Market announcement

Title

2022 II quarter and 6 months consolidated interim report (unaudited)

Message

Despite  the continued  difficult external  environment, the  second quarter and
first  half of 2022 were overall profitable for the group. The increase in sales
revenue   also   continued,  which  is  largely  based  on  the  fulfillment  of
construction contracts concluded in previous periods.
At  the same time,  the ongoing uncertainty  of material supplies  and the rapid
increase  in input prices  have created a  situation where planning construction
works  is very difficult both in terms of time and cost. This, together with the
general  difficult  economic  environment,  forces  both  the private and public
sector  to postpone  investments. It  is the  decrease in  the volume  of public
sector  investments, especially in road and infrastructure construction, that in
the  short  and  long  term  has  a  direct impact on the group's sales revenue,
profitability, and the volume of the order book.
The group's sales revenue for the first half of 2022 was 149,256 thousand euros.
Compared  to the same period last year, sales revenue increased by approximately
27%. The  increase in  sales revenue  is based  on the  growth of  the Buildings
segment,  the sales revenue of the Infrastructure segment has decreased compared
to the same period last year.
The  group's gross profitability was 2.1% in  the first half of 2022 and 2.5% in
the second quarter. The profit of both the first half of the year and the second
quarter  was earned  in the  Buildings segment.  While the  profitability of the
Buildings  segment has, despite the increase in input prices and material supply
problems,  improved  compared  to  the  same  period  last year, it is extremely
difficult  to achieve the same in the Infrastructure segment. The main customer,
the  Transport Administration,  has cancelled  several already announced tenders
and  the volume of this year's  investments has been significantly reduced. This
significantly affects the result of the segment with high fixed costs.
As  of 30 June 2022, the  volume of the  group's order book was 220,687 thousand
euros, which has decreased by 18% compared to the same period last year.

Condensed consolidated interim statement of financial position

 EUR'000                                            30 June 2022 31 December 2021
-------------------------------------------------------------------------------
 ASSETS

 Current assets

 Cash and cash equivalents                               4,967            9,031

 Trade and other receivables                            60,574           48,091

 Prepayments                                             8,181            4,947

 Inventories                                            27,560           25,637

 Total current assets                                  101,282           87,706

 Non-current assets

 Other investments                                          76               76

 Trade and other receivables                             8,623            9,206

 Investment property                                     8,233            5,599

 Property, plant and equipment                          17,774           17,433

 Intangible assets                                      15,081           15,051

 Total non-current assets                               49,787           47,365

 TOTAL ASSETS                                          151,069          135,071



 LIABILITIES

 Current liabilities

 Borrowings                                             17,353           16,289

 Trade payables                                         68,810           57,324

 Other payables                                          7,944            7,459

 Deferred income                                        15,398           11,539

 Provisions                                              1,395              707

 Total current liabilities                             110,900           93,318

 Non-current liabilities

 Borrowings                                              6,824            7,405

 Trade payables                                          3,987            4,178

 Provisions                                              1,856            2,044

 Total non-current liabilities                          12,667           13,627

 TOTAL LIABILITIES                                     123,567          106,945



 EQUITY

 Share capital                                          14,379           14,379

 Own (treasury) shares                                   (660)            (660)

 Share premium                                             635              635

 Statutory capital reserve                               2,554            2,554

 Translation reserve                                     1,689            1,948

 Retained earnings                                       5,413            6,341

 Total equity attributable to owners of the
 parent                                                 24,010           25,197

 Non-controlling interests                               3,492            2,929

 TOTAL EQUITY                                           27,502           28,126

 TOTAL LIABILITIES AND EQUITY                          151,069          135,071

Condensed consolidated interim statement of comprehensive income

 EUR'000                            H1 2022  Q2 2022   H1 2021  Q2 2021      2021
-------------------------------------------------------------------------------
 Revenue                          149,256   80,803   117,966   68,979   288,534

 Cost of sales                  (146,075) (78,769) (116,660) (67,580) (284,513)

 Gross profit                       3,181    2,034     1,306    1,399     4,021



 Marketing and distribution
 expenses                           (186)    (115)     (214)    (108)     (559)

 Administrative expenses          (3,118)  (1,513)   (2,833)  (1,362)   (6,053)

