Nordecon Group's business volume and profitability increased in the second
quarter of 2019 as compared to the same period of the last year. Revenues grew
6.3% to 65,917 thousand euros (Q2 2018: 61,996 thousand euros) and operating
profit 43.6% to 1,545 thousand euros (Q2 2018: 1,076 thousand euros).
Profit was earned mainly in the buildings segment, where the gross margin in the
second quarter was 6.1% (Q2 2018: 3.3%), whereas the gross profitability of the
infrastructure segment decreased to 3.5% (Q2 2018: 8.6%).
The market is continuously characterised by high competition and increase in
input prices. When in building construction market there are new sizeable and
complex engineer-technical projects, then in road construction the average size
and complexity of the project has fallen, increasing thereby the competition in
the segment. Decrease in latter volumes has in turn created on market an
approximate 25% asphalt production capacity surplus, affecting negatively the
margins.
The Group's order book as of 30 June 2019 stood at 180 million euros, consisting
mainly of projects of the building segment.
Condensed consolidated interim statement of financial position
EUR '000 30 June 2019 31 December 2018
-------------------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 6,220 7,678
Trade and other receivables 44,176 31,627
Prepayments 2,443 1,383
Inventories 19,757 20,444
Total current assets 72,596 61,132
Non-current assets
Investments in equity-accounted investees 2,035 2,266
Other investments 26 26
Trade and other receivables 8,340 8,225
Investment property 5,526 5,526
Property, plant and equipment 16,531 12,288
Intangible assets 14,670 14,674
Total non-current assets 47,128 43,005
TOTAL ASSETS 119,724 104,137
LIABILITIES
Current liabilities
Borrowings 18,093 9,374
Trade payables 47,368 34,954
Other payables 8,482 5,187
Deferred income 4,044 3,932
Provisions 310 1,013
Total current liabilities 78,297 54,460
Non-current liabilities
Borrowings 9,427 14,830
Trade payables 98 98
Other payables 177 71
Provisions 1,222 969
Total non-current liabilities 10,924 15,968
TOTAL LIABILITIES 89,221 70,428
EQUITY
Share capital 16,321 16,321
Own (treasury) shares -693 -693
Share premium 618 618
Statutory capital reserve 2,554 2,554
Translation reserve 1,730 1,992
Retained earnings 8,212 10,896
Total equity attributable to owners of the
parent 28,742 31,688
Non-controlling interests 1,761 2,021
TOTAL EQUITY 30,503 33,709
TOTAL LIABILITIES AND EQUITY 119,724 104,137
Condensed consolidated interim statement of comprehensive income
EUR '000 H1 2019 Q2 2019 H1 2018 Q2 2018 2018
-------------------------------------------------------------------------------
Revenue 100,441 65,917 105,658 61,996 223,496
Cost of sales -97,147 -62,669 -102,459 -59,250 -213,463
Gross profit 3,294 3,248 3,199 2,746 10,033
Marketing and distribution
expenses -498 -152 -331 -158 -626
Administrative expenses -3,048 -1,555 -3,386 -1,715 -6,725
Other operating income 67 11 219 202 1,471
Other operating expenses -20 -7 -76 1 -122
Operating loss/profit -205 1,545 -375 1,076 4,031
Finance income 495 224 385 250 431
Finance costs -663 -299 -586 -282 -909
Net finance costs -168 -75 -201 -32 -478
Share of profit of equity-
accounted investees 252 302 452 515 835
Loss/profit before income tax -121 1,772 -124 1,559 4,388
Income tax expense -453 -453 -400 -200 -567
Loss/profit for the period -574 1,319 -524 1,359 3,821
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss
Exchange differences on
translating foreign operations -262 -218 -60 -128 -3
Total other comprehensive expense -262 -218 -60 -128 -3
TOTAL COMPREHENSIVE EXPENSE/INCOME -836 1,101 -584 1,231 3,818
Loss/profit attributable to:
- Owners of the parent -793 1,169 -532 1,274 3,381
- Non-controlling interests 219 150 8 85 440
Loss/profit for the period -574 1,319 -524 1,359 3,821
Total comprehensive expense/income
attributable to:
- Owners of the parent -1,055 951 -592 1,146 3,378
- Non-controlling interests 219 150 8 85 440
Total comprehensive expense/income
for the period -836 1,101 -584 1,231 3,818
Earnings per share attributable to
owners of the parent:
Basic earnings per share (EUR) -0.03 0.04 -0.02 0.04 0.11
Diluted earnings per share (EUR) -0.03 0.04 -0.02 0.04 0.11
Condensed consolidated interim statement of cash flows
