Baltic TOP - 2014
Baltic's most valuable enterprises
Discover your company’s value

TOP 2014 TOP 2013 Company name Value 2014 Value 2013 Change Turnover 2013 EBITDA 2013 CorpGov Score Industry
1 - SWEDBANK Group 1 3227.80 - 0% 19646.8 3869.3 96 Financial services
2 - TALLINK GRUPP, AS 1849.30 - 0% 942.0 119.1 97 Transportation, transit, logistics
3 - SEB BANK Group 2 1644.60 - 0% 15545.7 1963.8 99 Financial services
4 - EESTI ENERGIA, AS 1405.80 - 0% 966.4 302.0 80 Utility services
5 - LATVENERGO, VAS 1300.10 - 0% 1099.9 249.1 90 Utility services
6 - MAXIMA GRUPE, UAB 976.40 - 0% 2525.8 126.3 39 Retail
7 - LIETUVOS ENERGIJA, UAB 944.50 - 0% 842.1 196.6 94 Utility services
8 - LIETUVOS GELEŽINKELIAI, AB 3 891.00 - 0% 474.1 137.3 59 Transportation, transit, logistics
9 - Vopak E.O.S, AS 846.40 - 0% 152.4 65.6 42 Transportation, transit, logistics
10 - LATVIJAS VALSTS MEŽI, AS 4 801.30 - 0% 259.9 95.8 44 Extraction of natural resources

* TOP 10 reflects company’s enterprise value. With the exception of banks and Insurance companies – for these companies equity value is reflected.

** For banks and insurance companies the columns “turnover” and “adjusted EBITDA” present the value of total assets and equity respectively.

1 The equity value of SWEDBANK Group is derived by combining the equity values of SWEDBANK Latvia, SWEDBANK Estonia and SWEDBANK Lithuania.

2 The equity value of SEB Bank Group is derived by combining the equity values of SEB Bank Latvia, SEB Bank Estonia and SEB Bank Lithuania.

3 Lithuanian Railroad

4 Latvian State Forests.


Prudentia and Nasdaq Riga this year for the first time ever have formed the Baltic TOP10. With this step wanted to provide Latvian and other Baltic States society with the information about the most important Baltic enterprises. It is also an opportunity to evaluate Latvian companies on the background of the rest of the Baltic enterprises.

As it can be seen – the Baltic TOP10 is represented in sectors, where there are large, consolidated players with business in all three Baltic countries (banks) and each of them acts in Baltic as a single group. Then we can find each country’s largest power sector companies that have large domestic market, but are also increasingly competing with each other in neighboring markets. The list represents also the largest retail company in Baltic, mayor players in transport and logistics sector, as well as Baltic’s most important player in timber industry.

In a large extent being in TOP10 of Baltic most valuable enterprises is ensured by the ability to generate positive long-term cash flow, ability to be transparent and develop the business outside the national borders.


Swedbank Group Recognized as the Most Valuable Enterprise in the Baltics

During the ceremony of Latvian Most Valuable Enterprises TOP101, Swedbank Group was awarded as the Most Valuable Enterprise in the Baltics. The ceremony, organized by Prudentia and Nasdaq Riga, took place already for the ninth year. Swedbank Group, which unites its Latvian, Lithuanian and Estonian structures, was evaluated at 3.2 billion euros. This year also the TOP101 new homepage www.top101.lv was presented to the public.

Second in the list of most valuable enterprises in the Baltics was Tallink Group, which was evaluated at 1.8 billion euros. SEB Bank Group took the third place, while the fourth position went to Eesti Energia. The award to Swedbank Group was presented by the President of the Republic of Latvia Andris Bērziņš.

Latvenergo received an award as the Most Valuable Enterprise in Latvia. It was closely followed by Swedbank Latvia, Latvijas valsts meži (Latvia’s State Forests) as well as Ventspils nafta (Ventspils Oil) and Latvijas Dzelzceļš (Latvian Railways). Altogether, the value of Latvian companies listed in TOP101 grew by 16% in 2013. Positive changes can also be witnessed in the evaluation of Corporate Governance practice.

“Well governed companies are more competitive. They can attract capital on more favorable terms and investors are ready to pay premium,” said Daiga Auziņa-Melalksne, Chairman of the Management Board, NASDAQ OMX Riga, AS.

“If we look at the data gathered, there are plenty of companies in both Latvia and the Baltics, which are becoming increasingly more valuable. For nine years TOP101 has proven an old theory - most valuable enterprises are the driving force of economics and the ones that determine prosperity of any country,” said Kārlis Krastiņš, Chairman of the Management Board, Prudentia.

It is possible to find out detailed results of the Baltic TOP10 as well as Latvian TOP101 on the newly established homepage www.top101.lv. It has been intended to serve as a valuable source of data and analysis. Homepage is available in Latvian, English and Russian.


Media contacts:

Elina Morozļi
Prudentia, Administrative Director
+371 22 332 028
elina.morozli@prudentia.lv


Dace Bulte
Nasdaq Riga, Communications Manager
+371 67 212 431
dace.bulte@nasdaq.com


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