1
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
23 August 2024
Company Announcement 13/2024
HusCompagniet realised H1 2024 performance in line with expectations and
narrows full-year guidance
Interim financial report for the period 1 January – 30 June 2024
HusCompagniet realised revenue of DKK 1,062 million in H1 2024, down from DKK 1,280 million
in H1 2023 due to fewer deliveries after lower sales in 2023. Gross margin increased to 23.4%
from 20.9%, supported by a solid Q1 2024 performance and the comparison period being
impacted by re-evaluation of provisions related to prior years. EBITDA came to DKK 45 million
for an EBITDA margin of 4.2%. EBIT amounted to DKK 21 million.
In H1 2024, HusCompagniet sold 640 houses (units), an increase of 44% mainly driven by the
semi-detached segment and supported by the detached business. The net order backlog
increased by 25% compared to H1 2023.
Group CEO of HusCompagniet, Martin Ravn-Nielsen says: “
Our financial performance in the first
half of 2024 was in line with expectations on the back of more project wins and a strengthening
of our position in the B2B segment combined with moderately improving market conditions in the
detached segment and continued strict cost control.
”
“We increased sales by 44% in the first half of the year after generating solid progress in the
semi-detached segment and slight improvements in the detached business showing signs of
gradual market recovery. We are narrowing our full-year guidance on the back of a satisfactory
activity level, and for the longer term we are pleased to note increasing awareness and focus on
HusCompagniet as an attractive partner for professional investors”,
says Martin Ravn-Nielsen.
Selected key highlights Q2 and H1 2024
DKKm
Q2 2024
Q2 2023
Change
H1 2024
H1 2023
Change
Houses sold (units)
368
219
68%
640
445
44%
Houses delivered (units)
215
265
-19%
382
609
-37%
Order backlog, gross
1,935
1,659
17%
Order backlog, net
1,472
1,179
25%
Revenue
579
624
-7%
1,062
1,280
-17%
Gross profit
128
118
8%
249
267
-7%
EBITDA
24
17
41%
45
57
-21%
Special items
0
1
-100%
0
-1
-100%
EBIT
12
6
100%
21
35
-40%
Gross margin
22.1%
18.9%
3.2 ppt.
23.4%
20.9%
2.5 ppt.
EBITDA margin
4.1%
2.7%
1.4 ppt.
4.2%
4.4%
-0.2 ppt.
EBIT margin
2.0%
0.9%
1.1 ppt.
1.9%
2.7%
-0.8 ppt.
Contract assets, gross
464
522
-11%
Available cash incl. RCF
586
344
70%
Net interest-bearing debt
236
489
-52%
NIBD/LTM EBITDA
2.4x
2.5x
-0.1x
FTEs end of period
392
385
7
2
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
Highlights
• In H1 2024, sales came to 640 houses (units) against 445 in H1 2023 with progress
driven by the semi-detached business with 228 units sold compared to 101 in H1 2023.
This excludes the Velkomn project of 153 units announced in July 2024 and the NREP
project of 164 semi-detached houses announced in November 2023, still awaiting building
permit. Sales in the detached segment increased to 373 units from 287, while sales
decreased to 39 units from 57 in the Swedish Wooden houses segment.
• Revenue totalled DKK 1,062 million in H1 2024, down 17% driven by fewer deliveries
across segments due to lower sales in 2023. Deliveries came to 382 houses (units) in H1
2024 from 609 in the comparison period.
• Gross margin rose to 23.4% in H1 2024 from 20.9% in H1 2023 driven by strong cost
control and the comparison period being negatively impacted by a DKK 15 million re-
evaluation of provisions related to prior years.
• H1 2024 EBITDA amounted to DKK 45 million for a margin of 4.2% against DKK 57 million
and a margin of 4.4% in H1 2023.
• EBIT came to DKK 21 million in H1 2024, down from DKK 35 million last year.
• The order backlog (net) increased by 25% to DKK 1,472 million at end of Q2 2024, driven
by improved sales.
• End of Q2 2024, net debt amounted to DKK 236 million for a leverage ratio (NIBD/LTM
EBITDA) of 2.4x, down from net debt of DKK 489 million and a leverage ratio of 2.5x at
end of Q2 2023 driven by lower working capital.
Outlook for 2024
Based on the H1 2024 financial performance and expectations for the remainder of 2024, the
guidance issued on 8 March 2024 is narrowed:
• Revenue is expected to be DKK 2.3-2.4 billion (previously DKK 2,300-2,600 million)
• EBITDA is expected to be DKK 90-120 million (previously DKK 80-130 million)
• Operating profit (EBIT) is expected to be DKK 40-70 million (previously DKK 30-80
million)
Assumptions for the outlook
• Current expectations for 2024 deliveries are between 850 and 950 houses.
• The 2024 guidance is based on no severe disruption of supply chains emerging and on
raw material prices not significantly exceeding current levels.
• Dividend distribution to shareholders remains suspended and is not expected to be
reintroduced before leverage is below the long-term target of 2x net debt to EBITDA.
3
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
Webcast and conference call
HusCompagniet will host a conference call for investors and analysts at 10:00 (CEST) today,
Friday 23 August 2024. The conference call and presentation will be available from
HusCompagniet’s investor website.
