TOP 101 - 2011
Latvia's most valuable enterprises
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TOP 2011 TOP 2010 Company name Value 2011 Value 2010 Change Turnover 2010 EBITDA 2010 CorpGov Score   Industry
51 38 VIKA WOOD, SIA 63.79 77.88 -18% 43.7 9.8 61 Forestry and timber processing
80 77 VIESNĪCA "LATVIJA", AS 38.40 32.84 17% 10.0 2.9 50 Real estate operations
17 - VENTSPILS NAFTA TERMINĀLS, SIA 174.35 318.29 - 43.4 14.3 62 Transportation, transit, logistics
9 14 VALSTS NEKUSTAMIE ĪPAŠUMI, VAS 309.90 341.26 -9% 21.3 12.4 35 lv Real estate operations
47 27 VALMIERAS STIKLA ŠĶIEDRA, AS 69.65 - 0% 39.2 6.8 85 Manufacturing
16 94 URALCHEM TRADING, SIA 183.89 145.36 27% 456.5 11.7 16 Retail
44 35 UNICREDIT BANK, SIA 71.12 68.68 4% 704.3 45.5 84 Bank, Insurance and other financial services
70 71 TRASTA KOMERCBANKA, AS 44.28 39.60 12% 217.4 28.3 77 lv Bank, Insurance and other financial services
94 - TRANSTRADE RIGA, SIA 32.56 30.37 - 12.0 5.1 8 lv Transportation, transit, logistics
46 59 TOLMETS, SIA 70.22 41.90 68% 102.4 5.4 40 lv Manufacturing
32 37 TIRDZNIECĪBAS CENTRS PLESKODĀLE, SIA 90.61 - 0% 6.8 3.7 47 Real estate operations
96 - TIESU NAMU AĢENTŪRA, VAS 31.77 - - 2.7 1.2 7 lv Real estate operations
12 9 TELE2 HOLDINGS, SIA 225.10 246.51 -9% 97.6 29.5 68 Telecommunication services
77 72 TAMRO, SIA 40.53 - 0% 73.6 3.1 63 Medicine and pharmaceuticals
2 2 SWEDBANK, AS 764.16 570.51 34% 4180.7 480.3 94 Bank, Insurance and other financial services
56 23 STREK, SIA 56.25 32.55 73% 12.7 6.3 20 lv Transportation, transit, logistics
74 - STORA ENSO LATVIJA, AS 43.66 35.00 - 49.7 5.6 53 Forestry and timber processing
34 30 STARPTAUTISKĀ LIDOSTA RĪGA, VAS 89.23 63.63 40% 22.7 8.7 28 lv Transportation, transit, logistics
99 90 SSF LOGISTIC, SIA 31.26 - 0% 7.1 3.8 3 lv Transportation, transit, logistics
101 - SPĒKS-R, SIA 30.84 - - 2.2 1.2 41 lv Real estate operations
84 25 SKONTO BŪVE, SIA 35.95 - 0% 73.8 2.9 42 lv Construction services and materials
37 - SEVERSTAĻLAT, AS 85.50 77.01 - 118.6 5.1 70 Manufacturing
55 54 SENTOR FARM APTIEKAS, AS 57.79 187.18 -69% 51.8 6.1 16 lv Medicine and pharmaceuticals
6 11 SEB BANKA, AS 364.48 230.93 58% 2718.0 227.9 97 Bank, Insurance and other financial services
10 18 RIMI LATVIA, SIA 283.43 164.49 72% 391.8 15.1 60 Retail
33 20 RĪGAS ŪDENS, SIA 89.53 53.60 67% 27.2 10.3 12 lv Utility services
23 12 RĪGAS TIRDZNIECĪBAS OSTA, SIA 128.06 187.21 -32% 75.9 13.7 19 lv Transportation, transit, logistics
26 17 RĪGAS SILTUMS, AS 116.73 62.31 87% 112.3 12.7 42 lv Utility services
11 10 RĪGAS SATIKSME, RP SIA 234.75 133.67 76% 90.5 22.0 18 lv Transportation, transit, logistics
57 58 RĪGAS AUSTRUMU KLĪNISKĀ UNIVERSITĀTES SLIMNĪCA, SIA 54.05 92.53 -42% 48.8 5.3 6 lv Medicine and pharmaceuticals
13 15 RIETUMU BANKA, AS 213.11 302.60 -30% 1116.3 137.9 64 Bank, Insurance and other financial services
