Annual report
2022
Co-creating the
homes of tomorrow
– today
Co
-
creating the
homes of tomorrow
– today
Our purpose
Letters from Management
Read letters from our Chairperson Claus V.
Hemmingsen and our CEO Martin Ravn-Nielsen.
The management has taken sharp action to address
the market downturn and has observed extra careful
financial discipline to ensure stability and enable the
company to pursue its strategic priorities.
Page 8
Updated LCA of
our standard house
In 2022, we have updated the climate calcu-
lation of our standard house with the newest
products and data to get an updated status on
the achievement of our targets
Page 35
Sustainability
Sustainability is an integral part of our
strategy, and we consistently pursue our
ambitions of operating a responsible
business, safeguarding the work environment
for our people, and playing an active part in
reducing climate change.
Page 31
Content
Management review
Overview
05 HusCompagniet at a glance
06 Performance highlights
07 Sustainability highlights
08 Letter from the Chairperson
09 Letter from the CEO
10 Consolidated key figures
Our business
12 Our markets
16 Equity story
17 Business model
18 Strategy
22 Follow-up on 2022 guidance
23 Outlook for 2023
Financial review
25 Financial review
29 Q4 figures
Sustainability
32 Our progress with sustainability in 2022
36 Climate change
46 Our People
50 Responsible business
52 Taxonomy eligibility and alignment
56 ESG disclosures and data, Nasdaq and SASB
58 TCFD Disclosures
Risk Management
62 Risk Management
Shareholder information
66 Shareholder information
Corporate Governance
68 Corporate Governance
71 Board of Directors
73 Executive Management
Financial statements
75 Consolidated financial statement
120 Parent Company financial statement
132 Statement by Management
133 Independent auditors’ report
HusCompagniet Annual report 2022
3 / 138
At a glance
HusCompagniet
a leading Nordic single-
family housebuilder
HusCompagniet is a leading provider of detached houses
in Denmark. We also facilitate semi-detached houses to
both private consumers and professional investors. From
2022, we offer prefabricated wood-framed houses to the
semi-detached segment via our newly acquired factory
in Esbjerg, HusCompagniet Production. We also have a
presence in Sweden where we produce prefabricated
wood-framed houses through our VårgårdaHus brand.
The Group operates an asset-light and flexible delivery
model with on-site building, primarily on customer-owned
land. The construction is outsourced to subcontractors,
and visibility of the order book allows a flexible cost base.
HusCompagniet has nine offices with showrooms and
more than 60 show houses throughout Denmark and
Sweden. In addition, we offer digital sales through our
online platform “HusOnline”.
2010
HusCompagniet brand
established
518
employees
9
office locations
in Denmark
and Sweden
27,500
houses built since
establishment, trailing
40 years back
Co-creating the
homes of tomorrow
– today
Our purpose Our segments
Detached
Read more
On page 13
Semi-detached
Read more
On page 14
Sweden
Read more
On page 15
HusCompagniet Annual report 2022
5 / 138
2018 2019 2020 2021 2022
307
326
346
401
348
CAGR
3%
2018 2019 2020 2021 2022
3,095
3,496
3,596
4,315
4,330
CAGR
9%
Performance
Highlights
4.3
bn
4.7/5.0
Based on more than
5,000 reviews on Trustpilot
2003
houses built in 2022
957
houses sold in 2022
348m
EBITDA before special items (DKK)
152m
Free cash flow (DKK)
8,0%
EBITDA bsi margin
Revenue
(DKKm)
EBITDA before special items
(DKKm)
Revenue (DKK)
Segment split
Revenue and EBITDA are adjusted for discontinued operations in 2017-2019. Discontinued operations comprise Germany and
the Swedish brick house activity closed in September 2020. *Semi-detached includes HC Production
80%
Detached
(2021: 81%)
12%
Semi-detached*
(2021: 12%)
8%
Sweden
(2021: 7%)
HusCompagniet Annual report 2022
6 / 138
Target reached
2021 2022
17%
5%
Read more about our sustainability
On page 32
Sustainability Highlights
scope 1 emissions through 100%
electric owned and leased vehicle
fleet by 2025
Zero
of houses ordered with renewable
energy sources by 2025
Target reached (with 45% of houses delivered
exclusively with renewable heating sources, and
55% with district heating, which on average is 70%
renewable).
60%
reduction in CO
2
emissions from
building materials through the
lifecycle of a house by 2030
compared to 2019
70%
Sustainability targets
Climate People Responsible businessAspire to impact
Our sustainable focus areas and related SDG's
Find more information about our sustainability targets
On page 33-34
Sustainability in 2022
Climate – customer
use phase
60% houses
ordered with renewable
energy sources
Diversity &
inclusion
2/6 females on
the BoD
25% females in
management
Sustainable
sourcing
Annual targets are set
Climate – own
operations
Zero scope 1 emissions
through 100% electric
owned and leased
vehicle fleet
Health &
safety
Reduce LTif
by 30%
Labour rights and
human rights
Annual targets are set
Climate –
building materials
35% reduction in
emissions from
building materials
Sustainable cities
and communities
Employee
well-being
Reduce sick leave
below 2%
Responsible
business
Annual targets are set
2025 Targets
HusCompagniet Annual report 2022
7 / 138
Letter from the Chairperson
Demonstrating a flexible
business model
The past year has been yet another extraordinary year,
with high inflation and increasing interest rates leading to
a historically low consumer confidence impacting our busi-
ness. Despite these challenges HusCompagniet’s 2022
results were the second best in the Group’s history.
The year posed a range of challenges, especially for our
employees. They have all gone an extra mile in a year with
high building activity, but we and they have also had to say
farewell to many good colleagues, as we have adapted
the organisation to a significantly lower demand for new
houses. A dedicated effort was made across the organisa-
tion, and to all our existing and former colleagues, I owe a
special thanks.
We anticipate a significantly reduced activity level in 2023,
but due to our flexible business model we have demon-
strated our ability to swiftly adjust to changes, and I am
confident that the company will come out strong following
this and be capable of continued good performance in an
adverse market.
Transformative acquisition
Climate change continues to be one of the defining
challenges of our time and the building industry has a key
responsibility to participate in the sustainable transition. To
cater for these changes HusCompagniet acquired a pre-fab
factory in Esbjerg in 2022. The factory is a transformative
acquisition which will accelerate HusCompagniet’s efforts
to reduce its carbon footprint going forward and, in addition,
it reduces the risk of sub-contractor bottlenecks. Being the
only traditional Danish housebuilder with pre-fab competen-
cies also provides us with a unique competitive advantage in
our sustainability capabilities.
HusCompagniet’s efforts to create a more transparent re-
porting on sustainability was acknowledged in 2022 as the
Group was ranked top 5 in Position Greens ESG100 report.
This acknowledgement further affirmed our ambitions to
continue our journey with sustainability as a key element in
our strategy.
Professionalising the industry
During 2022, we have continued to invest in further digitali-
sation of our value-chain. It is our clear ambition to con-
tribute to professionalising the industry with a bold digital
strategy that will transform the customer journey, using our
size and scale to leverage data and become digital front-run-
ners. We will use our digital platform to promote sustainable
design and construction covering the entire value chain.
With the best combination of design and construction, we
believe we are creating the strongest possible foundation
for long-term growth and shareholder value.
Shareholder value
In 2022 we returned approx. DKK 170m to our investors
through dividend and share buy-back. Due to the adverse
market conditions, the Board of Directors emphasises finan-
cial discipline, and will not propose any pay-out of dividend
in 2023.
Thank you!
To realise our ambitions to constantly improve our industry,
we depend on the continued support and dedication from
our colleagues. Based on their outstanding efforts this past
year, I feel optimistic that we will be able to continue this
journey, despite unprecedented market conditions. Also, I
would like to express my thanks to our customers for their
trust in us, our suppliers and subcontractors for their cooper-
ation and our shareholders for their continued support.
Claus V. Hemmingsen
Chairperson of the Board
HusCompagniet Annual report 2022
8 / 138
Letter from the CEO
Strong financial
performance in
a weak market
During my +25-years tenure in the housebuilding indus-
try, 2022 will stand out as one of the most extraordinary.
Instant surcharges and high inflation combined with a rapid
negative shift in market conditions has not been seen for
decades. Despite these challenges, I am satisfied with the
financial results achieved in 2022, which is unrivalled to
the rest of our industry, and proves the robustness of our
business model.
A new normal
All three segments experienced negative sales growth in
2022 as market conditions shifted, which drove the need
to adapt the organisation to lower sales and lower building
activity in 2023. This was an unusual situation for HusCom-
pagniet as the company has consistently grown more than
10% annually from 2007 to 2021. Despite the set-back in the
market, we have demonstrated one of the key strengths of
our business model, which is our ability to swiftly adapt the
business to the new market conditions. As these market
conditions might be the new normal for a while, we will
cautiously monitor the markets and ensure we are ready to
quickly scale-up again when market growth returns, while
preserving value for shareholders.
Focus on customers
Despite all challenges and market constraints, we managed
to maintain an industry-high customer satisfaction score
of 4.7 out of 5.0 on Trustpilot. We have received more than
5000 5-star ratings on Trustpilot, which is a record-high
number for HusCompagniet. Our relationships with our
customers are built on trust, and meeting our customers’
expectations is of utmost importance. In uncertain markets
it becomes even more important for customers that their
preferred housebuilder is a safe haven. It is therefore of stra-
tegic importance that we maintain our position as the most
trustworthy and financially-robust housebuilder.
Lean-in on the sustainability agenda
As a market leader we want to lean-in on the sustainability
agenda, as our industry has a huge responsibility to reduce
its carbon footprint. We have taken several actions during
the past year to set the agenda for the industry. Towards
our customers, as of the end of 2021, we no longer offer
new homes with heating source based on fossil fuels, and
we introduced a sustainability package which our custom-
ers embraced. To further improve our competitiveness, we
acquired an automated factory enabling us to offer pre-fab
houses with wooden-frames. We believe the demand for
these houses will increase significantly over the coming
years, and our ability to produce these pre-fab houses will
also contribute to reducing our carbon footprint.
We will continue this journey and constantly ensure that we
have the right competencies to enable us to offer the cus-
tomers unique sustainable solutions.
Outlook
Due to the lower sales volumes in 2022, we expect a signif-
icant decrease in building activity in 2023. We expect that
the challenges in the supply chain will fade out at the begin-
ning of 2023 while price inflation will persist. The increased
geopolitical uncertainty in Europe has further reduced
visibility for 2023, yet we are confident that our continued
strategic initiatives and timely adjustments will drive long-
term performance in all our business segments.
Tremendous effort from our colleagues
I am proud to have the amazing support of all of our col-
leagues throughout the organisation including the new join-
ers in HusCompagniet Production. I wish to express thanks
and appreciation to all for their remarkable efforts this past
year. I am confident that they will continue to drive our
business with our customers at heart and a clear ambition of
reaching our strategic targets in the years to come.
Martin Ravn-Nielsen
Chief Executive Officer
HusCompagniet Annual report 2022
9 / 138
Consolidated key figures
DKKm 2022 2021 2020 2019 2018
Income statement
Revenue 4,330 4,315 3,598 3,496 3,095
Gross profit 837 875 756 716 671
Operating profit before depreciation and amortisation
(EBITDA) before special items* 348 401 346 326 307
Special items -32 0 -79 -17 -40
Operating profit before depreciation and amortisation
(EBITDA) after special items* 316 401 268 309 267
Operating profit (EBIT) before special items* 300 355 299 288 290
Operating profit (EBIT)* 268 355 220 271 250
Financial, net -27 -20 -45 -51 -42
Profit for the year (continued operations) 190 265 159 168 153
Profit for the year (discontinued operations)***** -20 0 -66 -168 -63
Profit for the year 170 265 92 0 90
Balance sheet
Total assets 3,572 3,578 3,408 4,528 4,124
Contract assets, net 626 725 445 676 591
Net working capital 511 517 433 412 374
Net interest bearing debt (NIBD) 768 713 697 832 807
Equity 1,881 1,885 1,857 1,777 1,777
Cash flow
Cash flow from operating activities 268 258 141 134 175
Cash flow from investing activities -117 -22 -31 -43 -38
- Hereof from investment in property, plant
and equipment -22 -11 -20 -15 -44
Cash flow from financing activities -192 -261 -152 -115 -93
Free cash flow 152 237 110 91 137
***** 2022 loss is mainly due to currency loss related to intercompany loan
DKKm 2022 2021 2020 2019 2018
Key figures
Revenue growth 0.3% 19.9% 2.9% 13,0% 9.9%
Gross margin** 19.3% 20.3% 21.0% 20.5% 21.7%
EBITDA margin before special items** 8.0% 9.3% 9.6% 9.3% 9.9%
EBITDA margin after special items** 7.3% 9.3% 7.4% 8.8% 8.6%
EBIT margin** 6.2% 8.2% 6.1% 7.7% 8.1%
Earnings Per Share (EPS Basic), DKK *** 9.4 13.7 8.0 8.0 5.0
Diluted earnings per share (EPS-D) (DKK)*** 9.4 13.7 8.0 8.0 5.0
Dividend per share, DKK 0 7.35 3.0 n.a. n.a.
Share price end of year 41.0 118.4 125.0 n.a. n.a.
Market value (bn) 0.7 2.4 2.5 n.a. n.a.
ROIC 9.8% 13.2% 8.4% n.a. n.a.
ROIC (Adjusted for goodwill) 37.1% 53.4% 37.1% n.a. n.a.
NIBD/EBITDA before special items ratio 2.2 1.8 2.0 2.5 2.6
Average number of employees**** 518 455 452 436 504
ESG key figures
CO
2
-e/m
2
delivered (Scope 1+2) - market-based 23 18 20 21 n.a.
CO
2
-e/m
2
delivered (Scope 1+2) - location-based 9 8 10 13 n.a.
Direct CO
2
-e emissions (Scope 1) 761 772 776 878 n.a.
LTIf 11.6 9.3 11.4 12 n.a.
Sick leave 1.9% 3.5% 2.8% 2.2% n.a.
Percentage female managers 40% 21% 20% 20% n.a.
Number of female board members 2/6 2/6 2/6 1/6 n.a.
Revenue and EBITDA are adjusted for discontinued operations in 2018-2019. Discontinued operations comprise Germany and the Swedish brick
house activity closed down in September 2020.
Net working capital comparable figures (2019-2020) are adjusted due to change of method.
* Operating profit before depreciation and amortisation (EBITDA) before special items and Operating profit (EBIT) before special items
respectively are used as alternative performance measures to reflect a more true and comparable view of the Groups ordinary operations.
** Margins for continued operations
*** Earnings per share, basic and diluted are calculated in accordance with IAS 33. Other key figures are calculated in accordance with the
key definitions in Section 6.9
The key figures for the years 2018 have not been adjusted following the implementation of IFRS 16 at 1 January 2019.
**** 2019 numbers exclude discontinued operations which amounts to 47 average full-time employees
HusCompagniet Annual report 2022
10 / 138
957
units
Our markets
HusCompagniet is present in Denmark and Sweden, where
we facilitate the construction of detached and semi-detached
houses for private costumers and professional investors.
HusCompagniet's core market, new-build detached houses
in Denmark, is the most stable segment of the homebuilding
market with average annual completions of approx. 6,000
houses over the last 40 years. Semi-detached and Sweden
each have similar market sizes, where the semi-detached
segment has higher volatility.