 Other operating income             1,856      103       127       92       519

 Other operating expenses           (276)      (2)      (29)      (6)   (2,264)

 Operating profit (loss)            1,457      507   (1,643)       15   (4,336)



 Finance income                       146       79       537      132       958

 Finance costs                    (1,377)     (43)     (665)    (376)   (1,320)

 Net finance income (costs)       (1,231)       36     (128)    (244)     (362)



 Profit (loss) before income
 tax                                  226      543   (1,771)    (229)   (4,698)

 Income tax expense                 (200)    (200)     (619)    (250)     (808)

 Profit (loss) for the period          26      343   (2,390)    (479)   (5,506)



 Other comprehensive income
 (expense):
 Items that may be reclassified
 subsequently to profit or loss

 Exchange differences on
 translating foreign operations     (259)    (413)       406      587     (475)

 Total other comprehensive
 income (expense)                   (259)    (413)       406      587     (475)

 TOTAL COMPREHENSIVE INCOME
 (EXPENSE)                          (233)     (70)   (1,984)      108   (5,981)



 Profit (loss) attributable to:

 - Owners of the parent             (928)     (10)   (2,148)    (584)   (6,310)

 - Non-controlling interests          954      353     (242)      105       804

 Profit (loss) for the period          26      343   (2,390)    (479)   (5,506)



 Comprehensive income (expense)
 attributable to:

 - Owners of the parent           (1,187)    (423)   (1,742)        3   (6,785)

 - Non-controlling interests          954      353     (242)      105       804

 Comprehensive income (expense)
 for the period                     (233)     (70)   (1,984)      108   (5,981)



 Earnings per share
 attributable to owners of the
 parent:

 Basic earnings per share (EUR)      (0.03)   (0.00)    (0.07)   (0.02)    (0.20)

 Diluted earnings per share (EUR)    (0.03)   (0.00)    (0.07)   (0.02)    (0.20)

Condensed consolidated interim statement of cash flows

  EUR'000                                                    H1 2022     H1 2021
-------------------------------------------------------------------------------
  Cash flows from operating activities

  Cash receipts from customers                             177,608     142,892

  Cash paid to suppliers                                 (162,328)   (124,977)

  VAT paid                                                 (4,447)     (4,387)

  Cash paid to and for employees                          (12,476)    (13,075)

  Income tax paid                                            (312)       (616)

  Net cash used in operating activities                    (1,955)       (163)



  Cash flows from investing activities

  Paid on acquisition of property, plant and equipment        (97)       (104)

  Proceeds from sale of property, plant and equipment          322         158

  Paid on acquisition of intangible assets                       0        (16)

  Loans provided                                               (9)        (25)

  Repayments of loans provided                                  11          60

  Dividends received                                             6           0

  Interest received                                              6           4

  Net cash from investing activities                           239          77



  Cash flows from financing activities

  Proceeds from loans received                               1,870       1,418

  Repayments of loans received                             (1,605)     (1,243)

  Lease payments made                                      (1,790)     (1,574)

  Interest paid                                              (428)       (545)

  Dividends paid                                             (391)     (2,814)

  Other payments                                               (4)           0

  Net cash used in financing activities                    (2,348)     (4,758)



  Net cash flow                                            (4,064)     (4,844)



  Cash and cash equivalents at beginning of period           9,031      12,576

  Effect of movements in foreign exchange rates                  0           0

  Decrease in cash and cash equivalents                    (4,064)     (4,844)

