Author: jennasaksola

NORDEC to deliver logistics center to Logicenters in Sipoo, Finland

Nordec Group Corporation press release 29.6.2023 at 2.00 p.m. EEST.

NORDEC to deliver logistics center to Logicenters in Sipoo, Finland

Nordec has signed an agreement on a logistics construction project in Sipoo. The goal of the contracting parties is to reduce the carbon footprint of the site by 20% by intelligently utilising different materials. The achievement of the reduction target will be assessed by comparing the already relatively low-carbon outcome of the previous common target.

The logistics construction project is located at Rahtiraitti 11, Sipoo. The client of the project is Logicenters, owned by Nrep. Ramboll Oy is responsible for the architectural design of the project; The main designer is Paula Tiainen.

Nordec Oy is responsible for the design, production, installation and project and design management of the site. The scope of delivery of the project includes, among other things, the steel frame, facades, roof, plinths, staircases, mezzanines, the civil defence shelter and its equipment, windows, doors, and stairs.

The size of the project is 15,500 square metres and the construction work is scheduled for 2023. Our goal is to build a sustainable and environmentally friendly building in Sipoo. We strive to reduce our carbon footprint through efficient material choices and sustainable construction methods. This project continues and deepens our cooperation with Logicenters in the Nordics.

For more information, contact:

Jaakko Köninki, Commercial Development Manager, +358–50–559 7129, jaakko.koninki@nordec.com

Magnus Thelm, Senior Vice President Sales and Marketing, +46–70–983 3412, magnus.l.thelm@nordec.com

 

About Nordec

Nordec Group Corporation is one of the leading suppliers of steel frame structures and façade solutions for construction projects in the Nordic countries with a strong position in the Central and Eastern European (CEE) countries of Poland, Lithuania, the Czech Republic and Slovakia.

The company has long experience in the design, manufacture and installation of frame structures, facades and bridges. Nordec’s main raw material is steel. The service offering includes single-storey buildings, multi-storey buildings, heavy industry buildings, bridges, and façade structures.

Nordec’s revenue in 2022 was EUR 310 million and adjusted EBITDA EUR 17.4 million.

Further information about Nordec is available on the Company’s website at www.nordec.com.

 

Nordec has been selected as the provider and installer of steel constructions and load-bearing roof sheets at the production building of Sibanye-Stillwater’s Keliber lithium refinery

Nordec Group Corporation press release 2 June 2023 at 9.00

Nordec has been selected as the provider and installer of steel constructions and load-bearing roof sheets at the production building of Sibanye-Stillwater's Keliber lithium refinery

Nordec Oy, owned wholly by Nordec Group Corporation, and Keliber Technology Oy signed a construction agreement for Sibanye-Stillwater’s Keliber lithium refinery steel construction and load-bearing roof sheet production and installation. The size of the project is 2 800 tons of steel construction and 11 000 square meters of load-bearing roof sheets. Both contract parties have jointly agreed that the value of the contract is not to be disclosed.

Keliber is an advanced lithium project, located in Kaustinen and Kokkola, Finland. The Keliber lithium project aims to be the first European producer of battery-grade lithium hydroxide from its own mined ore reserves. Keliber is a subsidiary of Sibanye-Stillwater, a multinational mining and metals processing Group, with Finnish Minerals Group as the second largest shareholder, a state-owned company developing the value chain of lithium-ion batteries. The Keliber lithium refinery is expected to supply the first integrated, regionally produced lithium into the European green energy ecosystem. The competitive regional positioning of this project, with its strong ESG credentials, is set to deliver the greenest primary lithium into the growing European battery market.

The foundation stone laying of the Keliber lithium refinery in Finland was held on Thursday 11th May 2023. Nordec’s work at the site will start on the week 27. Nordec is expected to finalize their part of the construction project in February 2024. 

Nordec has already participated in the project development phase together with the customer and the developer to find optimal solutions. The project has some unique traits compared to other similar projects, as part of the constructions will be made with various fabrication units and partners. Cooperation of the stakeholders involved in the fabrication of the steel structures is an important role for the scheduling of the project and ensuring the execution of the project with correct timetable.

