TOP 101 - 2010
Latvia's most valuable enterprises

TOP 2010 TOP 2009 Company name Value 2010 Value 2009 Change Turnover 2009 EBITDA 2009 CorpGov Score   Industry
2 8 SWEDBANK, AS 570.51 327.82 74% 470.6 97 Bank, Insurance and other financial services
11 13 SEB BANKA, AS 230.92 212.98 8% 190.5 97 Bank, Insurance and other financial services
15 23 RIETUMU BANKA, AS 155.76 110.49 41% 136.8 64 lv Bank, Insurance and other financial services
16 22 DNB NORD BANKA, AS 145.36 113.06 29% 122.7 84 Bank, Insurance and other financial services
26 44 AIZKRAUKLES BANKA, AS 81.89 62.48 31% 71.9 64 lv Bank, Insurance and other financial services
101 - TURKISH AIRLINES INC. RĪGAS FILIĀLE 20.18 - - 2.9 2.3 51 Transportation, transit, logistics
99 80 ALCO, SIA 20.70 25.71 -19% 4.7 3.7 19 lv Fuel trade
80 - STRABAG AG FILIĀLE LATVIJĀ 30.90 - - 5.4 3.5 48 Construction services and materials
90 - SSF LOGISTIC, SIA 26.20 - - 5.4 2.9 3 lv Transportation, transit, logistics
100 - B.L.B. BALTIJAS TERMINĀLS, AS 20.18 - - 5.9 1.9 14 lv Transportation, transit, logistics
88 60 GETLIŅI EKO, SIA 26.91 37.86 -29% 6.4 2.9 14 lv Utility services
37 45 TIRDZNIECĪBAS CENTRS PLESKODĀLE, SIA 63.63 59.60 7% 6.5 3.4 47 Retail
85 62 FIRST DATA LATVIA, SIA 29.57 35.76 -17% 7.7 3.5 54 Information and Technology
66 47 BALTIC CONTAINER TERMINAL, SIA 39.23 50.13 -22% 7.9 3.7 9 Transportation, transit, logistics
77 36 VIESNĪCA "LATVIJA", AS 31.55 77.13 -59% 8.6 2.5 50 Tourism and hotel services
96 74 AGA, SIA 21.91 28.67 -24% 9.1 1.7 54 Other industry/Industrial gas
98 - ADUGS, SIA 21.51 - - 10.3 2.3 22 lv Food production
92 97 L-EKSPRESIS, SIA 24.84 21.37 16% 10.9 2.5 38 lv Transportation, transit, logistics
91 - LIELZELTIŅI, SIA 26.07 - - 12.5 2.7 38 lv Food production
79 - ABORA, SIA 30.92 - - 14.0 3.7 31 lv Construction services and materials
44 - LATVIJAS GAISA SATIKSME, VAS 55.55 - - 14.2 4.7 41 lv Transportation, transit, logistics
62 67 L & T, SIA 40.12 31.30 28% 14.8 4.0 58 lv Utility services
73 - BALTKOM TV, SIA 32.84 - - 15.2 4.5 Telecommunication services
95 - BALTIJAS EKSPRESIS, AS 22.14 - - 15.6 2.4 11 lv Transportation, transit, logistics
23 53 STREK, SIA 92.53 43.78 111% 15.9 8.5 20 lv Transportation, transit, logistics
14 19 VALSTS NEKUSTAMIE ĪPAŠUMI, VAS 164.50 134.42 22% 17.5 8.8 42 lv Real estate operations
86 - RĪGAS PIENSAIMNIEKS, SIA 28.56 - - 19.1 3.9 34 lv Food production
53 - CEĻU SATIKSMES DROŠĪBAS DIREKCIJA, VAS 49.16 - - 20.2 5.2 23 lv Other industry/Government services
70 - BELAM-RĪGA, SIA 35.36 - - 20.4 4.2 30 lv Information and Technology
76 68 HANZAS MAIZNĪCA, AS 31.77 30.95 3% 20.4 3.2 49 Food production
55 92 RETTENMEIER BALTIC TIMBER, SIA 47.20 22.88 106% 21.8 5.7 45 Forestry and timber processing
36 - OLAINFARM, AS 64.26 - - 22.4 5.5 71 lv Medicine and pharmaceuticals
40 - BALTICOVO, AS 61.89 - - 22.5 6.4 41 lv Food production
