Estonia, Export, Industry, Markets and Companies, Woodwork

Exports to countries other than the Baltic countries made up more than 90% of the revenue. The main export markets were the UK, Denmark, Sweden and the Netherlands, which generated revenue of respectively 150.3 mln, 54.4 mln, 7.4 mln and 5.1 mln euros, it appears from the annual report.

Consolidated earnings before interest, taxes, depreciation, and amortization (EBIDTA) grew from 30 mln euros in 2014 to 58.3 mln euros last year and net profit increased from 13.7 mln to 28 mln euros. The addition of the Latvian company Latgran to the group made a significant contribution to the increase in EBITDA and net profit.

Graanul Invest group produced 1.6 mln tons of wood pellets in 2015, nearly double the amount produced in 2014. Output connected with the acquisition of Latgran was 322,000 tons and the volume of output of the company's own plants increased by 387,000 tons or 45%. The increase in output was a result of the launch of the Osula Graanul plant in December 2014 and an increase in output volumes at the Helme, Launkalne and Incukalns plants.

The production of wood pellets in Estonia, Latvia and Lithuania grew to 2.6-2.7 mln tons in 2015. Local consumption remained subdued and more than 95% of the amount produced was exported.