2023 IV quarter and 12 months consolidated interim report
(unaudited)
Economic environment
The construction market has experienced rapid
evolution in recent years, with notable trends emerging in 2023
following developments that began in 2022. These shifts have
profoundly impacted companies within the construction sector.
Persistently high inflation and interest rates have sustained an
atmosphere of tension. According to Statistics Estonia, the
construction price index has seen consecutive increases, while
escalating labour costs further drive up construction prices.
Despite this upward trend in the construction price index, input
prices have stabilized somewhat in the latter half of the year due
to decreased demand. However, this stabilization is insufficient to
immediately spur demand, leading to challenges in executing planned
investments with allocated resources. This situation is mirrored in
both private and public sector decision-making processes.
Stakeholders are constantly seeking strategies to align
pre-existing business plans with significant changes in input
costs, resulting in prolonged pre-construction phases. The duration
between tender submission and conclusion of contract can extend
over several months, a phenomenon evident in public sector
procurements as well. Public sector investments, which have been a
significant market influencer, are projected to decrease further in
2024.
Group result
In 2023, the group's sales revenue totalled
€278,382 thousand, marking a decrease of approximately 14% compared
to the previous year. This decline in revenue was anticipated,
reflecting the overall decrease in construction activity within the
market. Notably, while the volume of the Buildings segment
decreased by 19%, the sales revenue of the Infrastructure segment
defied the market trend, experiencing an 8% increase. This upward
trajectory in infrastructure sales revenue can be attributed to
significant projects in renewable energy and the accelerated
construction of Rail Baltica. However, investments from one of the
segment's key clients, the Transport Administration, saw a notable
decrease during this period.
Despite successfully securing new contracts throughout the year,
their impact on the overall sales revenue remained relatively
modest in the reporting period.
Nonetheless, the group's profitability improved, showcasing
resilience amidst challenging market conditions. Gross
profitability for the Nordecon Group reached 3.7% (up from 2.6% in
2022), with improvements observed in both the Buildings and
Infrastructure segments. The completion of the group's
Infrastructure segment reorganization, initiated in 2022 and
finalized in the first half of 2023, significantly contributed to
this enhanced profitability. Streamlining operations and optimizing
resource utilization led to greater efficiency and improved
profitability. However, the group did incur a one-time loss in the
reporting year due to a long-term building segment contract from
2019, impacted by the rapid escalation of construction prices in
recent years.
As of December 31, 2023, the group's order book stood at €216,732
thousand, reflecting an approximate 45% increase in unfinished work
compared to the previous year. Throughout 2023, new contracts
totalling €276,901 thousand were signed, including €85,575 thousand
worth of contracts in the fourth quarter alone.
Condensed consolidated interim statement
of financial position
€’000 |
31 December 2023 |
31 December 2022 |
ASSETS |
|
|
Current assets |
|
|
Cash and cash equivalents |
11,892 |
7,238 |
Trade and other receivables |
37,010 |
48,084 |
Prepayments |
1,789 |
6,728 |
Inventories |
25,879 |
25,454 |
Total current assets |
76,570 |
87,504 |
Non-current assets |
|
|
Other investments |
76 |
76 |
Trade and other receivables |
9,113 |
8,604 |
Investment property |
5,517 |
8,347 |
Property, plant and equipment |
14,292 |
17,669 |
Intangible assets |
14,964 |
15,134 |
Total non-current assets |
43,962 |
49,830 |
TOTAL ASSETS |
120,532 |
137,334 |
|
|
|
LIABILITIES |
|
|
Current liabilities |
|
|
Borrowings |
10,188 |
17,193 |
Trade payables |
39,797 |
65,144 |
Other payables |
9,299 |
8,324 |
Deferred income |
20,602 |
6,996 |
Provisions |
1,129 |
1,288 |
Total current liabilities |
81,015 |
98,945 |
Non-current liabilities |
|
|
Borrowings |
8,563 |
6,311 |
Trade payables |
6,011 |
2,769 |
Provisions |
2,405 |
2,049 |
Total non-current liabilities |
16,979 |
11,129 |
TOTAL LIABILITIES |
97,994 |
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 |
3,786 |
3,316 |
