Interim report for
Q2 2024
Company reg. no.: DK39703 416
1
Q2 result shows strong improvement for Ennogie
Ennogie is demonstrating progress despite a challenging market environment, with clear signs of a positive
trajectory. Order uptake, revenue, gross margin and cash flow have all shown substantial improvements from Q1 to
Q2 2024.
Ennogie is experiencing increased purchase interest, which is reflected in a rising order intake. The promising
collaboration with Dachdecker-Einkauf point towards sustained growth already now cover 13% of the quotation
pipeline for B2C in Germany. Furthermore, market initiatives have been launched in both Germany and Denmark to
stimulate order intake at a higher level for the remainder of 2024.
Despite a persistently challenged market, driven by continued high interest rates, inflation in building materials, and
low construction activity, Ennogie is experiencing increased buying interest, partly due to the first interest rate cuts.
This is reflected in a rising order intake, increased activity in tendering, and more projects being put out to tender,
including from housing associations.
The improved gross margin in Q2 reflects the successful adjustments in pricing and improvement of
internal processes. Furthermore, the significant reduction in negative cash flow and effective cost optimization
measures signal that Ennogie is not only stabilizing but also building a stronger foundation for future profitability.
Ennogie continues to optimize its cost base as one of the responses to the current market conditions.
Given these factors, Ennogie is well-positioned to capitalize on expected market improvements in the later half of
2024, particularly with anticipated interest rate cuts that may stimulate construction activity. The
resilience and strategic initiatives are paving the way for a stronger financial performance and long-term growth. To
facilitate growth, Ennogie is expanding into new international markets, including France and Poland, as well as
Austria and Switzerland, which are logical extensions of its activities in Germany. In France, the certification process
is ongoing, and in Poland, Ennogie is participating in several promotional initiatives under the Trade Council,
alongside progress in individual projects.
Lars Brøndum Petersen, CEO
Interim report Q2 2024
Letter from the CEO
2
Ennogie Solar Group is on a mission to create a future where renewable energy in the built environment is the
norm, not the exception. We are passionate about making a positive impact by developing and deploying
innovative solar technologies and energy optimization practices. With our sleek and stylish active solar roofs,
traditional fossil fuel power plants are becoming a thing of the past.
At Ennogie, we focus on providing great products to buildings and people in need of new roofs for both new
builds and refurbishments, who like the idea of solar energy, and care about the aesthetic appearance of the
building. Our decentralized approach to energy production means energy is generated closer to where it's
used, resulting in a cleaner and more efficient energy system that reduces reliance on non-renewable sources
and lowers energy costs for the consumer.
We are passionate about supporting the European Commission's efforts to develop energy communities
through the European Green Deal, and we see this as an exciting opportunity for Ennogie to contribute to the
energy transition. With the growing demand for renewable energy sources, we're excited to explore new
business models such as virtual power plants, peer-to-peer energy trading, and community-owned renewable
energy projects. Our team is committed to staying at the forefront of these developments to help drive the
transition to a greener future.
Ennogie is dedicated to support multi-family homes, housing associations, and property developers to
establish "energy communities" and optimize the use of self-produced energy. This approach not only
provides the best business case but also has a positive environmental impact.
Housing associations offer enormous potential in the green transition, covering almost 30% of the overall
housing market in Europe. Housing Europe, the European Federation of Public, Cooperative, and Social
Housing, manages over 26 million homes, representing almost 400 million m2 of roofs that could generate
50,000 GWh of energy annually.
Ennogie currently have sales entities in Denmark and Germany. In Germany, the housing market represents a
market of 6 million homes or 100 million m2 roofs that annually could generate 12,500 GWh, while in
Denmark, the housing market represents a market of close to 600,000 homes or 10 million m2 roofs that
annually could generate 1,250 GWh. The German and Danish housing markets alone present a total market
opportunity of approximately 110 million m2 roofs or 220 billion DKK, highlighting the vast potential for
energy communities.