  Cash and cash equivalents at end of period                 4,967       7,732

Financial review

Financial performance

Nordecon ended the first half of 2022 with a gross profit of EUR3,181 thousand (H1
2021: EUR1,306  thousand) and gross margins that  were higher than a year earlier:
2.1% for the first half-year (H1 2021: 1.1%) and 2.5% for the second quarter (Q2
2021: 2.0%). The group's gross profit for both the first half and second quarter
of  2022 was earned in  the Buildings segment,  which delivered gross margins of
3.8% for  the half-year  and 3.4% for  the second  quarter (H1 2021: 2.5% and Q2
20221: 2.8%). The  Infrastructure segment's  performance was  weaker than in the
same  period last year, with negative gross margins for both the first half-year
and  second quarter:  (6.4)% and  (0.3)%, respectively  (H1 2021: (0.5)%  and Q2
2021: 3.2%). The  Buildings segment has been  able to increase its profitability
compared  with a year earlier despite growth  in input prices and disruptions in
the  supply  of  materials.  For  the  Infrastructure  segment,  improvement  of
profitability  is  much  more  difficult.  Its  largest  customer, the Transport
Administration,   has   cancelled   several   announced  procurements  and  made
significant  cutbacks in  its investments  in 2022. This  has had  a significant
effect  on the performance  of our Infrastructure  segment whose fixed costs are
high.
The  group's  administrative  expenses  for  the  first half of 2022 amounted to
EUR3,118  thousand.  Compared  with  the  same  period  last  year, administrative
expenses  grew by around 10% (H1 2021: EUR2,833 thousand) due to general growth in
the  cost of goods and services. The ratio of administrative expenses to revenue
(12 months rolling) declined year on year, decreasing to 2.0% (H1 2021: 2.2%).
The  group  ended  the  first  half  of  2022 with an operating profit of EUR1,457
thousand  (H1 2021: an operating loss of EUR1,643 thousand). EBITDA for the period
amounted   to   EUR3,158  thousand  (H1  2021: EUR92  thousand).  According  to  the
restructuring  plan approved by  the creditors of  Swencn AB, the  claims of the
entity's  creditors are  to be  settled to  the extent  of 25%. As a result, the
group recognised other income of EUR1,560 thousand in the reporting period.
The  group's finance  costs were  significantly affected  by the write-down of a
loan  provided  to  the  group's  Ukrainian  associate  V.I.  Center TOV by EUR825
thousand.  Due to the lack  of more recent reliable  data, the fair value of the
loan was measured using the inputs of the valuation reports issued at the end of
2021 by an internationally recognised independent appraiser. The asset had to be
written  down due to the time factor, i.e. the deferral of the completion of the
development projects.
The  group earned a  net profit of EUR26  thousand (H1 2021: a  net loss of EUR2,390
thousand).  The net loss attributable to owners  of the parent, Nordecon AS, was
EUR928 thousand (H1 2021: a net loss of EUR2,148 thousand).

Cash flows

Operating  activities produced a  net cash outflow  of EUR1,955 thousand the first
half  of 2022 (H1  2021: an outflow  of EUR163  thousand). Operating  cash flow is
increasingly  affected by the  need to make  prepayments to materials suppliers,
which  have  grown  due  to  spikes  in  materials  prices and continuing supply
disruptions,  in a  situation where  the contracts  signed with  both public and
private  sector  customers  do  not  require them to make advance payments. Cash
inflow  is also reduced 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 EUR239 thousand (H1 2021: an
inflow  of  EUR77  thousand).  The  largest  items  were  payments made to acquire
property,  plant  and  equipment  of  EUR97  thousand (H1 2021: EUR120 thousand) and
proceeds  from the sale  of property, plant  and equipment of  EUR322 thousand (H1
2021: EUR158 thousand).
Financing  activities generated a net cash outflow of EUR2,348 thousand (H1 2021:
an  outflow of EUR4,758  thousand). The largest  items were cash  flows related to
loans  and  leases.  Proceeds  from  loans  received  totalled  EUR1,870 thousand,
consisting of the use of the overdraft facility and development loans (H1 2021:
EUR1,418  thousand).  Repayments  of  loans  received  totalled  EUR1,605  thousand,
consisting  of regular repayments of  long-term investment and development loans
(H1  2021: EUR1,243 thousand). Lease payments  totalled EUR1,790 thousand (H1 2021:
EUR1,574  thousand). Dividends  paid in  the first  half of  2022 amounted to EUR391
thousand (H1 2021: EUR2,814 thousand).
The  group's cash and cash equivalents  at 30 June 2022 totalled EUR4,967 thousand
(30 June 2021: EUR7,732 thousand).

