Co-creating the
homes of tomorrow
– today
Annual report
2021
Co
-
creating the
homes of tomorrow
– today
Our purpose
9
Content
Management review
Overview
04 HusCompagniet at a glance
05 Performance highlights
06 Our sustainability journey
07 Letter from the Chairperson
08 Letter from the CEO
09 Consolidated Key figures
Our business
10 Our Markets
14 Equity story
15 Business model
16 Strategy
20 Follow-up on 2021 guidance
21 Outlook for 2022
Financial review
22 Financial review
26 Q4 figures
28 Segments
Sustainability
30 Our progress with sustainability in 2021
33 Climate change
45 Our People
49 Responsible business
51 Taxonomy eligibility
52 ESG disclosures and data, Nasdaq and SASB
54 TCFD Disclosures
Risk Management
57 Risk Management
Shareholder information
60 Shareholder information
Corporate Governance
62 Corporate Governance
65 Board of Directors
67 Executive Management
Financial statements
69 Consolidated financial statement
113 Parent Company financial statement
125 Statement by Management
126 Independent auditors’ report
Leers rom Mnemen
Read letters from our Chairperson Claus V.
Hemmingsen and our CEO Martin Ravn-Nielsen.
The Board of Directors proposes a dividend of
DKK 7.35 per share
Page 7
Tesin he Cime-mproved
house ins he vounr
susinbe buidin css
Read more about the results
Page 40
Susinbii
Sustainability is an integral part of our strategy,
and we consistently pursue our ambitions of
operating a responsible business, securing our
people, and playing an active part in reducing
climate change.
Page 29
HusCompagniet Annual report 2021
3 / 132
contents
455 162007 25,500
HusCompagniet
a leading Nordic single-
family housebuilder
Co
-
creating the
homes of tomorrow
– today
At a glance
Our purpose Our semens
HusCompnie is edin provider o deched
houses in Denmrk. We so ciie semi-deched
houses o boh prive consumers nd proession
invesors nd hve presence in Sweden where we
produce prebriced wood-rmed houses hrouh
he VrrdHus brnd.
The Group operes n sse-ih nd exibe
deiver mode wih on-sie buidin, primri on
cusomer-owned nd. The consrucion is ousourced
o subconrcors, nd visibii o he order book ow
exibe cos bse.
HusCompnie hs 16 oices wih showrooms nd
more hn 60 show houses hrouhou Denmrk nd
Sweden, nd oers dii ses hrouh he onine
porm “HusOnine”.
Detached
Read more
On page 11
Semi-detached
Read more
On page 12
Sweden
Read more
On page 13
Office locations in
Denmark and Sweden
Company aquired.
HusCompagniet brand
established in 2010
employees houses built since
establishment, trailing 40
years back
HusCompagniet Annual report 2021
4 / 132
at a glance
2017 2018 2019 2020 2021
276
307
326
346
401
+10%
2017 2018 2019 2020 2021
2,816
3,095
3,496
3,596
4,315
+9%
4.3
bn
Based on more than 4,000
reviews on Trustpilot
4.8/5.0
houses built in 2021 houses sold in 2021
1,831 2,376
Performance
Highlights
401m
EBITDA before special items (DKK) Free cash flow (DKK)EBITDA margin
237m9.3%
Revenue
(DKKm)
EBTDA beore speci iems
(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.
Detached
(2020: 89%)
Semi-detached
(2020: 3%)
Sweden
(2020: 8%)
81% 12% 7%
HusCompagniet Annual report 2021
5 / 132
performance highlights
2021
2019
8
13
-38%
2021
2019
772
878
-12%
Our sustainability journey
scope 1 emissions
through 100% electric
owned and leased
vehicle fleet by 2025
Zero
of houses ordered
with renewable
energy sources
by 2025
60%
reduction in CO
2
emissions from building
materials through the
lifecycle of a house by
2030 compared to 2019
70%
Susinbii res
Cime Peope Responsibe businessAspire o impc
Our susinbe ocus res nd reed SDG's
Find more information about our sustainability targets
On page 31
Read more about our sustainability
On page 29
CO
2
emissions /m
2
, scope 1+2
(Metric tonnes CO
2
eq /m
2
location based)
To direc CO
2
-emissions, Scope 1
(Metric tonnes CO
2
eq)
Susinbii in 2021
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
N/A - annual targets
are set
Climate – own
operations
Zero scope 1 emssions
through 100% electric
owned and leased
vehicle fleet
Health &
safety
Reduce Ltif
by 30%
Labour rights and
human rights
N/A - 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
N/A - annual targets
are set
2025 Targets
HusCompagniet Annual report 2021
6 / 132
our sustainability journey
Letter from the Chairperson
Continuing the
sustainability
journey
The past year has once again been extraordinary, with the
COVID-19 pandemic continuing to impact our lives and busi-
nesses. In the wake of lockdowns, demand for new-builds
increased significantly, and HusCompagniet generated
strong growth rates.
The year also marked challenges, especially for our em-
ployees, who have gone an extra mile in a year with high
building activity combined with distressed supply chains and
bottlenecks around subcontractors. A tremendous effort
was made across the organisation, and to all our colleagues,
I owe a special thanks.
As we have entered 2022 with considerable uncertainty as
a consequence of the Russian war against Ukraine, it is clear
that risks are present to the macroeconomic environment,
which may also impact HusCompagniet. I’m afraid it will be
another year requiring additional efforts, pro-active decision
making and flexibility from many parties.
Engaging our stakeholders
Climate change is one of the defining challenges of our time
and the building industry has a key responsibility to par-
ticipate in the sustainable transition. The Paris Agreement
goals cannot be met without a substantial increase in energy
efficiency in the current building stock. 70% of the current
building stock in Denmark has an energy label of D or lower,
and renovation can only improve energy efficiency to a
certain level. Therefore, we truly believe that the sustainable
journey requires both renovation and new-builds, and Hus-
Compagniet has an important role to play.
In 2019, we set the target to reduce our CO
2
emissions from our
houses by 70% in 2030, and 60% of our houses to have sus-
tainable energy sourcing by 2025. Since then, we have worked
ambitiously to reach these targets. We have launched the Cli-
mate-Improved house and we have joined partnerships focus-
ing on green transition. From 1 January 2022, HusCompagniet
no longer offer gas heating as energy source, thereby removing
the last fossil source from our offering, and we are engaging in
creating a sustainable journey together with our customers.
We invite our shareholders to follow our journey through
transparent reporting. For our 2021 reporting, we have added
Taxonomy-eligibility on voluntary basis in spite of HusCom-
pagniet has below 500 employees.
Introducing our purpose
In 2021, we established our new purpose – Co-creating the
homes of tomorrow – today. Thereby we are combining our
quality cost-efficient dream house vision with an ambitious
sustainability path for the future in co-creation with our future
homeowners, our suppliers, our employees, and our partners.
Only through co-creation will we be able to build sustainable
dream homes for today and tomorrow. We aim to lead our in-
dustry for sustainable house construction of the future, so we
can create a positive impact for both our company and socie-
ty. The purpose of HusCompagniet will be guiding our long-
term objectives and our day-to-day actions and decisions.
Professionalising the industry
As part of our strategic ambitions, we also aim to professional-
ise the industry with a bold digital strategy that will transform
the customer journey. We will use our size and scale to lever-
age data and become digital front-runners and use our digital
platform to promote sustainable design and construction that
covers the entire value chain. With the best combination of
design and construction, we believe we are creating the best
opportunity for long-term growth and shareholder value.
Shareholder value
The Board of Directors will propose a dividend payment of
DKK 7.35 per share at the Annual General Meeting in April
2022. This will supplement the already completed share
buyback programmes totalling DKK 180 million and the re-
cent Q1 2022 share buyback programme of DKK 40 million.
We are pleased to be able to create value for our sharehold-
ers and will continue to pursue our strategic priorities and
aim to drive performance throughout the value chain.
Thank you!
To reach our ambitions, we depend on the continued sup-
port and dedication from our colleagues, and based on their
outstanding efforts this past year, I feel very optimistic. Also,
I would like to express my thanks to our customers for trust-
ing in us, our suppliers and subcontactors for their coopera-
tion and our shareholders for their continued support.
Claus V. Hemmingsen
Chairperson of the Board
HusCompagniet Annual report 2021
7 / 132
letter from chairperson
Letter from the CEO
Strong performance
in challenging markets
Our first year as a listed company brought both opportuni-
ties and challenges. The speed of the economic rebound
combined with continued restrictions brought changes in
customers’ prioritisation towards the housing market, and
demand for new build was at an extraordinary high level in
the first six months of 2021. Building activity remained high
throughout the year and fuelled by the high sales rates, and
we were able to deliver a record of 1,831 houses in 2021.
Revenue grew by 20% and generated a record revenue of
more than DKK 4 billion, and EBITDA of DKK 401 million. Re-
sults were driven by strong performance in all three business
segments, despite challenging markets. In both our semi-de-
tached and Swedish business, our sales rate increased signifi-
cantly reaching 387 and 400 units sold for the year.
Managing turbulent waters
Market conditions, however, remained challenging with
increasing input costs during the year and distressed supply
chains. We have implemented continuous price adjustments
and thereby adapting our sales prices according to the mar-
ket development.
An outstanding performance across our organisation and an
exceptional cooperation with our suppliers and subcontrac-
tors have made it possible for us to maintain our strong track
record of 98% on-time deliveries even under these challeng-
ing market conditions.
Our customers are key
Despite all challenges and market constraints, our custom-
er satisfaction score recorded 4.8 out of 5.0 on Trustpilot,
being highest in the industry. Our relationships with our
customers are built on trust and meeting our customers’
expectations is of utmost importance. Our close monitoring
of the market development enables us to secure beneficial
agreements for us and our customers when we enter con-
tracts – therefore, we do not exit contracts after signing due
to pricing issues.
Health and Safety
Health and safety continue to be a key focus area in our business,
and we measure the development on an ongoing basis. We are
pleased to see that the rate of Lost Time Injury frequency (LTIf) has
improved overall, however for our own employees, LTIf increased
in 2021. This illustrates the importance in our initiated improve-
ment measures, including the launch of the safety programme
“Secure Workplace”. We will continue our efforts to improve health
and safety, and we aim to reduce the overall LTIf by 30% in 2025
and by 50% in 2030 compared to our baseline year in 2019.
Strong growth drivers in Semi-detached and Sweden
We utilise our unique position as market leader in the de-
tached segment in Denmark, to improve our margins through
digitalisation and efficiencies. In 2021, we have further lever-
aged our position by gaining market shares in our Semi-de-
tached and Swedish business. We see a significant potential
in these markets and aim to drive a similar concentration as
we have done in the detached market in Denmark. In Den-
mark, we aim to sell 500 semi-detached houses a year by
2023-2025, and in Sweden we pursue organic growth and
search the market for attractive acquisitions.
Outlook
We expect that the high building activity in 2021 will contin-
ue into the first half of 2022, and that the challenges in the
supply chain and price inflation will persist for months to
come. The sales rate normalised in the second half of 2021,
settling on an expected lower level for 2022 and we have
adjusted the detached organisation accordingly.
The increased geopolitical uncertainty in Europe has further
reduced visibility for 2022, yet we are confident that our con-
tinued strategic initiatives and timely adjustments will drive
performance in all our business segments.
Tremendous effort from our colleagues
I am proud to have the amazing support of our colleagues,
whom I wish to thank for a remarkable effort this 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 2021
8 / 132
letter from ceo
Consolidated key figures
(DKKm)
Income statement
Revenue , , , , ,
Gross profit
Operating profit before depreciation and amortisation
(EBITDA) before special items*
Special items - - - -
Operating profit before depreciation and amortisation
(EBITDA) after special items*
Operating profit (EBIT) before special items*
Operating profit (EBIT)*
Financial, net - - - - -
Profit for the year (continued operations)
Profit for the year (discontinued operations) - - - -
Profit for the year
Balance sheet
Total assets , , , , ,
Contract assets, net
Net working capital
Net interest bearing debt (NIBD)
Equity , , , , ,
Cash flow
Cash flow from operating activities
Cash flow from investing activities - - - - -
- Hereof from investment in property, plant
and equipment - - - - -
Cash flow from financing activities - - - -
Free cash flow -
(DKKm)
Key figures
Revenue growth .% .% ,% .%
Gross margin** .% .% .% .% .%
EBITDA margin before special items** .% .% .% .% .%
EBITDA margin after special items** .% .% .% .% .%
EBIT margin** .% .% .% .% .%
Earnings Per Share (EPS Basic), DKK *** . . . . .
Diluted earnings per share (EPS-D) (DKK)*** . . . . .
Dividend per share, DKK . .
Share price end of year . .
Market value (bn) . .
ROIC .% .%
ROIC (Adjusted for goodwill) .% .%
NIBD/EBITDA before special items ratio . . . . .
Average number of employees****
ESG key Figures
CO
-e/m
delivered (Scope +) - market-based
CO
-e/m
delivered (Scope +) - location-based
Direct CO
-
e emissions (Scope )
LTIf . .
Sick leave .% .% .%
Percentage female managers % % %
Number of female board members / / /
Revenue and EBITDA are adjusted for discontinued operations in 2017-2019. Discontinued operations comprise Germany and the Swedish brick
house activity closed down in September 2020.
Net working capital comparable figures (2019-2020) is 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 is 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 2017 have not been adjusted following the implementation of IFRS 9 and IFRS 15 at 1 January 2018.
Furthermore, the key figures for the years 2017-2018 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 2021
9 / 132
consolidated key figures
2,376
unis
Detached
(2020: 74%)
Semi-detached
(2020: 13%)
Sweden
(2020: 13%)
67% 16% 17%
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 completions of approx. 6,000 over the
last 40 years. Semi-detached and Sweden has each similar
market sizes, where the semi-detached segment has some-
what higher volatility.
Besides building on new land, the detached market in
Denmark presents additional opportunity in tear-downs. 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 18%
of HusCompagniet houses built in 2021 replaced an older
house.
General market developments in 2021
Significant price inflation on certain materials impacted
both the Danish and the Swedish market in 2021, and price
inflation as well as scarcity in supply of subcontractors
affected the markets in Q4, in particular. Also, energy prices
increased significantly during 2021. All factors are expected
to continue to affect the market in 2022.
~18%
Built in 2021 replaced an
older house
Unis sod in 2021
Segment split
HusCompagniet Annual report 2021
10 / 132
our markets
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
0
2000
4000
6000
8000
10000
12000
The high building activity for both new-builds and renovation
caused bottlenecks, which especially affected the markets
in Q4. Given an increased market size in terms of permits,
the building activity is expected to continue at a high level in
the first half of 2022.
Market and business development
In 2021 market size in terms of completions was 6,105 units
and grew by 3% compared to 2020. In terms of permits,
market size amounted to 7,714 and grew by 24% compared
to 2020.
In 2021, the Danish detached market was characterised by
extraordinary high demand in the first six months of 2021,
where HusCompagniet experienced a record high sales rate,
and we expect that the high building activity will continue in
the first half of 2022.
A recent study* shows an increased interest for families to
move further away from city centers, where land is available
to a larger extent than in areas closer to the big cities. In the
wake of the pandemic, we have seen a tendency to further
expand the distance from the city, as working from home has
increased flexibility and reduced the importance of commute
time, yet it is to early too say if this will materialise in a struc-
tural change.
The pandemic also supported a strong activity in the real
estate market for both existing houses and new-builds.
House buyers have to a larger extent prioritised more space,
gardens, and home offices after working from home during
lockdowns. The structural changes support the new-build
markets, and we therefore await to see if these structural
changes will continue after the pandemic.
Denmark
– detached
*Danish Research Institute for Economic Analysis and Modelling "Demografi, socioøkonomi og boligstruktur i danske kommuner", May 2021
In the Danish market for detached houses, HusCompagniet
has been market leader since 2021 and today holds a market
share of approx. 24%. The four largest competitors together
hold a market share of around 26%, while the rest of the market
is composed of smaller to mid-size competitors. Since 2007,
HusCompagniet has taken a leading role in concentrating the
originally highly fragmented market. HusCompagniet aims to
maintain its market share while improving profitability.
Compeions - To deched, Denmrk
HusCompagniet Annual report 2021
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0
1000
2000
3000
4000
5000
6000
7000
8000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Market and business development
Market size (completions) amounted to 7,192 units in 2021
and grew 22% year-on-year. Compared to the detached
market, the semi-detached market is more volatile, with a
similar average completion rate of approx. 6,000 a year the
last 40 years. In total amounts the market 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.
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. Although more volatile than the market
for detached houses, the semi-detached market offers an
attractive opportunity to further scale our operations in
Denmark, and in 2021 alone, we increased our B2B sales to
322 units compared to 227 in 2020, underpinning our proof
of concept.
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. HusCompagniet is aiming at
being at the forefront of a concentration of the Danish semi-
detached market as well, and in 2021 our market share, in terms
of completions, grew from 1.0% to 2.5%. In terms of permits, our
market share grew by 1.8% to 4.5% (permit market size, 8,074 units).
Compeions - To Semi-deched, Denmrk
Denmark
– semi-detached
HusCompagniet Annual report 2021
12 / 132
0
1000
2000
3000
4000
5000
6000
7000
8000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 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 market share from 4.3% in 2020 to 4.8% in 2021.
Sweden
Market and business development
In terms of permits, the Swedish market grew by 15% for de-
tached houses to 6,047 units. The new-build market activity
in 2021 was high, and we increased our sales by 156 units to
400 units compared to 2020, which was above 300 units for
the first year.
Following positive market growth after the dip post the
financial crisis, the market slowed, due to tightened govern-
ment induced credit restrictions taking effect in 2018.
The new-build market activity in 2021 has been high despite
the COVID-19 induced lockdowns, also supported by sof-
tened credit restrictions in April 2020.
Permis, To deched, Sweden
We expect the demand to continue at a lower level in 2022.
In order to meet the increased sales from 2021 and further
pursue growth opportunities, we are in the process of
upgrading part of our pre-fab production line through new
ways of working and robotics with the target to increase
throughput by up to 40%. The upgrade is planned for
the summer 2022 and is expected to last for approx. two
months.
HusCompagniet Annual report 2021
13 / 132
Resilient 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
• Strong financial position and high
cash generation
Prove of execution
• Danish market leader since 2010 in
detached houses
• Documented annual growth through
core platform
• Clear benefits from scale and
flexible business model
• Growing market shares and leading
the concentration 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 aviod emissions and
promote sustainable choices
• Creating a positive impact for both
our company, our customers and
society
Mrke drivers
Stable low-risk economies. Strong structural trends in demografics. Limited cyclicality in core market.
Strong growth potential in Danish semi-detached market. Opportunities for both organic and acquisitive growth in Sweden.
Equity story
Driving profitable growth and promoting
sustainability whilst benefiting from scale to
innovate and disrupt the industry
Digital ambitions
• From analogue to fully digital
platform
• Professionalising the industry
through digitalisation and
automation of all elements in the
buillding 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
efficiencies and reduced costs
• After-sales services to retain
customers
• Cross-function best-practice
across segments
HusCompagniet Annual report 2021
14 / 132
equity story
Delivery & after
sales services
We deliver detached and
semi-detached houses for
private and commercial
customers, approx. 80%
on third-party land
Focus on after-service
sales to retain customers
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
Drivning 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
Vue creed
Customer value
• 1,831 houses delivered,
providing quality houses at
competitive prices
• Customer satisfaction score
of 4.8 out of 5.0, being highest in the
industry
Sustainable products
• Climate-Improved House
• Gas no longer offered as energy
source from 1 January 2022
• Energy efficient, comfortable houses
Planet
18 kg CO
2
e/m
2
delivered (scope 1-2) -
market-based in 2021, reduced 14% from
2019
Safety and well-being at work
• LTIf 9.3 down from 12.0 in 2019
• eNPS engagement score of +41
Shareholder value
• DKK 270m returned to shareholders
since listing
• 4.3 DKKbn in revenue
• 132 DKKm in shareholder dividends
HusCompagniet co-creates houses
with our customers and facilitates the
construction, primarily on customers’ land,
through outsourced subcontractors
Business model
HusCompagniet Annual report 2021
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business model
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u
t
i
o
n
s
Core platform and
competences
Growth in business
segments
Digitalisation
and customer journey
Sustainability
and design
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 need to drive the agenda, not just follow it, and we
need our stakeholders to participate. We have in 2021 defined
a corporate purpose that looks beyond our bottom line and
call 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.
