Investors
Nordecon AS started operations in 1989 and has grown into the largest construction company operating in the Estonian market, covering all areas of the construction market. For years, our business strategy has been underpinned by a consistent focus on general contracting and project management and a policy of maintaining a reasonable balance between building and infrastructure construction.
Nordecon AS was listed on the main list of the Nasdaq Tallinn Stock Exchange on 18 May 2006 under the trading symbol NCN1T. The shares of Nordecon AS are all ordinary shares of the same type with equal voting rights. Nordecon’s goal is to be a professional, innovative and efficient construction company focusing on a long-term growth of shareholder value, offering also capital gains in the form of dividends as financial results enable.
Nordecon offers to our customers a high-quality and integrated service in the construction of commercial, residential, industrial and public buildings, as well as in the field of infrastructure – construction of roads, utility networks and port facilities. In addition, the Nordecon Group is engaged in the construction of concrete structures, the rental of heavy construction equipment and the maintenance of roads. Apart from Estonia, the group’s companies currently operate in Ukraine and Sweden.
![Andri Hõbemägi](https://nordecon.com/wp-content/uploads/2021/12/andri-hobemagi-web-1200px-2-e1639579438395-96x96-c-default.jpg)
Börsi andmed
NCN1T0.592 €%
Last report
Interim report 6 months 2024Next event
Stock Exchange releases
Financial reports and calendar
Event | Due date | Due week |
---|---|---|
IV quarter and 12 months 2023 interim report | 08.02.2024 | 6 (2024) |
Audited annual report 2023 | 19.04.2024 | 16 (2024) |
I quarter and 3 months 2024 interim report | 09.05.2024 | 19 (2024) |
2023 annual general meeting of shareholders | 22.05.2024 | 21 (2024) |
II quarter and half year 2024 interim report | 08.08.2024 | 32 (2024) |
III quarter and 9 months 2024 interim report | 07.11.2024 | 45 (2024) |
IV quarter and 12 months 2024 interim report | 06.02.2025 | 6 (2025) |
Share
Emitter | Nordecon AS | Par value | No par value* |
Stock market | Nasdaq Tallinn | Profile | Construction & Engineering |
List | Baltic Main List | Emitter residency | Estonia |
Stock type | Common stock | Total number of securities | 32,375,483 |
Ticker | NCN1T | Number of listed securities | 32,375,483 |
ISIN | EE3100039496 | Listing date | 18.05.2006 |
Nordecon AS shares are found in the following NASDAQ OMX indexes: OMX_Baltic_GI; OMX_Baltic_PI; OMX_Tallinn_GI; OMX_Baltic_Industrials_GI; OMX_Baltic_Industrials_PI; OMX_Baltic_Construction_&_Materials_GI; OMX_Baltic_Construction_&_Materials_PI.
Historical indexes information
Index composition in real-time
Additional information can be found from Nasdaq Tallinn website.
2023 | 2022 | 2021 | 2020 | 2019 | |
---|---|---|---|---|---|
Number of shares ('000) | 32,375 | 32,375 | 32,375 | 32,375 | 32,375 |
Closing price (EUR) | 0.62 | 0.69 | 1.20 | 1.14 | 1.03 |
EPS (EUR) | -0.03 | -0.12 | -0.20 | 0.08 | 0.11 |
P/E | -20.8 | -6.0 | -6.0 | 14.6 | 9.6 |
Book value of share (EUR) | 0.7 | 0.7 | 0.8 | 1.0 | 1.0 |
P/B | 0.9 | 0.9 | 1.5 | 1.1 | 1.1 |
DPS (EUR) | 0 | 0 | 0.12 | 0 | 0.06 |
Dividends paid (tEUR) | 0 | 0 | 3,778 | 0 | 1,891 |
Dividend payout ratio | 0% | 0% | 65% | 0% | 55.9% |
Dividend policy is determined by reference to:
– The dividend expectations of the ultimate controlling party AS Nordic Contractors;
– The overall rate of return on the Estonian securities market;
– The optimal ratio and volume of debt and equity capital that is required for the Group’s profitable growth and sustainable development.
