TOP 101 - 2017
Latvia's most valuable enterprises

TOP 2017 TOP 2016 Company name Value 2017 Value 2016 Change Turnover 2016 EBITDA 2016 CorpGov Score   Industry
5 2 SWEDBANK, AS 635.75 833.58 -24% 5242.2 712.1 100 Financial services
9 14 RIETUMU BANKA, AS 394.25 297.23 33% 3473.6 479.2 57 lv Financial services
10 12 SEB BANKA, AS 387.54 323.56 20% 3523.9 434.1 100 Financial services
1 1 LATVENERGO, AS 1746.99 1307.41 34% 931.6 390.9 94 lv Utility services
18 26 ABLV BANK, AS 272.62 186.57 46% 3973.3 318.3 77 lv Financial services
19 25 LUMINOR BANK, AS 261.04 190.08 37% 2259.2 302.5 81 Financial services
24 29 CITADELE BANKA, AS 221.79 151.09 47% 3349.5 254.2 87 Financial services
51 79 NORVIK BANKA, AS 83.81 50.96 64% 1001.9 101.2 60 Financial services
2 3 LATVIJAS VALSTS MEŽI, AS 893.11 825.73 8% 257.1 90.3 87 lv Extraction of natural resources
3 8 MIKROTĪKLS, SIA 689.34 418.93 65% 223.3 72.0 29 lv Manufacturing: industrial products
4 5 LATVIJAS DZELZCEĻŠ, VAS 643.70 562.10 15% 351.1 68.6 94 lv Transport, transit, logistics
8 6 VENTSPILS NAFTA, AS 432.42 472.83 -9% 164.0 67.9 29 Transport, transit, logistics
41 35 4 FINANCE, AS 108.74 128.17 -15% 167.4 65.3 23 Financial services
14 9 LATVIJAS MOBILAIS TELEFONS, SIA 338.05 363.20 -7% 189.9 64.9 85 IT and telecommunication services
6 7 LATTELECOM, SIA 468.06 450.63 4% 189.0 63.8 88 lv IT and telecommunication services
87 - RIGENSIS BANK, AS 54.03 - - 340.9 61.9 87 Financial services
49 60 BALCIA INSURANCE, SE 85.39 61.96 38% 173.0 58.9 41 lv Financial services
95 - BlueOrange BANK, AS 49.00 - - 653.0 58.4 67 lv Financial services
97 84 EXPOBANK, AS 47.65 48.08 -1% 378.5 57.1 64 Financial services
11 15 KRONOSPAN RIGA, SIA 376.32 287.85 31% 176.8 53.6 6 Manufacturing: industrial products
7 11 RIMI LATVIA, SIA 447.05 326.22 37% 830.9 46.2 47 Trade: consumer goods
13 16 MAXIMA LATVIJA, SIA 353.86 269.65 31% 693.8 35.1 66 Trade: consumer goods
88 - BTA BALTIC INSURANCE COMPANY, AAS 53.79 - - 164.5 34.1 84 Financial services
29 - URALKALI TRADING, SIA 202.62 - - 1795.4 33.2 16 Trade: industrial goods
16 18 LATVIJAS FINIERIS, AS 290.72 251.31 16% 213.4 32.5 38 lv Manufacturing: industrial products
32 - TELE2, SIA 165.97 - - 111.2 31.3 68 IT and telecommunication services
15 19 REPHARM, AS 306.37 248.47 23% 229.0 30.9 16 lv Trade: consumer goods
23 20 CIRCLE K LATVIA, SIA 228.92 229.80 0% 368.2 29.6 36 Trade: energy carriers
26 13 RĪGAS TIRDZNIECĪBAS OSTA, SIA 219.86 320.35 -31% 174.3 29.1 19 lv Transport, transit, logistics
17 22 OLYMPIC CASINO LATVIA, SIA 274.41 206.20 33% 51.6 25.3 47 Consumer services
20 24 ALFOR, SIA 260.47 190.09 37% 65.1 24.5 47 Consumer services
12 10 OLAINFARM, AS 354.14 348.11 2% 110.7 24.4 100 lv Manufacturing: consumer goods
25 27 ELKO GRUPA, AS 220.35 153.30 44% 1139.2 23.9 46 Trade: consumer goods
28 28 GRINDEKS, AS 211.90 151.77 40% 105.4 22.8 91 lv Manufacturing: consumer goods
36 37 LATGRAN, SIA 138.33 123.71 12% 86.7 21.7 14 Manufacturing: energy carriers
31 32 VALSTS NEKUSTAMIE ĪPAŠUMI, VAS 171.41 133.42 28% 50.7 20.2 83 lv Real estate operations
30 31 KREISS, SIA 183.25 136.61 34% 155.6 19.9 32 lv Transport, transit, logistics
22 17 URALCHEM TRADING, SIA 232.68 258.74 -10% 784.2 19.3 16 Trade: industrial goods
27 30 AMBER BEVERAGE GROUP, SIA 216.00 143.57 50% 256.5 19.1 38 Manufacturing/Trade: consumer goods
46 48 BITE LATVIJA, SIA 89.38 79.45 12% 79.7 18.8 36 IT and telecommunication services
33 36 VALMIERAS STIKLA ŠĶIEDRA, AS 162.73 124.88 30% 124.8 17.5 94 Manufacturing: industrial products
40 41 DEPO DIY, SIA 114.59 101.52 13% 205.4 16.6 24 lv Trade: consumer goods
21 21 STARPTAUTISKĀ LIDOSTA RĪGA, VAS 246.66 216.20 14% 50.4 16.3 91 lv Transport, transit, logistics
39 42 KNAUF, SIA 119.47 97.21 23% 54.0 14.7 33 Manufacturing: industrial products
44 59 SEVERSTAL DISTRIBUTION, SIA 99.56 64.75 54% 286.6 14.4 34 Trade: industrial goods
85 - AIR BALTIC CORPORATION, AS 54.54 - - 295.7 14.2 58 lv Transport, transit, logistics
37 38 NESTE LATVIJA, SIA 128.66 122.40 5% 276.4 13.3 65 Trade: energy carriers
50 46 RĪGAS SILTUMS, AS 85.15 89.78 -5% 145.6 13.2 87 lv Utility services
38 45 JOKER LTD, SIA 125.91 89.97 40% 33.0 13.1 19 Consumer services