Key financial figures and ratios

 Figure/ratio                      H1 2022      H1 2021      H1 2020       2021
-------------------------------------------------------------------------------
 Revenue (EUR'000)                   149,256      117,966      136,798    288,534

 Revenue change                        27%        (14)%          36%     (2.5)%

 Net profit (loss) (EUR'000)              26      (2,390)        1,419    (5,506)

 Net profit (loss)
 attributable to owners of
 the
 parent (EUR'000)                      (928)      (2,148)        (156)    (6,310)

 Weighted average number of
 shares                         31,528,585   31,528,585   31,528,585 31,528,585

 Earnings per share (EUR)             (0.03)       (0.07)         0.00     (0.20)

 Administrative expenses to
 revenue                              2.1%         2.4%         2.8%       2.1%

 Administrative expenses to
 revenue (rolling)                    2.0%         2.2%         2.8%       2.1%

 EBITDA (EUR'000)                      3,158           92        3,694      (797)

 EBITDA margin                        2.1%         0.1%         2.7%     (0.3)%

 Gross margin                         2.1%         1.1%         4.4%       1.4%

 Operating margin                     1.0%       (1.4)%         1.5%     (1.5)%

 Operating margin excluding
 gain on asset sales                  0.9%       (1.4)%         1.5%     (1.6)%

 Net margin                           0.0%       (2.0)%         1.0%     (1.9)%

 Return on invested capital           1.2%       (2.1)%         3.3%     (6.5)%

 Return on equity                     0.1%       (6.9)%         4.1%    (16.8)%

 Equity ratio                        18.2%        22.6%        25.8%      20.8%

 Return on assets                     0.0%       (1.7)%         1.1%     (4.1)%

 Gearing                             37.2%        31.4%        26.8%      28.3%

 Current ratio                        0.91         0.97         1.00       0.94

                              30 June 2022 30 June 2021 30 June 2020 31Dec 2021
-------------------------------------------------------------------------------
 Order book
 (EUR'000)                           220,687      269,448      187,018    266,856
-------------------------------------------------------------------------------

Performance by geographical market

The  group's revenues from outside Estonia have  decreased. In the first half of
2022, foreign  markets accounted for around 3% of total revenue. Due to Russia's
military  invasion of  Ukraine, full-scale  operations of  the group's Ukrainian
subsidiary  Eurocon Ukraine TOV  have been temporarily  suspended: in the second
quarter the subsidiary continued work on one building project in Kiev. Ukrainian
revenues  for the period amounted  to EUR578 thousand. The  group did not generate
any revenue and had no ongoing construction contracts in the Swedish market. The
group  also operates on a  project basis in Latvia  where it was building a wind
farm in the reporting period.

            H1 2022   H1 2021   H1 2020   2021
-----------------------------------------------
  Estonia       97%       96%       88%    94%

  Latvia         2%        0%        0%     1%

  Finland        1%        3%        5%     3%

  Ukraine        0%        1%        1%     2%

  Sweden         0%        0%        6%     0%

Geographical  diversification  of  the  revenue  base  is a consciously deployed
strategy  by which we mitigate the risks  resulting from excessive reliance on a
single  market. However,  conditions in  some of  our chosen foreign markets are
also  volatile  and  noticeably  affect  our  current  results.  Increasing  the
contribution of foreign markets is one of Nordecon's strategic goals.

Performance by business line

Segment revenues

The  group's revenue for  the first half  of 2022 was EUR149,256 thousand, roughly
27% larger  than  a  year  earlier  when  revenue amounted to EUR117,966 thousand.
Revenue  growth was attributable to the  revenue of the Buildings segment, which
grew  by 40%. The revenue  of the Infrastructure  segment decreased by 21%. The
decline  in revenue generated  by the Infrastructure  segment is attributable to
the  cutback  in  investments  made  by  the  largest  customer,  the  Transport
Administration, due to the spike in input prices triggered by the impacts of the
war in Ukraine.
The  low volumes  of infrastructure  construction that  are affecting the entire
construction  market also influence the group's  revenue structure. In the first
half  of 2022, the Buildings and the Infrastructure segment generated revenue of
EUR128,430  thousand and EUR20,703 thousand, respectively. The corresponding figures
for the first half of 2021 were EUR91,557 thousand and EUR26,217 thousand.