EUR '000 H1 2019 H1 2018
----------------------------------------------------------------------------
Cash flows from operating activities
Cash receipts from customers 108,300 116,509
Cash paid to suppliers -93,163 -100,166
VAT paid -2,104 -2,874
Cash paid to and for employees -11,385 -10,480
Income tax paid -146 -305
Net cash from operating activities 1,502 2,684
Cash flows from investing activities
Paid on acquisition of property, plant and equipment -165 -252
Paid on acquisition of intangible assets 0 0
Proceeds from sale of property, plant and equipment 99 22
Loans provided -14 -17
Repayment of loans provided 6 7
Dividends received 244 249
Interest received 5 5
Net cash from investing activities 175 14
Cash flows from financing activities
Proceeds from loans received 3,328 1,411
Repayment of loans received -2,265 -1,547
Finance lease payments made -1,025 -888
Settlements of lease liability -549 0
Interest paid -481 -366
Dividends paid -2,129 -2,243
Net cash used in financing activities -3,121 -3,633
Net cash flow -1,444 -935
Cash and cash equivalents at beginning of period 7,678 8,916
Effect of movements in foreign exchange rates -14 4
Decrease in cash and cash equivalents -1,444 -935
Cash and cash equivalents at end of period 6,220 7,985
Financial review
Financial performance
Nordecon ended the first six months of 2019 with a gross profit of 3,294
thousand euros (H1 2018: 3,199 thousand euros). The Group's gross margin for the
first half-year was 3.3% (H1 2018: 3%) and for the second quarter 4.9% (Q2
2018: 4.4%). Gross profit was earned in the Buildings segment that posted a
gross margin of 5.5% for the first half-year (H1 2018: 3.3) and 6.1% for the
second quarter (Q2 2018: 3.3%). We are satisfied with the improvement in the
segment's gross margin although it is not yet on target. The result of the
Infrastructure segment that ended the first half-year with a negative gross
margin, on the other hand, is far from satisfactory. The segment's six-month
gross margin was -1.4% (H1 2018: 3.7%) and second-quarter gross margin, which
was 3.5%, was considerably lower than last year (Q2 2018: 8.6%). The
Infrastructure segment is mainly involved in the performance of road
construction and maintenance contracts. Road construction, which is capital
intensive, requires a certain critical amount of work to cover its fixed costs,
the largest share of which is made up of expenses relating to asphalt production
and laying equipment. The road maintenance result is mainly influenced by the
weather. Exceptionally challenging weather conditions in the first two months of
2019 had an adverse impact on the profitability of national road maintenance
contracts. The average cost of new road construction projects put out to tender
in 2019 has decreased compared to 2018, which in turn has increased the number
of bidders. Also, the gap between contractors' asphalt concrete production
capacity and market demand has widened: according to estimates, production
capacity exceeds demand by at least 25%. All this has had a negative impact on
bid prices and the Group has not been sufficiently successful in winning public
road construction contracts.
The Group's administrative expenses for the first half of 2019 totalled 3,048
thousand euros. Compared to the same period last year, administrative expenses
decreased by around 10% (H1 2018: 3,386 thousand euros) and the ratio of
administrative expenses to revenue (12 months rolling) dropped to 2.9% (H1
2018: 3.1%).
The Group ended the first half of 2019 with an operating loss of 205 thousand
euros (H1 2018: an operating loss of 375 thousand euros). EBITDA amounted to
1,281 thousand euros (H1 2018: 606 thousand euros).
Finance income and costs of the period continued to be influenced by exchange
rate fluctuations in the Group's foreign markets. The Ukrainian hryvnia
strengthened against the euro by 6.7% and the Group recognised an exchange gain
of 377 thousand euros (H1 2018: a gain of 243 thousand euros) on the translation
of the loans provided to the Ukrainian subsidiaries in euros. The Swedish krona,
on the other hand, weakened against the euro by around 2.9% and the Group
recognised an exchange loss of 206 thousand euros (H1 2018: a loss of 154
thousand euros) on the translation of the loan provided to the Swedish
subsidiary in euros.