Besides building on new land, the detached market in Den-
mark presents an additional opportunity in demolition. The
current number of new-build detached houses in Denmark is
well below the building boom in the 1960s and 1970s, during
which more than 400,000 single-family detached houses
were built. This huge stock of time-worn houses represents
a growth opportunity due to favourable economics in tearing
down an old house and replacing it with a new-build low-en-
ergy house instead of renovating the old house. Around 29%
of HusCompagniet houses sold in 2022 will replace an older
house.
General market developments in 2022
Significant price inflation on certain materials impacted both
the Danish and the Swedish markets in 2022, and price infla-
tion as well as scarcity in supply of subcontractors affected
the markets. Also, energy prices increased significantly
during 2022 due to the European energy crisis. High energy
costs are expected to continue to affect the market in 2023.
The high building activity for both new-builds and renovation
caused bottlenecks, which especially affected the markets in
Q1. Given a decrease in market size in terms of permits, the
building activity is expected to be at a lower level in 2023.
The increase in the interest rates during 2022 caused signif-
icant uncertainties among the consumers. Many consumers
postponed buying a new house. In addition. the higher cost
of capital resulted in fewer people who could buy a new
house.
29%
of houses sold in 2022
will replace an older
house
Units sold in 2022
Segment split
78%
Detached
(2021: 67%)
14%
Semi-detached
(2021: 16%)
8%
Sweden
(2021: 17%)
HusCompagniet Annual report 2022
12 / 138
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
0
2,000
4,000
6,000
8,000
10,000
12,000
Denmark
– detached
In the Danish market for detached houses, HusCompagniet has
been market leader since 2011 and today holds an estimated
market share of between 20 and 25%. The four largest
competitors together hold a market share of around 30-35%,
while the rest of the market is composed of smaller to mid-sized
competitors. Market shares are subject to a higher uncertainty
due to market turmoil. Since 2007, HusCompagniet has taken
a leading role in consolidating the originally highly fragmented
market. HusCompagniet aims to maintain its market share while
improving profitability.
Completions - Total detached, Denmark
Market and business development
In 2022, market size in terms of completions was 7,408 units
and grew by 19% compared to 2021. In terms of building per-
mits awarded, market size amounted to 5,523 and declined
by -33% compared to 2021.
In H2 2022 the number of permits was 2,207, down from
4,035 in H2 2021 equivalent to a 45% decline. In Q4 2022
the number of permits was 1,045, down from 2,083 in Q4
2021 equivalent to a 50% decline.
Permits is an indicator of the market acitivity. It is our view
that permits describe the market activity with a delay in the
range of 3-6 months from time of sale.
In times like these with high volatility it is not possible to
measure market shares accurately - these can be measured
over time. We believe our market share is in the range of
20-25%.
In 2022, the Danish detached market was characterised by
reduced demand in the first six months of the year compared to
2021. Following the beginning of the war in Ukraine, the subse-
quent energy crisis, and the increasing inflation and interest rates,
HusCompagniet experienced a stagnation in sales rate. The
combination of market factors has caused an increased amount
of uncertainty and indecisiveness among customers. The effect
was seen in both activity and prices in the real estate market for
existing houses as well as new builds and we expect an overall
lower activity level in 2023. As inflation in 2022 was on a high
level, HusCompagniet has increased the prices throughout the
year and do not expect to reduce prices in 2023. HusCompagniet
managed to maintain the high standards of timely deliveries
and delivered 98% of all houses as agreed with the costumers.
HusCompagniet Annual report 2022
13 / 138
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Market and business development
Market size (completions) amounted to 7,482 units in 2022
and grew 1 % year-on-year. The semi-detached market has
had an average completion rate of approx. 6,000 a year the
last 40 years. The market value is half the size of Detached.
We have been delivering semi-detached houses for private
customers over the past 10 years. To further grow our
position in this market, we are focusing on developing the
business-to-business (B2B) segment by offering building and
delivery of semi-detached houses to professional investors,
who then lease or sell the houses to end users. Average
delivery time in the semi-detached segment from sale to
delivery is up to 1.5 year.
The Semi-detached market in Denmark is large and highly
fragmented, characterised by many small multi-regional
construction companies and local builders. The market
characteristics are quite similar to the characteristics of the
detached market back in 2006, a highly fragmented market.
HusCompagniet is aiming at being at the forefront of an organic
(non-acquisitive) consolidation concentrating and participating in
the industry of the Danish semi-detached market as well, and in
2022 our market share (completions) grew from 2.5% to 4.0%.
Completions - Total Semi-detached, Denmark
Denmark
– semi-detached
We offer the professional investors a highly standardised
building process for multiple houses and have built a central-
ised project team securing an integrated offering. We offer
an attractive pricing model, which benefits from our existing
supply chain, scale, and competences. In 2021, we achieved
a DGNB certification, which is further strengthening our
business proposal. In July 2022, we acquired Danhaus’
factory in Esbjerg which we will use to manufacture wood el-
ements for the B2B business, HusOnline and roof cassettes
to our detached business. This acquisition makes us less
dependant on subcontractors and enables the business to
become even more scalable.
HusCompagniet Annual report 2022
14 / 138
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20222020 2021
The Swedish market for new-builds has been growing over the
past couple of years and is characterised by a high degree of
fragmentation with only a few large players and around 70% of
the market composed by smaller and mid-sized construction
companies. HusCompagniet’s Swedish subsidiary, VårgardaHus,
increased its deliveries from 214 in 2021 to 259 in 2022.
Market and business development
In terms of permits, the Swedish market declined by 41% for
detached houses to 3,620 units in 2022 from 6,047 units in
2021.
The new-build market activity in 2022 was at a level similar
to 2021 due to a long orderbook from 2021, but the increas-
ing interest rates and material prices caused a slowdown in
new demand.
We expect the demand to continue at a lower level in 2023.
In order to match the reduced demand the production will
run mainly on the upgraded and more efficient part of the
pre-fab production line.
Permits, Total detached, Sweden
During 2022, we upgraded part of our pre-fab production
line with automaisation and new ways of working, thereby
increasing the factory capacity with up to 40%.
Our pre-fabricated houses made primarily of wooden frames
and wooden facades are sold via our agent sales network.
Our network comprise of external agents and the relations
have been build up over the years. We aim to continue to
expand our agent network.
The gross order backlog was DKK 215 million by the end of
2022.
Sweden
HusCompagniet Annual report 2022
15 / 138
Flexible business model through cycles
• Asset-light structure with outsourced
construction and scale benefits from
strong relations with suppliers
• High visibility in order book and ability
to adapt capacity and costs to market
fluctuations
• Limited financial risk with payment
guarantee at the time of order
Proof of execution
• Danish market leader since 2010 in
detached houses
• Clear benefits from scale and flexible
business model
• Growing market shares and leading
the consolidation of the Danish
detached market
• Proven progress in targeting Danish
semi-detached and Swedish markets
– both highly fragmented markets
with attractive growth opportunities
Sustainability
• Driving the sustainability agenda as
market leader
• Facilitating house construction
of the future with focus on more
sustainable housing
• Ongoing initiatives throughout the
portfolio to avoid emissions and
promote sustainable choices
• Creating a positive impact for both
our company, our customers, and
society
Market drivers
Strong structural trends in demographics. Strong growth potential in Danish semi-detached market.
Opportunities for harvesting synergies between existing core business and prefab.
Equity story
Driving profitable business and promoting
sustainability whilst benefiting from scale to
innovate and disrupt the industry
Digital ambitions
• From analogue to digital platform
• Professionalising the industry
through digitalisation and
automation of all elements in the
building process across segments
• Best-in-class sales process
• Improved customer experience
with overview and safety from
order to delivery
• Low-complexity projects
• Automation of factories ensuring
efficiency and reduced costs
• After-sales services to retain
customers
• Cross-function best-practice
across segments
HusCompagniet Annual report 2022
16 / 138
On-time deliveries
We aim to deliver 98%
of detached and semi-
detached houses for
private and commercial
customers on time,
approx. 80% on third-
party land
Design & construction
Customised solutions let
customers built their dream
home
We outsource construction
to trusted partners for an
asset light, flexible and risk
mitigated delivery model
Sales
Customer-centric
concept, a one-stop
shop with early and
extensive interaction
Our business
Driving performance
throughout the value chain
Resources
People
Our diverse workforce and industry
experience are at the core of our
business
Natural resources
HusCompagniet houses are built from
raw materials, such as timber, aircrete,
concrete, brick, steel and glass
Partners
We rely on strong, long-term relations
with our material suppliers and
subcontractors
Innovation
Digital and sustainable innovation
Our brand
Our private and B2B customers know
us as a trusted brand in the industry
Financial capital
We finance investments through
cash flow from operations and credit
facilities. Financial strength to offer
customers bank-guarenteed payment
at delivery
Value created
Customer value
• 2,003 houses delivered, providing
quality houses at competitive prices
• Customer satisfaction score of 4.7 out
of 5.0, being highest in the industry
Sustainable products
• Gas no longer offered as energy
source from 1 January 2022
• Energy efficient, comfortable houses
Planet
• 23 kg CO
2
e/m
2
delivered (Scope 1 &
2, market-based) in 2022.
• Emissions from the production of
building materials for standard house
reduced by 12% compared to 2019
(e/m
2
/year)
Safety and well-being at work
• LTIf 11,6 - down 4% from 12 in 2019
• LTIf down 35% for own employees
since 2019
• eNPS engagement score of +30
Shareholder value
• DKK 400m returned to shareholders
since listing in 2020
• 4.3 DKKbn in revenue
HusCompagniet co-creates houses
with our customers and facilitates the
construction, primarily on customers’ land,
through outsourced subcontractors
Business model
HusCompagniet Annual report 2022
17 / 138
Strategy
Our Vision: HusCompagniet wants to lead the market
evolution and set the standard for sustainable construction
practices – changing the way people think of sustainable
homes and living
The vision of HusCompagniet is to lead the market evolution
and set the standard for sustainable construction practices
– changing the way people think of sustainable homes and
living. We wish to drive the agenda, not just follow it, and we
need our stakeholders to participate. In 2021, we defined a
corporate purpose that looks beyond our bottom line and
calls for other stakeholders in the market to join us in promot-
ing more sustainable behaviour and drive the green transition
of house construction. Sustainable development is develop-
ment that meets the needs of the present without compromis-
ing the ability of future generations to meet their own needs.
Our purpose unifies us in a joint direction, attracts talent and
loyal customers, and drives innovation and new thinking in
our industry. In short, a purpose that lifts our business strat-
egy and strengthens our role in society, so we are not just
proud of the homes we build, but also how we build them.
Our purpose is guiding both our long-term objectives and
short-term actions and decisions and allows us to co-create
the homes of tomorrow – today.
Roadmap to growth and value creation
We have built our current position through dedicated customer
focus, continuous innovation, and a key focus on custom-
er-centric, professional end-to-end solutions. We co-create
houses with our customers and are responsible for the
construction, primarily on customers’ own land and through
outsourced subcontractors. The customer-centric concept and
low-risk delivery model make our business model flexible and
adaptable to market cycles.
In our efforts to lead the future of house building, we believe
that digitalisation and sustainability are fundamental to raise
industry standards and drive continuous growth in all our
business segments. At the very core lies the digital platform
and competences.
Our purpose
Co-creating the homes of
tomorrow – today
4,7/5
Trustpilot score in 2022
HusCompagniet Annual report 2022
18 / 138
Update on business segments
Detached
The detached market in Denmark is our core market and
main business segment, where we aim to maintain our clear
leadership position and with focus on continued margin
improvement.
Due to the current market situation, we have downscaled our
business to eight offices and ten show parks in Denmark. We
continue to have a country-wide coverage and maintaining a
local presence. In addition to our physical presence, we also
engage with our customers using a broad range of virtual tools.
Our continued development in the Danish detached market
will be driven by a continued effort to provide a leading
customer experience throughout the phase of building the
houses as well as after handing over the keys to our custom-
ers. We benefit from our scale which makes it possible for us
to source in high volumes, and our brand is widely recog-
nised for high quality and customer service.
Our flexible business model demonstrates that we can adapt
to changes in the supply and demand structure and to safe-
guard continuous competitive offerings to our customers.
The increased focus on margins of houses sold and the
use of technology to improve and standardise vital internal
processes, enhanced process efficiencies and reduced
mistakes will drive margin improvements.
Our strategic targets for the detached market in Denmark
are to grow in line with the market growth while building
closer customer relationships and improving our margins
through further digitalisation.
Our strategy is targeted at three business segments and two key focus areas:
Our focus areas Our strategic targets Update on progress in 2022 Focus in 2023
Business segments
Detached Maintaining clear leadership position and continuous-
ly improve margins in the Danish detached market
through leading customer experience.
Growth in line with market growth, while building closer
customer relationships.
Successful downscale of business driven by chal-
lenging market development demonstrates flexible
business model. Margins and income maintained
at satisfactory levels.
Continued efforts to improve customer experience
and offerings.
Continue to scale the business according to
the market development and maintain margin
and income at a satisfactory level.
Further optimise processes with a focus to
draw more leverage from our scale.
Strengthening the order book.
Semi-detached Establishing footprint in the Danish business-to-busi-
ness market for semi-detached through standardised
solutions and economies of scale.
Aim to increase the market share of the semi-detached
business.
Acquisition of Danhaus factory adds new capa-
bilities to manufacturing of wooden elements for
construction.
Continued focus on adding new subcontractors for
higher volumes.
Enter new strategic partnerships by leverag-
ing new capabilities within wooden elements.
Strengthening the order book.
Sweden Growing the Swedish business though augmented
product offerings and optimisation of agent network.
Aim to increase market share through consolidation –
both organically and through potential acquisitions.
Upgrade and automation of one Swedish produc-
tion line through robotics which increases capacity
by up to 40%.
Continued focus on expanding agent network.
Adapt product offering to new market
conditions.
Strengthening the order book.
Key focus areas
Digitalisation and
customer journey
Continuous improvement of the customer journey
through digitalisation to sustain a scalable platform.
Leveraging data and becoming digital front-runners
through personalised products and new services.
Launch of customer platform, “MitHus”, where cus-
tomers can get an overview of their documents,
photos and building process at any time through
purchasing journey.
Foundation for new customer relationships man-
agement system prepared for launch in 2023.
Continued focus on building digital platform to
further drive sales.
Continue to develop and digitalise internal
and external tools to support our customer
journey.
Continuously upgrade IT architecture to
become more agile and increase the devel-
opment pace.
Sustainability
and design
Leading the market evolution and setting the standards
for sustainable house building and living.
Integrating sustainability throughout the value chain,
from selection of building materials, making sustainable
options available to customers, and through the use
phase of the houses after handover and through to final
demolition.
Gas heating no longer offered as heating option.
2025 target of 60% houses sold with renewable
energy as heating source reached.
Continued efforts to transform car fleet to EV.
Increasing transparency on environmental
impact and conduct detailed LCA reports on
all constructions.
Develop new façade options and optimise
use of materials to further reduce CO
2
emis-
sion together with subcontractors.
HusCompagniet Annual report 2022
19 / 138
Semi-detached B2B in Denmark
Our semi-detached business-to-business segment in
Denmark focuses on the building and deliveries of semi-de-
tached houses to professional investors, who then lease
or sell the houses to end-users. Competition in the Danish
market is highly fragmented, with many small multi-regional
construction companies and local builders engaged.
With our size, profitability and focused offering, HusCom-
pagniet has a competitive advantage in entering the busi-
ness-to-business market for semi-detached housing.
