The turnover of the “Latvijas Finieris” group reached 404.8 million euros in 2023 – 15% more than the year before, while EBITDA grew by 40% to reach 78 million euros. By volume, the majority (80.5%) of the birch plywood products manufactured went to industrial customers in the countries of the European Economic Area, with the main emphasis on sectors in which birch plywood as a material is highly important thanks to its excellent physical and mechanical properties.
“The war waged by Russia in Ukraine continues, adversely affecting economic growth worldwide and in Europe in particular. In the fight for fair competition, we have become involved in the investigation pursued by the European Commission into the circumvention of anti-dumping duties, taking a firm stand against sanctioned plywood products reaching the European market. We are pleased that customers value our responsible attitude and operating principles with their loyalty,” acknowledges Jānis Ciems, Chairman of the Board of “Latvijas Finieris”.
In Europe and elsewhere in the world, the companies of the “Latvijas Finieris” group provided work in 2023 for an average of 2398 people per month, of whom 2061 worked at the group’s Latvian companies, where an average of 13294 euros per employee was paid in labour taxes (state social insurance contributions and personal income tax) over the year. In total, the group paid 42.11 million euros in taxes last year, of which 30.11 million euros was paid in Latvia.
It should be noted that, from the first day of the war started by Russia, the “Latvijas Finieris” group, in cooperation with partners in Latvia, Lithuania, Estonia and Finland, has provided the people of Ukraine with continuous support of various kinds, with the value of donations reaching 6.6 million euros by April 2024.