TOP 101 - 2018
Latvia's most valuable enterprises

TOP 2018 TOP 2017 Company name Value 2018 Value 2017 Change Turnover 2017 EBITDA 2017 CorpGov Score   Industry
101 81 PAULA STRADIŅA KLĪNISKĀ UNIVERSITĀTES SLIMNĪCA, VSIA 47.06 56.58 -17% 89.6 4.0 54 lv Health care
100 98 LINSTOW, SIA 47.30 47.56 -1% 6.8 5.1 42 Real estate operations
99 94 ALL MEDIA LATVIA, SIA 6 47.39 49.09 -3% 18.5 5.9 21 Consumer services
97 - LSREF RIGA PLAZA, SIA 47.95 - - 11.3 6.9 11 Real estate operations
98 - RĪGAS PIENSAIMNIEKS, SIA 47.95 - - 33.5 5.0 19 Manufacturing: consumer goods
96 - TAK INVESTĪCIJAS, AS 48.08 - - 49.2 7.1 13 lv Utility services
95 95 BlueOrange Bank, AS 48.33 49.00 -1% 657.1 57.9 67 lv Financial services
94 - BALTA, AAS 48.51 - - 108.8 26.6 83 Financial services
93 89 AGA, SIA 49.68 51.28 -3% 20.8 5.4 34 Trade: energy carriers
92 82 LATVIJAS VALSTS RADIO UN TELEVĪZIJAS CENTRS, VAS 49.97 56.26 -11% 16.5 5.8 50 lv IT and telecommunication services
91 - GROGLASS, SIA 51.13 - - 17.3 6.7 14 Manufacturing: industrial products
90 73 TIETO LATVIA, SIA 51.21 63.89 -20% 37.2 2.9 31 IT and telecommunication services
89 75 GAUJAS KOKS, SIA 52.41 63.02 -17% 60.8 6.4 19 lv Manufacturing: industrial products
88 71 RĪGAS ŪDENS, SIA 53.60 64.79 -17% 46.4 11.1 60 lv Utility services
87 72 LATVIJAS PASTS, VAS 53.75 64.27 -16% 75.6 4.8 94 lv Transport, transit, logistics
86 87 RIGENSIS BANK, AS 54.43 54.03 1% 288.7 62.8 87 Financial services
85 80 STORA ENSO PACKAGING, SIA 54.68 57.44 -5% 43.3 5.4 32 Manufacturing: industrial products
84 100 MAGNUM MEDICAL, SIA 55.08 46.96 17% 88.1 5.1 20 Trade: consumer goods
83 64 JELD-WEN LATVIJA, SIA 57.11 70.89 -19% 74.8 7.4 36 Manufacturing: industrial products
82 76 RĪGAS PIENA KOMBINĀTS, AS 57.47 62.16 -8% 82.4 6.3 27 Manufacturing: consumer goods
81 - LIGHT GUIDE OPTICS INTERNATIONAL, SIA 57.57 - - 18.3 8.2 30 lv Manufacturing: industrial products
80 86 CĒSU ALUS, AS 58.81 54.44 8% 54.3 6.4 63 Manufacturing: consumer goods
79 - ORKLA CONFECTIONERY & SNACKS LATVIJA, SIA 59.12 - - 81.1 6.9 42 Trade: consumer goods
78 58 TRANSACT PRO, SIA 61.88 77.72 -20% 15.6 5.8 27 lv Financial services
77 66 SAMSUNG ELECTRONICS BALTICS, SIA 62.30 68.75 -9% 297.4 6.0 38 Trade: consumer goods
76 65 AKG THERMOTECHNIK LETTLAND, SIA 64.06 70.23 -9% 32.4 6.2 33 Manufacturing: industrial products
75 74 FIRMA MADARA 89, SIA 64.26 63.84 1% 104.6 8.5 29 lv Trade: consumer goods
74 79 SS, SIA 64.76 57.44 13% 6.8 6.2 27 lv IT and telecommunication services
73 62 LATVIJAS AUTOCEĻU UZTURĒTĀJS, AS 65.86 75.22 -12% 62.6 7.8 94 lv Construction
72 - CIDO GRUPA, SIA 65.87 - - 62.7 7.5 30 Manufacturing: consumer goods
71 96 BALTIC CONTAINER TERMINAL, SIA 66.82 47.79 40% 16.8 9.5 11 lv Transport, transit, logistics
70 99 STREK, SIA 68.32 46.98 45% 21.9 9.6 23 lv Transport, transit, logistics
69 61 LATVIJAS LOTO, VAS 68.95 75.70 -9% 36.7 7.5 85 lv Consumer services
68 67 PATA, SIA 70.47 67.30 5% 161.1 9.4 23 lv Manufacturing: industrial products
67 77 BELAM-RĪGA, SIA 71.41 61.76 16% 24.8 7.1 29 lv Other commercial services
66 56 UPB, AS 73.90 81.46 -9% 149.6 10.6 26 lv Construction
65 70 MEGO, SIA 74.41 64.82 15% 150.4 10.0 15 lv Trade: consumer goods
