TOP 101 - 2012
Latvia's most valuable enterprises
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TOP 2012 TOP 2011 Company name Value 2012 Value 2011 Change Turnover 2011 EBITDA 2011 CorpGov Score   Industry
5 6 SEB BANKA, AS 464.55 364.48 27% 2609.2 289.5 97 Bank, Insurance and other financial services
18 18 GRINDEKS, AS 178.45 - 0% 69.6 10.6 97 lv Medicine and pharmaceuticals
2 2 SWEDBANK, AS 898.34 764.16 18% 3460.9 562.8 94 Bank, Insurance and other financial services
6 5 LATVIJAS GĀZE, AS 409.29 504.42 -19% 353.3 54.6 91 Energy
40 19 LATVIJAS BALZAMS, AS 68.55 149.75 -54% 46.1 5.5 91 Production of alcoholic beverages
41 36 LIEPĀJAS METALURGS, AS 68.49 80.32 -15% 221.7 5.6 91 lv Manufacturing
80 - BALTIC INTERNATIONAL BANK, AS 36.31 - - 232.7 23.0 87 lv Bank, Insurance and other financial services
8 7 LATVIJAS MOBILAIS TELEFONS, SIA 360.27 347.86 4% 135.5 52.6 85 Telecommunication services
32 47 VALMIERAS STIKLA ŠĶIEDRA, AS 87.77 88.84 -1% 46.6 7.8 85 Manufacturing
29 44 UNICREDIT BANK, SIA 92.45 34.64 167% 586.1 58.3 84 Bank, Insurance and other financial services
11 14 DNB, AS 231.40 183.89 26% 1632.7 148.4 81 Bank, Insurance and other financial services
21 28 ABLV, AS 139.10 283.43 -51% 1778.3 85.2 81 Bank, Insurance and other financial services
30 58 OLYMPIC CASINO LATVIA, SIA 91.43 71.12 29% 19.0 8.9 81 Gambling
38 45 EXPOBANK, AS *** 73.09 72.02 1% 242.3 45.8 81 lv Bank, Insurance and other financial services
73 73 GJENSIDIGE BALTIC, AAS 39.88 39.96 0% 68.5 30.1 81 Bank, Insurance and other financial services
23 42 OLAINFARM, AS 132.73 128.06 4% 35.8 11.4 80 lv Medicine and pharmaceuticals
9 8 LATTELECOM, SIA 328.00 309.90 6% 135.8 47.9 77 lv Telecommunication services
52 70 TRASTA KOMERCBANKA, AS 53.24 43.66 22% 295.7 34.4 77 lv Bank, Insurance and other financial services
84 87 BALTIKUMS BANK, AS 35.20 32.56 8% 211.6 22.9 74 lv Bank, Insurance and other financial services
10 15 MAXIMA LATVIJA, SIA 247.68 174.35 42% 413.2 20.2 73 Retail
42 29 NORVIK BANKA, AS 66.46 96.84 -31% 592.2 43.5 71 Bank, Insurance and other financial services
7 - VENTSPILS NAFTA, AS 370.95 - - 118.2 38.9 69 Transportation, transit, logistics
15 12 TELE2 HOLDINGS, SIA 193.82 213.11 -9% 91.1 29.8 68 Telecommunication services
55 20 STATOIL FUEL & RETAIL, SIA 50.88 140.75 -64% 279.8 7.9 68 Fuel trade
67 - LINSTOW, SIA 45.61 - - 4.1 3.2 64 Real estate operations
71 63 CĒSU ALUS, AS 41.53 47.97 -13% 33.7 3.1 63 Production of alcoholic beverages
91 77 TAMRO, SIA 31.40 37.34 -16% 72.1 3.3 63 Medicine and pharmaceuticals
54 51 VIKA WOOD, SIA 52.06 63.13 -18% 41.3 6.1 62 Forestry and timber processing
77 35 LUKOIL BALTIJA R, SIA 38.61 82.32 -53% 230.4 5.9 62 Fuel trade
39 - CEMEX, SIA 71.46 70.26 - 53.4 6.8 60 Construction services and materials
69 74 STORA ENSO LATVIJA, AS 42.68 38.61 11% 56.3 4.4 59 Forestry and timber processing
