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Interim financial report for the period 1 January – 30 June 2022 and adjusted financial outlook for 2022

Regulatory information

Company Announcement 32/2022

First half of 2022 was characterised by historically challenging markets with distressed supply chains and high-cost inflation. Q2 2022 margins were pressured by immediate surcharges from suppliers, while adjustments to sales prices are expected to positively impact margins in H2 2022. Demand for newbuilds have decreased and the lower sales levels are expected to continue. A reorganisation is initiated on 18 August. Outlook for 2022 is adjusted due to lower expected sales for 2022, delayed effect of sales price adjustments and special items in relation to reorganisation.

Despite severe market challenges, revenue increased by 11% year-over-year to DKK 2,266 million whilst EBITDA was DKK 175 million on par with first half of 2021. Despite challenges an efficient completion rate of deliveries was kept.   

“First half of 2022 presented new market challenges in an already stressed market environment. In April 2022, immediate surcharges were imposed by our suppliers due to accelerated energy prices, in addition to a period of high-cost inflation.  While Q2 2022 earning levels were pressured by these challenges, our strong margin focus and continued price adjustments are expected to positively impact margin levels in the second half of 2022.” says CEO Martin Ravn-Nielsen and continues.

“The sales for newbuilds decreased significantly in 2022 and the demand is currently below pre-covid levels. We have adjusted the organisation accordingly, and today we regretfully initiate a collective redundancy process. HusCompagniet remains financially strong, these are historically challenging times and calls for extraordinary measures to continue being a healthy and robust business.”

Selected key highlights H1 2022

DKKm Q2 2022 Q2 2021 Change H1 2022 H1 2021 Change
Houses sold (units) 358 721 -50.3% 732 1,347 -45.7%
Houses delivered (units) 526 424 24.1% 1,006 818 23.0%
Order backlog, gross 3,497 3,775 -7.4% 3,497 3,775 -7.4%
Order backlog, net 2,547 2,912 -12.5% 2,547 2,912 -12.5%
Revenue 1,094 1,084 0.9% 2,266 2,041 11.0%
Gross profit 207 229 -9.6% 425 419 1.4%
EBITDA (bsi)* 76 101 -24.8% 175 175 0.0%
Special items -1 0 - -1 0 -
EBIT 64 90 -29% 151 152 -0.7%
Gross margin (bsi)* 18.9% 21.2% -2.3 ppt. 18.8% 20.6% -1.8 ppt.
EBITDA margin (bsi)* 6.9% 9.3% -2.4 ppt. 7.7% 8.6% -0.9 ppt.
EBIT margin 5.8% 8.3% -2.5 ppt. 6.7% 7.4% -0.7 ppt.
Contract assets, gross 800 807 -0.9% 800 807 -0.9%
Available cash** 262 475 -44.8% 262 475 -44.8%
Net interest-bearing debt -897 -702 27.7% -897 -702 27.7%
NIBD/LTM EBITDA (bsi)* 2.2x 1.8x 0.4x 2.2x 1.8x 0.4x
FTEs end of period 463 453 2.2% 463 453 2.2%

*Before special items **With a RCF facility agreement of DKK 400 million


  • H1 2022 revenue increased by 11% year-over-year to DKK 2,266 million, supported by an increase in deliveries totalling 1,006 houses, up by 188 from 818 houses in H1 2021. Q2 2022 revenue totalled DKK 1,094 million against DKK 1,084 million from Q2 2021, up 0.9% in the period.
  • Sales totalled 732 houses compared to 1,347 in H1 2021, a decrease of 45.7% against an extraordinary high market activity in H1 2021. The current sales levels reflect a hesitant market, and we are seeing lower levels than pre-covid.
  • EBITDA before special items (bsi) totalled DKK 175 million, on par with H1 2021, and corresponding to an EBITDA margin of 7.7% against 8.6% in H1 2021. Q2 2022 EBITDA margin came out at 6.9% against 9.3% in Q2 2021. Immediate surcharges from suppliers pressured the margins in the second quarter. Continuous price adjustments on sales prices are expected to positively impact margins in H2 2022.
  • Due to lower sales in H1 2022 and the expected continued lower demand, HusCompagniet has reduced number of employees in H1 2022 by a total of 41 employees. On 18 August HusCompagniet will initiate a collective redundancy process primarily in the Detached segment. Ramp-up in Sweden and the Semi-detached segment are postponed for the time being while focusing on acquiring the right competencies.
  • The reorganisations in 2022 are expected to generate an annual SG&A saving of approximately DKK 55-65 million. Also, a one-off expense of around DKK 20-25 million will impact special items for 2022, due to the redundancies made in June and on 18 August including closing of offices (production and sales).
  • On 30 June 2022 net debt was DKK 897 million while the leverage ratio (NIBD/LTM EBITDA) was 2.2x compared to 1.8x at year-end 2021. The development was primarily due to the acquisition of the Factory in Esbjerg, Denmark. Liquidity remains solid, and due to postponements and cancellations of land bank acquisitions, financial gearing is expected to be around 2.0x by end of 2022.

