Börsiteade

Pealkiri

2021 first quarter consolidated interim report (unaudited)

Teade

The  results of the first quarter of 2021 are characterised by a slight decrease
in  operating volumes compared to the same  period of last year, due to projects
completed in foreign markets, and new construction contracts concluded in record
volumes.
The  order book of Nordecon  Group and the volume  of contracts concluded in one
quarter were the largest in the group's history. As of 31 March 2021, the volume
of  order book amounted  to 281,431 thousand euros,  which is approximately 23%
more  than in the comparable period last  year. In the first quarter of 2021 new
contracts  were signed  in total  of 104,882 thousand  euros worth.  A number of
large-scale  contracts provide a significant volume of construction for 2022 and
2023.
Sales  revenue for  the reporting  period, which  was 48,987 thousand  euros, is
approximately  11% lower compared to  the same quarter  of the previous year. An
important  part of  the decline  in sales  revenue is  in foreign markets, where
sales revenue has decreased by 73%, whereas Estonia's sales revenue has remained
at  a level comparable  to the same  period last year.  The Group ended with -92
thousand euros gross profit in the first quarter.  Due to the seasonal nature of
the construction, the result of the first quarter is influenced by a large share
of  uncovered fixed costs, especially in the segment of infrastructure.  This is
mainly  influenced by the  asphalt concrete production  and installation unit in
road construction, where a large part of the fixed costs are necessary technical
costs. In addition, the result was significantly influenced by the one-off costs
associated  with the  completion of  construction works  of Nysäter wind farm in
Sweden.
The  net  profit  was  influenced  by  the  decrease  in administrative expenses
compared to the first quarter of 2020 and by the stronger currency exchange rate
of the Ukrainian hryvnia, which had a significant impact on the financial income
and costs of the group, against the euro. The net loss of the group decreased by
approximately  13% compared to  the same  period last  year, amounting to 1 911
thousand  euros, of which the  share of owners of  the parent amounted to 1 564
thousand euros (decrease 41%).

Condensed consolidated interim statement of financial position

 EUR'000                                           31 March 2021 31 December 2020
-------------------------------------------------------------------------------
 ASSETS

 Current assets

 Cash and cash equivalents                               8,416           12,576

 Trade and other receivables                            42,352           50,029

 Prepayments                                             2,558            2,678

 Inventories                                            24,467           22,454

 Total current assets                                   77,793           87,737


 Non-current assets

 Other investments                                          26               26

 Trade and other receivables                             8,950            8,654

 Investment property                                     5,639            5,639

 Property, plant and equipment                          17,903           18,053

 Intangible assets                                      14,978           14,966

 Total non-current assets                               47,496           47,338

 TOTAL ASSETS                                          125,289          135,075



 LIABILITIES

 Current liabilities

 Borrowings                                             18,169           18,508

 Trade payables                                         40,678           47,390

 Other payables                                          8,618           11,814

 Deferred income                                        10,312            7,738

 Provisions                                                914            1,059

 Total current liabilities                              78,691           86,509


 Non-current liabilities

 Borrowings                                              6,982            7,352

 Trade payables                                          2,720            2,332

 Provisions                                              1,753            1,647

 Total non-current liabilities                          11,455           11,331

 TOTAL LIABILITIES                                      90,146           97,840



 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                                     2,242            2,423

 Retained earnings                                      12,979           14,543

 Total equity attributable to owners of the
 parent                                                 32,129           33,874

 Non-controlling interests                               3,014            3,361

 TOTAL EQUITY                                           35,143           37,235

 TOTAL LIABILITIES AND EQUITY                          125,289          135,075

Condensed consolidated interim statement of comprehensive income

 EUR'000                                               Q1 2021  Q1 2020      2020
-------------------------------------------------------------------------------
 Revenue                                              48,987   54,924   296,082

 Cost of sales                                      (49,079) (53,736) (285,086)

 Gross profit (loss)                                    (92)    1,188    10,996



 Marketing and distribution expenses                   (107)    (128)      (528

 Administrative expenses                             (1,471)  (1,799)   (7,073)