Conference call dial-in numbers for investors and analysts:
Participant Dial-in:
Denmark: +45-7-8768490
France: +33-1-81221259
Germany: +49-30-21789327
Sweden: +46-8-1241-0952
United Kingdom: +44-203-7696819
United States: +1 646-787-0157
PIN: 649396
Webcast link:
https://huscompagniet-events.eventcdn.net/events/h1-2024
For additional information, please contact:
Allan Auning-Hansen Group CFO +45 30 10 25 00
4
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
DKK'm
Q2 2024
Q2 2023
H1 2024
H1 2023
2023
Income statement
Revenue
579
624
1,062
1,280
2,381
Gross profit
128
118
249
267
517
EBITDA
24
17
45
57
108
Operating profit (EBIT)
12
6
21
35
62
Financial income /expenses, net
-10
-13
-20
-22
-39
Profit for the period (continued operations)
-1
-5
-1
10
17
Profit for the period (discontinued operations)
8
-3
8
-3
-3
Profit for the period
8
-8
7
7
15
Balance sheet
Total assets
3,461
3,377
3,264
Contract assets, net
264
425
262
Net working capital
216
461
316
Net interest-bearing debt (NIBD)
236
489
356
Equity
2,093
2,064
2,098
Cash flow
Cash flow from operating activities
135
65
134
97
249
Cash flow from investing activities
-3
-4
-4
-11
-20
- Hereof from investment in property, plant and
equipment
-1
-1
-2
-5
-10
Cash flow from financing activities
-11
18
-17
2
-9
Free cash flow
133
61
130
87
229
Key figures
Revenue growth
-7.2%
-43.0%
-17.0%
-43.5%
-45.0%
Gross margin
22.1%
18.9%
23.4%
20.9%
21.7%
EBITDA margin
4.1%
2.7%
4.2%
4.4%
4.6%
Earnings Per Share (EPS Basic), DKK
0.4
-0.4
0.1
0.3
0.7
Diluted earnings per share (EPS-D) (DKK)
0.4
-0.4
0.1
0.3
0.7
Dividend per share, DKK
0
0
0
0
0
Share price end of period, DKK
55
59
46.5
Market value, DKK billion
1.2
1.3
1.0
ROIC before tax, LTM
2.2%
6.8%
2.5%
ROIC before tax (adjusted for goodwill), LTM
10.5%
25.2%
10%%
NIBD/LTM EBITDA
2.4
2.5
3.3
Refer to the consolidated financial statements 2023 for definition of key figures
5
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
Business Update
In the first half of 2024, overall sales
increased despite continued cautiousness
impacting consumer willingness to make
large investment decisions. The positive
trend in sales was supported by slightly
decreasing interest rates towards the end of
the reporting period, continuous relative
improvements in consumer confidence from
a very low level, and an unchanged strong
job market. Core inflation stabilised at a
significantly lower level compared to the first
half of 2023.
HusCompagniet sold 640 units in the first six
months of 2024 against 445 in the same
period last year, and delivered 382 units,
down from 609 in first half 2023.
The detached market in Denmark showed
signs of gradual recovery at a moderate
pace, supporting an increase in customer
leads and meeting activity. On this
background, the core detached segment
increased sales in the quarter and the half
year.
In the semi-detached segment,
HusCompagniet entered contracts on
smaller projects contributing to an order
backlog with projects of varying sizes. After
the balance sheet date, a partnership with
property developer and operator of rental
housing Velkomn was entered on a project
of 153 DGNB gold-certified semi-detached
houses in Haslev, Southern Zealand. Overall,
the activity level remained satisfactory and
constructive dialogues with larger investors
continued.
Sweden was one of the first countries in
Europe to implement an interest rate cut in
Spring 2024, but overall, the economy and
housing market saw fewer signs of a
potential near-term pickup from a low level.
To optimise capacity utilisation on the
Swedish factory, it was prepared for
potential delivery to the semi-detached
segment in Denmark.
In H1 2024, revenue came to DKK 1,062
million where the core market, Danish
detached houses, comprised 77%, while
semi-detached and the Swedish Wooden
houses segment comprised 18% and 5%,
respectively.
Customer satisfaction
HusCompagniet maintained its position as
the best rated housing construction
company among Danish customers on
Trustpilot with a satisfaction score of 4.9 out
of 5.0 based on a total of more than 6,000
reviews.
Financial review
Revenue
Q2 2024 revenue came to DKK 579 million,
down from DKK 624 million in Q2 2023, as a
higher number of deliveries in the detached
segment was offset by a decline in the semi-
detached and Wooden houses segments as
a consequence of lower sales towards end-
2023. Deliveries totalled 215 units, down
from 265 in the comparison period.
H1 2024 revenue amounted to DKK 1,062
million compared to DKK 1,280 million in the
same period last year. 382 housing units
were delivered in the period, against 609 last
year.
Gross margin
Q2 2024 gross margin was 22.1% against
18.9% in Q2 2023, where the detached
segment was negatively affected by a DKK
15 million re-evaluation of provisions related
to prior years.
H1 2024 gross margin came to 23.4%,
supported by a solid 25.0% margin in Q1
2024, and up from 20.9% in H1 2023.
EBITDA
EBITDA increased to DKK 24 million for a
margin of 4.1% in Q2 2024 against DKK 17
million and a margin of 2.7% in Q2 2023,
which included the re-evaluation of
provisions.
H1 2024 EBITDA amounted to DKK 45
million against DKK 57 million in H1 2023.
6
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
Amortisation and depreciation
In Q2 2024, amortisation and depreciation
came to DKK 12 million, up from DKK 11
million in Q2 2023.
In H1 2024, the amount was DKK 24 million
against DKK 22 million in the comparison
period.
Amortisation mainly consists of development
projects, whereas depreciation primarily
refers to leasing contracts, factory
equipment and IT projects.