34 34 DROGAS, AS 146.60 129.05 14% 99.3 12.8 52 Trade: consumer goods
71 58 RĪGAS ŪDENS, SIA 64.79 65.93 -2% 46.5 12.7 60 lv Utility services
43 - GRF, SIA 107.24 - - 127.2 11.7 30 lv Construction
69 50 RIGA FERTILIZER TERMINAL, SIA 65.16 75.92 -14% 29.3 11.6 18 Transport, transit, logistics
42 39 PLESKO REAL ESTATE, SIA 108.46 109.18 -1% 30.7 11.0 30 Real estate operations
56 57 UPB, AS 81.46 66.22 23% 147.5 10.8 26 lv Construction
53 64 PINDSTRUP LATVIA, SIA 82.83 59.33 40% 58.4 10.6 32 Extraction of natural resources
48 44 DELTA PROPERTY, SIA 86.09 90.94 -5% 12.2 9.5 16 Real estate operations
47 49 AKZ, SIA 86.46 76.69 13% 63.0 9.3 32 lv Manufacturing: industrial products
45 55 ADMIRĀĻU KLUBS, SIA 93.41 67.91 38% 28.9 9.1 37 Consumer services
60 53 TIRDZNIECĪBAS CENTRS PLESKODĀLE, SIA 76.64 71.45 7% 13.3 8.8 31 Real estate operations
35 33 AGROLATS HOLDING, AS 145.15 132.31 10% 286.8 8.6 50 lv Manufacturing: consumer goods
62 66 LATVIJAS AUTOCEĻU UZTURĒTĀJS, VAS 75.22 58.95 28% 64.5 8.6 91 lv Construction
96 52 BALTIC CONTAINER TERMINAL, SIA 47.79 72.36 -34% 15.2 8.5 13 lv Transport, transit, logistics
63 62 DOBELES DZIRNAVNIEKS, AS 71.19 60.67 17% 89.8 7.6 36 Manufacturing: consumer goods
70 93 MEGO, SIA 64.82 43.10 50% 140.7 7.6 21 lv Trade: consumer goods
59 87 CEĻU SATIKSMES DROŠĪBAS DIREKCIJA, VAS 76.90 47.49 62% 43.7 7.5 94 lv Other commercial services
67 95 PATA, SIA 67.30 42.72 58% 134.5 7.5 35 lv Manufacturing: industrial products
99 54 STREK, SIA 46.98 69.67 -33% 21.8 7.5 23 lv Transport, transit, logistics
76 - RĪGAS PIENA KOMBINĀTS, AS 62.16 - - 83.8 7.4 36 Manufacturing: consumer goods
78 - EVOLUTION LATVIA, SIA 58.12 - - 58.3 7.4 30 Other commercial services
74 82 FIRMA MADARA 89, SIA 63.84 49.30 29% 75.5 7.0 31 lv Trade: consumer goods
64 68 JELD-WEN LATVIJA, SIA 70.89 58.25 22% 72.2 6.7 36 Manufacturing: industrial products
75 69 GAUJAS KOKS, SIA 63.02 57.93 9% 65.8 6.7 29 lv Manufacturing: industrial products
65 72 AKG THERMOTECHNIK LETTLAND, SIA 70.23 55.25 27% 30.7 6.6 33 Manufacturing: industrial products
83 85 STORENT, SIA 56.07 47.95 17% 11.2 6.6 18 lv Other commercial services
54 47 VIESNĪCA "LATVIJA", AS 82.82 82.56 0% 21.2 6.5 52 Consumer services
58 - TRANSACT PRO, SIA 77.72 - - 17.3 6.5 27 lv Financial services
61 83 LATVIJAS LOTO, VAS 75.70 48.57 56% 29.4 6.5 85 lv Consumer services
80 90 STORA ENSO PACKAGING, SIA 57.44 43.93 31% 40.0 6.5 52 Manufacturing: industrial products
66 77 SAMSUNG ELECTRONICS BALTICS, SIA 68.75 53.44 29% 281.0 6.4 36 Trade: consumer goods
68 65 BALTICOVO, AS 65.62 59.30 11% 44.6 6.1 46 lv Manufacturing: consumer goods
57 40 CEMEX, SIA 78.17 103.83 -25% 58.0 5.9 48 Manufacturing: industrial products
82 100 LATVIJAS VALSTS RADIO UN TELEVĪZIJASCENTRS, VAS 56.26 41.83 34% 15.1 5.7 45 lv IT and telecommunication services
94 - TV 3 LATVIA, SIA 49.09 - - 17.0 5.5 56 Consumer services
93 89 STORA ENSO LATVIJA, AS 50.61 44.71 13% 51.8 5.4 52 Manufacturing: industrial products
72 76 LATVIJAS PASTS, VAS 64.27 54.29 18% 63.1 5.3 80 lv Transport, transit, logistics
86 86 CĒSU ALUS, AS 54.44 47.65 14% 47.3 5.2 63 Manufacturing: consumer goods
73 75 TIETO LATVIA, SIA 63.89 54.31 18% 39.4 5.1 36 IT and telecommunication services
79 - SS, SIA 57.44 - - 5.5 5.1 27 lv IT and telecommunication services
101 - BYKO-LAT, SIA 46.84 - - 61.1 5.1 29 Manufacturing: industrial products
52 51 LATVIJAS GAISA SATIKSME, VAS 83.53 73.28 14% 24.5 5.0 94 lv Transport, transit, logistics
91 96 NARVESEN BALTIJA, SIA 51.06 42.53 20% 75.1 5.0 38 Trade: consumer goods
98 81 LINSTOW, SIA 47.56 50.04 -5% 6.8 4.9 42 Real estate operations
89 101 AGA, SIA 51.28 41.67 23% 19.6 4.8 34 Trade: energy carriers
100 99 MAGNUM MEDICAL, SIA 46.96 42.21 11% 83.2 4.8 20 Trade: consumer goods
90 63 DĪKSNA, SIA 51.23 59.82 -14% 8.1 4.6 16 Real estate operations
55 56 ORLEN LATVIJA, SIA 81.95 67.36 22% 356.1 4.5 56 Trade: energy carriers
84 70 BALTCOM, SIA 55.74 57.60 -3% 17.7 4.3 22 IT and telecommunication services
81 80 PAULA STRADIŅA KLĪNISKĀ UNIVERSITĀTES SLIMNĪCA, VSIA 56.58 50.87 11% 87.0 4.1 52 lv Health care
77 74 BELAM-RĪGA, SIA 61.76 55.07 12% 17.0 4.0 29 lv Other commercial services
92 67 AMIC LATVIA, SIA 50.72 58.70 -14% 41.6 2.7 16 Trade: energy carriers