 Other operating income                                   35      149       453

 Other operating expenses                               (23)     (53)     (273)

 Operating profit (loss)                             (1,658)    (643)     3,575



 Finance income                                          405       56     2,995

 Finance costs                                         (289)  (1,579)   (2,678)

 Net finance income (costs)                              116  (1,523)       317



 Share of profit (loss) of equity-accounted
 investees                                                 0     (30)       734



 Profit (loss) before income tax                     (1,542)  (2,196)     4,626

 Income tax expense                                    (369)        0     (508)

 Profit (loss) for the period                        (1,911)  (2,196)     4,118



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

 Exchange differences on translating foreign
 operations                                            (181)    1,248     1,254

 Total other comprehensive income (expense)            (181)    1,248     1,254

 TOTAL COMPREHENSIVE INCOME (EXPENSE)                (2,092)    (948)     5,372



 Profit (loss) attributable to:

 - Owners of the parent                              (1,564)  (2,669)     2,466

 - Non-controlling interests                           (347)      473     1,652

 Profit (loss) for the period                        (1,911)  (2,196)     4,118



 Comprehensive income (expense) attributable to:

 - Owners of the parent                              (1,745)  (1,421)     3,720

 - Non-controlling interests                           (347)      473     1,652

 Comprehensive income (expense) for the period       (2,092)    (948)     5,372



 Earnings per share attributable to owners of the
 parent:

 Basic earnings per share (EUR)                         (0.05)   (0.08)      0.08

 Diluted earnings per share (EUR)                       (0.05)   (0.08)      0.08

Condensed consolidated interim statement of cash flows

  EUR'000                                                   Q1 2021    Q1 2020
-----------------------------------------------------------------------------
  Cash flows from operating activities

  Cash receipts from customers                             68,075     70,309

  Cash paid to suppliers                                 (59,677)   (63,575)

  VAT paid                                                (2,338)    (2,936)

  Cash paid to and for employees                          (6,215)    (6,116)

  Income tax paid                                           (458)          0

  Net cash used in operating activities                     (613)    (2,318)



  Cash flows from investing activities

  Paid on acquisition of property, plant and equipment       (43)       (58)

  Proceeds from sale of property, plant and equipment          71        138

  Loans provided                                              (5)        (5)

  Repayments of loans provided                                  5          3

  Acquisition of a subsidiary                                   0        (2)

  Cash received on acquisition of a subsidiary                  0      3,605

  Dividends received                                            0        245

  Interest received                                             2          3

  Net cash from investing activities                           30      3,929



  Cash flows from financing activities

  Proceeds from loans received                                  5        393

  Repayments of loans received                              (606)      (891)

  Dividends paid                                          (1,884)          0

  Lease payments made                                       (806)      (737)

  Interest paid                                             (277)      (276)

  Other payments                                             (10)          0

  Net cash used in financing activities                   (3,578)    (1,511)



  Net cash flow                                           (4,161)        100



  Cash and cash equivalents at beginning of period         12,576      7,032

  Effect of movements in foreign exchange rates                 1        (3)