We have defined a purpose that can unify us in a joint direc-
tion, attract talent and loyal customers, and drive innovation
and new thinking in our industry. In short, a purpose that lifts
our business strategy 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 will guide both long-term objec-
We srenhen our core hrouh diiision,
susinbe souions nd rowh in business
semens
tives and short-term actions and decisions. This is the only way
we can 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 facilitates the construction,
primarily on customers own land and through outsourced
subcontractors. The customer-centric concept and low-risk de-
livery model make our business model resilient 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 and at the very core lies the platform and
competencies.
Our purpose
Co-creating the homes of
tomorrow – today
HusCompagniet Annual report 2021
16 / 132
strategy
2007 20212020201920182017201620152014201320122011201020092008
0
1000
2000
3000
4000
5000
0
200
400
600
800
1000
~
13%
Revenue
CAGR
771
4,315
3,598
3,496
3,095
2,816
2,747
2,228
1,775
1,556
1,274
1,256
1,009
801
1,043
Lon erm innci deveopmen
Growth in business segments
Detached in Denmark
The detached market in Denmark is our core market and main
business segment, where we aim to maintain our clear leader-
ship position and with focus on continued margin improvement.
With fourteen offices and ten show parks in Denmark, we
have a country-wide coverage while maintaining a local
presence. In addition to our physical presence, we also en-
gage 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 allows us to quickly 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.
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.
Thus, from a delivery perspective, we replicate the model
employed for detached houses, including utilising the ex-
isting network of suppliers and adding additional subcon-
tractors 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 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.
Our strategic targets are to increase our market share and
sell 500 semi-detached B2B houses a year by 2023-2025.
~67%
annual revenue growth
in the semi-detached
segment in the last
2 years
Revenue EBITDA
HusCompagniet Annual report 2021
17 / 132
Swedish market segment
In our Swedish business, our value proposition is adapted to
strong local preferences. Our 43 house models is 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 see a significant growth
opportunity in the Swedish market, which we aim to realize
through augmented product offerings and optimisation 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. A key strategic project in 2022 is to upgrade and
automate the pre-fab production line through robotics with
the target to increase capacity by up to 40%. The upgrade
will be completed during the summer of 2022.
Our strategic ambition is to increase market share through
consolidation of the market. Growth will be driven organical-
ly as well as through potential acquisitions.
We have laid the digital foundation
Our newly implemented ERP system, which integrate cus-
tomer relationship management and business intelligence
functionalities, provides a detailed overview and control of
the business. In addition, our sales provision system for our
sales force supports margin over volume and is combined
with value-added services in both add-on products, post-
sale, and post-delivery add-ons.
In 2021 we have launched a “document case management”
system, laying the foundation for an upgraded CRM system.
The system will further improve our ability to standardise pro-
cesses and provide opportunities to collaborate on cases and
documents both internally and externally, opportunities for opti-
misation and automation, and increased data security. Further,
we continue to expand the use of Power BI in the organisation.
Digitalisation and customer journey
We have a bold digital vision that will transform the customer
journey and make HusCompagniet’s platform scalable. We
will use our size and scale to leverage data and become
digital front-runners and we will offer personalised products
and new services to our customer through digital and part-
nership channels that fit our customer needs at the right time.
We will also use our digital platform to promoting sustainable
design 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. Here we currently have
a limited 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 servic-
es for our customers, including among others a maintenance
subscription programme.
As part of our digital ambitions, we launched a 100% digital
offering in November 2020 "HusOnline". The key element
being that customers can access the tool or platform in
their own time without having to depend on an available
sales force or opening houses. The platform has been well
received by our customers yet the transition to fully digital
purchase takes time. The offering is an important part of the
transition towards implementing many digital applications
along the house purchasing journey.
"To be be o si home nd desin he house hs mde
he process much more pesn. coud o hrouh
he opions in m own ime nd in he end desin he
house o m drems. m ver sisied wih he resu
nd now m us excied or he house o be inished so
cn 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 HusCompagniet brand is
offered on wooden frame with façade option
of wood, plaster or bricks keeping the Danish
brand expression. The houses are developed and
produced at our factory in Vårgårda.
HusCompagniet Annual report 2021
18 / 132
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 can impact emissions,
and we have set a target aiming for 60% of our houses sold
to be delivered with renewable energy sources by 2025. In
2021 we reached 48%, down from 50% in 2020, mainly due
to increased use of district heating. We welcome this transi-
tion as an alternative to gas. From 1 January 2022, HusCom-
pagniet no longer offer gas as a heating source.
In Denmark, oil burners have not been allowed as energy
source for new-builds since 2013, and we stopped offering
oil burners 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% fewer emissions from building materials,
and around 26% fewer throughout the entire lifecycle.
In 2022 we will be investigating further improvements and
upgrades of our general building materials packages for
indoor surfaces and floors as well as outdoor facades, foun-
dations, and terrain decks with a view to further reducing
CO
2
emissions.
Also, to reduce CO
2
emissions in the customer use phase,
we have introduced energy packages offering heat pumps,
solar and battery systems, and preparation of car charging
stations.
In our own operations we are aiming at reaching zero emis-
sions through a 100 % electric vehicle fleet in 2025.
In our efforts to reach our ambition of reducing CO
2
emis-
sions by 70% in 2030, we aim to play a responsible role
in the necessary green transition and action to reducing
climate change.
HusCompagniet Annual report 2021
19 / 132
Follow up on 2021 guidance
Outlook for 2021
Initial financial outlook for
2021 issued at 6 November
2020.
Upgrade in May 2021
On the 5 May 2021, we
upgraded the full-year 2021
guidance due to higher than
expected sales.
2021 results
Realised 2021 figures came
in at around top range of
guidance, with underlying
expected margin levels.
On 5 November we added EBITDA (bsi) to the 2021 guidance as a transition to the 2022 guidance, where EBITDA bsi replaced EBITA bsi.
EBITDA before special items
401
m(DKK)
EBITA before special items
372
m(DKK)
Revenue
3,800 - 4,150
m(DKK)
Revenue
4,100 - 4,250
m(DKK)
EBITA before special items
350 - 360
m(DKK)
EBITA before special items
360 - 370
m(DKK)
Operating profit (EBIT)
325 - 335
m(DKK)
Operating profit (EBIT)
335 - 345
m(DKK)
EBITDA before special items
390 - 400
m(DKK)
Revenue
4,315
m(DKK)
Operating profit (EBIT)
355
m(DKK)
Financial leverage
Expected leverage ratio
below 2.0x net debt to last
twelve months EBITDA
before special items (bsi) at
the end of 2021.
Financial gearing
1.8x
net debt to EBITDA bsi (LTM)
HusCompagniet Annual report 2021
20 / 132
follow up on 2021 guidance
Deched
Semi-deched
Sweden
Outlook for 2022
HusCompagniet introduces full-year 2022 guidance:
Revenue
4,350 - 4,650
m(DKK)
Operating profit (EBIT)
370 - 400
m(DKK)
EBITDA before special items
420 - 450
m(DKK)
Assumptions for the 2022 outlook
The outlook above is based on HusCompagniets usual solid
forecast and provides for an ambitious guidance for 2022.
In the meantime, the geopolitical situation has not been as
unstable as it currently looks for the past 50 years or more.
The potential impact on macroeconomic factors and ele-
ments possibly adversely affecting HusCompagniet are
significant and uncertainty is at an unprecedented high
level. HusCompagniets business model, agility and strong
financial position provides us with what we believe to be
the necessary platform and flexibility to proactively act on
changes in the market environment. As described earlier in
this report sales normalised already towards the end of 2021
and we took action to adjust the organisation in Q1 2022.
Further action may be necessary during what could become
a highly volatile 2022.
Medium-erm
res
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
o
ut in the 2021 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.
For the Danish detached
business our target is to pursue
continued growth in line with
the detached market segment
whilst pursuing strong margins.
For the Danish Semi-detached
business our target is to seize
the attractive B2B opportunity
in the semi-detached market
segment, targeting a run rate of
500 houses sold per year within
two to four years. (23-25)
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.
HusCompagniet expects a leverage ratio below 2.0x net debt to LTM EBITDA before special items at the end of 2022.
• Current expectations for 2022 deliveries are between
2,020 and 2,160 houses.
• Revenue from the semi-detached segment is as-
sumed to be around DKK 500 million.
• Share of deliveries on own land is expected to be
below 10% due to the current size of the land bank.
Long-term target remains at around 20%.
• Current expectations for capital expenditures are DKK
40–60m and comprise investments in digitalisation,
automation, B2B and sustainability.
• Full year cash conversion (free cash flow to EBITDA)
is expected to be at least 60% despite the increased
capex level.
• No significant special items are expected.
The 2022 guidance is based on no severe disruption of sup-
ply chains emerging and on raw material prices not signifi-
cantly exceeding current levels. Further, due to the current
market situation, it is expected that projects in the semi-de-
tached segment will have a prolonged delivery process and
encounter delays in building permits, which may postpone
some revenue recognition into 2023.
In Sweden, an investment to automate and increase utilisa-
tion of capacity in the factory is planned for 2022, conse-
quently closing the factory up to two months. The upgrade is
expected to increase the production capacity by up to 40%.
• Current expectations for 2022 sales are between 1,900
and 2,100 houses. Changed from 2,200 and 2,400 hous-
es due to lower expected market levels in the detached
segment.
HusCompagniet Annual report 2021
21 / 132
outlook for 2022
Financial
review
HusCompagniet achieved a record number of
both sales and deliveries in 2021, exceeding lasts
year records. Supported by strong demand, sales
totalled 2,376 houses after an extraordinary high
sales rate in the first six months of 2021. Sales were
up 24% from 1,921 houses in 2020.
The high building activity continued throughout the
year, and HusCompagniet delivered a record high
1,831 houses in 2021 up 12% from 1,638 in 2020.
The year was characterised by high market activity,
price inflation on materials and subcontractors and
towards end of year both price inflation and scarcity
of subcontractors impacted the fourth quarter, in
particular. HusCompagniet continously adjusted
prices according to the market development and
were able to overall protecting margin levels
despite a challenging market environment.
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 2021
22 / 132
financial review
Revenue
HusCompagniet reported a total revenue of DKK 4,315
million in 2021, up 20% from DKK 3,598 million in 2020.
The increase was mainly due to an increase in the number
of houses delivered to a total of 1,831 up 11.8% from 1,638
houses. The extraordinary high sales rate in H1 2021 gen-
erated high building activity. The average sales price (ASP)
was overall on par with full year 2020 level, reflected and
underlying geographic mix. From Q1 through Q4, the ASP
increased from DKK 2.0 million to DKK 2.2 million, showing
increasing levels in all segments.
Gross margin
Gross margin was 20.3% against 21.0% in 2020. The gross
margin was affected by increasing prices on input cost, ma-
terials, and subcontractors, offset by increased sales prices
during the year. The share of own land was slightly lower for
Units Q Q Q Q Q Q Q Q FY- FY- Change
Sales %
Deliveries %
both detached and semi-detached, totalling 19.5% against
20.5% in 2020.
Despite lower share of own land sold, the detached segment
had higher gross margin compared to 2020, where the gross
margin level also reflected the enhanced margin focus. Also,
Sweden’s gross margin exceeded 2020 level, despite a chal-
lenging year and longer backlog - with high price inflation
on materials and subcontractors and bottlenecks emerging
during the year.
EBITDA before special items
Reported EBITDA before special items was DKK 401 million,
up 16% compared with DKK 346 million in 2020. This corre-
sponds to an EBITDA margin before special items of 9.3%
compared to a margin of 9.6% in 2020. Staff cost and other
external expenses (SG&A) amounted to DKK 474 million and
increased from DKK 409 million. The increase was due to
20%
Gross margin
ramp up of the organisation and increased provisions due
to the higher sales rate. Ratio to revenue was 11.0% in 2021
compared to 11.4% in 2020.
Amortisation and depreciation
Amortisation and depreciation amounted to DKK 46 million
compared to DKK 47 million in 2020. Amortisation main-
ly consists of developing projects including ERP system.
Depreciation mainly refers to leasing contracts. In 2021,
Depreciation amounted to DKK 29 million (DKK 29 million in
2020), and Amortisation amounted to DKK 17 million (DKK 18
million in 2020).
Special items
No special items incurred in 2021. In 2020, special items
amounted to DKK 79 million and was mainly related to the
listing in November 2020.
HusCompagniet Annual report 2021
23 / 132
EBIT
Reported EBIT amounted to DKK 355 million, an increase
of DKK 135 million or 61% from DKK 222 million in 2020.
Improved operating profit improved the results significantly,
whilst 2020 was affected by extraordinarily high special
items due to the listing in November 2020.
Net financials
Reported net financials was an expense of DKK 20 million
compared to an expense of DKK 45 million in 2020. Im-
provement was primarily due to lower interest paid to banks,
positively impacted by the new loan agreement, HusCom-
pagniet entered in October 2020.
Profit for the year before tax for continued operations
Profit for the year before tax from the continued operations
was DKK 335 million in 2021, an increase of DKK 160 million
or 91% from DKK 175 million in 2020. 2020 was impacted by
special items of DKK 79 million.
Taxation
Reported tax for 2021 was DKK 70 million against DKK 16
million in 2020. The low 2020 tax level was affected by the
changes in transfer-pricing effective from 2019, resulting in
a tax value of estimated tax losses in Germany for the 2015-
2018 period, which was realised in 2002. We expect the
transfer-pricing change to be finalised in 2022, and that no
further adjustments will take effect.
Net profit
Net profit generated was DKK 265 million against DKK
92 million in 2020, as profit from discontinued operations
amounted to an expense of DKK 0 million against an ex-
pense of DKK 66 million in 2020.
Cash flows
Operating activities
Net cash generated from operating activities was DKK 258
million compared with DKK 141 million in 2020. The higher
cash flow was mainly supported by the higher operating
profit.
Investing activities
Net investments of DKK 22 million were generated during
2021, against DKK 31 million in 2020. The development
was mainly due to lower investments in property, plant and
equipment.
Free cash flow
Free cash flow was DKK 237 million against DKK 110 million
in 2020, mainly driven by changes in operating activities.
Cash conversion was 59.0% (free cash flow to EBITDA).
Financing activities
Financing activities was negative DKK 261 million, against
negative DKK 152 million in 2020. In 2021, dividends to
shareholders of DKK 60 million was paid and shares of DKK
180 million was purchased through share buyback.
We entered new loan agreement in 2020 that enabled us to
make a down payment and reduce our combined term loan
by DKK 130 million.
59%
Cash conversion
Balance sheet
Financing
Net interest-bearing debt totalled DKK 713 million at 31
December 2021 against DKK 697 million at 31 December
2020. The net interest-bearing debt to EBITDA ratio was 1.8x
compared to 2.0x in 2020.
Equity
The Group's equity increased by DKK 28 million in 2021, to
stand at DKK 1,885 from DKK 1,857 million. The increase was
based on the profit for the period offset by dividends paid of
DKK 60 million and purchase of own shares DKK 180 million,
subject to annulment at the 2022 Annual General Meeting.
Net working capital
Net working capital totalled DKK 517 million at 31 December
2021, up from DKK 433 million at 31 December 2020. The
change was partly caused by an DKK 261 million increase in
contract assets due to higher building activity partly offset
by a DKK 151 million change in trade and other payables.
Inventories decreased by DKK 44 million due to reduced
land expose.
Contract assets
Net contract assets amounted to DKK 725 million compared
to DKK 445 million in 2020. Excluding contract liabilities,
contract assets amounted to DKK 809 million against DKK
548 million in 2020.
The contract work in progress (CWIP) at 31 December 2021
was affected by increased building activity compared to
2020. Contract liabilities were largely affected by a high
HusCompagniet Annual report 2021
24 / 132
level of deposits due to the negative interest rate environ-
ment. Deposit level was high in 2021, but relatively lower
compared to prior year.
Order backlog
The order backlog (gross) as of 31 December 2021 amount-
ed to DKK 3,735 million compared to DKK 2,688 million in
2020. The higher backlog was due to higher sales in 2021
compared to 2020, with an extraordinarily high level in H1
2021. Adjusted for backlog share recognised as revenue, or-
derbook (net) amounted to DKK 2,855 million against 2,089
million in 2020.
Deliveries amounted to 1,831 houses, which exceeded the
2020 figure of 1,638. In 2021, 19.5% of deliveries were hous-
es built on own land (20.5% in 2020). In detached, the share
of own land was 14.5% against 17.0% in 2020.
As of 31 December 2021, HusCompagniet's land bank com-
prised 271 individual land plots (including show houses and
project houses) valued at DKK 207 million. 2020 Land bank
comprised 487 land plot valued at DKK 228 million. Land at
low value was sold in the period and new land plots at higher
value were purchased.
Discontinued operations
During 2020, the Group closed down its German and Swed-
ish brick house activities finalised in September 2020. Re-
ported loss from discontinued operations was DKK 0 million
in 2021 against a DKK 66 million loss in 2020. The 2020 tax
level was negatively affected by the change in transfer-pric-
ing taking effect from 2019, which resulted in the deferred
Units
Sales , ,
Detached , ,
Semi detached
Sweden
Deliveries , ,
Detached , ,
Semi detached
Sweden
Orderbook value (DKKm) gross , ,
Detached , ,
Semi detached
Sweden
Orderbook value (DKKm) net , ,
Detached , ,
Semi detached
Sweden
Share of own land (Denmark) .% .%
Detached .% .%
Semi detached .% .%
tax assets related to prior years' tax losses in Germany in the
period 2015-2018 was partly realised.
Dividend
Subject to shareholder approval, the Board of Directors rec-
ommends that a dividend of DKK 7.35 per share for the 2021
financial year be distributed following the Annual General
Meeting to be held on 8 April 2022. No dividend will be paid
out on treasury shares.
Events after the balance sheet date
No material events have occurred between 31 December
2021 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.
The geopolitical uncertainty has increased significantly in
Europe in 2022. The Russian invasion of Ukraine and the
continued Covid-19 pandemic is not expected to have mate-
rial impact on the Group in 2022 although this assessment is
subject to uncertainty especially towards the development
of the conflict in Ukraine. The events may have substantial
effect on macroeconmic factors and disruption of supply
chains. HusCompagniet can be directly impacted by supply
chain deficiencies for certain materials such as timber and
tiles, and indirectly due to a general pressure on energy and
freight cost.
The possible social and economic effects that potentially
could impact the Group’s operations and supply chain, and is
being carefully monitored by Management.
HusCompagniet Annual report 2021
25 / 132
Q4 Figures
DKK'm Q * Q * FY FY
Income statement
Revenue . , . .
Gross profit
Operating profit before depreciation
and amortisation (EBITDA)* before special items
Special items () () - ()
Operating profit before depreciation and
amortisation (EBITDA) after special items
Operating profit (EBIT) before special items
Operating profit (EBIT)
Financial, net () () () ()
Profit for the year (continued operations)
Profit for the year (discontinued operations) () () ()
Profit for the year
Financial position as of December
Total assets . . . .
Contract assets, net
Net working capital
Net interest bearing debt (NIBD)
Equity . . . .
* 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.
DKK'm Q * Q * FY FY
Cash flow
Cash flow from operating activities
Cash flow from investing activities - - - -
- hereof from investment in property,
plant and equipment - - - -
Cash flow from financing activities - - -
Free cash flow
Key figures
Revenue growth .% .% .% .%
Gross margin .% .% .% .%
EBITDA margin before special items .% .% .% ,%
EBITDA margin after special items .% ,% .% ,%
EBIT margin .% .% .% .%
* Unaudited
*** Continued operations
HusCompagniet Annual report 2021
26 / 132
Q4 figures
Key figures Q4
Revenue
HusCompagniet reported total revenue of DKK 1,201 million
in Q4 2021 up 18.6% from DKK 1,012 million in Q4 2020. The
increase was positively affected by higher number of deliv-
eries. Deliveries in the quarter comprised 623, up 16.0% from
537 in Q4 2020.
Average selling price (ASP) was DKK 2.2 million, on par with
Q4 2020. The ASP increased in all segment y-o-y, and the
overall development was a result of higher level of semi-de-
tahed delivieres and lower number of detached deliveries
compared to prior year.
Gross margin
Gross profit was DKK 237 million against DKK 218 million,
corresponding to a margin of 19.7% and 21.6%, respectively.
Gross margin was 19.7% against 21.6% in Q4 2020. Q4 2021
was impacted by price inflation and scarcity in subcontrac-
tors while Q4 2020, was at an extraordinary high level due
to temporary Corona discounts from suppliers and subcon-
tractors.