The Group's net loss amounted to 574 thousand euros (H1 2018: a net loss of 524
thousand euros) of which the net loss attributable to owners of the parent,
Nordecon AS, was 793 thousand euros (H1 2018: 532 thousand euros).
Cash flows
In the first half of 2019, operating activities produced a net cash inflow of
1,502 thousand euros (H1 2018: 2,684 thousand euros). The key factor that
affects operating cash flow is the mismatch between customers' and suppliers'
settlement terms. Cash flow is also strongly influenced by the fact that the
contracts signed with both public and private sector customers do not require
the customer to make advance payments while the Group has to make prepayments to
subcontractors, materials suppliers, etc. Cash inflow is also lowered by
contractual retentions, which extend from 5 to 10% of the contract price and are
released at the end of the construction period only.
Investing activities resulted in a net cash inflow of 175 thousand euros (H1
2018: 14 thousand euros). The largest items were payments for the acquisition of
property, plant and equipment of 165 thousand euros (H1 2018: 252 thousand
euros) and dividends received of 244 thousand euros (H1 2018: 249 thousand
euros).
Financing activities generated a net cash outflow of 3,121 thousand euros (H1
2018: an outflow of 3,633 thousand euros). The largest items were loan, finance
lease and dividend payments. Proceeds from loans received totalled 3,328
thousand euros, comprising development loans and overdrafts used (H1
2018: 1,411 thousand euros). Loan repayments totalled 2,265 thousand euros (H1
2018: 1,547 thousand euros), consisting of scheduled repayments of long-term
investment and development loans. Finance lease payments totalled 1,025 thousand
euros (H1 2018: 888 thousand euros). Dividends paid amounted to 2,129 thousand
euros (H1 2018: 2,243 thousand euros).
At 30 June 2019, the Group's cash and cash equivalents totalled 6,220 thousand
euros (30 June 2018: 7,985 thousand euros).
Key financial figures and ratios
Figure/ratio for the period H1 2019 H1 2018 H1 2017 2018
-------------------------------------------------------------------------------
Revenue (EUR '000) 100,441 105,658 103,501 223,496
Revenue change -5% 2% 40% -3.4%
Net loss/profit (EUR '000) -574 -524 -897 3,821
Net loss/profit
attributable to owners of
the parent (EUR '000) -793 -532 -890 3,381
Average number of shares 31,528,585 30,986,585 30,756,728 31,528,585
Earnings per share (EUR) -0.03 -0.02 -0.03 0.11
Administrative expenses to
revenue 3.0% 3.2% 3.0% 3.0%
Administrative expenses to
revenue (rolling) 2.9% 3.1% 3.0% 3.0%
EBITDA (EUR '000) 1,281 606 664 6,021
EBITDA margin 1.3% 0.6% 0.6% 2.7%
Gross margin 3.3% 3.0% 3.0% 4.5%
Operating margin -0.2% -0.4% -0.3% 1.8%
Operating margin excluding
gain on asset sales -0.3% -0.4% -0.3% 1.3%
Net margin -0.6% -0.5% -0.9% 1.7%
Return on invested capital 0.6% 0.5% -0.1% 8.4%
Return on equity -1.8% -1.6% -2.4% 11.2%
Equity ratio 25.5% 25.4% 29.0% 32.4%
Return on assets -0.5% -0.4% -0.8% 3.5%
Gearing 36.7% 35.2% 32.5% 28.5%
Current ratio 0.93 0.98 1.02 1.12
As at 30 June 2019 30 June 2018 30 June 2017 31 Dec 2018
-------------------------------------------------------------------------------
Order book (EUR '000) 179,691 131,552 130,601 100,352
-------------------------------------------------------------------------------
Performance by geographical market
In the first half of 2019, the contribution of the Group's foreign markets
increased somewhat compared to the same period last year, accounting for around
9% of total revenue.
H1 2019 H1 2018 H1 2017 2018
-----------------------------------------------
Estonia 91% 93% 93% 93%
Finland 4% 1% 2% 1%
Ukraine 3% 4% 1% 4%
Sweden 2% 2% 3% 2%
It is worth noting that the share of revenue earned in Finland has increased.
