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Experts determine Latvia’s biggest earners, losers and dividend recipients in 2016

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUWith annual revenue of EUR 30.15 million, co-owner of Mikrotīkls Arnis Riekstins became Latvia’s most successful businessman of the year, according to the TOP 100 list of Latvia’s biggest earners, losers and dividend recipients compiled by Lursoft and Kapitāls.

Riekstins, whose co-owned company demonstrated record-high profits in 2015, has managed to take the lead away from mega-earners working in the banking sector, who remain the largest dividend recipients in the country.

«The previous record for dividends, which was set up by ABLV Bank shareholders in 2014, when the two co-owners received dividends worth more than EUR 36 million, has been exceeded,» – notes Kapitāls magazine’s manager Juris Kabakovs. «Oleg Fils’ and Ernest Bernis’ last year’s dividend amount had exceeded EUR 50 million.»

«There is no need to decrypt the dividend amount stated in companies’ annual accounts,» – Lato Lapsa, one of the authors of the Top 100 list. «But we can guarantee that this is the most conclusive data that has been compiled without involvement from the State Revenue Service or any other law enforcement institution.»

«It is possible that the rise of the banking sector’s revenue in the near future may not turn out as rapid as before,» – estimates Lursoft IT board member Daiga Kiopa. «The sphere of credit institutions is currently experiencing big changes – stricter monitoring, additional requirements in relation to prevention of money laundering, in-depth client evaluation, control of transactions performed by clients, etc. It is understandable that it is necessary for banks to divert resources to ensure completion of those requirements. Failure to comply will be followed up by sanctions that can cause considerable financial damage otherwise.»

In the end, among the companies that have experienced the biggest losses are mostly real estate sector representatives – Maris Zvidra, who has appeared on the list for the first time because of his losses worth EUR 9.09 million. Igor Sakovic is also on this list, which is the fourth time for him. According to Kiopa, «last year has been successful for real estate sector, construction, pharmaceutical industry, gambling and logistics. This is confirmed by the list of the biggest earners, which consists mostly of businessmen from those industries».

«What is more interesting is that businessmen who are listed as company owners but are nonetheless actively involved in the management of their owned companies have made it to the list. These businessmen often work in the management board or are registered in the company’s council. In 58% of cases the top list of the biggest earners includes businessmen who are registered as company officials. A look at the addresses of the list’s biggest earning companies shows that 87% of them are registered in Riga or Riga region,» – emphasizes Kiopa.

Last year’s revenue, loss and dividend record

The three largest earners are Arnis Riekstins (EUR 30,154,656), Oleg Fils (EUR 29,752,800) and Ernests Bernis (EUR 28,745,900).

The people who lost the most money last year are Igor Sakovic (-EUR 19,913,552), Andis Kazuss (-EUR 12,167,894) and Maris Zvidra (-EUR 9,086,518).

Three largest dividend recipients are Oleg Fils (EUR 25,182,080), Ernests Bernis (EUR 25,176,240) and Leonids Esterkins (EUR 5,986,440).

Ref: 102.109.109.6782


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