EBITDA before special items
Reported EBITDA before special items was DKK 116 million
compared with DKK 119 million in Q4 2020, corresponding to
an EBITDA margin before special items of 9.7% compared to
a margin of 11.7% in 2020.
Staff cost and other external expenses (SG&A) amounted to
DKK 121 million against DKK 100 million. The increase was
primarily due to ramp up of the organisation and change in
quarterly phasing year-over-year.
Special items
Special items amounted to DKK 0 million in 2021, against
DKK 59 million in Q4 2020. The level in 2020 was mainly due
to the listing in November 2020.
Profit for the period
Profit for the period from continued operations was DKK 82
million in 2021 up 28% from DKK 64 million in Q4 2020.
Cash flow
Operating activities
Net cash generated from operating activities was DKK
280 million compared with DKK 66 million in Q4 2020. The
increase was mainly driven by higher profit before tax and
changes in working capital due to high level of deliveries.
Investing activities
Net investments of DKK 10 million were made during Q4
2021, against DKK 18 million in Q4 2020. Mainly driven by
investments in Property, plant and equipment.
Free cash flow
Free cash flow was DKK 271 million, against DKK 48 million in
2020. The increase was mainly driven by changes in operat-
ing activities due to high number of deliveries. Q4 2020 level
was affected by one-offs related to the listing in November
2020. Cash conversion in Q4 2021 was 233%.
Financing activities
Financing activities was negative DKK 6 million, against
negative DKK 78 million in 2020. The financing activities in
2020 were affected by the repayment of long-term debt and
proceeds from a new loan agreement.
houses delivered in Q4
2021
623
Units Q Q
Sales
Detached
Semi Detached
Sweden
Deliveries
Detached -DK
Semi Detached
Sweden
HusCompagniet Annual report 2021
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Detached
Sales
Semi-detached
Sales
Sweden
Sales
2019 2020 2021
+113%
188
244
400
2019 2020 2021
+12%
1,425 1,417
1,589
2019 2020 2021
+345%
87
260
387
Segments
We introduced our three segments in 2020.
Detached and Semi-detached in Denmark and
our Swedish business.
Detached is our largest segment comprising 81% of total
revenue in 2021. Semi-detached and Sweden comprised 12%
and 7%, respectively.
Denmark – detached
Revenue amounted to DKK 3,492 million, up 8.8% from DKK
3,209 million. The increase was driven by increased activity
from both sales and deliveries. Average selling price (ASP)
was DKK 2.3 million. Sales was 1,589 an increased 12% from
1,417. After an extraordinary high level in H1 2021, sales nor-
malised in Q3 2021.
Deliveries was 1,441 houses, up 6.3% from 1,355 houses.
Gross profit was DKK 693 million against DKK 629 million,
the gross margin was 19.8% against 19.6%
The gross margin exceeded last year level in H1 2021 and
were lower in H2 2021. Scarcity in subcontractors affected
the 2021 level, whereas the 2020 level was positively affect-
ed in H2 by Corona discounts. Q4 2021 gross margin came
in at 18.9% against 20.0% in Q4 2020.
Despite an increased cost pressure and scarcity of subcon-
tractors in Q4 2021 affecting the gross margin level in Q4
2021, the overall high level was kept and increased year-
over-year. This also despite share of own land deliveries
decreased from 17.0% to 14.5%.
EBITDA before special items at DKK 311 million against DKK
300 million, corresponding to a margin 8.9% against 9.4%
The EBITDA margin increased from Q1 through Q3 2021.
Staff costs increased primarily due to ramp up of the organ-
isation and higher level of provision due to the high sales
rate.
Denmark - Semi-detached houses
Revenue amounted to DKK 504 million, up 330% from DKK
117 million in 2020. The increase was driven by significant
higher sales rate and consequently increased building activi-
ty. 176 units were delivered in 2021 against 92 in 2020.
The sales rate amounted to 387, up 49% from 260 unit in 2020.
322 were B2B sales against 227 in 2020.
Gross margin was 12.5% against 22.9% in 2020. The devel-
opment was mainly due to change in allocation key inter
segment implemented in 2021. Q4 2021 gross margin came
in at 14.4% against 34.3% in Q4 2020.
Share of own land deliveries was 60.8% compared to 70.7%
in 2020.
EBITDA was DKK 44 million against DKK 8 million in 2020.
EBITDA margin came in at 8.7% against 7.2%, up 1.5%-point
year-over-year.
Average selling price (ASP) was DKK 1.8 million and on par
with 2020. Lower level of own land deliveries were offset by
relatively higher ASP on 2021 own land projects.
Sweden
Revenue amounted to DKK 319 million, up 16.9% from DKK
273 million in 2020. Building activity was high and deliveries
came in at 214 units up 12% against 191 units in 2020. Sales
rate was record high at 400 units against 244 in 2020.
The gross margin was 37.4% against 36.6% in 2020. Q4
Gross margin came in at 36.4% against 38.5%.
EBITDA before special items at DKK 47 million, correspond-
ing to an EBITDA margin of 14.6%.
Average selling price (ASP) was DKK 1.5 million against DKK
1.4 million in 2020.
Despite an increased cost pressure and scarcity of subcon-
tractors performance improved in the Swedish segment.
HusCompagniet Annual report 2021
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segments
Sustainability
Our progress with
sustainability in 2021
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our progress with sustainability 2021
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our ambitions and targets
Reuse, Recycle and Recovery
Landfill
Materiality & The UN Sustainable Development Goals
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Sustainability
Climate change
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climate change
Sustainable initiatives
We are looking into the opportunity
of entering into Power Purchase
Agreements to contribute to
expanding the renewable energy
market..
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With district heatingWith geo thermal heating
6.8
8.6
14.9
6.8
6.8
8.6
14.9
8.6
6.8
8.6
14.9
14.9
With gas heating
Seecion o hein source is imporn
o reduce iecce CO
2
emissions or our
sndrd house
CO
2
emissions of the standard house by heating source
(lifecycle CO
2
emissions in kgCO
2
e/m
2
/year)
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HusCompagniet Annual report 2021
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Case: Development of our
Climate-Improved House
5.2
tonnes CO avoided per house
throughout its lifetime
Slate façade
replacing brick
0.7
tonnes CO avoided
Paper wool replacing
glass/stone wool
2.6
tonnes CO avoided
Reduction of use
concrete in foundation
2.7
tonnes CO avoided
Timber inner and outer
walls replacing aircrete
Total reduction
from building
materials throughout
the lifecycle
31%
less CO
2
from building
materials than our
Functionalism House
HusCompagniet Annual report 2021
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HusCompagniet’s
scope 1 & 2 emissions
Emissions from the construction
of a house, as well as our opera-
tions (A4-A5).
Downstream
scope 3 emissions
Emissions from replacement of
building materials and compo-
nents throughtout the lifecycle
of the house (B4).
Downstream
scope 3 emissions
Emissions from operational
energy use of the house after it is
delivered to customers (B6).
Downstream
scope 3 emissions
When a house reaches the end of
its lifetime and is torn down, how
materials are disposed, recycled,
recovered, and reused have a
substantial impact on lifecycle
CO
2
emissions (C3-C4).
Upstream
scope 3 emissions
Emissions from the production
of building materials (A1-A3).
Cime-improved house
A1-A3
-0.4
(-7%)
A4-A5
0.2
(3%)
B4
0.7
(11%)
B6
0.9
(15%)
C3-C4
4.6
(78%)
Total
5.9
(100%)
HusCompagniet Annual report 2021
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9
1. Life cycle assessment - the overall climate
impact of the building
2.
Use of resources on site
3.
T
otal economic analysis - costs for
construction, operation and maintenance
4
Operational and maintenance plan for
maintaining the indoor climate
5.
Documentation of problematic substances
6.
Degassings for the indoor climate
7
.
Detailed demonstration of daylight levels
8.
Noise from ventilation systems in homes
9
. Room acoustic in homes
Testing the Climate-Improved house
against the voluntary sustainable
building class
HusCompagniet Annual report 2021
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testing the climate improved house
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 o houses b ener css
in Denmrk
Houses in ener css C – F emi more CO in hein one
hn he u iecce emissions o our house pes
CO
2
e / m
2
/ year
Geo thermal
District heating
of all houses in Denmark
have an energy class of D
or lower
70%
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HusCompagniet Annual report 2021
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2019 2020 2021
2%
9%
5%
48%
26%
18%
5%
of sold houses have installed
air source heat pumps
of sold houses have installed
geo thermal heating pumps
of sold houses have installed
solar panels
Percene o houses sod wih renewbe ener
sources in 2021
of sold houses have one
or more of the following
alternative energy sources
From 1 nur 2022 we sopped oerin
s s ener source
HusCompnieAnnu report 2021
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Environmen
qui
22.5%
Economic
qui
22.5%
Soci
qui
22.5%
DGNB's six main focus areas
Technic qui 15%
Process qui 12.5%
Qui o he re 5%
HusCompagniet Annual report 2021
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77%
Satisfaction score in
employee satisfaction
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people
21%
2021
25%
2025
30%
2030
n 2021, we hd 21% o he underrepresened
ender in mnemen, nd we hve se
res or 2025 nd 2030
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HusCompagniet Annual report 2021
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Safety overview
LTIf . . .
LTIf - own employees . . .
LTIf - subcontractors . . .
LTIs
LTIs - own employees
LTIs - subcontractors
Total lost days
Lost days - own employees
Lost days - subcontractors
Fatalities
Lost-time injuries in for own blue- and
white-collar employees Days of absence
Hand injury from nailgun accident
Knee and back injury from fall from height
Neck injury from car accident
Broken arm from fall from height
Back injury from fall from ladder in .- meters height
Knee injury from stepping on brick on site
Head injury resulting from collisions with obejct on site
Electric shock resulting from dehumidifier
employee Net Promoter
Score (eNPS)
+41
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Responsible
business
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responsible business
Concern or breaches
reported in 2021
0
HusCompagniet Annual report 2021
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60%
40%
56%
44%
100%
Revenue OPEX CAPEX
Taxonomy-eligible activities
. Construction of new buildings % % %
. Installation, maintenance, and repair of charging stations for electric
vehicles in buildings (and parking spaces attached to buildings) %
Taxonomy non-eligible activities or activities not covered
Non-eligible activities % % %
Sum of Activities % % %
HusCompagniet has assesed Taxonomy-eligibility for 2021 on
voluntary basis, as we are below the 500 employee threshold.
We have identified our 2021 activities that are covered by
the Climate Delegated Act in the EU Taxonomy. The detailed
legislation for the remaining Taxonomy objectives is not fi-
nalised, as the interpretation and implementation of the new
classification system are still under development. Therefore,
we have taken a conservative approach in defining Taxono-
my-eligible activities.
Our accounting policies for the calculations are based on
our, using external advisory, best interpretation of the EU
taxonomy regulation and delegated acts and the currently
available guidelines from the European Commission.
Taxonomy-eligible revenue
Our share of revenue associated with taxonomy-eligible
activities in 2021 was 100%. All revenue streams are related
to the construction of a house. Approx. 80% is constructed
on third party land. For the remaining part, land is owned by
HusCompagniet. In the sales process land and house will be
divided in two contracts for the private customer. Yet, Hus-
Compagniet does not speculate in land and will solely sell
land in connection with construction of a house. Therefore, it
is assessed that revenue stream from land is within scope 7.1.
and thus, taxonomy eligible.
Net turnover is based on the revenue according to IAS
1.82(a), i.e. IFRS 15 and other revenue if applicable. The de-
nominator of the turnover KPI is based on our consolidated
net turnover in accordance with IAS 1.82(a).
Taxonomy-eligible OPEX
Our taxonomy-eligible share of OPEX in 2021 was 56%. The
Opex KPI is defined as Taxonomy-eligible Opex divided by
our total Opex.
Where both Taxonomy-eligible and Taxonomy-non-eligible
economic activities are carried out such as offices, market-
ing and IT related costs, the Taxonomy-eligible portion of
OPEX is determined based on a defined allocation key. We
have defined the allocation key from allocated FTE’s.
We exclude administration staff in total, even though sustain-
ability initiatives originate from the Business Development
department and a sustainability resource has been hired.
Our sales team are one of the core elements to promote
more sustainable house choices, and the full sales team
will in 2022 receive training in sustainable advisory. We
therefore consider the sales team to be an important factor
to enhance sustainable housing choices for the customers,
including choice of material, energy source etc.
According to current guidelines, we have also excluded our
sales team. We consider our approach to be conservative.
Taxonomy-eligible CAPEX
Our taxonomy-eligible share of CAPEX in 2021 was 60%. The
Capex KPI is defined as Taxonomy-eligible Capex divided by
our total Capex. Total Capex consists of additions to tangible
and intangible fixed assets during the financial year.
All CAPEX additions are assessed individually. The Taxon-
omy-eligible share of investments primarily relates to 7.1.
construction of new buildings. Items include, but are not
limited to, investments in development, IT and leased vans
for construction managers. For investments in charging
stations, we assess the share of CAPEX directly linked to 7.4.
Installation, maintenance, and repair of charging stations for
electric vehicles in buildings (and parking spaces attached
to buildings).
Revenue
OPEX
CAPEX
Txonom-eigibe
Txonom non-eigibe
Taxonomy-eligibility
HusCompagniet Annual report 2021
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taxonomy eligibility
ESG disclosures and data
ENVIRONMENTAL ESG data / disclosures Unit
Energy consumption
Nasdaq E., FSR/Nasdaq CPH/CFA Total energy consumption , , mWh
Nasdaq E. Energy from electricity consumption , , mWh
Nasdaq E. Energy from district heating and thermal heating , mWh
Nasdaq E. Energy from natural gas for heating mWh
Nasdaq E. Diesel consumption , , Liters
Nasdaq E. Petrol consumption , , Liters
GHG Emissions
Nasdaq E.. Total CO
-e emissions (Scope & ) - market-based
, , Metric tonnes
Nasdaq E.., FSR/Nasdaq CPH/CFA Direct CO
-e emissions (Scope ) Metric tonnes
Nasdaq E.., FSR/Nasdaq CPH/CFA Indirect CO
-e emissions (Scope - market-based)
, , Metric tonnes
Nasdaq E.., FSR/Nasdaq CPH/CFA Indirect CO
-e emissions (Scope - location-based) , , Metric tonnes
GHG Intensity
Nasdaq E. CO
-e emissions per m
delivered (Scope + - market-based) . . kg/m
Nasdaq E. CO
-e emissions per m
delivered (Scope + - location-based) . . kg/m
SASB, IF-HB-a. Number of homes with Energimærkning for energy efficiency
% % %
SASB, IF-HB-a. Average score of Energymærkning
BR & Lavenergi BR & Lavenergi Score
( based on sales) ( based on sales)
Renewable energy
Nasdaq E., FSR/Nasdaq CPH/CFA Renewable energy percentage (market-based) % % %
Nasdaq E., FSR/Nasdaq CPH/CFA Renewable energy percentage (location-based) % % %
SASB, IF-HB-a. Number of homes with Energimærkning for energy efficiency (BR) and (lavenergi) % % %
SASB, IF-HB-a. Average score of Energymærkning BR & Lavenergi BR & Lavenergi
Downstream emissions:
Nasdaq E.. Percentage of homes sold with renewable energy technologies % % %
Land use & ecological impacts
SASB F-HB-a. Number of () lots and () homes sold in regional with High or Extremely High Baseline Water Stress
#
SASB F-HB-a. Number of () lots and () homes delivered on redevelopment sites
% % #
Nasdaq E., SASB IF-HB-a. Process to integrate environmental considerations into site selection,
design, development and construction
See page See page 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.
HusCompagniet Annual report 2021
52 / 132
esg disclosures and data
ENVIRONMENTAL ESG data / disclosures Unit
Climate risks
SASB IF-HB-a., TCFD Description of risks and opportunities related to incorporating See TCFD See TCFD
resource efficiency into home design, and how benefits are disclosure table disclosure table Discussion &
communicated to customers Annual report page analysis
SASB IF-HB-a., TCFD Description of climate change risk exposure analysis, degree of See TCFD disclosure tableSS See TCFD disclosure Discussion &
systematic portfolio exposure, and strategies for mitigating risks Annual report tabel page analysis
SOCIAL ESG data / disclosures Unit
FTE & Turnover
FSR/Nasdaq CPH/CFA FTE (continued operations) #
Nasdaq S., FSR/Nasdaq CPH/CFA Employee turnover ratio
%
%
Ratio
Health & safety
Nasdaq S., SASB IF-HB-a. LTI (lost-time injuries) total - own employees and subcontractors #
Nasdaq S., SASB IF-HB-a. LTI own employees - blue and white collar #
Nasdaq S., SASB IF-HB-a. LTI subcontractors #
Nasdaq S., SASB IF-HB-a. LTIf (lost-time injury frequency) total - own employees and subcontractors . . Frequency
Nasdaq S., SASB IF-HB-a. LTIf own employees - blue and white collar . . Frequency
Nasdaq S., SASB IF-HB-a. LTIf - subcontractors . . Frequency
FSR/Nasdaq CPH/CFA Sick leave .% .% Days per FTE
Diversity
Nasdaq S., FSR/Nasdaq CPH/CFA Gender Pay Ratio
. . Ratio
Nasdaq S., FSR/Nasdaq CPH/CFA % female in the company .% .% %
FSR/Nasdaq CPH/CFA % female in management .% .% %
Nasdaq S. Non-discrimination policy Annual Report See page Description
Nasdaq S. Child- and forced-labour policy Sustainability policy Sustainability policy Description
GOVERNANCE ESG data / disclosures Unit
Nasdaq G., FSR/Nasdaq CPH/CFA Gender diversity on the Board of Directors - underepresented gender .% .% #
Nasdaq S., FSR/Nasdaq CPH/CFA CEO Pay Ratio
. . Ratio
FSR/Nasdaq CPH/CFA Board Meeting Attendance Rate
. .% Ratio
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.
HusCompagniet Annual report 2021
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TCFD disclosures
TCFD Recommendation 2021 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
an item 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-
ationalis action of the sustainability focus areas is owned by the Head
of Business Development.
In 2019, we set out to establish a Sustainability Committee. As we
worked with sustainability and climate throughout 2020, it became
clear that our Executive Management team and leaders across our
business were actively engaged, which led to the decision to further
integrate sustainability and climate into the organisation, in place of a
formal Committee. Ultimate oversight of progress against sustainabil-
ity ambitions remains with the Board and Executive Management.
TCFD Recommendation 2021 Disclosures
Strategy
Describe the climate-
related risks and
opportunities the
organisation has
identified over the short,
medium, and long term
Last year, 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. This
year, we revisited the findings, adjusted the timeframes to better
reflect our internal planning processes and the TCFD recommenda-
tions, 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.
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 investment in unsuccessful new, renewable
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.
HusCompagniet Annual report 2021
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tcfd disclosures
TCFD Recommendation 2021 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
have launched our Climate-Improved House and tested it towards the
voluntary sustainable building class. Further, from 1 January 2022, we
no longer offer gas as an anergy source. Read more on pages 38-40
and page 43 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 scenar-
ios. In 2021, 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 2021 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. As we continue to work towards our ambitions
and targets, risk management procedures will be put into place. Hus-
Compagniet follows the developments of green building standards
and certifications closely. We continue to increase our understanding
and integration of physical climate risks into decision-making and
strategy.
Describe the
organisation’s
processes for managing
climate-related risks
Climate risks are evaluated on an annual basis, and action will be if
and when needed. We continue to strengthen our ongoing processes
for climate risk management.
HusCompagniet Annual report 2021
55 / 132
TCFD Recommendation 2021 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 2021.
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 57-59 in this Report
Disclose Scope 1, Scope
2, and, if appropriate,
Scope 3 greenhouse
gas (GHG) emissions,
and the related risks
See pages 31 in this Report
Describe the
targets used by the
organisation to manage
climate-related risks
and opportunities
and performance
against targets
See pages 31 in this Report
HusCompagniet Annual report 2021
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Impact
Likelihood
Low
Low
High
High
1
2
3
4
7
5
6
1
2
3
4
6
7
5
The Board of Directors are responsible for ensuring 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 responsi-
bility and report developments in the main risk areas 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.
Risk Management
Macroeconomic risk
Supply chain risk
IT systems and information
Climate risk and change in regulation
Our people
Health and safety
Cyber threats
Risk management Matrix 2021
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.
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.