 

“We are proud to be selected as provider and construction partner for Keliber in this lithium refinery construction project. We have previous experience in the green transition projects, which provides us knowledge to support our customer’s strategy execution with our project team of dedicated professionals, says Pasi Parkkinen, Senior Vice President, Industry & Bridges Business unit of Nordec Group”
 

Further information:

Pasi Parkkinen, Senior Vice President, Industry & Bridges Business Unit

Tel: +358 44 078 9237

pasi.parkkinen@nordec.com

 

Mr. Magnus Thelm, Senior Vice President, Sales & Marketing

Tel: +46 70 983 3412

magnus.l.thelm@nordec.com

Information on Nordec

Nordec Group Corporation is one of the leading providers of steel frame structure solutions for construction projects in the Nordic countries of Finland, Sweden and Norway with a strong position in the Central and Eastern European countries of Poland, Lithuania, the Czech Republic and Slovakia.

Nordec has a long experience in designing, manufacturing and installing frame structures and bridges. The main raw material used by Nordec in its construction structures is steel. Nordec’s offering comprises multi-storey, single-storey, heavy industry, and bridge solutions.

Nordec’s revenue for the financial period ended December 31, 2022 was EUR 310,0 million and adjusted EBITDA EUR 17,4 million.

More information about Nordec can be found on the Company’s website at www.nordec.com

 

RELEASE ABOUT NORDEC ENVELOPE BUSINESS UNIT DISCONTINUATION

Nordec Group Corporation press release 23 May 2023

RELEASE ABOUT NORDEC ENVELOPE BUSINESS UNIT DISCONTINUATION

The Board of Directors of Nordec Group Corporation has reviewed its Envelope Business Unit situation, its position in the group strategy and options to its development. Given the market outlook and the position of the Envelope business in relation to it, the Board of Directors of Nordec Group Corporation has decided to primarily focus on its core business of steel frame projects and related supplies and to discontinue the Envelope business and shut down its business activities. During 2022, the Envelope business unit generated revenue of some 5,3 meur out of the Nordec Group total of 310 meur.

The Nordec Envelope Business Unit has discontinued tendering for new projects since 23rd May 2023. The personnel of the legal entity of Nordec Envelope Oy have been dismissed. The company will ensure taking care of ongoing project deliveries and customer commitments appropriately and professionally. In addition to business activity commitments company will holds its liability for reporting and other liabilities towards to authorities according to legislation and requirements when ending the Nordec Envelope Business Unit business activities.

” Over the years, we at Nordec have carried out countless significant façade projects and have been a well-known operator, especially in implementing more challenging projects. The last few years have been challenging, and the outlook for the glass-aluminum and thermoelement markets, and the opportunities for these more challenging projects, are difficult. As a result, the Board of Directors of Nordec Group Corporation has decided to discontinue this business and to focus specifically on Nordec Group’s core business, which comprises frame delivery projects for various multi-storey, single-storey and industrial construction projects as well as related complementary deliveries, including deliveries for an outer covering of buildings. In addition, our operations will continue to include steel bridge deliveries,” says CEO Kalle Luoto.

Further information:

Kalle Luoto

CEO

Nordec Group Corporation

Tel: +358 50 552 9682

kalle.luoto@nordec.com

Magnus Thelm

SVP, Sales & Marketing

Nordec Group Corporation

Tel: +46 70 983 3412

magnus.l.thelm@nordec.com

Information on Nordec

Nordec Group Corporation is one of the leading providers of steel frame structure solutions for construction projects in the Nordic countries of Finland, Sweden and Norway with a strong position in the Central and Eastern European countries of Poland, Lithuania, the Czech Republic and Slovakia.

Nordec has long experience in designing, manufacturing and installing frame structures and bridges. The main raw material used by Nordec in its construction structures is steel. Nordec’s offering comprises multi-storey, single-storey, heavy industry and bridge solutions. Examples of Nordec’s landmark projects include Central Library Oodi in Helsinki, various construction projects related to battery value chain in Sweden, as well as DLS and Dahl logistics centers in Sweden.

Nordec’s revenue for the financial period ended December 31, 2022 was EUR 310,0 million and adjusted EBITDA EUR 17,4 million.

More information about Nordec can be found on the Company’s website at www.nordec.com

Nordec Group continued strong financial performance in 2022; revenue grew to EUR 310,0 million and adjusted EBITDA to EUR 17,4 million

Nordec Group Corporation press release 5th May 2023 at 9.00. 

