2023 II quarter and 6 months consolidated interim report
(unaudited)
The dynamics of the construction market reflect
the ongoing economic downturn and uncertainty about the future.
Although the increase in the construction price index slowed in the
second quarter of this year and the construction price index fell
by 0.5% compared to the first quarter of 2023, no significant
change in demand can be observed in the construction market. Loan
interest rates have not stabilized due to the increase in Euribor
so far, and this also affects the decisions of clients. Public
orders have not yet recovered to their usual volume, many ongoing
procurements are in a frozen state and there are no signs of a
reversal in this trend yet. On the side of private customers,
however, we see optimism and a will to find ways to realize their
business plans in order to emerge from today's economic situation
as a winner.The group's sales revenue for the first half of 2023
amounted to €123,819 thousand, a decrease of approximately 17%
compared to the same period last year. Sales revenue decreased in
both segments, 19% in the Buildings segment and 4% in the
Infrastructure segment. The decrease in sales revenue in both
segments is expected and is due to the decline in construction
volumes in the market, as well as the 2022 group's historically
record sales revenue. The gross profit of the Nordecon group in the
first half of 2023 was €4,731 thousand. Compared to the same period
last year, the group's gross profitability has improved, amounting
to 3.8% in the first half of the year (H1 2022: 2.1%) and 4.5% in
the second quarter (Q2 2022: 2.5%). Both segments were profitable
in the first half of the year as well as in the second quarter, and
profitability improved significantly compared to the same period in
2022.The group has been successful in signing new contracts in the
first half of this year. In total, new contracts worth €208,460
thousand were signed, including €123,530 thousand in the II
quarter. As of 30 June 2023, the volume of the group’s order book
was €256,328 thousand, which compared to the same period last year
has increased by 16%.
Condensed consolidated interim statement
of financial position
€’000 |
30 June 2023 |
31 December 2022 |
ASSETS |
|
|
Current assets |
|
|
Cash and cash equivalents |
8,369 |
7,238 |
Trade and other receivables |
54,734 |
48,084 |
Prepayments |
5,514 |
6,728 |
Inventories |
28,880 |
25,454 |
Total current assets |
97,497 |
87,504 |
Non-current assets |
|
|
Other investments |
76 |
76 |
Trade and other receivables |
8,957 |
8,604 |
Investment property |
5,547 |
8,347 |
Property, plant and equipment |
16,774 |
17,669 |
Intangible assets |
15,152 |
15,134 |
Total non-current assets |
46,506 |
49,830 |
TOTAL ASSETS |
144,003 |
137,334 |
|
|
|
LIABILITIES |
|
|
Current liabilities |
|
|
Borrowings |
16,701 |
17,193 |
Trade payables |
69,420 |
65,144 |
Other payables |
7,034 |
8,324 |
Deferred income |
14,726 |
6,996 |
Provisions |
1,160 |
1,288 |
Total current liabilities |
109,041 |
98,945 |
Non-current liabilities |
|
|
Borrowings |
5,767 |
6,311 |
Trade payables |
2,080 |
2,769 |
Provisions |
2,546 |
2,049 |
Total non-current liabilities |
10,393 |
11,129 |
TOTAL LIABILITIES |
119,434 |
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 |
3,570 |
3,316 |
Retained earnings |
198 |
2,691 |
Total equity attributable to owners of the
parent |
20,676 |
22,915 |
Non-controlling interests |
3,893 |
4,345 |
TOTAL EQUITY |
24,569 |
27,260 |
TOTAL LIABILITIES AND EQUITY |
144,003 |
137,334 |