30 34 STARPTAUTISKĀ LIDOSTA RĪGA, VAS 77.02 80.51 -4% 22.9 6.8 16 lv Transportation, transit, logistics
45 - LATVIJAS TILTI, AS 55.05 - - 22.9 5.9 75 lv Construction services and materials
81 - KUREKSS, SIA 30.82 - - 22.9 3.8 31 lv Forestry and timber processing
68 96 TILTS, SIA 37.48 21.40 75% 23.7 4.6 16 lv Construction services and materials
78 91 ARČERS, SIA 31.39 22.95 37% 24.0 3.8 22 lv Construction services and materials
87 89 LATVIJAS ENERGOCELTNIEKS, SIA 28.30 23.32 21% 25.2 3.2 56 lv Construction services and materials
47 25 KNAUF, SIA 53.80 108.48 -50% 26.9 5.5 30 Construction services and materials
65 66 CĒSU ALUS, AS 39.46 31.32 26% 27.0 3.4 56 Production of alcoholic beverages
67 40 ALDARIS, AS 37.99 67.42 -44% 27.3 3.2 61 Production of alcoholic beverages
20 28 RĪGAS ŪDENS, SIA 106.19 103.17 3% 27.7 10.4 19 lv Utility services
97 14 ALFOR, SIA 21.80 172.03 -87% 29.2 2.8 27 Gambling
21 26 MIKROTĪKLS, SIA 98.48 107.67 -9% 29.3 11.9 18 lv Information and Technology
27 38 VALMIERAS STIKLA ŠĶIEDRA, AS 78.07 75.38 4% 30.3 6.6 79 Manufacturing
13 - ALPHA OSTA, SIA 187.18 - - 30.6 17.0 24 Transportation, transit, logistics
61 51 CIDO GRUPA, SIA 40.78 45.73 -11% 31.4 2.6 50 Food production
38 - VIKA WOOD, SIA 63.35 - - 34.8 7.4 57 Forestry and timber processing
93 - HAVI LOGISTICS, SIA 24.16 - - 35.1 2.6 54 Transportation, transit, logistics
60 - BINDERS, SIA 41.79 - - 36.1 5.2 13 lv Construction services and materials
41 33 RE & RE, SIA 58.82 86.23 -32% 39.7 7.1 24 lv Construction services and materials
46 81 MERKS, SIA 54.44 25.55 113% 40.2 6.0 65 Construction services and materials
89 84 RĪGAS PIENA KOMBINĀTS, AS 26.48 24.32 9% 41.6 3.5 45 Food production
33 31 LATVIJAS AUTOCEĻU UZTURĒTĀJS, VAS 69.55 89.63 -22% 42.0 7.2 27 lv Construction services and materials
54 43 SENTOR FARM APTIEKAS, AS 48.79 65.99 -26% 42.3 4.4 11 lv Medicine and pharmaceuticals
50 42 UPB, AS 51.64 66.14 -22% 42.4 6.3 20 lv Construction services and materials
52 24 A.C.B., AS 51.27 108.51 -53% 43.6 6.4 8 lv Construction services and materials
63 - LATVIJAS PASTS, VAS 39.81 - - 45.3 4.4 36 lv Transportation, transit, logistics
57 - PASAŽIERU VILCIENS, AS 43.20 - - 47.4 4.5 24 lv Transportation, transit, logistics
58 - RĪGAS AUSTRUMU KLĪNISKĀ UNIVERSITĀTES SLIMNĪCA, SIA 42.81 - - 48.8 4.6 13 lv Medicine and pharmaceuticals
34 21 GRINDEKS, AS 69.05 125.04 -45% 53.6 5.6 100 lv Medicine and pharmaceuticals
31 18 LATVIJAS BALZAMS, SIA 75.30 134.69 -44% 55.6 6.7 93 Production of alcoholic beverages
42 - PAULA STRADIŅA KLĪNISKĀ UNIVERSITĀTES SLIMNĪCA, VSIA 56.82 - - 57.3 5.9 26 lv Medicine and pharmaceuticals
83 - BALTA, AAS 30.12 - - 57.7 22.9 81 Bank, Insurance and other financial services
43 49 BMGS, AS 55.62 46.76 19% 60.8 6.8 14 lv Construction services and materials
59 - TOLMETS, SIA 41.90 - - 62.0 5.1 40 lv Manufacturing
22 15 VENTSPILS NAFTA, AS 94.44 167.07 -43% 66.4 7.8 65 Transportation, transit, logistics/Petrochemicals
