TOP 101 - 2009
Latvia's most valuable enterprises

TOP 2009 TOP 2008 Company name Value 2009 Value 2008 Change Turnover 2008 EBITDA 2008 CorpGov Score   Industry
21 19 GRINDEKS, AS 125.04 170.73 -27% 62.1 10.5 100 lv Medicine and pharmaceuticals
13 4 SEB BANKA, AS 212.97 865.74 -75% 3383.8 274.7 97 Banks and financial services
8 1 SWEDBANK, AS 327.81 1243.42 -74% 5496.1 572.8 94 Banks and financial services
5 10 LATVIJAS GĀZE, AS 403.32 353.74 14% 351.0 41.4 91 Energy
61 33 LTB BANK, AS 36.64 91.45 -60% 327.3 42.0 91 lv Banks and financial services
64 50 LATVIJAS KRĀJBANKA, AS 33.09 55.37 -40% 681.5 38.1 89 Banks and financial services
18 35 LATVIJAS BALZAMS, AS 134.69 89.77 50% 103.6 8.8 88 Tobacco and alcohol
39 28 LATVIJAS HIPOTĒKU UN ZEMES BANKA, VAS 68.93 101.33 -32% 969.0 79.6 87 lv Banks and financial services
22 14 DNB NORD BANKA, AS 113.06 269.56 -58% 2190.1 148.4 86 Banks and financial services
58 41 UNICREDIT BANK, AS 39.53 66.34 -40% 789.6 45.9 84 Banks and financial services
7 8 LATTELECOM, SIA 364.90 449.28 -19% 160.4 52.1 82 Telecommunication services
16 18 LIEPĀJAS METALURGS, AS 147.07 173.75 -15% 270.2 17.9 81 lv Manufacturing
38 49 VALMIERAS STIKLA ŠĶIEDRA, AS 75.38 55.39 36% 37.8 7.4 81 Manufacturing
46 23 GE MONEY BANK, AS 50.14 143.69 -65% 253.0 58.6 81 Banks and financial services
89 82 LATVIJAS ENERGOCELTNIEKS, SIA 23.32 28.42 -18% 46.7 2.7 76 lv Construction services and materials
48 32 NORVIK BANKA, AS 48.19 92.05 -48% 505.7 57.0 75 Banks and financial services
78 20 TRASTA KOMERCBANKA, AS 26.18 158.44 -83% 278.9 33.4 74 lv Banks and financial services
9 11 LATVIJAS KUĢNIECĪBA, AS 322.86 325.05 -1% 120.9 33.7 73 lv Transportation, transit, logistics
100 - EAST METAL, SIA 21.09 - - 16.5 2.5 72 lv Manufacturing
2 5 LATVIJAS MOBILAIS TELEFONS, SIA 696.46 725.66 -4% 192.6 85.0 71 lv Telecommunication services
15 15 VENTSPILS NAFTA, AS 167.07 251.13 -33% 63.1 17.5 71 Transportation, transit, logistics/Petrochemicals
35 24 ELKO GRUPA, AS 79.47 130.24 -39% 505.4 10.1 70 lv Information and Technology
44 13 AIZKRAUKLES BANKA, AS 62.48 285.76 -78% 982.1 75.1 67 lv Banks and financial services
63 81 TAMRO, SIA 33.73 29.53 14% 73.9 2.5 67 Medicine and pharmaceuticals
69 - LINSTOW, SIA 30.57 - - 5.3 2.1 67 Real estate operations
81 59 MERKS, SIA 25.55 46.31 -45% 40.1 3.0 67 Construction services and materials
92 - RETTENMEIER BALTIC TIMBER, SIA 22.88 - - 20.7 2.4 67 Forestry and timber processing
32 34 LATVIJA STATOIL, SIA 87.01 91.27 -5% 342.1 6.9 64 Fuel trade
85 - G4S LATVIA, AS 24.29 - - 18.6 2.0 63 Other services/Security
6 7 TELE2, SIA 387.66 454.62 -15% 130.1 48.2 62 Telecommunication services
67 - L & T, SIA 31.31 - - 16.9 2.9 62 lv Utility services
