TOP 101 - 2012
Latvia's most valuable enterprises

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

 * 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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