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TOP 101 - 2010
Latvia's most valuable enterprises
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TOP 101 - 2010
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Estonia's TOP 101 Estonia's TOP 101 most valuable enterprises - TOP101

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TOP 2010 TOP 2009 Company name Value 2010 Value 2009 Change Turnover 2009 EBITDA 2009 CorpGov Score   Industry
19 39 LATVIJAS HIPOTĒKU UN ZEMES BANKA, VAS 132.8 68.9 93% 833.9 111.6 87 lv Bank, Insurance and other financial services
35 58 UNICREDIT BANK, SIA 68.7 39.5 74% 700.3 58.3 81 Bank, Insurance and other financial services
48 64 LATVIJAS KRĀJBANKA, AS 53.6 33.1 62% 598.9 44.8 89 Bank, Insurance and other financial services
32 48 NORVIK BANKA, AS 69.6 48.2 44% 550.9 60.3 71 Bank, Insurance and other financial services
1 1 LATVENERGO, AS 1452.3 1239.8 17% 500.5 147.0 37 lv Energy
18 12 RIMI LATVIA, SIA 133.7 269.5 -50% 404.4 10.4 64 Retail
8 10 MAXIMA LATVIJA, SIA 318.3 304.7 4% 397.3 25.3 53 Retail
7 5 LATVIJAS GĀZE, AS 321.8 403.3 -20% 329.7 49.5 91 Energy
51 35 ELKO GRUPA, AS 51.4 79.5 -35% 324.5 6.5 47 lv Information and Technology
3 4 LATVIJAS DZELZCEĻŠ, VAS 549.2 465.4 18% 284.8 58.4 17 lv Transportation, transit, logistics
39 32 LATVIJA STATOIL, SIA 62.3 87 -28% 260.5 10.2 61 Fuel trade
84 - PRIVATBANK, AS 29.7 - - 238.3 25.2 81 Bank, Insurance and other financial services
49 61 LTB BANK, AS 52.5 36.6 43% 216.3 43.8 91 lv Bank, Insurance and other financial services
71 78 TRASTA KOMERCBANKA, AS 35 26.2 34% 210.2 30.1 74 lv Bank, Insurance and other financial services
29 - AIR BALTIC CORPORATION, AS 77.5 - - 206.8 9.2 23 lv Transportation, transit, logistics
4 2 LATVIJAS MOBILAIS TELEFONS, SIA 433.5 696.5 -38% 151.1 51.9 79 Telecommunication services
6 7 LATTELECOM, SIA 341.3 364.9 -6% 139.9 45.9 83 lv Telecommunication services
17 20 RĪGAS SILTUMS, AS 134.9 132.9 2% 140.3 13.5 41 lv Utility services
5 3 LATVIJAS VALSTS MEŽI, VAS 400.5 573.4 -30% 136.6 48.7 38 lv Forestry and timber processing
82 - KOMERCBANKA BALTIKUMS, AS 30.4 - - 135.4 26.1 74 lv Bank, Insurance and other financial services
74 - NESTE LATVIJA, SIA 32.6 - - 130.2 5.4 54 Fuel trade
9 6 TELE2, SIA 302.6 387.7 -22% 108.6 37.5 62 Telecommunication services
10 11 RĪGAS SATIKSME, RP SIA 246.5 286.4 -14% 102.2 26.1 20 lv Transportation, transit, logistics
94 - URALCHEM TRADING, SIA 24 - - 93.4 2.3 14 Retail
12 17 RĪGAS TIRDZNIECĪBAS OSTA, SIA 187.2 140.8 33% 82.2 17.2 19 lv Transportation, transit, logistics
24 30 VK TRANZĪTS, SIA 89.5 93.9 -5% 80.0 8.3 14 lv Transportation, transit, logistics
25 57 SKONTO BŪVE, SIA 84.5 40.9 107% 78.3 9.8 38 lv Construction services and materials
28 29 RECIPE PLUS, AS 77.9 95 -18% 74.4 7.0 13 lv Medicine and pharmaceuticals
64 - DEPO DIY, SIA 39.6 - - 74.2 4.4 56 lv Retail
75 - BTA, AAS 32.4 - - 71.6 25.5 64 lv Bank, Insurance and other financial services