In addition to the energy communities Ennogie also provide solar roofs to private homeowners who are
looking to renovate or build a new home and are interested in sustainable solutions. These homeowners are
motivated buyers who are willing to make a significant investment in their home. Choosing an Ennogie solar
roof instead of a traditional roof will not only support bringing their own energy consumption down but also
allow for selling excess electricity back to the grid, and thereby returning an income. With a potential market
of approximately 130 million m2 roofs or 260 billion DKK in Germany and Denmark, there s a significant
opportunity for sustainable solutions in the single-family home market.
We're excited about the future of Ennogie Solar Group and the significant market opportunities that lie ahead.
Our products are already contributing to the green transition and the restructuring of the European energy
supply. With increasing support from politicians and building owners, we're well-positioned for long-term
structural growth.
Interim report Q2 2024
Our business
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Interim report Q2 2024
Ennogie Solar Group Q2 2024 highlights
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Highest order intake since Q1 2023
Boosting sales in Germany and Denmark
Repeat order to B&O Gruppe
B&O Gruppe to deliver to new housing association
First order through Dachdecker-Einkauf
Dachdecker-Einkauf is now 13% of the pipeline to consumers
Interim report Q2 2024
Ennogie Solar Group Q2 2024 highlights
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Ennogie to deliver to first swimming hall
Great business case for Auning Swimming hall.
Ennogie wins Eurostars project
Internation R&D-project in coloured BIPV solutions
2023
Highlights H1 2024
Net revenue
In H1 2024, net revenue reached DKK 16.1m, resulting in a 64% decrease from DKK 44.5m in H1 2023.
The German market continues to represent the highest proportion of the total revenue and increased its
contribution to 82% of the H1 2024 revenue versus 63% in H1 2023. The German revenue decreased from DKK 28,0m
in H1 2023 to DKK 13.1m in Q1 2024. Likewise did the Danish revenue decrease from DKK 16.4m in H1 2023 to DKK
3.0m in H1 2024.
Gross profit
The H1 2024 gross profit was DKK 6.4m, equaling a gross margin of 39.6%, in contrast to DKK 11.8m and 26.5% in H1
2023. The positive development in gross margin is the result of stronger internal delivery processes and adjusted
pricing on installations and goods.
Both the German and the Danish markets show improved gross margins, and the continued maturity of the business
is expected to result in a higher annual gross margin in 2024 compared to 2023.
EBITDA
For H1 2024, the EBITDA reached DKK -7.6m, compared to a negative EBITDA of DKK -5.3m in H1 2023. The lower
turnover has the biggest impact on the decreased EBITDA. However, the EBITDA in H1 2024 is positively impacted by
the improved gross margin. Further, the EBITDA for H1 2024 is positively impacted by an overall cost reduction
compared to H1 2023 of DKK 2.7m. Other external expenses and staff cost were reduced with DKK 1.6m and DKK
1.0m, respectively, compared with H1 2023.
Depreciations and amortization
In H1 2024, depreciation and amortization costs reached DKK 1.6m, compared to DKK 1.8m in the period of the
previous year. The decrease manly reflects a relocation of the German office in Q1 2023.
Financial items
The net financial items for H1 2024 was DKK -0.7m compared to DKK -0.9m in H1 2023. The development in financial
items for H1 2024 compared to H1 2023 primarily reflects the decreased interest-bearing debt.
Revenue per quarter (DKKm)
H1 revenue per country
100% = DKK 16,1m 100% = DKK 44,5m
Interim report Q2 2024
Financial highlights
6
Denmark
Germany
Denmark
Germany
2024
6,2
11,0
10,8
13,3
26,0
22,0
22,5
24,6
29,6
5,1
11,0
Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24
37%
63%
18%
82%
Working capital
The working capital amounted to DKK 16.5m at the end of H1 2024 compared to DKK 7.7m end of H1 2023. Increases
in inventories (DKK 4.9m), receivables (DKK 4.7m) and other liabilities (DKK 1.7m) combined with a drop in contract
assets (5.9m), trade payables (DKK 4.2m) and prepayments from customers (DKK 2.5m) causes the raise in working
capital with 8.8m.
This increase can largely be attributed to the development in activity level during 2023, expectations for deliveries in
H1 2024 and long lead times on raw materials. Consequently, the inventory balance that was DKK 4.9m higher at the
end of H1 2024 compared to the same time last year. It is expected that the inventory will be lowered significantly
during Q3, thereby reducing working capital further and releasing liquidity.