72 - TIETO LATVIA, SIA 40.73 - - 21.2 3.7 59 Information and Technology
98 - HENKEL LATVIA, SIA 27.39 - - 26.4 1.8 59 Retail and distribution
16 10 RIMI LATVIA, SIA 187.16 234.75 -20% 417.2 14.8 58 Retail
53 46 TOLMETS, SIA 52.37 70.22 -25% 110.6 4.0 58 lv Manufacturing
94 49 NESTE LATVIJA, SIA 30.40 68.70 -56% 182.8 4.7 58 Fuel trade
26 40 ALFOR, SIA 111.37 109.68 2% 32.9 11.3 57 Gambling
64 - ECO BALTIA, AS 47.52 - - 26.6 5.3 57 lv Waste and recycling services
46 37 SEVERSTAĻLAT, AS 55.96 76.85 -27% 138.6 5.5 56 Manufacturing
87 91 NARVESEN BALTIJA, SIA 34.62 31.39 10% 57.0 3.0 56 Retail
89 - CIDO GRUPA, SIA 33.40 - - 33.2 2.6 56 Food production
82 - AKG THERMOTECHNIK LETTLAND, SIA 35.89 - - 18.8 3.8 55 Manufacturing
85 - MOLLER BALTIC IMPORT, AS 34.97 - - 111.8 3.2 55 Automotive retail
45 67 KNAUF, SIA 55.97 44.27 26% 28.4 5.7 54 Construction services and materials
62 60 JELD-WEN LATVIJA, SIA 48.19 50.69 -5% 21.0 5.5 54 Construction services and materials
90 - LATSIN, SIA 31.98 - - 53.1 3.1 54 Forestry and timber processing
96 - FIRST DATA LATVIA, SIA 28.03 - - 8.1 3.0 54 Information and Technology
76 - AGA, SIA 38.97 - - 12.5 3.0 51 Manufacturing
34 38 DROGAS, AS 83.90 69.65 20% 51.1 6.1 50 Retail
50 41 PLESKO REAL ESTATE, SIA 54.14 73.43 -26% 9.0 3.8 50 Real estate operations
61 80 VIESNĪCA "LATVIJA", AS 48.72 35.94 36% 11.0 4.3 50 Real estate operations
14 24 BOLDERAJA LTD, SIA 197.91 125.37 58% 89.9 22.8 48 Forestry and timber processing
43 32 TIRDZNIECĪBAS CENTRS PLESKODĀLE, SIA 60.01 89.23 -33% 7.3 4.2 47 Real estate operations
74 53 MARNO J, SIA 39.71 59.35 -33% 7.4 2.8 47 lv Real estate operations
24 26 RĪGAS SILTUMS, AS 128.99 73.04 77% 128.8 15.1 45 lv Utility services
70 - DOBELES DZIRNAVNIEKS, AS 42.23 - - 56.8 4.0 45 Food production
95 - DITTON NAMS, SIA 30.21 - - 2.6 2.1 45 lv Real estate operations
13 13 RIETUMU BANKA, AS 203.43 207.28 -2% 1396.2 141.4 41 Bank, Insurance and other financial services
83 86 BTA, AAS 35.64 32.60 9% 118.1 29.2 41 lv Bank, Insurance and other financial services
1 1 LATVENERGO, AS 1246.87 1385.81 -10% 681.8 180.8 40 lv Energy
28 84 SKONTO BŪVE, SIA 99.13 75.76 31% 79.4 11.5 39 lv Construction services and materials
33 48 DELTA PROPERTY, SIA 87.32 69.85 25% 6.9 5.9 39 Real estate operations
51 85 RETTENMEIER BALTIC TIMBER, SIA 53.80 34.42 56% 24.0 6.3 39 Forestry and timber processing
92 81 ARČERS, SIA 31.17 35.91 -13% 28.1 3.9 38 lv Construction services and materials
59 65 AKZ, SIA 48.96 45.15 8% 34.2 6.0 35 lv Forestry and timber processing
25 27 ELKO GRUPA, AS 113.08 115.91 -2% 482.8 10.7 34 lv Information and Technology
4 3 LATVIJAS DZELZCEĻŠ, VAS 653.35 626.67 4% 318.8 63.3 33 lv Transportation, transit, logistics
78 - KREISS, SIA 38.55 - - 27.9 6.7 33 lv Transportation, transit, logistics
