2023 III quarter and 9 months consolidated interim report (unaudited)Economic environment The rapid changes in the construction market due to the economic environment have continued, complicating the growth plans of companies and other related industries in the sector, and limiting their courage to act. Coping with difficult circumstances and falling construction volumes are keywords for most companies in the field.
In 2022, the construction price index increased by 17.8% year-on-year and the increase has continued in 2023. The temporary decrease in construction prices in the second quarter has been replaced by an increase in the third quarter. In the third quarter of this year, the construction price index increased 0.3% compared to the second quarter and 3.2% compared to the same time last year.
2023 will be most affected by the sharp fall in confidence to make investments because of high inflation and an environment of soaring interest rates. At the same time, labour costs have continued to rise rapidly. In an environment of decreased demand, these factors hold back the decline in construction prices. Group result The group's third quarter and 9 months of 2023 are characterised by a decline in sales revenue, improved profitability, and an increase in the order book.
The group's sales revenue for the 9 months of 2023 amounted to €200,384 thousand, down about 16% from the previous period. The decrease in sales revenue in both segments, 15% in the Buildings segment and 20% in the Infrastructure segment, is expected and is due to the decrease in construction volumes in the market. Although the group has been successful in signing new contracts this year, they did not have a significant impact on the revenue during the reporting period.
The group's profitability has improved despite difficult market conditions. The restructuring of the Infrastructure segment, which started in 2022 and was completed in the first half of 2023, will have a significant impact on profitability. Through the elimination of duplicative activities, the use of resources has been made more efficient and thereby the profitability improved. Nordecon group's gross profit for the 9 months of 2023 was €8,770 thousand, representing margin of 4.4% (9M 2022: 2.2%) in 9 months and 5.3% in the third quarter (3Q 2022: 2.3%).
As at 30 September 2023, the order book of the group amounted to €251,155 thousand. Compared to the same period last year, the volume of unfinished works has increased by 33%. In the 9 months of 2023, new contracts totalling €303,761 thousand were signed, including €95,301 thousand in the third quarter. Condensed consolidated interim statement of financial position | €’000 | 30 September 2023 | 31 December 2022 | | ASSETS | | | | Current assets | | | | Cash and cash equivalents | 13,936 | 7,238 | | Trade and other receivables | 53,052 | 48,084 | | Prepayments | 5,283 | 6,728 | | Inventories | 31,640 | 25,454 | | Total current assets | 103,911 | 87,504 | | Non-current assets | | | | Other investments | 76 | 76 | | Trade and other receivables | 8,992 | 8,604 | | Investment property | 5,547 | 8,347 | | Property, plant and equipment | 16,195 | 17,669 | | Intangible assets | 15,160 | 15,134 | | Total non-current assets | 45,970 | 49,830 | | TOTAL ASSETS | 149,881 | 137,334 | | | | | | LIABILITIES | | | | Current liabilities | | | | Borrowings | 16,487 | 17,193 | | Trade payables | 72,220 | 65,144 | | Other payables | 9,505 | 8,324 | | Deferred income | 13,987 | 6,996 | | Provisions | 1,810 | 1,288 | | Total current liabilities | 114,009 | 98,945 | | Non-current liabilities | | | | Borrowings | 5,414 | 6,311 | | Trade payables | 2,211 | 2,769 | | Provisions | 2,754 | 2,049 | | Total non-current liabilities | 10,379 | 11,129 | | TOTAL LIABILITIES | 124,388 | 110,074 | | | | | | 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 | 3,268 | 3,316 | | Retained earnings | 239 | 2,691 | | Total equity attributable to owners of the parent | 20,415 | 22,915 | | Non-controlling interests | 5,078 | 4,345 | | TOTAL EQUITY | 25,493 | 27,260 | | TOTAL LIABILITIES AND EQUITY | 149,881 | 137,334 |