  Increase (decrease) in cash and cash equivalents        (4,161)        100

  Cash and cash equivalents at end of period                8,416      7,129

Financial review

Financial performance

Nordecon  ended the first quarter of 2021 with  a gross loss of EUR92 thousand (Q1
2020: a gross profit of EUR1,188 thousand) and a negative gross margin of 0.2% (Q1
2020: a  positive  gross  margin  of  2.2%). Due  to  the seasonal nature of the
construction  business, first-quarter results  are affected by  a large share of
uncovered  fixed costs, particularly  in the Infrastructure  segment. Above all,
this  applies to  asphalt concrete  production and  laying in  road construction
where  plant  and  equipment  costs  account  for  a major share of fixed costs.
Although  the Infrastructure segment improved its gross margin year on year, its
loss  had a significant impact on the group's overall performance. The segment's
gross margin for the first quarter was negative at 5.7% compared with a negative
margin  of  12.8% in  the  same  period  last year. Margin improvement is mainly
attributable to the large-scale earthworks. The Buildings segment earned a gross
profit  but  its  gross  margin  weakened  almost  twofold, dropping to 2.1% (Q1
2020: 4.5%). A  key factor in  the margin decline  was one-off costs incurred on
the completion of work on the Nysäter wind farm.
The  group's administrative expenses  for the first  quarter of 2021 were EUR1,471
thousand.  Compared  to  the  first  quarter  of  2020, administrative  expenses
decreased  by around 18% (Q1 2020: EUR1,799 thousand), mainly through a decline in
personnel  expenses. The ratio of administrative  expenses to revenue (12 months
rolling) decreased to 2.3% (Q1 2020: 2.8%).
The group's operating loss for the first quarter of 2021 was EUR1,658 thousand (Q1
2020: EUR643 thousand). EBITDA was negative at EUR811 thousand (Q1 2020: positive at
EUR194 thousand).
The  group's finance income and costs are affected by exchange rate fluctuations
in  the group's  foreign markets.  During the  period, the  exchange rate of the
Ukrainian  hryvnia strengthened against the euro  by around 6.2% and the Swedish
krona  weakened against the euro by around 2%. Translation of the loans provided
to  the  group's  Ukrainian  and  Swedish  subsidiaries  in euros into the local
currencies  gave rise to an exchange gain  of EUR346 thousand and an exchange loss
of EUR28 thousand (Q1 2020: an exchange loss of EUR1,338 thousand).
The group incurred a net loss of EUR1,911 thousand (Q1 2020: EUR2,196 thousand). The
loss  attributable to owners of the parent, Nordecon AS, was EUR1,564 thousand (Q1
2020: EUR2,669 thousand).

Cash flows

Operating  activities produced a net cash outflow  of EUR613 thousand in the first
quarter  of 2021 (Q1  2020: an outflow  of EUR2,318  thousand). Negative operating
cash  flow is typical of the first quarter and stems from the cyclical nature of
the construction business. The period's larger fixed and preparation costs cause
outflows  to exceed inflows. Operating cash  flow is also strongly influenced by
the fact that the contracts signed with most public and private sector customers
do  not  require  them  to  make  advance  payments, while the group has to make
prepayments  to  subcontractors  and  suppliers.  In  particular, there has been
growth  in prepayments for materials. 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 EUR30 thousand (Q1 2020: an
inflow of 3,929 thousand). Cash flow was influenced by payments made to purchase
property,  plant  and  equipment  of  EUR43  thousand  (Q1 2020: EUR58 thousand) and
proceeds  from the  sale of  property, plant  and equipment  of EUR71 thousand (Q1
2020: EUR138  thousand).  Cash  flow  for  the  comparative  period  was  strongly
influenced  by the transformation of  Embach Ehitus OÜ from  an associate into a
subsidiary, which generated cash inflow of EUR3,605 thousand.
Financing  activities generated a net cash outflow of EUR3,578 thousand (Q1 2020:
an  outflow of EUR1,511 thousand). The largest item was a dividend distribution of
EUR1,884  thousand (Q1  2020: no dividend  distribution). Loan  and lease payments
totalled  EUR606 thousand and EUR806  thousand, respectively (Q1 2020: EUR891 thousand
and  EUR737 thousand, respectively).  Interest payments amounted  to EUR277 thousand
(Q1 2020: EUR276 thousand).
The  group's  cash  and  cash  equivalents  as  at 31 March 2021 totalled EUR8,416
thousand (31 March 2020: EUR7,129 thousand).