Board of Directors
Audit Commmitee
Executive Management
The COVID-19 pandemic and the ensuing government policies have an uncertain impact on the Group and the related social
and economic effects may impact the Group’s business, financial condition, results of operations, cash flow and prospects.
Although the COVID-19 pandemic had a significant impact on the world in 2020 and 2021, its effects have not been catego-
rised as a specific key risk. The Group has not been serverely inpacted by risk arising from COVID-19 in 2021, despite a slight
increase in sick leave. The Group will continue to monitor and address potential risks arising from the COVID-19 situation.
Main changes:
• Cyber threats (new)
• Supply chain risk
(likelihood increased)
HusCompagniet Annual report 2021
57 / 132
risk management
(2020: 13%)
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 ad-
versely affect demand for the houses and land it
sells. External factors that could affect our ability
to generate revenue include the rate of employ-
ment, mortgage availability, property prices,
interest rate changes and GDP growth. Geopolit-
ical uncertainty in Europa could impact external
factors. In general, the Group operates in stable
low risk economies and the Danish detached
market has historically had low volatility and is
structurally supported by demographic transition.
The Group setup means exposure to and
reliance on third-party suppliers, contractors,
subcontractors and other service providers in
executing its projects. Shortage of materials
and/or subcontractors may result in price pres-
sure or lack of labour for execution. This could
cause liquidity strain due to the "payment at
delivery" model and cost in terms of delay
penalties. 2021 has been affected by dis-
tressed supply chains and the risk of further
constraints has increased in connection with
the geopolitical instability in Europe.
With continuous digitalisation of business
processes and implementation of systems to
enhance control and drive efficiency, failure
of these systems, could restrict the Group’s
operations. Failure to comply with data regu-
lations 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-carbon homes, policy and legal risks stem-
ming from increased regulation, carbon taxes and
tariffs. Regulation towards sustainable housing
is expected to increase over the coming years,
requiring necessary R&D investment 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 resilience
to the business model in facing down turns.
An order book of minimum six months visibility
enables rightsizing in due time and scale the
business accordingly.
Strong relationship 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 sustain-
ability journey opens up for a larger variety
of materials, thus reducing dependency of
suppliers.
Operation of critical applications are moni-
tored and managed according to business
continuity plan. We ensure segregation of
duties in our applications and strong access
control to prevent unintended usage. Risk
of loss of data is mitigated by a daily backup
laced on separate location for 30 days and
a disaster recovery strategy is implemented
with yearly exercise of disaster recovery. Data
protection policy was implemented in 2018.
HusCompagniet integrates considerations on
climate-related risks and opportunities into our
strategy and operations. The Group has since
2019 implemented and publicly supported the rec-
ommendations of the Task Force on Climate-re-
lated Financial Disclosures (TCFD). We have
set ambitious 2025 and 2030 targets to reduce
carbon emissions, and in our efforts to reach the
targets set, we continuously expand our low-car-
bon offerings in terms of materials and renewable
energy solutions. The efforts taken also prepares
for future regulatory changes. For our Semi-de-
tached offerings, a DGNB certification process
was completed in 2021.
Top risks
HusCompagniet Annual report 2021
58 / 132
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, cyber attack
could have financial and reputational consequences for
HusCompagniet.
Malicious hacking activities or theft of sensitive business
data, personal employee data or customer data, which
may result in significant business disruption, monetary
losses or fines and penalties from authorities.
Risk of cyber threats has increased further in 2022 due to
increased geopolitical uncertainty 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
competitive compensation packages and a long-term
incentive programme has been introduced with a view to
retaining key personnel. Employee surveys are conducted
on 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 in subcontractors
at building sites as well as maintaining a strong focus on
safety when onboarding new companies. Further, imple-
mentation of a safety measuring system during 2021 was
performed through an online project management tool to
ensure a data driven approach to improve safety. A Code
of Conduct is being implemented.
The Group IT’s strategy comprises a continued effort
to protect against cyber threats regarding IT infrastruc-
ture and operations. The Group mitigates security risks
through a strong access control to the infrastructure
including multifactor authentication.
Continuous updates of IT equipment and infrastruc-
ture provide new technology to support best practice.
Furthermore, the IT strategy seeks to improve upon user
awareness continuously on data security, especially with
respect to passwords, emails, and devices.
Top risks
HusCompagniet Annual report 2021
59 / 132
36%
Denmark
- Institutional
8%
Treasury shares
14%
Denmark
- Retail
10%
UK
27%
Europe
2%
USA
3%
Other
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 129 in the beginning of 2021 and closed at DK
118.4 at year end. In comparison, the Copenhagen mid-cap
index increased 29% in the period.
Shareholder structure
HusCompagniet A/S’ share capital is nominally DKK
100,000,000 divided into 20,000,000 shares each with
a nominal value of DKK 5 and carrying five votes. On 30
December 2021, HusCompagniet had more than 4,700 reg-
istered shareholders collectively holding 97% of the share
capital. Three shareholders had at year end notified Hus-
Compagniet A/S of holding 5% or more of the share capital:
• Henderson Global Investors Limited
• Handelsbanken Fonder AB
• PFA Asset management
After the listing in November 2020, our selling shareholder,
EQT, held 44.2% of the shares in HusCompagniet. Through
two Accelerated Bookbuilding (ABB) in May and August,
respectively, EQT sold their holding and was as of 19 August
2021 no longer shareholder in HusCompagniet.
HusCompagniet held 1,683,058 treasury shares at year end,
corresponding to 8.4% of the share capital. The treasury
shares are subject to cancellation, while a minor share cover
the commitments under the current share-based incentive
program.
Share-based incentive schemes
In total, 136,831 RSUs were issued on 23 November 2020,
of which 18,589 were granted to the Executive Management
and 118,242 were granted to other employees. No RSU’s
were granted in 2021. The fair value of the RSUs at grant was
DKK 16.0 million. The related cost is expensed over the vest-
ing period. A total amount of DKK 4.9 million was recognised
as staff costs in the income statement for 2021.
Capital structure
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 of below 2.0x net debt to EBITDA be-
fore special items considering the Group’s cash flow profile.
The Company will generally work towards a leverage ratio
of around 2.0x. If the leverage ratio is below 1.5x and capital
is not committed or expected to be short-term committed
towards investments, the Company will seek to return capital
to shareholders in addition to the initial pay-out ratio through
dividends and/or share buybacks.
The financial leverage at year end 2021 was 1.8x net debt to
EBITDA before special items.
Updated dividend policy
The Board of Directors has adopted a dividend policy with a
target initial pay-out ratio of at least 50% of reported profit
HusCompagniet Annual report 2021
60 / 132
shareholder information
Jan
2021
Feb
2021
Mar
2021
Apr
2021
May
2021
Jun
2021
Jul
2021
Aug
2021
Sep
2021
Oct
2021
Nov
2021
Dec
2021
70
80
90
100
110
120
130
140
150
for the year. For 2022, HusCompagniet has 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.
The Board of Directors proposes that an ordinary dividend
of DKK 7.35 per share be paid for the 2021 financial year, to
be paid out in the second quarter of 2022. No dividend will
be paid out on treasury shares. The proposed dividend per
share adds up to a total dividend payout of approximately
DKK 132 million, corresponding to payout ratio of 50% of the
consolidated profit after tax.
Insiders and trading windows
Members of HusCompagniet A/S’s Board of Directors and
Executive Board are listed in the Company’s register 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
inside information. The Company may solely buy or sell
its own shares during the three-week period immediately
preceding 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 also meet
current and potential investors on a regular basis at road
shows and equity conferences.
Analyst coverage
The company is covered by three equity research providers,
Nordea, SEB, and Citi Bank. We are expecting coverage
from additional financial institutions during 2022, including
Danske Bank. 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.
Financial calendar
Deadline for proposals to the agenda of the Annual General Meeting February
Annual General Meeting April
Trading statement for the period ending March May
Interim report for the period ending June August
Trading statement for the period ending September November
HusCompagniet
share information
No. of shares: 20,000,000
Listing: Nasdaq Copenhagen
Trading symbol: HUSCO
Index: Nasdaq Copenhagen mid-cap
Shareprice 2021
HusCompagniet Annual report 2021
61 / 132
Corporate governance
female board members
in 2021
33%
HusCompagniet Annual report 2021
62 / 132
corporate governance
Chair of the committee Vice Chairperson Member of the committee Former member
HusCompagniet Annual report 2021
63 / 132
HusCompagniet Annual report 2021
64 / 132
Anja B. Eriksson
Vice-Chairperson (Independent),
Chair of Audit Committee
Member since: July 2020
Born: 1974 Gender: Female Nationality: Danish
Position:
Director, ATP
Education:
M.Sc. In Applied Economics and Finance, B.Sc. International Business from
Copenhagen Business School, Young Managers Programme and Negotiation
Dynamics from INSEAD Business School and High Performance Boards pro-
gramme at IMD.
Other positions:
Chairperson: M.J. Eriksson Holding, Chairperson: Anders Nielsen & Co. A/S,
Board member: M.J Eriksson A/S, Board member: Pihl Holdings A/S, Board
member: Pihl & Søn A/S.
Competencies:
Extensive experience from leading roles in the financial and construction indus-
tries, with a strong commercial focus, having driven change processes, M&A
transactions, sale and HSSE.
Holdings*
33,326 changed from 31,179 at 31 December 2020
Stig Pastwa
Board member (Independent)
Member of of Audit Committee
Member since: April 2021
Born: 1967 Gender: Male Nationality: Danish
Position:
Partner, Copenhagen Infrastructure Partners P/S
Education:
Graduate Diploma, HD (r) Business Administration, Financial and management
accounting from Copenhagen Business School. PED from IMD Business School
and ADP from London Business School
Other positions
:
Member of the Board of Representatives, Hedeselskabet. Member of the Board
of Management and Board of Directors of several CIP companies and CI related
funds
Competencies:
Extensive commercial and managerial experience, including M&A, with a strong
financial background as both CFO and CEO from executive roles and non-exec-
utive directorships in several large Danish corporations and institutions.
Holdings
*
6,237
Corporate Governance
Bord o Direcors
Claus V. Hemmingsen
Chairperson (Independent),
Chair of Remuneration and Nomination Committee
Member since: May 2020
Born: 1962 Gender: Male Nationality: Danish
Position:
Non-executive board-member
Education:
Management Programs, London Business School and Cornell University; Exec.
MBA, IMD; International Directors Program, INSEAD
Other positions:
Managing Director, CVH Consulting ApS. Chairperson: Maersk Drilling (The
Drilling Company of 1972 A/S), DFDS A/S, Innargi A/S . Board member: A.P.
Møller Holding A/S, A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til
almene Formaal, Den A.P. Møllerske Støttefond, Bacher A/S, Maersk Mc-Kin-
ney Moller Center for Zero Carbon Shipping, Global Maritime Foundation, Det
Forenede Dampskibs-Selskabs Jubilæumsfond
Competencies:
Extensive international, commercial and managerial experience, including HSSE
& Sustainability, M&A, capital markets and non-executive directorships.
Holdings*
55,044, changed from 46,453 at 31 December 2020
* Indirect and direct
HusCompagniet Annual report 2021
65 / 132
board of directors
Ylva Ekborn
Board member (Independent), Member of of Audit Committee,
Member of Remuneration and Nomination Committee
Member since: July 2019
Born: 1975 Gender: Female Nationality: Swedish
Position:
CEO PostNord Strålfors Group
Education:
M.Sc. in Economics and Business Administration,
Stockholm School of Economics
Other positions:
Postnord Strålfors Oy (Chairperson), PostNord Strålfors AS
Competencies:
Extensive experience from executive positions in both B2C and B2B companies
in the Nordic region with a strong focus on driving strategic business develop-
ment, commercial development, M&A strategies and digital transformation.
Holdings*
20,247 changed from 12,687 at 31 December 2020
Mads Munkholt Ditlevsen
Board member (Independent),
Member since: August 2015
Born: 1976 Gender: Male Nationality: Danish
Position:
Partner at EQT Partners, Head of EQT Partners Denmark
Education:
M.Sc. in Finance & Accounting, Copenhagen Business School
Other positions:
Brancheforeningen for Aktive Ejere i Danmark (Board Member), Banking Circle
(Vice Chairperson), Fonden Human Practice Foundation (Board Member),
3Shape (Board member), Oterra (Vice Chairperson)
Competencies:
Extensive experience within Private Equity, M&A, investments, operations and
financing working out of Copenhagen and Hong Kong.
Holdings
No shares
Bo Rygaard
Board member (Independent),
Member of Remuneration and Nomination Committee
Member since: April 2021
Born: 1965 Gender: Male Nationality:Danish
Position:
CEO, Dreyers Foundation
Education:
M.Sc in Economics and Business Administration, Copenhagen Business School
Other positions:
CEO, Dreyers Foundation, Chairperson of the Board Netcompany Group A/S,
Chairperson of the Board, Skamol A/S, Chairperson of the Board KFI Erhvers-
drivende Fond, Chairperson of the Board, KV Foundation, , Deputy Chairperson
of the Board, Statens Ejendomsselskab A/S, Member of the Board Fondenes
Videnscenter, Chairperson of Richters foundation, member of the board of
HusCompagniet group A/S.
Competencies:
Extensive managerial experience in industry related areas, including real-estate
and development, both in Denmark and internationally and experience as both
executive and chairperson in listed companies, currently as Chairperson of the
Board of Netcompany Group A/S.
Holdings
No shares
Corporate Governance
Bord o Direcors
* Indirect and direct
HusCompagniet Annual report 2021
66 / 132
Martin Ravn-Nielsen
Group CEO
Born: 1971
Gender: Male
Nationality: Danish
Year of first employment: 2009
In current position since: 2020
Education:
Diploma in Economics and Law from Finansforbundet (Copenhagen)
Previous experience:
MD NCC Enfamiliehuse Head of sales Eurodan-huse, Various
leadership positions within HusCompagniet.
Holdings*
261,861 changed from 219,256 at 31 December 2020
Mads Dehlsen Winther
Group CFO
Born: 1977
Gender: Male
Nationality: Danish
Year of first employment: 2019
In current position since: 2019
Education:
M.Sc. in Auditing and Accounting and M.Sc. in Economics and
Business Administration, Copenhagen Business School
Previous experience:
Maersk, Sadolin & Albæk, Deloitte, PwC
Holdings*
129,304 changed from 101,529 at 31 December 2020
Corporate Governance
Execuive Bord
* Indirect and direct
HusCompagniet Annual report 2021
67 / 132
executive board
Income statement – consolidated
DKK’ Note
Revenue . 4,314,783 3,598,408
Cost of Sales . -3,439,886 -2,842,835
Gross profit 874,897 755,573
Staff cost ., . -349,059 -296,330
Other external expenses -124,900 -113,114
Other operating income 173 311
Operating profit before depreciation and amortisation
(EBITDA) before special items . 401,111 346,440
Special items . 0 -78,879
Operating profit before depreciation and amortisation
(EBITDA) after special items 401,111 267,561
Depreciation and amortisation ., . -46,118 -47,357
Operating profit (EBIT) 354,993 220,204
Financial income . 300 44
Financial expenses . -20,761 -45,253
Profit before tax from continuing operations 334,533 174,995
Tax on profit . -69,981 -16,419
Profit for the period from continuing operations 264,552 158,576
Profit / (loss) after tax for the period from discontinued operations . 0 -66,411
Profit for the period 264,552 92,165
Profits attributable to:
Equity owners of the Company 264,552 92,165
DKK Note
Earnings per share: .
Earnings per share (EPS Basic) 13.7 4.6
Diluted earnings per share (EPS-D) 13.7 4.6
Earnings per share (EPS Basic) continuing operations 13.7 7.9
Diluted earnings per share (EPS-D) continuing operations 13.7 7.9
Earnings per share (EPS) (DKK) from discontinued business 0.0 -3.3
Diluted earnings per share (EPS-D) (DKK) from discontinued business 0.0 -3.3
Statement of other comprehensive income DKK’ Note
Profit for the year 264,552 92,165
Other comprehensive income
Items that may be reclassified to the income statement
in subsequent periods
Foreign currency translation differences, subsidiary -2,112 3,236
Other comprehensive income, net of tax -2,112 3,236
Total comprehensive income for the year 262,440 95,401
Total comprehensive income attributable to:
Equity owners of the Company 262,440 95,401
HusCompagniet Annual report 2021
69 / 132
con income statement
Balance sheet – consolidated
DKK’ Note
Assets
Non-current assets
Goodwill . 2,031,471 2,036,580
Intangible assets . 39,741 46,472
Right-of-use assets . 87,709 93,717
Property, plant and equipment . 20,728 19,945
Deferred tax asset . 28,153 4,634
Other receivables . 4,756 4,360
Total non-current assets 2,212,558 2,205,708
Current assets
Inventories . 315,926 359,661
Contract assets . 809,330 547,977
Trade and other receivables . 170,272 203,091
Prepayments 14,203 13,378
Cash and cash equivalents 55,420 77,916
Total current assets 1,365,151 1,202,022
Total assets 3,577,709 3,407,730
DKK’ Note
Equity and liabilities
Equity
Share capital . 100,000 100,000
Retained earnings and other reserves 1,784,982 1,757,192
Total equity 1,884,982 1,857,192
Liabilities
Non-current liabilities
Borrowings . 672,058 671,163
Lease liabilities . 73,247 82,812
Provisions . 8,680 9,520
Deferred tax liability . 38,683 2,966
Total non-current liabilities 792,668 766,461
Current liabilities
Borrowings . 0 448
Lease liabilities . 23,076 20,563
Trade and other payables . 554,333 402,998
Contract liabilities . 84,730 102,501
Prepayments from customers . 10,081 13,718
Provisions . 34,718 31,407
Income tax payable . 44,998 35,905
Other liabilities 148,123 176,537
Total current liabilities 900,059 784,077
Total liabilities 1,692,727 1,550,538
Total equity and liabilities 3,577,709 3,407,730
Reference to off-balance sheet notes: Leasing contracts not yet effective 6.3, Related parties 6.5, and Contingent liabilities 3.4
HusCompagniet Annual report 2021
70 / 132
con balance
Statement of cash flows – consolidated
DKK’ Note
Cash flow from operating activities
EBITDA, after special items 401,111 267,561
EBITDA, discontinued activities 5,501 -16,190
EBITDA 406,612 251,371
Adjustments for non-cash items . 11,495 786
Adjustet EBITDA 418,107 252,157
Changes in working capital . -84,508 -19,903
Cash flow from operating activities before financial items and taxes 333,599 232,254
Interest received . 300 44
Interest elements of lease payments . -5,736 -6,146
Interest paid . -15,025 -39,107
Corporation tax paid . -54,661 -45,758
Net cash generated from operating activities 258,477 141,287
Cash flow from investing activities
Investment in assets recognised as property, plant and equipment -11,327 -19,646
Investment in assets recognised as intangible assets -10,435 -11,383
Net cash generated from investing activities -21,762 -31,029
DKK’ Note
Cash flow from financing activities
Repayment of long-term debt . 0 -805,903
Proceeds from loans . 0 675,000
Repayment of lease liabilities . -21,850 -20,964
Dividends to equity holders . -60,000 0
Dividends from own treasury shares . 410 0
Acquisition of own shares . -179,990 0
Net cash generated from financing activities -261,430 -151,867
Total cash flows -24,715 -41,609
Cash and cash equivalents at January 77,467 109,610
Net foreign currency gains or losses 2,668 9,466
Cash and cash equivalents at December 55,420 77,467
Cash and cash equivalents
Cash at bank 55,420 77,916
Cash and cash equivalents as at December 55,420 77,916
Bank overdrafts 0 -448
Net cash and cash equivalents as at December 55,420 77,467
Free cash flow 236,715 110,258
The cash flow statement cannot be inferred from the published financial information only
HusCompagniet Annual report 2021
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con cash flow
Statement of changes in equity – consolidated
Foreign
currency
Share translation Retained Proposed
DKK’
capital reserve earnings dividend Total
Equity at 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 December 100,000 1,656 1,651,050 132,276 1,884,982
HusCompagniet Annual report 2021
72 / 132
con equity
Statement of changes in equity – consolidated
Foreign
currency
Share translation Retained Proposed
DKK’
capital reserve earnings dividend Total
Equity at January 14,689 532 1,762,126 0 1,777,347
Profit for the period 0 0 92,165 0 92,165
Other comprehensive income:
Foreign currency translation differences 0 3,236 0 0 3,236
Total other comprehensive income 0 3,236 0 0 3,236
Transactions with owners of the Company and other equity transactions:
Increase in capital 85,311 0 -85,311 0 0
Share-based payment 0 0 444 0 444
Purchase of own shares 0 0 -16,000 0 -16,000
Proposed dividends 0 0 -60,000 60,000 0
Total transactions with owners of the Company and other equity transactions 85,311 0 -160,867 60,000 -15,556
Equity on December 100,000 3,768 1,693,424 60,000 1,857,192
Capital structure
The primary objective of HusCompagniet’s capital management is
to ensure that it maintains a strong credit rating and healthy capi-
tal 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, HusCompagniet may adjust dividend payments to share-
holders, acquire its own shares or issue new shares. HusCompagniet
has a target leverage of below 2.0x net debt to EBITDA before special
items considering the Group’s cash flow profile. The Company will
generally work towards a leverage ratio of around 2.0x. If the leverage
ratio is below 1.5x and capital is not committed or expected to be
short-term committed towards investments, the Company will seek
to return capital to shareholders in addition to the initial pay-out ratio
through dividends and/or share buybacks.
