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 Finland, Ukraine and Sweden.

Andri Hõbemägi

Andri Hõbemägi

Head of Investor Relations

Börsi andmed

NCN1T0.725 €%

Last report

Q3 2022

Next event

Interim report, 12 months 2022

Financial reports and calendar

EventDue dateDue week
IV quarter and 12 months 2021 interim report10.02.20226 (2022)
Audited annual report 202122.04.202216 (2022)
I quarter and 3 months 2022 interim report05.05.202218 (2022)
2021 annual general meeting of shareholders25.05.202221 (2022)
II quarter and half year 2022 interim report04.08.202231 (2022)
III quarter and 9 months 2022 interim report03.11.202244 (2022)
IV quarter and 12 months 2022 interim report09.02.20236 (2023)


EmitterNordecon ASPar valueNo par value*
Stock marketNasdaq TallinnProfileConstruction & Engineering
ListBaltic Main ListEmitter residencyEstonia
Stock typeCommon stockTotal number of securities32 375 483
TickerNCN1TNumber of listed securities32 375 483
ISINEE3100039496Listing date18.05.2006

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.

*  In connection with Estonia’s accession to the euro-zone on 1 January 2011 and in line with amendments to the Estonian Commercial Code that took effect on 1 July 2010 as well as a resolution adopted by the annual general meeting of Nordecon AS in May 2011, the company’s share capital was converted from 307,567,280 Estonian kroons to 19,657,131.9 euros. Concurrently with the conversion, the company adopted shares without par value. In July 2014, the extraordinary general meeting adopted the resolution to increase the company’s share capital to 20,691,704.91 euros. The share capital of Nordecon AS now consists of 32,375,483 ordinary registered shares with no par value.

Number of shares ('000)32 37532 37532 37532 37532 375
Closing price (EUR)1,201,141,030,891,23
EPS (EUR)-0,200,080,110,110,04
Book value of share (EUR)0,81,01,01,01,0
DPS (EUR)0,1200,060,060,045
Dividends paid (tEUR)3 77801 8911 8591 384
Dividend payout ratio65%0%55,9%133,9%45,5%

*An extraordinary general meeting which convened on 2 October 2017 decided to distribute an additional dividend of 2,009 thousand euros (0.065 euros per share).

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.

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/ratio9m 20229m 20219m 202020212020201920182017
Revenue (€’000)239 175208 894217 664288 534296 082234 071223 496231 387
Revenue change14,5%-4,0%26,4%-2,5%26,5%4,7%-3,4%26,2%
Net profit (loss) (€’000)-1 388-3683 004-5 5064 1184 1493 8211 725
Net profit (loss) attributable to owners of the parent (€’000)-2 651-7961 040-6 3102 4663 3783 3811 388
Average number of shares31 528 58531 528 58531 528 58531 528 58531 528 58531 528 58531 528 58530 913 031
Earnings per share (€)-0,08-0,030,03-0,200,080,110,110,04
Administrative expenses to revenue2,1%2,0%2,4%2,1%2,4%2,9%3,0%3,0%
Admin. expenses to revenue (ttm)2,2%2,1%2,7%2,1%2,4%2,9%3,0%3,0%
EBITDA (€’000)3 9202 9616 512-7977 0037 3116 0213 123
EBITDA margin1,6%1,4%3,0%-0,3%2,4%3,1%2,7%1,3%
Gross margin2,2%2,3%4,4%1,4%3,7%5,0%4,5%3,8%
Operating margin 0,6%0,2%1,8%-1,5%1,2%1,8%1,8%0,5%
Operating margin excluding gain on asset sales0,4%0,1%1,8%-1,6%1,1%1,7%1,3%0,5%
Net margin-0,6%-0,2%1,4%-1,9%1,4%1,8%1,7%0,7%
Return on invested capital-1,1%1,7%6,2%-6,5%9,3%10,0%8,4%5,9%
Return on equity-5,1%-1,0%8,5%-16,8%11,8%12,5%11,2%4,8%
Equity ratio17,8%22,9%25,8%20,8%27,6%27,9%32,4%30,8%
Return on assets-1,0%-0,3%2,3%-4,1%3,3%3,7%3,5%1,6%
Current ratio0,900,981,000,941,011,011,121,11
Order book (€’000)188 847293 141215 494266 856215 796227 545100 352144 122