56 27 LATVIJAS FINIERIS, AS 44.79 105.09 -57% 67.7 5.3 51 lv Forestry and timber processing
69 - GJENSIDIGE BALTIC, AAS 35.97 - - 67.9 27.4 81 Bank, Insurance and other financial services
72 63 TAMRO, SIA 33.41 33.74 -1% 68.8 2.7 63 Medicine and pharmaceuticals
75 - BTA, AAS 32.43 - - 71.6 25.5 64 lv Bank, Insurance and other financial services
64 - DEPO DIY, SIA 39.60 - - 74.2 4.4 56 lv Retail
28 29 RECIPE PLUS, AS 77.87 94.98 -18% 74.4 7.0 13 lv Medicine and pharmaceuticals
25 57 SKONTO BŪVE, SIA 84.49 40.88 107% 78.3 9.8 38 lv Construction services and materials
24 30 VK TRANZĪTS, SIA 89.50 93.91 -5% 80.0 8.3 14 lv Transportation, transit, logistics
12 17 RĪGAS TIRDZNIECĪBAS OSTA, SIA 187.21 140.75 33% 82.2 17.2 19 lv Transportation, transit, logistics
94 - URALCHEM TRADING, SIA 23.96 - - 93.4 2.3 14 Retail
10 11 RĪGAS SATIKSME, RP SIA 246.51 286.41 -14% 102.2 26.1 20 lv Transportation, transit, logistics
9 6 TELE2, SIA 302.60 387.66 -22% 108.6 37.5 62 Telecommunication services
74 - NESTE LATVIJA, SIA 32.56 - - 130.2 5.4 54 Fuel trade
82 - KOMERCBANKA BALTIKUMS, AS 30.36 - - 135.4 26.1 74 lv Bank, Insurance and other financial services
5 3 LATVIJAS VALSTS MEŽI, VAS 400.54 573.43 -30% 136.6 48.7 38 lv Forestry and timber processing
6 7 LATTELECOM, SIA 341.26 364.90 -6% 139.9 45.9 83 lv Telecommunication services
17 20 RĪGAS SILTUMS, AS 134.90 132.85 2% 140.3 13.5 41 lv Utility services
4 2 LATVIJAS MOBILAIS TELEFONS, SIA 433.51 696.45 -38% 151.1 51.9 79 Telecommunication services
29 - AIR BALTIC CORPORATION, AS 77.48 - - 206.8 9.2 23 lv Transportation, transit, logistics
71 78 TRASTA KOMERCBANKA, AS 34.99 26.18 34% 210.2 30.1 74 lv Bank, Insurance and other financial services
49 61 LTB BANK, AS 52.53 36.64 43% 216.3 43.8 91 lv Bank, Insurance and other financial services
84 - PRIVATBANK, AS 29.68 - - 238.3 25.2 81 Bank, Insurance and other financial services
39 32 LATVIJA STATOIL, SIA 62.31 87.01 -28% 260.5 10.2 61 Fuel trade
3 4 LATVIJAS DZELZCEĻŠ, VAS 549.17 465.36 18% 284.8 58.4 17 lv Transportation, transit, logistics
51 35 ELKO GRUPA, AS 51.35 79.47 -35% 324.5 6.5 47 lv Information and Technology
7 5 LATVIJAS GĀZE, AS 321.83 403.31 -20% 329.7 49.5 91 Energy
8 10 MAXIMA LATVIJA, SIA 318.28 304.71 4% 397.3 25.3 53 Retail
18 12 RIMI LATVIA, SIA 133.66 269.46 -50% 404.4 10.4 64 Retail
1 1 LATVENERGO, AS 1452.33 1239.75 17% 500.5 147.0 37 lv Energy
32 48 NORVIK BANKA, AS 69.62 48.19 44% 550.9 60.3 71 Bank, Insurance and other financial services
48 64 LATVIJAS KRĀJBANKA, AS 53.60 33.10 62% 598.9 44.8 89 Bank, Insurance and other financial services
35 58 UNICREDIT BANK, SIA 68.68 39.53 74% 700.3 58.3 81 Bank, Insurance and other financial services
19 39 LATVIJAS HIPOTĒKU UN ZEMES BANKA, VAS 132.84 68.94 93% 833.9 111.6 87 lv Bank, Insurance and other 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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