Based on the Finnish order book, where the largest project is a subcontract for
supplying concrete constructions for the Raitinkartano commercial and
residential building, we expect that in 2019 our Finnish revenues will increase
compared to previous years. The contribution of the Ukrainian market where we
are currently providing general contractor's services under two building
construction contracts has decreased compared to the same period last year.
Swedish revenues have also decreased year on year: two new general construction
contracts secured in Sweden in 2019 had only a modest impact on the period's
revenue because the Group was mainly involved in preparatory and design
activities.
Geographical diversification of the revenue base is a consciously deployed
strategy by which we mitigate the risks resulting from excessive reliance on one
market. However, conditions in some of our chosen foreign markets are also
volatile and affect our current results. Increasing the contribution of foreign
markets is one of Nordecon's strategic targets.
Performance by business line
Segment revenues
In the first half of 2019, Nordecon generated revenue of 100,441 thousand euros,
roughly 5% less than in the same period last year when revenue amounted to
105,658 thousand euros. Revenue decreased in both the Buildings and the
Infrastructure segment, by 6% and 2% respectively. The decline is attributable
to longer than usual decision-making processes between the submission of bids
and the signature of contracts in public procurements carried out in the second
half of 2018 and longer than expected preparation processes of some contracts
signed with private sector customers. The matter was also highlighted in our
annual report for 2018. However, based on the Group's order book and known
developments in our chosen markets, we expect that in 2019 the Group's business
volumes will grow somewhat compared to 2018.
The limited volume of infrastructure construction projects, which is affecting
the entire Estonian construction market, is also reflected in our revenue
structure. In the first half of 2019, our Buildings and Infrastructure segments
generated revenue of 76,065 thousand euros and 24,213 thousand euros
respectively. In the same period last year, the corresponding figures were
80,827 thousand euros and 24,587 thousand euros.
Operating segments* H1 2019 H1 2018 H1 2017 2018
-----------------------------------------------------------
Buildings 74% 76% 81% 72%
Infrastructure 26% 24% 19% 28%
Sub-segment revenues
The largest revenue source in the Buildings segment continues to be the
commercial buildings sub-segment. The period's largest projects included the
reconstruction and extension of the building of Terminal D in the Old City
harbour, the construction of a multi-storey car park at Sepapaja 1 and the
design and construction of an eight-floor accommodation building at Liimi 1B and
a concrete frame for an eight-floor multi-storey car park and commercial
building at Tammsaare tee 92 in Tallinn.
Based on the Group's order book, we expect that in 2019 the revenue of the
public buildings sub-segment will increase compared to 2018. The sub-segment's
revenue for the period was influenced the most by the construction of the Peetri
sports and leisure centre in Rae parish and a state secondary school at Kohtla-
Järve. The state's investments in national defence also continue to play an
important role. During the period, we continued to build an assembly area at the
defence forces' base at Tapa and a barracks for 300 people at the defence
forces' base at Jõhvi. The Estonian Academy of Security Sciences building in
Tallinn was delivered to the customer on schedule.
A significant share of the Group's Estonian apartment building projects is
located in Tallinn. During the period, the largest of them were located at Lesta
10, Sammu 6 and Valge 16. Sweden, where we are providing services under three
housing development contracts, also continues to make a strong contribution to
the sub-segment's revenue. Apartment buildings in phases III and IV of the
Sõjakooli project were delivered to the customer on schedule.
We continue to carry out our own housing development projects in Tallinn and
Tartu (reported in the apartment buildings sub-segment). During the period, we
completed a four-floor apartment building with 21 apartments at Nõmme tee 97 in
Tallinn (www.nommetee.ee (http://www.nommetee.ee)) and three apartment buildings
with 10 apartments each at Aruküla tee in Tartu (www.kaldakodu.ee
(http://www.kaldakodu.ee)). Work continues on a five-floor apartment building
with 24 apartments at Võidujooksu 8c in Tallinn (www.voidujooksu.ee
(http://www.voidujooksu.ee)). During the period, our own housing developments
generated revenue of 3,792 thousand euros (H1 2018: 3,228 thousand euros). In
conducting real estate development activities, we monitor closely potential
risks in the housing development market.
The largest projects in the industrial and warehouse facilities sub-segment are
the construction of a warehouse and office building at Kaldase tee in Maardu and
the reconstruction (phase V) of the fattening unit of a pig farm of Rakvere
Farmid AS (EKSEKO). Compared to previous periods, the share of contracts signed
with the agricultural sector has decreased significantly, which is one of the
reasons for the sub-segment's revenue decline.
