TOP 101 - 2006
Latvia's most valuable enterprises

TOP 2006 TOP 2005 Company name Value 2006   Industry
30 - A.C.B., SIA 55.71 Construction services and materials
76 - ADMIRĀĻU KLUBS, SIA 20.40 Gambling
93 - AGA, SIA 15.16 Food
17 - AIR BALTIC, AS 97.01 Transportation, transit, logistics
28 - ALDARIS, AS 56.05 Tobacco and alcohol
18 - ALFOR, SIA 79.04 Gambling
77 - AVON COSMETICS, SIA 20.28 Retail
46 - BALTIC CONTAINER TERMINAL, SIA 33.33 Transportation, transit, logistics
95 - BIKO-LAT, SIA 14.44 Forestry and timber processing
98 - BIZNESA AUGSTSKOLA TURĪBA, SIA 13.28 Education
44 - BMGS, AS 34.55 Construction services and materials
83 - BOLDERĀJA, AS 16.68 Forestry and timber processing
85 - BSW LATVIA, SIA 16.27 Forestry and timber processing
54 - CĒSU ALUS, AS 29.90 Tobacco and alcohol
72 - CIDO PĀRTIKAS GRUPA, SIA 22.80 Food
65 - DAMBIS, AS 25.44 Manufacturing
47 - DOMENIKSS, SIA 33.27 Automotive retail
24 - DROGAS, AS 59.37 Retail
70 - DZINTARS, AS 23.61 Manufacturing
15 - ELKO GRUPA, AS 119.46 IT
68 - FURORS, SIA 24.24 Gambling
52 - GAUJAS KOKS, SIA 30.52 Forestry and timber processing
97 - GREIS, SIA 13.30 Tobacco and alcohol
14 - GRINDEKS, AS 122.61 Medicine and pharmacy
38 - HOLDINGA KOMPĀNIJA FELIX, SIA 38.99 Manufacturing
82 - INTRAC LATVIJA, SIA 17.29 Forestry and timber processing
48 - ITERA LATVIJA, SIA 31.60 Energy
96 - JYSK LINNEN'N FURNITURE, SIA 13.74 Retail
89 - KEMIRA GROWHOW, SIA 15.58 Retail
91 - KESKO AGRO LATVIJA, SIA 15.33 Retail
13 - KNAUF, SIA 145.98 Manufacturing
80 - KUREKSS, SIA 18.08 Forestry and timber processing
92 - KURZEMES DEGVIELA, AS 15.27 Oil and oil products
81 - L'OREAL BALTIC, SIA 17.76 Retail
6 - LATTELECOM, AS 301.89 Telecommunication services
1 - LATVENERGO, VAS 649.77 Energy
22 - LATVIJA STATOIL, SIA 64.73 Oil and oil products
63 - LATVIJAS BALZAMS, AS 25.77 Tobacco and alcohol
10 - LATVIJAS DZELZCEĻŠ, VAS 209.19 Transportation, transit, logistics
37 - LATVIJAS ENERGOCELTNIEKS, SIA 39.09 Construction services and materials
12 - LATVIJAS FINIERIS, AS 150.21 Forestry and timber processing
57 - LATVIJAS GAISA SATIKSME, VAS 28.71 Transportation, transit, logistics
4 - LATVIJAS GĀZE, AS 385.37 Energy
8 - LATVIJAS KUĢNIECĪBA, AS 253.16 Transportation, transit, logistics
31 - LATVIJAS PASTS, VAS 53.22 Transportation, transit, logistics
3 - LATVIJAS VALSTS MEŽI, VAS 423.48 Forestry and timber processing
34 - LAUMA, AS 49.81 Manufacturing
101 - LIDO, SIA 12.85 Food
20 - LIEPĀJAS METALURGS, AS 69.21 Manufacturing
69 - LINDEKS, AS 24.17 Forestry and timber processing
2 - LMT, AS 448.34 Telecommunication services
73 - LODE, AS 22.69 Manufacturing
29 - LS SENTOR FARM, KS 55.71 Medicine and pharmacy
50 - LUKOIL BALTIJA R, SIA 30.69 Oil and oil products
78 - MAŽEIĶU NAFTA TIRDZNIECĪBAS NAMS, SIA 20.20 Oil and oil products
99 - MERKS, SIA 12.89 Construction services and materials
49 - METSALIITTO LATVIA, SIA 31.01 Forestry and timber processing
84 - NELDA, SIA 16.38 Retail
36 - NELSS, SIA 46.40 Construction services and materials
41 - NESTE LATVIJA, SIA 35.42 Oil and oil products
86 - OLAINFARM, AS 16.09 Medicine and pharmacy
62 - PATA AB, SIA 26.73 Forestry and timber processing
35 - POLAR BEK DAUGAVA, SIA 46.62 Tourism and Hotels
75 - POST-NEVADA, SIA 21.28 Gambling
67 - PROCTER & GAMBLE MARKETING LATVIA, LTD., SIA 24.95 Retail
53 - RAUTAKESKO, AS 30.46 Retail
64 - RD ELEKTRONIKS, SIA 25.76 Retail
61 - RECIPE PLUS, SIA 27.38 Medicine and pharmacy
71 - RHODIA INDUSTRIAL YARNS, SIA 23.40 Manufacturing
