The turnover of Latvijas Finieris Group in 2020 was 223.6 million euros, which is 2% less than a year before. The company’s operations were significantly affected by the tension and uncertainty caused by the COVID-19 pandemic in global trade. Relatively good results were achieved due to the ability to provide the safest possible working environment in the Group’s mills and quickly adapt to customer needs. As a result, production in 2020 remained at the previous level, but the Group’s EBITDA reached 33.4 million euros. Many thanks to all colleagues for the excellent teamwork and responsible attitude towards epidemiological safety.

Last year, Latvijas Finieris Group employed 2440 people, of whom 2062 worked in Latvia, where an average of 8866 euros per employee was paid in labor taxes. In total, the Group paid 21.4 million euros in taxes and fees in Latvia in 2020 – for the first time in history, on average, each of the jobs created in Latvia brought more than 10,000 euros to the state.

Given the uncertainty caused by the COVID-19 pandemic, all of the Group’s development plans for 2020 were carefully reassessed, and last year’s investment of € 15.6 million was mainly focused on completing ongoing projects. For example, by completing work on a betulin plant and connection of Bolderaja industrial unit to high voltage network. This year, Latvijas Finieris plans to invest 27 million euros in development.

Although the situation in the world market is still difficult, the management of Latvijas Finieris looks to the future with confidence. Long-term stability of production and exports is ensured by market diversification, while investments in research and product development guarantee favorable export dynamics in high value-added product segments. Of course, the development of the economic situation both in Latvia and in the world as a whole will depend on the ability of each nation to stop the COVID-19 pandemic. To achieve this, every individual decision is important – to decide in favor of vaccination.