The financial leverage at year-end 2021 was 1.8x net debt to EBITDA
before special items.
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.
For 2022, HusCompagniet has updated the dividend policy from
at least 50% by means of dividend to at least 25% by means of div-
idend, 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. The
Board of Directors proposes that an ordinary dividend of DKK 7.35
per share be paid for the 2021 financial year, to be paid out in the
second quarter of 2022. No dividend will be paid out on treasury
shares. The proposed dividend per share adds up to a total divi-
dend payout of approximately DKK 132 million, corresponding to
payout ratio of 50% of the consolidated profit after tax.
HusCompagniet Annual report 2021
73 / 132
Notes
1 Basis of preparation
Note . General accounting policies
Note . Introduction to significant estimates and judgements
Note . Application of materiality
2 EBITDA
Note . Segment information
Note . Costs including staff costs and remuneration
Note . Share-based payment
Note . Special items
Note . Earnings per share
Note . Financial risk management
Note . Accounting policy
Note . Significant estimates and judgements
3 Working capital
Note . Inventories
Note . Contract assets
Note . Trade and other receivables
Note . Guarantee commitments and contingent liabilities
Note . Net working capital
Note . Financial risk management
Note . Accounting policy
Note . Significant estimates and judgements
4 Investments
Note . Goodwill and Intangible assets
Note . Property, plant and equipment and right-of-use assets
Note . Impairment
Note . Accounting policy
Note . Significant estimates and judgements
5 Funding and capital structure
Note . Equity
Note . Treasury shares
Note . Borrowings and non-current liabilities
Note . Lease liabilities
Note . Financial income and expenses
Note . Financial risk management
Note . Accounting policy
6 Other disclosures
Note . Tax
Note . Discontinued operations
Note . Other non-cash items
Note . Related parties
Note . Auditor's fee
Note . Events after the balance sheet date
Note . List of Group companies
Note . Definitions
Note . Accounting policy
Note . Significant estimates and judgements
HusCompagniet Annual report 2021
74 / 132
con note oversigt
Noe . Gener ccounin poicies
Basis of preparation
The consolidated financial statements are pre-
pared in accordance with International Financial
Reporting Standards as endorsed by the EU
(“IFRS”) and additional requirements of the Danish
Financial Statements Act.
The consolidated financial statements have been
prepared on a historical cost basis, except when
noted otherwise in the various accounting policies.
These consolidated financial statements are
expressed in DKK, as it is HusCompagniet A/S’s
functional and presentation currency. All values
are rounded to the nearest thousand DKK ‘000.
Basis of consolidation
The consolidated financial statements comprise
HusCompagniet A/S and entities controlled by
HusCompagniet A/S. Control is achieved when
the Group is exposed to, or has rights to, variable
returns from its involvement with the entity and
has the ability to affect those returns through its
power over the investee. The financial statements
of subsidiaries are included in the consolidated fi-
nancial statements from the date on which control
commences until the date on which control ceases.
The financial statements for the subsidiaries are
prepared for the same accounting period as Hus-
Compagniet using consistent accounting policies.
On consolidation, intragroup balances and intra-
group transactions are eliminated in full.
These consolidated financial statements include
the accounts of HusCompagniet and its subsidiary
companies, which are listed in note 6.8.
Foreign currency translation
Transactions and balances
Foreign currency transactions are initially recorded
by the Group entities at their respective functional
currency rates prevailing at the date of the transac-
tion.
Monetary assets and liabilities denominated in
foreign currencies are translated at the functional
currency spot rate of exchange ruling at the report-
ing date.
All differences are recognised in the Income State-
ment under financial items. Non-monetary items
that are measured in terms of historical cost in a
foreign currency are translated using the exchange
rates as at the dates of the initial transactions.
Group companies
On consolidation, the assets and liabilities in
foreign operations are translated into DKK at the
spot rate of exchange prevailing at the reporting
date and their income statements are translated
at spot exchange rates prevailing at the dates of
Section 1
Basis of preparation
Introduction
its subsidiaries are collectively referred to in the financial statement as the “Group”. The Group is a
leading provider of single-family detached houses in Denmark . The Group’s core activity is the
design, sale and delivery of customizable high-quality detached houses in Denmark to consumers
predominantly built on-site on third-party (customer-owned) land. The Group also designs, sells
and delivers semi-detached houses in Denmark to consumers, predominantly on land owned by the
Group, and since January 2020 to professional investors, both on land also owned by the Group
and on land owned by investors. Investors in the semi-detached business-to-business segment
often lease or sell the houses to end-users. The Group is also present in Sweden, where it produces
prefabricated wood-framed detached houses in its factory, which are finalised on-site and in most
cases facilitated by third-party sales agents.
During September 2020, the Group closed down its German and Swedish brick house activities. In
accordance with IFRS 5, the activities have in the consolidated financial statements been treated
as discontinued operations. Accordingly, the net results of these activities are for year-end 31
December 2021 and 2020 respectively, presented separately in one line in the income statement.
The annual report has been approved by the Board of Directors at their meeting 16 March 2022. The
annual report will be presented to the shareholders af HusCompagniet A/S for approval at the annual
general meeting.
The accounting policies are, except for the amendment listed in Note 1.1 General accounting policies,
unchanged compared to last year.
The following notes are presented in Section 1:
Note . General accounting policies
Note . Introduction to significant estimates and judgements
Note . Application of materiality
HusCompagniet Annual report 2021
75 / 132
con note 1.1
Noe . Gener ccounin poicies (coninued)
the transactions. The exchange differences arising
on translation for consolidation are recognised in
Other Comprehensive Income.
Any goodwill arising on the acquisition of a foreign
operation and any fair value adjustments to the
carrying amounts of assets and liabilities arising on
the acquisition are treated as assets and liabilities
of the foreign operations, and are translated at the
closing rate of exchange.
Implementation of new or amended
standards and interpretations
The accounting policies adopted in the prepara-
tion of the consolidated financial statements are
consistent with those followed in the preparation
of the Group’s consolidated annual financial
statements for the year ended 31 December 2020,
except for the adoption of new standards effective
as of 1 January 2021. The Group has not early
adopted any standard, interpretation or amend-
ment that has been issued but is not yet effective.
The Group has adopted relevant new or amend-
ed standards (IFRS) and interpretation (IFRIC) as
adopted by the EU and which are effective for the
financial year 1 January – 31 December 2021. The
Group has assessed that the new or amended
standards and interpretations have not had any
material impact on the Group’s Annual Report in
2021.
The Group expects to implement the new stand-
ards when they become effective. It has been
assessed that the implementation of the new
standards will not have any significant effect on
the recognition and measurement of the balance
sheet at 1 January 2022.
HusCompagniet Annual report 2021
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Noe . nroducion o siniicn esimes
nd udemens
In preparing the consolidated financial statements,
management made various judgements,
estimates and assumptions concerning future
events that affected the application of the Group’s
accounting policies and the reported amounts of
assets, liabilities, income and expenses. Actual
results may differ from these estimates.
Estimates and assumptions are reviewed on an
ongoing basis and have been prepared taking the
financial market situation into consideration, but
still ensuring that one-off effects which are not
expected to exist in the long term do not affect
estimation and determination of these key factors.
The Group has not been materially affected by
COVID-19 but there are still some uncertainties
related to the economic development in Denmark
and Sweden and how it will affect the house
developing market. The most significant risks are
assessed to be restrictions on building activities
and construction sites related to an increase in
the number of infections and a lower demand on
houses due to a declining economy.
Based on the above assumptions the estimates are
assessed to be unchanged from previous years.
Significant estimates and judgements covering
specific accounts are placed in each section to
which they relate.
Significant judgements Note
Percentage-of-completion profit recognition .
Leases - Estimating the incremental borrowing rate and lease period .
Significant estimates
Guarantee provisions .
Assessment of risk of impairment of non-financial assets .
Assessment of recoverbility of deferred tax assets .
Noe . Appicion o merii
The consolidated financial statements are a result
of processing large numbers of transactions and ag-
gregating those transactions into classes according
to their nature or function. When aggregated, the
transactions are presented in classes of similar items
in the consolidated financial statements.
If a line item is not individually material, it is aggre-
gated with other items of a similar nature in the
consolidated financial statements or in the notes.
The disclosure requirements are substantial in IFRS
and the Group provides these specific required
disclosures unless the information is considered
immaterial to the economic decision-making of the
readers of the financial statements or not applicable.
HusCompagniet Annual report 2021
77 / 132
con note 1.2-1.3
Section 2
EBITDA
This section provides information regarding the Group’s performance in
2021, 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.
Noe . Semen inormion
For management purposes, the Group is organised
into business units based on its products and ser-
vices as well as geographical location. The Group
has three reportable segments, as follows:
• The detached houses in Denmark segment,
which comprise brick houses built on sites and
plots
• The semi-detached houses in Denmark seg-
ment, which comprise brick houses built on
sites and plots, includes both business-to-busi-
ness and business-to-consumers
• The Swedish business which comprise de-
tached prefabricated houses
The Group has discontinued two reportable seg-
ments, Brick Houses in Sweden and the operation
in Germany during the 2020. Please refer to Note
6.2 for further disclosure.
No operating segments have been aggregated to
form the above reportable operating segments.
Executive Management is responsible for oper-
ating results of its business units separately for
the purpose of making decisions about resource
allocation and performance assessment. Segment
performance is for 2021 evaluated based on
EBITDA and is measured consistently with oper-
ating profit (EBIT) plus amortisation and deprecia-
tion in the consolidated financial statements. The
Group's depreciation, amortisations , financing
(including financial income and financial expenses)
and income taxes are managed on a Group basis
and are not allocated to operating segments. As-
sets and Liabilities are not allocated to segments.
A share of 55% semi-detached houses is pro-
duced in the detached segment in 2021. All B2C
semi-detached houses are built by the detached
segment. Hence the B2B department is currently
ramping up and lack capacity, some B2B projects
are currently being produced by the detached
segment. For segment purposes this revenue has
been transferred via an inter-segment allocation.
The transferred revenue carries a fixed mark-up.
Transfer prices between operating segments are
conducted on an arm's length basis in a manner
similar to transactions with third parties.
The following notes are presented
in Section 2:
Note . Segment information
Note . Costs including staff costs and remuneration
Note . Share-based payments
Note . Special items
Note . Earnings per share
Note . Financial risk management
Note . Accounting policy
Note . Significant estimates and judgements
HusCompagniet Annual report 2021
78 / 132
con note 2.1
Noe . Semen inormion (coninued)
Denmark Sweden
Semi- Total Total
Detached detached Wooden continuing discontinued Total
DKK’ houses houses houses operations operations segments
Revenue
External customers ,, , , ,, , ,,
Inter-segment -, ,
Total revenue ,, , , ,, , ,,
Income / (expenses)
Cost of goods -,, -, -, -,, -, -,,
Inter-segment , -,
Segment gross profit , , , , -, ,
Gross margin .% .% .% .% -.% .%
Other operating income
Staff costs -, -, -, -, - -,
Other operating expenses -, -, -, -, - -,
Segment EBITDA , , , , -, ,
EBITDA margin .% .% .% .% -.% .%
HusCompagniet Annual report 2021
79 / 132
Noe . Semen inormion (coninued)
Denmark Sweden
Semi- Total Total
Detached detached Wooden continuing discontinued Total
DKK’ houses houses houses operations operations segments
Revenue
External customers ,, , , ,, , ,,
Inter-segment
Total revenue ,, , , ,, , ,,
Income / (expenses)
Cost of goods -,, -, -, -,, -, -,,
Inter-segment
Segment gross profit , , , , , ,
Gross margin .% .% .% .% .% .%
Other operating income
Staff costs -, -, -, -, -, -,
Other operating expenses -, -, -, -, -, -,
Segment EBITDA , , , , -, ,
EBITDA margin .% .% .% .% -.% .%
HusCompagniet Annual report 2021
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Noe . Semen inormion (coninued)
DKK'
Reconciliation of profit
Segment EBITDA before special items from continuing operations , ,
Segment EBITDA before special items from discontinued operations -, -,
Special items from discontinued operations , -,
Depreciation and amortisations -, -,
Financial income , ,
Financial expenses -, -,
Loss before tax from discontinued operations -, ,
Profit before tax from continuing operations , ,
DKK'
Revenue from external customers
Denmark ,, ,,
Sweden , ,
Germany , ,
Sweden (Discontinued operations) - -,
Germany (Discontinued operations) -, -,
Total revenue ,, ,,
The revenue information above is based on the locations of the customers.
No individual customer amounts to more than % of the consolidated revenue.
DKK'
Non-current operating assets
Denmark ,, ,,
Sweden , ,
Germany
Total non-current operating assets ,, ,,
The non-current operating assets information above is based on the locations of the assets’ physical location.
Non-current assets for this purpose consist of property, plant and equipment, right-of-use assets, other receivables, goodwill
and intangible assets.
HusCompagniet Annual report 2021
81 / 132
Noe . Semen inormion (coninued)
Denmark Sweden
Semi- Total Total
Detached detached Wooden continuing discontinued Total
DKK’ houses houses houses operations operations segments
Revenue per segment and category - Contracted sales
Sales value, houses sold on customers' building sites ,, , , ,, ,,
Sales value, houses sold on own building sites , , , ,
Total Contracted sales ,, , , ,, ,,
Revenue per segment and category - Non-contracted sales
Show- and project houses , , ,
Other revenue , , , ,
Sale of land plots , , ,
Total Non-contracted sales , , , ,
Total Revenue ,, , , ,, , ,,
HusCompagniet Annual report 2021
82 / 132
The Group is engaged in construction activities in
Denmark and Sweden.
The Group’s brick house activity in Sweden and
the Group’s activities in Germany were discontin-
ued in September 2020. Please refer to note 6.2
for further disclosure hereof.
Non-contracted sales are recognised on delivery
(point-in-time). Contracted sales are recognised
Noe . Semen inormion (coninued)
Denmark Sweden
Semi- Total Total
Detached detached Wooden continuing discontinued Total
DKK’ houses houses houses operations operations segments
Revenue per segment and category - Contracted sales
Sales value, houses sold on customers' building sites ,, , , ,, , ,,
Sales value, houses sold on own building sites , , , ,
Total Contracted sales ,, , , ,, , ,,
Revenue per segment and category - Non-contracted sales
Show- and project houses , , ,
Other revenue
Sale of land plots , , ,
Total Non-contracted sales , , ,
Total Revenue ,, , , ,, , ,,
DKK’
Revenue per continuing and discontinued operations
Total revenue from continuing operations ,, ,,
Total revenue from discontinued operations , ,
Total revenue ,, ,,
over time. Payment is typically due at the time of
final delivery of the house project, however a small
deposit is paid upon contract negotiation. The
Group receives a bank guarantee in connection
with the start-up of each contract, and is entitled
to payment for work performed, including profit,
during the project. Construction contracts with
professional investors may also include payments
on account.
Contracted sales comprise the sale of houses
constructed on the customers land, or houses sold
on own land (semi detached includes land plots)
that are covered by a customer contract before
construction is started.
Conversely, non-contracted sales comprise of:
1. The sale of houses constructed on own land to
which no customer contract has been entered
into before construction starts.
2. The sale of detached land-plots to which no
customer contract has been entered into
before purchase and development of the land
plots.
HusCompagniet Annual report 2021
83 / 132
Noe . Coss incudin s coss nd remunerion
DKK’
Staff costs
Wages and salaries , ,
Defined pension contribution plans , ,
Other social security costs , ,
Share-based remuneration ,
Transferred to Special items -,
Total , ,
Average number of full-time employees 455 452
Key management personnel is defined as the Executive Management, and disclosures are provided below.
DKK’
Remuneration of Board of Directors
Base salary and non-monetary benefits , ,
One-time bonus award* ,
Total remuneration , ,
Remuneration of Executive Management
Base salary and non-monetary benefits , ,
Share-based remuneration
Bonus , ,
One-time bonus award* ,
Severance payment ,
Total remuneration , ,
DKK’
Remuneration of Executive Management
Martin-Ravn Nielsen (CEO from May ):
Salary , ,
Bonus , ,
Share-based
One-time bonus award* ,
, ,
Mads Dehlsen Winther (CFO from September ):
Salary , ,
Bonus , ,
Share-based payment
One-time bonus award* ,
, ,
* In Executive management (amongst other employees) were eligible to receive a cash-based bonus (“One-time Bonus”)
subject to the completion of the listing of the Group. Costs related to one-time bonus awards are classified as special items.
The long-term incentive programme is described in note ..
HusCompagniet Annual report 2021
84 / 132
con note 2.2
Executive Other Total
DKK’ management employees shares
Number of shares at January
Granted during the year , , ,
Exercised during the year
Forfeited during the year
Outstanding at December , , ,
Outstanding at January , , ,
Granted during the year
Exercised during the year
Forfeited during the year -, -,
Outstanding at December , , ,
Number of restricted shares that may be sold at December
Noe . Shre-bsed pmens
Share-based payments
In accordance with the Company’s Remunera-
tion Policy, individual members of the Executive
Management participate in a long-term incentive
programme consisting of restricted share units
("RSUs"), which was implemented on 23 Novem-
ber 2020. Participants of the RSU programme
are granted RSUs which entitle the participant to
receive for free a number of shares in the Compa-
ny equivalent to the number of vested RSUs upon
vesting as described below.
The RSUs will vest over a three-year vesting peri-
od. Vesting is not conditional upon achieving any
financial or non-financial targets, but is, however,
conditional upon (i) the participant remaining em-
ployed with the Group for a period of three years
from the date of grant, or the participant becoming
a good leaver during the vesting period in which
case only a proportionate portion of RSUs shall
vest, and (ii) the participant having complied in all
respects with the general terms and conditions as
determined by the Board of Directors.
Participation in the RSU programme is offered
to members of the Executive Management as
an element of remuneration as incentive for the
Executive Management to remain focused on
value creation and achievement of the Company’s
long-term objectives. As determined by the Board
of Directors, a selected number of employees of
the Company in key positions may also be eligible
to participate in long-term incentive programmes
on terms similar to those of the Executive Manage-
ment.
Fair value measurement
The Group measures share-based payments at fair
value at the grant date.
The Group uses valuation techniques that are
appropriate in the circumstances and for which
sufficient data are available to measure fair value,
maximizing the use of relevant observable inputs
and minimizing the use of unobservable inputs.
The average remaining term to vesting for out-
standing restricted shares at 31 December 2021
was approx. 1.9 years.
The fair value of the RSU grant at the grant date
totalled DKK 16.0 million. In 2021, an expense of
DKK 4.9 million was recognised in the income
statement in respect of the incentive program
(2020: 0.4 million). The fair value of the RSU at the
grant date was calculated based on the share price
at grant date.
HusCompagniet Annual report 2021
85 / 132
con note 2.3
Noe . Speci iems
DKK’
Special items
• Insurance compensation . -,
• Cost related to IPO . ,
• Strategic organisational changes . ,
• Costs in connection with Acquisition and Vendor Due Dilligence . ,
• Other special items . ,
Total special items ,
Insurance compensation is related to compensation for prepaid insurances
from the bankruptcy estate of the insurance company Qudos Insurance, where
HusCompagniet had taken out insurances. IPO-related costs comprise various
consultancy fees as part of the IPO and bonuses for a number of employees for a
successful transaction, including but not limited to the CEO, the CFO, the former
CEO and board members. Strategic organisational changes include severance
payments to former senior management and employees.