Glossary:
Number of shares = shares issued as at the end of financial year
Closing price = closing share price as at the last trading day of the year
EPS = net profit attributable to equity holders of the parent company/weighted average number of shares issued during the year
P/E = closing price/EPS
Book value of share = equity attributable to shareholders of the parent/number of shares issued
P/B = closing price/book value of share
DPS = dividend declared and paid per share
Dividend payout ratio = dividends paid during financial year/net profit attributable to equity holders of the parent
Key financial figures
Figure/ratio | 6m 2024 | 6m 2023 | 6m 2022 | 2023 |
---|---|---|---|---|
Revenue (€’000) | 114,945 | 86,526 | 102,073 | 186,464 |
Revenue change | 33% | -15% | 18% | -15.4% |
Net profit (loss) (€’000) | 1,802 | -2,299 | -1,125 | -6,418 |
Net profit (loss) attributable to owners of the parent (€’000) | 1,020 | -2,493 | -928 | -942 |
Average number of shares | 31,528,585 | 31,528,585 | 31,528,585 | 31,528,585 |
Earnings per share (€) | 0.03 | -0.08 | -0.03 | -0.03 |
Administrative expenses to revenue | 2.9% | 3.4% | 2.5% | 3.5% |
Admin. expenses to revenue (ttm) | 3.2% | 3.0% | 2.1% | 3.5% |
EBITDA (€’000) | 4,690 | 1,149 | 1,847 | -412 |
EBITDA margin | 4.1% | 1.3% | 1.8% | -0.2% |
Gross margin | 6.3% | 3.2% | 1.1% | 2.0% |
Operating margin | 2.8% | -0.5% | 0.3% | -1.8% |
Operating margin excluding gain on asset sales | 2.8% | -0.7% | 0.1% | -2.0% |
Net margin | 1.6% | -2.7% | -1.1% | -3.4% |
Return on invested capital | 6.2% | -1.0% | 1.2% | 8.0% |
Return on equity | 7.8% | -6.1% | 0.1% | 8.3% |
Equity ratio | 19.2% | 17.1% | 18.2% | 18.7% |
Return on assets | 1.5% | -1.1% | 0.0% | -1.6% |
Gearing | 6.9% | 30.0% | 37.2% | 16.6% |
Current ratio | 0.88 | 0.89 | 0.91 | 0.95 |
Order book (€’000) | 178,799 | 155,133 | 184,420 | 216,732 |
Shareholders
![Strategy](https://nordecon.com/wp-content/uploads/2024/03/nordecon-objektide-ringkaik-080422-fotogreeteraudsepp-38-scaled-528x752-c-default.jpg)
Strategy
Strategic agenda and goals for 2023–2027
- The group will grow, mostly organically, with a focus on efficient use of resources.
- In Estonia, we will operate in the building and infrastructure construction as well as housing development segments.
- In foreign markets (Ukraine, Sweden), we will compete as a general contractor and a provider of concrete works.
- We will provide our people with a modern and inspiring work environment and a motivation system that fosters collaboration and initiative.
- We will improve our profitability by planning and managing our design and construction operations more precisely.
- We will streamline our work and decision-making processes by implementing modern digital solutions.
- We will maintain the order books of our different operating segments in balance.
- We will set our sustainable development goals and adopt an action plan to achieve them.
- Revenue will grow by at least 5% per year.
- Operating margin for the year will be consistently above 3%.
- Operating profit per employee will increase to at least €10 thousand per year.
- We will deliver a strong dividend yield for Nordecon’s shareholders.
