TOP 101 - 2008
Latvia's most valuable enterprises

TOP 2008 TOP 2007 Company name Value 2008 Value 2007 Change Turnover 2007 EBITDA 2007 CorpGov Score   Industry
81 75 TAMRO, SIA 29.53 43.63 -32% 73.3 2.1 68 Medicine and pharmaceuticals
87 - LATALKO, SIA 26.63 - - 34.1 2.3 15 lv Tobacco and alcohol
93 - PAULA STRADIŅA KLĪNISKĀ UNIVERSITĀTES SLIMNĪCA, VAS 25.27 - - 51.6 2.4 9 lv Medicine and pharmaceuticals
95 - LATIO, SIA 25.16 - - 7.2 2.6 20 lv Real estate operations
98 - LAIMA, AS 24.70 - - 31.8 2.6 54 lv Food production
84 - WEST EAST INDUSTRIES, AS 27.55 - - 8.9 2.7 41 lv Real estate operations
88 - NARVESEN BALTIJA, SIA 26.60 - - 65.4 2.7 55 Retail
94 - BALTKRAFT, SIA 25.21 - - 16.8 2.7 26 lv Retail
96 89 RĪGAS PIENSAIMNIEKS, SIA 24.82 34.31 -28% 25.9 2.7 25 lv Food production
92 - ZEMNIECĪBA, SIA 25.53 - - 21.8 2.8 15 lv Retail
99 - FIRST DATA LATVIA, SIA 24.48 - - 7.0 2.8 54 Information and Technology
76 - CĒSU ALUS, AS 33.60 - - 23.8 2.9 57 Tobacco and alcohol
58 95 OLAINFARM, AS 48.14 33.11 45% 19.0 3.1 75 lv Medicine and pharmaceuticals
68 88 L'OREAL BALTIC, SIA 37.73 34.70 9% 26.7 3.1 60 Retail
74 - GREIS, SIA 33.77 - - 72.6 3.1 15 lv Retail
85 - PREIĻU SIERS, AS 26.80 - - 33.7 3.1 12 lv Food production
64 98 CEĻU SATIKSMES DROŠĪBAS DIREKCIJA, VAS 40.40 32.11 26% 20.0 3.2 22 lv Transportation, transit, logistics
70 79 POLAR BEK DAUGAVA, SIA (VIESNĪCA RADISSON SAS) 35.98 41.26 -13% 7.1 3.2 50 Tourism and hotel services
72 - MATEKS CREDIT, SIA 34.45 - - 3.3 3.2 22 lv Banks and financial services
91 78 STORA ENSO TIMBER, AS 25.93 42.11 -38% 30.0 3.2 58 Forestry and timber processing
97 - PATA AB, SIA 24.80 - - 60.7 3.3 21 lv Forestry and timber processing
101 80 TILTS, SIA 24.36 40.52 -40% 19.6 3.3 21 lv Construction services and materials
82 83 LATVIJAS ENERGOCELTNIEKS, SIA 28.42 38.13 -25% 44.7 3.5 64 lv Construction services and materials
89 - ENERGOFIRMA JAUDA, AS 26.35 - - 26.1 3.6 30 lv Energy
83 57 GAUJAS KOKS, SIA 28.28 55.50 -49% 23.6 3.7 29 lv Forestry and timber processing
80 - KESKO AGRO LAVIJA, SIA 29.69 - - 92.2 3.8 63 Retail
66 85 CIDO GRUPA, SIA 38.73 37.86 2% 37.8 4.0 63 Food production
86 62 DOMENIKSS, SIA 26.76 50.02 -47% 57.5 4.2 35 lv Automotive retail
100 61 SIS BIZNESA SERVISS, SIA 24.40 50.31 -51% 20.5 4.2 5 lv Retail
57 42 SENTOR FARM APTIEKAS, AS 49.52 67.84 -27% 46.6 4.3 33 lv Medicine and pharmaceuticals
65 59 STOCKMANN, SIA 39.59 52.72 -25% 48.0 4.5 10 Retail
69 45 VIKA WOOD, SIA 36.89 64.22 -43% 44.6 4.5 68 Forestry and timber processing
77 - TOLMETS, SIA 31.99 - - 89.1 4.5 55 lv Retail
78 99 JYSK LINNEN'N FURNITURE, SIA 30.25 31.82 -5% 22.6 4.5 63 Retail
79 - VOLVO TRUCK LATVIA, SIA 29.97 - - 63.2 4.5 60 Automotive retail
51 56 INSERVISS GROUP, SIA 53.37 57.66 -7% 13.2 4.6 53 lv Banks and financial services
62 - LAUMA FABRICS, SIA 42.29 - - 22.7 4.7 34 Manufacturing
73 - UNITED PANEL GROUP EUROPE, SIA 33.82 - - 28.3 4.7 10 lv Forestry and timber processing