Reconciliation of EBITDA
Operating profit before depreciation and amortisation , ,
Special items ,
Operating profit before depreciation and amortisation
(EBITDA) before special items , ,
Noe . Ernins per shre
DKK
Profit for the year ,, ,,
Average number of shares ,, ,,
Average number of treasury shares -, -,
Average number of outstanding shares ,, ,,
Dilution from share options , ,
Average number of outstanding shares, diluted ,, ,,
DKK’
Attributable to shareholders of HusCompaniet:
Loss from discontinued business -,
Profit from continuing business , ,
Profit for the year , ,
In calculating dilution from RSU, , shares (: ,), could potentially
dilute the profit per share in the future.
Earnings per share (EPS) (DKK) . .
Diluted earnings per share (EPS-D) (DKK) . .
Earnings per share (EPS) (DKK) from continuing business . .
Diluted earnings per share (EPS-D) (DKK) from continuing business . .
Earnings per share (EPS) (DKK) from discontinued business . -.
Diluted earnings per share (EPS-D) (DKK) from discontinued business . -.
The per share calculations for continuing business and discontinued business are based on corresponding key figures in
profit per share.
The Group presents certain financial measures in
the consolidated financial statements that are not
defined under IFRS. It is the Management's belief
that these measures provide valuable supple-
mental information to investors and the Group's
management, as they allow for evaluation of trends
and the Group's performance.
Since such financial measures are not calculated
in the same way by all companies they are not
always comparable to measures used by other
companies. These financial measures should
therefore not be considered to be a replacement
for measurements as defined under IFRS. Defini-
tions provided in section 6.9 provide information
in greater detail regarding definitions of financial
performance measures.
HusCompagniet Annual report 2021
86 / 132
con note 2.4-2.5
Noe . Finnci risk mnemen
Currency Risk
The Group is exposed to currency fluctuations
from its activities in Sweden. The subsidiary in the
country is not affected, as income and costs are
denominated in the local functional currency.
The Management continuously assesses the sig-
nificance of the Group’s activities denominated in
foreign currencies.
Total revenue generated in SEK for 2021 amounted
to 318 million DKK (2020: 273 million DKK). Due to
the reduced continuing business activities related
to SEK the management consider the Groups
exposure to SEK as low.
Noe . Accounin poic
Revenue
Revenue comprises completed construction con-
tracts and construction contracts in progress (con-
tracted sales), land plots and sales of showhouses
(non-contracted sales).
Contracted sales
Contracted sales are recognised over time
according to percentage-of-completion based
on construction time, as all performance obliga-
tions are fulfilled on an ongoing basis throughout
the construction period. The contracted sales
contracts are considered to comprise of only one
performance obligation, as all components are
considered interrelated, and any changes to a
contract will therefore be recognised as changes
to the original contract and not as a separate per-
formance obligation. The Group acts as primarily
responsible for the delivery of the performance
obligation and carries the risks related to the
construction and is therefore considered as the
principal.
The contracts are not assessed to have a signifi-
cant financing component. The time value of the
transaction price for contracts with a duration that
exceeds 12 months is assessed insignificant, as
the Group does not consume the main part of the
costs before the end of the contract phase.
Therefore, an adjustment of the transaction price
with regards to a financing component in the
contracts with customers is not required. Payment
is typically due at the time of final delivery of the
construction, however a small deposit is paid upon
contract negotiation. The Group receives a bank
guarantee in connection with the start-up of each
contract, and is entitled to payment for work per-
formed, including profit, during the project.
Contract modifications are recognised when they
have been approved by all parties to the contract.
Modifications and the associated revenue are
accounted for based on an assessment of the
stand-alone price of the modifications and an
actual assessment of the elements of the contract
with the other performance obligations under the
sales contract.
The transfer of control and recognition of revenue
are determined using input methods based
on construction days incurred relative to total
estimated construction time for the contracts, as
these methods are considered to best depict the
continuous transfer of control.
The selling price is measured by reference to the
total expected income from each contract and
the stage of completion at the reporting date. The
stage of completion is determined on the basis
of the costs incurred and the total expected con-
struction time.
HusCompagniet Annual report 2021
87 / 132
con note 2.6-2.7
If the outcoume of a construction contract cannot
be estimated reliably, revenue is only recognised
corresponding to costs incurred and indirect
production costs, if it is probable that these will be
recovered.
The Group expenses incremental costs of obtain-
ing a contract, as the amortisation period of the
asset that the entity otherwise would have recog-
nised is less than one year.
Costs in connection with sales work to secure
contracts are recognised as costs in the income
statement in the financial year in which they are
incurred.
Non-contracted sales
For non-contracted sales, revenue is recognised
in the income statement when the performance
obligation is fulfilled. This is defined as the point in
time when control of the non-contracted construc-
tion (sale of land plot or sales of houses construct-
ed on own land for which no customer contract
has been entered info before construction starts)
is transferred to the customer, the amount of
revenue can be measured reliably and collection
is probable. The transfer of control to customers
takes place according to agreed delivery date.
Furthermore, revenue is only recognised when it
is highly probable that a significant reversal in the
revenue amount will not occur.
Cost of sales
Cost of sales include costs of raw materials and
consumables incurred in generating the revenue
for the year.
Other external expenses
Other external expenses include the period’s
expenses relating to the Group’s core activities,
including expenses relating to distribution, sale,
advertising, administration, premises, bad debts,
low-value and short-term leases, etc.
Other operating income
Other operating income includes income from
secondary activities such as gains/losses from sale
of property, plant and equipment.
Staff costs
Staff costs include wages and salaries, including
compensated absence, share-based payments
and pensions, as well as other social security con-
tributions, etc. made to the Group’s employees.
The item is net of refunds made by public author-
ities.
The Group has established a long-term bo-
nus-based share programme (LTI) in accordance
with the current remuneration policy.
Share-based payments are recognised over the
period in which the participant renders the service
entitling the participant to the payment.
This is, in principle, from the date of grant until the
date on which the vesting conditions may have
been met.
The LTI programme is classified as an equity-set-
tled plan. The value of services received as consid-
eration for the granted right to restricted shares is
measured at the fair value of the shares at the date
of grant. The fair value of the granted right to re-
stricted shares is not subsequently adjusted. The
component of the fair value that can be attributed
to employees that do not meet the vesting condi-
tions is adjusted and recognised over the vesting
period. In the consolidated financial statements,
the cost is recognised as staff costs and a set-off
to the recognised cost is recognised in equity over
the vesting period.
In the parent company, costs associated with the
LTI programme related to participants employed
by subsidiaries are recognised in investments in
subsidiaries, and a set-off to the recognised
cost is recognised in equity over the vesting
period. The LTI programme is classified as an
equity-settled plan.
Special items
Special items include significant income and
costs of a special nature in terms of the Group’s
revenue-generating operating activities which
cannot be attributed directly to the Group’s ordi-
nary operating activities. Such income and costs
include costs related to significant restructuring of
processes and fundamental structural adjustment,
as well as gains or losses arising in this connec-
tion, and which are significant.
Special items also include items such as impair-
ment of goodwill, gains and losses on the disposal
of activities and transaction cost from business
combinations.
These items are classified separately in the In-
come Statement, in order to provide a more accu-
rate and transparent view of the Group’s recurring
operating profit.
Noe . Accounin poic (coninued)
HusCompagniet Annual report 2021
88 / 132
Noe . Siniicn esimes nd udemens
Construction contracts, including estimated
recognition and measurement of revenue and
contribution margin
At contract inception, management assesses if the
contracts involve a high degree of individual cus-
tomisation and satisfy the criteria for recognition
over time. The assessment is based on an analysis
of, among other things, the contract provisions on:
• The degree of customisation, including the
potential alternative use of buildings
• The time of transfer of legal title
• Payment terms, including options of early termi-
nation of contract
• Enforceable right to payment for performance
completion to date.
For construction contracts, management considers
if they constitute a single performance obliga-
tion and if the recognition of the selling price of
contracts over time is best depicted by using an
input method based on costs incurred relative to
budgeted project costs.
Variable elements of consideration are not recog-
nised in revenue until it is highly probable that
a reversal of the amount of consideration will not
occur in future periods.
Percentage-of-completion profit recognition
A fundamental condition for being able to estimate
percentage-of-completion profit recognition is
that project revenues and project costs can be es-
tablished reliably. This reliability is based on such
factors as compliance with the Group’s systems for
project control and that project management.
The assessment of project revenues and project
costs is based on a number of estimates and
assessments that depend on the experience and
knowledge of project management in respect of
project control, training and the prior management
of project. There is a risk that the final result will
differ from the profit accrued based on percent-
age-of-completion. At year-end, recognised
revenues from contract assets amounted to DKK
864 million (2020: DKK 567 million); refer to note
3.2 Contract assets.
HusCompagniet Annual report 2021
89 / 132
con note 2.8
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.
Noe . nvenories
(DKK’)
Raw materials , ,
Show houses and semi-detached houses , ,
Land , ,
Write-down inventories -,
Total inventories , ,
Herof, unsold inventories , ,
Write-down inventories in was due to land plot where the assessed realisable value were lower than cost price of the
land plots. The land plots were sold in .
Unsold inventories comprise of raw materials, unsold land and unsold houses constructed on own land to which no customer
contract has been entered into before construction starts (typically showhouses). As these houses are constructed before
being sold, they are recoignized as inventories, and can therefore not be recognized as contracted work-in-progress.
Noe . Conrc sses
(DKK’)
Selling price of contract assets , ,
Invoicing on account -, -,
, ,
Calculated as follows:
Contract assets , ,
Contract liabilities -, -,
, ,
Prepayments from customers regarding construction contracts not yet started , ,
The following notes are presented
in Section 3:
Note . Inventories
Note . Contract assets
Note . Trade receivables
Note . Guarantee commitments and
contingent liabilities
Note . Changes in working capital
Note . Financial risk management
Note . Accounting policy
Note . Significant estimates and judgements
HusCompagniet Annual report 2021
90 / 132
con note 3.1-3.2
Noe . Conrc sses (coninued)
(DKK’)
Delivery obligations
Within one year ,, ,,
After one year , ,
There are no detained payments related to contract assets.
Noe . Trde nd oher receivbes
(DKK’)
Trade receivables , ,
Provision for expected credit losses -, -,
Other receivables , ,
As at December , ,
Provision for expected credit losses at January -, -,
Exchange rate adjustment -
Arising during the year - -
Utilised ,
Reversed ,
Provision for expected credit losses at December -, -,
Construction contracts (assets/liabilities)
Contract assets comprise the selling price of work
performed where the Group does not yet have
an unconditional right to payment, as the work
performed has not yet been approved by the
customer.
Contract liabilities comprise agreed, unconditional
payments received on account for work yet to be
performed. During 2021, the entire contract liabil-
ity recognised at the beginning of the period has
been recognised as revenue.
Payment is typically due at the time of final deliv-
ery of the house project, however a small deposit
is paid upon contract negotiation. The Group
receives a bank guarantee in connection with the
start-up of each contract, and is entitled to pay-
ment for work performed, including profit during
the project.
The increase in contract assets in 2021 reflects an
increase in building activity compared to last year.
Contract liabilities were largely affected by a high
level of deposits due to the negative interest rate
environment. Deposit level was high in 2021, but
relatively low compared to prior year.
Delivery obligations are relative higher than 2020
due to the increased activity level in 2021.
Credit risk on contract assests is generally
managed by regular credit rating of customers
and business partners. The credit risk exposure
relating to dealing with private counterparties is
estimated to be limited.
HusCompagniet Annual report 2021
91 / 132
con note 3.3
Noe . Gurnee commimens
nd coninen ibiiies
(DKK’)
Guarantee provision at January , ,
Exchange rate adjustment
Arising during the year , ,
Utilised -, -,
Guarantee provision at December , ,
Distributed in the balance as follows:
Non-current liabilities , ,
Current liabilities , ,
At year-end, the guarantee provision amounted
to DKK 43 million (2020: DKK 41 million). Provi-
sions for future costs of guarantee commitments
at one and five year reviews of houses delivered
are recognized at the amounts expected at the
balance sheet date to be required to settle the
commitment.
This estimate is based on calculations, assess-
ments by company management and experiences
gained from past transactions.
Contingent liabilities
The Group is regularly involved in disputes. In 2021
the Group entered an arbitration which is expected
to be settled in 2022. The Group expects a posi-
tive outcome of the dispute but has recognised a
provision.
Collateral
DKK 64 million of cash and short-term deposits is
held in restricted accounts and released when the
completed houses are delivered to the customers
(2020: DKK 115 million). Restricted accounts are
classified as other receivables.
The Company had issued guarantees to trade
creditors of DKK 39 million as of 31 December 2021
(2020: DKK 42 million).
Contractual obligations
The Group has no material obligations not already
recognised as liabilities in the financial statements.
The Group receives security in the form of a bank
guarantee or deposit in connection with the start-
up of construction contracts and there is there-
fore limited risk of loss on trade receivables in
connection with the Group's receivable from sales
activities. The Group's trade receivables consist
of invoices issued shortly before delivering the
house, and no key is delivered until payment is re-
ceived. The increase in trade receivables is due to
an increase in activity in 2021 compared to 2020.
Provision for losses mainly relates to a special sit-
uation in Germany, where local management had
entered into trades without adequately securing
receivables according to the group’s policies.
Amounts are included in special items.
Provision for losses on trade receivables in 2020
and 2021 is recognised following the decision to
close down of brick houses in Sweden and Ger-
many as well as re-assessment of provision made
at year-end 2018. Amounts related to Sweden and
Germany are included in discontinued operations.
Credit risks are generally managed by regular
credit rating of customers and business partners.
The credit risk exposure relating to dealing with
private counterparties is estimated to be limited.
Write-downs for bad and doubtful debts are con-
sequently negligible except for debt in discontin-
ued business which constitues the main part of
provision for expected credit losses in both 2020
and 2021.
Other receivables include restricted cash. Due to
negative interest rates customers have increasing-
ly chosen to pay in advance instead of providing
a bank guaranteee. The cash are located on a re-
stricted bank account until the house is delivered
to the customer.
Noe . Trde nd oher receivbes (coninued)
HusCompagniet Annual report 2021
92 / 132
con note 3.4
Noe . Ne workin cpi
(DKK’)
Inventories , ,
Contract assets , ,
Trade and other receivables , ,
Prepayments , ,
Trade and other payables -, -,
Contract liabilities -, -,
Prepayments from customers -, -,
Other liabilities -, -,
Total , ,
(DKK’)
Change in working capital
Inventories -, -,
Contract assets , -,
Trade and other receivables -, ,
Prepayments ,
Trade and other payables -, ,
Contract liabilities , -,
Prepayments from customers , -,
Other liabilities , -,
Cash flow effect , ,
Noe . Finnci risk mnemen
Credit risk
HusCompagniet is exposed to customers’ inability
to meet their financial obligations. To address this
risk, the Group obtains a bank guarantee on the
agreed selling price from all customers before
construction starts and the customers pay on
delivery. In contracts where the scope and price
is subsequently changed, the bank guarantee is
updated if the Management considers the change
to be significant. This eliminates the risk of debtor
loss, as all payment rights are secured before the
houses are delivered.
Impairment of other receivables amounted to nil in
2021 and 2020.
HusCompagniet Annual report 2021
93 / 132
con note 3.5-3.6
Noe . Siniicn esimes nd udemens
Guarantee commitments
Provisions for future costs due to guarantee com-
mitments are recognised at the amount expected
to be required to settle the commitment at the
balance sheet date. This estimate is based on cal-
culations, assessments by company management
and experiences gained from past transactions.
At year-end, guarantee provisions amounted to
DKK 43 million (2020: DKK 41 million), refer to note
3.4 Provisions and contingent liabilities.
arising from impairment are recognised as financial
expenses in the income statement.
Other liabilities
Other liabilities which include debt to public
authorities, employee-related costs payable and
accruals etc. are measured at amortised cost.
Cash and cash equivalents
Cash and cash equivalents comprise cash at banks
and on hand.
For the purpose of the consolidated financial state-
ment of cash flows, cash and cash equivalents
consist of cash and short-term deposits, net of
outstanding overdrafts.
Noe . Accounin poic
Inventories
Inventories are measured at the lower of cost and
net realisable value.
The cost price of raw materials includes costs of
bringing each product to its present location and
condition. Cost of raw materials is measured on a
first-in/first-out basis.
Work in progress and finished houses
(non-contracted construction)
The cost of work in progress and finished houses
(non-contracted), includes costs of direct materials
and labour.
The cost price of land plots includes indirect costs
such as development costs etc. bringing the land
to its present condition.
Net realisable value is the estimated selling price
in the ordinary course of business, less estimated
costs of completion and the estimated costs nec-
essary to make the sale.
Work in progress is discribed further in Note 3.2
Contract assets.
Provisions
Provisions differ from other liabilities because
there is a degree of uncertainty concerning when
payment will occur or concerning the size of the
amount required to settle the provision.
Provisions are recognised in the balance sheet
when a legal or informal commitment exists due to
an event that has occurred and it is probable that
an outflow of resources will be required to settle
the commitment and the amount can be estimated
reliably.
Trade and other receivables
Receivables are measured at amortised cost.
Write-down to counter losses is made according
to the simplified expected credit loss model, after
which the total loss is recognised immediately in
the profit and loss account at the same time as the
receivable is recognised in the balance sheet on
the basis of expected loss during the total lifetime
of the receivable.
The effective rate of interest used at the time of
initial recognition is used as the discount rate for
the individual receivable or portfolio.
Other receivables includes restricted cash. On
initial recognition, such financial assets are sub-
sequently measured at amortised cost using the
effective interest rate method (EIR) less impair-
ment. The EIR amortisation is included in finan-
cial income in the income statement. The losses
HusCompagniet Annual report 2021
94 / 132
con note 3.7-3.8
Section 4
Investments
In this section the Group's investments are explained. This includes
investments in intangible and intangible assets, and how these are tested for
impairment.
Noe . Goodwi nd nnibe sses
Goodwill (DKK’) Goodwill Total
Cost at January ,, ,,
Exchange rate adjustments -, -,
Cost at December ,, ,,
Impairment losses at January , ,
Impairment losses at December , ,
Carrying amount at December ,, ,,
Cost at January ,, ,,
Exchange rate adjustments , ,
Cost at December ,, ,,
Impairment losses , ,
Impairment losses at December , ,
Carrying amount at December ,, ,,
The following notes are presented
in Section 4:
Note . Goodwill and Intangible assets
Note . Property, plant and equipment and rights-of-use assets
Note . Impairment
Note . Accounting policy
Note . Significant estimates and judgements
HusCompagniet Annual report 2021
95 / 132
con note 4.1
Noe . Goodwi nd nnibe sses (coninued)
Software
development
Software projects
Intangible assets
(DKK’) Trademarks development in progress Total
Cost at January , , ,
Additions , , ,
Exchange rate adjustments
Cost at December , , , ,
Amortisation and impairment losses at January , , ,
Amortisation , ,
Impairment losses
Exchange rate adjustments
Amortisation and impairment losses at December , , ,
Carrying amount at December , , ,
Cost at January , , ,
Additions , ,
Exchange rate adjustments - -
Cost at December , , ,
Amortisation and impairment losses at January , , ,
Amortisation , ,
Impairment losses
Exchange rate adjustments
Amortisation and impairment losses at December , , ,
Carrying amount at December , ,
Noe . Proper, pn nd equipmen
nd rih-o-use sses
Right of Other Fixtures
use assets, Right of and fittings, Leasehold
Motor use assets, tools and improve-
(DKK’) vehicles property equipment ments Total
Cost at January , , , , ,
Exchange rate adjustments - -
Additions , , , , ,
Remeasurement of lease liabilities
Disposals -, -, -, -,
Cost at December , , , , ,
Depreciation and impairment
January , , , , ,
Exchange rate adjustments ,
Depreciation , , , , ,
Impairment losses
Depreciation of disposals -, -,
Depreciation and impairment on
December , , , , ,
Carrying amount at December , , , , ,
HusCompagniet Annual report 2021
96 / 132
con note 4.2
Noe . Proper, pn nd equipmen
nd rih-o-use sses (coninued)
Right-of- Other Fixtures
use assets, Right-of- and fittings, Leasehold
Motor use assets, tools and improve-
(DKK’) vehicles property equipment ments Total
Cost at January , , , , ,
Exchange rate adjustments - ,
Additions , , , , ,
Remeasurement of lease liabilities -, -,
Disposals -, -, -,
Cost at December , , , , ,
Depreciation and impairment
January , , , , ,
Exchange rate adjustments - - - -
Depreciation , , , , ,
Impairment losses , , ,
Depreciation of disposals -, -,
Depreciation and impairment on
December , , , , ,
Carrying amount at December , , , , ,
Impairment losses are mainly related to discontinued business. Please refer to note .