Retained earnings |
919 |
2,691 |
Total equity attributable to owners of the
parent |
21,613 |
22,915 |
Non-controlling interests |
925 |
4,345 |
TOTAL EQUITY |
22,538 |
27,260 |
TOTAL LIABILITIES AND EQUITY |
120,532 |
137,334 |
Condensed consolidated interim statement of comprehensive
income
€’000 |
Q4 2023 |
2023 |
Q4 2022 |
2022 |
Revenue |
77,998 |
278,382 |
83,685 |
322,860 |
Cost of sales |
(76,442) |
(268,056) |
(80,454) |
(314,365) |
Gross profit |
1,556 |
10,326 |
3,231 |
8,495 |
|
|
|
|
|
Marketing and distribution expenses |
(153) |
(715) |
(177) |
(490) |
Administrative expenses |
(2,899) |
(8,915) |
(2,148) |
(7,287) |
Other operating income |
45 |
349 |
129 |
2,049 |
Other operating expenses |
(277) |
(489) |
(70) |
(462) |
Operating profit (loss) |
(1,728) |
556 |
965 |
2,305 |
|
|
|
|
|
Finance income |
5,219 |
5,510 |
84 |
258 |
Finance costs |
(1,071) |
(3,414) |
(1,037) |
(3,740) |
Net finance income (costs) |
4,148 |
2,096 |
(953) |
(3,482) |
|
|
|
|
|
Profit (loss) before tax |
2,420 |
2,652 |
12 |
(1,177) |
Income tax expense |
0 |
(596) |
(64) |
(264) |
Profit (loss) for the period |
2,420 |
2,056 |
(52) |
(1,441) |
|
|
|
|
|
Other comprehensive income (expense)
Items that may be reclassified subsequently |
|
|
|
|
Exchange differences on translating foreign operations |
518 |
470 |
606 |
1,368 |
Total other comprehensive income (expense) |
518 |
470 |
606 |
1,368 |
TOTAL COMPREHENSIVE INCOME (EXPENSE) |
2,938 |
2,526 |
554 |
(73) |
|
|
|
|
|
Profit (loss) attributable to: |
|
|
|
|
- Owners of the parent |
1,510 |
(942) |
(998) |
(3,650) |
- Non-controlling interests |
910 |
2,998 |
946 |
2,209 |
Profit (loss) for the period |
2,420 |
2,056 |
(52) |
(1,441) |
|
|
|
|
|
Comprehensive income (expense)
attributable to: |
|
|
|
|
- Owners of the parent |
2,028 |
(472) |
(392) |
(2,282) |
- Non-controlling interests |
910 |
2,998 |
946 |
2,209 |
Comprehensive income (expense) for the period |
2,938 |
2,526 |
554 |
(73) |
|
|
|
|
|
Earnings per share attributable to owners of the
parent: |
|
|
|
|
Basic earnings per share (€) |
0.05 |
(0.03) |
(0.03) |
(0.12) |
Diluted earnings per share (€) |
0.05 |
(0.03) |
(0.03) |
(0.12) |
Condensed consolidated interim statement of cash flows
€’000 |
12M 2023 |
12M 2022 |
Cash flows from operating activities |
|
|
Cash receipts from customers |
345,372 |
390,195 |
Cash paid to suppliers |
(294,828) |
(351,483) |
VAT paid |
(12,337) |
(8,880) |
Cash paid to and for employees |
(24,715) |
(26,075) |
Income tax paid |
(615) |
(291) |
Net cash from operating activities |
12,877 |
3,466 |
|
|
|
Cash flows from investing activities |
|
|
Acquisition of PPE |
(362) |
(688) |
Acquisition of intangible assets |
0 |
(122) |
Proceeds from sale of PPE |
431 |
816 |
Sale of subsidiary, net cash flow |
(970) |
0 |
Loans provided |
(531) |
(25) |
Repayments of loans provided |
22 |
25 |
Dividends received |
12 |
6 |
Interest received |
50 |
9 |
Net cash from (used in) investing activities |
(1,348) |
21 |
|
|
|
Cash flows from financing activities |
|
|
Proceeds from loans received |
1,197 |
4,581 |
Repayments of loans received |
(2,291) |
(4,879) |
Lease payments |
(3,060) |
(3,481) |
Interest paid |
(1,232) |
(984) |
Dividends paid |
(1,494) |
(488) |
Other payments |
6 |
(8) |
Net cash used in financing activities |
(6,874) |
(5,259) |
|
|
|
Net cash flow |
4,655 |
(1,772) |
|
|
|
Cash and cash equivalents at beginning of
period |
7,238 |
9,031 |
Effect of movements in foreign exchange rates |
(1) |
(21) |
Change in cash and cash equivalents |
4,655 |
(1,772) |
Cash and cash equivalents at end of period |
11,892 |
7,238 |
Financial review
Financial performance
The group’s profitability has improved in
challenging market conditions. Nordecon ended 2023 with a gross
profit of €10,326 thousand (2022: €8,495 thousand) and a gross
margin of 3.7% (2022: 2.6%). Profitability improved for both
operating segments, although the fourth quarter performance of the
Buildings segment was weaker than a year earlier. The gross margins
of the Buildings segment were 4.4% for the full year and 3.2% for
the fourth quarter of 2023 (2022: 4.1%, Q4: 6.7%). The gross
margins of the Infrastructure segment were 3.1% for the full year
and (2.8)% for the fourth quarter (2022: (2.4)%, Q4: (12.1)%). The
restructuring of the group’s Infrastructure segment, which started
in 2022 and was 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. Due to the
surge in construction prices in recent years, the Buildings segment
recorded a one-off loss on a long-term contract signed in 2019.