64 45 ADMIRĀĻU KLUBS, SIA 76.70 93.41 -18% 31.0 8.7 32 Consumer services
63 50 RĪGAS SILTUMS, AS 77.98 85.15 -8% 152.3 14.3 85 lv Utility services
62 60 TIRDZNIECĪBAS CENTRS PLESKODĀLE, SIA 80.08 76.64 4% 13.8 9.4 20 Real estate operations
61 63 DOBELES DZIRNAVNIEKS, AS 80.23 71.19 13% 116.4 11.2 28 Manufacturing: consumer goods
60 78 EVOLUTION LATVIA, SIA 81.77 58.12 41% 73.5 10.5 32 Other commercial services
59 - SIROWA GROUP, SIA 81.90 - - 111.1 6.4 26 Trade: consumer goods
58 85 AIR BALTIC CORPORATION, AS 82.28 54.54 51% 353.6 32.8 65 lv Transport, transit, logistics
57 54 VIESNĪCA LATVIJA, AS 82.85 82.82 0% 22.8 8.1 52 Consumer services
56 59 CEĻU SATIKSMES DROŠĪBAS DIREKCIJA, VAS 82.98 76.90 8% 45.7 8.0 94 lv Other commercial services
55 47 AKZ, SIA 83.12 86.46 -4% 65.3 12.8 32 lv Manufacturing: industrial products
54 68 BALTICOVO, AS 83.50 65.62 27% 52.3 12.0 48 lv Manufacturing: consumer goods
53 - STORENT INVESTMENTS, AS 5 86.10 - - 38.7 12.1 56 Other commercial services
52 52 LATVIJAS GAISA SATIKSME, VAS 86.33 83.53 3% 27.7 7.3 94 lv Transport, transit, logistics
51 69 RIGA FERTILIZER TERMINAL, SIA 86.81 65.16 33% 28.8 11.3 18 Transport, transit, logistics
50 48 DELTA PROPERTY, SIA 89.16 86.09 4% 12.2 10.6 16 Real estate operations
49 53 PINDSTRUP LATVIA, SIA 89.89 82.83 9% 69.4 11.1 21 Extraction of natural resources
48 49 BALCIA INSURANCE, SE 92.30 85.39 8% 194.6 55.1 41 lv Financial services
47 57 CEMEX, SIA 93.91 78.17 20% 78.1 15.3 43 Manufacturing: industrial products
46 88 BTA BALTIC INSURANCE COMPANY, AAS 96.80 53.79 80% 289.1 53.0 84 Financial services
45 40 DEPO DIY, SIA 99.17 114.59 -13% 238.3 16.1 24 lv Trade: consumer goods
44 37 NESTE LATVIJA, SIA 105.54 128.66 -18% 280.5 13.4 70 Trade: energy carriers
43 39 KNAUF, SIA 109.10 119.47 -9% 58.5 13.9 33 Manufacturing: industrial products
42 36 LATGRAN, SIA 119.28 138.33 -14% 59.2 8.9 16 Manufacturing: energy carriers
41 38 JOKER LTD, SIA 119.67 125.91 -5% 38.7 17.1 12 Consumer services
40 46 BITE LATVIJA, SIA 120.68 89.38 35% 92.9 23.2 25 IT and telecommunication services
39 35 AGROLATS HOLDING, AS 123.84 145.15 -15% 188.9 7.4 30 lv Manufacturing: consumer goods
38 41 FINANCE, AS 136.39 108.74 25% 162.7 82.8 27 Financial services
37 - "VENTSPILS NAFTA" TERMINĀLS, SIA 138.89 - - 52.8 21.2 28 Transport, transit, logistics
36 33 VALMIERAS STIKLA ŠĶIEDRA, AS 141.48 162.73 -13% 125.9 18.6 74 Manufacturing: industrial products
35 34 DROGAS, AS 142.39 146.60 -3% 103.1 13.9 52 Trade: consumer goods
34 30 KREISS, SIA 160.15 183.25 -13% 173.3 19.2 32 lv Transport, transit, logistics
33 44 SEVERSTAL DISTRIBUTION, SIA 162.57 99.56 63% 415.4 25.6 32 Trade: industrial goods
32 31 VALSTS NEKUSTAMIE ĪPAŠUMI, VAS 184.86 171.41 8% 40.4 19.3 83 lv Real estate operations
31 23 CIRCLE K LATVIA, SIA 191.38 228.92 -16% 387.5 26.2 36 Trade: energy carriers
30 27 AMBER BEVERAGE GROUP, SIA 214.16 216.00 -1% 312.1 18.7 27 Manufacturing/Trade: consumer goods
29 28 GRINDEKS, AS 214.49 211.90 1% 132.4 17.6 91 lv Manufacturing: consumer goods
28 20 ALFOR, SIA 219.18 260.47 -16% 72.6 26.6 40 Consumer services
27 32 TELE, SIA 221.41 165.97 33% 125.2 42.1 61 IT and telecommunication services
