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TOP 101 - 2012
Latvia's most valuable enterprises
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TOP 101 - 2012
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Estonia's TOP 101 Estonia's TOP 101 most valuable enterprises - TOP101

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

 * 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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