Interim financial report for the period 1 January – 30 June 2023
HusCompagniet confirms outlook for 2023
The first half of 2023 was characterised by increased demand compared to second half of 2022 and ended with 445 houses sold. This is in line with expectations but still below historic average. The financial result for the first half of 2023 was however affected by the low sales for newbuild in second half of 2022 and HusCompagniet generated revenue of DKK 1,280 million and EBITDA of DKK 58 million. The second quarter included a re-evaluation of provisions related to prior years of DKK 15m.
“The first half of 2023 has been satisfactory on the back of a very challenged 2022. We are pleased to see that demand in the detached segment is increasing and profitability is improving” says CEO Martin Ravn-Nielsen and continues.
“We are also pleased to see that our customer satisfaction continues to be at a very high level”
Selected key highlights H1 2023
| DKKm | Q2 2023 | Q2 2022 | Change | H1 2023 | H1 2022 | Change |
| Houses sold (units) | 219 | 358 | -39% | 445 | 732 | -39% |
| Houses delivered (units) | 265 | 526 | -50% | 609 | 1,006 | -39% |
| Order backlog, gross | 1,659 | 3,497 | -53% | 1,659 | 3,497 | -53% |
| Order backlog, net | 1,101 | 2,547 | -57% | 1,101 | 2,547 | -57% |
| Revenue | 624 | 1,094 | -43% | 1,280 | 2,266 | -44% |
| Gross profit | 118 | 207 | -43% | 267 | 425 | -37% |
| EBITDA (bsi)* | 16 | 76 | -79% | 58 | 175 | -67% |
| Special items | 1 | -1 | -200% | -1 | -1 | 0% |
| EBIT | 6 | 64 | -91% | 35 | 151 | -77% |
| Gross margin (bsi)* | 18.9% | 18.9% | 0,0 ppt. | 20.9% | 18.8% | 2.1 ppt. |
| EBITDA margin (bsi)* | 2.5% | 6.9% | -4.4 ppt. | 4.5% | 7.7% | -3.2 ppt. |
| EBIT margin | 0.9% | 5.8% | -4.9 ppt. | 2.7% | 6.7% | -4.0 ppt. |
| Contract assets, gross | 522 | 800 | -35% | 522 | 800 | -35% |
| Available cash** | 344 | 262 | 31% | 344 | 262 | 31% |
| Net interest-bearing debt | -489 | -897 | -45% | -489 | -897 | -45% |
| NIBD/LTM EBITDA | 2.5x | 2.2x | 0.3x | 2.5x | 2.2x | 0.3x |
| FTEs end of period | 385 | 463 | -78 | 385 | 463 | -78 |
*Before special items **With a RCF facility agreement of DKK 250 million
Highlights
- HusCompagniet generated revenue of DKK 1,280 million in H1 2023 driven by fewer deliveries.
- The first half of 2023 was characterised by increased demand compared to second half of 2022 and ended with 445 houses sold against 225 in H2 2022. The sales levels are still below historical average and continued to be affected by current market conditions with higher interest rates and economic uncertainty.
- EBITDA before special items (bsi) totalled DKK 58 million including a re-evaluation of provisions related to prior years of DKK 15 million. This corresponds to an EBITDA margin bsi of 4.5% and 5.7% excluding the provision.
- HusCompagniet completed a capital raise in May 2023 and entered into a new loan facility agreement. With completion of the capital raise of 19.22% and the refinancing in place with the financing banks, HusCompagniet secured liquidity and flexibility to be able to carry out strategic investments and implement commercial initiatives.
- On 30 June 2023 net debt was DKK 489 million and with a leverage ratio (NIBD/LTM EBITDA) of 2.5x.
Outlook for 2023
We reiterate the full-year 2023 guidance issued on 4 May 2023
- Revenue is expected to be DKK 2,250 -2,500 million
- EBITDA before special items is expected to be DKK 100 – 130 million
- Operating profit (EBIT) is expected to be DKK 50 – 75 million
Webcast and conference call
HusCompagniet will host a conference call for investors and analysts at 13:00 (CEST) today, Thursday 17 August 2023. The conference call and presentation will be available from HusCompagniet’s investor website.
Conference call dial-in numbers for investors and analysts:
Participant Dial-in:
Denmark: +45-7-8768490
France: +33-1-81221259
Germany: +49-30-21789327
Sweden: +46-8-1241-0952
United Kingdom: +44-203-7696819
United States: +1 646-787-0157
PIN: 649396
Webcast link:
https://huscompagniet-events.eventcdn.net/events/Q2-2023
For additional information, please contact:
Jesper Høybye Group CFO +45 30 58 46 42