72 63 TAMRO, SIA 33.4 33.7 -1% 68.8 2.7 63 Medicine and pharmaceuticals
56 27 LATVIJAS FINIERIS, AS 44.8 105.1 -57% 67.7 5.3 51 lv Forestry and timber processing
69 - GJENSIDIGE BALTIC, AAS 36 - - 67.9 27.4 81 Bank, Insurance and other financial services
22 15 VENTSPILS NAFTA, AS 94.4 167.1 -43% 66.4 7.8 65 Transportation, transit, logistics/Petrochemicals
59 - TOLMETS, SIA 41.9 - - 62.0 5.1 40 lv Manufacturing
43 49 BMGS, AS 55.6 46.8 19% 60.8 6.8 14 lv Construction services and materials
83 - BALTA, AAS 30.1 - - 57.7 22.9 81 Bank, Insurance and other financial services
42 - PAULA STRADIŅA KLĪNISKĀ UNIVERSITĀTES SLIMNĪCA, VSIA 56.8 - - 57.3 5.9 26 lv Medicine and pharmaceuticals
31 18 LATVIJAS BALZAMS, SIA 75.3 134.7 -44% 55.6 6.7 93 Production of alcoholic beverages
34 21 GRINDEKS, AS 69.1 125 -45% 53.6 5.6 100 lv Medicine and pharmaceuticals
58 - RĪGAS AUSTRUMU KLĪNISKĀ UNIVERSITĀTES SLIMNĪCA, SIA 42.8 - - 48.8 4.6 13 lv Medicine and pharmaceuticals
57 - PASAŽIERU VILCIENS, AS 43.2 - - 47.4 4.5 24 lv Transportation, transit, logistics
63 - LATVIJAS PASTS, VAS 39.8 - - 45.3 4.4 36 lv Transportation, transit, logistics
52 24 A.C.B., AS 51.3 108.5 -53% 43.6 6.4 8 lv Construction services and materials
33 31 LATVIJAS AUTOCEĻU UZTURĒTĀJS, VAS 69.6 89.6 -22% 42.0 7.2 27 lv Construction services and materials
50 42 UPB, AS 51.6 66.1 -22% 42.4 6.3 20 lv Construction services and materials
54 43 SENTOR FARM APTIEKAS, AS 48.8 66 -26% 42.3 4.4 11 lv Medicine and pharmaceuticals
89 84 RĪGAS PIENA KOMBINĀTS, AS 26.5 24.3 9% 41.6 3.5 45 Food production
41 33 RE & RE, SIA 58.8 86.2 -32% 39.7 7.1 24 lv Construction services and materials
46 81 MERKS, SIA 54.4 25.6 113% 40.2 6.0 65 Construction services and materials
60 - BINDERS, SIA 41.8 - - 36.1 5.2 13 lv Construction services and materials
38 - VIKA WOOD, SIA 63.4 - - 34.8 7.4 57 Forestry and timber processing
93 - HAVI LOGISTICS, SIA 24.2 - - 35.1 2.6 54 Transportation, transit, logistics
13 - ALPHA OSTA, SIA 187.2 - - 30.6 17.0 24 Transportation, transit, logistics
61 51 CIDO GRUPA, SIA 40.8 45.7 -11% 31.4 2.6 50 Food production
27 38 VALMIERAS STIKLA ŠĶIEDRA, AS 78.1 75.4 4% 30.3 6.6 79 Manufacturing
21 26 MIKROTĪKLS, SIA 98.5 107.7 -9% 29.3 11.9 18 lv Information and Technology
97 14 ALFOR, SIA 21.8 172 -87% 29.2 2.8 27 Gambling
20 28 RĪGAS ŪDENS, SIA 106.2 103.2 3% 27.7 10.4 19 lv Utility services
47 25 KNAUF, SIA 53.8 108.5 -50% 26.9 5.5 30 Construction services and materials
65 66 CĒSU ALUS, AS 39.5 31.3 26% 27.0 3.4 56 Production of alcoholic beverages
67 40 ALDARIS, AS 38 67.4 -44% 27.3 3.2 61 Production of alcoholic beverages
87 89 LATVIJAS ENERGOCELTNIEKS, SIA 28.3 23.3 21% 25.2 3.2 56 lv Construction services and materials
68 96 TILTS, SIA 37.5 21.4 75% 23.7 4.6 16 lv Construction services and materials
78 91 ARČERS, SIA 31.4 23 37% 24.0 3.8 22 lv Construction services and materials