Condensed consolidated interim statement
of comprehensive income
€’000 |
H1 2023 |
Q2 2023 |
H1 2022 |
Q2 2022 |
2022 |
Revenue |
123,819 |
76,166 |
149,256 |
80,803 |
322,860 |
Cost of sales |
(119,088) |
(72,757) |
(146,075) |
(78,769) |
(314,365) |
Gross profit |
4,731 |
3,409 |
3,181 |
2,034 |
8,495 |
|
|
|
|
|
|
Marketing and distribution expenses |
(317) |
(181) |
(186) |
(115) |
(490) |
Administrative expenses |
(3,852) |
(1,982) |
(3,118) |
(1,513) |
(7,287) |
Other operating income |
313 |
201 |
1,856 |
103 |
2,049 |
Other operating expenses |
(202) |
(169) |
(276) |
(2) |
(462) |
Operating profit |
673 |
1,278 |
1,457 |
507 |
2,305 |
|
|
|
|
|
|
Finance income |
145 |
71 |
146 |
79 |
258 |
Finance costs |
(1,812) |
(912) |
(1,377) |
(43) |
(3,740) |
Net finance income (costs) |
(1,667) |
(841) |
(1,231) |
36 |
(3,482) |
|
|
|
|
|
|
Profit (loss) before income tax |
(994) |
437 |
226 |
543 |
(1,177) |
Income tax expense |
(596) |
(353) |
(200) |
(200) |
(264) |
Profit (loss) for the period |
(1,590) |
84 |
26 |
343 |
(1,441) |
|
|
|
|
|
|
Other comprehensive income (expense)Items
that may be reclassified subsequently to profit or
loss |
|
|
|
|
|
Exchange differences on translating foreign operations |
254 |
85 |
(259) |
(413) |
1,368 |
Total other comprehensive income (expense) |
254 |
85 |
(259) |
(413) |
1,368 |
TOTAL COMPREHENSIVE INCOME (EXPENSE) |
(1,336) |
169 |
(233) |
(70) |
(73) |
|
|
|
|
|
|
Profit (loss) attributable to: |
|
|
|
|
|
- Owners of the parent |
(2,493) |
(619) |
(928) |
(10) |
(3,650) |
- Non-controlling interests |
903 |
703 |
954 |
353 |
2,209 |
Profit (loss) for the period |
(1,590) |
84 |
26 |
343 |
(1,441) |
|
|
|
|
|
|
Comprehensive income (expense)
attributable to: |
|
|
|
|
|
- Owners of the parent |
(2,239) |
(534) |
(1,187) |
(423) |
(2,282) |
- Non-controlling interests |
903 |
703 |
954 |
353 |
2,209 |
Comprehensive income (expense) for the period |
(1,336) |
169 |
(233) |
(70) |
(73) |
|
|
|
|
|
|
Earnings per share attributable to owners of the
parent: |
|
|
|
|
|
Basic earnings per share (€) |
(0.08) |
(0.02) |
(0.03) |
(0.00) |
(0.12) |
Diluted earnings per share (€) |
(0.08) |
(0.02) |
(0.03) |
(0.00) |
(0.12) |
Condensed consolidated interim statement
of cash flows
€’000 |
H1 2023 |
H1 2022 |
Cash flows from operating activities |
|
|
Cash receipts from customers |
157,087 |
177,608 |
Cash paid to suppliers |
(133,900) |
(162,328) |
VAT paid |
(5,531) |
(4,447) |
Cash paid to and for employees |
(12,640) |
(12,476) |
Income tax paid |
(687) |
(312) |
Net operating
cash |
4,329 |
(1,955) |
|
|
|
Cash flows from investing activities |
|
|
Acquisition of PP&E |
(185) |
(97) |
Proceeds from sale of PP&E |
291 |
322 |
Acquisition of intangible assets |
0 |
0 |
Loans provided |
(524) |
(9) |
Repayments of loans provided |
10 |
11 |
Dividends received |
12 |
6 |
Interest received |
9 |
6 |
Net investing
cash |
(387) |
239 |
|
|
|
Cash flows from financing activities |
|
|
Proceeds from loans received |
1,242 |
1,870 |
Repayments of loans received |
(650) |
(1,605) |
Lease payments made |
(1,447) |
(1,790) |
Interest paid |
(601) |
(428) |
Dividends paid |
(1,355) |
(391) |
Other payments made |
0 |
(4) |
Net financing
cash |
(2,811) |
(2,348) |
|
|
|
Net cash flow |
1,131 |
(4,064) |
|
|
|
Cash at beginning of period |
7,238 |
9,031 |
Change in cash and cash equivalents |
1,131 |
(4,064) |
Cash at end of period |
8,369 |
4,967 |
Financial review
Financial performance
Nordecon ended the first half of 2023 with a
gross profit of €4,731 thousand (H1 2022: €3,181 thousand).