The group’s administrative expenses for 2023 were €8,915 thousand.
Compared with 2022, administrative expenses grew by 22% (2022:
€7,287 thousand) due to growth in staff costs and an overall rise
in the prices of goods and services. The ratio of administrative
expenses to revenue (12 months rolling) was 3.2% (2022: 2.3%).
The group earned an operating profit of €556 thousand in 2023
(2022: €2,305 thousand). EBITDA for the period was €3,938 thousand
and EBITDA margin was 1.4% (2022: €5,766 thousand and 1.8%).
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 costs resulted in net finance income
of €2,096 thousand (2022: net finance costs of €3,482 thousand).
The sale of the group’s subsidiary Nordecon Betoon OÜ had the
strongest effect on finance income. Finance income and costs are
also influenced by exchange rate fluctuations in the group’s
foreign markets, particularly in Ukraine. In 2023, the Ukrainian
hryvnia weakened against the euro by around 8%. The translation of
the loans received by the group’s Ukrainian subsidiaries in euros
into the local currency gave rise to an exchange loss of €480
thousand (2022: a loss of €1,416 thousand). In 2022, finance income
was affected by the write-down of a loan granted to the Ukrainian
associate V.I. Center TOV by €825 thousand. Neither the foreign
exchange loss nor the write-down affected cash flow.
The group ended the year with a net profit of €2,056 thousand
(2022: a net loss of €1,441 thousand). The net loss attributable to
owners of the parent, Nordecon AS, was €942 thousand (2022: a net
loss of €3,650 thousand).
Cash flows
Operating activities produced a net cash inflow
of €12,877 thousand in 2023 (2022: an inflow of €3,466 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 resulted in a net cash outflow of €1,348
thousand (2022: an inflow of €21 thousand). Payments made to
acquire property, plant and equipment and intangible assets
amounted to €362 thousand (2022: €810 thousand) and proceeds from
the sale of property, plant and equipment amounted to €431 thousand
(2022: €816 thousand). Loans provided amounted to €531 thousand
(2022: €25 thousand). Proceeds from the sale of the subsidiary
Nordecon Betoon OÜ were €9,050 thousand and cash outflow from the
group’s statement of financial position as a result of the sale was
€10,030 thousand; the net effect of the transaction on the group’s
statement of cash flows was €(970) thousand.
Financing activities generated a net cash outflow of €6,874
thousand (2022: an outflow of €5,259 thousand). The largest items
were cash flows related to loans and leases. Loans received
amounted to €1,197 thousand, consisting of the use overdrafts and
development loans (2022: €4,581 thousand). Repayments of loans
received were €2,291 thousand (2022: €4,879 thousand), consisting
of regular repayments of long-term investment and development
loans. Lease payments were €3,060 thousand (2022: €3,481 thousand).
Dividends paid in 2023 amounted to €1,494 thousand (2022: €488
thousand).
The group’s cash and cash equivalents at 31 December 2023 amounted
to €11,892 thousand (31 December 2022: €7,238 thousand).
