Press center - 2016

2016: Latvenergo remains the most valuable TOP101 company in Latvia

Today, on 12 October, the annual Prudentia and Nasdaq Riga TOP101 of the most valuable companies in Latvia was published. For the ninth time AS Latvenergo was recognized as the most valuable Latvian company. In the 2016 top its value reached 1 307.4 million EUR (  last year - 1 067.8 million EUR) showing an increase in value by 22% compared to the 2015 top. 

The 2nd spot among the most valuable companies in Latvia in 2016 was taken by AS Swedbank, while AS Latvijas valsts meži took the 3rd place.

Positive changes among the top 10 most valuable companies were shown also by AS Latvijas Gāze, which moved from number six to number four, showing an increase of value by 11% compared to 2015.

SIA Mikrotīkls also experienced a significant increase of value earning a spot among the first ten most valuable companies in Latvia by moving from 16th to 8th place on the TOP101 list. Its value in this year’s top reached 418.9 million EUR and it is about 55% more compared to the previous year’s estimate - 270.3 million EUR.

During the ceremony also the TOP10 most valuable companies in the Baltic states in 2016 were announced and honored. This top was headed by Swedbank Grupa for the third time in a row. The TOP10 list of the most valuable companies in the Baltic states is created for the third year. 

The Deputy Prime Minister, Minister of Economy Arvils Ašeradens honored the ceremony with his participation and congratulated the most valuable companies. The ceremony brought together the representatives of the most valuable companies in Latvia and the Baltics, financial experts and public opinion leaders.

This year the total value of the TOP101 most valuable companies in Latvia reached 15.7 billion EUR.  Positive changes were also observed in revealing information about the compliance with the corporate governance principles.

In the opening ceremony of TOP101, the Chair of the Board of Nasdaq Riga Stock Exchange Daiga Auziņa-Melalksne expressed her belief that the TOP101 most valuable companies in Latvia are the backbone of the Latvian and Baltic economy and a support for sustainable growth of our country. These companies create the most of gross domestic product. With increase of value of the Latvian companies comes development, new jobs and increased public welfare.

“Last year the total value of TOP101 companies was 15.7 billion EUR.  It has slightly dropped for the first time since 2010 and historically there is a correlation between the TOP101 and GDP values, although there is a difference in time,” Kārlis Krastiņš, Chair of the Board of Prudentia said regarding top trends. “In the context of the Baltics, I would like to turn your attention to the energy market, which continues to consolidate. Among other energy companies in the Baltic states, I would like to emphasize the good results of AS Latvenergo regarding the increase of value. The increase of AS Latvenergo value by 22% is significant, compared to AS Eesti Energia and AS Lietuvos Energia +5% increase in each case.” 

“Increase in company’s value is promoted by good corporate governance and shareholders’ ability to formulate and implement ambitious development goals. However, nowadays the ability to develop the technological potential and innovation has a significant role,” admitted Daiga Auziņa Melalksne, Chair of the Board of Nasdaq Riga.

In order to promote understanding, discussion and cooperation in the financial technology sector, the awarding of the most valuable businesses was followed by public debate: FinTech - threat or opportunity for the bank value. During the debate, industry leaders and FinTech experts discussed the challenges of the banking sector and the ability to adapt to rapid development trends in financial technologies and the impact it may have on the business value.

TOP101 most valuable companies of Latvia is an important public initiative, implemented by Prudentia and Nasdaq Riga since 2006. This initiative is based on the desire to encourage public debate about the value of companies in correlation with good corporate governance as one of the factors influencing the value. The purpose of the project is to strengthen the understanding of company value as a major milestone for further development. The list of the most valuable companies is created in cooperation with Kredītinformācijas Birojs (LV), Creditinfo (LT) and Krediitiinfo (EE). Information on the current and historical TOP101 most valuable companies in Latvia and Baltic TOP10 results are available on the website. It is also possible to learn the opinions of industry experts and opinion leaders regarding the current events in the Latvian and Baltic business environment.

Gallery in non-commercial field.

Media contacts for more information:

Elina Morozļi

Prudentia, Administrative Director

+371 22 332 028

Dace Bulte

NASDAQ Riga, Corporate Communications Manager

+371 67 212 431