Profitability improved year on year with the group’s gross margin
rising to 3.8% for the half-year (H1 2022: 2.1%) and 4.5% for the
second quarter (Q2 2022: 2.5%). Both operating segments earned a
profit in both the second quarter and the first half year and
improved their profitability significantly. The gross margin of the
Buildings segment was 5.0% for the half-year and 4.9% for the
second quarter (H1 2022: 3.8% and Q2 2022: 3.4%). The gross margins
of the Infrastructure segment were lower: 0.1% for the half-year
and 4.5% for the second quarter (H1 2022: (6.4)% and Q2 2022:
(0.3)%). The group’s administrative expenses for the period were
€3,852 thousand. Compared with a year earlier, administrative
expenses grew by around 24% (H1 2022: €3,118 thousand) due to
growth in staff costs. The ratio of administrative expenses to
revenue (12 months rolling) increased year on year, rising to 2.7%
(H1 2022: 2.0%).The group earned an operating profit of €673
thousand in the first half of 2023 (H1 2022: €1,457 thousand).
EBITDA for the period was €2,405 thousand (H1 2022: €3,158
thousand). The 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 according to which the claims of the entity’s creditors were to
be settled to the extent of 25%. The group’s finance income and
costs are affected by exchange rate fluctuations in the group’s
foreign markets. During the period, the Ukrainian hryvnia weakened
against the euro by around 2.6% and the Swedish krona weakened
against the euro by around 5.8%. 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 loss of €241
thousand (H1 2022: €2 thousand). The group's finance costs also
grew due to the rise in interest rates. The group ended the period
with a net loss of €1,590 thousand (H1 2022: a net profit of €26
thousand). The net loss attributable to owners of the parent,
Nordecon AS, was €2,493 thousand (H1 2022: a net loss of €928
thousand).
Cash flows
Operating activities in the first half of 2023
produced a net cash inflow of €4,329 thousand (H1 2022: an outflow
of €1,955 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 €387
thousand (H1 2022: an inflow of €239 thousand). Investments in
property, plant and equipment amounted to €185 thousand (H1 2022:
€97 thousand) and proceeds from the sale of property, plant and
equipment amounted to €291 thousand (H1 2022: €322 thousand). Loans
provided amounted to €524 thousand (H1 2022: €9 thousand).Financing
activities for the half year generated a net cash outflow of €2,811
thousand (H1 2022: an outflow of €2,348 thousand). Loans received
amounted to €1,242 thousand, consisting of the use overdrafts and
development loans (H1 2022: €1,870 thousand). Repayments of loans
received were €650 thousand (H1 2022: €1,605 thousand), consisting
of regular repayments of long-term investment and development
loans. Lease payments were €1,447 thousand (H1 2022: €1,790
thousand). Dividends paid in the first half of 2023 amounted to
€1,355 thousand (H1 2022: €391 thousand).The group’s cash and cash
equivalents at 30 June 2023 amounted to €8,369 thousand (30 June
2022: €4,967 thousand).
Key financial figures and
ratios
Figure/ratio |
H1 2023 |
H1 2022 |
H1 2021 |
2022 |
Revenue (€’000) |
123,819 |
149,256 |
117,966 |
322,860 |
Revenue change |
(17)% |
27% |
(14)% |
11.9% |
Net profit (loss) (€’000) |
(1,590) |
26 |
(2,390) |
(1,441) |
Net profit (loss) attributable to owners of the parent (€’000) |
(2,493) |
(928) |
(2,148) |
(3,650) |
Weighted average number of shares |
31,528,585 |
31,528,585 |
31,528,585 |
31,528,585 |
Earnings per share (€) |
(0.08) |
(0.03) |
(0.07) |
(0.12) |
Administrative expenses to revenue |
3.1% |
2.1% |
2.4% |
2.3% |
Administrative expenses to revenue (rolling) |
2.7% |
2.0% |
2.2% |
2.3% |
EBITDA (€’000) |
2,405 |
3,158 |
92 |
5,766 |
EBITDA margin |
1.9% |
2.1% |
0.1% |
1.8% |
Gross margin |
3.8% |
2.1% |
1.1% |
2.6% |
Operating margin |
0.5% |
1.0% |
(1.4)% |
0.7% |
Operating margin excluding gain on non-current asset sales |
0.4% |
0.9% |
(1.4)% |
0.6% |
Net margin |
(1.3)% |
0.0% |
(2.0)% |
(0.4)% |
Return on invested capital |
(1.0)% |
1.2% |
(2.1)% |
(0.5)% |
Return on equity |
(6.1)% |
0.1% |
(6.9)% |
(5.2)% |
Equity ratio |
17.1% |
18.2% |
22.6% |
19.8% |
Return on assets |
(1.1)% |
0.0% |
(1.7)% |
(1.1)% |
Gearing |
30.0% |
37.2% |
31.4% |
32.0% |
Current ratio |
0.89 |
0.91 |
0.97 |
0.88 |
|
30 June 2023 |
30 June 2022 |
30 June 2021 |
31 Dec 2022 |
Order book (€’000) |
256,328 |
220,687 |
269,448 |
149,799 |
Performance by geographical
market
The revenue contribution of foreign markets has
remained more or less stable compared with the same period last
year. In the first half of 2023, revenue earned outside Estonia,
i.e. in Finland and Ukraine, accounted for 2% of the group’s total
revenue. Despite the war, Nordecon’s construction volumes in
Ukraine have increased year on year. We have secured a number of
small-scale projects and in June we completed and delivered on time
a modular kindergarten with a bomb shelter in the city of Ovruch.