Revenue breakdown in the Buildings segment H1 2019 H1 2018 H1 2017 2018
------------------------------------------------------------------------
Commercial buildings 35% 36% 25% 35%
Apartment buildings 33% 23% 31% 25%
Public buildings 24% 26% 26% 25%
Industrial and warehouse facilities 8% 15% 18% 15%
We do not expect revenue breakdown in the Infrastructure segment to change
significantly in 2019. The segment will continue to be dominated by road
construction and maintenance despite the fact that the contribution of other
engineering work has grown. During the period, a major share of the revenue of
the road construction and maintenance sub-segment resulted from contracts
secured in 2018: the construction of passing lanes on the Pikknurme-Puurmani
section of the Tallinn-Tartu-Võru-Luhamaa road (a 2+1 road section) and roads
and bridges for the defence forces' central training area in Kuusalu parish. The
strongest contributors among contracts secured in 2019 were those for the
construction of the Missokülä-Hindsa section (8 km) and the Misso small town
section (2 km) of main road no. 7 (Riga-Pskov). A significant share of the sub-
segment's revenue results from forest road improvement services provided to the
State Forest Management Centre. The Group also continues to provide road
maintenance services in Järva and Hiiu counties and the Kose maintenance area in
Harju county.
During the period, we continued earthworks on the Kiili-Paldiski section of the
onshore part of Balticconnector (a gas pipeline between Estonia and Finland)
that generated a major share of other engineering revenue.
Revenue breakdown in the Infrastructure segment H1 2019 H1 2018 H1 2017 2018
-----------------------------------------------------------------------------
Road construction and maintenance 77% 90% 84% 89%
Other engineering 20% 7% 12% 7%
Environmental engineering 3% 3% 4% 4%
Order book
At 30 June 2019, the Group's order book (backlog of contracts signed but not yet
performed) stood at 179,691 thousand euros, an increase of 37% year on year. In
the second quarter of 2019, we signed new contracts of 65,901 thousand euros (Q2
2018: 43,416 thousand euros).
As at 30 June 2019 30 June 2018 30 June 2017 31 Dec 2018
-------------------------------------------------------------------------
Order book (EUR '000) 179,691 131,552 130,601 100,352
At the reporting date, contracts secured by the Buildings segment and the
Infrastructure segment accounted for 81% and 19% of the Group's total order book
respectively (30 June 2018: 73% and 27% respectively). Compared to 30 June
2018, the order book of the Buildings segment has increased by around 52% and
the order book of the Infrastructure segment has decreased by 6%.
In the Buildings segment, the largest order books are those of the commercial
and the public buildings sub-segments, which account for 36% and 33% of the of
the segment's order book respectively. The order book of the apartment buildings
sub-segment has also grown compared to the same period last year. The order book
of the industrial and warehouse facilities sub-segment, on the other hand, has
decreased substantially. In the commercial buildings sub-segment, the largest
projects in progress are mostly in Tallinn: the reconstruction and extension of
the building of Terminal D in the Old City Harbour and the construction of a new
seven-floor commercial building in Rotermann City. At the end of the reporting
period, we were awarded a contract for the construction of the first building in
the Porto Franco development in Tallinn: a building near Laeva street that has
three underground and five above-ground floors. In Tartu, we continue to build a
multi-storey car park for Tartu University Hospital. A large part of the order
book of the public buildings sub-segment is made up of contracts signed at the
beginning of 2019 for the construction of the Estonian Academy of Security
Sciences and the University of Tartu Training Centre in Narva, a sports and
health centre at Kohtla-Järve and an assembly area at the Defence Forces' base
at Tapa. In the second quarter, we also secured a contract for the
reconstruction and extension of a research and academic building of Tallinn
University of Technology at Mäepealse 3. The order book of the apartment
buildings sub-segment includes contracts for the construction of apartment
buildings in Tallinn. In addition, in the first quarter we were awarded
contracts for the construction of two apartment buildings in Sweden: one near
Uppsala city centre and the other in the Bromma district in Stockholm.