85 55 RETTENMEIER BALTIC TIMBER, SIA 35.94 31.52 14% 22.4 5.8 29 Forestry and timber processing
43 28 RECIPE PLUS, AS 73.43 - 0% 87.2 7.6 18 lv Medicine and pharmaceuticals
88 41 RE & RE, SIA 35.39 - 0% 27.8 4.0 23 lv Construction services and materials
95 84 PRIVATBANK, AS 31.84 - 0% 274.4 19.5 77 Bank, Insurance and other financial services
41 - PLESKO REAL ESTATE, SIA 75.76 - - 6.2 2.7 50 Real estate operations
50 42 PAULA STRADIŅA KLĪNISKĀ UNIVERSITĀTES SLIMNĪCA, VSIA 63.83 78.08 -18% 58.1 6.0 22 lv Medicine and pharmaceuticals
61 - PATA AB, SIA 50.69 - - 65.5 8.2 16 lv Forestry and timber processing
52 57 PASAŽIERU VILCIENS, AS 63.13 63.35 0% 41.7 4.7 11 lv Transportation, transit, logistics
58 - OLYMPIC CASINO LATVIA, SIA 53.92 42.82 - 15.9 6.2 80 Gambling
42 36 OLAINFARM, AS 74.73 21.80 243% 25.0 6.7 80 lv Medicine and pharmaceuticals
29 32 NORVIK BANKA, AS 106.64 81.89 30% 591.3 63.5 71 Bank, Insurance and other financial services
92 - NIAM III HOLDING, SIA 33.24 84.49 - 1.5 1.5 14 Real estate operations
49 74 NESTE LATVIJA, SIA 64.39 56.81 13% 156.7 5.4 54 Fuel trade
91 - NARVESEN BALTIJA, SIA 34.27 33.41 - 53.9 1.9 59 Retail
25 21 MIKROTĪKLS, SIA 122.13 98.48 24% 37.1 14.1 27 lv Information and Technology
75 - MAŽEIĶU NAFTA TIRDZNIECĪBAS NAMS, SIA 41.74 61.89 - 204.6 1.5 48 Fuel trade
15 8 MAXIMA LATVIJA, SIA 200.46 - 0% 390.5 11.8 51 Retail
53 - MARNO J, SIA 59.56 43.20 - 4.6 2.4 47 lv Real estate operations
35 - LUKOIL BALTIJA R, SIA 88.84 106.19 - 186.5 6.3 62 Fuel trade
45 49 LTB BANK, AS 70.26 52.54 34% 445.2 44.4 91 lv Bank, Insurance and other financial services
36 - LIEPĀJAS METALURGS, AS 86.53 69.10 - 204.2 2.5 71 lv Manufacturing
82 - LEXEL FABRIKA, SIA 37.19 30.81 - 18.2 3.6 50 Manufacturing
4 5 LATVIJAS VALSTS MEŽI, AS 562.25 400.54 40% 216.0 101.8 19 lv Forestry and timber processing
7 4 LATVIJAS MOBILAIS TELEFONS, SIA 347.86 433.51 -20% 134.1 53.6 79 Telecommunication services
31 48 LATVIJAS KRĀJBANKA, AS 95.94 60.63 58% 654.2 56.0 97 Bank, Insurance and other financial services
22 19 LATVIJAS HIPOTĒKU UN ZEMES BANKA, VAS 130.16 132.84 -2% 706.1 85.7 69 lv Bank, Insurance and other financial services
5 7 LATVIJAS GĀZE, AS 395.04 321.83 23% 353.3 56.7 91 Energy
64 44 LATVIJAS GAISA SATIKSME, VAS 48.52 49.16 -1% 15.3 4.0 25 lv Transportation, transit, logistics
21 56 LATVIJAS FINIERIS, AS 133.89 74.25 80% 96.2 21.7 46 lv Forestry and timber processing
3 3 LATVIJAS DZELZCEĻŠ, VAS 626.67 549.17 14% 257.4 54.9 33 lv Transportation, transit, logistics
19 31 LATVIJAS BALZAMS, SIA 169.93 - 0% 74.9 7.8 100 Production of alcoholic beverages
30 33 LATVIJAS AUTOCEĻU UZTURĒTĀJS, AS 96.84 69.62 39% 44.8 7.4 17 lv Transportation, transit, logistics
20 39 LATVIJA STATOIL, SIA 135.71 44.80 203% 287.1 12.7 64 Fuel trade
1 1 LATVENERGO, AS 1385.81 1452.32 -5% 574.7 206.3 42 lv Energy