EBIT
EBIT came to DKK 12 million in Q2 2024, up
from DKK 6 million in Q2 2023, which was
impacted by special items of DKK 1 million.
For H1 2024, EBIT amounted to DKK 21
million against DKK 35 million in H1 2023.
Net financials
In Q2 2024, net financials were an expense
of DKK 10 million, down from an expense of
DKK 13 million in Q2 2023. For H1 2024, net
financials came to an expense of DKK 20
million, down from an expense of DKK 22
million in H1 2023, which was impacted by
refinancing costs from full amortisation of
cost related to previous loan and higher
interest.
Taxation
In Q2 2024, tax amounted to negative DKK
3 million compared to DKK 2 million in Q2
2024. For H1 2024 tax amounted to DKK 2
million, on par with H1 2023.
Discontinued operations
In 2020, HusCompagniet closed its brick
house activities in Germany and Sweden. H1
2024 profit from discontinued operations
came to DKK 8 million compared to a loss of
DKK 3 million in the comparison period. The
change mainly reflected an adjustment of
close-down provision and a correction of tax
for previous years.
Group profit for the period
Q2 2024 profit amounted to DKK 8 million,
up from negative DKK 8 million in Q2 2023.
In H1 2024, profit came to DKK 7 million, on
par with H1 2023.
7
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
Q2-2024
Q2-2023
H1-2024
H1-2023
FY-2023
Sales (units)
368
219
640
445
851
Detached
201
169
373
287
579
Semi detached
140
9
228
101
171
Sweden
27
41
39
57
101
Deliveries (units)
215
265
382
609
1,054
Detached
160
142
272
342
633
Semi detached
33
73
71
145
234
Sweden
22
50
39
122
187
Order backlog (gross)
(DKKm)
1,935
1,659
1,513
Detached
1,362
1,080
1,058
Semi detached
480
449
363
Sweden
93
129
93
Order backlog (net)
(DKKm)
1,472
1,179
1,145
Detached
1,061
775
805
Semi detached
320
278
248
Sweden
92
125
93
Share of own land* (%)
10.9%
14.0%
9.6%
12.9%
13.1%
Detached (%)
7.5%
9.2%
6.3%
8.5%
7.3%
Semi-detached (%)
27.3%
23.3%
22.5%
23.4%
29.1%
*Only Denmark
Cash flow
Operating activities
In Q2 2024, cash flow from operating
activities came to DKK 135 million, up from
DKK 65 million in Q2 2023. The development
was primarily driven by increased deliveries
in the detached segment and a relative
increase in on-account invoicing of B2B
projects as well as timing of creditor
payments between quarters.
In H1 2024, cash generated from operating
activities amounted to DKK 134 million, up
from DKK 97 million in the comparison
period.
Investing activities
In Q2 2024, cash outflow from investing
activities amounted to DKK 3 million, against
an outflow of DKK 4 million in Q2 2023.
In H1 2024, cash outflow came to DKK 4
million compared to an outflow of DKK 11
million in H1 2023, which was impacted by
higher investments in property, plant and
equipment as well as digitalisation projects.
Financing activities
Cash outflow from financing activities in Q2
2024 was DKK 11 million against an inflow
of DKK 18 million in Q2 2023, which mainly
related to a capital raise of DKK 207 million
and repayment of loans (DKK 175 million).
H1 2024 cash outflow came to DKK 17
million compared to an inflow of DKK 2
million in H1 2024.
Free cash flow
Q2 2024 free cash flow increased to DKK 133
million, up from DKK 61 million in Q2 2023,
mainly driven by operating activities.
In H1 2024 free cash flow came to DKK 130
million against DKK 87 million in H1 2023.
8
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
Balance sheet
Financing
At end of H1 2024, net interest-bearing debt
(NIBD) amounted to DKK 236 million, down
from DKK 489 million at end-H1 2023,
supported by lower working capital. The
financial leverage was 2.4x LTM EBITDA
compared to 3.3x at year-end 2023.
Equity
Equity amounted to DKK 2,093 million in H1
2024, up from DKK 2,064 million in H1 2023
due to higher retained earnings and other
reserves.
Net working capital
At end-H1 2024, net working capital
amounted to DKK 216 million, down from
DKK 461 million in the comparison period.
The development was driven by the
improved cash flow from operating activities.
Contract assets
At end-H1 2024, Net contract assets were
DKK 264 million, down from 425 end-H1
2023 due to lower sales level in H1 2023.
Dividend
Dividends were suspended in 2023 as part of
the debt refinancing agreement entered into
in Q2 2023. HusCompagniet expects to
return to making dividend payments, once
the leverage is below 2x net debt to EBITDA.
Segments
In H1 2024, the detached segment
comprised 77% of total revenue, whereas
semi-detached and Wooden houses
generated 18% and 5%, respectively. H1
2023 revenue split was 67%, 19% and 14%,
respectively.
Detached houses
Q2 2024 revenue amounted to DKK 461
million, up from DKK 412 million and
Average selling price (ASP) was DKK 2.8
million, down from DKK 2.9 million.
Deliveries totalled 160 against 142 last year,
and share of own land deliveries was 7.5%,
down from 9.2%. Sales came to 201 housing
units, up from 169 in Q2 2023.
H1 2024 revenue decreased to DKK 817
million from DKK 859 million in H1 2023 with
ASP coming to DKK 2.8 million, down from
DKK 2.9 million in H1 2023, due to changes
in market geography and product mix.
Deliveries totalled 272, down from 342 in
2023, and share of own land deliveries was
6.3%, down from 8.5% in 2023. The number
of housing units sold was 373, up from 287
in H1 2023.