Cash flow
The free cash flow for Q2 2024 was -0.1m and H1 2024 was DKK -10.4m compared to DKK -8.8m in H1 2023. The
negative free cash flow in 2024 is mainly driven by the negative operating result.
Cash flow from financing activities for H1 2024 was DKK -1.9m and H1 2023 cash flow from financing activities was
DKK 10.4m. Both periods were impacted by repayment of debts and in H1 2023 a capital increase of 13.0M.
Working capital 30 June 2024 (DKKm)
Working capital 30 June 2023 (DKKm)
Interim report Q2 2024
Financial highlights
7
6.7
3.3
-4.2
-8.7
-6.5
8.0
6.7
3.3
-5.9
-11.6
-5.4
Due to a general decline in the 2024 constructions activities in both Germany and Denmark caused by a rapid rise in interest
rates and inflation of building component costs, 2024 revenue is expected to decrease from 2023 to DKK 70-90
million. With restrained spending compared to 2023, expectations for the 2024 EBITDA are DKK -5 to 0 million.
Assumptions for 2024 financial outlook
The financial outlook for 2024 is based on a number of assumptions. Management considers the most significant
assumptions to be related to the following:
Order intake is an important parameter for revenue over the next 6-24 months
Ennogie is working to secure a number of large B2B orders that are maturing. Individual orders and their timing, especially
within the B2B segment, can have a significant impact on order intake and consequently revenue.
Changes in market conditions, especially developments in interest rates, electricity prices, and the price of and access to
craftsmen, may also affect Ennogie's 2024 order intake.
Revenue to decrease slightly
Ennogie expects a slightly negative development in the group's revenue in 2024 compared to 2023:
• The new initiative with Dach Decker Einkauf is expected to have a positive impact on the order intake and deliveries
in 2024 as the nature of Dach Decker Einkauf is a much faster quotation to order to delivery process than housing
associations and developers in general.
• In addition, a growing focus on housing associations and developers and a consequently healthy project pipeline is
expected to have significant impact on the 2024 order intake and deliveries.
• The new markets, Poland and France, are not expected to have any significant impact on 2024.
• Revenue from the residential sector will decrease compared to 2023.
The revenue forecast is based on an end 2023 order backlog of DKK 27 million, 2024 year-to-date order intake and a healthy
quotation pipeline.
Ability to scale organization and production
The outlook is based on the group's ability to scale the organization up and down according to the activity level. Functions
involved in processes related to order deliveries are crucial to deliver the expected revenue with the expected gross margin.
Production capacity was increased in the fourth quarter of 2023, and the outlook is based on Ennogie having the ability to
adjust capacity to a lower level in the first half of 2024.
Interim report Q2 2024
Outlook 2024
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Interim report Q2 2024
Financial Statements
9
Interim report Q2 2024
Comprehensive Income Statement
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Amounts in DKK '000 Note Q2 2024 Q2 2023 H1 2024 H1 2023 FY 2023
Revenue 3, 4 10.959 22.503 16.100 44.472 98.775
Cost of sales (6.491 ) (15.975 ) (9.722 ) (32.688 ) (71.545 )
Gross profit 4.467 6.528 6.378 11.784 27.230
Work performed by the entity and capitalized 406 375 842 750 2.442
Other external expenses (2.643 ) (2.613 ) (4.946 ) (5.947 ) (13.559 )
Staff costs (5.058 ) (6.046 ) (10.921 ) (12.483 ) (20.203 )
Other operating income 630 262 1.082 635 1.350
Operating result before depreciations and amortizations (EBITDA) (2.198 ) (1.495 ) (7.565 ) (5.261 ) (2.740 )
Depreciation, amortization and impairment (802 ) (936 ) (1.572 ) (1.814 ) (3.423 )