Noe . mpirmen
Goodwill
At 31 December 2021, Management tested the carrying amount of goodwill for impairment based on the
allocation of the cost of goodwill on the geographic segments.
(DKK')
Cost at January
Denmark ,, ,,
Sweden , ,
Carrying amount on December ,, ,,
In each individual case, the recoverable amount is
calculated as the highest of the value in use. The
below descriptions state the value on which the
recoverable amount is based.
The recoverable amount is based on the value in
use determined using expected net cash flows
based on budgets for the year 2022 approved
by the Management and with a discount factor of
8.5% after tax (2020: 8.5%).
The contribution margin for the budget period is
estimated based on the average historical contri-
bution margin.
The budgeted revenue is expected to increase by an
average of 11 % in the budget period (2020: 14%).
The budgeted revenue is driven from expectations
for the future based on historical and future order-
log. The Group has had success with a historically
very strong design combined with competitive
prices and a large volume of show parks. The
Group’s market initiatives with many show houses,
being first in the market with continuous innovative
new solution for the benefit of the house buyer
and a business model where the buyer pay for
the house upon delivery is a significant factor in
driving the future revenue.
The weighted average growth rate used in con-
nection with extrapolation of future net cash flows
for the years after 2022 is estimated to 2% (2020:
2%). The growth rate is not assessed to exceed the
long-term average growth rate within the Group's
markets.
Sensitivity analysis
The Management assesses that probable changes
in the basic assumptions would not cause the carry-
ing amount of goodwill to exceed recoverable value.
HusCompagniet Annual report 2021
97 / 132
con note 4.3
Noe . Accounin poic
Goodwill
At the acquisition date goodwill is recognised
in the balance sheet at cost as described under
Business combinations. Subsequently, goodwill
is measured at cost less accumulated impairment
losses. Goodwill is not amortised but is tested for
impairment at least once a year. Goodwill is written
down to the recoverable amount if the carrying
amount is higher than the computed recoverable
amount. The recoverable amount is computed as
the present value of the expected future net cash
flows from the enterprises or activities to which the
goodwill is allocated. Impairment of goodwill is not
reversed.
The carrying amount of goodwill is allocated to the
Group’s cash-generating units at the acquisition
date. Identification of cash-generating units is
based on the management structure and internal
financial control.
Intangible assets
Trademarks
Trademarks are initially recognised at cost.
Subsequently, trademarks are measured at cost
less accumulated amortisation and impairment.
Trademarks are amortised on a straight-line basis
over their estimated useful lives up to no more
than 10 years.
Software development projects
Software development projects are capitalised
when they are clearly defined and identifiable
when the technical equality, sufficient resources,
and a potential future market or potential for use
in the group can be demonstrated and where it is
intended to manufacture, market or use project.
These assets are recognised as intangible assets
if the cost price can be reliably determined and
there is sufficient reasonable assurance that future
earnings or the net selling price may cover produc-
tion, sales, administration and development costs.
Other development costs are recognised in the
income statement under other external costs.
Development projects are measured at cost less
accumulated amortisation and impairment losses.
Cost includes salaries, depreciation and other
costs attibutable to the Group’s development
activities and borrowing costs from specific and
general borrowing that relate directly to the devel-
opment of development projects.
Upon completion of the development work, devel-
opment projects are amortised on a straight-line
basis over the assessment period economic life
from the time the asset is ready for use.
The amortisation period usually constitutes 3-5
years. The amortisation basis is reduced by any
write-downs.
Property, plant and equipment
Land and buildings, plant and machinery and
fixtures and fittings, other plant and equipment are
measured at cost less accumulated depreciation
and impairment losses. Cost comprises the pur-
chase price and costs of materials, components,
suppliers, direct wages and salaries and indirect
production costs until the date when the asset is
available for use.
Depreciation is provided on a straight-line basis
over the expected useful lives, which are 3-5 years
for operating assets and equipment, and 3-5 years
for leasehold improvements.
Business combinations
Business combinations are accounted for using
the acquisition method. The cost of an acquisition
is measured as the aggregate of the consideration
transferred, measured at acquisition date fair value
and the amount of any non-controlling interest in
the acquiree. For each business combination, the
Group elects whether it will measure the non-con-
trolling interest in the acquiree at fair value or at
the proportionate share of the acquiree’s identifi-
able net assets. Acquisition-related costs are ex-
pensed as incurred and included in other external
expenses
When the Group acquires a business, it assess-
es the financial assets and liabilities assumed
for appropriate classification and designation in
accordance with the contractual terms, economic
circumstances and pertinent conditions at the
acquisition date.
Goodwill is initially measured at cost, being the
excess of the aggregate of the consideration
transferred and the amount recognised for the
non-controlling interest over the net identifiable
assets acquired and liabilities assumed.
Lease agreements
The Group has lease contracts for leaseholds,
vehicles and other equipment used in its oper-
ations. Lease of leaseholds generally has lease
terms between 3 and 5 years, while vehicles
generally have lease terms between 5 and 6 years.
Generally, the Group is restricted from assign-
ing and subleasing the leased assets. There are
several lease contracts that include extension and
termination options and variable lease payments.
These options are negotiated by the management
to provide flexibility in managing the leased-as-
set portfolio and align with the Group’s business
needs. The Management exercises significant
judgement in determining whether these ex-
tension and termination options are reasonably
certain to be exercised.
HusCompagniet Annual report 2021
98 / 132
con note 4.4
The lease obligation is measured at amortised cost
using the effective interest rate method. The lease
obligation is remeasured when changes in the
underlying contractual cash flow occur from e.g.
changes in an index or a borrowing rate, changes
in determining whether extension and termination
options are reasonably certain to be exercised.
The Group recognises right-of-use assets at the
commencement date of the lease (i.e. the date the
underlying asset is available for use). Right-of-use
assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjust-
ed for any remeasurement of lease agreements.
Subsequently the right-of-use asset is measured at
cost less accumulated depreciation and impair-
ment losses.
The right-of-use asset is adjusted for changes in
the lease obligation as a consequence of changes
in lease terms or changes in the cash flows of the
lease agreement upon changes in an index or
a borrowing rate.
Right-of-use assets are depreciated on a straight-
line basis over the shorter of the lease term and
the estimated useful lives of the assets, as follows:
Leaseholds: 3-5 years
Cars: 5-6 years
The Group presents lease assets and lease obliga-
tions separately in the balance sheet.
The Group also has certain leases of other equip-
ment with lease terms of 12 months or less and
leases of office equipment with low value. The
Group applies the short-term lease and lease of
low-value assets’ recognition exemptions for these
leases.
Noe . Accounin poic (coninued) Noe . Siniicn esimes nd udemens
Impairment of non-financial assets
Impairment exists when the carrying value of an
asset or cash generating unit (CGU) exceeds its
recoverable amount, which is the higher of its fair
value less costs of disposal and its value in use.
The fair value less costs of disposal calculation
is based on available data from binding sales
transactions, conducted at arm’s length, for similar
assets or observable market prices less incremen-
tal costs of disposing of the asset. The value in use
calculation is based on a Discounted Cash Flow
model.
The cash flows are derived from the budget for 1
year and do not include restructuring activities that
the Group is not yet committed to or significant
future investments that will enhance the perfor-
mance of the assets of the CGU being tested.
The recoverable amount is sensitive to the dis-
count rate used for the DCF model as well as the
expected future cash-inflows and the growth rate
used for extrapolation purposes. These estimates
are most relevant to goodwill with indefinite useful
lives recognised by the Group.
The key assumptions used to determine the recov-
erable amount for the different CGUs, including
a sensitivity analysis, are disclosed and further
explained in Note 4.3.
Leases - Estimating the
incremental borrowing rate
The Group cannot readily determine the interest
rate implicit in the lease. Therefore, it uses its
incremental borrowing rate to measure lease liabil-
ities. The incremental borrowing rate is the rate of
interest that the Group would have to pay to bor-
row over a similar term, and with a similar security,
the funds necessary to obtain an asset of a similar
value to the right-of-use asset in a similar econom-
ic environment. The incremental borrowing rate
therefore reflects what the Group ‘would have to
pay’, which requires estimation when no observ-
able rates are available (such as for subsidiaries
that do not enter into financing transactions) or
when they need to be adjusted to reflect the terms
and conditions of the lease. The Group estimates
the incremental borrowing rate using observable
inputs (such as market interest rates) when availa-
ble and is required to make certain entity-specific
estimates (such as the subsidiary’s stand-alone
credit rating). In determining its incremental bor-
rowing rate, the Group groups its lease assets in
two categories in which the Group assesses that
the lease agreements and the underlying assets in
each category have the same characteristica and
risk profile. The categories are as follows:
• Leaseholds
• Cars
HusCompagniet Annual report 2021
99 / 132
con note 4.5
The Group determines its incremental borrowing
rate for the above categories in relation to the
first recognition in the balance sheet. Moreover,
it is determined in connection with subsequent
changes in the underlying contractual cash flows
upon changes in the estimation of a changed
assessment of the use of the extension or termi-
nation options or in case of altered agreements.
In the determination of the incremental borrowing
rate for leaseholds the Group has performed its
determination based on an interest rate from a
mortgage loan with a loan maturity that resembles
the maturity of the lease agreements. The rate on
the financing of the part where a mortgage loan
cannot be accomplished, has been estimated
based on a reference rate with a supplement of
a credit margin from the Group’s existing credit
facilities.
The Group has adjusted the credit margin for
lessor’s right to take back the asset in case of
violation of the lease payments (secured debt).
The Group has determined its incremental bor-
rowing rate on lease agreements regarding cars
with basis on a reference rate with a credit margin
from the Company’s existing credit facilities. The
applied incremental borrowing rates are 5-6%.
Noe . Siniicn esimes nd udemens
(coninued)
HusCompagniet Annual report 2021
100 / 132
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.
Noe . Equi
Nominal Number
(DKK’) value of shares
Share capital
Share capital at January (issued and fully paid) , ,,
Additions
Share capital at December , ,,
Share capital
Share capital at January (issued and fully paid) , ,,
Additions , ,,
Share capital at December , ,,
The Company’s share capital is nominally DKK
100,000,000 divided into 20,000,000 shares of
DKK 5 each or multiples hereof. On 5 November
2020 HusCompagniet A/S increased its share cap-
ital by a nominal amount of DKK 85,311,001 from
DKK 14,688,999 to DKK 100,000,000. The share
capital increase was issued through free reserves.
The following notes are presented
in Section 5:
Note . Equity
Note . Treasury shares
Note . Borrowings and non-current liabilities
Note . Lease liabilities
Note . Financial income and expenses
Note . Financial risk management
Note . Accounting policy
HusCompagniet Annual report 2021
101 / 132
con note 5.1
Noe . Borrowins nd non-curren ibiiies
(DKK’)
Borrowings
Non-current liabilities , ,
Current liabilities , ,
Total carrying amount , ,
Nominal value , ,
Interest-bearing borrowings, incl. leases liabilities
Interest-bearing borrowings at January , ,,
Additions , ,
Implementing IFRS ,
Change short-time bank overdraft -,
Repayments -, -,
Other (amortised cost, reassesment leasing liabilities IFRS etc.) , -,
Exchange rate adjustments - ,
Interest-bearing borrowings at December , ,
Noe . Tresur shres
Number of shares
Treasury shares at January ,
Acquisition of treasury shares ,, ,
Treasury shares at December ,, ,
Market value of treasury shares based on quoted share price
at December, DKK million ,, ,,
Until 1 November 2025, the Board of Directors are
authorised to approve the acquisition of Shares
(treasury shares), on one or more occasions, with
a total nominal value of up to 10% of the share
capital of the Company from time to time, provided
that the Company’s hold of treasury shares after
such acquisition does not exceed 10% of the share
capital. The consideration paid for such Shares
may not deviate more than 10% from the official
price quoted on Nasdaq Copenhagen at the date
of the acquisition as determined by the Board of
Directors. Based on this authorisation, the Board
of Directors has authorised Executive Manage-
ment to initiate share buy-backs of treasury shares
to fully cover the Company’s obligations under
its long-term incentive programme. The treasury
shares are held for the purpose of cancellation
and HusCompagniets commitments under RSU
incentive programmes.
HusCompagniet Annual report 2021
102 / 132
con note 5.2-5.3
Interest Average Carrying
(DKK’) Currency rate interest rate amount
Bank borrowings DKK Floating .% ,
Commitments on leasing agreements DKK Fixed-rate .% ,
,
Bank borrowings DKK Floating .% ,
Commitments on leasing agreements DKK Fixed-rate .% ,
,
Noe . Lese ibiiies
(DKK’)
Lease liabilities
Maturity of lease liabilities
Due within year , ,
Due between and years , ,
Due after years , ,
Total lease liabilities at December , ,
Lease liabilities recognised in balance sheet
Hereof short-term lease liabilities , ,
Hereof long-term lease liabilities , ,
Amounts recognised in income statement
Interest expenses related to lease liabilities , ,
Costs related to leases less than months (included in cost of sales)
Costs related to leasing contracts of low value (included in operating expenses)
Total amount recognised in income statement , ,
Reference is made to note . for statement of right-of-use assets in connection with lease liabilities.
Noe . Borrowins nd non-curren ibiiies
(coninued)
HusCompagniet Annual report 2021
103 / 132
con note 5.4
Noe . Finnci risk mnemen
HusCompagniet's Group’s activities and capital
structure are exposed to a variety of financial risks:
Market risks (including currency risk, interest rate
risk and price risk), credit risk and liquidity risk.
Group management oversees the management
of these risks in accordance with the Group’s risk
management policies.
This section includes description of the risks re-
lated to liquidity risk and interest rate risk. Please
refer to section 2 for description of currency risk,
and section 3 for description of credit risk.
Liquidity risk
The Group does not receive payment until con-
struction is finished and the house is handed over
to the client.
Accordingly, the Group needs sufficient credit
facilities to fund constructions in progress.
The Group continues monitoring the need of
liquidity. 31 December 2021, the Group has an
undrawn credit facility of DKK 400 million to
ensure that the Group is able to meet its obliga-
tions (2020: DKK 400 million). The Management
considers the credit availability to be sufficient for
the next 12 months.
The below presented cash flows are non-dis-
counted amounts, on the earliest possible date
at which the Group can be required to settle the
financial liability. Floating interest payments on
bank borrowings have been determined applying
a forward curve on the underlying interest rate at
the reporting date.
Noe . Finnci income nd expenses
(DKK’)
Financial income
Interests received from banks
Exchange rate gains
Other financial income
Total financial income
Financial expenses
Interest paid to banks , ,
Interest lease liabilities , ,
Exchange rate losses
Other financial cost , ,
Total financial expenses , ,
Net financials -, -,
HusCompagniet Annual report 2021
104 / 132
con note 5.5-5.6
Noe . Finnci risk mnemen (coninued)
Due within Due between Due between Due after Total contractual Carrying
Contractual maturity analysis of financial liabilities
(DKK’) year and years and years years cash flow amount
Non-derivative financial liabilities
Trade and other payables , , ,
Bank borrowings , , , , ,
Lease liabilities , , , , , ,
Other liabilities , , ,
Total non-derivative financial liabilities , , , , ,, ,,
Non-derivative financial liabilities
Trade and other payables , , ,
Bank borrowings , , , , ,
Lease liabilities , , , , , ,
Other liabilities , , ,
Total non-derivative financial liabilities , , , , ,, ,,
The presented cash flows are non-discounted amounts, on the earliest possible date at which the group can be required to settle the financial liability.
Floating interest payments on bank borrowings have been determined applying a forward curve on the underlying interest rate at the reporting date.
Interest rate risk
HusCompagniet is exposed to fluctuations in mar-
ket interest rates primarily related to the Group's
long-term loan with floating rates.
The Group has a 3 year bank agreement based on
an agreed interest rate margin.
At 31 December 2021 the Group's long-term debt is
kept at floating rates.
If the interest rate increased (decreased) by 1% the
effect on interest during 2021 would have been
DKK 6.7 million (2020: DKK 6.7 million, 2019: 16.9
million).
HusCompagniet Annual report 2021
105 / 132
Noe . Accounin poic
Equity
Dividends
The expected dividend payment for the year is
disclosed as a separate item in equity. Proposed
dividends are recognized as a liability at the date
they are adopted by the annual general meeting
(declaration date).
Foreign currency translation reserve
The reserve comprises currency translation adjust-
ments arising on the translation of financial state-
ments of foreign subsidiaries from their functional
currencies into the presentation currency used by
HusCompagniet.
Financial income and expenses
Financial income and expenses comprise interest
income and expenses including interest on leases,
cost of permanent loan facilities, gains and losses
on securities, receivables, payables and transac-
tions denominated in foreign currencies, amortisa-
tion of financial assets and liabilities, etc.
Financial assets
Financial assets are classified as receivables. The
Group determines the classification of its financial
assets at initial recognition. All financial assets are
recognised initially at fair value plus, in the case
of assets not at fair value through profit or loss,
directly attributable transaction costs.
Financial liabilities
All financial liabilities are recognised initially at fair
value and, in the case of loans and borrowings,
carried at amortised cost. This includes directly
attributable transaction costs.
The Group’s financial liabilities comprise trade pay-
ables, borrowings and other payables (primarily
staff-related costs not due for payment).
Noe . Finnci risk mnemen (coninued)
(DKK’)
Categories of financial assets and financial liabilities
Cash and receivables , ,
Receivables , ,
Bank borrowings , ,
Lease liabilities , ,
Trade and other payables , ,
Other liabilities , ,
It is estimated that the fair value of financial assets and liabilities corresponds to carrying amount in balance sheet.
HusCompagniet Annual report 2021
106 / 132
con note 5.7
Section 6
Other disclosures
This section includes other disclosures required by IFRS or additional
disclosures required by the Danish Companies Act.
Noe . Tx
(DKK’)
Tax
Tax for the year can be specified as follows:
Tax on profit from continued operations , ,
Tax on profit from discontinued operations , ,
Income taxes in the income statement , ,
Current tax continued operations
Tax for the year from continued operations can be specified as follows:
Income tax , ,
Movement in deferred tax , -,
Adjustment relating to previous years ,
Income taxes in the income statement , ,
Profit before tax , ,
Tax rate, Denmark .% .%
Calculated tax at the applicable rate for continued operations , ,
Non-taxable income -, -,
Expenses not deductible for tax purposes ,
Adjustments related to prior years ,
Effective change in tax rate -
Other , -,
Tax expense for the year , ,
Effective tax rate, % .% .%
Expenses not deductible for tax purpose primarily relates to costs related to transactions (incl. IPO in ).
The following notes are presented
in Section 6:
Note . Tax
Note . Discontinued business
Note . Other non-cash items
Note . Related parties
Note . Auditor’s fee
Note . Events after the balance sheet date
Note . List of Group companies
Note . Definitions
Note . Accounting policy
Note . Significant estimates and judgements
HusCompagniet Annual report 2021
107 / 132
con note 6.1
Noe . Tx (coninued)
(DKK’)
Deferred tax
Deferred tax at January -, -,
Recognised in profit or loss, continued business , -,
Recognised in profit or loss, discontinued business , ,
Adjustments relating to prior years -
Exchange differences -
Deferred tax at December , -,
Deferred tax is presented in the statement of financial position as follows:
Deferred Deferred Deferred Deferred
tax asset tax liability tax asset tax liability
(DKK’)
Intangible assets , -,
Right-of-use assets and property,
plant and equipment , ,
Construction contracts , -,
Other payables ,
Tax loss carried forward , , ,
Deferred tax , , , ,
Noe . Disconinued operions
In 2019, the Group decided to close down its
German activities and to focus on its original core
market segments. The decision was driven by the
difficulty of establishing a network of suppliers to
support its business and of establishing significant
brand recognition in a new large market.Also in
2019, the Group decided to cease its Swedish
brick-house business activities due to the substan-
tial differences in the supply and sales process
in Sweden as compared to Denmark and due to
Swedish customer preferences for wood rather
than brick houses. The German and Swedish brick
house activities were closed down during Septem-
ber 2020.
As part of the discontinuation of the operations
assets were impaired by DKK 7.5 million at 30
September 2020. The impairment has been rec-
ognised in the Group’s result under discontinued
operations.
