Audited annual report 2011 and profit allocation proposal

Nordecon 

30.04.2012 16:25
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The council of Nordecon AS approved on 30 April 2012 the audited annual report
and profit allocation proposal for the year 2011. 

Tallinn, Estonia, 2012-04-30 16:25 CEST (GLOBE NEWSWIRE) -- The council of
Nordecon AS approved on 30 April 2012 the audited annual report and profit
allocation proposal for the year 2011. The council decided to present the
annual report and profit allocation proposal as prepared by the management for
the approval of the general meeting of shareholders. 

Nordecon AS net loss of the 2011 financial year is 5,304,000 euros. The
remaining balance of retained earnings is EUR 10,257,000. The net loss of the
financial year 2011 will be covered by retained earnings of previous periods.
The balance of the retained earnings will remain undistributed. Dividends to
the shareholders will not be distributed and no transfers made to the statutory
reserve. 

The audited annual report that contains auditor's report and profit allocation
proposal for 2011 is made available on NASDAQ OMX Tallinn Stock Exchange's web
page www.nasdaqomxbaltic.com, issuer's web page www.nordecon.com and is
attached to this announcement. The annual report can also be read at issuer's
location on Pärnu mnt 158/1, Tallinn. 

The main adjustments in audited annual report compared to the preliminary 12
month interim report published on 8 February 2012: 

  -- sales and cost of sales reduced (no effect on profit) by approximately 1.8
     million euros due to revised estimates made to stage of completion of
     construction projects;
  -- goodwill and non-current assets available for sale impaired by 0.5 million
     euros based on information received after the release of preliminary 12
     month interim report.



Nordecon 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, Ukraine
and Finland. The parent of the Group is Nordecon AS, a company registered and
located in Tallinn, Estonia. In addition to the parent company, there are more
than 10 subsidiaries in the Group. The consolidated revenue of the Group in
2011 was 147.8 million euros. Currently Nordecon Group employs more than 700
people. Since 18 May 2006 the company's shares have been quoted in the main
list of the NASDAQ OMX Tallinn Stock Exchange. 


         Raimo Talviste
         Nordecon AS
         Head of Finance and Investor Relations
         Tel: +372 615 4445
         Email: raimo.talviste@nordecon.com
         www.nordecon.com
News Source: NASDAQ OMX



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Language:     English
Company:      Nordecon
              
               
              Estonia
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         EE3100039496
WKN:          
 
End of Announcement                             DGAP News-Service
 
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