53 - VALSTS NEKUSTAMIE ĪPAŠUMI, VAS 51.03 - - 9.9 5.0 35 lv Real estate operations
61 47 STREK, SIA 42.77 62.75 -32% 11.5 5.1 15 lv Transportation, transit, logistics
67 94 RAMITEH, SIA 38.38 33.63 14% 10.1 5.1 54 Construction services and materials
43 - BALTIJAS IZAUGSMES GRUPA, AS 63.78 - - 9.6 5.4 61 lv Banks and financial services
63 49 BINDERS, CEĻU BŪVE SIA 42.19 62.03 -32% 31.4 5.6 37 lv Construction services and materials
71 40 NESTE LATVIJA, SIA 35.40 79.46 -55% 204.3 5.7 61 Fuel trade
52 54 VK TRANZĪTS, SIA 51.91 59.45 -13% 36.1 5.7 49 lv Transportation, transit, logistics
38 46 RECIPE PLUS, AS 75.73 62.76 21% 88.8 5.9 27 lv Medicine and pharmaceuticals
54 53 BALTIC CONTAINER TERMINAL, SIA 50.45 60.27 -16% 10.0 6.1 8 lv Transportation, transit, logistics
60 77 JOKER LTD, SIA 46.07 42.38 9% 16.9 6.3 34 Gambling
49 73 VALMIERAS STIKLA ŠĶIEDRA, AS 55.39 44.28 25% 37.2 6.4 88 Manufacturing
55 84 BMGS, AS 50.36 38.00 33% 74.1 6.7 32 lv Construction services and materials
35 52 LATVIJAS BALZAMS, SIA 89.77 60.65 48% 105.1 6.7 71 Tobacco and alcohol
37 48 DROGAS, AS 79.65 62.46 28% 61.9 6.7 53 Retail
36 60 RI-OS, AS 80.29 50.82 58% 14.4 7.0 54 Tourism and hotel services
42 63 STARPTAUTISKĀ LIDOSTA RĪGA, VAS 63.80 49.35 29% 20.8 7.2 40 lv Transportation, transit, logistics
39 55 RĪGAS SILTUMS, AS 74.93 58.18 29% 74.8 7.4 39 lv Utility services
45 44 OLYMPIC CASINO LATVIA, SIA 59.59 67.12 -11% 24.0 7.6 68 Gambling
46 66 SEVERSTAĻLAT, AS 59.26 48.09 23% 171.4 7.7 73 Manufacturing
47 67 PERI, SIA 58.18 47.56 22% 12.6 7.7 58 lv Construction services and materials
59 - MERKS, SIA 46.31 - - 60.5 7.9 70 Construction services and materials
48 50 NELSS, SIA 58.15 61.86 -6% 97.6 8.0 43 lv Construction services and materials
30 70 RĪGAS ŪDENS, SIA 94.54 45.75 107% 25.4 9.6 31 lv Utility services
26 35 ALDARIS, AS 115.07 92.04 25% 37.0 9.8 58 Tobacco and alcohol
19 24 GRINDEKS, AS 170.73 152.47 12% 51.5 10.5 100 lv Medicine and pharmaceuticals
23 37 GE MONEY, AS 143.69 89.81 60% 29.2 11.9 69 Banks and financial services
90 74 AKCIJU KOMERCBANKA BALTIKUMS, AS 26.29 44.13 -40% 98.8 12.6 81 lv Banks and financial services
40 82 SKONTO BŪVE, SIA 71.33 39.68 80% 76.5 13.0 40 lv Construction services and materials
31 21 KNAUF, SIA 92.75 171.83 -46% 58.4 13.2 53 Construction services and materials
25 22 LATVIJAS FINIERIS, AS 119.62 164.08 -27% 116.2 13.6 51 lv Forestry and timber processing
29 31 A.C.B., AS 99.31 106.46 -7% 74.1 13.6 18 lv Construction services and materials
34 36 LATVIJA STATOIL, SIA 91.27 90.19 1% 283.5 14.2 74 Fuel trade
27 29 UPB, AS 107.70 133.34 -19% 78.8 14.4 30 lv Construction services and materials
22 28 RIMI LATVIA, SIA 144.25 138.56 4% 397.2 14.5 60 Retail
44 39 LATVIJAS BIZNESA BANKA, AS 63.55 82.70 -23% 306.5 16.3 84 lv Banks and financial services
21 27 RĪGAS SATIKSME, RP SIA 157.94 141.21 12% 89.1 17.5 49 lv Transportation, transit, logistics
24 19 ELKO GRUPA, AS 130.24 196.57 -34% 525.0 20.1 76 lv Information and Technology