Nordec Group continued strong financial performance in 2022; revenue grew to EUR 310,0 million and adjusted EBITDA to EUR 17,4 million

Year 2022 highlights

  • Nordec Group continued strong financial performance in 2022; revenue grew by 37,5 %, amounting to EUR 310,0 (225,5) million.  Adjusted EBITDA improved clearly to EUR 17,4 (11,8) million
  • Strong performance in the execution of our strategy; previous financial target of EUR 300 million in revenue by 2025 reached already in 2022
  • Order Intake during 2022 reached a record level, EUR 410 million

 

  • Change in ownership of Nordec Group from Donges SteelTec GmbH to consortium company named GS Technologies Oy
  • Development in sustainability with increased number of low-carbon solutions and minimized carbon footprint on both group level and in project deliveries.

Key Figures

 

 

 

 

 

 

 

 

 

 

 

EUR thousand, unless otherwise specified

 

 

1.1.-31.12.2022

 

1.1.-31.12.2021

Revenue

 

 

310 032

 

225 475

Change in revenue from previous financial period, %

 

 

37,5 %

 

59,1 %

EBITDA

 

 

9 921

 

8 162

EBITDA margin -%

 

 

3,2 %

 

3,6 %

Adjusted EBITDA

 

 

17 394

 

11 833

Adjusted EBITDA, margin -%

 

 

5,6 %

 

5,2 %

Adjusted EBITA

 

 

14 857

 

9 181

Adjusted EBITA, margin -%

 

 

4,8 %

 

4,1 %

EBITA

 

 

7 384

 

5 509

EBITA margin -%

 

 

2,4 %

 

2,4 %

Operating Profit (EBIT)

 

 

4 131

 

2 007

Profit for the period

 

 

-187

 

965

Adjusted profit for the period before amortisations of intangibles from business combinations

12 114

 

6 660

Earnings per share, EPS (basic), EUR

 

 

-0,04

 

386,03

Adjusted Earnings per share, EUR

 

 

2,67

 

2 664,16

 

 

 

 

 

 

Net debt

 

 

-34 601

 

-6 664

Net debt/EBITDA (x)

 

 

-3,49x

 

-0,82x

Net debt/ Adjusted EBITDA (x)

 

 

-1,99x

 

-0,56x

Equity ratio -%

 

 

31,1 %

 

45,4 %

Net working capital

 

 

-31 374

 

-7 386

Cash flow from operations before financial items and taxes

 

 

29 247

 

8 493

Cash conversion rate -%

 

 

294,8 %

 

104,1 %

Return on equity (ROE) -%

 

 

-0,6 %

 

3,5 %

Return on capital employed (ROCE) -%

 

 

49,0 %

 

10,4 %

 

 

 

 

 

 

Order backlog

 

 

275 839

 

177 565

Factory tons

 

 

33 584

 

29 800

Lost time injury frequency rate

 

 

9,0

 

14,2

Number of employees at end of period

 

 

599

 

569

 

 

 

 

 

 

* Diluted EPS equals to undiluted EPS.

 

 

 

 

 

 

 

 

 

Financial performance

Strong financial performance of Nordec Group continued in 2022. Project tendering activity in most of Nordec’s main customer and market segments remained on a good level throughout the year. As a result, Nordec booked a record level of new orders during the year, and order backlog at the end of 2022 amounted to EUR 275,8 million, increasing by 55,3 percent from EUR 177,6 million at the end of 2021.

Revenue for January-December 2022 was EUR 310,0 (225,5) million, increasing by 37,5 percent compared to the previous year. The growth in revenue was primarily driven by a growing activity and order backlog particularly in Nordec’s key customer and market segments, consisting of investments related to logistics and industrial green transition, including the battery value chain.

In 2022, revenue grew in all geographical areas. Sweden remained Nordec’s largest geographical market in 2022, representing 63 (70) percent of revenues, while Finland accounted for 19 (22) percent, Central and Eastern Europe for 10 (7) percent and other markets, including Norway and Iceland, for 8 (2) percent. It is typical for Nordec Group’s revenue to fluctuate between markets from one year to the next, depending on the location and timing of the Group’s key customer projects.