12 21 LATVIJAS FINIERIS, AS 215.33 135.71 59% 118.1 25.6 32 lv Forestry and timber processing
19 25 MIKROTĪKLS, SIA 145.47 161.55 -10% 43.8 15.6 32 lv Information and Technology
58 98 GAUJAS KOKS, SIA 49.80 29.61 68% 34.2 6.2 32 lv Forestry and timber processing
63 54 ALPHA OSTA, SIA 47.57 57.79 -18% 17.1 5.2 32 Transportation, transit, logistics
68 - ALCO, SIA 44.26 - - 98.7 8.3 32 lv Fuel trade
88 - ADMIRĀĻU KLUBS, SIA 34.02 - - 10.9 3.7 31 Gambling
56 61 PATA AB, SIA 50.40 49.61 2% 69.3 5.7 27 lv Forestry and timber processing
3 4 LATVIJAS VALSTS MEŽI, AS 698.58 562.25 24% 214.7 84.2 26 lv Forestry and timber processing
65 62 CEĻU SATIKSMES DROŠĪBAS DIREKCIJA, VAS 46.99 48.52 -3% 22.7 4.7 25 lv Traffic surveillance services
60 66 DEPO DIY, SIA 48.73 44.28 10% 88.4 5.3 24 lv Retail
101 - FIRMA MADARA 89, SIA 26.14 - - 25.6 2.7 24 lv Retail
27 39 BALTIJAS TRANZĪTA SERVISS, AS 108.52 74.73 45% 53.8 9.5 23 Transportation, transit, logistics
36 34 STARPTAUTISKĀ LIDOSTA RĪGA, VAS 76.42 52.44 46% 23.2 6.9 23 lv Transportation, transit, logistics
48 56 STREK, SIA 54.98 54.05 2% 11.9 5.8 23 lv Transportation, transit, logistics
20 9 VALSTS NEKUSTAMIE ĪPAŠUMI, VAS 140.28 122.13 15% 19.2 9.8 22 lv Real estate operations
97 - BULBASH, SIA 28.02 - - 32.5 3.4 22 Retail and distribution
37 43 RECIPE PLUS, AS 76.30 85.50 -11% 84.5 8.2 21 lv Medicine and pharmaceuticals
44 30 LATVIJAS AUTOCEĻU UZTURĒTĀJS, VAS 59.54 95.94 -38% 45.2 5.7 21 lv Transportation, transit, logistics
75 - JOKER LTD, SIA 39.47 - - 12.4 4.4 21 Gambling
66 52 PASAŽIERU VILCIENS, AS 45.69 59.56 -23% 39.0 4.3 20 lv Transportation, transit, logistics
17 16 URALCHEM TRADING, SIA 185.18 172.11 8% 720.0 17.6 19 Retail and distribution
22 23 RĪGAS TIRDZNIECĪBAS OSTA, SIA 132.87 106.64 25% 111.4 12.7 19 lv Transportation, transit, logistics
31 33 RĪGAS ŪDENS, SIA 89.37 52.70 70% 27.4 10.0 19 lv Utility services
86 79 KUREKSS, SIA 34.96 37.19 -6% 31.4 4.5 19 lv Forestry and timber processing
93 - A.F.P. OF NORTH AMERICA INC. PATSTĀVĪGĀ SABIEDRĪBA LATVIJĀ, SIA 30.83 - - 3.2 2.2 19 Real estate operations
79 - UPB, AS 38.35 - - 57.4 5.4 15 lv Construction services and materials
47 55 SENTOR FARM APTIEKAS, AS 55.95 54.91 2% 53.1 6.4 14 lv Medicine and pharmaceuticals
100 - LAUMA FABRICS, SIA 26.59 - - 22.1 3.9 13 lv Manufacturing
81 94 TRANSTRADE RIGA, SIA 36.27 30.60 19% 12.4 5.0 11 Transportation, transit, logistics
35 59 BALTIC CONTAINER TERMINAL, SIA 80.06 76.24 5% 14.1 8.4 9 Transportation, transit, logistics
49 83 ITERA LATVIJA, SIA 54.56 35.08 56% 119.6 10.8 9 Energy
57 78 BALTIC COAL TERMINAL, AS 50.29 37.32 35% 24.6 5.8 8 lv Transportation, transit, logistics
99 - OLAINES LOGISTICS PARKS, SIA 26.78 - - 2.5 1.9 8 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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