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TOP 101 - 2009
Latvia's most valuable enterprises

TOP 101 - 2009
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Estonia's TOP 101 Estonia's TOP 101 most valuable enterprises - TOP101

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

 * 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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