Operative profitability improved clearly in 2022. Adjusted EBITDA for January-December 2022 amounted to EUR 17,4 (11,8) million, increasing by 46,7 percent from the previous year. Adjusted EBITDA reached 5,6 (5,2) percent of revenue. Nordec Group demonstrated its capability to leverage substantial growth in its key customer segments and to improve operative profitability at the same time. Growth in Adjusted EBITDA in 2022 was mainly attributable to the increasing revenue during the period, combined with successful project management and execution as well as efficient production and design capabilities.

The Group’s reported net profit was burdened by several one-off items during the year, reported as adjustments in calculating the Adjusted EBITDA. Such items related mainly to the cancelled IPO process and subsequent sale of Nordec Group to GS Technologies Oy.

Strategy

Nordec Group continued to successfully execute its strategy in 2022. The Group's financial target of EUR 300 million in revenue by 2025 was reached already during 2022, clearly ahead of plans. Nordec Group will continue to evaluate its strategy and financial targets in 2023 and expects to have an updated strategy in place by the end of the year.

Major developments and event during the 2022

In 2022, the business units of Nordec strengthened their teams and operations to be able to ensure growth and excellent customer cooperation. Significant growth was seen in logistics and battery value chain -related construction segments.

The ownership of Nordec Group changed on the 10th of November 2022 from Donges SteelTec GmbH to consortium company named GS Technologies Oy, major shareholders of which are Harjavalta Oy and Tirinom Oy. The ownership change resulted also in a change in the Board composition of Nordec Group.  

Nordec set its sustainability targets of carbon footprint reduction to 50% per produced ton/m2 by 2035. During 2022, Nordec developed its environmental management system, and all Nordec Group companies are now covered by the same ISO14001 certification. Nordec Group increased the use of low-carbon solutions, such as recycled steel, and lowered the carbon footprint on both group level and in project deliveries.

Nordec improved its safety performance with a lower number of LTI’s: the number of LTI’s declined to 12 compared to 20 in 2021. Nordec introduced a new safety management system to its operations in 2022 to facilitate its journey towards the target of zero LTI´s.

The number of personnel in Nordec Group increased from 569 (31.12.2021) to 599 (31.12.2022). The increase in headcount resulted from the growth of the Group in all its’ operating countries. In 2022, the wellbeing of personnel, measured in an employee survey by Quality of Working Life index KPI, increased from 71,8 to 73. This was a major increase, considering the the turbulent times combined with the significant growth of the company.

Kalle Luoto, CEO of Nordec Group, comments:

“We implemented our strategy at an accelerated speed and already in 2022 reached our strategic target set for 2025 of revenue of EUR 300 million. This shows the remarkable performance and contribution of the whole Nordec team in implementing our strategy. We at Nordec are also grateful to our customers, who have trusted us, project after project. As the CEO of Nordec Group I am pleased to thank both employees and customers for the year 2022.”

Further information:

Kalle Luoto

CEO

Nordec Group Corporation

Tel: +358 50 552 9682

kalle.luoto@nordec.com

Information on Nordec

Nordec Group Corporation is one of the leading providers of steel frame structure and envelope solutions for construction projects in the Nordic countries of Finland, Sweden and Norway with a strong position in the Central and Eastern European countries of Poland, Lithuania, the Czech Republic and Slovakia.

Nordec has a long experience in designing, manufacturing and installing frame structures, envelopes and bridges. The main raw material used by Nordec in its construction structures is steel. Nordec’s offering comprises multi-storey, single-storey, heavy industry, bridge, and envelope solutions. Examples of Nordec’s landmark projects include Central Library Oodi in Helsinki, various construction projects related to battery value chain in Sweden, as well as DLS and Dahl logistics centers in Sweden.

Nordec’s revenue for the financial period ended December 31, 2022 was EUR 310,0 million and adjusted EBITDA EUR 17,4 million.

More information about Nordec can be found on the Company’s website at www.nordec.com

Nordec has been selected as the frame contractor of Park Central office project in Gothenburg

Nordec and NCC Sverige AB signed supplier agreement for the Park Central project on 22nd December 2022. The Park Central project will have a floor area of approximately 40 000 m2 and it will be built next to Gothenburg Central Railway Station and Västlänken station center. Both contract parties have jointly agreed that the value of the contract is not to be disclosed.

The project signed is the first phase of a larger development project in the area, which will develop public transportation, the Västlänken station center, and a new city block. The project includes the design, manufacture, delivery and installation of steel, concrete and glulam products.