Corporate Governance
The Articles of Association of Nordecon AS*
*Approved by the annual general meeting of shareholders on 27 May 2014
2024
- Resolutions of annual general meeting of shareholders
- Notice of annual general meeting of shareholders
- Draft proposals of annual general meeting of shareholders
- Report of the council
- Evaluation of the auditor
- Authorisation
2023 (extraordinary)
- Resolution of extraordinary general meeting of shareholders
- Notice of extraordinary general meeting of shareholders
- Draft proposal of extraordinary general meeting of shareholders
2023
- Resolutions of annual general meeting of shareholders
- Notice of annual general meeting of shareholders
- Draft proposals of annual general meeting of shareholders
- Report of the council
- Evaluation of the auditor
2022
- Resolutions of annual general meeting of shareholders
- Notice of annual general meeting of shareholders
- Draft proposals of annual general meeting of shareholders
- Report of the council
- Evaluation of the auditor
- Remuneration principles
- Resolutions of annual general meeting of shareholders
- Notice of adoption of resolution of shareholders of Nordecon AS without convening the general meeting
- Draft proposals of annual general meeting of shareholders
- Report of the council
- Evaluation of the auditor
- Voting ballot
- Power of Attorney for voting the draft resolutions
2020 (extraordinary)
- Resolution of extraordinary general meeting of shareholders
- Notice of extraordinary general meeting of shareholders
- Draft proposal of extraordinary general meeting of shareholders
- Power of attorney
- Notice of withdrawal of the authorisation
- Information on the appointment of a representative and withdrawal of authorities
2020
- Resolutions of annual general meeting of shareholders
- Notice of annual general meeting of shareholders
- Draft proposals of annual general meeting of shareholders
- Report of the council
- Evaluation of the auditor
- Information on council member candidate (Andre Luman)
- Power of attorney
- Information on the appointment of a representative and withdrawal of authorities
2019
- Resolutions of annual general meeting of shareholders
- Notice of annual general meeting of shareholders
- Draft proposals of annual general meeting of shareholders
- Report of the council
- Evaluation of the auditor
2018
- Resolutions of annual general meeting of shareholders
- Notice of annual general meeting of shareholders
- Draft proposals of annual general meeting of shareholders
- Report of the council
- Evaluation of the auditor
2017 (extraordinary)
- Resolution of extraordinary general meeting of shareholders
- Notice of extraordinary general meeting of shareholders
2017
- Resolutions of annual general meeting of shareholders
- Notice of annual general meeting of shareholders
- Draft proposals of annual general meeting of shareholders
- Report of the council
- Evaluation of the auditor
2016
- Resolutions of annual general meeting of shareholders
- Notice of annual general meeting of shareholders
- Draft proposals of annual general meeting of shareholders
- Report of the council
- Evaluation of the auditor
2015
- Resolutions of annual general meeting of shareholders
- Notice of annual general meeting of shareholders
- Draft proposals of annual general meeting of shareholders
- Report of the council
- Evaluation of the auditor
- Information on council member candidate (Kahro)
- Information on council member candidate (Liive)
2014
- Resolution of the extraordinary general meeting of shareholders
- Notice of extraordinary general meeting of shareholders
- Resolutions of annual general meeting of shareholders
- Notice of annual general meeting of shareholders
- Draft proposals of annual general meeting of shareholders
- Report of the council
- Evaluation of the auditor
- Articles of association (with amendments)
2013
- Resolutions of annual general meeting of shareholders
- Notice of annual general meeting of shareholders
- Draft proposals of annual general meeting of shareholders
- Report of the council
- Evaluation of the auditor
- Information on council member candidate
2012
- Resolutions of annual general meeting of shareholders
- Notice of annual general meeting of shareholders
- Draft proposals of annual general meeting of shareholders
- Report of the council
- Evaluation of the auditor
2011