Shareholders of Nordecon AS as of 30 September 2022

ShareholderNumber of sharesOwnership interest
AS Nordic Contractors16 563 14551,16
Luksusjaht AS4 314 64213,33
Toomas Luman687 0002,12
Olegs Radcenko580 0001,79
Lembit Talpsepp376 2391,16
Nõmme Erahariduse SA370 3701,14
SEB Pank AS clients300 0000,93
SEB Life and Pension Baltic SE Estonian Branch255 0000,79
Genadi Bulatov250 6000,77
Svenska Handelsbanken clients210 5560,65
Shareholder structureNumber of shareholdersOwnership interest
Shareholders with interest exceeding 5%264,49
Shareholders with interest between 1% and 5%46,22
Shareholders with interest below 1%6 56226,67
Holder of own (treasury)12,62
Total6 569100,00
  Number of sharesOwnership interest
Toomas Luman (AS Nordic Contractors, OÜ Luman ja Pojad)*Chairman of the Council17 277 29553,37
Andri HõbemägiMember of the Council50 0000,15
Andre LumanMember of the Council25 0000,08
Vello KahroMember of the Council10 0000,03
Sandor LiiveMember of the Council00,00
Total17 362 29553,63

* Companies controlled by the individual

Council of Nordecon AS and companies controlled by them have not been granted any share options under which they could acquire shares in Nordecon AS in subsequent periods.

  Number of sharesOwnership interest
Gerd MüllerChairman of the Board00,00
Priit LumanMember of the Board7 0000,02
Maret TambekMember of the Board00,00
Total7 0000,02

Board members of Nordecon AS have been granted share options under the share option plan approved by the annual general meeting of shareholders held on 23 May 2018.
Information about the current shareholder structure can be obtained from Estonian Central Register of Securities (HERE).



The Group’s strategic business agenda and targets for the period 2019-2022

  • The Group will grow, mostly organically, with a focus on a more efficient use of its existing resources.
  • In Estonia, we will operate, as a market leader, in both the building and infrastructure construction segments.
  • In Sweden, we will focus on general contracting in Stockholm and the surrounding area.
  • In Finland, we will focus on general contracting and concrete works in Helsinki and the surrounding area.
  • In Ukraine, we will focus on general contracting and concrete works, primarily in Kiev and the surrounding area.
  • Improving profitability through more precise planning of our design and construction operations
  • Increasing our design and digitalisation capabilities
  • Simplifying and automating work and decision-making processes
  • Monitoring the balance between the contract portfolios of different business segments
  • Valuing balanced teamwork where youthful energy and drive complement long-term experience
  • Noticing and recognising each employee’s individual contribution and initiative
  • Revenue will grow at least 10% per year.
  • The contribution of foreign markets will increase to 20% of revenue.
  • Real estate development revenue will grow to at least 10% of revenue earned in Estonia.
  • Operating margin for the year will be consistently above 3%.
  • Operating profit per employee will increase to at least 10 thousand euros per year.
  • We will, on average, distribute at least 30% of profit for the year as dividends.

Corporate Governance

The Articles of Association of Nordecon AS*

*Approved by the annual general meeting of shareholders on 27 May 2014



2020 (extraordinary)




2017 (extraordinary)












Toomas Luman

Chairman of the Council, Nordic Contractors AS

Andri Hõbemägi

Member of the Council, Nordic Contractors AS

Andre Luman

Member of the Council, Nordic Contractors AS

Vello Kahro

Member of the Council, independent

Sandor Liive

Member of the Council, independent

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”.

Gerd Müller

Chairman of the board

Priit Luman

Member of the Management Board, Construction

Maret Tambek

Member of the Management Board, Finance and Support Functions

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

Investor relations


KPMG Baltics OÜ
Narva mnt 5, Tallinn 10117

Phone: +372 626 8700

Investor relations

Investor relations

Andri Hõbemägi

Andri Hõbemägi

Head of Investor Relations