In Q2 2024, gross margin was 19.9%, up
from 15.0% in 2023, and EBITDA was DKK
20 million against negative DKK 5 million in
the comparison period, which was impacted
by the beforementioned provision of DKK 15
million. In H1 2024, gross margin was
20.0%, up from 16.8% in H1 2023, and
EBITDA came to DKK 23 million against DKK
12 million in H1 2023.
In Q2 2024, EBIT amounted to DKK 11
million compared to negative DKK 13 million
in the comparison period. EBIT for H1 2024
came to DKK 5 million, up from DKK negative
4 million last year.
In July 2024, 21 houses were delivered, and
50 units were sold compared to 32 deliveries
and 40 sales in July 2023.
Semi-detached houses
In Q2 2024, revenue amounted to DKK 91
million, down from DKK 130 million in Q2
2023 and with ASP declining to DKK 1.5
million from DKK 2.1 million last year due to
the mix in deliveries. Deliveries came to 33
compared to 73 last year, due to lower sales
in previous quarters. The share of own land
deliveries was 27.3% against 23.3% in Q2
2023. Sales increased significantly to 140
units from 9.
In H1 2024, revenue came to DKK 192
million, down from DKK 247 million last year,
while ASP amounted to DKK 1.6 million,
down from DKK 1.8 million in H1 2023.
Deliveries totalled 71 units compared to 145
units last year. The share of own land
deliveries was 22.5%, down from 23.4% last
year. 228 units were sold, up from 101 units
in H1 2023.
9
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
The Q2 2024 gross margin increased to
25.9% from 23.8% in Q2 2023 despite the
lower ASP, and EBITDA was DKK 3 million,
down from DKK 14 million. In H1 2024, gross
margin was 32.5%, up from 25.8% in H1
2023, for an EBITDA of DKK 22 million, down
from DKK 30 million. Q2 2024 EBIT was DKK
2 million against DKK 13 million last year.
EBIT for H1 2024 came to DKK 19 million,
down from DKK 27 million in H1 2023.
No semi-detached housing units were
delivered in July 2024, while 32 units were
sold against no deliveries and 2 sales in July
2023.
Wooden houses
Revenue in Q2 2024 amounted to DKK 27
million compared to DKK 82 million last year
with ASP of DKK 1.1 million against DKK 1.6
million last year. Deliveries were 22, down
from 50 in Q2 2023. 27 housing units were
sold, down from 41 last year
H1 2024 revenue was DKK 54 million, down
from 175 million. ASP came to DKK 1.3
million against 1.4 million last year. 39 units
were delivered, down from 122 units in H1
2023. 39 units were sold compared to 57 in
H1 2023.
Q2 2024 gross margin was 46.4%, up from
30.6% in Q2 2023, aided by delivery of a
show house. EBITDA came to DKK 1 million,
down from DKK 7 million. H1 2024 gross
margin was 43.5%, compared to 33.9% in
H1 2023, with EBITDA of DKK 0 million,
down from DKK 15 million.
In Q2 2024, EBIT reached negative DKK 1
million against DKK 6 million last year. EBIT
for H1 2024 was negative DKK 4 million,
down from DKK 12 million in H1 2023.
In July 2024, 2 houses were delivered, and
9 units were sold in the Swedish Wooden
houses segment compared to 4 deliveries
and 2 sales in July 2023.
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Deliveries
215
167
232
213
265
344
Sales
368
272
212
194
219
226
10
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
Outlook for 2024
Based on the H1 financial performance and
expectations for the remainder of 2024, the
guidance issued on 8 March 2024 is
narrowed:
• Revenue is expected to be DKK 2.3-
2.4 billion (previously DKK 2,300-
2,600 million)
• EBITDA is expected to be DKK 90-
120 million (previously DKK 80-130
million)
• Operating profit (EBIT) is expected
to be DKK 40-70 million (previously
DKK 30-80 million)
Assumptions for the outlook
The 2024 guidance is based on no severe
disruption of supply chains emerging and on
raw material prices not significantly
exceeding current levels.
• Current expectations for 2024
deliveries are between 850 and 950
General assumptions
General assumptions comprise assumptions
relating to macro-economic conditions,
industry considerations, regulatory changes,
and customer behaviour. The Group’s
estimates assume that there will not be any
material change in the competitive or
regulatory landscape, and no other external
actions.
Forward-looking statements
This interim report includes forward-looking
statements on various matters, such as
expected earnings and future strategies and
expansion plans. Such statements are
uncertain and involve various risks, as many
factors, some of which are beyond our
control, may result in actual developments
differing considerably from the set
expectations. Such factors include but are
not limited to general economic and
business conditions, exchange rate and
interest rate fluctuations, the demand for
our services and competition in the market.
Risk factors
HusCompagniet is exposed to strategic,
operational, and financial risks, which are
described in the management review and
the 2023 Annual Report prepared in
accordance with IFRS.
11
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
Statement by Management
The Board of Directors and the Executive Board have reviewed and approved the interim condensed
consolidated financial statement of the Group for the period 1 January – 30 June 2024. The interim condensed
consolidated financial statement, which has not been audited or reviewed by the Company’s auditor, has been
prepared in accordance with IAS 34 ‘Interim Financial Reporting’, as adopted by the EU, and additional Danish
disclosure requirements for interim financial reporting of listed companies.
It is our opinion that the interim condensed consolidated financial statement gives a true and fair view of the
financial position for the Group on 30 June 2024 and the results of the Group’s operations and cash flows for the
period 1 January – 30 June 2024.
