Press center - 2018

Latvenergo keeps the status of Latvia’s Most Valuable Enterprise already ten years in turns

Today, on 10 October, the annual TOP101 of Latvia’s Most Valuable Enterprises made by Prudentia and Nasdaq Riga was announed during the press conference. AS Latvenergo already ten years in turns was declared the most valuable enterprise of Latvia. This year its value is 1,705 mld. euro. AS Latvenergo managed to keep the leading positions also in the Baltics taking the 3rd place in TOP10 of Baltics’ Most Valuable Enterprises

The total value of enterprises included in TOP101 2018 reaches 17.7 mld. euro that has increased by 0,9% when compared with TOP101 2017.  A slight reduction is observed in the value of Latvenergo, most valuable company in the list, that, irrespective of the considerably better financial indicators, is related with the mood in European finance and capital markets.

“In the scale of world and Europe, the industry moves towards global decarbonization and electrification which means the possibilities of new business breakthrough also in the Baltics. It’s known that those who first perceive and act innovatively are also the first who get success, show an example to others. When receiving the award, I’d like to emphasise that it wouldn’t be possible if Latvenergo didn’t have to ability to change. We take the way of changes that is measured not only in awards, but also in practical values – new products and digital services, higher operational efficiency. We receive these awards in new quality – with determination to be the most efficient company,” said Āris Žīgurs, Chairman of the Board of AS Latvenergo.

Within a year, since the high assessment in Baltic scale was received, the influence of the concern has continued to grow in the regional – Baltic and Northern Countries – electricity market. Riga thermoelectric power stations have a special role, ensuring the request for electricity several times during a year in the situation of regional deficit. No other plant in the Baltic States could do this in the period when the market was influenced by the complicated weather conditions and global price increase of resources.

2nd place in TOP 101 list is maintained by AS Latvijas valsts meži with 770,5 mlj. euro value of the enterprise. But AS Swedbank has climbed to 3rd place reaching the value of 664,2 mlj. euro. Full list of Latvia’s Most Valuable Enterprises TOP101 is available at the website .

When characterizing the of Latvia’s Most Valuable Enterprises TOP101 during the last five years, Kārlis Krastiņš, Chairman of the Board of Prudentia explained that material increase of value of enterprises with private capital is observed in TOP101 that in total has increased by 6,5% annually over the last five years.  At the same time, the total value of enterprises with state capital has increased on averaged by only 3.3% annually that evidences that the enterprises in private sector were more successful in growing their value.

In the carving of industries, similarly as last year, the industry of financial services with the value of 2,6 mld. euro was the most valuable industry in TOP101 2018. 2nd place with the value of 2,3 mld. euro is occupied by the industry of transit and logistics, but 3rd place with 2,2 mld. euro is taken by the industry of utilities services showing an increase of 18%.

“In the historical TOP101 it was seen that the business environment of Latvia is able to adapt to difficult financial and geopolitical situations. In general the total value of the enterprises represented in TOP101 of this year evidences that, irrespective of the improvement of financial indicators of the enterprises, a stability of value of enteprises is observes in relations with the mood in European financial markets. We look in the future with the thought that the business environment of Latvia continues to develop which has a positive impact on financial parameters of enterprises and value of the enterprises and respectively – on the economic situation in Latvia,” said K. Krastiņš

 “Good management and successful work enterprise’s council is what rises also the value of enterprise, specially in the eyes of investors. Transparent, well-managed enterprise is more competitive because it can attract funding with less costs and broader possibilities of forms of funding,” emphasised Liene Dubava, Member of the Board of Nasdaq Riga. “Latvenergo is a bright example for this. Emitting the bond in the market, the enterprise has improved also its managements, become more transparent and was able to ensure the increase of business value over several years.”

The entry threshold to TOP101 this year has increased from 46,8 mlj. euro last year by 0,5% to 47,1 mlj. euro this year. Irrespective of the increase of value of enterprises represented in TOP101 by 0,9%, the GNP of Latvia has grown more rapidly – by 4,6% (in the actual prices – by 8%) which shows to more strained mood of investors in European financial markets, and potentially more rapid increase of small and medium companies that in the companies included in TOP101 list.

Gallery in non-commercial field.

Media contacts for more information:

Elina Morozļi

Prudentia, Administrative director

+371 22 332 028

Dace Bulte

Nasdaq Riga, Corporate communication manager

+371 67 212 431