- Resolutions of annual general meeting of shareholders
- Notice of annual general meeting of shareholders
- Draft proposals of annual general meeting of shareholders
- Articles of association (with amendments)
- Report of the council
- Evaluation of the auditor
2010
- Resolutions of the extraordinary general meeting of shareholders
- Notice to convene extraordinary general meeting of shareholders of Nordecon International AS
- Decisions of the annual general meeting of shareholders
- Notice of annual general meeting of shareholders
- Report of the council
- Draft resolutions of annual general meeting of shareholders
2009
- Nordecon International decisions of annual general meeting
- Annual general meeting of shareholders
- Notice of extraordinary general meeting of shareholders
2008
2007
![](https://nordecon.com/wp-content/uploads/2021/10/toomasluman-jpeg-2-scaled-e1648021600590-304x304-c-default.jpg)
Toomas Luman
![](https://nordecon.com/wp-content/uploads/2021/12/andri-hobemagi-web-1200px-2-e1639579438395-304x304-c-default.jpg)
Andri Hõbemägi
![](https://nordecon.com/wp-content/uploads/2021/10/andre-luman-nordecon-1-scaled-e1653650696455-304x304-c-default.jpg)
Andre Luman
![](https://nordecon.com/wp-content/uploads/2021/10/vello-kahro-nordecon-1-scaled-e1653650814382-304x304-c-default.jpg)
Vello Kahro
![](https://nordecon.com/wp-content/uploads/2021/10/sandor-liive-nordecon-1-scaled-e1649834854886-304x304-c-default.jpg)
Sandor Liive
The council has five members – three represent the controlling shareholder Nordic Contractors AS and two are independent. All members of the council have been elected by the general meeting for a term of five years.
Information of the shares owned by members of the council are disclosed on page “Shareholders”.
![](https://nordecon.com/wp-content/uploads/2021/09/maret-tambek-304x304-c-default.jpg)
Maret Tambek
![](https://nordecon.com/wp-content/uploads/2023/06/tarmo-pohlak-nordecon-1-e1704705161698-304x304-c-default.jpg)
Tarmo Pohlak
![](https://nordecon.com/wp-content/uploads/2022/01/priit-luman-e1649249536711-304x304-c-default.jpg)
Priit Luman
According to the articles of association, the company’s board may have up to five members. Members of the board are elected and appointed by the council. The term of office of a member of the board is three years.
Information of the shares owned by members of the Management Board is disclosed on page “Shareholders”.
Audit commitee is formed by the council. The committee’s objective is to give advice to the council regarding the accounting, auditing, risk management, internal audit, supervision and budgeting processes in the group (incl. parent company) and lawfulness of its activities. The committee reports to the council.
In meeting those objectives the audit committee cooperates with the council, management board, group auditor and other internal parties if needed.
The current members of the committee are:
Sandor Liive (chairman) – member of the council with long-term experience in management
Andri Hõbemägi – member of the council with long-term experience in financial management
Vello Kahro – member of the council with long-term experience in financial controlling
Andre Luman – has long-term experience in construction quality management
- Corporate Governance Recommendations
- Corporate Governance Report 2023
- Corporate Governance Report 2022
- Corporate Governance Report 2021
- Corporate Governance Report 2020
- Corporate Governance Report 2019
- Corporate Governance Report 2018
- Corporate Governance Report 2017
- Corporate Governance Report 2016
- Corporate Governance Report 2015
- Corporate Governance Report 2014
- Corporate Governance Report 2013
- Corporate Governance Report 2012
- Corporate Governance Report 2011
- Corporate Governance Report 2010
- Corporate Governance Report 2009
- Corporate Governance Report 2008
- Corporate Governance Report 2007
![Investor relations](https://nordecon.com/wp-content/uploads/2021/11/investor-photo-02-528x752-c-default.jpg)
Auditor
KPMG Baltics OÜ
Narva mnt 5, Tallinn 10117
Phone: +372 626 8700
E-mail: kpmg@kpmg.ee
www.kpmg.com/ee
![Investor relations](https://nordecon.com/wp-content/uploads/2021/11/investor-photo-03-528x752-c-default.jpg)
Investor relations
![Andri Hõbemägi](https://nordecon.com/wp-content/uploads/2021/12/andri-hobemagi-web-1200px-2-e1639579438395-96x96-c-default.jpg)