Further, in our opinion, the Management's review gives a fair view of the development in the Group's activities
and financial matters, results of operations, cash flows and financial position as well as a description of material
risks and uncertainties that the Group face.
Virum, 23 August 2024
Executive Board:
Martin Ravn-Nielsen Allan Auning-Hansen
Group CEO Group CFO
Board of Directors:
Claus V. Hemmingsen Anja B. Eriksson
Chairperson Vice chairperson
Stig Pastwa Ylva Ekborn
Ole Lund Andersen Michael Troensegaard Andersen
12
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
Interim consolidated Income Statement
DKK'000
Note
Q2 2024
Q2 2023
H1 2024
H1 2023
FY 2023
Revenue
3, 4
Cost of Sales
-451,029
-505,874
-813,424
-1,012,949
-1,864,177
Gross profit
Staff cost
-75,807
-73,912
-151,998
-144,689
-281,391
Other external expenses
-28,384
-28,520
-53,427
-64,488
-127,756
Other operating income/(expenses), net
-257
Operating profit before depreciation and amortisation
(EBITDA) before special items
Special items
-1,145
Operating profit before depreciation and amortisation
(EBITDA) after special items
Depreciation and amortisation
-12,116
-11,021
-24,327
-22,047
-46,075
Operating profit (EBIT)
Financial income
Financial expenses
-10,240
-13,538
-20,754
-23,304
-40,830
Profit before tax from continuing operations
-6,956
Tax on profit
-2,691
-2,265
-2,235
-6,437
Profit for the period from continuing operations
-747
-4,671
-1,436
Profit/(loss) after tax for the period from discontinued operations
5
-3,073
-3,075
-2,683
Profit for the period
-7,744
Profits attributable to:
DKK'000
Q2 2024
Q2 2023
H1 2024
H1 2023
FY 2023
Equity owners of the Company
-7,744
Earnings per share:
DKK
Note
Q2 2024
Q2 2023
H1 2024
H1 2023
FY 2023
Earnings per share (EPS Basic)
-0.4
Diluted earnings per share (EPS-D)
-0.4
Earnings per share (EPS Basic) continuing operations
-0.4
-0.1
Diluted earnings per share (EPS-D) continuing operations
-0.4
-0.1
Earnings per share (EPS) (DKK) from discontinued business
-0.1
-0.1
-0.1
Diluted earnings per share (EPS-D) (DKK) from discontinued
business
-0.1
-0.1
-0.1
13
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
Interim consolidated Statement of Other Comprehensive Income
DKK'000
Note
Q2 2024
Q2 2023
H1 2024
H1 2023
FY 2023
Profit for the year
-7,744
Other comprehensive income
0
0
0
0
0
Items that may be reclassified to the income statement in
subsequent periods
0
0
0
0
0
Foreign currency translation differences, subsidiary
-14,000
-8,376
-18,473
Other comprehensive income, net of tax
-14,000
-8,376
-18,473
Total comprehensive income for the year
-21,744
-1,619
-11,626
Total comprehensive income attributable to:
DKK'000
Note
Q2 2024
Q2 2023
H1 2024
H1 2023
FY 2023
Equity owners of the Company
-21,744
-1,619
-11,626
14
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
Interim consolidated Balance Sheet
DKK'000
Note
H1 2024
H1 2023
FY 2023
Assets
Non-current assets
Goodwill
9
Intangible assets
Right-of-use assets
Property, plant, and equipment
Deferred tax asset
Other receivables
Total non-current assets
Current assets
Inventories
6
Contract assets
7
Trade and other receivables
Prepayments
Cash and cash equivalents
Total current assets
Total assets
15
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
Interim consolidated Balance Sheet - continued
DKK'000
Note
H1 2024
H1 2023
FY 2023
Equity
Share capital
Retained earnings and other reserves
Total equity
Liabilities
Non-current liabilities
Borrowings
8
Lease liabilities
Provisions
Deferred tax liability
Total non-current liabilities
Current liabilities
Borrowings
8
Lease liabilities
Trade and other payables
Contract liabilities
7
Prepayments from customers
7
Provisions
Income tax payable
Other liabilities
Total current liabilities
Total liabilities
Total equity and liabilities
16
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
Interim consolidated Statement of Cash Flows
DKK'000
Note
H1 2024
H1 2023
FY 2023
Cash flow from operating activities
EBITDA, after special items
EBITDA, discontinued activities
-2,980
-317
EBITDA
Adjustments for non-cash items
-57
Adjusted EBITDA
Changes in working capital
Cash flow from operating activities before financial
items
Interest received
Interest elements of lease payments
-1,955
-2,191
-4,333
Interest paid
-18,798
-18,826
-36,497
Corporation tax paid/received
-5,935
-47,614
Net cash generated from operating activities
Cash flow from investing activities
Acquisition of assets recognised as property, plant, and equipment
-1,746
-4,756
-11,032
Sale of assets recognised as property, plant and equipment
Acquisition of assets recognised as intangible assets
-2,245
-5,764
-10,539
Net cash generated from investing activities
-3,887
-10,521
-20,136
Cash flow from financing activities
Repayment of long-term debt and mortgage
-457
-675,489
-675,948
Proceeds from loans
Repayment of lease liabilities
-10,369
-12,588
-23,736
Capital increase
Transaction costs share issue
-8,087
-8,088
Acquisition of own shares
-5,888
-7,935
-7,935
Net cash generated from financing activities
-16,714
-9.207
Total cash flows
Cash and cash equivalents on 1 January
Net foreign currency gains or losses
-1,848
Cash and cash equivalents on 30 June/31 December
Free cash flow
17
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
Interim consolidated statement of changes in equity
2024
DKK'000
Share
capital
Foreign
currency
translation
reserve
Retained
earnings
Proposed
dividend
Total
Equity on 1 January
-8,401
Profit for the
period
Other comprehensive income:
Foreign currency translation differences
-8,376
-8,376
Total other
comprehensive income
-8,376
-8,376
Transactions with owners of the
Company and other equity
transactions:
Share-based payment
Purchase of own shares
-5,888
-5,888
Total transactions with owners of the
Company and other equity transactions
-2,698
-2,698
Equity on 30 June
-16,777
18
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
Interim consolidated statement of changes in equity
2023
DKK'000
Share
capital
Foreign
currency
translation
reserve
Retained
earnings
Proposed
dividend
Total
Equity on 1 January
-10,063
Profit for the
period
Other comprehensive income:
Foreign currency translation differences
-18,473
-18,473
Total other
comprehensive income
-18,473
-18,473
Transactions with owners of the
Company and other equity
transactions:
Increase in capital
Transaction costs capital
increase
-8,087
-8,087
Share-based payment
Purchase of own shares
-7,935
-7,935
Total transactions with owners of the
Company and other equity transactions
Equity on 30 June
-28,537
Notes overview
1. Summary of significant accounting policies 20
2. Accounting estimates and judgements 20
3. Segment information 20
4. Revenue 23
5. Discontinued operations 25
6. Inventory 26
7. Contract assets 26
8. Borrowings 27
9. Impairment 27
10. Events after the balance sheet date 28
19
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
1 Accounting policies
This interim condensed financial report comprises the period 1 January – 30 June 2024.