Key financial figures and ratios

 Figure/ratio                    Q1 2021      Q1 2020       Q1 2019        2020
-------------------------------------------------------------------------------
 Revenue (EUR'000)                  48,987       54,924        34,524     296,082

 Revenue change                  (10.8)%        59.1%       (20.9)%       26.5%

 Net profit (loss) (EUR'000)       (1,911)      (2,196)       (1,893)       4,118

 Net profit (loss)
 attributable to owners of
 the parent (EUR'000)              (1,564)      (2,669)       (1,962)       2,466

 Average number of shares     31,528,585   31,528,585    31,528,585  31,528,585

 Earnings per share (EUR)           (0.05)       (0.08)        (0.06)        0.08

 Administrative expenses
 to revenue                         3.0%         3.3%          4.3%        2.4%

 Administrative expenses
 to revenue (rolling)               2.3%         2.8%          3.1%        2.4%

 EBITDA (EUR'000)                    (811)          194       (1,018)       7,003

 EBITDA margin                    (1.7)%         0.4%        (2.9)%        2.4%

 Gross margin                     (0.2)%         2.2%          0.1%        3.7%

 Operating margin                 (3.4)%       (1.2)%        (5.1)%        1.2%

 Operating margin
 excluding gain on asset
 sales                            (3.4)%       (1.2)%        (5.2)%        1.2%

 Net margin                       (3.9)%       (4.0)%        (5.5)%        1.4%

 Return on invested
 capital                          (2.1)%       (3.3)%        (2.9)%        9.3%

 Return on equity                 (5.3)%       (6.7)%        (5.8)%       11.8%

 Equity ratio                      28.0%        28.2%         30.2%       27.6%

 Return on assets                 (1.8)%       (2.1)%        (1.8)%        3.3%

 Gearing                           27.8%        32.7%         38.4%       21.1%

 Current ratio                      0.99         0.95          0.97        1.01

                           31 March 2021 31March 2020 31 March 2019 31 Dec 2020
-------------------------------------------------------------------------------
 Order book (EUR'000)              281,431      229,018       170,509     215,796
-------------------------------------------------------------------------------

Performance by geographical market

The  revenue contribution  of foreign  markets has  decreased. Revenue generated
outside  Estonia accounted  for around  4% of the  group's total revenue for the
first quarter of 2021 compared with 14% a year earlier.

            Q1 2021   Q1 2020   Q1 2019   2020
-----------------------------------------------
  Estonia       96%       86%       90%    82%

  Finland        2%        5%        4%     6%

  Sweden         1%        8%        1%    11%

  Ukraine        1%        1%        5%     1%

Revenue  generated  in  Sweden  and  Finland  decreased  year  on  year  due the
completion of large-scale contracts at the end of 2020 and the start of 2021. We
continue  to bid for new  contracts and to prepare  for new projects. The amount
and proportion of revenue generated in Ukraine remained stable.
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  strongly  affect  our  current  results.  Increasing  the
contribution of foreign markets is one of Nordecon's strategic goals.

Performance by business line

Segment revenues

We  strive to  maintain the  revenues of  our operating  segments (Buildings and
Infrastructure)  as balanced  as possible  in the  light of  market developments
because  this  helps  diversify  risks  and  provides  better  opportunities for
continuing  construction operations in more  challenging circumstances where the
volumes  of one  subsegment decline  sharply while  another begins  to grow more
rapidly.
The  groups' revenue for the first  quarter of 2021 was EUR48,987 thousand, 10.8%
less  than a year earlier when revenue amounted to EUR54,924 thousand. The decline
is largely attributable to foreign operations whose revenue contribution dropped
by 73%. Revenue generated in Estonia remained comparable to the first quarter of
2020. In  segment terms,  revenue from  the Buildings  segment decreased by 23%
while revenue from the Infrastructure segment grew by 86% year on year.
The  low  volumes  of  infrastructure  construction  that  affected  the  entire
construction  market also influenced the group's revenue structure. In the first
quarter  of 2021, the Buildings and the Infrastructure segment generated revenue
of  EUR37,833  thousand  and  EUR11,094  thousand,  respectively.  The corresponding
figures for the first quarter of 2020 were EUR48,954 thousand and EUR5,959 thousand.

