Latvijas Finieris – Assessment of 2015 Results
In 2015 Latvijas Finieris Group reached a turnover of 196.5 million euros. Although the increase is only 1% against the previous year, it was secured by selling higher value products, which in turn is the result of investments made in previous years. Export turnover managed to grow faster - by around 3%, exceeding 155 million euros.
Uldis Bikis, Chairman of the Supervisory Board at Latvijas Finieris: "One of the conditions for sustainable operations is competitive salary. Already in 2011 Latvijas Finieris defined in the Personnel Policy the need for a substantial increase in wages annually by an average of 6-9% until 2020. Compensation, as seen from the perspective of an employee, takes into account the purchasing power index when comparing to the salary in the Northern region (Sweden, Finland). For the company itself, rise in salary means a simultaneous growth in productivity, including implementation of an ambitious investment program over several years.”
During three years Latvijas Finieris manufacturing companies in the Baltic countries have raised pay levels by 5% per year on average, which is roughly the same as the average salary rise in Latvia as a country. An essential element of sustainable operations is also the Group