Key financial figures and
ratios
Figure/ratio |
2023 |
2022 |
2021 |
Revenue (€’000) |
278,382 |
322,860 |
288,534 |
Revenue change |
(13.8)% |
11.9% |
(2.5)% |
Net profit (loss) (€’000) |
2,056 |
(1,441) |
(5,506) |
Net profit (loss) attributable to owners of the parent (€’000) |
(942) |
(3,650) |
(6,310) |
Average number of shares |
31,528,585 |
31,528,585 |
31,528,585 |
Earnings per share (€) |
(0.03) |
(0.12) |
(0.20) |
Administrative expenses to revenue |
3.2% |
2.3% |
2.1% |
EBITDA (€’000) |
3,938 |
5,766 |
(797) |
EBITDA margin |
1.4% |
1.8% |
(0.3)% |
Gross margin |
3.7% |
2.6% |
1.4% |
Operating margin |
0.2% |
0.7% |
(1.5)% |
Operating margin excluding gain on non-current asset sales |
0.1% |
0.6% |
(1.6)% |
Net margin |
0.7% |
(0.4)% |
(1.9)% |
Return on invested capital |
8.0% |
(0.5)% |
(6.5)% |
Return on equity |
8.3% |
(5.2)% |
(16.8)% |
Equity ratio |
18.7% |
19.8% |
20.8% |
Return on assets |
1.6% |
(1.1)% |
(4.1)% |
Gearing |
16.6% |
32.0% |
28.3% |
Current ratio |
0.95 |
0.88 |
0.94 |
|
31 Dec 2023 |
31 Dec 2022 |
31 Dec 2021 |
Order book (€’000) |
216,732 |
149,799 |
266,856 |
Performance by geographical market
Revenue generated outside Estonia, mostly in
Ukraine and Finland, accounted for approximately 3% of the group’s
total revenue in 2023. Despite the ongoing war, Nordecon’s
construction volumes in Ukraine have increased. In 2023, we
completed and delivered construction phases I and II of a modular
kindergarten with a bomb shelter in the city of Ovruch. Work
continues on the reconstruction of substations and the installation
of their physical protection. Finnish revenues, which mainly
include 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.
|
2023 |
2022 |
2021 |
Estonia |
97% |
96% |
94% |
Ukraine |
2% |
0% |
2% |
Finland |
1% |
2% |
3% |
Lithuania |
0% |
1% |
0% |
Latvia |
0% |
1% |
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 decline sharply while the volumes of
another may grow more rapidly.
The group’s revenue for 2023 was €278,382 thousand, roughly 14%
lower than in 2022, when the figure was €322,860 thousand. The
Buildings segment generated revenue of €211,082 thousand and the
Infrastructure segment revenue of €67,233 thousand. The
corresponding figures for 2022 were €260,585 thousand and €62,048
thousand. The overall decrease in revenue was expected and is
attributable to market contraction. Revenue declined by 19% in the
Buildings segment, but increased by 8% in the Infrastructure
segment. Although the group was successful in winning new contracts
in 2023, these did not yet affect revenue for the period. High
construction prices, mainly due to increased labour costs, combined
with high interest rates and low demand, have delayed the start of
development projects. The time lag between bidding and contract
award may be several months, including for work tendered by the
public sector. This also affected the group’s order book in the
reporting period. Investments by the Transport Administration, one
of the main customers of the Infrastructure segment, have decreased
sharply, and the segment’s revenue growth is mainly driven by
renewable energy projects and the pick-up in the Rail Baltica
construction works.
Revenue by operating segment |
2023 |
2022 |
2021 |
Buildings |
76% |
81% |
75% |
Infrastructure |
24% |
19% |
25% |
Subsegment revenues
In the Buildings segment, the largest
contributor is still the public buildings subsegment, with revenue
for 2023 roughly at the same level as in 2022. In other
subsegments, revenues have contracted significantly: by 40% in the
industrial and warehouse facilities subsegment, by 21% in the
commercial buildings subsegment and by 22% in the apartment
buildings subsegment.
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 extension of the
Maarjamõisa Medical Campus of the University of Tartu Hospital
(construction phase III) was completed in 2023 after a construction
period of around three years.
The apartment buildings subsegment generates most of its revenue
from the construction of apartment buildings for third parties.
During the period, the largest projects were the design and
construction of the Luccaranna and Kastanikodu housing estates near
Tallinn. Revenue from the group’s own development operations
amounted to €10,273 thousand (2022: €11,459 thousand). Nordecon is
continuing 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 banks of the Emajõgi river
(https://emajoeresidents.ee) in Tartu. The group is also proceeding
with the design and preconstruction activities for 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 Vektor commercial and residential complex
and the Ahtri 4 and Kopli 68A office buildings in Tallinn, the
design and construction of the Männiku commercial building in the
Kandiküla district of Tartu, and the construction of a
biopharmaceutical manufacturing facility for Icosagen AS in Kambja
municipality.
The largest projects under construction in the industrial and
warehouse facilities subsegment were 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 |
2023 |
2022 |
2021 |
Public buildings |
37% |
30% |
28% |
Apartment buildings |
27% |
28% |
29% |
Commercial buildings |
23% |
24% |
29% |
Industrial and warehouse facilities |
13% |
18% |
14% |
The largest revenue contributor in the Infrastructure segment is
still road construction and maintenance although in 2023 its
revenue decreased by around 17%. 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 provides 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 two
wind farms (Tootsi-Sopi and Aidu) in Estonia, increased
significantly compared with 2022. The revenue of the environmental
engineering subsegment includes revenue from the design and
construction of the Erra river and the Kiviõli ditch remediation
projects.
