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TOP 101 - 2008
Latvia's most valuable enterprises
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TOP 101 - 2008
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Estonia's TOP 101 Estonia's TOP 101 most valuable enterprises - TOP101

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TOP 2008 TOP 2007 Company name Value 2008 Value 2007 Change Turnover 2007 EBITDA 2007 CorpGov Score   Industry
1 1 SWEDBANK, AS 1243.42 1626.21 -24% 5060.9 505.1 91 Banks and financial services
4 3 SEB BANKA, AS 865.74 933.68 -7% 3428.2 252.3 97 Banks and financial services
6 2 PAREX BANKA, AS 489.65 1040.36 -53% 3352.6 217.2 61 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
9 8 RIETUMU BANKA, AS 379.22 489.51 -23% 1216.2 121.3 77 lv Banks and financial services
3 6 LATVIJAS VALSTS MEŽI, AS 873.40 668.41 31% 162.4 107.5 62 lv Forestry and timber processing
5 4 LATVIJAS MOBILAIS TELEFONS, SIA 725.66 897.32 -19% 193.6 89.1 72 lv Telecommunication services
2 5 LATVENERGO, AS 950.13 824.08 15% 405.3 87.5 47 lv Energy
13 14 AIZKRAUKLES BANKA, AS 285.76 317.06 -10% 1102.8 85.3 64 lv Banks and financial services
28 17 LATVIJAS HIPOTĒKU UN ZEMES BANKA, VAS 101.33 238.94 -58% 927.6 62.4 84 lv Banks and financial services
12 18 LATVIJAS DZELZCEĻŠ, VAS 300.88 230.11 31% 262.5 59.3 31 lv Transportation, transit, logistics
7 7 TELE2, SIA 454.62 526.74 -14% 122.9 57.0 62 Telecommunication services
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
10 9 LATVIJAS GĀZE, AS 353.74 469.47 -25% 239.4 52.6 97 Energy
41 19 UNICREDIT BANK, AS 66.34 196.57 -66% 735.7 48.6 94 Banks and financial services
75 87 SMP BANK, AS 33.68 36.29 -7% 52.0 44.5 77 Banks and financial services
50 30 LATVIJAS KRĀJBANKA, AS 55.37 118.90 -53% 671.3 41.3 86 Banks and financial services
11 15 LATVIJAS KUĢNIECĪBA, AS 325.05 278.55 17% 123.2 39.9 53 lv Transportation, transit, logistics
56 69 GE MONEY BANK, AS 49.85 148.88 -67% 277.3 34.4 81 lv Banks and financial services
33 33 LATVIJAS TIRDZNIECĪBAS BANKA, AS 91.45 101.52 -10% 580.8 32.7 91 lv Banks and financial services
16 16 ALFOR, SIA 231.44 271.80 -15% 60.2 32.3 26 Gambling
20 38 TRASTA KOMERCBANKA, AS 158.44 84.52 87% 289.5 31.3 81 lv Banks and financial services
15 12 VENTSPILS NAFTA, AS 251.13 167.95 50% 82.0 25.4 51 Transportation, transit, logistics
17 26 VP GROUP LATVIA, SIA 224.25 148.14 51% 354.4 23.4 43 Retail
18 21 LIEPĀJAS METALURGS, AS 173.75 171.83 1% 235.4 22.1 85 lv Manufacturing
24 20 ELKO GRUPA, AS 130.24 177.58 -27% 525.0 20.1 76 lv Information and Technology
21 27 RĪGAS SATIKSME, RP SIA 157.94 141.21 12% 89.1 17.5 49 lv Transportation, transit, logistics
44 39 LATVIJAS BIZNESA BANKA, AS 63.55 82.70 -23% 306.5 16.3 84 lv Banks and financial services
22 28 RIMI LATVIA, SIA 144.25 138.56 4% 397.2 14.5 60 Retail
27 29 UPB, AS 107.70 133.34 -19% 78.8 14.4 30 lv Construction services and materials
34 36 LATVIJA STATOIL, SIA 91.27 90.19 1% 283.5 14.2 74 Fuel trade
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
31 12 KNAUF, SIA 92.75 353.78 -74% 58.4 13.2 53 Construction services and materials
40 82 SKONTO BŪVE, SIA 71.33 39.68 80% 76.5 13.0 40 lv Construction services and materials