Professional investors typically entail larger projects than
private investors. We use our highly standardised building
process “Ready to build” product for multiple houses and
have built a centralised project team securing a one-stop-
shop offering. The offering entails an attractive pricing mod-
el, and HusCompagniet builds mostly on customer-owned
land, coupled with strategic use of own land plots.
With the addition of the factory in Esbjerg acquired in July
2022, we add a new dimension to our delivery model by
manufacturing wooden elements for construction. We
continue to utilise the existing network of suppliers and
adding additional subcontractors for the higher volumes. In
combination with being built in blocks of multiple units, this
provides a very efficient building process with digital tools.
Our sustainable endeavours are also embedded in our
business-to-business offerings, and we are able to provide
DGNB-certified projects for our customers. DGNB certifica-
tion is based on three central sustainability areas of ecology,
economy and sociocultural issues, and HusCompagniet
closed the first DGNB agreement in November 2021. In
2022, construction started on this first project, and several
more are in pipeline.
Our strategic targets are to increase the market share of the
semi-detached business.
Swedish market segment
In our Swedish business, our value proposition is adapted to
strong local preferences. Our 43 house models are based on
a standardised pre-fab concept. The core features include
value for money, responsive customer service and a strong
local sales agent structure. We aim to grow the Swedish
business through augmented product offerings and optimi-
sation of the agent network.
Sales focus is on three densely populated hub regions in a
market characterised by a high degree of fragmentation. The
headquarters and pre-fab production facility is located in
Vårgårda. In 2022, a key strategic upgrade and automation
of one of the pre-fab production lines through robotics was
completed, which increases capacity by up to 40% enabling
Vårgårda to absorb increased demand.
Our strategic ambition is to increase market share through
consolidation of the market.
We have laid the digital foundation
Our newly launched customer platform, which integrates
customer relationship management and document case
management system, provides our customers with a strong
overview of their building project. The system collects all
relevant documents onto a single platform, provides a dy-
namic overview of the projects from first meeting to delivery,
and enables the customer to see pictures of their ongoing
construction. The system provides a strong foundation for
continuous development to support the customer journey
through digital tools.
“To be able to sit at home and design the house has made
the process much more pleasant. I could go through all
the options in my own time and in the end design the
house of my dreams. I am very satisfied with the result
and now I am just excited for the house to be finished so
I can move in.”
Brian Lindskov Andersen, HusOnline customer
Grejs, 7100 Vejle, Denmark
Vårgårdahus
HusCompagniet operates in Sweden through
VårgårdaHus, specialised in the production of
prefabricated single-family wood-framed houses.
The Vårgårda Fritidshus brand offers wood-framed
vacation houses and the HusCompagniet brand
is offered on wooden frame with facade options
of wood, plaster or bricks maintaining the Danish
brand expression. The houses are developed and
produced at our factory in Vårgårda.
HusCompagniet Annual report 2022
20 / 138
In 2022 we have created the foundation for a new customer
relationship management system and expect the imple-
mentation to be finalised in 2023. With the new customer
relationship management system, all major IT systems are
upgraded to modern systems that allow HusCompagniet
to develop and integrate new digital tools at a higher pace,
supporting our digital vision.
Digitalisation and customer journey
Our digital vision is to transform the customer journey and
make HusCompagniet’s platform scalable. We will use our
size and scale to leverage data and become digital front-run-
ners and we will offer personalised products and new
services to our customers through digital and partnership
channels that fit our customer's needs at the right time. We
will also use our digital platform to promote sustainable de-
sign and construction, and we will build a scalable platform
that covers the entire value chain and business segments to
ensure that we can maintain our growth ambitions.
In the order-to-delivery process, our services are based on a
best-in-class construction planning and management system
combined with a safety incident and inspection system.
A key strategic focus area is to drive further sales in the
customer use phase after delivery. We currently have a lim-
ited selection of partnerships and services to offer, but our
ambition is to build a strong partnership offering through a
digital platform to provide a broad range of support services
for our customers, including among others a maintenance
subscription programme.
We offer a 100% digital solution through our "MitHus", where
our customers can access the tool or platform in their own
time without having to depend on an available sales force
or opening houses. The offering is an important part of the
transition towards implementing many digital applications
along the house purchasing journey.
Sustainability and design
Sustainability is embedded in our operating framework as an
integral part of the strategic agenda, making it a systematic
focus throughout our business.
It is our vision to lead the market evolution and set the stand-
ard for sustainable house building. We have intensified our
efforts to integrate sustainability throughout the value chain,
from selecting building materials and making sustainable op-
tions available to customers, to dedicated sustainable house
product offerings, and through the use phase of the houses
after handover to the customers.
One of the critical elements in the lifecycle of the house is
heating. The choice of energy sources impacts emissions,
and we have set a target aiming for 60% of our houses sold
to be delivered with renewable energy sources by 2025. In
2022, 55% of our houses in Denmark had district heating
as heating source, which on average is 70% renewable. We
welcome this transition as an alternative to gas, which Hus-
Compagniet has not offered since 1 January 2022. Remain-
ing customers (45%) have chosen either geothermal or heat
pumps as heating source and independent of other heating
sources. In addition, 17% of our customers have chosen solar
panels which will ensure partially self-sufficient production
of electricity for heating and electricity use. We therefore
consider our 2025 target as being reached.
In Denmark, oil has not been allowed as energy source
for new-builds since 2013, and we stopped offering oil as
energy source prior to that. With gas now phased out, fossil
energy heating sources are therefore no longer part of our
offering and we continue to advise customers on renewable
energy sources.
Our 2030 target is to achieve a 70% reduction in lifecycle
CO
2
emissions. One way of reaching that has been the
launch of our Climate-Improved house, which is designed
to emit significantly fewer emissions than our Functionalism
House from where the architecture originates. The house
emits around 30% less CO
2
from building materials, and
around 26% less CO
2
throughout the entire lifecycle.
In 2023 we will continue our development of new options for
outdoor facades and walls as well as optimised use of con-
crete in foundations and terrain decks with a view to further
reducing CO
2
emissions, in close dialogue and co-operation
with our suppliers.
In our own operations we are aiming at reaching zero emis-
sions through a 100 % electric vehicle fleet in 2025, but we
have come to the realisation that it will not be possible to
reach this in 2025 for larger vans for construction managers,
as electric vans currently do not have the necessary range.
Furthermore, for the remaining part of our vehicle fleet, the
transition is slower than planned.
HusCompagniet Annual report 2022
21 / 138
Follow up on 2022 guidance
Outlook for 2022
Initial financial outlook for 2022 issued
at 5 November 2021.
Downgrade in April 2022
On the 28 April 2022, we downgraded
the full-year 2022 guidance due to
instant surcharges.
Outlook adjustment in August 2022
On the 18 August 2022, we adjusted
the full-year 2022 guidance due
to lower than expected sales for
2022 and delayed effects in price
adjustments.
2022 results
Realised 2022 figures came within
guidance.
*The financial ratio was updated the 22 April along with the announcement of the acquisition of the Factory in Esbjerg.
EBITDA before special items
348
m(DKK)
Operating profit (EBIT)
268
m(DKK)
Revenue
4,350 - 4,650
m(DKK)
Revenue
4,250 - 4,550
m(DKK)
Revenue
4,100 - 4,400
m(DKK)
EBITDA before special items
420 - 450
m(DKK)
Operating profit (EBIT)
320 - 360
m(DKK)
Operating profit (EBIT)
265 - 290
m(DKK)
Operating profit (EBIT)
370 - 400
m(DKK)
EBITDA before special items
370 - 410
m(DKK)
EBITDA before special items
340 - 360
m(DKK)
Revenue
4,330
m(DKK)
Financial gearing
2.2x
Net debt to EBITDA bsi (LTM)
Financial leverage
Expected leverage ratio below
2.0x net debt to last twelve months
EBITDA before special items (bsi) at
the end of 2022.
Financial leverage
Expected leverage ratio below
2.25x net debt to last twelve months
EBITDA before special items (bsi) at
the end of 2022.*
Financial leverage
Expected leverage around 2.0x net
debt to last twelve months EBITDA
before special items (bsi) at the end
of 2022.
HusCompagniet Annual report 2022
22 / 138
Detached
For the Danish detached
business our target is to pursue
continued growth in line with
the detached market segment
whilst pursuing strong margins
Outlook for 2023
HusCompagniet introduces full-year 2023 guidance:
Revenue
2,200 - 2,500
m(DKK)
Operating profit (EBIT)
25 - 75
m(DKK)
EBITDA before special items
75 - 125
m(DKK)
Assumptions for the 2023 outlook
The outlook comprises a wider guidance range and less
quantified assumptions than previous years outlook due to
unusual market uncertainties driven by geopolitical situation
combined with high inflation and higher interest rates. The
potential impact from these factors are elements adversely
affecting HusCompagniet and during 2022 we have expe-
rienced some of the consequences resulting in a significant
decrease in sales and unprecedented price increases on ma-
terials – hence our usual strong financial visibility is currently
significantly reduced.
The 2023 guidance is based on no severe disruption of
supply chains emerging and on raw material prices not sig-
nificantly exceeding current levels and that the market will
slowly pick-up during 2023.
Medium-term
targets
For our three segments
we have the following
medium-term targets:
Forward-looking statements
This annual 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 devel
-
opments differing considerably from the expectations set
out in the 2022 Annual Report. 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.
Semi-Detached
We aim to increase the market
share of the semi-detached
business.
Wooden-houses
For the Swedish business our tar-
get is to drive profitable growth in
the business and increase market
share by means of organic growth
and potential acquisitions.
• Current expectations for 2023 deliveries are between
900 and 1,100 houses.
• Revenue from the semi-detached segment is assumed to
be between DKK 350-450 million.
• Special items between DKK 5-10 million related to reor-
ganisation in all segments and management changes in
Sweden.
• Dividends are proposed to be suspended in 2023 and
thus no distribution to shareholders in 2023. HusCom-
pagniet expects to return to making dividend payments,
once the leverage is back within the long-term target.
HusCompagniet has initiated a review of the appropriate
capital structure going forward.
HusCompagniet Annual report 2022
23 / 138
Financial review
For the first time in the Group’s history,
HusCompagniet delivered more than 2,000 houses
within a financial year with 2,003 houses delivered
in 2022. This drove revenue of DKK 4,330 million
resulting in a flat growth between 2021 and 2022.
The organic growth was -1% as the acquisition of the
factory in Esbjerg contributed with revenue of DKK
45 million in 2022.
HusCompagniet achieved the second-best earnings in the
Group’s history resulting in an EBITDA bsi of DKK 348 million.
Special items amounted to DKK 32 million due a reorganisa-
tion and acquisition costs resulting in an EBITDA of DKK 316
million. However, this year will most of all be remembered for
unprecedented market conditions due to an energy crisis and
high inflation driving instant surcharges on energy consuming
materials and a historically low consumer confidence driving a
60% decline in sales with 957 houses sold. The decline in sales
impacted all three segments.
To protect the business against price inflation, HusCompagniet
made several price adjustments during the year. Part of the price
increases have driven the margin increase in Q3 and Q4. End of
Q4 we have seen scarcity of subcontractors unwind.
To adapt to the lower sales, HusCompagniet has utilized its flex-
ible business model and completed four collective layoff rounds
during the year releasing +150 employees, thus reducing overall
SG&A costs significantly.
The building process
All of our houses are built by subcon-
tractors, and to ensure our suppliers and
subcontractors meet the high quality we
demand, the construction phase is man-
aged carefully by our very experienced
construction managers. We are highly se-
lective in our choice of suppliers in order
to ensure the highest quality.
As we carefully embrace responsibility for
the health and safety of our employees,
we are also strongly focused on the health
and safety of our subcontractors working
at our building sites. We have a Code
of Conduct that sets out our standards
for safety and working conditions at the
building sites, which all subcontractors are
required to sign. Increased use of digital
solutions is optimising the building pro-
cess and leads to improved efficiency. Our
average building time for a single family
house is among the shortest in the market.
HusCompagniet controls all stages of the
building process and a house normally
takes 17-21 weeks to build.
HusCompagniet Annual report 2022
25 / 138
Revenue
HusCompagniet reported a total revenue of DKK 4,330
million in 2022, up 0.3% from DKK 4,315 million in 2021.
The increase was mainly due to an increase in the number
of houses delivered to a total of 2,003, up 9% from 1,831
houses in 2021, off-set by lower work-in-progress driven by
the drop in sales. The average sales price (ASP) in Detached
increased from DKK 2.3 million to DKK 2.5 million, driven by
the price adjustment carried out in 2021 and 2022 to cater
for increasing material prices and selection of renewable
energy sources.
Revenue in Detached decreased by 1%, 3,444 million in
2022 against DKK 3,492 million in 2021, in line with deliv-
eries which decreased 1% in 2022 compared to 2021. The
decrease in revenue was due to lower contracted work in
progress driven by lower sales in 2022, and less revenue
from land, which decreased to DKK 20 million in 2022 from
DKK 140m in 2021.
Semi-detached (excluding HC Production) realised a slight
decrease in 2022 of 2%, as revenue was DKK 494 million in
2022 against DKK 504 million in 2021. This was attributable to
lower sales, decreasing from 387 units in 2021 to 137 in 2022.
HC Production contributed DKK 45 million in revenue, gener-
ated solely in H2.
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY-21 FY-22 Change
Sales 626 721 545 484 374 358 138 87 2376 957 -60%
Deliveries 394 424 390 623 480 526 417 580 1831 2003 9%
Sweden realised a revenue growth of 9%, as 2022 reported
DKK 346 million against DKK 319 million in 2021 due to a
strong orderbook entering 2022.
Gross margin
Gross margin was 19.3% against 20.3% in 2021. The gross
margin was negatively affected by instant surcharges begin-
ning of the year, and share of own land was lower for both
detached and semi-detached, totalling 11.1% in 2022 against
19.5% in 2021. Also, we did a write-down of land holdings of
DKK 3 million end of 2022, impacting the margin negatively
in 2022 (Q4).
2022 gross margin in Detached was 18.5% against 19.8% in
2021. The decrease was driven by instant surcharges intro-
duced by suppliers in March, combined with subcontractor
bottlenecks, negatively impacting H1. H1 margin was off-set by
inter-segment move between Semi-detached and Detached,
beginning of the year. We increased the prices during H1 to
cater for the instant surcharges and this impact has partly
materialised during H2 as the inter-segment adjusted gross
margin in H1 2022 was 17.1% while gross margin in H2 2022
was 18,2%.
Semi-detached gross margin was 10.4% in 2022 against
12.5% in 2021. The margin was impacted by inter-segment
19.3%
Gross margin
move of B2B projects produced in the detached segment
and lower share of land.
The margin in HC production was 34.8% in 2022.
In Sweden, gross margin was 38.1% in 2022 against 37,4% in
2021. The margin was positively affected by having a lower
share turnkey projects off-set by negative gross margin from
a low utilisation during the summer combined with both au-
tomation of the factory and increased prices on materials.
EBITDA
EBITDA before special items was DKK 348 million, down 13%
compared with DKK 401 million in 2021. This corresponds to
an EBITDA margin before special items of 8.0% compared
to a margin of 9.3% in 2021. Staff cost and other external
expenses (SG&A) amounted to DKK 489 million and was on
par with DKK 474 million with 2021, when adjusting for HC
Production's SG&A of DKK 14 million in 2022. Ratio to reve-
nue was 11.3% in 2022 compared to 11.0% in 2021.
Detached SG&A decreased DKK 21 million to DKK 361 million
in 2022 against 382 million in 2021. H2 2022 was DKK 25m
lower than H1 2022. The decrease was driven by lay-offs
executed during the year and lower sales provisions due to a
53% decrease in sales.