8 6 LATTELECOM, SIA 342.48 - 0% 139.2 43.6 77 lv Telecommunication services
89 - LATGRAN, SIA 34.96 - - 22.2 4.9 50 Manufacturing
79 81 KUREKSS, SIA 38.61 - 0% 30.8 6.0 31 lv Forestry and timber processing
87 82 KOMERCBANKA BALTIKUMS, AS 35.57 - 0% 125.8 21.2 74 lv Bank, Insurance and other financial services
67 47 KNAUF, SIA 46.79 55.55 -16% 24.8 5.3 54 Construction services and materials
60 - JELD-WEN LATVIJA, SIA 52.44 39.23 - 19.4 6.3 54 Construction services and materials
68 - JAUNPAGASTS PLUS, SIA 45.15 - - 14.3 3.4 22 Production of alcoholic beverages
83 - ITERA LATVIJA, SIA 37.18 - - 81.6 3.5 9 Energy
18 34 GRINDEKS, AS 172.11 23.96 618% 65.1 11.6 94 lv Medicine and pharmaceuticals
73 69 GJENSIDIGE BALTIC, AAS 43.80 35.36 24% 67.5 30.4 81 Bank, Insurance and other financial services
90 - GE MONEY BANK, AS 34.42 47.19 - 208.6 18.5 81 Bank, Insurance and other financial services
98 - GAUJAS KOKS, SIA 31.39 - - 29.6 4.7 21 lv Forestry and timber processing
27 51 ELKO GRUPA, AS 115.91 134.90 -14% 416.9 8.0 34 lv Information and Technology
38 - DROGAS, AS 79.61 87.03 - 50.5 5.8 50 Retail
14 16 DNB NORD BANKA, AS 207.28 155.76 33% 1804.9 118.3 81 Bank, Insurance and other financial services
66 64 DEPO DIY, SIA 47.97 39.45 22% 80.5 3.5 50 lv Retail
48 - DELTA PROPERTY, SIA 67.30 - - 6.1 2.9 14 Real estate operations
63 65 CĒSU ALUS, AS 49.61 - 0% 30.4 3.9 63 Production of alcoholic beverages
62 53 CEĻU SATIKSMES DROŠĪBAS DIREKCIJA, VAS 49.77 - 0% 20.1 4.6 17 lv Other industry
86 75 BTA, AAS 35.84 - 0% 113.3 26.9 41 lv Bank, Insurance and other financial services
24 - BOLDERAJA LTD, SIA 125.37 - - 84.9 21.8 13 Forestry and timber processing
100 43 BMGS, AS 30.95 - 0% 37.3 3.4 16 lv Construction services and materials
72 - BIO-VENTA, SIA 44.22 - - 32.2 6.7 14 lv Manufacturing
69 70 BELAM-RĪGA, SIA 45.08 - 0% 40.2 4.7 27 lv Information and Technology
76 73 BALTKOM TV, SIA 41.31 - 0% 12.1 3.9 25 Telecommunication services
39 - BALTIJAS TRANZĪTA SERVISS, AS 76.85 - - 35.5 5.8 18 lv Transportation, transit, logistics
71 40 BALTICOVO, AS 44.27 53.80 -18% 21.2 5.3 43 lv Food production
59 66 BALTIC CONTAINER TERMINAL, SIA 52.70 - 0% 11.1 6.4 9 Transportation, transit, logistics
78 - BALTIC COAL TERMINAL, AS 39.96 35.97 - 10.3 4.5 8 lv Transportation, transit, logistics
97 83 BALTA, AAS 31.49 58.82 -46% 60.8 22.8 75 Bank, Insurance and other financial services
81 78 ARČERS, SIA 37.32 - 0% 23.0 4.6 31 lv Construction services and materials
54 13 ALPHA OSTA, SIA 59.35 - 0% 22.7 6.4 24 Transportation, transit, logistics
40 97 ALFOR, SIA 76.24 - 0% 29.4 8.8 64 Gambling
93 67 ALDARIS, AS 32.60 32.43 1% 25.5 2.5 65 Production of alcoholic beverages
65 - AKZ, SIA 48.48 48.79 - 32.4 7.6 25 lv Forestry and timber processing
28 26 ABLV, AS 109.68 51.35 114% 1367.5 71.0 64 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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