Condensed consolidated interim statement of comprehensive income
| €’000 | 9M 2023 | Q3 2023 | 9M 2022 | Q3 2022 | 2022 | | Revenue | 200,384 | 76,565 | 239,175 | 89,919 | 322,860 | | Cost of sales | (191,614) | (72,526) | (233,911) | (87,836) | (314,365) | | Gross profit | 8,770 | 4,039 | 5,264 | 2,083 | 8,495 | | | | | | | | | Marketing and distribution expenses | (562) | (245) | (313) | (127) | (490 | | Administrative expenses | (6,016) | (2,164) | (5,139) | (2,021) | (7,287) | | Other operating income | 304 | (9) | 1,920 | 64 | 2,049 | | Other operating expenses | (212) | (10) | (392) | (116) | (462) | | Operating profit (loss) | 2,284 | 1,611 | 1,340 | (117) | 2,305 | | | | | | | | | Finance income | 291 | 146 | 174 | 28 | 258 | | Finance costs | (2,343) | (531) | (2,702) | (1,325) | (3,740) | | Net finance costs | (2,052) | (385) | (2,528) | (1,297) | (3,482) | | | | | | | | | Profit (loss) before tax | 232 | 1,226 | (1,188) | (1,414) | (1,177) | | Income tax expense | (596) | 0 | (200) | 0 | (264) | | Profit (loss) for the period | (364) | 1,226 | (1,388) | (1,414) | (1,441) | | | | | | | | Other comprehensive income (expense)
Items that may be reclassified subsequently to
profit or loss | | | | | | | Exchange differences on translating foreign operations | (48) | (302) | 762 | 1,021 | 1,368 | | Total other comprehensive income (expense) | (48) | (302) | 762 | 1,021 | 1,368 | | TOTAL COMPREHENSIVE INCOME (EXPENSE) | (412) | 924 | (626) | (393) | (73) | | | | | | | | | Profit (loss) attributable to: | | | | | | | - Owners of the parent | (2,452) | 41 | (2,651) | (1,723) | (3,650) | | - Non-controlling interests | 2,088 | 1,185 | 1,263 | 309 | 2,209 | | Profit (loss) for the period | (364) | 1,226 | (1,388) | (1,414) | (1,441) | | | | | | | | | Comprehensive income (expense) attributable to: | | | | | | | - Owners of the parent | (2,500) | (261) | (1,889) | (702) | (2,282) | | - Non-controlling interests | 2,088 | 1,185 | 1,263 | 309 | 2,209 | | Comprehensive income (expense) for the period | (412) | 924 | (626) | (393) | (73) | | | | | | | | | Earnings per share attributable to owners of the parent: | | | | | | | Basic earnings per share (€) | (0.08) | 0.00 | (0.08) | (0.05) | (0.12) | | | Diluted earnings per share (€) | (0.08) | 0.00 | (0.08) | (0.05) | (0.12) | |
Condensed consolidated interim statement of cash flows
| €’000 | 9M 2023 | 9M 2022 | | Cash flows from operating activities | | | | Cash receipts from customers | 249,453 | 281,240 | | Cash paid to suppliers | (211,054) | (255,661) | | VAT paid | (8,563) | (6,348) | | Cash paid to and for employees | (18,225) | (19,192) | | Income tax paid | (574) | (244) | | Net cash from (used in) operating activities | 11,037 | (205) | | | | | | Cash flows from investing activities | | | | Acquisition of property, plant and equipment | (318) | (289) | | Proceeds from sale of property, plant and equipment | 384 | 537 | | Loans provided | (524) | (18) | | Repayments of loans provided | 12 | 14 | | Dividends received | 12 | 6 | | Interest received | 25 | 5 | | Net cash from (used in) investing activities | (409) | 255 | | | | | | Cash flows from financing activities | | | | Proceeds from loans received | 1,344 | 3,264 | | Repayments of loans received | (799) | (3,134) | | Lease payments made | (2,194) | (2,619) | | Interest paid | (935) | (722) | | Dividends paid | (1,347) | (792) | | Net cash used in financing activities | (3,931) | (4,003) | | | | | | Net cash flow | 6,697 | (3,953) | | | | | | Cash and cash equivalents at beginning of period | 7,238 | 9,031 | | Effect of movements in foreign exchange rates | 1 | (13) | | Change in cash and cash equivalents | 6,697 | (3,953) | | Cash and cash equivalents at end of period | 13,936 | 5,065 |
Financial review
Financial performance The group’s profitability has improved in challenging market conditions. The restructuring of the group’s Infrastructure segment, which was started in 2022 and completed in the first half of 2023, has had a significant positive impact. Elimination of duplication of work has increased resource efficiency and thus profitability.