HusCompagniet Annual report 2022
26 / 138
Semi-detached SG&A increased DKK 5 million to DKK 24
million in 2022 against 19 million in 2021, driven by a ramp-
up of the department.
SG&A for the factory in Esbjerg amounted to DKK 14 million
and was mainly blue-collar labour.
In Sweden SG&A increased by DKK 16 million to DKK 89
million in 2022 against 73 million in 2021. The increase was
driven by the increase in activity in Sweden to cater for the
9% growth in revenue.
EBITDA was DKK 316 million in 2022 and DKK 401 million in
2021.
Special items
Special items amount to a cost of DKK 32 million in 2022 of
which the majority related to collective layoffs and transac-
tion related costs for the acquisition of the factory in Esbjerg.
No special items incurred in 2021.
Amortisation and depreciation
Amortisation and depreciation amounted to DKK 48 million
compared to DKK 46 million in 2021. Amortisation main-
ly consists of developing projects including ERP system.
Depreciation mainly refers to leasing contracts. In 2022,
depreciation amounted to DKK 33 million (DKK 29 million in
2021), and amortisation amounted to DKK 15 million (DKK 17
million in 2021).
EBIT
Reported EBIT amounted to DKK 268 million, a decrease of
DKK 87 million or 25% from DKK 355 million in 2021. The de-
crease was driven by lower gross margin and special items.
Net financials
Reported net financials were an expense of DKK 27 million
compared to DKK 20 million in 2021. The increase was due
to an increase in the loan base rate (CIBOR 3-month), as
global interest levels increased during 2022.
Profit for the year before tax for continued operations
Profit for the year before tax from the continued operations
was DKK 241 million in 2022, a decrease of DKK 94 million
from DKK 335 million in 2021. 2022 was impacted by special
items of DKK 32 million and lower EBITDA and DKK 38 mil-
lion lower gross profit.
Taxation
Reported tax for 2022 was DKK 50 million against DKK 70
million in 2021.
Net profit
Net profit generated was DKK 170 million against DKK 265
million in 2021. Reported loss from discontinued operations
was DKK 20 million in 2022 against DKK 0 million in 2021,
due to a noncash effect of currency adjustments on loans re-
ceived from group entities. As we have settled the loan per
1 December 2022, this element will not impact the business
going forward.
Cash flows
Operating activities
Net cash generated from operating activities was DKK 268
million compared with DKK 258 million in 2021.
Investing activities
Net investments (excluding acquisition of the factory in Esb-
jerg) of DKK 36 million during 2022, against DKK 22 million
44%
Cash conversion
in 2021. The development was mainly due to the investment
in automation of the factory in Sweden and digitalisation of
the Detached business. In addition, we acquired the Factory
(HusCompagniet Production A/S) which net cash amounted
to DKK 80m, of which DKK 75m was a cash outflow related
to the acquisition.
Free cash flow
Free cash flow was DKK 152 million against DKK 237 million
in 2021, mainly driven by changes in operating activities.
Cash conversion was 44% (free cash flow to EBITDA Bsi).
Financing activities
Financing activities were negative of DKK 192 million,
against negative of DKK 261 million in 2021. In 2022, div-
idends to shareholders of DKK 132 million were paid and
shares of DKK 37 million were purchased through share
buyback.
Balance sheet
Financing
Net interest-bearing debt totalled DKK 768 million at 31 De-
cember 2022 against DKK 713 million at 31 December 2021.
The net interest-bearing debt to EBITDA ratio was 2.2x in
2022 compared to 1.8x in 2021.
Equity
The Group's equity decreased by DKK 4 million in 2022 to
DKK 1,881 million from DKK 1,885 million by year end 2021.
The decrease was based on the profit for the period offset
by dividends paid of DKK 132 million and purchase of own
shares of DKK 37 million, which were afterwards cancelled at
the 2022 Annual General Meeting.
HusCompagniet Annual report 2022
27 / 138
Net working capital
Net working capital totalled DKK 511 million at 31 December
2022, down from DKK 517 million at 31 December 2021. The
change was partly caused by a DKK 78 million decrease in
contract assets due to lower building activity, partly offset
by a DKK 17 million change in trade and other payables and
DKK 27 million change in inventories.
Contract assets
Net contract assets amounted to DKK 626 million compared
to DKK 725 million in 2021. Excluding contract liabilities,
contract assets amounted to DKK 731 million against DKK
809 million in 2021.
The contract work in progress (CWIP) at 31 December 2022
was negatively affected by lower sales in 2022, impacting
building activity in H1 2023. Contract liabilities were largely
affected by a high level of deposits in 2021, but due to high-
er interest rates the level in 2022 has been normalised. This
was however off-set by B2B projects as a larger share of the
orderbook comprise milestone payments.
Order backlog
The order backlog (gross) as of 31 December 2022 amount-
ed to DKK 2,057 million compared to DKK 3,735 million in
2021. The lower backlog was caused by lower sales in 2022
compared to 2021, with an historically unseen low level in H2
2022. Adjusted for the backlog share recognised as reve-
nue, orderbook (net) amounted to DKK 1,300 million against
2,855 million in 2021.
Deliveries amounted to 2,003 houses, which exceeded the
2021 figure of 1,831. In 2022, 11,1% of deliveries were houses
Units 2021 2022
Sales 2,376 957
Detached 1,589 744
Semi detached 387 137
Sweden 400 76
Deliveries 1,831 2,003
Detached 1,441 1,427
Semi detached 176 317
Sweden 214 259
2021 2022
Orderbook value (DKKm) gross 3,735 2,057
Detached 2,695 1,244
Semi detached 627 598
Sweden 413 215
Orderbook value (DKKm) net 2,855 1,300
Detached 2,059 786
Semi detached 434 371
Sweden 362 142
Share of own land (Denmark) 19.5% 11.1%
Detached 14.5% 8.0%
Semi detached 60.8% 25.2%
built on own land (19.5% in 2021). In Detached, the share of
own land was 8.0% against 14.5% in 2021.
As of 31 December 2022, HusCompagniet's inventory com-
prised 269 land plots (including plots for show houses) and 76
show houses valued at DKK 343 million.
Estimates and judgements
Please refer to Note 1.2 introduction to significant estimates
and judgements and Note 4.4 impairment.
Discontinued operations
During 2020, the Group closed down its German and Swedish
brick house activities. Reported loss from discontinued op-
erations was DKK 20 million in 2022 against a DKK 0 million
loss in 2021 due to a noncash effect of currency adjustment
on loans received from group entities. As we have settled the
loan per 1 December 2022, this element will not impact the
business going forward.
Dividend
Dividends are proposed suspended in 2023 and therefore we
do not expect any distribution to shareholders in 2023.
HusCompagniet A/S
The profit for the year in the Parent company, HusCompagniet
A/S, amounts to DKK 205 million and the equity on 31.12.2022
amounted to DKK 1,881 million.
Events after the balance sheet date
No material events have occurred between 31 December 2022
and the date of publication of this annual report that have not
already been included in the annual report and that would have a
material effect on the assessment of the Group’s financial position.
HusCompagniet Annual report 2022
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Q4 Figures
DKKm Q4 2022* Q4 2021* FY 2022 FY 2021
Income statement
Revenue 980 1,201 4,330 4,315
Gross profit 195 237 837 875
Operating profit before depreciation
and amortisation (EBITDA) before special items** 68 116 348 401
Special items -18 0 -32 -
Operating profit before depreciation and
amortisation (EBITDA) after special items** 50 116 316 401
Operating profit (EBIT) before special items** 55 104 300 355
Operating profit (EBIT)** 38 104 268 355
Financial, net -11 -6 -27 -20
Profit for the year (continued operations) 25 82 190 265
Profit for the year (discontinued operations) -7 0 -20 0
Profit for the year 19 82 170 265
Financial position as of 31 December
Total assets 3,572 3,578 3,572 3,647
Contract assets, net 626 725 626 725
Net working capital 511 517 511 517
Net interest bearing debt (NIBD) 768 713 768 713
Equity 1,881 1,885 1,881 1,885
* Unaudited
** Operating profit before depreciation (EBITDA) and before special items and Operating proft (EBIT) before special items repectively are used
as alternative performance measures to reflect a more true and comparable view of the Group's ordinary operations.
DKKm Q4 2022* Q4 2021* FY 2022 FY 2021
Cash flow
Cash flow from operating activities 277 280 268 258
Cash flow from investing activities -6 -10 -117 -22
- hereof from investment in property,
plant and equipment -3 -4 -22 -11
Cash flow from financing activities -258 6 -192 -261
Free cash flow 271 271 152 237
Key figures
Revenue growth*** -18.4% 18.6% 0.3% 19.9%
Gross margin*** 19.9% 19.7% 19.3% 20.3%
EBITDA margin before special items*** 6.9% 9.7% 8.0% 9.3%
EBITDA margin after special items*** 5.1% 9.7% 7.3% 9.3%
EBIT margin*** 3.8% 8.7% 6.2% 8.2%
* Unaudited
*** Continued operations
HusCompagniet Annual report 2022
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Key figures Q4
Revenue
HusCompagniet reported total revenue of DKK 980 million in Q4
2022 down 18.4% from DKK 1,201 million in Q4 2021. The decrease
was negatively affected by lower number of deliveries. Deliveries
in the quarter comprised 580, down 6.9% from 623 in Q4 2021.
Revenue in detached decreased 18.2% down from DKK 960 mil-
lion in Q4 2021 to DKK 786 million in Q4 2022. The decrease was
driven by the low sales during 2022 impacting contracted work-
in-progress negatively. The decrease was partly off-set by the
average selling price (ASP) which increased 12,7% in detached
y-o-y driven by prices increases introduced during the year.
Semi-detached revenue decreased 44.0% and came out DKK
80 million down from 143 million. The decrease was driven by
the low sales in 2022 and delay of new projects, reducing the
orderbook during the year. The 38.9% decrease in unit price in
Q4 was attributable to change in share of own land decreasing
from 70.2% in Q4 2021 to 0% in Q4 2022.
HC Production contributed DKK 23 million to Q4 revenue, of
which most of the revenue derives from one project.
Wooden houses (SE) revenue was DKK 91m in Q4 2022 down
from 97 million, equivalent to a 6.3% decrease. We started to
see the impact from the reduced orderbook as Q4 was the first
quarter during the year, in which wooden houses realised nega-
tive revenue growth year on year. Lower unit prices impacted by
lower share turn-key projects in Q4 2022 compared to Q4 2021.
Gross margin
Gross profit was DKK 195 million in Q4 2022 against DKK 237 million
Q4 2021, corresponding to a margin of 19.9% and 19.7%, respective-
ly. Q4 2022 was positively impacted by HusCompagniet Production.
Adjusting for the margin for HusCompagniet Production, the Q4
2022 margin would be 19.6%. Detached realised a margin of 17.0%
in Q4 2022 down from 18,8% in Q4 2021. The margin was negatively
impacted by a write-down of land of DKK 3m, impacting the margin
negatively by 0.4% and share own land was also 5.6% in Q4 2022
against 15.1% in Q4 2021 diluting the Q4 margin and no significant
intercompany transfers to semi-detached. Semi-detached margin
(excluding HusCompagniet Production) was 18.6% in Q4. The margin
is positively impacted by successful delivery of several projects
and a very little share of revenue transferred from Detached.
HusCompagniet Productions Q4 2022 gross margin was 34,8%
in line with previous Q3 gross margin of 34.7%.
Wooden house gross margin was 42.6% in Q4 2022 against 36.4%
in Q4 2021, driven by a lower share of turn-key projects in Q4 2022.
EBITDA before special items
Reported EBITDA before special items was DKK 68 million compared
with DKK 116 million in Q4 2021, corresponding to an EBITDA margin
before special items of 6.9% compared to a margin of 9.7% in 2021.
Staff cost and other external expenses (SG&A) amounted to DKK
127 million against DKK 121 million. The increase was primarily
due to acquisition of the factory in Esbjerg contributing DKK 7
million in SG&A in Q4.
Detached Q4 SG&A was DKK 90m in 2022 against 94m in 2021.
Q4 2022 was negatively impacted by a true-up of intercompany
allocation impacting detached SG&A negatively by DKK 4 million
and benefitting semi-detached by DKK 4 million.
Special items
Special items amounted to a cost of DKK 18 million in Q4 2022.
The majority relates to the reorganisation carried out mainly
during H2 2022.
Profit for the period
Profit for the period from continued operations was DKK 25
million in 2022 down 77% from DKK 82 million in Q4 2021.
Cash flow
Operating activities
Net cash generated from operating activities was DKK 277 mil-
lion compared with DKK 280 million in Q4 2021. The high level
of cash generation in Q4 reflects HusCompagniet’ s seasonality
driven by changes in working capital due to high level of deliv-
eries in Q4.
Investing activities
Net investments of DKK 6 million were made during Q4 2022,
against DKK 10 million in Q4 2021. This was mainly driven by
investments in Property, plant and equipment as well as digital-
isation.
Free cash flow
Free cash flow was DKK 271 million against DKK 271 million in
2021..
Financing activities
Financing activities were negative DKK 258 million against neg-
ative DKK 6 million in 2021. The financing activities in 2022 were
affected by repayment of current debt (RCF).
580
houses delivered in
Q4 2022
Units Q4 2022 Q4 2021
Sales 87 484
Detached 76 249
Semi Detached 0 149
Sweden 11 86
Deliveries 580 623
Detached -DK 429 443
Semi Detached 74 124
Sweden 77 56
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Sustainability
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Climate
Our ambitions and targets
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People
Responsible business
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Reuse, Recycle and Recovery
Landfill
Production of materials
House construction Living in the house End of life / Demolition
The lifecycle of a HusCompagniet house
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Sustainability
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Reuse, Recycle and Recovery
2019
2022
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120m
2
165m
2
200m
2
230m
2
160m
2
154m
2
174m
2
145m
2
5.5
8.3
10.5
8.0
4.1
6.5
10.5
8.0
5.1
7. 6
10.5
8.0
5.3
7. 9
10.5
8.0
6.6
9.4
10.5
8.0
5.1
7. 8
10.5
8.0
6.3
7. 2
10.5
8.0
5.6
8.4
10.5
8.0
Expected treshold value from 2025.
Voluntary low emission class in 2023 and 2024.