18 20 LIEPĀJAS METALURGS, AS 173.75 177.58 -2% 235.4 22.1 85 lv Manufacturing
17 26 VP GROUP LATVIA, SIA 224.25 148.14 51% 354.4 23.4 43 Retail
15 12 VENTSPILS NAFTA, AS 251.13 167.95 50% 82.0 25.4 51 Transportation, transit, logistics
20 38 TRASTA KOMERCBANKA, AS 158.44 84.52 87% 289.5 31.3 81 lv Banks and financial services
16 15 ALFOR, SIA 231.44 278.55 -17% 60.2 32.3 26 Gambling
33 33 LATVIJAS TIRDZNIECĪBAS BANKA, AS 91.45 101.52 -10% 580.8 32.7 91 lv Banks and financial services
56 69 GE MONEY BANK, AS 49.85 148.88 -67% 277.3 34.4 81 lv Banks and financial services
11 14 LATVIJAS KUĢNIECĪBA, AS 325.05 317.06 3% 123.2 39.9 53 lv Transportation, transit, logistics
50 30 LATVIJAS KRĀJBANKA, AS 55.37 118.90 -53% 671.3 41.3 86 Banks and financial services
75 87 SMP BANK, AS 33.68 36.29 -7% 52.0 44.5 77 Banks and financial services
41 18 UNICREDIT BANK, AS 66.34 230.11 -71% 735.7 48.6 94 Banks and financial services
10 9 LATVIJAS GĀZE, AS 353.74 469.47 -25% 239.4 52.6 97 Energy
8 10 LATTELECOM, SIA 449.28 429.97 4% 148.5 55.5 92 Telecommunication services
32 23 NORVIK BANKA, AS 92.05 158.24 -42% 618.8 55.5 75 Banks and financial services
7 7 TELE2, SIA 454.62 526.74 -14% 122.9 57.0 62 Telecommunication services
12 17 LATVIJAS DZELZCEĻŠ, VAS 300.88 238.94 26% 262.5 59.3 31 lv Transportation, transit, logistics
28 16 LATVIJAS HIPOTĒKU UN ZEMES BANKA, VAS 101.33 271.80 -63% 927.6 62.4 84 lv Banks and financial services
13 13 AIZKRAUKLES BANKA, AS 285.76 347.12 -18% 1102.8 85.3 64 lv Banks and financial services
2 5 LATVENERGO, AS 950.13 824.08 15% 405.3 87.5 47 lv Energy
5 4 LATVIJAS MOBILAIS TELEFONS, SIA 725.66 897.32 -19% 193.6 89.1 72 lv Telecommunication services
3 6 LATVIJAS VALSTS MEŽI, AS 873.40 668.41 31% 162.4 107.5 62 lv Forestry and timber processing
9 8 RIETUMU BANKA, AS 379.22 489.51 -23% 1216.2 121.3 77 lv Banks and financial services
14 11 DNB NORD BANKA, AS 269.56 356.23 -24% 2059.1 143.0 86 Banks and financial services
6 2 PAREX BANKA, AS 489.65 1040.36 -53% 3352.6 217.2 61 lv Banks and financial services
4 3 SEB BANKA, AS 865.74 933.68 -7% 3428.2 252.3 97 Banks and financial services
1 1 SWEDBANK, AS #N/A 1243.42 1626.21 -24% 5060.9 505.1 91 Banks and financial services

* TOP 101 reflects enterprise value of the companies except for banks and insurance companies, for which equity value is reflected.
** For banks and insurance companies the columns "revenue" and "adjusted EBITDA" present book value of total assets and shareholders' equity respectively.  

TOP 101 Assumptions and Explanations

  1. If available, consolidated financial statements were used to derive enterprise value. Holding companies were valued only if consolidated financial statements were available.
  2. If there were suspicions that a company is a part of a financial schemes, the company was excluded form the TOP 101.
  3. 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.
  4. 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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