21 - RI-OS, AS (VIESNĪCA LATVIJA) 65.45 Tourism and Hotels
100 - RĪGAS KUĢU BŪVĒTAVA, AS 12.86 Transportation, transit, logistics
26 - RĪGAS PIENA KOMBINĀTS, AS 58.04 Food
59 - RĪGAS PIENSAIMNIEKS, AS 28.61 Food
33 - RĪGAS SATIKSME, RP SIA 50.56 Transportation, transit, logistics
56 - RĪGAS SILTUMS, VAS 29.15 Energy
11 - RIMI LATVIA, SIA 178.38 Retail
74 - ROBERT BOSCH, SIA 21.46 Retail
42 - SAF TEHNIKA, AS 35.36 Manufacturing
87 - SALDUS MEŽRŪPNIECĪBA, AS 15.90 Forestry and timber processing
58 - SEVERSTAĻLAT, AS 28.63 Manufacturing
51 - SIS BIZNESA SERVISS, SIA 30.53 Retail
40 - STARPTAUTISKĀ LIDOSTA RĪGA, VAS 35.87 Transportation, transit, logistics
94 - STORA ENSO PACKAGING, SIA 15.00 Manufacturing
19 - STORA ENSO TIMBER, AS 69.41 Forestry and timber processing
45 - STREK, SIA 34.42 Transportation, transit, logistics
39 - TAMRO, SIA 37.87 Medicine and pharmacy
5 - TELE2 HOLDINGS, SIA 328.35 Telecommunication services
60 - TOLMETS, SIA 27.62 Retail
79 - UNITED PANEL GROUP EUROPE, SIA 18.88 Forestry and timber processing
27 - UPB, AS 57.34 Construction services and materials
25 - VALMIERAS STIKLA ŠĶIEDRA, AS 59.30 Manufacturing
66 - VENTAMONJAKS, AS 25.06 Transportation, transit, logistics
9 - VENTBUNKERS, AS 239.44 Oil and oil products
7 - VENTSPILS NAFTA, AS 291.57 Transportation, transit, logistics
90 - VEXOIL BUNKERING, SIA 15.48 Oil and oil products
23 - VIKA WOOD, SIA 64.71 Forestry and timber processing
55 - VK TRANZĪTS, SIA 29.71 Transportation, transit, logistics
43 - VOLVO TRUCK LATVIA, SIA 35.25 Automotive retail
16 - VP GROUP LATVIA, SIA (MAXIMA) 108.09 Retail
32 - WESS, AS 51.97 Automotive retail
88 - ŽURNĀLS SANTA, SIA 15.78 Media and Yeslishing

TOP 101 Assumptions and Explanations

  1. The following industry was excluded from TOP 101
    Real estate (companies that operate in real estate development or are involved in speculative real estate transactions). Most of the companies within this industry do not have stable cash flows as well as their value is derived from the value of real estate. For the companies present within this industry at the moment experience dificulties which are correlated with the with the overall pesimism in Latvia's real estate market. Thus, it is extremely hard to predict this business for the next five years. Moreover, due to the current economic situation the valuation could deviate from the intrinsic value.
  2. Holding companies were valued only if consolidated financial statements were available.
  3. If financial statements were not available for the financial year 2006, then financial statements for 2005 were used.
  4. In cases where the financial data of a company were limited, by consulting experts it was assessed whether or not a company would be in the TOP 101. (In this case enterprise value was derived by using the comparable company multiple method.)
  5. If there were suspicions that a company is a part of a financial schemes, the company was excluded form the TOP 101.
  6. 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.
  7. Companies that, according to our opinion, were of particularly high risk profile were excluded from the TOP 101

Comparison between TOP101 and GDP

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Distribution of the value of TOP101 companies, based on capital structure

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TOP 101 value of the last company present in TOP, million EUR

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