2018

High Precipitation was the Greatest Challenge Faced in 2017

JSC "Latvia's State Forests" (LVM) closed the year 2017 with a turnover of 275.8 million euros, and a profit of 64.8 million euros after taxes. According to unaudited data, revenue in 2017 exceeded the result of 2016 by 21.8 million euros, and profit after tax was 14.1 million euros larger than a year before.

Last year, LVM sold 5.45 million cubic metres of round timber assortment, 0.28 million cubic metres of growing trees, and 50.8 million forest tree seedlings. The company also restored 15.7 thousand hectares of forest areas, and cultivated 27.2 thousand hectares of young stands.

Dainis Reķelis, LVM Head of Corporate Planning: "The climatic conditions in 2017 posed significant challenges for achieving the company's goals. The wet year once again showed that without previous investments in forest roads and land amelioration, it would not be possible to fulfil the company's plan of action and ensure regular supplies of wood."

In 2017, investments totalled 28.2 million euros, of which 20.2 million euros were invested in forest infrastructure: road construction, restoration of forest drainage systems, bridge construction and construction of wood roads. To increase the forest area managed by the company, 1.6 thousand hectares of land were purchased, investing 3 million euros.

LVM performs the functions of a forest owner in the management and protection of state forests. The main task of the company is to give the state and society the greatest value that can be generated through sustainable forest management.