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. Nor did the group generate any revenue in
Latvia and Lithuania, where we operate on a project basis.
|
H1 2023 |
H1 2022 |
H1 2021 |
2022 |
Estonia |
98% |
97% |
96% |
96% |
Finland |
1% |
1% |
3% |
2% |
Ukraine |
1% |
0% |
1% |
0% |
Latvia |
0% |
2% |
0% |
1% |
Lithuania |
0% |
0% |
0% |
1% |
Performance by business
line
Segment revenues
Our targets include maintaining 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 begin growing more rapidly.The group’s revenue for
the first half of 2023 was €123,819 thousand, roughly 17% less than
in the same period last year, when the figure was €149,256
thousand. The Buildings segment generated revenue of €103,970
thousand and the Infrastructure segment revenue of €19,822
thousand. The corresponding figures for the same period in 2022
were €128,430 thousand and €20,703 thousand. Revenue declined by
19% in the Buildings segment and 4% in the Infrastructure segment.
The decrease in both segments was expected and is attributable to
market contraction. Although the group was successful in winning
new contracts in the first half of 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 accounts for an increasing
share of the revenue of the Infrastructure segment.
Revenue by operating segment |
H1 2023 |
H1 2022 |
H1 2021 |
2022 |
Buildings |
84% |
84% |
78% |
81% |
Infrastructure |
16% |
16% |
22% |
19% |
Subsegment revenues
In the Buildings segment, the half-year 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 46% and 23% 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 decreased, amounting to €5,510 thousand (H1 2022: €6,335
thousand). Nordecon continues the development of the Mõisavahe Kodu
(https://moisavahe.ee) housing estate and the construction of the
Emajõe Residents (https://emajoeresidents.ee) housing estate,
which is situated near the city centre on the bank of the river
Emajõgi (both in Tartu). The group is also making preparations for
the construction of an apartment building in the Kivimäe Süda
development in the Nõmme district in Tallinn
(https://www.kivimaesuda.ee/en) and moving on with the design 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 and a production and office building
for Harju Elekter AS in Hüüru, near Tallinn.
Buildings segment |
H1 2023 |
H1 2022 |
H1 2021 |
2022 |
Public buildings |
33% |
28% |
30% |
30% |
Apartment buildings |
31% |
30% |
30% |
28% |
Commercial buildings |
25% |
26% |
31% |
24% |
Industrial and warehouse facilities |
11% |
16% |
9% |
18% |
In the Infrastructure segment, the largest
revenue contributor is still road construction and maintenance
although its revenue has decreased year on year by roughly 25%.
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 revenue contribution of the other
engineering subsegment, which is currently generating most of its
revenue from the construction of three wind farms (Saarde,
Tootsi-Sopi and Aidu) in Estonia, increased year on year. The
revenue of the environmental engineering subsegment came from
design and construction works for the elimination of residual
pollution from the Erra river and the Kiviõli ditch.