Materials throughout life cycle, kg CO
2
eq./m
2
/year
Including operational energy use, kg CO
2
eq./m
2
/year
HusCompagniet Annual report 2022
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70% of the current building stock
A B C D E F G
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
HusCompaniets standard house B
Full lifecycle
emissions
Emissions from
heating only
Emissions from district heating only for
energy classes B through F
C D E F
0
3
6
9
12
15
18
21
Number of houses by energy class
in Denmark
Houses in energy class C – F emit more CO
2
in heating alone
than the full lifecycle emissions of our house types
CO
2
e / m
2
/ year
Geo thermal
District heating
70%
of all houses in Denmark
have an energy class of D
or lower
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Environmental
quality
22.5%
Economic
quality
22.5%
Social
quality
22.5%
DGNB's six main focus areas
Technical quality 15%
Process quality 12.5%
Quality of the area 5%
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75%
Satisfaction score in
employee survey
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40%
2022
25%
2025
30%
2030
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30
employee Net Promoter
Score (eNPS)
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0
Concerns or breaches of
ethical standards reported
in 2022
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Substantial contribution criteria DNSH criteria ('Do Not Significant Harm')
Economic activities (1)
Code(s) (2)
Absolute Turnover (3)
Proportion of Turnover (4)
Climate change mitigation (5)
Climate change adaptation (6)
Water and marine resources (7)
Circular economy (8)
Pollution (9)
Biodiversity and ecosystems (10)
Climate change mitigation (11)
Climate change adaptation (12)
Water and marine resources (13)
Circular economy (14)
Pollution (15)
Biodiversity and ecosystems (16)
Minimum safeguards (17)
Taxonomy-aligned proportion
of Turnover year N (18)
Taxonomy-aligned proportion
of Turnover year N-1 (19)
Category (enabling activity) (20)
Category (transitional activity) (21)
(DKK'000) % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N Percent Percent E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable
activities (Taxonomy-aligned)
Construction of new buildings 7.1
(Annex 1)
0 0% 0% 0%- 0% 0% 0% 0% N N N N N N N 0% N/A N/A N/A
Turnover of environmentally
sustainable activities (Taxonomy-
aligned) (A.1)
0 0% 0% 0% 0% 0% 0% 0% 0%
A.2 Taxonomy-Eligible but not
environmentally sustainable
activities (Not Taxonomy-aligned
activities)
Construction of new buildings 7.1
(Annex 1)
4,329,833 100%
Turnover of Taxonomy-eligible but not
environmentally sustainable
0 100%
Total (A.1 + A.2) 4,329,833 100%
B. TAXONOMY-NON-ELIGIBLE
ACTIVITIES
Turnover of Taxonomy-non-eligible
activites
0 0%
Total (A + B) 4,329,933 100%
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Substantial contribution criteria DNSH criteria ('Do Not Significant Harm')
Economic activities (1)
Code(s) (2)
Absolute OpEx (3)
Proportion of OpEx (4)
Climate change mitigation (5)
Climate change adaptation (6)
Water and marine resources (7)
Circular economy (8)
Pollution (9)
Biodiversity and ecosystems (10)
Climate change mitigation (11)
Climate change adaptation (12)
Water and marine resources (13)
Circular economy (14)
Pollution (15)
Biodiversity and ecosystems (16)
Minimum safeguards (17)
Taxonomy-aligned proportion
of OpEx year N (18)
Taxonomy-aligned proportion
of OpEx year N-1 (19)
Category (enabling activity) (20)
Category (transitional activity) (21)
(DKK'000) % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N Percent Percent E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable
activities (Taxonomy-aligned)
Construction of new buildings 7.1
(Annex 1)
0 0% 0% 0% 0% 0% 0% 0% N N N N N N N 0% N/A N/A N/A
OpEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
0 0% 0% 0% 0% 0% 0% 0% 0%
A.2 Taxonomy-Eligible but not
environmentally sustainable
activities (Not Taxonomy-aligned
activities)
Construction of new buildings 7.1
(Annex 1)
813 75%
OpEx of environmentally sustainable
activities (Taxonomy aligned) (A.1)
813 75%
Total (A.1 + A.2) 813 75%
B. TAXONOMY-NON-ELIGIBLE
ACTIVITIES
OpEx of Taxonomy-non-eligible
activites
267 25%
Total (A + B) 1,080 100%
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Substantial contribution criteria DNSH criteria ('Do Not Significant Harm')
Economic activities (1)
Code(s) (2)
Absolute CapEx (3)
Proportion of CapEx (4)
Climate change mitigation (5)
Climate change adaptation (6)
Water and marine resources (7)
Circular economy (8)
Pollution (9)
Biodiversity and ecosystems (10)
Climate change mitigation (11)
Climate change adaptation (12)
Water and marine resources (13)
Circular economy (14)
Pollution (15)
Biodiversity and ecosystems (16)
Minimum safeguards (17)
Taxonomy-aligned proportion
of CapEx year N (18)
Taxonomy-aligned proportion
of CapEx year N-1 (19)
Category (enabling activity) (20)
Category (transitional activity) (21)
(DKK'000) % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N Percent Percent E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable
activities (Taxonomy-aligned)
Construction of new buildings 7.1
(Annex 1)
0 0% 0% 0% 0% 0% 0% 0% N N N N N N N 0% N/A N/A N/A
Transport by motorbikes,
passenger cars and light
commercial vehicles
6.5
(Annex 1)
0 0% 0% 0% 0% 0% 0% 0% N N N N N N N 0% N/A N/A N/A
CapEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
0 0% 0% 0% 0% 0% 0% 0% 0%
A.2 Taxonomy-Eligible but not
environmentally sustainable
activities (Not Taxonomy-aligned
activities)
Construction of new buildings 25,795 64%
Transport by motorbikes,
passenger cars and light
commercial vehicles
7.1
(Annex 1)
4,748 12%
CapEx of Taxonomy-eligible but not
environmentally sustainable
6.5
(Annex 1)
30,543 76%
Total (A.1 + A.2) 30,543 76%
B. TAXONOMY-NON-ELIGIBLE
ACTIVITIES
CapEx of Taxonomy-non-eligible
activites
9,910 24%
Total (A + B) 40,453 100%
HusCompagniet Annual report 2022
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ESG disclosures and data
ENVIRONMENTAL ESG data / disclosures 2021 2022 Unit
Energy consumption
Nasdaq E.3, FSR/Nasdaq CPH/CFA Total energy consumption 17,262 21,022 mWh
Nasdaq E.3 Energy from electricity consumption 12,795 16,468 mWh
Nasdaq E.3 Energy from district heating and thermal heating 1,062 1,157 mWh
Nasdaq E.3 Energy from natural gas for heating 333 409 mWh
Nasdaq E.3 Diesel consumption 295,032 273,064 Liters
Nasdaq E.3 Petrol consumption 13,942 29,015 Liters
GHG Emissions
Nasdaq E.1.1 Total CO
2
-e emissions (Scope 1 & 2) - market-based
1
5,576 7,481 Metric tonnes
Nasdaq E.1.1, FSR/Nasdaq CPH/CFA Direct CO
2
-e emissions (Scope 1) 772 761 Metric tonnes
Nasdaq E.1.2, FSR/Nasdaq CPH/CFA Indirect CO
2
-e emissions (Scope 2 - market-based)
1
4,805 6,720 Metric tonnes
Nasdaq E.1.2, FSR/Nasdaq CPH/CFA Indirect CO
2
-e emissions (Scope 2 - location-based) 1,689 2,272 Metric tonnes
GHG Intensity
Nasdaq E.2 CO
2
-e emissions per m
2
delivered (Scope 1 + 2 - market-based) 18.4 23,1 kg/m
2
Nasdaq E.2 CO
2
-e emissions per m
2
delivered (Scope 1 + 2 - location-based) 8.1 9,4 kg/m
2
SASB, IF-HB-410a.1 Number of homes with Energimærkning for energy efficiency
1
100% 100% %
2
SASB, IF-HB-410a.1 Average score of Energimærkning
1
BR18 & Lavenergi
(based on sales)
Renewable energy
Nasdaq E.5, FSR/Nasdaq CPH/CFA Renewable energy percentage (market-based) 35% 31% %
Nasdaq E.5, FSR/Nasdaq CPH/CFA Renewable energy percentage (location-based) 69% 61% %
SASB, IF-HB-410a.1 Number of homes with Energimærkning for energy efficiency (BR18) and (lavenergi) 100% 100% %
SASB, IF-HB-410a.1 Average score of Energimærkning BR18 & Lavenergi BR18 & Lavenergi
Downstream emissions:
Nasdaq E.1.3 Percentage of homes sold with renewable energy technologies 48% 51% %
Land use & ecological impacts
SASB F-HB-160a.2 Number of (1) lots and (2) homes sold in regional with High or Extremely High Baseline Water Stress 0
3
0
3
#
SASB F-HB-160a.1 Number of (1) lots and (2) homes delivered on redevelopment sites
5
18% 30% #
Nasdaq E.7, SASB IF-HB-160a.4 Process to integrate environmental considerations into site selection,
design, development and construction
1
See page 50 See page 50 Description
1
new metrics in 2021.
2
unit expressed in % instead of #.
3
all of the countries in which HusCompagniet
operates are low or low to medium water stress,
according to the World Resources Institute.
4
excludes covid-related and blue collar layoffs.
5
comprise detached and semi-detached houses in
Denmark. Data not available in Sweden.
SASB: Home Builders Standard.
Nasdaq: Nasdaq ESG Guide 2.0.
FSR/NasdaqCPH/CFA: ESG key figures in the
annual report.
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1
new metrics in 2021.
2
unit expressed in % instead of #.
3
all of the countries in which HusCompagniet
operates are low or low to medium water stress,
according to the World Resources Institute.
4
excludes covid-related and blue collar layoffs.
5
comprise detached and semi-detached houses in
Denmark. Data not available in Sweden.
6
including redundancies.
SASB: Home Builders Standard.
Nasdaq: Nasdaq ESG Guide 2.0.
FSR/NasdaqCPH/CFA: ESG key figures in the
annual report.
ENVIRONMENTAL ESG data / disclosures 2021 2022 Unit
Climate risks
SASB IF-HB-410a.4, TCFD Description of risks and opportunities related to incorporating
resource efficiency into home design, and how benefits are
communicated to customers
See
TCFD disclosure
table page 54
See
TCFD disclosure
table page 58
Discussion
& analysis
SASB IF-HB-420a.2, TCFD
Description of climate change risk exposure analysis, degree of
systematic portfolio exposure, and strategies for mitigating risks
See
TCFD disclosure
tabel page 54
See
TCFD disclosure
tabel page 58
Discussion
& analysis
SOCIAL ESG data / disclosures 2021 2022 Unit
FTE & Turnover
FSR/Nasdaq CPH/CFA FTE (continued operations) 455 518 #
Nasdaq S.3, FSR/Nasdaq CPH/CFA Employee turnover ratio
1
20%
4
29%
6
Ratio
Health & safety
Nasdaq S.7, SASB IF-HB-320a.1 LTI (lost-time injuries) total - own employees and subcontractors 27 35 #
Nasdaq S.7, SASB IF-HB-320a.1 LTI own employees - blue and white collar 8 6 #
Nasdaq S.7, SASB IF-HB-320a.1 LTI subcontractors 19 29 #
Nasdaq S.7, SASB IF-HB-320a.1 LTIf (lost-time injury frequency) total - own employees and subcontractors 9.3 11.6 Frequency
Nasdaq S.7, SASB IF-HB-320a.1 LTIf own employees - blue and white collar 10.5 6.9 Frequency
Nasdaq S.7, SASB IF-HB-320a.1 LTIf - subcontractors 8.9 13.4 Frequency
FSR/Nasdaq CPH/CFA Sick leave 3.5% 1.9% Days per FTE
Diversity
Nasdaq S.2, FSR/Nasdaq CPH/CFA Gender Pay Ratio
1
1.1 1.0 Ratio
Nasdaq S.4, FSR/Nasdaq CPH/CFA % females in the company 20.6% 19.0% %
FSR/Nasdaq CPH/CFA % females in management 21.0% 40.0% %
Nasdaq S.6 Non-discrimination policy See page 46 See page 47 Description
Nasdaq S.9 Child and forced-labour policy Sustainability policy Sustainability policy Description
GOVERNANCE ESG data / disclosures 2021 2022 Unit
Nasdaq G.1, FSR/Nasdaq CPH/CFA Gender diversity on the Board of Directors - underepresented gender 33.3% 33.3% #
Nasdaq S.1, FSR/Nasdaq CPH/CFA CEO Pay Ratio
1
14.63 16.10 Ratio
FSR/Nasdaq CPH/CFA Board Meeting Attendance Rate
1
95.0% 93.0% Ratio
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TCFD disclosures
TCFD Recommendation 2022 Disclosures
Governance
Describe the board’s
oversight of climate-
related risks and
opportunities
The HusCompagniet Board of Directors has the ultimate oversight
of climate-related risks and opportunities, and ESG-related issues,
including those related to climate. Sustainability and climate are
items in the Board’s annual wheel, meaning that climate risks are
considered at least once annually, or more frequently as needed. Cli-
mate-related risks are an important part of HusCompagniet’s overall
ESG risk considerations, and are incorporated into strategic discus-
sions, in annual business planning, and in annual reporting.
Describe management’s
role in assessing and
managing climate-
related risks and
opportunities
The Executive Management team is responsible for assessing and
managing climate-related risks. The Group CEO and Group CFO are
actively involved in the sustainability strategy process, and the oper-
ationalisation of the sustainability focus areas is owned by the Head
of Business Development.
In 2022, a Steering Committee for Sustainability was established,
counting Executive Management, Marketing, Purchasing and Busi-
ness Development, in order to further structure and strengthen our
work towards our climate targets.
TCFD Recommendation 2022 Disclosures
Strategy
Describe the climate-
related risks and
opportunities the
organisation has
identified over the short,
medium, and long term
In 2020, HusCompagniet conducted the first assessment of the risks
and opportunities that we may be exposed to as a result of climate
change in accordance with the TCFD recommendations. In 2021, we
revisited the findings, adjusted the timeframes to better reflect our
internal planning processes and the TCFD recommendations, and
updated some of our expectations. Updated time frames: 0-3 years is
considered to be short-term, 4-10 years to be medium -term, and more
than 10 years to be long-term. In 2022, we assessed these adjust-
ments to still be valid.
Short-term (0-3 years) risks identified: Political risk from increased
prices on emissions or standards; Political push to bring new
low-carbon products to market before they are fully tested; Political
preference for incentivising renovations instead of new-builds; Tech-
nology-related risks from investments in unsuccessful new, renewa-
ble technologies; The physical risks identified were all expected to
manifest in the longer term.
Medium-term (4-10 years) risks identified: Reputational risks from
potential shifts in consumer and market preferences towards low-car-
bon products; Political ambitions of allocating more landmass to
nature, resulting in reduced availability of plots suitable for commer-
cial development.
Long-term (more than 10 years) risks identified: Physical risks from:
reduced availability of lots without exposure to flooding or other
weather hazards available for development; Construction times
marginally prolonged from chronic changes in weather patterns, such
as heavier rainfall and increased temperatures; Rising sea levels and
heightened risk of flooding may impact the availability of develop-
ment plots; Increased accuracy in pricing; physical climate risks into
mortgage and insurance policies may affect demand.
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TCFD Recommendation 2022 Disclosures
Strategy
Describe the climate-
related risks and
opportunities the
organisation has
identified over the short,
medium, and long term
HusCompagniet continues to identify the potential opportunities
from climate change. To address the current and expected shift in
consumer demand towards more sustainable house offerings, we
launched our Climate-Improved House in 2021 and tested it towards
the voluntary sustainable building class. In 2022, we worked on inte-
grating solutions from the climate-improved house into our portfolio.
Further, from 1 January 2022, we no longer offer gas as an energy
source. Read more on pages 21 of this report.
Sustainable house offerings might also lead to increased market
share in the house market as well as in new markets, as consumer
preferences shift towards low-carbon solutions. This development
might be further accelerated if increased climate-related damage on
the existing property mass results in an increased demand for new
houses.
Describe the resilience
of the organisation’s
strategy, taking into
consideration different
climate-related
scenarios, including a
2°C or lower scenario
In 2019, we conducted our first qualitative scenario analysis in
alignment with the TCFD recommendations. The analysis explored
the implications to the business model and strategy in the context
of three scenarios based on groupings of IEA, IPCC, WEC scenarios,
and other publicly available scenarios. The three scenarios explored
were: a scenario based on “business as usual” and current policies,
a scenario based on stated political commitments, and a decarbon-
isation scenario resulting in no more than a 2°C increase in average
global temperatures. Each scenario included an overlay of the physi-
cal risks posed by the corresponding temperature increase based on
data projecting the physical changes specific to Denmark prepared
by DMI in accordance with the IPCC scenarios. The analysis showed
that our business model can be made resilient in all three scenari-
os. In 2022, we continued to use these insights when considering
long-term exposure, and we plan to refresh the analysis as more data
becomes available.
