 2017Place in the TOP of 2016Company nameEnterprise value* in 2017, EUR millionEnterprise value* in 2016, EUR millionChange in the value, %Turnover** in 2016, million EURNormalized EBITDA*** in 2016, EUR millionCorporate Governance scoreIndustry
11LATVENERGO, AS (K)1746.991307.4134%931.6390.994Utility services
23LATVIJAS VALSTS MEŽI, AS (K)893.11825.738%257.190.387Extraction of natural resources
38MIKROTĪKLS, SIA689.34418.9365%223.372.029Manufacturing: industrial products
45LATVIJAS DZELZCEĻŠ, VAS (K)643.70562.1015%351.168.694Transport, transit, logistics
52SWEDBANK, AS (K)635.75833.58-24%5242.2712.1100Financial services
67LATTELECOM, SIA (K)468.06450.634%189.063.888IT and telecommunication services
711RIMI LATVIA, SIA447.05326.2237%830.946.247Trade: consumer goods
86VENTSPILS NAFTA, AS (K)1432.42472.83-9%164.067.929Transport, transit, logistics
914RIETUMU BANKA, AS (K)394.25297.2333%3473.6479.257Financial services
1012SEB BANKA, AS (K)387.54323.5620%3523.9434.1100Financial services
1115KRONOSPAN RIGA, SIA376.32287.8531%176.853.66Manufacturing: industrial products
1210OLAINFARM, AS (K)354.14348.112%110.724.4100Manufacturing: consumer goods
1316MAXIMA LATVIJA, SIA353.86269.6531%693.835.166Trade: consumer goods
149LATVIJAS MOBILAIS TELEFONS, SIA (K)338.05363.20-7%189.964.985IT and telecommunication services
1519REPHARM, AS (K)306.37248.4723%229.030.916Trade: consumer goods
1618LATVIJAS FINIERIS, AS (K)290.72251.3116%213.432.538Manufacturing: industrial products
1722OLYMPIC CASINO LATVIA, SIA274.41206.2033%51.625.347Consumer services
1826ABLV BANK, AS (K)272.62186.5746%3973.3318.377Financial services
1925LUMINOR BANK, AS (K)2261.04190.0837%2259.2302.581Financial services
2024ALFOR, SIA260.47190.0937%65.124.547Consumer services
2121STARPTAUTISKĀ LIDOSTA RĪGA, VAS246.66216.2014%50.416.391Transport, transit, logistics
2217URALCHEM TRADING, SIA (K)232.68258.74-10%784.219.316Trade: industrial goods
2320CIRCLE K LATVIA, SIA228.92229.800%368.229.636Trade: energy carriers
2429CITADELE BANKA, AS (K)221.79151.0947%3349.5254.287Financial services
2527ELKO GRUPA, AS (K)220.35153.3044%1139.223.946Trade: consumer goods
2613RĪGAS TIRDZNIECĪBAS OSTA, SIA (K)219.86320.35-31%174.329.119Transport, transit, logistics

"(K)" placed after company names indicates that consolidated annual reports were used in preparation for the TOP.

AS "Latvijas Gāze" has not been included in TOP101 due to the fact that on April 3, 2017 natural gas transfer and storage services have been separated from AS "Latvijas Gāze" to the new company AS "Conexus Baltic Grid", thus making essential changes in business model of AS "Latvijas Gaze". Respecticely financial indicators of AS "Latvijas Gaze" for 2016 cannot be used for determination of AS "Latvijas Gāze" value for the needs of TOP101 for year 2017.

* TOP 101 presents enterprise value, except for banks, other credit institutions and insurance companies for which the respective colum presents equity value.

** For banks, other credit institutions and insurance companies, the column presents book value of total assets as at the end of 2016.

** For banks, other credit institutions and insurance companies, the column presents book value of shareholders' equity as at the end of 2016.

1 Consolidation includes ""Ventspils nafta" termināls" Ltd., "LatRosTrans" Ltd. and  JSC "Latvijas Kuģniecība".

2 The company name is now changed from JSC "DNB banka" to JSC "Luminor Bank". The equity value is calculated based on JSC "DNB banka" consolidated annual report of 2016.

3 Turnover and normalized EBITDA for the period 15.07.2015 - 31.12.2016.

4 "Tele2" Ltd. is new in TOP only technically, as last year it was included in the consolidatated annual report of "Tele2 Holdings" Ltd., which is now reorganized.