Nordecon ended the nine months of 2023 with a gross profit of €8,770 thousand (9M 2022: €5,264 thousand). Profitability improved year on year with the group’s gross margin rising to 4.4% for the nine months (9M 2022: 2.2%) and 5.3% for the third quarter (Q3 2022: 2.3%). The two main operating segments earned a profit and improved their profitability in both the third quarter and nine months. The gross margins of the Buildings segment were 5.3% for the nine months and 5.9% for the third quarter (9M 2022: 3.4% and Q3 2022: 2.7%). The gross margins of the Infrastructure segment were lower: 2.0% for the nine months and 4.5% for the third quarter (9M 2022: (2.0)% and Q3 2022: 2.0%).
The group’s administrative expenses for the nine-month period were €6,016 thousand. Compared with a year earlier, administrative expenses grew by around 17% (9M 2022: €5,139 thousand) due to growth in staff costs. The ratio of administrative expenses to revenue (12 months rolling) increased year on year, rising to 2.9% (9M 2022: 2.2%).
The group earned an operating profit of €2,284 thousand in the first nine months of 2023 (9M 2022: €1,340 thousand). EBITDA for the period was €4,854 thousand (9M 2022: €3,920 thousand). Operating profit and EBITDA for the comparative period were influenced by other income of €1,560 thousand, recognised after the approval of the restructuring plan of Swencn AB.
The group’s finance income and finance costs are affected by exchange rate fluctuations in the group’s foreign markets and the rise in interest rates as the group’s loan burden is relatively high. During the nine months of 2023, exchange rate movements were favourable and the translation of the loans provided to the group’s Ukrainian and Swedish subsidiaries in euros into the local currencies gave rise to a net exchange gain of €66 thousand (9M 2022: a loss of €916 thousand).
The group ended the period with a net loss of €364 thousand (9M 2022: €1,388 thousand). The net loss attributable to owners of the parent, Nordecon AS, was €2,452 thousand (9M 2022: €2,651 thousand). Cash flows Operating activities in the nine months of 2023 produced a net cash inflow of €11,037 thousand (9M 2022: an outflow of €205 thousand). Operating cash flow is 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 materials suppliers. 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 of the period resulted in a net cash outflow of €409 thousand (9M 2022: an inflow of €255 thousand). Investments in property, plant and equipment amounted to €318 thousand (9M 2022: €289 thousand) and proceeds from the sale of property, plant and equipment amounted to €384 thousand (9M 2022: €537 thousand). Loans provided amounted to €524 thousand (9M 2022: €18 thousand).
Financing activities of the period generated a net cash outflow of €3,931 thousand (9M 2022: an outflow of €4,003 thousand). The largest items were cash flows related to loans and leases. Loans received amounted to €1,344 thousand, consisting of the use overdrafts and development loans (9M 2022: €3,264 thousand). Repayments of loans received were €799 thousand (9M 2022: €3,134 thousand), consisting of regular repayments of long-term investment and development loans. Lease payments were €2,194 thousand (9M 2022: €2,619 thousand). Dividends paid in the first nine months of 2023 amounted to €1,347 thousand (9M 2022: €792 thousand).