  Revenue by operating segment   Q1 2021   Q1 2020   Q1 2019   2020
--------------------------------------------------------------------
  Buildings                          80%       89%       82%    72%

  Infrastructure                     20%       11%       18%    28%

Subsegment revenues

In  the Buildings  segment, the  revenues of  all subsegments  decreased year on
year.  The  revenue  contributions  of  the  commercial,  public  and  apartment
buildings  subsegments were practically  equal and the  revenue generated by the
industrial and warehouse facilities subsegment continued to be modest.
The  largest projects under construction  in the commercial buildings subsegment
were  a  seven-floor  commercial  building  in  Rotermann City and the LEED Gold
compliant  Alma Tomingas office building in Ülemiste  City in Tallinn and a Lidl
store in Tartu.
The  order  book  of  the  public  buildings  subsegment has grown considerably,
supporting  the  subsegment's  annual  revenue  growth.  During  the period, the
subsegment's  largest projects were Kindluse Kool - a basic school in Järveküla,
a  sports and health centre in Kohtla-Järve, a family health centre in Tartu, an
extension to the office building of the Estonian Foreign Intelligence Service at
Rahumäe tee in Tallinn and a barracks in Paldiski.
A  significant share  of the  group's apartment  building projects is located in
Tallinn. During the period under review, the largest of them were the design and
construction of the first two phases of the Kalaranna quarter and the design and
construction  of the  Tiskreoja residential  area on  the western  border of the
city.
The  group  also  continues  to  build  its  own housing development projects in
Tallinn  and Tartu (reported in the  apartment buildings subsegment). During the
period,  work continued  on the  first two  apartment buildings in the Mõisavahe
homes  project (https://moisavahe.ee) and  the development of  plots for Kivimäe
Süda  - a new residential area in the Nõmme district of Tallinn. In carrying out
our  own development  activities, we  carefully monitor  potential risks  in the
housing development market.
The  share  of  revenue  generated  by  the  industrial and warehouse facilities
subsegment  remained stable year on year.  The group is working on smaller-scale
projects  with an average cost of EUR2 million. The largest projects of the period
were  a  two-floor  stock-office  type  commercial  facility  in  the  Tähetorni
Technopark and a logistics centre for the packaging supplier Pakendikeskus AS in
Tallinn.

  Buildings breakdown         Q1 2021   Q1 2020   Q1 2019   2020
-----------------------------------------------------------------
  Commercial buildings            33%       36%       39%    23%

  Public buildings                31%       30%       21%    37%

  Apartment buildings             30%       27%       30%    28%

  Industrial and warehouses        6%        7%       10%    12%

In  the Infrastructure segment,  road construction and  maintenance continued to
dominate  with revenues almost twice larger than in the same period last year. A
major  share of its revenue resulted from contracts secured in 2020, the largest
of  which are the construction the Väo junction on the eastern border of Tallinn
and  the performance of earthworks on the Võõbu-Mäo section of the Tallinn-Tartu
road. The group also continued to deliver road maintenance services in Järva and
Hiiu counties and the Kose maintenance area in Harju county.
The  group has  won several  contracts for  the construction  of small harbours.
During  the period, work  was done on  the construction of  Salmistu harbour and
Vasknarva  boat harbour, which accounted for a major share of the revenue of the
specialist engineering subsegment.

  Infrastructure breakdown    Q1 2021   Q1 2020   Q1 2019   2020
-----------------------------------------------------------------
  Road construction               88%       77%       65%    74%

  Specialist engineering           6%       14%        0%     4%

  Environmental engineering        5%        4%        2%     1%

  Other engineering                1%        5%       33%    21%

Order book

The group's order book (backlog of contracts signed but not yet performed) stood
at EUR281,431 thousand at 31 March 2021, a 23% increase year on year. In the first
quarter  of 2021, we signed new contracts of EUR104,882 thousand (Q1 2020: EUR43,325
thousand).  Both figures  (total order  book and  volume of contracts signed per
quarter) are the largest in the group's history.

                    31 March 2021 31 March 2020 31 March 2019 31 Dec 2020
-------------------------------------------------------------------------
 Order book (EUR'000)       281,431       229,018       170,509     215,796

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 80% while the Infrastructure accounts for 20% of the total order
book  (31 March 2020: 81% and 19%, respectively).  Compared with 31 March 2020,
the  order  book  of  the  Buildings  segment  has  grown by 22% and that of the
Infrastructure segment by 27%.
A  significant share of new contracts was  secured by the Buildings segment, the
largest of them including:

  * the extension and reconstruction of the main building of the Estonian
    Foreign Intelligence Service of around EUR42,300 thousand;
  * the construction of an IKEA concept store in Rae rural municipality near
    Tallinn of around EUR23,000 thousand;
  * the construction of apartment buildings in the Uusmäe residential area in
    the Saku small town near Tallinn of around EUR3,400 thousand.

