CORRECTION: Information on the sale of subsidiary
08 November 2023 - 9:46AM
CORRECTION: Information on the sale of subsidiary
There was a mistake in today’s stock exchange
announcement in the sales revenue and net profit table under sales
revenue of 2020 of OÜ Nordecon Betoon.
We apologize for the mistake.
A corrected stock exchange announcement follows.
At the 7 November 2023 meeting of the
supervisory board of Nordecon AS (hereinafter the
“Company”), it was decided that the Company’s 52%
majority holding in OÜ Nordecon Betoon (hereinafter also the
“Private Limited Company”) will be sold in full to
the company that is controlled by the current minority
shareholders. The closing of the sales transaction requires the
approval of the extraorinary general meeting of the shareholders of
Nordecon AS which will be held on 29 November 2023. The amount to
be paid for the share of Nordecon AS in the Private Limited Company
with a nominal value of 13,286 euros is 9,050,000 (nine million
fifty thousand) euros and it is paid in one instalment in return
for the share (DVP payment). The difference between the share
acquisition and sale price is 8,219,233 euros which will have an
effect on the Company’s financial revenue in 2023.
With the transfer of the share of Nordecon
Betoon OÜ belonging to the Company, the Nordecon group exits under
profitable terms the market of subcontracting services in the
concrete works and focuses on its main services in the field of
general construction contracting and design management.
The economic activity of OÜ Nordecon Betoon is
concrete works and operating as a contractor in the construction
and technical design of buildings. The Private Limited Company’s
operations are primarily focused on the Estonian construction
market, it also operates on the Finnish construction market through
its subsidiary Nobe Rakennus Oy and on a project basis also on the
Latvian and Lithuanian construction market.
The audited annual reports of OÜ Nordecon Betoon
for 2022 and 2021 have been attached to this announcement. The
sales revenue and net profit of the Private Limited Company for the
previous three years were:
(in euros) |
2020 |
2021 |
2022 |
Sales revenue |
79,222,473 |
73,775,855 |
102,575,491 |
Net profit |
2,256,695 |
1,191,832 |
2,563,835 |
The sales revenue of OÜ Nordecon Betoon
according to the annual results of 2022 was 102,575,491 euros,
constituting 28.4% of the consolidated (considering intercompany
revenue) sales revenue of Nordecon AS for 2022, which means that
the transfer of the majority shareholding can be considered
significant within the meaning of the section “Requirements for
Issuers” in the Rules of Nasdaq Tallinn Stock Exchange.
This transaction cannot be treated as a related
party transaction within the meaning of the section “Requirements
for Issuers” of the Rules of Nasdaq Tallinn Stock Exchange and the
members of the supervisory board and management board of Nordecon
AS are otherwise not personally interested in the transaction.
There have been no significant changes in the
economic activity of OÜ Nordecon Betoon in 2023 compared to the
previous period. The Private Limited Company has no loan
obligations as at 30 September 2023. The minority shareholders of
OÜ Nordecon Betoon are Mait Rõõmusaar and OÜ Varavalvur with equal
24% shareholdings. The Private Limited Company is not a party to
any court and arbitration proceedings which could have a
significant effect on its economic activity. During the first
nine months of 2023, OÜ Nordecon Betoon has provided subcontracting
services to Nordecon AS and other companies of the consolidation
group in the amount of 6,367,862 euros and will continue the
provision of services under the valid contracts also after the
closing of the transaction.
The management board of OÜ Nordecon Betoon has
two members – Mait Rõõmusaar (chairman) and Priit Nigols. The
members of the supervisory board of the Private Limited Company are
Gerd Müller (chairman), Maret Tambek, Andri Hõbemägi, Priit Luman
and Andre Luman.
Nordecon (www.nordecon.com) is a group of
construction companies whose core business is construction project
management and general contracting in the buildings and
infrastructures segment. Geographically the Group operates in
Estonia, Finland, Ukraine and Sweden. The parent of the Group is
Nordecon AS, a company registered and located in Tallinn, Estonia.
The consolidated revenue of the Group in 2022 was 323 million
euros. Currently Nordecon Group employs close to 570 people. Since
18 May 2006 the company's shares have been quoted in the main list
of the Nasdaq Tallinn Stock Exchange.
Andri Hõbemägi Nordecon AS Head of Investor Relations Tel.: +372
627 2022 E-mail: andri.hobemagi@nordecon.com
www.nordecon.com
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