Infrastructure segment |
H1 2023 |
H1 2022 |
H1 2021 |
2022 |
Road construction and maintenance |
65% |
81% |
86% |
75% |
Other engineering |
20% |
14% |
4% |
20% |
Environmental engineering |
15% |
0% |
5% |
0% |
Specialist engineering |
0% |
5% |
5% |
5% |
Order book
The group’s order book (backlog of contracts
signed but not yet performed) stood at €256,328 thousand at
30 June 2023, reflecting 16% growth compared to the same
period last year. The group signed new contracts of €208,460
thousand during the half year (H1 2022: €89,661 thousand), of which
contracts of €123,530 thousand were signed in the second quarter
(Q2 2022: €26,494 thousand). The surge in materials prices and the
uptrend in interest rates due to the rise in EURIBOR have made
development projects significantly more expensive and caused the
postponement of new projects. 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 June 2023 |
30 June 2022 |
30 June 2021 |
31 Dec 2022 |
Order book (€’000) |
256,328 |
220,687 |
269,448 |
149,799 |
The proportions of the two main operating
segments in the group’s order book have remained largely the same
with the Buildings segment accounting for 80% and the
Infrastructure segment for 20% of the total order book
(30 June 2022: 85% and 15%, respectively). The order book of
the Buildings segment increased by 9% while the order book of the
Infrastructure segment grew by 54% compared with 30 June 2022.
Growth in the order book of the Infrastructure segment was driven
by the other engineering subsegment, which has secured mostly wind
farm construction contracts.Larger contracts secured in the second
quarter include:
- the reconstruction of the
Hageri–Kohila section on kilometres 8.7-16.0 of national road no.
11220 Kernu–Kohila with an approximate cost of €3,460
thousand;
- the construction of wind turbine
foundations for the Aidu wind farm in Ida-Viru county, Lüganuse
municipality, with an approximate cost of €5,000 thousand;
- the construction of four terraced
houses with 36 apartments in the Laaneserva housing estate in
Viimsi municipality with an approximate cost of €6,800
thousand;
- the construction of a new school
building with a sports facility for Saku Upper Secondary School
with an approximate cost of €24,100 thousand;
- the design and construction of storage
facilities for the Centre for Defence Investment in Harju county
with an approximate cost of €8,400 thousand;
- the construction of an office building
for the Centre for Defence Investment in Tallinn, with an
approximate cost of €13,000 thousand;
- the design and construction of a
commercial and residential building to be built on the corner of
Volta and Kopli streets in Tallinn – the second stage of a new
business quarter – with an approximate cost of €51,000
thousand;
- the construction of office and
production facilities at Vana-Narva mnt 10 in Maardu, with an
approximate cost of €7,400 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
first half of 2023 was 572, including 384 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):
|
H1 2023 |
H1 2022 |
H1 2021 |
2022 |
ETP |
384 |
437 |
426 |
432 |
Workers |
188 |
234 |
254 |
226 |
Total average |
572 |
671 |
680 |
658 |
The group’s staff costs for the first half of
2023, including all taxes, were €12,799 thousand compared with
€12,936 thousand in the same period last year. Pressures for wage
growth persist and the decline in staff costs was due to the
decrease in workforce. The service fees of the members of the
council of Nordecon AS for the first half of 2023 were €79 thousand
and associated social security charges were €26 thousand (H1 2022:
€75 thousand and €25 thousand, respectively).The service fees of
the members of the board of Nordecon AS were €253 thousand and
associated social security charges were €83 thousand (H1 2022: €202
thousand and €67 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:
|
H1 2023 |
H1 2022 |
H1 2021 |
2022 |
Nominal labour productivity (rolling), (€ ‘000) |
488.3 |
470.0 |
403.3 |
490.4 |
Change against the comparative period, % |
3.9% |
16.5% |
4.6% |
16.5% |
|
|
|
|
|
Nominal labour cost efficiency (rolling), (€) |
11.0 |
12.3 |
10.9 |
11.8 |
Change against the comparative period, % |
(11.0)% |
13.0% |
12.7% |
2.9% |
The group’s nominal labour productivity
increased year on year, mainly due to the decrease in the number of
staff. The fall in revenue has lowered nominal labour cost
efficiency.
Andri HõbemägiNordecon ASHead of Investor
RelationsTel: +372 6272 022Email: andri.hobemagi@nordecon.com
www.nordecon.com
- Nordecon_Interim_report_Q2_2023
- NCN investor presentation Q2_2023
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