90 74 AKCIJU KOMERCBANKA BALTIKUMS, AS 26.29 44.13 -40% 98.8 12.6 81 lv Banks and financial services
23 37 GE MONEY, AS 143.69 89.81 60% 29.2 11.9 69 Banks and financial services
19 24 GRINDEKS, AS 170.73 152.47 12% 51.5 10.5 100 lv Medicine and pharmaceuticals
26 35 ALDARIS, AS 115.07 92.04 25% 37.0 9.8 58 Tobacco and alcohol
30 70 RĪGAS ŪDENS, SIA 94.54 45.75 107% 25.4 9.6 31 lv Utility services
48 50 NELSS, SIA 58.15 61.86 -6% 97.6 8.0 43 lv Construction services and materials
59 - MERKS, SIA 46.31 - - 60.5 7.9 70 Construction services and materials
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
45 44 OLYMPIC CASINO LATVIA, SIA 59.59 67.12 -11% 24.0 7.6 68 Gambling
39 55 RĪGAS SILTUMS, AS 74.93 58.18 29% 74.8 7.4 39 lv Utility services
42 63 STARPTAUTISKĀ LIDOSTA RĪGA, VAS 63.80 49.35 29% 20.8 7.2 40 lv Transportation, transit, logistics
36 60 RI-OS, AS 80.29 50.82 58% 14.4 7.0 54 Tourism and hotel services
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
55 84 BMGS, AS 50.36 38.00 33% 74.1 6.7 32 lv Construction services and materials
49 73 VALMIERAS STIKLA ŠĶIEDRA, AS 55.39 44.28 25% 37.2 6.4 88 Manufacturing
60 77 JOKER LTD, SIA 46.07 42.38 9% 16.9 6.3 34 Gambling
54 53 BALTIC CONTAINER TERMINAL, SIA 50.45 60.27 -16% 10.0 6.1 8 lv Transportation, transit, logistics
38 46 RECIPE PLUS, AS 75.73 62.76 21% 88.8 5.9 27 lv Medicine and pharmaceuticals
52 54 VK TRANZĪTS, SIA 51.91 59.45 -13% 36.1 5.7 49 lv Transportation, transit, logistics
71 40 NESTE LATVIJA, SIA 35.40 79.46 -55% 204.3 5.7 61 Fuel trade
63 49 BINDERS, CEĻU BŪVE SIA 42.19 62.03 -32% 31.4 5.6 37 lv Construction services and materials
43 - BALTIJAS IZAUGSMES GRUPA, AS 63.78 - - 9.6 5.4 61 lv Banks and financial services
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
53 - VALSTS NEKUSTAMIE ĪPAŠUMI, VAS 51.03 - - 9.9 5.0 35 lv Real estate operations
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
51 56 INSERVISS GROUP, SIA 53.37 57.66 -7% 13.2 4.6 53 lv Banks and financial services
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
57 42 SENTOR FARM APTIEKAS, AS 49.52 67.84 -27% 46.6 4.3 33 lv Medicine and pharmaceuticals
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
66 85 CIDO GRUPA, SIA 38.73 37.86 2% 37.8 4.0 63 Food production
80 - KESKO AGRO LAVIJA, SIA 29.69 - - 92.2 3.8 63 Retail
83 57 GAUJAS KOKS, SIA 28.28 55.50 -49% 23.6 3.7 29 lv Forestry and timber processing
89 - ENERGOFIRMA JAUDA, AS 26.35 - - 26.1 3.6 30 lv Energy
82 83 LATVIJAS ENERGOCELTNIEKS, SIA 28.42 38.13 -25% 44.7 3.5 64 lv Construction services and materials
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
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
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
76 - CĒSU ALUS, AS 33.60 - - 23.8 2.9 57 Tobacco and alcohol
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
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
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
93 - PAULA STRADIŅA KLĪNISKĀ UNIVERSITĀTES SLIMNĪCA, VAS 25.27 - - 51.6 2.4 9 lv Medicine and pharmaceuticals
87 - LATALKO, SIA 26.63 - - 34.1 2.3 15 lv Tobacco and alcohol
81 75 TAMRO, SIA 29.53 43.63 -32% 73.3 2.1 68 Medicine and pharmaceuticals

* 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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