The group’s cash and cash equivalents at 30 September 2023 amounted to €13,936 thousand (30 September 2022: €5,065 thousand). Key financial figures and ratios | Figure/ratio | 9M 2023 | 9M 2022 | 9M 2021 | 2022 | | Revenue (€’000) | 200,384 | 239,175 | 208,894 | 322,860 | | Revenue change | (16.2)% | 14.5% | (4)% | 11.9% | | Net loss (€’000) | (364) | (1,388) | (368) | (1,441) | | Net loss attributable to owners of the parent (€’000) | (2,452) | (2,651) | (796) | (3,650) | | Weighted average number of shares | 31,528,585 | 31,528,585 | 31,528,585 | 31,528,585 | | Earnings per share (€) | (0.08) | (0.08) | (0.03) | (0.12) | | Administrative expenses to revenue | 3.0% | 2.1% | 2.0% | 2.3% | | Administrative expenses to revenue (rolling) | 2.9% | 2.2% | 2.1% | 2.3% | | EBITDA (€’000) | 4,854 | 3,920 | 2,961 | 5,766 | | EBITDA margin | 2.4% | 1.6% | 1.4% | 1.8% | | Gross margin | 4.4% | 2.2% | 2.3% | 2.6% | | Operating margin | 1.1% | 0.6% | 0.2% | 0.7% | | Operating margin excluding gain on non-current asset sales | 1.0% | 0.4% | 0.1% | 0.6% | | Net margin | (0.2)% | (0.6)% | (0.2)% | (0.4)% | | Return on invested capital | 1.9% | (1.1)% | 1.7% | (0.5)% | | Return on equity | (1.4)% | (5.1)% | (1.0)% | (5.2)% | | Equity ratio | 17% | 17.8% | 22.9% | 19.8% | | Return on assets | 0.3% | (1.0)% | (0.3)% | (1.1)% | | Gearing | 16.8% | 36.6% | 32.1% | 32.0% | | Current ratio | 0.91 | 0.90 | 0.98 | 0.88 | | | 30 Sept 2023 | 30 Sept 2022 | 30 Sept 2021 | 31 Dec 2022 | | Order book (€’000) | | 251,155 188,847 | 293,141 | 149,799 |
Performance by geographical market
Revenue generated outside Estonia, mostly in Finland and Ukraine, accounted for 2% of the group’s total revenue for the nine months of 2023. Despite the war, Nordecon’s construction volumes in Ukraine have increased year on year. In June we completed and delivered on time a modular kindergarten with a bomb shelter in the city of Ovruch and started building phase II of the kindergarten project. Finnish revenues, which include mainly subcontracting revenue from the provision of concrete works, have decreased. Nordecon did not generate any revenue and had no ongoing construction contracts in the Swedish market. The group operates on a project basis in Latvia and Lithuania, but in the period under review Lithuania accounted for less than 1% of the group’s revenue and the group did not earn any revenue in Latvia. | | 9M 2023 | 9M 2022 | 9M 2021 | 2022 | | Estonia | 98% | 96% | 95% | 96% | | Finland | 1% | 2% | 4% | 2% | | Ukraine | 1% | 0% | 1% | 0% | | Lithuania | 0% | 1% | 0% | 1% | | Latvia | 0% | 1% | 0% | 1% |
Performance by business line
Segment revenues We strive to maintain the revenues of our two main operating segments (Buildings and Infrastructure) in balance, if this is permitted by market conditions, because this helps diversify risks and provides better opportunities to continue construction operations in more challenging market conditions where the volumes of one subsegment may decline sharply while the volumes of another may grow more rapidly.
The group’s revenue for the nine months of 2023 was €200,384 thousand, roughly 16% lower than in the same period last year, when the figure was €239,175 thousand. The Buildings segment generated revenue of €165,047 thousand and the Infrastructure segment revenue of €35,295 thousand. The corresponding figures for the same period in 2022 were €195,157 thousand and €43,845 thousand. Revenue declined by 15% in the Buildings segment and by20% in the Infrastructure segment. The decrease in both segments was expected and is attributable to market contraction. Although the group has been successful in winning new contracts in 2023, these did not yet affect revenue for the period. The steep fall in the revenue of the Infrastructure segment to its practically lowest-ever level is directly related to cutbacks in the investments of the largest customer, the Transport Administration. This is counterbalanced to some extent by the group's success in securing renewable energy projects: the construction of wind farms and Rail Baltica account for an increasing share of the revenue of the Infrastructure segment. | Revenue by operating segment | 9M 2023 | 9M 2022 | 9M 2021 | 2022 | | Buildings | 75% | 78% | 72% | 81% | | Infrastructure | 25% | 22% | 28% | 19% |
Subsegment revenues
In the Buildings segment, the revenues of all subsegments decreased compared with the same period in 2022. The largest revenue contributors are still the public buildings and the apartment buildings subsegments whose revenues decreased less. The revenues of the commercial buildings and the industrial and warehouse facilities subsegments, however, contracted significantly, falling by 20% and 41% year on year, respectively.