As in previous years, the order book of the Infrastructure segment is
underpinned by contracts of the road construction and maintenance sub-segment,
which at the end of the reporting period accounted for around 89% of the
segment's order book. In the second quarter of 2019, we signed contracts for
building the Kernu bypass and the Kernu filling station and Haiba junctions on
the Tallinn-Pärnu-Ikla road and reconstructing two road sections of main road
no. 7 (Riga-Pskov): the Missokülä-Hindsa section (8 km) and the Misso small town
section (2 km). Under contracts signed in 2018, we continue to build passing
lanes for a 2+1 road on the Pikknurme-Puurmani section (km 142.2-146.9) of the
Tallinn-Tartu-Võru-Luhamaa road and roads and bridges for the Defence Forces'
central training area in Kuusalu parish. The Group continues to provide road
maintenance services in three road maintenance areas: Järva, Hiiu and Kose.
Based on the size of the Group's order book and known developments in our chosen
markets, we expect that in 2019 the Group's revenue will grow slightly compared
to 2018. In an environment of exceptionally stiff competition, we avoid taking
unjustified risks whose realisation in the contract performance phase would have
an adverse impact on the Group's results. Despite this, where suitable
opportunities arise, we strive to increase the portfolio to counteract the
pressure on margins that is caused by the market situation. Our preferred policy
is to keep fixed costs under control and monitor market developments closely.
Between the reporting date (30 June 2019) and the date of release of this
report, Group companies have secured additional construction contracts in the
region of 34,080 thousand euros.
People
Employees and personnel expenses
In the first half of 2019, the Group (the parent and the subsidiaries) employed,
on average, 678 people including 405 engineers and technical personnel (ETP).
Headcount decreased by around 2% compared to the same period in 2018.
Average number of employees at Group entities (including the parent and the
subsidiaries)
H1 2019 H1 2018 H1 2017 2018
---------------------------------------------------------
ETP 405 426 423 419
Workers 273 268 314 268
Total average 678 694 737 687
The Group's personnel expenses for the first half of 2019, including all taxes,
totalled 11,036 thousand euros. In the first half of 2018, personnel expenses
amounted to 10,566 thousand euros. Despite a decline in the number of staff,
personnel expenses grew by around 4% year on year. Due to the persisting
shortage of qualified and experienced labour, employers are under strong
pressure to increase wages and salaries.
The service fees of the members of the council of Nordecon AS for the first half
of 2019 amounted to 94 thousand euros and associated social security charges
totalled 31 thousand euros (H1 2018: 94 thousand euros and 31 thousand euros
respectively).
The service fees of the members of the board of Nordecon AS amounted to 278
thousand euros and associated social security charges totalled 93 thousand euros
(H1 2018: 390 thousand euros and 128 thousand euros respectively). The figures
for the first half of 2018 include termination benefits of 93 thousand euros
paid to a member of the board and associated social security charges of 31
thousand euros.
Labour productivity and labour cost efficiency
We measure the efficiency of our operating activities using the following
productivity and efficiency indicators, which are based on the number of
employees and personnel expenses incurred:
H1 2019 H1 2018 H1 2017 2018
-------------------------------------------------------------------------------
Nominal labour productivity (rolling), (EUR
'000) 321.5 327.4 296.5 325.4
Change against the comparative period, % -1.8% 10.4% 33.0% 3.3%
Nominal labour cost efficiency (rolling), (EUR) 9.3 9.9 10.2 9.7
Change against the comparative period, % -6.3% -2.1% 30.3% -3.8%
The Group's nominal labour productivity and labour cost efficiency declined
compared to the first quarter of 2018 due to lower revenue and higher personnel
expenses.
Nordecon (www.nordecon.com (http://www.nordecon.com)) is a group of construction
companies whose core business is construction project management and general
contracting in the buildings and infrastructures segment. Geographically the
Group operates in Estonia, Ukraine, Finland and Sweden. The parent of the Group
is Nordecon AS, a company registered and located in Tallinn, Estonia. The
consolidated revenue of the Group in 2018 was 223 million euros. Currently
Nordecon Group employs close to 680 people. Since 18 May 2006 the company's
shares have been quoted in the main list of the NASDAQ Tallinn Stock Exchange.
Andri Hõbemägi
Nordecon AS
Head of Investor Relations
Tel: +372 6272 022
Email: andri.hobemagi@nordecon.com (mailto:andri.hobemagi@nordecon.com)
www.nordecon.com (http://www.nordecon.com)
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