23 9 RIETUMU BANKA, AS 110.49 379.22 -71% 1102.9 132.1 61 lv Banks and financial services
66 76 CĒSU ALUS, AS 31.32 33.60 -7% 27.3 2.5 60 Tobacco and alcohol
74 - AGA, SIA 28.67 - - 10.0 2.6 60 Other services/Industrial gas
14 16 ALFOR, SIA 172.03 231.44 -26% 52.5 17.3 58 Gambling
52 47 PERI, SIA 44.32 58.18 -24% 10.2 4.6 58 lv Construction services and materials
62 99 FIRST DATA LATVIA, SIA 35.76 24.48 46% 8.0 3.1 58 Information and Technology
40 26 ALDARIS, AS 67.41 115.07 -41% 36.4 5.4 56 Tobacco and alcohol
51 66 CIDO GRUPA, SIA 45.74 38.73 18% 45.6 3.6 56 Food production
86 - STABURADZE, AS 24.26 - - 47.2 2.3 56 Food production
12 22 RIMI LATVIA, SIA 269.46 144.25 87% 465.0 24.0 55 Retail
36 36 VIESNĪCA "LATVIJA", AS 77.13 80.29 -4% 12.6 5.8 54 Tourism and hotel services
73 - TV3 LATVIA, SIA 29.30 - - 10.9 2.7 54 Other services/Media
82 - FORUM CINEMAS, SIA 24.94 - - 8.9 2.3 54 Other services/Entertainment
25 31 KNAUF, SIA 108.48 92.75 17% 51.0 11.4 53 Construction services and materials
41 37 DROGAS, AS 67.03 79.65 -16% 64.7 7.0 53 Retail
54 - BALTENERGOTRADE, SIA 43.44 - - 36.7 2.6 53 lv Energy
45 - TIRDZNIECĪBAS CENTRS PLESKODĀLE, SIA 59.60 - - 6.9 4.2 51 Retail
87 - RD ELEKTRONIKS, SIA 24.14 - - 50.8 2.5 51 lv Retail
79 - DAUGAVPILS LOKOMOTĪVJU REMONTA RŪPNĪCA, AS 26.02 - - 17.5 2.9 50 Other services/Industrial repairs
10 17 MAXIMA LATVIJA, SIA 304.71 224.25 36% 426.3 27.5 49 Retail
55 78 JYSK LINNEN'N FURNITURE, SIA 41.53 30.25 37% 22.2 3.1 49 Retail
68 - HANZAS MAIZNĪCA, AS 30.95 - - 21.7 3.0 49 Food production
19 53 VALSTS NEKUSTAMIE ĪPAŠUMI, VAS 134.42 51.03 163% 21.0 9.7 47 lv Real estate operations
50 - RETS INVESTĪCIJAS, SIA 46.54 - - 3.4 2.8 45 lv Energy
27 25 LATVIJAS FINIERIS, AS 105.10 119.62 -12% 99.4 11.5 44 lv Forestry and timber processing
56 - ARIS BALTIJA, SIA 41.07 - - 7.3 3.8 44 lv Fuel trade/Card retail
1 2 LATVENERGO, AS 1239.74 950.13 30% 475.9 107.1 39 lv Energy
3 3 LATVIJAS VALSTS MEŽI, VAS 573.43 873.40 -34% 148.0 63.4 39 lv Forestry and timber processing
84 - RĪGAS PIENA KOMBINĀTS, AS 24.32 - - 60.2 2.4 39 Food production
34 42 STARPTAUTISKĀ LIDOSTA RĪGA, VAS 80.51 63.80 26% 24.5 7.5 35 lv Transportation, transit, logistics
94 - KRONUS, SIA 21.94 - - 14.7 2.5 35 lv Forestry and timber processing
101 - TVA CONSTRUCTION, SIA 20.91 - - 23.8 2.6 35 lv Construction services and materials
20 39 RĪGAS SILTUMS, AS 132.85 74.93 77% 109.4 11.6 34 lv Utility services
57 40 SKONTO BŪVE, SIA 40.88 71.33 -43% 61.5 5.1 34 lv Construction services and materials
43 57 SENTOR FARM APTIEKAS, AS 65.99 49.52 33% 54.5 5.2 33 lv Medicine and pharmaceuticals
72 - VIA, SIA 29.71 - - 15.4 3.7 32 lv Construction services and materials
26 - MIKROTĪKLS, SIA 107.67 - - 26.8 12.8 31 lv Information and Technology
