TOP 101 - 2011
Latvia's most valuable enterprises

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

* 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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