TOP 101 - 2006
Latvia's most valuable enterprises

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

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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