Latvijas Finieris – Assessment of 2016 results

25.05.2017

In 2016 Latvijas Finieris Group reached a turnover of 213.4 million euros (9% increase against 2015) and sold 260 000 m3 of birch plywood and this is the best sales result in company history. Due to last years’ investments in production capacity, this year Latvijas Finieris is planning 10% increase in turnover and to strengthen its market share in Europe and to find new cooperation partners all over the world.

Latvijas Finieris continues its pay rise policy initiated 6 years ago. Its target – along with simultaneous growth in productivity to increase the purchasing power index when comparing to the salary in the Norther region (Sweden, Finland) annually by an average 6-9% until 2020. Latvijas Finieris is sure about its future therefore an average pay level has been increased by 7% in 2016 reaching average gross income 1244 euros. This year Latvijas Finieris is planning 8% increase in pay level. With every year, Group’s overall tax contribution to the Latvia’s state and municipality budget is increasing and in 2016 reached a level of 20 million euros (employment taxes 16.1 million euros, other taxes 1.6 million euros, mandatory purchase component 2.2 million euros).

Last year Latvijas Finieris implemented the largest investment project so far – birch plywood factory Kohila Vineer OU in Kohila, Estonia. Total investment in two steps reached 80 million euros. By building 18 000 m2 production premises and equipping with cutting edge technologies one of the most advanced plywood factories in the world has been made. In October 2016, a new impregnated paper unit at Lignums location in Riga was completed. Together with other investments in Latvijas Finieris Group these two projects will form a new platform for future growth. The both factories feature wooden load-bearing structural elements.

From 2014 to 2021 Latvijas Finieris is implementing 300 million euros investment program. So far 124 million euros have been invested (52 million euros in 2016), that means that Latvijas Finieris will invest more than 170 million euros into development of products and production processes, as well as raising work efficiency and quality in the coming years.

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