Baltic Export, Estonia, EU – Baltic States, Good for Business, Markets and Companies, Woodwork

Of revenue, 27.8%, or 5.4 million euros, was generated in Estonia, 22.3%, or close to 4.4 million euros, in Poland, 11.6%, or close to 2.3 million euros, in Sweden, 7.5%, or close to 1.5 million euros, in Finland, and 30.8%, or six million euros, in Norway, it appears from the annual report. 

The growth in revenue was attributable to the investments in production buildings and production technology made from 2016 to 2018.

The company observed that the price of glue-laminated timber in 2019 remained on the level of 2018 on the average, while the prices of inputs decreased somewhat. As regards 2020, the management of the company believes that the activity of the market will remain on the level of 2019, while increasing sales volumes will be a challenge.

The company invested some 1.4 million euros in fixed assets during the year. Its undistributed profit as at balance sheet date stood at close to 7.1 million euros.

The average number of employees, translated into full-time jobs, was 106 in 2019 and wage costs totaled 2.1 million euros. In 2018, the average number of employees was 108 and wage costs amounted to 2.2 million euros.

In 2020, the company intends to move on with the program of investments for developing manufacturing capacities. The main risks in 2020 are an increase in the prices of manufacturing inputs, tighter competition, and resulting pressure on prices.