The interim condensed financial report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and
additional Danish disclosure requirements for interim financial reporting of listed companies.
The accounting policies are unchanged from the 2023 consolidated financial statements, to which reference is made except the changes
stated below. A full description of accounting policies is provided in the 2023 consolidated financial statements.
Selected key highlights comparison figures have been adjusted and no longer reflect the alternative performance measure ‘Before special
items’. As stated in the Q1 trading statement, the composition of inventory items has been restated for FY 2023 figures.
A correction has been made to comparison figures in note 7 Contract Assets, restating the delivery obligations in FY 2023, within one year
from DKK 1,231,415 to DKK 1,372,282.
Changes to accounting policies
HusCompagniet A/S has implemented the following new or amended standards and interpretations with effect from 1 January 2024:
- Amendments to IFRS 16: Lease Liability in a Sale and Leaseback - Amendments to IAS 1: Classification of Liabilities as Current or Non-
current - Amendments to IAS 7 and IFRS 7
HusCompagniet A/S has implemented the standards and interpretations that became effective in the EU for 2024. None of these standards
or interpretations have affected recognition or measurement in 2024 or are expected to affect the Group.
2 Accounting estimates and judgements
In preparing the interim condensed financial statements, management made various judgements, estimates and assumptions concerning
future events that affected the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income, and
expenses. Actual results may differ from these estimates.
The significant estimates made by management applying the Group’s accounting policies and the associated significant estimating
uncertainties are the same for the preparation of the interim condensed financial statements as for the preparation of the consolidated
financial statements for 2023.
3 Segment information
For management purposes, the Group is organised into business units based on its products and services. The Group has three reportable
segments, as follows:
- The detached houses in Denmark segment, which comprises brick houses built on site and plots
- The semi-detached houses in Denmark segment, which comprises brick houses built on sites and plots, includes both business-to-business
and business-to-consumers.
- The Wooden houses comprises detached prefabricated houses
Executive Management is responsible for operating results of its business units separately for the purpose of making decisions about
resource allocation and performance assessment. Segment performance is evaluated based on EBITDA and is measured consistently with
operating profit (EBIT) plus amortisation and depreciation in the consolidated financial statements. The Group's depreciation, amortisations,
financing (including financial income and financial expenses) and income taxes are managed on a Group basis and are not allocated to
operating segments. Assets and Liabilities are not allocated to segments.
Transfer prices between operating segments are on an arm's length basis in a manner similar to transactions with third parties.
20
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
3 Segment information – continued
H1 2024
DKK'000
Detached
houses
Semi-
detached
houses
Wooden
houses
Total
continuing
operations
Total
discontinued
operations
Total
segments
Revenue
External customers
856,609
152,270
53,509
1,062,388
-31
1,062,357
Inter-segment
-39,523
39,523
0
0
0
0
Total revenue
817,086
191,793
53,509
1,062,388
-31
1,062,357
Income/(expenses)
Cost of goods
-691,594
-91,590
-30,240
-813,424
38
-813,386
Inter-segment
37,942
-37,942
0
0
0
0
Segment gross profit
163,433
62,261
23,269
248,964
6
248,971
Gross margin
20.0%
32.5%
43.5%
23.4%
n.a.
23.2%
Other operating
income/(expenses), net
1,397
0
0
1,397
0
1,397
Staff costs
-102,294
-38,049
-11,655
-151,998
0
-151,998
Other operating expenses
-39,172
-2,360
-11,895
-53,427
-37
-53,464
Special items
0
0
0
0
3,625
3,625
EBITDA
23,364
21,853
-281
44,935
3,594
48,530
EBITDA margin
2.9%
11.4%
n.a.
4.2%
n.a.
4.6%
Depreciation and amortisation
-18,385
-2,605
-3,337
-24,327
0
-24,327
EBIT
4,979
19,248
-3,617
20,609
3,594
24,203
EBIT margin
0.6%
10.0%
n.a.
1.9%
n.a.