Outlook for 2022 adjusted

We adjust the full-year 2022 guidance issued on 28 April 2022 due to lower expected sales for 2022, delayed effect of sales price adjustments and special items in relation to reorganisation.

• Revenue is expected to be DKK 4,100 – 4,400 million (previously DKK 4,250 – 4,550 million)

• EBITDA before special items is expected to be DKK 340 – 360 million (previously DKK 370-410 million)

• Operating profit (EBIT) is expected to be DKK 265 – 290 million (previously DKK 320-360 million). EBIT guidance adjustment includes special items effect of DKK 20-25 million from reorganisation

HusCompagniet expects net debt to EBITDA before special items around 2.0x at the end of 2022 (previously below 2.25x). Several planned acquirements of new land plots are cancelled or postponed due to the current market situation.

DKKm Updated 18 August 2022 Updated28 April 2022 Initial Outlook6 November 2020
Revenue 4,100-4,400 4,250-4,550 4,350-4,650
EBITDA before special items 340-360 370-410 420-450
EBIT 265-290 320-360 370-400
Leverage ratio (NIBD/LTM EBITDA bsi) around 2.0x below 2.25x below 2.0x

The visibility has been reduced substantially due to the war in Ukraine and an uncertain geopolitical situation not seen in recent times. High-cost inflation, distressed supply chains, and rising interest rates are affecting the market situation. HusCompagniet are continuously adjusting sales prices to follow the market development.

Immediate surcharges were in April imposed from suppliers as high as up to 30%, due to accelerated energy prices.  Continuous adjustments to sales prices are expected to positively impact margins in H2 2022.

Due to market slowdown in all segments, we adjust our assumptions for sales in 2022, and consequently deliveries are also adjusted.

Assumptions for the outlook

The 2022 guidance is based on no severe disruption of supply chains including gas supply emerging and on raw material prices not significantly exceeding current levels.

  • Current expectations for 2022 sales are between 1,100 – 1,400 (previously 1,700 and 2,100 houses).
  • Current expectations for 2022 deliveries are between 1,925 and 2,050 houses (previously 1,950- 2,100)
  • Revenue from the semi-detached segment is assumed to be around DKK 450-500 million (previously DKK around 500 million)
  • Share of deliveries on own land is expected to be around 10% due to the current size of the land bank. Long-term target remains at around 20%
  • Current expectations for capital expenditures are DKK 40–60 million and comprise investments in digitalisation, automation, B2B and sustainability
  • Full year cash conversion (free cash flow to EBITDA) is expected to be at least 50% despite the increased capex level
  • Special items of DKK 25 -30 million is expected, including expenses for redundancies (Previously DKK 2-5 million)
  • As announced on 1 July 2021, due to the delayed closing of the acquisition of Danhaus Production A/S, 2022 expected revenue from the factory is expected to be around DKK 50-80 million (previously around DKK 100 million) with an expected break-even EBITDA result (unchanged).

Webcast and conference call

HusCompagniet will host a conference call (in English) for investors and analysts at 10:00 (CEST) today, Wednesday 18 August 2022. The conference call and presentation will be available from HusCompagniet’s investor website.

Conference call dial-in numbers for investors and analysts:

DK: +45 32 74 07 10

UK:  +44 20 3481 4247

US:  +1 646 307 1963

For additional information, please contact:

Mads Dehlsen Winther, Group CFO

Cristina Rønde Hefting, Head of IR & Press                                                                       +45 51 96 23 14