TCFD Recommendation 2022 Disclosures
Risk management
Describe the
organisation’s processes
for identifying and
assessing climate-
related risks
In 2019, the Management conducted a detailed assessment of risks
and opportunities in line with the TCFD classifications, which was
refreshed for 2021 and 2022. As we continue to work towards our
ambitions and targets, risk management procedures will be put into
place. HusCompagniet follows the developments of green building
standards and certifications closely. We continue to increase our
understanding and integration of physical climate risks into deci-
sion-making and strategy.
Describe the
organisation’s
processes for managing
climate-related risks
Climate-related risks are evaluated on an annual basis, and action will
be taken if and when needed. We continue to strengthen our ongoing
processes for climate risk management.
HusCompagniet Annual report 2022
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TCFD Recommendation 2022 Disclosures
Metrics and targets
Describe how processes
for identifying,
assessing, and
managing climate-
related risks are
integrated into the
organisation’s overall
risk management
We identify climate-related risks through the process of prioritising
sustainability focus areas. Climate considerations have also informed
our product development. Processes for integrating climate-related
risks and opportunities were initiated in 2020, and continued in 2022.
Disclose the
metrics used by the
organisation to assess
climate-related risks
and opportunities in line
with its strategy and risk
management process
See pages 63-65 in this report
Disclose Scope 1, Scope
2, and, if appropriate,
Scope 3 greenhouse
gas (GHG) emissions,
and the related risks
See page 33-34 in this report
Describe the
targets used by the
organisation to manage
climate-related risks
and opportunities
and performance
against targets
See page 33-34 in this report
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Impact
Likelihood
Low
Low
High
High
1
2
3
4
4
1
2
7
7
5
6
5
1
1
2
2
3
4
6
7
5
The Board of Directors are responsible for ensuring that the
Group’s risk exposure is consistent with its target risk profile.
The Board of Directors evaluates the appropriate awareness
and management processes are in place. Managing the risk
process is part of the Group CFO's day-to-day responsibility
and developments in the main risk areas are reported to the
Audit Committee and Board of Directors.
Risk management is based on ongoing monitoring to identify
relevant risks. Our enterprise risk management practice
aims to identify, monitor, assess and mitigate risks as early
as possible to manage the likelihood and potential impact.
Insurances are assessed on an ongoing basis by Group CFO
and the Audit Committee to ensure sufficient coverage is
provided to mitigate the day-to-day concerns. An insurance
agency reports their assessment on HusCompagniet’s cov-
erage to the Board of Directors once a year.
Risk Management
Macroeconomic risk
Supply chain risk
IT systems and information (unchanged)
Climate change and change
in regulation
2021
2022
Risk management Matrix 2022
Risk action hierarchy
HusCompagniet is exposed to numerous
inherent risks, some of which are market-driven,
some industry related and some climate-related
while others are more directly related to the
Group’s reputation.
Board of Directors
Audit Commmitee
Executive Management
Our people
Health and safety (unchanged)
Cyber threats
HusCompagniet Annual report 2022
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Macroeconomic risk Supply chain risk IT systems and information Climate risks and change in regulation
Risk
The Group is subject to general macroeconomic
conditions, and an economic slowdown could
adversely affect demand for the houses and land it
sells. The geopolitical situation in Europe in 2022
have had severely negative effects on a number
of external factors resulting in a rapidly increasing
inflation, increasing interest rates, and reduced
mortgage availability. This has led to a general
uncertainty surrounding the economic situation
resulting in a decline in sales and a negative
consumer confidence. Other external factors that
could have a negative impact include rate of em-
ployment, property prices and GDP growth.
The Group setup means exposure to and reliance
on third-party suppliers, contractors, subcontrac-
tors and other service providers in executing its
projects. Shortage of materials and/or subcontrac-
tors may result in price pressure or lack of labour
for execution. This could cause liquidity strain due
to the "payment at delivery" model and costs in
terms of delay penalties. 2022 continued to be af-
fected by distressed supply chains and the risk of
further constraints mainly regarding energy pricing
and availability has increased in connection with
the continued geopolitical instability in Europe.
The Group continues to integrate its IT
systems to enhance control and drive effi-
ciency. The failure of any of these systems
could restrict the Group’s operations. Fail-
ure to comply with data regulations could
also trigger significant financial penalties
and reputational damage.
For HusCompagniet, climate risks and the expect-
ed transition to a low-carbon economy can pose
financial challenges. Long-, medium-, and short-term
climate-related risks include market risks such as
shifts in consumer preferences towards low-car-
bon homes, policy and legal risks stemming from
increased regulation, carbon taxes and tariffs. Reg-
ulation towards sustainable housing is expected to
increase over the coming years, requiring necessary
R&D investments in product development from
house builders.
Mitigation
The Group diversifies its business by operating
an agile and asset-light business model and
only acquiring a small number of highly selective
strategic land plots with a high turnover rate. The
Group strives to maintain its share of own land
projects at around 20% of total house deliveries
in Denmark. The Group also operates a flexible
cost base as most construction projects are out-
sourced to subcontractors, which add flexibility to
the business model in facing downturns. An order
book of minimum six months visibility enables
rightsizing in due time and scale the business
accordingly. The Group has different types of
customers, both B2B and B2C.
Strong relationships established with sub-
contractors during boom-and-bust periods.
The Group reduces its reliance on individual
contractors by always engaging with several
contractors. An overheated market can be
partly mitigated through yearly negotiations on
longer-term master agreements, and also by
cascading cost to customers. The sustainability
journey opens up for a larger variety of materi-
als, thus reducing dependency of suppliers. We
have a strong position due to our market share.
With increased digitalisation of work pro-
cesses, critical applications are monitored
and managed according to a business
continuity plan. We ensure segregation
of duties on our application to prevent
unintended usage. Risk of loss of data
is mitigated by a daily backup placed on
a separate location for 30 days and a
disaster recovery strategy is implemented
with yearly exercise of disaster recovery.
A Data Protection Policy was implemented
in 2018 and is reviewed on an ongoing
basis.
HusCompagniet integrates considerations on
climate-related risks and opportunities into our
strategy and operations. The Group has since 2019
implemented and publicly supported the recommen-
dations of the Task Force on Climate-related Financial
Disclosures (TCFD). We have set ambitious targets for
2025 and 2030 to reduce carbon emissions, and in
our efforts to reach the targets set, we continuously
expand our low-carbon offerings in terms of materials
and renewable energy solutions. The efforts taken
also prepares for future regulatory changes. For our
semi-detached offerings, it is our expectation and am-
bition that we are on a transition towards delivering
only projects that are sustainability certified.
Top risks
HusCompagniet Annual report 2022
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Our people Health and safety Cyber threats
Risk
The Group depends upon its management team and on
the expertise of its key personnel and may be unable
to attract and retain a highly skilled and experienced
workforce. Development of skilled employees is critical
to delivery of the Group’s strategy of profit and volume
growth through quality and efficiency.
The Group’s subcontractors may fail to operate in ac-
cordance with high ethical and safety standards and in
accordance with applicable laws and regulation.
The cyber threat has continued to increase. With in-
creased digitalisation of business processes, cyberattacks
could have financial and reputational consequences for
HusCompagniet.
Malicious hacking activities or theft of sensitive business
data, personal employee data or customer data, may
result in significant business disruption, monetary losses
or fines and penalties from authorities.
Risk of cyber threats has increased further due to the
geopolitical turmoil in Europe.
Mitigation
HR processes including retaining and recruiting talent are
increasingly important to the Group. The Group has a key
focus on maintaining an attractive workplace with compet-
itive compensation packages and a long-term incentive
programme has been introduced with a view to retaining
key personnel. Employee surveys are conducted on a
regular basis in order to open a line of communication for
all employees to provide feedback and help growth the
company.
It is HusCompagniet's ambition to eliminate work-related
injuries. HusCompagniet has increased the training of
construction managers and engaging with subcontractors
at building sites as well as maintaining a strong focus on
safety when onboarding new companies. Training of con-
struction managers and subcontractors are ongoing and
continuously in development.
The Group’s IT strategy comprises a continued effort to
protect against cyber threats regarding IT infrastructure
and business operations. Ongoing updates and invest-
ments in IT equipment and new technology as well as
improvements of operating procedures seek to follow
good practice. Furthermore, continuous user-awareness
campaigns improve user behavior, which minimize risks of
successful cyberattacks.
Top risks
HusCompagniet Annual report 2022
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67%
Denmark
1%
Treasury shares
15%
Europe
4%
Other
11%
UK
2%
USA
Shareholder information
The share price
HusCompagniet A/S was listed on Nasdaq Copenhagen on
18 November 2020, becoming part of the mid-cap index. At
first trading day the share price was DKK 117. The share price
was at DKK 119.6 at the beginning of 2022 and closed at
DK 41 at year end. In comparison, the Copenhagen mid-cap
index decreased 8% in the period.
Shareholder structure
HusCompagniet A/S’ share capital is nominally DKK
91,050,000 divided into 18,210,000 shares, each with a nom-
inal value of DKK 5 and carrying five votes. On 31 December
2022, HusCompagniet had more than 5,100 registered
shareholders collectively holding 96% of the share capital.
One shareholder had at year end notified HusCompagniet
A/S of holding 10% or more of the share capital and two
shareholders holding 5% or more of the share capital:
• Lind Value II ApS + 10%
• Henderson Global Investors Limited + 5%
• PFA Asset management A/S + 5%
One shareholder had notified HusCompagniet A/S of hold-
ing 5% or more of the voting rights: Nordea Funds Ltd.
HusCompagniet held 209,989 treasury shares at year end,
corresponding to 1.2% of the share capital. The treasury
shares are held to cover the commitments under the current
share-based incentive programme and cancellation.
Share-based incentive schemes
In total, 74,866 RSUs were issued on 8 April 2022, of which
19,453 were granted to the Executive Management and
55,413 were granted to other employees. The fair value of
the RSU grant in the 2020 programme totalled DKK 16 mil-
lion and the fair value of RSU grant dated in 2022 was DKK
8.4 million. In 2022, an expense of DKK 6.6 million was rec-
ognised in the income statement in respect of the incentive
programmes (2021: 4.9 million).
Capital structure and financing
The primary objective of HusCompagniet’s capital manage-
ment is to ensure that it maintains a strong credit rating and
healthy capital ratios to support its business and maximise
shareholder value. HusCompagniet manages its capital
structure and adjusts in response to changes in economic
conditions. To maintain or adjust the capital structure, Hus-
Compagniet may adjust dividend payments to shareholders,
acquire its own shares or issue new shares. HusCompagniet
has a target leverage for 2022 of around 2.0x net debt to
EBITDA before special items considering the Group’s cash
flow profile. The financial leverage at year end 2022 was 2.2
net debt to EBITDA before special items. The leverage ratio
- Net interest bearing debt divided by last twelve months
adjusted EBITDA - may not exceed 3.5x end of quarters
according to the current bank financing agreement. In case
of breach of financial covenants the banks may demand
immediate repayment of the full nominal amount.
The current outlook for 2023 implies that it is a possible sce-
nario that HusCompagniet may not comply with the current
covenant on financial leverage in 2023 and consequently a
waiver will in such a situation need to be obtained from the
banks or alternative measures taken.
Management is in process of generally reviewing the
financing and capital structure of HusCompagniet going
forward. Measures are first and foremost to optimize cash
and earnings but could also include: amendment of bank
HusCompagniet Annual report 2022
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Jan
2022
Feb
2022
Mar
2022
Apr
2022
May
2022
Jun
2022
Jul
2022
Aug
2022
Sep
2022
Oct
2022
Nov
2022
Dec
2022
0
20
40
60
80
100
120
140
financing agreement, waivers on financial covenants, an eq-
uity capital raise or through attracting other hybrid financing.
As a precautionary measure in this connection distribution
of dividends to shareholders are suspended in 2023 as also
mentioned in the outlook for 2023.
Management is confident that appropriate financing at reason-
able costs will be available to HusCompagniet and conclude
on that basis that there is an appropriate and justified basis for
continuing the current plans and operations of HusCompagnie.t
Dividend policy
The company’s current dividend policy has a target initial
pay-out ratio of at least 25% by means of dividend, supple-
mented by means of share buyback for around 25%.
The dividend policy is subject to change at the discretion
of the Board of Directors, and there can be no assurance
that the Group’s performance will facilitate adherence to the
dividend policy and that in any given year a dividend will be
proposed or declared.
The Board of Directors announced in November 2022 that
it would propose to the Annual General Meeting that no
dividend shall be paid out in 2023. HusCompagniet expects
to return to making dividend payments, once the leverage is
back within the long-term target. HusCompagniet has initiated
a review of the appropriate capital structure going forward.
Insiders and trading windows
Members of HusCompagniet A/S’ Board of Directors and
Executive Management are listed in the company’s regis-
ter of permanent insiders. These persons and their related
parties are allowed to buy or sell shares in the company only
during the four weeks immediately following the publication
of each interim financial report, quarterly trading statements
or annual report. If in possession of inside information, such
persons are prohibited from trading even during the said
four-week period for as long as such information remains in-
side information. The company may solely buy or sell its own
shares during the three-week period immediately following
each interim financial report, quarterly trading statement
or annual report, and the company may not trade whilst in
possession of inside information.
Communication with investors
To ensure that capital market participants, including current
and prospective shareholders, can make well-informed
investment decisions, HusCompagniet hosts conference
calls with the Executive Management each quarter following
the release of financial reports and trading statements. The
Executive Management and Investor Relations team also
meet current and potential investors on a regular basis at
road shows and equity conferences.
Financial calendar
Deadline for proposals to the agenda of the Annual General Meeting 2 March 2023
Annual General Meeting 14 April 2023
Trading statement for the period ending 31 March 2023 4 May 2023
Interim report for the period ending 30 June 2023 17 August 2023
Trading statement for the period ending 30 September 2023 3 November 2023
HusCompagniet
share information
No. of shares: 18,210,000
Listing: Nasdaq Copen-
hagen
Trading symbol: HUSCO
Index: Nasdaq Copen-
hagen mid-cap
Shareprice 2022
Analyst coverage
In 2022, the company was covered by four equity research
providers, Carnegie, Citi Bank, Nordea and SEB. From
January 2023, the company is covered by four equity re-
search providers, Carnegie, Danske Bank, Nordea and SEB.
The company is not normally available for dialogue about
financial matters in the three-week period leading up to the
publication of an interim financial report, trading statements
or the annual report.