Infrastructure segment |
2023 |
2022 |
2021 |
Road construction and maintenance |
63% |
78% |
87% |
Other engineering |
30% |
20% |
10% |
Specialist engineering |
0% |
2% |
0% |
Environmental engineering |
7% |
0% |
3% |
Order book
The group’s order book (backlog of contracts
signed but not yet performed) stood at €216,732 thousand at
31 December 2023, reflecting 45% growth compared to the end of
2022. In 2023, new contracts were signed for €276,901 thousand,
including contracts of €85,575 thousand signed in the fourth
quarter (excluding the contracts signed in 2023 by Nordecon Betoon
OÜ, the subsidiary sold at the beginning of December). The
corresponding amounts for 2022 were €163,498 thousand and €25,381
thousand.
|
31 December 2023 |
31 December 2022 |
31 December 2021 |
Order book (€’000) |
216,732 |
149,799 |
266,856 |
In terms of the breakdown of the order book between the two main
operating segments, the share of the Buildings segment has further
increased: it now accounts for 96% of the group’s order book, while
the Infrastructure segment accounts for 4% (31 December 2022: 88%
and 12%, respectively). Compared with 31 December 2022, the order
book of the Buildings segment has increased by 58% and that of the
Infrastructure segment has decreased by 47%. 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 is partly offsetting the
decline in investments made by the Transport Administration. Public
investment in building construction has also declined, but
according to currently available information investment in national
defence infrastructure, a subsegment in which Nordecon has
traditionally been very successful, will increase.
A significant proportion of contracts secured in the fourth quarter
were signed by the Buildings segment. The largest of these
were:
- the design and construction of the
LEED Gold compliant Golden Gate office building at Ahtri 6 in
Tallinn with an approximate cost of €23,500 thousand;
- the design and construction of a
commercial building at Nõlvakaare 4 in Raadi village in Tartu
county with an approximate cost of €4,900 thousand;
- the construction of Loodusmaja (Nature
Hub) at Vesilennuki 12 in Tallinn with an approximate cost of
€54,300 thousand.
Although the order book has increased,
management expects that in 2024 the group’s business volumes will
decline compared to 2023, mainly due to the sale of Nordecon Betoon
OÜ. The increase in materials and energy prices and the rise in
labour costs will continue to push up input prices, which will keep
profit margins under pressure. In a fiercely competitive
environment, we will avoid taking unjustified risks that could
materialise in the contract execution phase and have an adverse
impact on the group’s results. We will continue to focus on cost
control and pre-construction and design activities, where we can
leverage our professional competitive advantages.
People
Employees and staff costs
The group’s average number of employees in 2023
was 558, including 374 engineers and technical professionals (ETP).
Headcount decreased by around 15% year on year, due to the
restructuring of the group’s Infrastructure segment and the sale of
Nordecon Betoon OÜ at the beginning of December 2023.
Average number of employees at group
companies (incl. the parent and the subsidiaries):
|
2023 |
2022 |
2021 |
ETP |
374 |
432 |
434 |
Workers |
184 |
226 |
251 |
Total average |
558 |
658 |
685 |
The group’s staff costs for 2023, including all taxes, were €27,145
thousand compared with €27,248 thousand for 2022. Against a
backdrop of continued upward pressure on wages, labour costs have
remained at a level comparable to last year because the number of
employees has decreased.
The service fees of the members of the council of Nordecon AS for
2023 were €179 thousand and the associated social security charges
were €59 thousand (2022: €150 thousand and €50 thousand,
respectively).
The service fees of the members of the board of Nordecon AS were
€775 thousand and the associated social security charges were €255
thousand (2022: €417 thousand and €138 thousand, respectively). The
fees include severance payments and associated social security
charges for one member of the board, which amounted to €222
thousand (2022: nil) and €73 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:
|
2023 |
2022 |
2021 |
Nominal labour productivity (rolling), (€ ‘000) |
499.3 |
490.4 |
420.8 |
Change against the comparative period, % |
1.8% |
16.5% |
(0.5)% |
|
|
|
|
Nominal labour cost efficiency (rolling), (€) |
10.3 |
11.8 |
11.5 |
Change against the comparative period, % |
(13.4)% |
2.9% |
5.5% |
The group’s nominal labour productivity increased year on year,
mainly due to a decrease in the number of staff. Revenue decline
has reduced nominal labour cost efficiency.
Andri Hõbemägi
Nordecon AS
Head of Investor Relations
Tel: +372 6272 022
Email: andri.hobemagi@nordecon.com
www.nordecon.com
- NCN investor presentation Q4_2023
- Nordecon_Interim_report_Q4_2023
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