91 - ARČERS, SIA 22.96 - - 28.1 2.9 31 lv Construction services and materials
95 - LATVIJAS LOTO, VAS 21.49 - - 8.5 2.3 30 lv Gambling
88 - ABAVA, SIA 23.68 - - 3.6 1.8 29 lv Real estate operations
59 60 JOKER LTD, SIA 39.32 46.07 -15% 15.4 4.2 27 Gambling
70 - KREISS, SIA 29.89 - - 14.3 3.2 26 lv Transportation, transit, logistics
98 97 PATA AB, SIA 21.32 24.80 -14% 34.9 2.4 26 lv Forestry and timber processing
28 30 RĪGAS ŪDENS, SIA 103.17 94.54 9% 29.7 11.1 24 lv Utility services
31 - LATVIJAS AUTOCEĻU UZTURĒTĀJS, AS 89.63 - - 60.6 8.3 24 lv Construction services and materials
60 - GETLIŅI EKO, SIA 37.87 - - 6.8 3.8 23 lv Utility services
11 21 RĪGAS SATIKSME, RP SIA 286.41 157.94 81% 113.1 26.5 21 lv Transportation, transit, logistics
71 - SALDUS CEĻINIEKS, SIA 29.86 - - 32.1 3.8 21 lv Construction services and materials
77 - RĪGAS NAMI, SIA 26.90 - - 3.0 2.0 21 lv Real estate operations
80 - ALCO, SIA 25.71 - - 17.2 3.1 21 lv Fuel trade
96 101 TILTS, SIA 21.40 24.36 -12% 19.1 2.7 21 lv Construction services and materials
99 - CEĻU, TILTU BŪVNIEKS, SIA 21.27 - - 8.5 2.7 21 lv Construction services and materials
93 - CEĻU PĀRVALDE, AS 22.77 - - 24.5 2.9 19 lv Construction services and materials
4 12 LATVIJAS DZELZCEĻŠ, VAS 465.37 300.88 55% 299.5 43.9 18 lv Transportation, transit, logistics
49 55 BMGS, AS 46.76 50.36 -7% 53.8 6.0 18 lv Construction services and materials
42 27 UPB, AS 66.14 107.70 -39% 74.4 8.5 17 lv Construction services and materials
33 - RE & RE, SIA 86.23 - - 50.7 11.1 16 lv Construction services and materials
65 - BULBASH, SIA 32.66 - - 16.7 3.4 16 Retail
29 38 RECIPE PLUS, AS 94.98 75.73 25% 100.0 7.8 15 lv Medicine and pharmaceuticals
53 61 STREK, SIA 43.78 42.77 2% 12.2 5.2 15 lv Transportation, transit, logistics
75 - VENTBUNKERS, AS 28.43 - - 32.9 3.4 15 Transportation, transit, logistics
76 92 ZEMNIECĪBA, SIA 27.93 25.53 9% 22.2 2.7 15 lv Retail
17 - RĪGAS TIRDZNIECĪBAS OSTA, SIA 140.75 - - 64.3 16.7 13 lv Transportation, transit, logistics
24 29 A.C.B., AS 108.50 99.31 9% 97.2 14.1 13 lv Construction services and materials
30 52 VK TRANZĪTS, SIA 93.91 51.91 81% 66.2 11.2 13 lv Transportation, transit, logistics
37 - ITERA LATVIJA, SIA 76.89 - - 140.8 9.3 13 lv Energy
47 54 BALTIC CONTAINER TERMINAL, SIA 50.13 50.45 -1% 10.6 6.0 13 Transportation, transit, logistics
97 - L-EKSPRESIS, SIA 21.37 - - 11.3 2.3 10 lv Transportation, transit, logistics
83 100 SIS BIZNESA SERVISS, SIA 24.36 24.40 0% 12.8 3.6 5 lv Information and Technology
90 - NAFTIMPEKS, SIA 23.18 - - 12.0 2.9 5 lv Transportation, transit, logistics/Petrochemicals

 * 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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