HusCompagniet Annual report 2022
67 / 138
33%
female board members
in 2022
HusCompagniet Annual report 2022
68 / 138
corporate governance
Board meeting and board committee meeting attendance
Chairperson of the committee Vice Chairperson Member of the committee
HusCompagniet Annual report 2022
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HusCompagniet Annual report 2022
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Anja B. Eriksson
Vice-Chairperson (Independent)
Member of the Audit Committee
Stig Pastwa
Board member (Independent)
Chair of the Audit Committee
Corporate Governance
Board of Directors
Claus V. Hemmingsen
Chairperson (Independent)
Chair of the Remuneration and Nomination Committee
*Indirect and direct
HusCompagniet Annual report 2022
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Ylva Ekborn
Board member (Independent)
Member of the Audit Committee,
Member of Remuneration and Nomination Committee
Mads Munkholt Ditlevsen
Board member (Independent)
Bo Rygaard
Board member (Independent)
Member of Remuneration and Nomination Committee
Corporate Governance
Board of Directors
*Indirect and direct
HusCompagniet Annual report 2022
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Martin Ravn-Nielsen
Group CEO
Mads Dehlsen Winther
Group CFO
Corporate Governance
Executive Management
*Indirect and direct
HusCompagniet Annual report 2022
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Income statement – consolidated
DKK’000 Note 2022 2021
Revenue 2.1 4,329,833 4,314,783
Cost of Sales 2.1 -3,492,916 -3,439,886
Gross profit 836,917 874,897
Staff cost 2.2, 2.3 -346,287 -349,059
Other external expenses -142,400 -124,900
Other operating income 67 173
Operating profit before depreciation and amortisation
(EBITDA) before special items 2.4 348,297 401,111
Special items 2.4 -31,939 0
Operating profit before depreciation and amortisation
(EBITDA) after special items 316,358 401,111
Depreciation and amortisation 4.1, 4.3 -48,343 -46,118
Operating profit (EBIT) 268,014 354,993
Financial income 5.5 697 300
Financial expenses 5.5 -27,784 -20,761
Profit before tax from continuing operations 240,927 334,533
Tax on profit 6.1 -50,449 -69,981
Profit for the period from continuing operations 190,478 264,552
Profit / (loss) after tax for the period from discontinued operations 6.2 -20,169 0
Profit for the period 170,309 264,552
Profits attributable to:
Equity owners of the Company 170,309 264,552
DKK Note 2022 2021
Earnings per share: 2.5
Earnings per share (EPS Basic) 9.4 13.7
Diluted earnings per share (EPS-D) 9.4 13.7
Earnings per share (EPS Basic) continuing operations 10.6 13.7
Diluted earnings per share (EPS-D) continuing operations 10.5 13.7
Earnings per share (EPS) (DKK) from discontinued business -1.1 0.0
Diluted earnings per share (EPS-D) (DKK) from discontinued business -1.1 0.0
Statement of other comprehensive income DKK’000 Note 2022 2021
Profit for the year 170,309 264,552
Other comprehensive income
Items that may be reclassified to the income statement
in subsequent periods
Foreign currency translation differences, subsidiary -11,719 -2,112
Other comprehensive income, net of tax -11,719 -2,112
Total comprehensive income for the year 158,590 262,440
Total comprehensive income attributable to:
Equity owners of the Company 158,590 262,440
HusCompagniet Annual report 2022
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Balance sheet – consolidated
DKK’000 Note 2022 2021
Assets
Non-current assets
Goodwill 4.1 2,016,050 2,031,471
Intangible assets 4.1 37,550 39,741
Right-of-use assets 4.3 76,578 87,709
Property, plant and equipment 4.3 97,394 20,728
Deferred tax asset 6.1 29,254 28,153
Other receivables 3.3 4,151 4,756
Total non-current assets 2,260,977 2,212,558
Current assets
Inventories 3.1 343,033 315,926
Contract assets 3.2 731,056 809,330
Trade and other receivables 3.3 217,221 170,272
Prepayments 14,796 14,203
Cash and cash equivalents 5,207 55,420
Total current assets 1,311,313 1,365,151
Total assets 3,572,291 3,577,709
DKK’000 Note 2022 2021
Equity and liabilities
Equity
Share capital 5.1 91,050 100,000
Retained earnings and other reserves 1,790,040 1,784,982
Total equity 1,881,090 1,884,982
Liabilities
Non-current liabilities
Borrowings 5.3 682,461 672,058
Lease liabilities 5.4 65,689 73,247
Provisions 3.4 7,011 8,680
Deferred tax liability 6.1 42,742 38,683
Total non-current liabilities 797,902 792,668
Current liabilities
Borrowings 5.3 1,045 0
Lease liabilities 5.4 23,874 23,076
Trade and other payables 5.6 537,362 554,333
Contract liabilities 3.2 105,041 84,730
Prepayments from customers 3.2 15,312 10,081
Provisions 3.4 28,042 34,718
Income tax payable 6.1 40,750 44,998
Other liabilities 3.7 141,872 148,123
Total current liabilities 893,299 900,059
Total liabilities 1,691,201 1,692,727
Total equity and liabilities 3,572,291 3,577,709
Reference to off-balance sheet notes: Related parties 6.4, and Contingent liabilities 3.4
HusCompagniet Annual report 2022
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Statement of cash flows – consolidated
DKK’000 Note 2022 2021
Cash flow from operating activities
EBITDA, after special items 316,358 401,111
EBITDA, discontinued activities -193 5,501
EBITDA 316,164 406,612
Adjustments for non-cash items 6.3 8,748 11,495
Adjustet EBITDA 324,913 418,107
Changes in working capital 3.5 35,711 -84,508
Cash flow from operating activities before financial items and taxes 360,624 333,599
Interest received 5.5 697 300
Interest elements of lease payments 5.5 -5,014 -5,736
Interest paid 5.5 -22,771 -15,025
Corporation tax paid 6.1 -65,065 -54,661
Net cash generated from operating activities 268,471 258,477
Cash flow from investing activities
Investment in assets recognised as property, plant and equipment 4.3 -22,401 -11,327
Investment in assets recognised as intangible assets 4.1 -13,155 -10,435
Cash outflow on acquisition subsidiaries 4.2 -75,252 0
Cash and cash equivalents of subsidiaries on acquisition date 4.2 -5,746 0
Net cash generated from investing activities -116,554 -21,762
DKK’000 Note 2022 2021
Cash flow from financing activities
Repayment of long-term debt -125,000 0
Proceeds from loans 125,000 0
Repayment of mortgage 5.3 -523 0
Repayment of lease liabilities 5.3 -22,697 -21,850
Dividends to equity holders -132,276 -60,000
Dividends from own treasury shares 0 410
Acquisition of own shares 5.2 -36,821 -179,990
Net cash generated from financing activities -192,317 -261,430
Total cash flows -40,400 -24,715
Cash and cash equivalents at 1 January 55,420 77,467
Net foreign currency gains or losses -9,813 2,668
Cash and cash equivalents at 31 December 5,207 55,420
Cash and cash equivalents
Cash at bank 5,207 55,420
Cash and cash equivalents as at 31 December 5,207 55,420
Bank overdrafts 0 0
Net cash and cash equivalents as at 31 December 5,207 55,420
Free cash flow 151,916 236,715
The cash flow statement cannot be inferred from the published financial information only.
HusCompagniet Annual report 2022
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Statement of changes in equity – consolidated
DKK’000 Share capital
Foreign
currency
translation
reserve
Retained
earnings
Proposed
dividend Total
2022
Equity at 1 January 100,000 1,656 1,651,050 132,276 1,884,982
Profit for the period 0 0 170,309 0 170,309
Other comprehensive income:
Foreign currency translation differences 0 -11,719 0 0 -11,719
Total other comprehensive income 0 -11,719 0 0 -11,719
Transactions with owners of the Company and other equity transactions:
Capital reduction
-8,950 0 8,950 0 0
Share-based payment 0 0 6,615 0 6,615
Purchase of own shares 0 0 -36,821 0 -36,821
Dividends paid 0 0 0 -132,276 -132,276
Total transactions with owners of the Company and other equity transactions -8,950 0 -21,256 132,276 -162,482
Equity on 31 December 91,050 -10,063 1,800,103 0 1,881,090
HusCompagniet Annual report 2022
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DKK’000 Share capital
Foreign
currency
translation
reserve
Retained
earnings
Proposed
dividend Total
2021
Equity at 1 January 100,000 3,768 1,693,424 60,000 1,857,192
Profit for the period 0 0 264,552 0 264,552
Other comprehensive income:
Foreign currency translation differences 0 -2,112 0 0 -2,112
Total other comprehensive income 0 -2,112 0 0 -2,112
Transactions with owners of the Company and other equity transactions:
Share-based payment 0 0 4,930 0 4,930
Purchase of own shares 0 0 -179,990 0 -179,990
Proposed dividends 0 0 -132,276 132,276 0
Dividends, own shares 0 0 410 0 410
Dividends paid 0 0 0 -60,000 -60,000
Total transactions with owners of the Company and other equity transactions 0 0 -306,926 72,276 -234,650
Equity on 31 December 100,000 1,656 1,651,050 132,276 1,884,982
Statement of changes in equity – consolidated
Capital structure and financing
The primary objective of HusCompagniet’s capital
management is to ensure that it maintains a strong
credit rating and healthy capital ratios to support its
business and maximise shareholder value. HusCom-
pagniet manages its capital structure and adjusts
in response to changes in economic conditions. To
maintain or adjust the capital structure, HusCom-
pagniet may adjust dividend payments to share-
holders, acquire its own shares or issue new shares.
HusCompagniet has a medium term target leverage
of below 2.0x net debt to EBITDA before special items
considering the Group’s cash flow profile.
The financial leverage at year-end 2022 was 2.2x net
debt to EBITDA before special items. The leverage
ratio - Net interest bearing debt divided LTM adjusted
EBITDA may not exceed 3.5x end of quarters accord-
ing to the current bank agreement. In case of breach
of financial covenants the bank can demand a imme-
diate repayment of the full nominal amount.
The current outlook for 2023 implies that it is a pos-
sible scenario that HusCompagniet may not comply
with the current covenant on financial leverage in
2023 and consequently a waiver will in such a situa-
tion need to be obtained from the banks or alternative
measures taken.
Management is in process of generally reviewing the
financing and capital structure of HusCompagniet
going forward. Measures are first and foremost to
optimize cash and earnings but could also include:
amendment of bank financing agreement, waivers on
financial covenants, an equity capital raise or through
attracting other hybrid financing. As a precautionary
measure in this connection distribution of dividends
to shareholders are suspended in 2023 as also men-
tioned in Outlook for 2023.
Management is confident that appropriate financing
at reasonable costs will be available to HusCom-
pagniet and conclude on that basis that there is an ap-
propriate and justified basis for continuing the current
plans and operations of HusCompagniet.
Dividends
The Board of Directors has adopted a dividend policy
with a target initial pay-out ratio of at least 50% of
reported profit for the year.
In 2022 HusCompagniet updated the dividend policy
from at least 50% by means of dividend to at least
25% by means of dividend, supplemented by means
of share buyback for around 25%. The dividend policy
is subject to change at the discretion of the Board
of Directors, and there can be no assurance that the
Group’s performance will facilitate adherence to the
dividend policy and that in any given year a dividend
will be proposed or declared.
For the financial year 2022 the dividend policy has
been suspended.
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Notes
1 Basis of preparation
Note 1.1 General accounting policies 81
Note 1.2 Introduction to significant estimates and judgements 83
Note 1.3 Application of materiality 83
2 EBITDA
Note 2.1 Segment information 84
Note 2.2 Costs including staff costs and remuneration 90
Note 2.3 Share-based payment 91
Note 2.4 Special items 92
Note 2.5 Earnings per share 92
Note 2.6 Financial risk management 93
Note 2.7 Accounting policy 93
Note 2.8 Significant estimates and judgements 95
3 Working capital
Note 3.1 Inventories 96
Note 3.2 Contract assets 96
Note 3.3 Trade and other receivables 97
Note 3.4 Guarantee commitments and contingent liabilities 98
Note 3.5 Net working capital 99
Note 3.6 Financial risk management 99
Note 3.7 Other liabilities 99
Note 3.8 Accounting policy 100
Note 3.9 Significant estimates and judgements 100
4 Investments
Note 4.1 Goodwill and Intangible assets 101
Note 4.2 Business combinations 102
Note 4.3 Property, plant and equipment
and right-of-use assets 103
Note 4.4 Impairment 104
Note 4.5 Accounting policy 106
Note 4.6 Significant estimates and judgements 107
5 Funding and capital structure
Note 5.1 Equity 108
Note 5.2 Treasury shares 109
Note 5.3 Borrowings and non-current liabilities 109
Note 5.4 Lease liabilities 110
Note 5.5 Financial income and expenses 111
Note 5.6 Financial risk management 111
Note 5.7 Accounting policy 113
6 Other disclosures
Note 6.1 Tax 114
Note 6.2 Discontinued operations 115
Note 6.3 Other non-cash items 116
Note 6.4 Related parties 116
Note 6.5 Auditor's fee 117
Note 6.6 Events after the balance sheet date 117
Note 6.7 List of Group companies 117
Note 6.8 Definitions 118
Note 6.9 Accounting policy 119
Note 6.10 Significant estimates and judgements 119
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Section 1
The following notes are presented in Section 1:
Note 1.1 General accounting policies 81
Note 1.2 Introduction to significant estimates and judgements 83
Note 1.3 Application of materiality 83
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Section 2
EBITDA
This section provides information regarding the Group’s performance in 2022, including the effects
of non-recurring items on EBITDA.
The development of cost of sales, other external expenses, staff costs and remuneration, and
information about the Group’s low exposure towards currency risk on transaction level is also
contained in this section.
The following notes are presented
in Section 2:
Note 2.1 Segment information 84
Note 2.2 Costs including staff costs and remuneration 90
Note 2.3 Share-based payment 91
Note 2.4 Special items 92
Note 2.5 Earnings per share 92
Note 2.6 Financial risk management 93
Note 2.7 Accounting policy 93
Note 2.8 Significant estimates and judgements 95
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Section 3
Working capital
This section provides information regarding the development in the Group’s working capital. This
includes notes to understand the development in construction contracts and related guarantee
commitments.
Information to understand the Group’s low exposure towards credit risk is also contained in this
section.
The following notes are presented
in Section 3:
Note 3.1 Inventories 96
Note 3.2 Contract assets 96
Note 3.3 Trade and other receivables 97
Note 3.4 Guarantee commitments and contingent liabilities 98
Note 3.5 Net working capital 99
Note 3.6 Financial risk management 99
Note 3.7 Other liabilities 99
Note 3.8 Accounting policy 100
Note 3.9 Significant estimates and judgements 100
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Note 3.2 Contract assets (continued)
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Section 4
Investments
In this section the Group's investments are explained. This includes investments in tangible assets,
intangible assets and Business Combinations, and how these are tested for impairment.
The following notes are presented
in Section 4:
Note 4.1 Goodwill and Intangible assets 101
Note 4.2 Business combinations 102
Note 4.3 Property, plant and equipment and right-of-use assets 103
Note 4.4 Impairment 104
Note 4.5 Accounting policy 106
Note 4.6 Significant estimates and judgements 107
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Note 4.1 Goodwill and Intangible assets (continued)
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Note 4.2 Business combinations (continued)
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Note 4.3 Property, plant and equipment
and right-of-use assets (continued)
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Note 4.4 Impairment (continued)
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Section 5
Funding and capital structure
This section includes information regarding the Group’s capital structure, and information on how the
activities and investments of the Group are funded.
Information regarding the Group’s exposure towards liquidity and interest rate risk is also included in
this section.
The following notes are presented
in Section 5:
Note 5.1 Equity 108
Note 5.2 Treasury shares 109
Note 5.3 Borrowings and non-current liabilities 109
Note 5.4 Lease liabilities 110
Note 5.5 Financial income and expenses 111
Note 5.6 Financial risk management 111
Note 5.7 Accounting policy 113
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Note 5.3 Borrowings and non-current liabilities
(continued)
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Section 6
Other disclosures
This section includes other disclosures required by IFRS or additional disclosures required by the
Danish Financial Statements Act.