"(K)" placed after company names indicates that consolidated annual reports were used in preparation for the TOP.

AS "Latvijas Gāze" has not been included in TOP101 due to the fact that on April 3, 2017 natural gas transfer and storage services have been separated from AS "Latvijas Gāze" to the new company AS "Conexus Baltic Grid", thus making essential changes in business model of AS "Latvijas Gaze". Respecticely financial indicators of AS "Latvijas Gaze" for 2016 cannot be used for determination of AS "Latvijas Gāze" value for the needs of TOP101 for year 2017.

* TOP 101 presents enterprise value, except for banks, other credit institutions and insurance companies for which the respective colum presents equity value.

** For banks, other credit institutions and insurance companies, the column presents book value of total assets as at the end of 2016.

** For banks, other credit institutions and insurance companies, the column presents book value of shareholders' equity as at the end of 2016.

1 Consolidation includes ""Ventspils nafta" termināls" Ltd., "LatRosTrans" Ltd. and  JSC "Latvijas Kuģniecība".

2 The company name is now changed from JSC "DNB banka" to JSC "Luminor Bank". The equity value is calculated based on JSC "DNB banka" consolidated annual report of 2016.

3 Turnover and normalized EBITDA for the period 15.07.2015 - 31.12.2016.

4 "Tele2" Ltd. is new in TOP only technically, as last year it was included in the consolidatated annual report of "Tele2 Holdings" Ltd., which is now reorganized.


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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