26 24 CITADELE BANKA, AS 228.91 221.79 3% 3311.8 268.9 77 Financial services
25 17 OLYMPIC CASINO LATVIA, SIA 231.86 274.41 -16% 61.9 28.9 40 Consumer services
24 - CONEXUS BALTIC GRID, AS 232.21 - - 51.4 24.5 91 Transport, transit, logistics
23 21 STARPTAUTISKĀ LIDOSTA RĪGA, VAS 238.07 246.66 -3% 54.6 18.1 91 lv Transport, transit, logistics
22 16 LATVIJAS FINIERIS, AS 256.95 290.72 -12% 229.1 34.3 38 lv Manufacturing: industrial products
21 26 RĪGAS TIRDZNIECĪBAS OSTA, SIA 263.79 219.86 20% 176.7 34.7 19 lv Transport, transit, logistics
20 25 ELKO GRUPA, AS 269.48 220.35 22% 1408.5 34.2 46 Trade: consumer goods
19 29 URALKALI TRADING, SIA 286.01 202.62 41% 2055.1 40.4 16 Trade: industrial goods
18 12 OLAINFARM, AS 293.67 354.14 -17% 122.1 20.3 96 lv Manufacturing: consumer goods
17 11 KRONOSPAN RIGA, SIA 294.63 376.32 -22% 186.8 33.5 11 Manufacturing: industrial products
16 22 URALCHEM TRADING, SIA 295.82 232.68 27% 871.6 43.7 21 Trade: industrial goods
15 - LATVIJAS KUĢNIECĪBA, AS 318.01 - - 82.4 34.2 20 Transport, transit, logistics
14 15 REPHARM, AS 350.04 306.37 14% 245.7 31.7 11 lv Trade: consumer goods
13 13 MAXIMA LATVIJA, SIA 351.09 353.86 -1% 723.1 37.8 66 Trade: consumer goods
12 - LATVIJAS GĀZE, AS 358.17 - - 331.0 36.2 91 Utility services
11 10 SEB BANKA, AS 358.46 387.54 -8% 3688.1 403.9 100 Financial services
10 9 RIETUMU BANKA, AS 384.75 394.25 -2% 3009.6 468.5 59 lv Financial services
9 14 LATVIJAS MOBILAIS TELEFONS, SIA 410.49 338.05 21% 204.3 66.5 83 IT and telecommunication services
8 6 LATTELECOM, SIA 415.22 468.06 -11% 199.6 68.1 91 lv IT and telecommunication services
7 7 RIMI LATVIA, SIA 442.23 447.05 -1% 870.4 53.7 40 Trade: consumer goods
6 - LUMINOR BANK, AS 450.03 - 0% 4738.9 524.6 81 Financial services
5 4 LATVIJAS DZELZCEĻŠ, VAS 536.04 643.70 -17% 318.6 42.7 94 lv Transport, transit, logistics
4 3 MIKROTĪKLS, SIA 650.47 689.34 -6% 251.6 70.2 29 lv Manufacturing: industrial products
3 5 SWEDBANK, AS 664.21 635.75 4% 5292.7 752.4 97 Financial services
2 2 LATVIJAS VALSTS MEŽI, AS 770.50 893.11 -14% 276.0 100.6 90 lv Extraction of natural resources
1 1 LATVENERGO, AS 1704.91 1746.99 -2% 925.6 397.2 94 lv Utility services

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

* 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 2017.

** For banks, other credit institutions and insurance companies, the column presents book value of shareholders' equity as at the end of 2017.

1 In the 2017 TOP 101 JSC "Luminor Bank" financial statement included only JSC "DNB banka" financial data.

Even though the annual report of JSC "Latvijas Gāze" for 2016 was available, JSC "Latvijas Gāze" was not included in 2017 TOP 101 due to the company's reorganization process.

Company has been merged out from the last year TOP 101 participant JSC "Ventspils Nafta".

Company has been merged out from the last year TOP 101 participant JSC "Ventspils Nafta".

Company subsidiary Storent, SIA was listed in the 2017 TOP 101.

Company has changed its name. It was listed under the TV 3 Latvia, SIA name in the 2017 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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