30 34 STARPTAUTISKĀ LIDOSTA RĪGA, VAS 77 80.5 -4% 22.9 6.8 16 lv Transportation, transit, logistics
40 - BALTICOVO, AS 61.9 - - 22.5 6.4 41 lv Food production
45 - LATVIJAS TILTI, AS 55.1 - - 22.9 5.9 75 lv Construction services and materials
81 - KUREKSS, SIA 30.8 - - 22.9 3.8 31 lv Forestry and timber processing
36 - OLAINFARM, AS 64.3 - - 22.4 5.5 71 lv Medicine and pharmaceuticals
55 92 RETTENMEIER BALTIC TIMBER, SIA 47.2 22.9 106% 21.8 5.7 45 Forestry and timber processing
53 - CEĻU SATIKSMES DROŠĪBAS DIREKCIJA, VAS 49.2 - - 20.2 5.2 23 lv Other industry/Government services
70 - BELAM-RĪGA, SIA 35.4 - - 20.4 4.2 30 lv Information and Technology
76 68 HANZAS MAIZNĪCA, AS 31.8 31 3% 20.4 3.2 49 Food production
86 - RĪGAS PIENSAIMNIEKS, SIA 28.6 - - 19.1 3.9 34 lv Food production
14 19 VALSTS NEKUSTAMIE ĪPAŠUMI, VAS 164.5 134.4 22% 17.5 8.8 42 lv Real estate operations
23 53 STREK, SIA 92.5 43.8 111% 15.9 8.5 20 lv Transportation, transit, logistics
95 - BALTIJAS EKSPRESIS, AS 22.1 - - 15.6 2.4 11 lv Transportation, transit, logistics
62 67 L & T, SIA 40.1 31.3 28% 14.8 4.0 58 lv Utility services
73 - BALTKOM TV, SIA 32.8 - - 15.2 4.5 Telecommunication services
44 - LATVIJAS GAISA SATIKSME, VAS 55.6 - - 14.2 4.7 41 lv Transportation, transit, logistics
79 - ABORA, SIA 30.9 - - 14.0 3.7 31 lv Construction services and materials
91 - LIELZELTIŅI, SIA 26.1 - - 12.5 2.7 38 lv Food production
92 97 L-EKSPRESIS, SIA 24.8 21.4 16% 10.9 2.5 38 lv Transportation, transit, logistics
98 - ADUGS, SIA 21.5 - - 10.3 2.3 22 lv Food production
77 36 VIESNĪCA "LATVIJA", AS 31.6 77.1 -59% 8.6 2.5 50 Tourism and hotel services
96 74 AGA, SIA 21.9 28.7 -24% 9.1 1.7 54 Other industry/Industrial gas
66 47 BALTIC CONTAINER TERMINAL, SIA 39.2 50.1 -22% 7.9 3.7 9 Transportation, transit, logistics
85 62 FIRST DATA LATVIA, SIA 29.6 35.8 -17% 7.7 3.5 54 Information and Technology
37 45 TIRDZNIECĪBAS CENTRS PLESKODĀLE, SIA 63.6 59.6 7% 6.5 3.4 47 Retail
88 60 GETLIŅI EKO, SIA 26.9 37.9 -29% 6.4 2.9 14 lv Utility services
100 - B.L.B. BALTIJAS TERMINĀLS, AS 20.2 - - 5.9 1.9 14 lv Transportation, transit, logistics
80 - STRABAG AG FILIĀLE LATVIJĀ 30.9 - - 5.4 3.5 48 Construction services and materials
90 - SSF LOGISTIC, SIA 26.2 - - 5.4 2.9 3 lv Transportation, transit, logistics
99 80 ALCO, SIA 20.7 25.7 -19% 4.7 3.7 19 lv Fuel trade
101 - TURKISH AIRLINES INC. RĪGAS FILIĀLE 20.2 - - 2.9 2.3 51 Transportation, transit, logistics
2 8 SWEDBANK, AS 570.5 327.8 74% 470.6 97 Bank, Insurance and other financial services
11 13 SEB BANKA, AS 230.9 213 8% 190.5 97 Bank, Insurance and other financial services
15 23 RIETUMU BANKA, AS 155.8 110.5 41% 136.8 64 lv Bank, Insurance and other financial services
16 22 DNB NORD BANKA, AS 145.4 113.1 29% 122.7 84 Bank, Insurance and other financial services
26 44 AIZKRAUKLES BANKA, AS 81.9 62.5 31% 71.9 64 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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