Nordec has already participated in the project development phase together with the customer and the developer to find optimal solutions. The project has some unique traits comparing to other similar projects, which includes the construction site on top of the functional train tunnels and the air conditioning engine rooms made of CLT wood elements and glulam structures to be installed on the roof of the building. The target is to certify the building to class BREEAM Excellent. BREEAM is the world’s leading science-based suite of validation and certification systems for a sustainable built environment.

The next phase of the construction design will start in the beginning of February 2023 and the design is expected to be completed in summer 2023. Production of the key structures will begin in 2024 with the expectation to be finalized in same late 2024. The installation on the site is scheduled to be starting in spring 2024 and Nordec’s part of the project with key focus to frames is expected to be completed in 2025.

"It is an honor to be involved in such demanding and diverse projects that will become the landmarks of the future," says Peter Marins, Project Manager from Multi-Storey Business Unit of Nordec at the site.

Photo illustrations Arkitekterna Krook & Tjäder

 

For additional information, please contact:

Mr. Magnus Thelm, Senior Vice President, Sales & Marketing, +46 70 983 3412

Mr. Jaakko Köninki, Commercial Development Manager, +358 50 559 7129

 

Nordec is the leading provider of demanding frame structure solutions in the Nordic countries. We want to optimize the whole value chain of our client from design and production of frame structures to installation. Nordec has decades of experience in designing and delivering frame structures, envelopes and bridges. We have over 600 employees in six countries, Finland, Sweden, Norway, Czechia, Poland and Lithuania. www.nordec.com

 

The acquisition of the Nordec Group has been completed today 10th November 2022

Nordec Group Corporation press release 10th November 2022

 

The acquisition of the Nordec Group has been completed today 10th November 2022

Donges SteelTec GmbH (the “Selling Shareholder”), a wholly owned subsidiary of the German publicly listed private equity holding company Mutares SE & Co. KGaA, published on 22nd September 2022 the business transaction to sell its ownership of Nordec Group to a new consortium company of which major shareholders are Harjavalta Oy and Tirinom Oy.

The business transaction was subject to Finnish Competition and Consumer Authority approval, of which has been successfully finalized. The business transaction counterparties has agreed jointly that the price of the business transaction is not to be revealed. The new consortium company of which major shareholders are Harjavalta Oy and Tirinom Oy, former anchor investors of Nordec Group’s planned and cancelled IPO (Initial Public Offering) from June 2022 also include the senior management of Nordec Group Corporation.

This ownership change will support and enhance the company’s possibilities to successfully deliver on its business strategy. With the takeover of Nordec, Harjavalta Oy strengthens its commitment in the Nordic construction sector, and Tirinom expands its international footprint into new segments of the building industry.

Nordec Group Corporation has already taken major steps during 2022 to grow the business and this year the group is expected to exceed its previously communicated outlook for the year. There is a strong commitment from the organization to further develop the business together with the new owners.

Petri Rignell, the Chairman of the Board of Nordec Group Corporation, comments:

“As the Chairman of the Board of Nordec Group, I am very pleased to see this business transaction completed. The business transaction will support Nordec aims to further develop its business and support company to continue excellent business performance, of which has been executed throughout 2022.”

Kalle Luoto, the CEO of Nordec Group Corporation, comments:

“As the CEO of Nordec I am looking forward to starting new phase with the new owners. During 2022 the Group has been successfully grown it’s business ahead of the previously communicated targets. With the new owners we will continue to develop and grow the business in the years to come. My sincere thanks to all Nordec employees for the great performance of the company during the turbulent times in 2022.”  

Further information

Petri Rignell

The Chairman of the Board of Nordec Group Corporation

Tel: +358 40 505 2404

petri@rignell.fi

 

Kalle Luoto

CEO

Nordec Group Corporation

Tel: +358 50 552 9682

kalle.luoto@nordec.com

 

Jussi Aine

The President and CEO of Harjavalta

Harjavalta Oy

jussi.aine@harjavaltagroup.fi

 

Information on Nordec

Nordec Group Corporation is, according to the Company’s management estimate based on revenues, one of the leading providers of steel frame structure and envelope solutions for construction projects in the Nordic countries of Finland, Sweden and Norway with a strong position in the Central and Eastern European countries of Poland, Lithuania, the Czech Republic and Slovakia.