The period’s largest projects in the public buildings subsegment were the construction of the main building of the Estonian Internal Security Service in Tallinn, the design and construction of storage facilities and utility networks for the Centre for Defence Investment in Harju county, the construction of the building and outdoor premises of the Karlsson kindergarten in Viljandi and the construction of the Viljandi Rescue Station.
The apartment buildings subsegment earns most of its revenue from the construction of apartment buildings for third parties. During the period, the largest projects of this kind were the design and construction of the Luccaranna and the Kastanikodu housing estates near Tallinn. Revenue generated by the group’s own development operations amounted to €7,917 thousand (9M 2022: €7,880 thousand). Nordecon continues the development of the Mõisavahe Kodu housing estate (https://moisavahe.ee) and the construction of the Emajõe Residents housing estate, which is situated near the city centre on the bank of the river Emajõgi (https://emajoeresidents.ee), in Tartu. The group is moving on with the design and preconstruction activities of the Seileri Kvartal housing estate in Pärnu (https://seileri.ee/en). In carrying out our own development activities, we carefully monitor potential risks in the housing development market.
The largest projects in the commercial buildings subsegment were the construction of the commercial and residential complex Vektor and the Ahtri 4 office building in Tallinn, the design and construction of the Männiku commercial building in the Kandiküla district in Tartu, and the construction of a biopharmaceuticals manufacturing facility for Icosagen AS in Kambja municipality.
The largest projects under construction in the industrial and warehouse facilities subsegment are a production facility for E-Piim in Paide, a production and office building for Harju Elekter AS in Hüüru, and a production and office building in Maardu. | Buildings segment | 9M 2023 | 9M 2022 | 9M 2021 | 2022 | | Commercial buildings | 23% | 23% | 30% | 24% | | Public buildings | 33% | 29% | 29% | 30% | | Apartment buildings | 30% | 29% | 29% | 28% | | Industrial and warehouse facilities | 14% | 19% | 12% | 18% |
The largest revenue contributor in the Infrastructure segment is still road construction and maintenance although its revenue has decreased year on year by around 32%. During the period, a major share of the subsegment’s revenue resulted from the construction of the Tagadi ecoduct on the Rail Baltica route, the construction of the Neanurme–Pikknurme 2+1 road section of the Tallinn–Tartu–Võru–Luhamaa road in Jõgeva county and the reconstruction of the Hageri–Kohila road section in Harju county. The group also continues to deliver road maintenance services in Järva county.
The amount and share of revenue generated by the other engineering subsegment, which is currently involved in the construction of three wind farms (Saarde, Tootsi-Sopi and Aidu) in Estonia, have nearly doubled compared with the same period last year. The revenue of the environmental engineering subsegment comprises revenue from the design and construction works related to elimination of residual pollution from the Erra river and the Kiviõli ditch.
| Infrastructure segment | 9M 2023 | 9M 2022 | 9M 2021 | 2022 | | Road construction and maintenance | 60% | 80% | 85% | 75% | | Other engineering | 31% | 16% | 5% | 20% | | Specialist engineering | 0% | 4% | 5% | 5% | | Environmental engineering | 9% | 0% | 5% | 0% |
Order book
The group’s order book (backlog of contracts signed but not yet performed) stood at €251,155 thousand at 30 September 2023, reflecting 33% growth compared to the same period last year. In the third quarter, the group signed new contracts of €95,301 thousand (Q3 2022: €48,408 thousand). High construction prices (mainly due to labour cost inflation) in combination with high interest rates and low demand have caused the postponement of development projects. The time between the submission of a bid and contract award, also in case of public procurement, can extend to several months, which has also affected the group’s order book this year. The volume of investments made by the Transport Administration has decreased sharply and this has had a direct impact on the size of the order book of the Infrastructure segment. The volume of procurements for the Rail Baltica project has increased and will partly counterbalance the decline in the investments of the Transport Administration. While public investments in the buildings construction segment have also decreased, investments in national defence infrastructure are going to increase according to currently available information and this is a subsegment where Nordecon has traditionally been very successful. | | 30 Sept 2023 | 30 Sept 2022 | 30 Sept 2021 | 31 Dec 2022 | | Order book (€’000) | 251,155 | 188,847 | 293,141 | 149,799 |
The Buildings segment accounts for 87%, and the Infrastructure segment for 13% of the group’s order book (30 September 2022: 91% and 9%, respectively). Compared with 30 September 2022, both segments have increased their order books: the Buildings segment by 27% and the Infrastructure segment by 86%. The order book of the Buildings segment has grown mainly through new contracts secured by the public buildings subsegment. The order book of the Infrastructure segment has increased mainly through contracts awarded to the road construction and maintenance and other engineering subsegments.