A  large share of  the order book  of the Buildings  segment is also  made up of
contracts   secured  in  prior  periods,  the  largest  of  them  including  the
construction  of  a  dairy  complex  for  E?Piim  in  Paide,  phase  III  of the
Maarjamõisa  Medical  Campus  of  the  Tartu  University Hospital, the LEED Gold
compliant  Alma Tomingas  office building  in Ülemiste  City in  Tallinn and the
first two phases of apartment buildings in the Kalaranna quarter in Tallinn.
Although   new   contracts   were  also  signed  in  other  subsegments  of  the
Infrastructure  segment,  the  road  construction  and maintenance order book is
still  the largest, accounting for 81% of  the segment's order book. The largest
contracts signed during the period include:

  * the construction of 2+2 passing lanes on the Kärevere-Kardla section of the
    Tallinn-Tartu-Võru-Luhamaa road with a cost of EUR12,600 thousand;
  * additional earthworks on the Võõbu-Mäo section of the Tallinn-Tartu road
    with a cost of around EUR3,900 thousand;
  * the construction of a wind farm in the Targale rural municipality in Latvia
    - the total cost of the contract in which Nordecon Betoon OÜ is one of the
    joint contractors is around EUR13,500 thousand;
  * expansion of berths in Roomassaare harbour on the island of Saaremaa with a
    cost of around EUR2,600 thousand.

Based  on the size of the group's order  book, including the share of work to be
performed  in 2022 and 2023, and  fierce competition in  the general contracting
market,  the group's  management expects  that in  2021 the group's revenue will
decline  somewhat compared  to 2020. Customers  are increasingly  expecting that
general  contractors should lower  their prices but  the input prices charged by
subcontractors  have not decreased  as anticipated. This  has put profit margins
under  strong pressure. 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. Our main focus is 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 had, on average, 675 employees, including 422 engineers and technical
personnel,  in the first quarter of  2021. Headcount decreased by around 3% year
on year.

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

                  Q1 2021   Q1 2020   Q1 2019   2020
-----------------------------------------------------
  ETP                 422       429       391    450

  Workers             253       266       271    258

  Total average       675       695       662    708

The  group's personnel  expenses for  the first  quarter of  2021, including all
taxes,  totalled  EUR5,931  thousand  compared  with  EUR6,660 thousand for the same
period  last  year.  Personnel  expenses  decreased  by around 11% year on year,
mainly  through a decrease in  the number of employees,  a reduction of salaries
carried  out in  the middle  of 2020 and  a decline  in the share of performance
bonuses.
The  service fees  of the  members of  the council  of Nordecon AS for the first
quarter  of 2021 amounted to EUR37 thousand and associated social security charges
totalled EUR12 thousand (Q1 2020: EUR47 thousand and EUR15 thousand, respectively).
The  service fees  of the  members of  the board  of Nordecon AS amounted to EUR99
thousand and associated social security charges totalled EUR33 thousand (Q1 2020:
EUR132 thousand and EUR44 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:

                                                 Q1 2021 Q1 2020 Q1 2019  2020
------------------------------------------------------------------------------
 Nominal labour productivity (rolling), (EUR '000)   417.4   365.8   315.5 418.2

 Change against the comparative period, %          14.1%     16%  (1.5)% 22.8%



 Nominal labour cost efficiency (rolling), (EUR)      11.0     9.6     9.2  10.9

 Change against the comparative period, %          14.9%    4.3%  (8.4)% 18.1%

The  group's  nominal  labour  productivity  and  nominal labour cost efficiency
improved  year on year. The rise is  attributable to growth in revenue generated
in the past four quarters.

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)