  Revenue by operating segment   H1 2022   H1 2021   H1 2020   2021
--------------------------------------------------------------------
  Buildings                          84%       78%       81%    75%

  Infrastructure                     16%       22%       19%    25%

Subsegment revenues

In the Buildings segment, the revenues of all subsegments grew compared with the
same  period  last  year.  The  revenue  contributions  of  the  apartment,  the
commercial and the public buildings subsegments were practically equal while the
revenue  contribution of the industrial  and warehouse facilities subsegment was
somewhat smaller.
The  largest projects under construction  in the commercial buildings subsegment
were  the LEED Gold compliant Alma Tomingas  office building in Ülemiste City in
Tallinn and an IKEA store in Rae rural municipality near Tallinn.
The  revenue of the public buildings subsegment has increased significantly year
on  year. The largest  projects in progress  during the period were construction
works  in the  Medical Campus  of the  Tartu University  Hospital in  Tartu, the
construction  of the main building of  the Estonian Internal Security Service in
Tallinn  and  the  design  and  construction  of  storage facilities and utility
networks for the Centre for Defence Investment in Harju county.
The   apartment  buildings  subsegment  earns  most  of  its  revenue  from  the
construction  of apartment buildings for  third parties. During the period under
review,  the largest of them  were the design and  construction of the first two
phases  of the Kalaranna quarter in Tallinn  and the design and the construction
of  the  Tiskreoja  and  Luccaranna  housing  estates  on  the western border of
Tallinn.
The  volume  of  our  own  development  operations  (reported  in  the apartment
buildings  subsegment), however, continues to grow  as well. We have development
projects  in both Tallinn  and Tartu. During  the period, work  continued on the
construction    of    the    Mõisavahe    Kodu    housing    estate   in   Tartu
(https://moisavahe.ee)  and the  development of  plots for  Kivimäe Süda,  a new
housing  estate  in  the  Nõmme  district  in  Tallinn,  where  we  have started
preparations   for   phase   2 -  the  construction  of  an  apartment  building
(https://www.kivimaesuda.ee/en).  We  also  started  the  design  of  the Seiler
Quarter  housing estate in Pärnu (https://seileri.ee). The period's revenue from
own  development projects amounted to EUR6,335 thousand (H1 2021: EUR0). In carrying
out  our own development activities, we carefully monitor potential risks in the
housing development market.
The  revenue contribution of the  industrial and warehouse facilities subsegment
has grown compared with the first half of 2021. The subsegment's largest ongoing
project is the construction of a factory complex for the dairy company E-Piim in
Paide but there are also numerous smaller projects such as the construction of a
production building at Kurna tee in Harju county.

  Buildings segment                     H1 2022   H1 2021   H1 2020   2021
---------------------------------------------------------------------------
  Apartment buildings                       30%       30%       27%    29%

  Public buildings                          28%       30%       34%    28%

  Commercial buildings                      26%       31%       30%    29%

  Industrial and warehouse facilities       16%        9%        9%    14%

In  the Infrastructure  segment, the  largest revenue  contributor is still road
construction and maintenance although its revenue and proportionate contribution
have  decreased  year  on  year.  During  the  period,  the subsegment's revenue
resulted from the performance of contracts secured in 2021, the largest of which
were the construction of 2+2 passing lanes on the Kärevere-Kardla section of the
Tallinn-Tartu-Võru-Luhamaa  road and the design  and construction of the outdoor
space  around Terminal  D in  Old City  Harbour in  Tallinn, as  well as smaller
contracts of EUR2-3 million each signed in 2022. We also continued to deliver road
maintenance services in Järva county.
The  group has  won several  contracts for  the construction  of small harbours.
During  the  period,  work  was  done  on  the expansion of quays in Roomassaare
harbour  and the construction of the Kalana yacht harbour, which accounted for a
major  share of  the specialist  engineering revenue.  The revenue  of the other
engineering subsegment resulted mostly from the construction of the Vanessa wind
farm in Latvia.

  Infrastructure segment              H1 2022   H1 2021   H1 2020   2021
-------------------------------------------------------------------------
  Road construction and maintenance       81%       86%       80%    87%

  Other engineering                       14%        4%       14%     6%

  Specialist engineering                   5%        5%        5%     4%

  Environmental engineering                0%        5%        1%     3%

Order book

The group's order book (backlog of contracts signed but not yet performed) stood
at  EUR220,687 thousand at 30 June 2022, reflecting  an 18% decrease year on year.
In  the  first  half  and  second  quarter  of  2022, we signed new contracts of
EUR89,661 thousand  and EUR26,494 thousand, respectively (H1 2021: EUR174,820 thousand
and  Q2 2021: EUR69,938 thousand).  Russia's military invasion  of Ukraine and the
consequent sanctions on Russia and Belarus have disrupted the supply of building
materials,  particularly  metal,  wood  and  oil-based  products,  which is also
affecting  the prices of  relevant materials. The  surge in materials prices has
caused  a sharp  increase in  the costs  of development  projects as well as the
postponement  of new projects. As mentioned in the previous chapters, the volume
of investments made by the Transport Administration has decreased substantially.
This  has affected the group's order book through a decline in the order book of
the Infrastructure segment.