The following notes are presented
in Section 6:
Note 6.1 Tax 114
Note 6.2 Discontinued operations 115
Note 6.3 Other non-cash items 116
Note 6.4 Related parties 116
Note 6.5 Auditor's fee 117
Note 6.6 Events after the balance sheet date 117
Note 6.7 List of Group companies 117
Note 6.8 Definitions 118
Note 6.9 Accounting policy 119
Note 6.10 Significant estimates and judgements 119
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Note 6.1 Tax (continued)
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Note 6.2 Discontinued operations (continued)
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Income statement – parent
DKK’000 Note 2022 2021
Revenue 11 20,982 10,240
Staff cost 2 -20,823 -13,860
Other external expenses -4,628 -3,856
Operating profit before depreciation and amortisation
(EBITDA) before special items -4,469 -7,476
Special items 3 -5,249 0
Operating profit before depreciation and amortisation
(EBITDA) after special items -9,718 -7,476
Depreciation and amortisation 0 0
Operating profit (EBIT) -9,718 -7,476
Share of result from subsidiaries after tax 6 205,166 291,229
Financial income 4 0
Financial expenses 4 -32,498 -26,712
Profit before tax 162,955 257,041
Tax on profit 5 7,354 7,514
Profit for the year 170,309 264,555
Profits attributable to:
Equity owners of the Company 170,309 264,555
Statement of other comprehensive income DKK’000 Note 2022 2021
Profit for the year 170,309 264,555
Other comprehensive income
Items that may be reclassified to the income statement
in subsequent periods
Foreign currency translation differences, subsidiary -11,720 -2,114
Other comprehensive income, net of tax -11,720 -2,114
Total comprehensive income for the year 158,590 262,441
Total comprehensive income attributable to:
Equity owners of the Company 158,590 262,441
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Balance sheet – parent
DKK’000 Note 2022 2021
Assets
Non-current assets
Investments in subsidiaries 6 3,446,760 3,253,311
Total non-current assets 3,446,760 3,253,311
Current assets
Income tax receivable 5 26,526 27,145
Receivables from affiliated companies 3,172 16,088
Total current assets 29,698 43,234
Total assets 3,476,458 3,296,545
DKK’000 Note 2022 2021
Equity and liabilities
Equity
Share capital 91,050 100,000
Retained earnings and other reserves 1,790,040 1,784,982
Total equity 1,881,090 1,884,982
Liabilities
Non-current liabilities
Borrowings 9 672,825 672,058
Total non-current liabilities 672,825 672,058
Current liabilities
Credit institutions 5,462 2,673
Trade and other payables 3,010 753
Payables to affiliated companies 909,041 731,459
Other liabilities 5,031 4,620
Total current liabilities 922,543 739,505
Total liabilities 1,595,369 1,411,562
Total equity and liabilities 3,476,458 3,296,545
Reference to off-balance sheet notes: Other disclosures 10.
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Statement of cash flows – parent
DKK’000 Note 2022 2021
Cash flow from operating activities
EBITDA, after special items -9,718 -7,476
EBITDA -9,718 -7,476
Adjustments for non-cash items 8 6,615 4,930
Adjustet EBITDA -3,103 -2,546
Changes in working capital 7 2,667- -28,647
Cash flow from operating activities before financial items and taxes -435 -31,193
Interest paid -32,493 -26,712
Corporation tax received 7,335 -1,299
Net cash generated from operating activities -25,593 -59,204
Cash flow from financing activities
Change in intercompany balances 191,134 295,217
Repayment of long-term debt 9 -125,000 0
Proceeds from loans 128,556 3,568
Dividends from own treasury shares 0 410
Dividends to equity holders -132,276 -60,000
Acquisition of own shares -36,821 -179,990
Net cash generated from financing activities 25,593 59,204
Total cash flows 0
Cash and cash equivalents at 1 January 0 0
Net foreign currency gains or losses 0 0
Cash and cash equivalents at 31 December 0 0
DKK’000 Note 2022 2021
Cash and cash equivalents
Cash at bank and on hand 0 0
Cash and cash equivalents as at 31 December 0 0
Bank overdrafts 0 0
Net cash and cash equivalents as at 31 December 0 0
The cash flow statement cannot be inferred from the published financial information only.
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Statement of changes in equity – parent
DKK’000 Share capital
Revaluations
reserve under
the equity
method
Retained
earnings
Proposed
dividend Total
2022
Equity at 1 January 100,000 936,266 716,440 132,276 1,884,982
Profit for the period 0 0 170,309 0 170,309
Reserve for net revaluation according to equity method 0 205,166 -205,166 0 0
Other comprehensive income:
Foreign currency translation differences, subsidiary 0 -11,719 0 0 -11,719
Total other comprehensive income 0 -11,719 0 0 -11,719
Transactions with owners of the Company and other equity transactions:
Capital reduction -8,950 0 8,950 0 0
Value of share-based payment 0 0 6,615 0 6,615
Purchase of own shares 0 0 -36,821 0 -36,821
Dividends, own shares 0 0 0 0 0
Proposed dividends 0 0 0 0 0
Dividends paid 0 0 0 -132,276 -132,276
Total transactions with owners of the Company and other equity transactions -8,950 0 -21,256 -132,276 -162,482
Equity on 31 December 91,050 1,129,713 660,327 0 1,881,090
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Statement of changes in equity – parent
DKK’000 Share capital
Revaluations
reserve under
the equity
method
Retained
earnings
Proposed
dividend Total
2021
Equity at 1 January 100,000 647,151 1,050,040 60,000 1,857,191
Profit for the period 0 0 264,555 0 264,555
Reserve for net revaluation according to equity method 0 291,229 -291,229 0 0
Other comprehensive income:
Foreign currency translation differences, subsidiary 0 -2,114 0 0 -2,114
Total other comprehensive income 0 -2,114 0 0 -2,114
Transactions with owners of the Company and other equity transactions:
Value of share-based payment 0 0 4,930 0 4,930
Purchase of own shares 0 0 -179,990 0 -179,990
Dividends, own shares 0 0 410 0 410
Proposed dividends 0 0 -132,276 132,276 0
Dividends paid 0 0 0 -60,000 -60,000
Total transactions with owners of the Company and other equity transactions 0 0 -306,926 72,276 -234,650
Equity on 31 December 100,000 936,266 716,440 132,276 1,884,982
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Parent Company financial statements
Notes
Note 1 Summary of significant accounting policies
Basis of preparation
The separate financial statements are prepared
in accordance with International Financial Report-
ing Standards as endorsed by the EU (“IFRS”) and
additional requirements of the Danish Financial
Statements Act, applying to large reporting class D
entities. The separate financial statements have been
prepared on a historical cost basis, except as noted in
the various accounting policies.
These separate financial statements are expressed
in DKK, as this is HusCompagniet’s functional and
presentation currency. All values are rounded to the
nearest thousand DKK ‘000.
The accounting policies of the Parent Company
are unchanged from last year and identical to the
accounting policies in the consolidated financial state-
ments, with the following exceptions.
Investments in subsidiaries
The Company’s investments in subsidiaries are ac-
counted for using the equity method.
Under the equity method, the investments in subsid-
iaries are initially recognised at cost. The carrying
amount of the investment is adjusted to recognise
changes in the Company’s share of net assets of
the subsidiary since the acquisition date. Goodwill
relating to the subsidiary is included in the carrying
amount of the investment and is not tested for impair-
ment individually, but on Group level.
The statement of profit or loss reflects the Company’s
share of the results of operations of the subsidiary.
Any change in OCI of those investees is presented as
part of the Company’s OCI. In addition, when there
has been a change recognised directly in the equity
of the subsidiary, the Company recognises its share
of any changes, when applicable, in the statement of
changes in equity. Unrealised gains and losses result-
ing from transactions between the Company and the
subsidiaries are eliminated in the subsidiary.
The aggregate of the Company’s share of profit or
loss of an subsidiary is shown on the face of the
statement of profit or loss outside operating profit and
represents profit or loss after tax of the subsidiary.
The financial statements of the subsidiaries are pre-
pared for the same reporting period as the Company.
When necessary, adjustments are made to bring the
accounting policies in line with those of the Company.
After application of the equity method, the Company
determines whether it is necessary to recognise an
impairment loss on its investment in its subsidiaries.
At each reporting date, the Company determines
whether there is an impairment indicator. If there is
such evidence, the Company calculates the amount of
impairment as the difference between the recovera-
ble amount of the subsidiary and its carrying value,
and then recognises the loss as ‘Share of profit of a
subsidiary’ in the income statement.
Net revaluation reserve to the equity method
The net revaluation reserve according to the equity
method comprises net revaluations of equity invest-
ments in group entities compared to cost comprising
i.a. recognised shares of profit/loss and foreign
exchange adjustments less dividends.
The reserve can be eliminated in case of losses, reali-
sation of equity investments or changes in accounting
estimates. The reserve cannot be recognised at a
negative amount.
Significant judgement and estimates
Reference is made to the consolidated financial state-
ments on page 75.
In this section
Note 1 Summary of significant accounting policies 126
Note 2 Staff costs 127
Note 3 Special items 128
Note 4 Finance costs 128
Note 5 Income taxes 129
Note 6 Investments in subsidiaries 130
Note 7 Changes in working capital 130
Note 8 Adjustments for non-cash items 130
Note 9 Interest-bearing borrowings 130
Note 10 Auditor's fee 131
Note 11 Other disclosures 131
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Note 2 Costs including staff costs
and remuneration
DKK’000 2022 2021
Staff costs
Wages and salaries 22,989 16,054
Defined contribution plans 0 0
Other social security costs 13 18
Share based payment 1,895 725
Movement in bonus provision -2,233 -2,937
Transferred to special items -1,841 0
Total 20,823 13,860
Average number of full-time employees 2 2
Number of full-time employees at year-end 3 2
DKK’000 2022 2021
Remuneration of Board of Directors
Base salary and non-monetary benefits 3,050 2,915
Total remuneration 3,050 2,915
Remuneration of Executive Management
Base salary and non-monetary benefits 7,896 7,547
Share-based remuneration 1,208 725
Bonus 2,658 5,610
Total remuneration 11,762 13,882
DKK’000 2022 2021
Remuneration to the Executive management
Martin-Ravn Nielsen:
Salary 4,325 4,125
Bonus 1,469 3,095
Share-based payment 667 400
Total remuneration 6,461 7,620
Mads Dehlsen Winther:
Salary 3,571 3,422
Bonus 1,189 2,515
Share-based payment 542 325
Total remuneration 5,302 6,262
Part of the management remuneration is partly paid by group companies.
The long term incentive programme is described in note 2.3 in Group.
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Note 3 Special items
DKK’000 2022 2021
Strategic organisational changes 1,077 0
Costs in connection with acquisition and vendor due dilligence 2,331 0
Other special items 1,841 0
Total special items 5,249 0
DKK’000 2022 2021
Reconciliation of EBITDA
Operating profit before depreciation and amortisation -4,468 -7,476
Special items -5,249 0
Operating profit before depreciation and amortisation
(EBITDA) after special items -9,718 -7,476
Other special items includes severance payment for senior management.
There has been no special items in continued business in 2021.
Note 4 Finance costs
DKK’000 2022 2021
Interests paid to banks* 29,026 24,882
Exchange rate losses 14 2
Other financial cost 3,457 1,828
Total financial costs 32,498 26,712
*Interest income and expenses from financial assets and financial liabilities measured at amortised cost.
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Note 5 Income taxes
DKK’000 2022 2021
Current tax
Income tax -7,354 -7,518
Movement in deferred tax 0 0
Adjustment relating to previous years 0 4
Income taxes in the income statement -7,354 -7,514
Profit before tax 162,955 257,041
Tax rate, Denmark 22.00% 22.00%
Tax at the applicable rate 38,850 56,548
Non-taxable income -45,136 -64,070
Expenses not deductible for tax purposes 1,932 0
Adjustments relating to prior years 0 8
Effective change in tax rate 0 0
Other 0 0
Tax expense for the year -7,354 -7,514
Effective tax rate, % -5% -3%
Deferred tax
Deferred tax at 1 January
Recognised in profit or loss 0 0
Exchange differences 0 0
Deferred tax at 31 December 0 0
DKK’000 2022 2021
Corporation tax receivable
Corporation tax receviable at 1 January 27,149 18,332
Adjustment of corporation tax at 1 January, from deferred tax 0 0
Current tax including jointly taxed subsidiaries 7,354 7,518
Corporation tax paid during the year -7,335 1,299
Adjustment related to prior year -642 0
Corporation tax receivable at 31 December 26,526 27,149
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Note 6 Investments in subsidiaries
Investments in subsidiaries DKK’000 2022 2021
Cost at 1 January 2,317,057 2,317,057
Additions 0 0
Cost at 31 December 2,317,057 2,317,057
Share of result at 1 January 936,254 647,139
Share of results 205,166 291,229
Other comprehensive income -11,717 -2,114
Share of results at 31 December 1,129,703 936,254
Net book value 3,446,760 3,253,311
Reference is made to note 6.8 in the consolidated financial statements for overview of subsidiaries.
Note 7 Changes in working capital
DKK’000 2022 2021
Increase / (decrease) in trade and other payables 2,667 -28,647
Total 2,667 -28,647
Note 8 Adjustments for non-cash items
DKK’000 2022 2021
Non-cash financial items 6,615 4,930
Other non-cash items 6,615 4,930
Note 9 Borrowings
DKK’000 2022 2021
Interest-bearing borrowings, 1 January 672,058 671,163
Additions 125,000 0
Change short-term overdraft 0 0
Other (amortised cost, etc.) 767 895
Repayments -125,000 0
Interest-bearing borrowings, 31 December 672,825 672,058
Investments in subsidiaries have been provided as security for the Group's balances with Nordea and Danske
Bank, covering all bank borrowings.
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Note 11 Other disclosures
For the following disclosures reference is made to
the consolidated financial statements:
• Guarantee commitments and contingent liabilities
(note 3.4)
• Equity (note 5.1)
• Related parties (note 6.4)
• Events after the balance sheet date (note 6.6)
• Receivables and payables from affiliated compa-
nies at 31 December 2022 stated in the balance
sheet relates primarily to tax payments in joint
taxation and cash pool. Balances are interde-
pendant and settled on an ongoing basis. No
write-downs have been made on balances in
2022 or 2021.
There are no losses on group receivables, so an
expected credit loss is considered to be very limited.
The Parent has provided collateral for bank loan
amounting to DKK 1,075 million in 2022 comprise
bank loan of DKK 675 million and DKK 400million
RCF (2021: DKK 1,075 million)
The Company was engaged in the below related parties transactions:
DKK’000 2022 2021
Sales of services (Management fee and allocated income) from subsidaries 20,982 10,240
Note 10 Auditor's fee
Fees to auditors DKK’000 2022 2021
Audit Services 813 656
Assurance engagements* 0 0
Tax advice services 0 11
Other non-audit services* 212 159
Total fees to auditors appointed at the Annual General Meeting 1,025 826
* The fee for non-audit services and assurance engagements delivered by EY Godkendt Revisionspartnerselskab to the Group amounts to
DKK 0.2 million (2021: DKK 0.2 million) and consists of other assurance engagements, advisory, tax assistance and tax services, sundry
accounting advisory.
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Statement by Management
Executive Board:
Board of Directors:
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Independent auditor's report
Report on the audit of the Consolidated Financial
Statements and Parent Company Financial Statements
Opinion
Basis for opinion
Key audit matters
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CVR no. 30 70 02 28
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Design and production: Noted
(+45) 75 64 57 99
www.HusCompagniet.dk
CVR: 3697 29 63