2.3%
21
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
3 Segment information – Continued
H1 2023
DKK'000
Detached
houses
Semi-
detached
houses
Wooden
houses
Total continuing
operations
Total
discontinued
operations
Total
segments
Revenue
External customers
881,584
223,877
174,620
1,280,081
-275
1,279,807
Inter-segment
-22,905
22,905
0
0
0
0
Total revenue
858,680
246.782
174,620
1,280,081
-275
1,279,807
Income/(expenses)
Cost of goods
-736,525
-161,015
-115,409
-1,012,949
3
-1,012,946
Inter-segment
21,988
-21,988
0
0
0
0
Segment gross profit
144,143
63,778
59,211
267,132
-271
266,860
Gross margin
16.8%
25.8%
33.9%
20.9%
n.a.
20.9%
Other operating
income/(expenses), net
-160
-97
0
-257
0
-257
Staff costs
-97,828
-31,741
-15,119
-144,689
0
-144,689
Other operating
expenses
-34,590
-2,627
-27,271
-64,488
272
-64,216
Special items
432
205
-1,783
-1,145
-2,981
-4,126
EBITDA
11,997
29,518
15,037
56,553
-2,980
53,573
EBITDA margin
1.4%
12.0%
8.6%
4.4%
n.a.
4.2%
Depreciation and
amortisation
-16,472
-2,422
-3,152
-22,047
0
-22,046
EBIT
-4,474
27,073
11,885
34,506
-2,980
31,527
EBIT margin
n.a.
11.0%
6.8%
2.7%
n.a.
2.5%
Reconciliation of profit as per interim statement
DKK'000
2024 H1
2023 H1
Segment EBIT from continuing operations
20,609
34,506
Segment EBIT from discontinued operations
3,594
-2,980
Financial income
1,131
1,007
Financial expenses
-20,856
-23,452
Loss before tax from discontinued operations
-3,649
3,075
Profit before tax from continuing operations
829
12,156
22
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
4 Revenue
Revenue per segment and category - Contracted Sales
H1 2024
DKK'000
Detached
houses
Semi-
detached
houses
Wooden
houses
Total
continuing
operations
Total
discontinued
operations
Total segments
Sales value houses sold on
customers building sites
750,944
133,534
53,509
937,987
0
937,987
Sales value houses sold on
own building sites
27,047
58,123
0
85,170
0
85,170
Total Contracted sales
777,990
191,657
53,509
1,023,157
0
1,023,157
Revenue per segment and category - Non-contracted sales
DKK'000
Detached
houses
Semi-
detached
houses
Wooden
houses
Total
continuing
operations
Total
discontinued
operations
Total segments
Show- and project houses
33,314
0
0
33,314
0
33,314
Other revenue
0
136
0
136
-31
105
Sales of land plots
5,782
0
0
5,782
0
5,782
Total Non-contracted
sales
39,095
136
0
39,231
-31
39,200
Total Revenue
817,086
191,793
53,509
1,062,388
-31
1,062,357
23
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
4 Revenue - Continued
Revenue per segment and category - Contracted Sales
H1 2023
DKK'000
Detached
houses
Semi-
detached
houses
Wooden
houses
Total
continuing
operations
Total
discontinued
operations
Total segments
Sales value houses sold on
customers building sites
779,984
135,363
174,620
1,089,966
0
1,089,966
Sales value houses sold on
own building sites
7,843
111,346
0
119,189
0
119,189
Total Contracted sales
787,827
246,709
174,620
1,209,156
0
1,209,156
Revenue per segment and category - Non-contracted sales
DKK'000
Detached
houses
Semi-
detached
houses
Wooden
houses
Total
continuing
operations
Total
discontinued
operations
Total segments
Show houses
67,683
0
0
67,683
0
67,683
Other revenue
309
73
0
382
-275
107
Sales of land plots
2,861
0
0
2,861
0
2,861
Total Non-contracted
sales
70,853
73
0
70,925
-275
70,651
Total Revenue
885,680
246,782
174,620
1,280,081
-275
1,279,807
Revenue per continuing and discontinued operations
DKK'000
2024 H1
2023 H1
Total revenue from continuing operations
1,062,388
2,266,150
Total revenue from discontinued operations
-31
0
Total revenue
1,062,357
1,279,807
The Group is engaged in construction activities in Denmark and Sweden.
Revenue from non-contracted sales is recognised on delivery (point-in-time). Revenue from contracted sales of houses is recognised over
time as control of the house is transferred to the customer, corresponding to the costs incurred in constructing the house. Payment is
typically due at the time of final delivery of the house project; however, a small deposit is paid upon contract negotiation.
The Group receives a bank guarantee in connection with the start-up of each contract, and is entitled to payment for work performed,
including profit, during the project. Construction contracts with professional investors may also include payments on account.
Contracted sales comprise the sale of houses constructed on the customer’s land, or houses sold on own land (semi-detached includes land
plots) that are covered by a customer contract before construction is started. All contracted sales are fixed price contracts and any changes
to the cost price is carried by HusCompagniet as an adjustment to the gross profit.
24
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
4 Revenue - Continued
Conversely, non-contracted sales comprise of:
1. The sale of houses constructed on own land to which no customer contract has been entered into before construction starts.
2. The sale of detached land-plots to which no customer contract has been entered into before purchase and development of the land plots.