                    30 June 2022 30 June 2021 30 June 2020 31 Dec 2021
----------------------------------------------------------------------
 Order book (EUR'000)      220,687      269,448      187,018     266,856

The  proportions of the  two main operating  segments in the  group's order book
have   not   changed  substantially:  the  Buildings  segment  still  dominates,
accounting for 85%, while the Infrastructure accounts for 15% of the total order
book  (30 June 2021: Buildings: 79% and  Infrastructure: 21%). Compared with 30
June  2021, the order books of the Buildings and the Infrastructure segment have
decreased by 9% and 21%, respectively.
The largest contracts secured in the second quarter were:

  *  the design and construction of storage facilities and associated utility
    networks for the Centre for Defence Investment in Harju county, Estonia,
    with an approximate cost of EUR14,600 thousand;
  *  the design and construction of the Männiku commercial building in Kandiküla
    in Tartu, Estonia, with an approximate cost of EUR5,900 thousand.
  *  the construction of foundations for turbines in a wind farm being built
    near the city of Telshiai, Lithuania, with an approximate cost of EUR3,000
    thousand.

Based  on the size of the group's order  book, including the share of work to be
performed in 2023, management expects that in 2022 the group's revenue will grow
compared  with 2021. The uptrend in the prices of materials, energy carriers and
labour  costs  will  continue  to  increase  input prices and pressure on profit
margins. In  an  environment  of  stiff  competition,  we  have  avoided  taking
unjustified risks whose realisation in the contract performance phase would have
an  adverse impact on the group's results. To mitigate input price risk, we have
been  signing cost-plus contracts with  private sector customers (contracts with
an  open book arrangement under  which we can invoice  the customer based on the
actual  costs incurred plus an agreed margin). Our focus remains on cost control
as  well as  pre-construction and  design activities,  where we  can harness our
professional competitive advantages.

People

Employees and personnel expenses

The  group's average  number of  employees in  the first  half of 2022 was 671,
including  437 engineers and  technical personnel  (ETP). Headcount decreased by
around 1% year on year.

Average  number of  employees at  group entities  (including the  parent and the
subsidiaries):

                  H1 2022   H1 2021   H1 2020   2021
-----------------------------------------------------
  ETP                 437       426       442    434

  Workers             234       254       265    251

  Total average       671       680       707    685

The  group's personnel expenses for the first half of 2022, including all taxes,
totalled EUR12,936 thousand compared with EUR12,020 thousand in the same period last
year. Personnel expense have increased by around 8% in connection with growth in
wages and salaries.
The service fees of the members of the council of Nordecon AS for the first half
of 2022 amounted to EUR75 thousand and associated social security charges totalled
EUR25 thousand (H1 2021: EUR75 thousand and EUR25 thousand, respectively).
The  service fees of  the members of  the board of  Nordecon AS amounted to EUR202
thousand and associated social security charges totalled EUR67 thousand (H1 2021:
EUR182 thousand and EUR60 thousand, respectively).

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 2022 H1 2021 H1 2020   2021
-------------------------------------------------------------------------------
 Nominal labour productivity (rolling), (EUR '000)   470.0   403.3   385.7  420.8

 Change against the comparative period, %          16.5%    4.6%   20.0% (0.5)%



 Nominal labour cost efficiency (rolling), (EUR)      12.8    10.9     9.7   11.5

 Change against the comparative period, %          17.6%   12.7%    3.7%   5.5%

The  group's  nominal  labour  productivity  and  nominal labour cost efficiency
improved year on year, mainly due to revenue growth.

Andri Hõbemägi
Nordecon AS
Head of Investor Relations
Tel: +372 6272 022
Email: [email protected] (mailto:[email protected])
www.nordecon.com (http://www.nordecon.com/)