Operating result (EBIT) (3.000 ) (2.430 ) (9.137 ) (7.075 ) (6.163 )
Financial items net (455 ) (511 ) (726 ) (862 ) (1.810 )
Result before tax (3.455 ) (2.942 ) (9.863 ) (7.937 ) (7.973 )
Corporation tax for the period 0 0 0 0 0
Result for the period (3.455 ) (2.942 ) (9.863 ) (7.937 ) (7.973 )
Other comprehensive income
Exchange rate adjustments of foreign subsidiaries (8 ) 2 (4 ) (8 ) (14 )
Comprehensive income for the period (3.463 ) (2.940 ) (9.867 ) (7.945 ) (7.987 )
Earnings per share, DKK (0,11 ) (0,10 ) (0,31 ) (0,28 ) (0,29 )
Earnings per share, diluted, DKK (0,11 ) (0,09 ) (0,31 ) (0,25 ) (0,26 )
GM% 40,8 % 29,0 % 39,6 % 26,5 % 27,6 %
Interim report Q2 2024
Financial position statement
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Amounts in DKK '000 Note 30.06.24 30.06.23 31.12.23
Intangible assets 16.172 14.074 15.603
Tangible assets 2.683 3.118 2.626
Deposits 201 201 201
Other financial assets 2.283 2.696 2.629
Non-current assets 3 21.338 20.089 21.059
Inventories 19.832 14.932 19.306
Accounts receivable 7.088 4.233 4.520
Contract assets 3.297 9.218 11.628
Tax receivables 0 293 0
Other receivables 2.401 840 2.165
Prepayments 1.075 802 671
Receivables 13.861 15.386 18.985
Cash & cash equivalents 1.525 13.562 13.840
Current assets 35.219 43.880 52.131
Total assets 56.557 63.970 73.190
Amounts in DKK '000 Note 30.06.24 30.06.23 31.12.23
Share capital 31.360 28.394 31.360
Treasury shares (561 ) (561 ) (561 )
Currency adjustments (18 ) (8 ) (14 )
Retained earnings (11.540 ) (10.158 ) (1.721 )
Equity 19.241 17.666 29.064
Provisions 616 483 603
Lease liabilities 776 1.644 1.015
Interest-bearing debt 12.177 16.559 14.652
Deferred income 1.581 2.209 1.895
Non-current liabilities 15.150 20.894 18.165
Current part of long term interest-bearing debt 4.857 3.992 4.396
Bank debts 309 414 307
Lease liabilities 1.494 904 1.147
Prepayments from customers 8.453 11.046 5.580
Trade payables 3.268 7.536 12.498
Other liabilities 3.143 891 1.392
Deferred income 642 627 642
Current liabilities 22.165 25.409 25.961
Total liabilities 37.315 46.304 44.126
Total equity and liabilities 56.557 63.970 73.190
Interim report Q2 2024
Equity Statement
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Amounts in DKK '000 Share capital
Treasury
shares
Currency
adjustments
Retained
earnings
Total
Equity at 1 January 2024 31.360 (561 ) (14 ) (1.721 ) 29.064
Result for the period 0 0 0 (9.863 ) (9.863 )
Other comprehensive income 0 0 (4 ) 0 (4 )
Share-based payments 0 0 0 44 44
Equity at 30 June 2024 31.360 (561 ) (18 ) (11.540 ) 19.241
Share capital
Treasury
shares
Currency
adjustments
Retained
earnings
Total
Equity at 1 January 2023 27.784 (561 ) 0 (15.298 ) 11.925
Result for the period 0 0 0 (7.937 ) (7.937 )
Other comprehensive income 0 0 (8 ) 0 (8 )
Share-based payments 0 0 0 647 647
Capital increase 610 0 0 12.430 13.040
Equity at 30 June 2023 28.394 (561 ) (8 ) (10.158 ) 17.666
Interim report Q2 2024
Cash Flow Statement
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Amounts in DKK '000 Q2 2024 H1 2024 H1 2023 FY 2023
Operating result (EBIT) (3.455 ) (9.863 ) (7.937 ) (7.987 )
Depreciation, amortization and impairment 802 1.572 1.814 3.423
Share-based payments 44 44 647 (138 )
Changes in provisions 0 13 43 163
Operating cash flows before changes in working capital (2.609 ) (8.235 ) (5.434 ) (4.539 )
Working capital movements
- Change in inventories 1.753 (527 ) 711 (3.663 )
- Change in receivables 3.982 5.359 (2.489 ) (5.339 )
- Change in other receivables 163 (235 ) 129 (913 )
- Change in trade payables, etc. (954 ) (9.230 ) 3.601 8.564
- Change in prepayments from customers (212 ) 2.873 1.135 (4.331 )
- Change in prepayments (314 ) (314 ) (314 ) (627 )
- Change in other liabilities (864 ) 1.751 (3.513 ) (3.012 )