Nordec has a long experience in designing, manufacturing and installing frame structures, envelopes and bridges. The main raw material used by Nordec in its construction structures is steel. Nordec’s offering comprises multi-storey, single-storey, heavy industry, bridge, and envelope solutions. Examples of Nordec’s landmark projects include Central Library Oodi in Helsinki, various construction projects related to battery value chain in Sweden, as well as DLS and Dahl logistics centers in Sweden.

Nordec’s revenue for the financial period ended December 31, 2021 was EUR 225.5 million, adjusted EBITDA EUR 11.8 million, adjusted EBITA EUR 9.2 million, and reported operating profit EUR 2.0 million.

More information about Nordec can be found on the Company’s website at www.nordec.com

The Nordec Group Corporation has been sold to a new consortium company

Nordec Group Corporation press release 22nd September 2022

 

The Nordec Group Corporation has been sold to a new consortium company

Donges SteelTec GmbH (the “Selling Shareholder”), a wholly owned subsidiary of the German publicly listed private equity holding company Mutares SE & Co. KGaA, has signed an agreement to sell its ownership in Nordec Group to a new consortium company of which major shareholders are Harjavalta Oy and Tirinom Oy.

Nordec Group Corporation (“Nordec” or the “Company”) has today 19th September 2022 been sold to a new consortium company of which major shareholders are Harjavalta Oy and Tirinom Oy, former anchor investors of Nordec Group’s planned and cancelled IPO (Initial Public Offering) from June 2022. The ownership of the acquiring company will additionally include the senior management of Nordec Group Corporation. The business transaction counterparties has agreed jointly that the price of the business transaction is not to be revealed. The business transaction is subject to Finnish Competition and Consumer Authority approval and is expected to be finalized in Q4 2022.

With the takeover of Nordec, Harjavalta Oy strengthens its commitment in the Nordic construction sector, and Tirinom expands its international footprint into new segments of the building industry.

The business transaction published today, when completed, will represent development following the discontinued IPO in Q2 2022 and this ownership change will support and enhance the company’s possibilities to successfully deliver on its business strategy. Nordec Group Corporation has already taken major steps during the H1 2022 in order to grow the business and this year the group is expected to exceed its previously communicated outlook for the year. There is a strong commitment from the organization to further develop the business together with the new owners.

Petri Rignell, the Chairman of the Board of Nordec Group Corporation, comments:

“As Chairman of Nordec Group, I am very pleased to see that through this transaction Nordec Group will get strong Finnish owners with substantial presence and experience in the Nordic construction segment and who also share Nordec’s determination to develop its business and operations to achieve its strategic targets”

Kalle Luoto, the CEO of Nordec Group Corporation, comments:

“As the CEO of Nordec Group Corporation I am looking forward for the cooperation with new owners of the Group. I am excited to take the next steps together with the new owners to grow and develop our business in order to take it to the next level. I also wish to thank our former owners Donges SteelTec GmbH and Mutares SE & Co. KGaA for the great cooperation during the past years.”

Further information

 

Petri Rignell

The Chairman of the Board of Nordec Group Corporation

Tel: +358 40 505 2404

petri@rignell.fi

 

Kalle Luoto

CEO

Nordec Group Corporation

Tel: +358 50 552 9682

kalle.luoto@nordec.com

 

Jussi Aine

The President and CEO of Harjavalta

Harjavalta Oy

jussi.aine@harjavaltagroup.fi

 

Information on Nordec

Nordec Group Corporation is, according to the Company’s management estimate based on revenues, one of the leading providers of steel frame structure and envelope solutions for construction projects in the Nordic countries of Finland, Sweden and Norway with a strong position in the Central and Eastern European countries of Poland, Lithuania, the Czech Republic and Slovakia.

Nordec has a long experience in designing, manufacturing and installing frame structures, envelopes and bridges. The main raw material used by Nordec in its construction structures is steel. Nordec’s offering comprises multi-storey, single-storey, heavy industry, bridge, and envelope solutions. Examples of Nordec’s landmark projects include Central Library Oodi in Helsinki, various construction projects related to battery value chain in Sweden, as well as DLS and Dahl logistics centers in Sweden.

Nordec’s revenue for the financial period ended December 31, 2021 was EUR 225.5 million, adjusted EBITDA EUR 11.8 million, adjusted EBITA EUR 9.2 million, and reported operating profit EUR 2.0 million.

More information about Nordec can be found on the Company’s website at www.nordec.com