5 Discontinued operations
In 2019, the Group decided to close down its German activities and focus on its original core market segments. The decision was driven by
the difficulty of establishing a network of suppliers to support its business and of establishing significant brand recognition in a new large
market. Also in 2019, the Group decided to cease its Swedish brick-house business activities due to the substantial differences in the
supply and sales process in Sweden as compared to Denmark and due to Swedish customer preferences for wooden rather than brick
houses. The German and Swedish brick house activities were closed down during September 2020. The closing of the discontinued
operations is proceeding and expected to be finalised in 2024. An adjustment for provision for close down costs reflects a partial reversal of
expenses in H1 2024 compared to H1 2023. Finance costs are mainly related to currency exchange losses from intercompany loans, and tax
on profit/(loss) is related to adjustment of income double taxation in Sweden regarding the years 2015-2020.
DKK'000
H1 2024
H1 2023
Revenue
0
0
Expenses
3,594
-2,980
Operating income
3,594
-2,980
Finance costs
-197
-95
Finance income
251
0
Profit/(loss) before tax from discontinued operations
3,649
-3,075
Tax on profit/(loss)
4,545
0
Profit/(loss) after tax for the period from discontinued operations
8,193
-3,075
The net cash flows generated/(incurred) by the discontinued operations in Sweden and Germany are as follows:
DKK'000
H1 2024
H1 2023
Operating
5,248
-5,423
Investing
0
0
Financing from group entities
1,627
4,684
Net cash inflow/(outflow)
6,874
-739
25
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
6 Inventories
DKK'000
H1 2024
H1 2023
FY 2023
Raw materials
21,991
20,423
22,182
Show-houses and semi-detached houses (non-contracted)
109,350
148,119
119,196
Land
142,964
178,282
140,419
Write-down inventories
-735
-3,005
-735
Total inventories
273,571
343,820
281,062
7 Contract assets
DKK'000
H1 2024
H1 2023
FY 2023
Selling price of contract assets
495,851
565,803
345,615
Invoicing on account
-232,027
-141,052
-92,657
263,824
424,752
261,958
Calculated as follows:
Contract assets
463,548
522,408
352,932
Contract liabilities
-199,724
-97,656
-90,973
263,824
424,752
261,958
Prepayments from customers regarding construction contracts not yet started
720
9,276
2,865
Delivery obligations
H1 2024
H1 2023
FY 2023
Within one year
1,797,043
1,512,269
1,372,282
After one year
141,328
146,745
140,612
Construction contracts (assets/liabilities)
Contract assets comprise the selling price of work performed where the Group does not yet have an unconditional right to payment as the
work performed has not yet been approved by the customer.
Contract liabilities comprise agreed, unconditional payments received on account for work yet to be performed.
Payment is typically due at the time of final delivery of the house project, however a small deposit is paid upon contract negotiation. The
Group receives a bank guarantee in connection with the start-up of each contract and is entitled to payment for work performed,
including profit during the project.
Contract liabilities were largely affected by a high level of deposits from larger projects.
Delivery obligations are secured orders from customers, where HusCompagniet is required to build a house for the customer.
*Correction of delivery obligations FY 2023, within one year from 1,231,415 to 1,372,282.
Credit risk on contract assets is generally managed by regular credit rating of customers and business partners, furthermore bank deposits
or bank guarantees are obtained before the house is built. The credit risk exposure relating to dealing with private counterparties is
estimated to be limited. For B2B projects, an individual assessment of the credit risk of the customer is conducted by management.
26
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
8. Borrowings
DKK'000
Maturity
Fixed or
floating
interest
Carrying
amount
Bank loan
2027
Floating
497,413
Mortgage
2032
Floating
9,276
30 June 2024
506,689
DKK'000
Maturity
Fixed or
floating
interest
Carrying
amount
Bank loan
2026
Floating
496,738
Mortgage
2032
Floating
10,192
30 June 2023
506,930
DKK'000
Maturity
Fixed or
floating
interest
Carrying
amount
Bank loan
2026
Floating
497,075
Mortgage loan
2032
Floating
9,733
31 December 2023
506,808
The presented amounts to be repaid do not include directly related costs arising from the issuing or extension of the loans of DKK 500m,
which are amortized over the term of the loans. These directly related costs were DKK 2.5m in H1 2024 (H1 2023: DKK 3.3m).
As of 30 June 2024, HusCompagniet A/S was in compliance with the financial covenants. HusCompagniet A/S expects to remain in
compliance with the financial covenants going forward.
9 Impairment
For impairment testing, goodwill is allocated to the three CGUs (“Detached”, “Semi-detached” and “Wooden houses”), which are also the
operating and reportable segments. Among other factors, the Group considers the relationship between its market capitalization and the
carrying value of assets including goodwill, when assessing for indicators of impairment. Impairment tests are performed separately for all
three CGUs once a year or more frequently if indication of impairment exists. On H1 2024, Management has revisited the key assumptions
used for the impairment test performed at 31.12.2023 for all three CGUs and concluded that there is no indication for impairment.
Key Assumptions
The recoverable amount determined in the impairment test is based on a value-in-use calculation. To determine the value-in-use,
Management is required to estimate the present value of the future free net cash flows based on budgets and strategy for the coming five
years (“the budget period”) as well as projections for the terminal period after the budget period. A five-year period is used to reflect a full
business cycle.
Assumptions used in the estimate of the present value include the discount rate, revenue growth (estimated on basis of expected units to be
delivered and expected unit price) and EBIT-margin. Other assumptions include expected required investments, market share and growth
expectations in the terminal period.
27
HusCompagniet A/S, Agerøvej 31, 8381 Tilst, CVR: 36972963
10 Events after the balance sheet date
HusCompagniet is not aware of any other events after 30 June 2024 that potentially could have a material impact on the Group’s financial
position.