Cash flow from operating activities 944 (8.557 ) (6.173 ) (13.861 )
Income taxes paid 0 0 (293 ) 0
Cash flow from operations 944 (8.557 ) (6.466 ) (13.861 )
Acquisition of property, plant and equipment (738 ) (861 ) (373 ) (358 )
Investment in intangible assets (675 ) (1.337 ) (1.298 ) (3.611 )
Change in financial assets 346 346 (639 ) (572 )
Cash flow from investments (1.067 ) (1.851 ) (2.310 ) (4.541 )
Free cash flow (123 ) (10.408 ) (8.777 ) (18.402 )
Proceeds from capital increase 0 0 13.040 25.490
Repayment of borrowings (1.008 ) (2.012 ) (1.964 ) (3.574 )
Repayment of leasing liabilities 346 107 (695 ) (1.415 )
Cash flow from financing activities (662 ) (1.905 ) 10.382 20.287
Net cash flow for the period (785 ) (12.313 ) 1.605 1.885
Cash and cash equivalent at the beginning of the period 2.318 13.840 11.966 11.966
Exchange rate adjustments on cash (8 ) (4 ) (8 ) (12 )
Net cash flow for the period (785 ) (12.313 ) 1.605 1.885
Cash and cash equivalent at the end of the period 1.525 1.525 13.562 13.840
Interim report Q2 2024
Notes
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1. Accounting policies
The interim report is presented in accordance with IAS 34 Financial as adopted by the EU and
additional Danish disclosure requirements for interim reporting of listed companies. An interim report has not been
prepared for the Parent company.
The accounting policies applied in this interim report are consistent with those applied in the 2023 annual
report which was presented in accordance with International Financial Reporting Standards (IFRS) as adopted by the
EU and additional Danish disclosure requirements for annual reports of listed companies. We refer to the 2023
annual report for a more detailed description of the accounting policies.
The applied accounting policies are unchanged compared to the annual report for 2023. New or amended standards
and interpretations becoming effective for the financial year 2024 have no material impact on the interim report.
2. Estimates and assumptions
The preparation of interim financial reports require management to make financial estimates and assumptions that
have an impact on how accounting policies are applied on the recognition of assets, liabilities, income and expenses.
Actual results might be different from these estimates.
The significant assumptions made by management in preparing the interim report, and the material uncertainties
associated with these assumptions and estimates, are unchanged from those used in preparing the annual report as
per 31 December 2023.
Interim report Q2 2024
Notes
15
3. Segment information
The Group does not have reportable segments, as management does not make decisions on aggregated financials.
Revenue and non-current assets are the only segmented areas. All decisions and the ongoing review of the financial
performance are based on the consolidated figures of the Group.
4. Revenue
5. Events after the reporting date
No events have occurred since the reporting date that have had a material impact on the financial position of the
Group.
Amounts in DKK '000 Q2 2024 Q2 2023 H1 2024 H1 2023 FY 2023
Revenue, geographical segments
Denmark 2.169 4.133 2.957 16.447 25.786
Germany 8.789 18.370 13.143 28.025 72.989
Total revenue 10.959 22.503 16.100 44.472 98.775
Amounts in DKK '000 30.06.24 30.06.23 31.12.23
Non-current assets, geographical segments
Denmark 18.937 17.392 18.802
Germany 2.122 2.697 2.257
Total non-current assets 20.845 20.089 21.059
Amounts in DKK '000 Q2 2024 Q2 2023 H1 2024 H1 2023 FY 2023
Timing of revenue recognition
At a point in time 10.912 21.491 15.983 39.863 86.764
Over time 46 1.012 117 4.609 12.011
Revenue from contracts with customers 10.959 22.503 16.100 44.472 98.775
Interim report Q2 2024
statement
Executive Management
Board of Directors
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