Larger contracts secured in the third quarter include:
- the reconstruction of the building of the Karlova school at Lina 2 in Tartu with an approximate cost of €6,800 thousand;
- the construction of a commercial building at Pirni 7/2 in Tallinn with an approximate cost of €3,250 thousand;
- the design and construction of a defence forces’ study building in the Tartu Raadi campus under a contract with the Centre for Defence Investment with an approximate cost of €13,000 thousand;
- the design and construction of storage facilities in Luunja and Nõo municipalities (Tartu county) under a contract with the Centre for Defence Investment with an approximate cost of €45,000 thousand;
- the construction of a building complex at Saue (Harju county) with an approximate cost of €3,300 thousand;
- the design and construction of storage facilities in Ämari under a contract with the Centre for Defence Investment with an approximate cost of €3,700 thousand;
- the reconstruction of substations with the installation of physical protection facilities in the Poltava, Zhytomyr, Volyn and Ivano-Frankivsk regions in Ukraine with an approximate cost of €7,000 thousand;
- the construction of a building for the Police and Border Guard Board and the Rescue Board at Kilingi-Nõmme with an approximate cost of €3,700 thousand;
- the design and construction of storage facilities in Ida-Viru county under a contract with the Centre for Defence Investment with an approximate cost of €8,000 thousand.
Based on the size of the group’s order book, including the share of work to be performed in 2023 and 2024, and the overall situation in the construction market, management forecasts that in 2023 the group’s revenue will decrease compared with 2022. Increasing competition and cost inflation, particularly the growth in labour costs, will continue to drive up input prices, which will keep profit margins under pressure. In an environment of stiff competition, we will avoid taking unjustified risks whose realisation in the contract performance phase would have an adverse impact on the group’s results. Our focus remains on cost control as well as pre-construction and design activities, where we can deploy our professional competitive advantages. People Employees and staff costs The group’s average number of employees in the nine months of 2023 was 567, including 382 engineers and technical professionals (ETP). Headcount decreased by around 15% year on year, mainly due to the restructuring of the group’s infrastructure construction business. Average number of employees at group entities (incl. the parent and the subsidiaries): | | 9M 2023 | 9M 2022 | 9M 2021 | 2022 | | ETP | 382 | 437 | 432 | 432 | | Workers | 185 | 232 | 258 | 226 | | Total average | 567 | 669 | 690 | 658 |
The group’s staff costs for the nine months of 2023, including all taxes, were €19,900 thousand compared with €19,932 thousand in the same period last year. Against a backdrop of continued upward pressure on wages, labour costs have remained at a level comparable to the same period last year because the number of employees has decreased.
The service fees of the members of the council of Nordecon AS for the nine months of 2023 were €129 thousand and associated social security charges were €43 thousand (9M 2022: €112 thousand and €37 thousand, respectively).
The service fees of the members of the board of Nordecon AS were €424 thousand and associated social security charges were €140 thousand (9M 2022: €310 thousand and €102 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 staff costs incurred: | | 9M 2023 | 9M 2022 | 9M 2021 | 2022 | | Nominal labour productivity (rolling), (€ ‘000) | 488.4 | 475.7 | 416.5 | 490.4 | | Change against the comparative period, % | 2.7% | 14.2% | 4.0% | 16.5% | | | | | | | | Nominal labour cost efficiency (rolling), (€) | 10.4 | 12.0 | 11.1 | 11.8 | | Change against the comparative period, % | (12.8)% | 8.1% | 6.9% | 2.9% |
The group’s nominal labour productivity increased year on year, mainly due to a decrease in the number of staff. Revenue decline has lowered nominal labour cost efficiency.
Andri Hõbemägi
Nordecon AS
Head of Investor Relations
Tel: +372 6272 022
Email: andri.hobemagi@nordecon.com
www.nordecon.com
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