Costs incurred in 2021 has been on a lower level
than expected hence provision for close down
costs have been partly reversed.
(DKK’)
Corporation tax payable
Corporation tax payable at January , ,
Foreign exchange adjustments -
Adjustment of corporation tax related to prior year , ,
Current tax including jointly taxed subsidiaries, from continued business , ,
Current tax including jointly taxed subsidiaries, from discontinued business , ,
Corporation tax regarding previus years tranferred from other receivables
Corporation tax paid during the year -, -,
Tax related to financial instruments
Corporation tax payable at December , ,
HusCompagniet Annual report 2021
108 / 132
con note 6.2
Noe . Oher non-csh iems
(DKK’)
Movements in provisions recognised in the income statement ,
Movement in provisions regarding discontinued business ,
Non-cash financial items , -
Other non-cash items ,
Noe . Reed pries
Transactions with Executive Management
& Board of Directors
Transactions with the Executive Management &
Board of Directors include transactions with com-
panies controlled by the Executive Management &
Board of Directors. Reference is made to note 2.2
and note 2.3.
Related parties with a significant influence
HusCompagniet A/S has no related parties with
control of the Group and no related parties with
significant influence other than key management
personnel – mainly in the form of the Board of
Directors and the Executive Management.
Significant transactions between the Group and
related parties with a significant influence
There were no transactions between the Group
and related parties with a significant influence be-
sides remuneration in 2021 (2020: no transactions
besides remuneration).
Noe . Disconinued operions (coninued)
(DKK’)
Revenue , ,
Expenses , -,
Impairment -,
Operating income , -,
Finance costs -, -,
Profit / (loss) before tax from discontinued operations , -,
Tax on profit / (loss) -, -,
Profit / (loss) after tax for the period from discontinued operations -,
Earnings per share (EPS) (DKK) from discontinued business . -.
Diluted earnings per share (EPS-D) (DKK) from discontinued business . -.
The net cash flows generated / (incurred) by the business segments brick houses
in Sweden and the operations in Germany are, as follows:
(DKK’)
Operating cash flow -, ,
Investing cash flow
Financing cashflow -,
Net cash inflow / (outflow) -, ,
HusCompagniet Annual report 2021
109 / 132
con note 6.3-6.4
Noe . Audior’s ee
Group Parent
Fees to auditors
(DKK’)
Audit Services , ,
Assurance engagements* , ,
Tax advice services
Other non-audit services* , ,
Total , , ,
* The fee for non-audit services and assurance engagements delivered by EY Godkendt Revisionspartnerselskab to the Group
amounts to DKK . million (: DKK . million) and consists of other assurance engagements, advisory, tax assistance
and tax services, sundry accounting advisory.
Noe . Evens er he bnce shee de
No material events have occurred between 31 December 2021 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.
The geopolitical uncertainty has increased significantly in Europe in 2022. The Russian invasion of Ukraine
and the continued Covid-19 pandemic is not expected to have material impact on the Group in 2022
although this assessment is subject to uncertainty especially towards the development of the conflict in
Ukraine. The events may have substantial effect on macroeconmic factors and disruption of supply chains.
HusCompagniet can be directly impacted by supply chain deficiencies for certain materials such as timber
and tiles, and indirectly due to a general pressure on energy and freight cost.
The possible social and economic effects that potentially could impact the Group’s operations and supply
chain, and is being carefully monitored by the Management.
Noe . Lis o Group compnies
Investment in Group companies comprise the following at 31 December 2021.
Country of % equity interest
Name incorporation
HusCompagniet Holding A/S Denmark % %
HusCompagniet Danmark A/S Denmark % %
RækkehusCompagniet A/S Denmark % %
Svenska Huscompagniet AB (Discontinued) Sweden % %
VårgårdaHus AB Sweden % %
HusCompagniet Sverige AB Sweden % %
Svenska HusCompagniet Fastighetsutveckling AB Sweden % %
Svenska HusCompagniet Fastighetsutveckling Allerum AB Sweden % %
Svenska HusCompagniet Fastighetsutveckling Allerum AB Sweden % %
Die Haus-Compagnie GmbH* (Discontinued) Germany % %
* Die Haus-Compagnie GmbH, Deutschland sind eine vollständig konsolidierte Tochtergesellschaft, die Freistellungsbestimmung in § 264,
Absatz 3 HGB nutzen.
HusCompagniet Annual report 2021
110 / 132
con note 6.5-6.7
* Earnings per share (EPS) and diluted earnings (EPS-D) are determined in accordance with IAS 33
Noe . Deiniions
Definition of key figures and ratios
The financial ratios under consolidated key figures have been calculated as follows:
Gross margin
Gross profit x
Revenue
EBITDA margin
EBITDA before special items x
before special items
Revenue
EBITA margin
EBITA after special items x
after special items
Revenue
Earnings per share*
Profit for the year excl. non-controlling interests
Average number of outstanding shares
Diluted earnings per share*
Profit for the year excl. non-controlling interests
Diluted average number of outstanding shares
Dividend per share
Proposed dividend for the year
Number of shares at the end of the year
Market value Number of outstanding shares x share price end of year
NIBD/EBITDA Net interest bearing debt, year-end
before special items
EBITDA before special items
Average selling price
House delivered revenue
Number of houses delivered
Return on invested Operating profit (EBIT) before special items x
capital before tax
Average invested capital
Free cash flow
Cash flow from operating activities
Capex
Glossary
EBITDA before special items: Operating profit
before depreciations, amortisations, financial
items, tax and special items
EBITDA: Operating profit before depreciations,
amortisations, financial items and tax
EBIT: Operating profit before financial items and
tax
Net working capital (NWC): Trade receivables,
other receivables and other current operating as-
sets less trade payables, other payables, prepay-
ments and other current operational liabilities
Net interest bearing debt: Cash less bank loans
and other loans less bank debt less lease liabilities
Special items: Special items comprise non-recur-
ring income and expenses, reference to note 2.4
Margin before special items: Consists of defined
margins adjusted for special items
ASP (average selling price): House delivered reve-
nue / Number of houses delivered
Invested capital: NWC + property, plant and equip-
ment, right-of-use (ROU) assets, intangible assets
including goodwill and customer relationships less
long-term provisions
Key figures and ratios
The ratios have been calculated in accordance
with www.keyratios.org/ issued by CFA Society
Denmark. The ratios mentioned in the five-year
summary are calculated as described in the defini-
tions above
ESG key figures have been calculated in accord-
ance with FSR - Danish Auditors, CFA Society
Denmark and Nasdaq’s 15 suggestions on stand-
ardised ESG key figures for the annual report
HusCompagniet Annual report 2021
111 / 132
con note 6.8
Noe . Accounin poic
Current income tax
The parent company is jointly taxed with all Danish
subsidiaries. The current Danish corporation tax
is allocated between the jointly-taxed compa-
nies in proportion to their taxable income. The
jointly-taxed companies are taxed under the on-ac-
count tax scheme.
Tax for the year comprises current tax and chang-
es in deferred tax for the year. The tax expense re-
lating to the profit (loss) for the year is recognised
in the income statement, and the tax expense
relating to amounts recognised in other compre-
hensive income is recognised in other comprehen-
sive income.
Current tax payable is recognised in current liabili-
ties and deferred tax is recognised in non-current
liabilities. Tax receivable is recognised in current
assets and deferred tax assets are recognised in
non-current assets.
Deferred tax
Current tax payable and receivable is recognised
in the balance sheet as tax computed on the taxa-
ble income for the period, adjusted for tax on the
taxable income of prior periods and for tax paid on
account.
Deferred tax is measured using the balance sheet
liability method on all temporary differences
between the carrying amount and the tax value of
assets and liabilities. Where alternative tax rules
can be applied to determine the tax base, deferred
tax is measured based on the planned use of the
asset or settlement of the liability, respectively.
Deferred tax assets, including the tax value of tax
loss carry-forwards, are measured at the expect-
ed value of their utilisation; either as a set-off
against tax on future income or as a set-off against
deferred tax liabilities in the same legal tax entity.
Any deferred net assets are measured at net real-
isable values.
Deferred tax is measured according to the tax
rules and at the tax rates applicable at the balance
sheet date when the deferred tax is expected to
crystallise as current tax. Changes in deferred tax
due to changes in the tax rate are recognised in
the income statement.
Discontinued business
Discontinued operations are a considerable
component of the entity the operations and
cash flows of which can be clearly distinguished,
operationally and for financial reporting purposes,
from the rest of the entity and that have either
been disposed of or is classified as held for sale
and expected to be disposed of within one year
according to a formal plan. Net profit / (loss) from
discontinued operations and value adjustments
after tax of the associated assets and liabilities and
gains / losses on sale are presented as a separate
line in the income statement.
Revenue, expenses, value adjustments and tax
of discontinued operations are disclosed in the
notes. Assets and related liabilities for discontin-
ued operations are reported as separate line items
in the balance sheet without restatement of com-
parative figures. Cash flows from the operating,
investing and financing activities of discontinued
operations are disclosed in note 6.2.
Noe .
Siniicn esimes
nd udemens
Recovery of deferred tax assets
Deferred tax assets are recognised for all unused
tax losses, to the extent that it is considered likely
that tax surpluses in which deficits can be offset.
Determining the amount recognised for deferred
tax assets are based on estimates of the likely
timing and the amount of future taxable profits.
HusCompagniet Annual report 2021
112 / 132
con note 6.9-6.10
Income statement – parent
DKK’ Note
Revenue , ,
Staff cost -, -,
Other external expenses -, -,
Operating profit before depreciation and amortisation
(EBITDA) before special items -, ,
Special items -,
Operating profit before depreciation and amortisation
(EBITDA) after special items -, -,
Depreciation and amortisation
Operating profit (EBIT) -, -,
Share of result from subsidiaries after tax , ,
Financial expenses -, -,
Profit before tax , ,
Tax on profit , ,
Profit for the year , ,
Profits attributable to:
Equity owners of the Company , ,
Statement of other comprehensive income DKK’ Note
Profit for the year , ,
Other comprehensive income
Items that may be reclassified to the income statement
in subsequent periods
Foreign currency translation differences, subsidiary -, ,
Other comprehensive income, net of tax -, ,
Total comprehensive income for the year , ,
Total comprehensive income attributable to:
Equity owners of the Company , ,
HusCompagniet Annual report 2021
114 / 132
parent income
Balance sheet – parent
DKK’ Note
Assets
Non-current assets
Investments in subsidiaries ,, ,,
Total non-current assets ,, ,,
Current assets
Income tax receivable , ,
Receivables from affiliated companies , ,
Total current assets , ,
Total assets ,, ,,
DKK’ Note
Equity and liabilities
Equity
Share capital , ,
Retained earnings and other reserves ,, ,,
Total equity ,, ,,
Liabilities
Non-current liabilities
Borrowings , ,
Total non-current liabilities , ,
Current liabilities
Credit institutions ,
Trade and other payables ,
Payables to affiliated companies , ,
Other liabilities , ,
Total current liabilities , ,
Total liabilities ,, ,,
Total equity and liabilities ,, ,,
Reference to off-balance sheet notes: Other disclosures 10.
HusCompagniet Annual report 2021
115 / 132
parent balance
Statement of cash flows – parent
DKK’ Note
Cash flow from operating activities
EBITDA, after speical items -, -,
EBITDA -, -,
Adjustments for non-cash items ,
Adjustet EBITDA -, -,
Changes in working capital -, ,
Cash flow from operating activities before financial items and taxes -,
Interest paid -, -,
Corporation tax received -, ,
Net cash generated from operating activities -, -,
Cash flow from financing activities
Change in intercompany balances , ,
Repayment of long-term debt -,
Proceeds from loans , ,
Dividends from own treasury shares
Dividends to equity holders -,
Acquisition of own shares -,
Net cash generated from financing activities , ,
Total cash flows ,
Cash and cash equivalents at January -,
Net foreign currency gains or losses -,
Cash and cash equivalents at December
DKK’ Note
Cash and cash equivalents
Cash at bank and on hand
Cash and cash equivalents as at December
Bank overdrafts
Net cash and cash equivalents as at December
The cash flow statement cannot be inferred from the published financial information only.
HusCompagniet Annual report 2021
116 / 132
parent cash flow
Statement of changes in equity – parent
Revaluations
reserve under
Share the equity Retained Proposed
DKK’ capital method earnings dividend Total
Equity at January , , ,, , ,,
Profit for the period , ,
Reserve for net revaluation according to equity method , -,
Other comprehensive income:
Foreign currency translation differences, subsidiary -, -,
Total other comprehensive income -, -,
Transactions with owners of the Company and other equity transactions:
Value of share-based payment , ,
Purchase of own shares -, -,
Dividends, own shares
Proposed dividends -, ,
Dividends paid -, -,
Total transactions with owners of the Company and other equity transactions -, , -,
Equity on December , , , , ,,
HusCompagniet Annual report 2021
117 / 132
parent equity
Statement of changes in equity – parent
Revaluations
reserve under
Share the equity Retained Proposed
DKK’ capital method earnings dividend Total
Equity at January , , ,, ,,
Profit for the period , ,
Reserve for net revaluation according to equity method , -,
Other comprehensive income:
Foreign currency translation differences , ,
Total other comprehensive income , ,
Transactions with owners of the Company and other equity transactions:
Increase in capital , -,
Value of share-based payment
Purchase of own shares -, -,
Dividends paid -, ,
Total transactions with owners of the Company and other equity transactions , -, , -,
Equity on December , , ,, , ,,
HusCompagniet Annual report 2021
118 / 132
Parent Company financial statements
Notes
Noe Summr o siniicn ccounin poicies
Basis of preparation
The separate financial statements are prepared in
accordance with International Financial Reporting
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.
Investments in subsidiaries
The Company’s investments in subsidiaries are
accounted for using the equity method.
Under the equity method, the investments in
subsidiaries 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 impairment individually.
The statement of profit or loss reflects the Com-
pany’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 recog-
nised 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 resulting from
transactions between the Company and the sub-
sidiaries 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
prepared 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 Compa-
ny determines whether it is necessary to recog-
nise an impairment loss on its investment in its
subsidiaries. At each reporting date, the Company
determines whether there is objective evidence
that the investment in the subsidiary is impaired.
If there is such evidence, the Company calcu-
lates the amount of impairment as the difference
between the recoverable amount of the subsid-
iary and its carrying value, and then recognises
the loss as ‘Share of profit of a subsidiary’ in the
income statement.
In this section
Note Summary of significant accounting policies
Note Staff costs
Note Special items
Note Finance costs
Note Income taxes
Note Investments in subsidiaries
Note Changes in working capital
Note Adjustments for non-cash items
Note Interest-bearing borrowings
Note Other disclosures
HusCompagniet Annual report 2021
119 / 132
parent note 1
Noe Coss incudin s coss
nd remunerion
DKK’
Staff costs
Wages and salaries , ,
Defined contribution plans
Other social security costs
Share based payment
Movement in bonus provision -,
Transferred to special items -,
Total , ,
Average number of full-time employees
DKK’
Remuneration of Board of Directors
Base salary and non-monetary benefits , ,
One-time bonus award* ,
Total remuneration , ,
Remuneration of Executive Management
Base salary and non-monetary benefits , ,
Share-based remuneration
Bonus , ,
One-time bonus award* ,
Severance payment ,
Total remuneration , ,
DKK’
Remuneration to the Executive management
Martin-Ravn Nielsen (CEO from May ):
Salary , ,
Bonus , ,
Share-based payment
One-time bonus award* ,
, ,
Mads Dehlsen Winther (CFO from September ):
Salary , ,
Bonus , ,
Share-based payment
One-time bonus award* ,
, ,
* In Executive management (amongst other employees) were eligible to receive a cash-based bonus (“One-time Bonus”)
subject to the completion of the listing of the Group. Costs related to one-time bonus awards are classified as special items.
Part of the management remuneration is partly paid by group companies.
The long term incentive programme is described in note . in Group.
HusCompagniet Annual report 2021
120 / 132
parent note 2
Noe Speci iems
DKK’
Strategic organisational changes ,
Costs in connection with acquisition and vendor due dilligence ,
Cost related to IPO ,
Other special items
Total special items ,
DKK’
Reconciliation of EBITDA
Operating profit before depreciation and amortisation -, -,
Special items ,
Operating profit before depreciation and amortisation
(EBITDA) before special items -, ,
Special items in was IPO related costs comprises of various consultency fees related the listing and to bonuses for a
number of employees for a successful transaction, including but not limited to CEO, CFO, former CEO and board members.
Strategic organisation changes includes severance payment for former senior management and employees. There has been
no special items in continued business in .
Noe Finnce coss
DKK’
Interests paid to banks* , ,
Exchange rate losses
Other financial cost , ,
Total financial costs , ,
*Interest income and expenses from financial assets and financial liabilities measured at amortised cost.
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parent note 3-4
Noe ncome xes
DKK’
Current tax
Income tax -, -,
Movement in deferred tax ,
Adjustment relating to previous years ,
Income taxes in the income statement -, -,
Profit before tax , ,
Tax rate, Denmark .% .%
Tax at the applicable rate , ,
Non-taxable income -, -,
Expenses not deductible for tax purposes ,
Adjustments relating to prior years ,
Effective change in tax rate
Other
Tax expense for the year -, -,
Effective tax rate, % -% -%
Deferred tax
Deferred tax at January -,
Recognised in profit or loss ,
Exchange differences
Deferred tax at December
DKK’
Corporation tax receivable
Corporation tax receviable at January -, -,
Adjustment of corporation tax at January, from deferred tax
Current tax including jointly taxed subsidiaries -, -,
Corporation tax paid during the year -, ,
Adjustment related to prior year ,
Corporation tax receivable at December -, -,
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parent note 5
Noe nvesmens in subsidiries
Investments in subsidiaries (DKK’)
Cost at January ,, ,,
Additions
Cost at December ,, ,,
Share of result at January , ,
Share of results , ,
Other comprehensive income -, ,
Share of results at December , ,
Net book value ,, ,,
Reference is made to note . in the consolidated financial statements for overview of subsidiaries.
Noe Chnes in workin cpi
DKK’
Increase / (decrease) in trade and other payables -, ,
Total -, ,
Noe Adusmens or non-csh iems
DKK’
Non-cash financial items ,
Other non-cash items ,
Noe Borrowins
DKK’
Interest-bearing borrowings, January , ,,
Additions ,
Change short-term overdraft -,
Other (amortised cost, etc.) ,
Repayments -,
Interest-bearing borrowings, December , ,
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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parent note 6-9
Noe Oher discosures
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)
• Auditors fee (note 6.5)
• Events after the balance sheet date (note 6.6)
• Receivables and payables from affiliated com-
panies at 31 December 2021 stated in the bal-
ance sheet relates primarily to tax payments
in joint taxation and cash pool. Balances are
uninterdeent and settled on an ongoing basis.
No write-downs have been made on balances
in 2021 or 2020.
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 2021 (2020:
DKK 1,075 million)
The Company was engaged in the below related parties transactions:
DKK’
Sales of services (Management fee and allocated income) from subsidaries , ,
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parent note 10
Statement by Management
Executive Board:
Board of Directors:
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statement by management
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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independent auditor
• Assessment of the assumptions and methodology
• Analysis of selected contracts to assess and compare
• Discussions of the status of houses in progress with
• For the purpose of assessing dispute and/or litigation,
• Focused on ensuring that policies and processes for
Statement on the Management's review
Management's responsibilities for
the financial statements
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Auditor's responsibilities for the audit
of the financial statements
• Identify and assess the risks of material misstatement of
• Obtain an understanding of internal control relevant to
• Evaluate the appropriateness of accounting policies used
• Conclude on the appropriateness of Management's use
• Evaluate the overall presentation, structure and contents
• Obtain sufficient appropriate audit evidence regard-
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Report on compliance with the ESEF Regulation
• The preparing of the annual report in XHTML format;
• The selection and application of appropriate iXBRL tags,
• Ensuring consistency between iXBRL tagged data and
• For such internal control as Management determines
• Testing whether the annual report is prepared in XHTML
• Obtaining an understanding of the company’s iXBRL
• Evaluating the completeness of the iXBRL tagging of the
• Evaluating the appropriateness of the company’s use of
• Evaluating the use of anchoring of extension elements to
• Reconciling the iXBRL tagged data with the audited Con-
CVR no. 30 70 02 28
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Design and production: Noted
DK-870 0 H orsens
CVR: 3 6972963