Company announcement No. 551, 2024
"In 2023, we experienced changes at an unprecedented speed, leading to decreased demand for residential newbuild. Consequently, our sales volumes dropped by 34%, while we have implemented price increases to counter inflation. In reaction to the market downturn, we have significantly adjusted our operations and achieved
- Revenue growth measured in local currencies ("organic growth") came in at negative 25%.
-
EBITDA before special items was
DKK 244 million (DKK 657 million in 2022), corresponding to an EBITDA margin before special items of 9% (18% in 2022). -
EBIT before special items was
DKK 57 million (DKK 455 million in 2022), corresponding to an EBIT margin before special items of 2% (13% in 2022).
FINANCIAL OUTLOOK FOR 2024
- Revenue growth measured in local currencies is expected to be ranging from -5% to +5%
-
EBIT before special items is expected to be in the range of
DKK 50 million toDKK 150 million
The financial outlook for 2024 is based on the following specific assumptions:
- Building activity in line with 2023 level
- Price discipline maintained in our key markets
-
Exchange rates, primarily GBP, EUR and PLN remain at
end-February 2024 levels
The general assumptions are described in the annual report for 2023.
UNWINDING GAS CONTRACTS IMPACTS OUR GUIDANCE FOR 2024
We have considered alternatives for the unfavourable gas contracts entered in 2022 and decided to unwind these hedges from
SELECTED HIGHLIGHTS FOR THE PERIOD
DKK million | 2023 | 2022 | Q4 2023 | Q4 2022 |
Sales volume (thousand cubic metres) | 2,745 | 4,187 | 648 | 900 |
Revenue | 2,672 | 3,604 | 601 | 810 |
Organic growth | (25%) | 14% | (26%) | 9% |
Gross margin before special items | 21% | 28% | 16% | 25% |
EBITDA before special items | 244 | 657 | 32 | 111 |
EBITDA margin before special items | 9% | 18% | 5% | 14% |
EBIT before special items | 57 | 455 | (15) | 58 |
EBIT margin before special items | 2% | 13% | (2%) | 7% |
Special items | (287) | (42) | (81) | (14) |
Return on | (9%) | 19% | (9%) | 19% |
NIBD/EBITDA before special items ratio | 3.6x | 0.7x | 3.6x | 0.7x |
Free cash flow | (346) | 61 | (36) | (77) |
Lost-time incident frequency (LTIF) | 3.4 | 3.6 |
|
|
Scope 1+2 intensity (kg/m3) | 36 | 40 |
|
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ANNUAL REPORT CONFERENCE CALL
In connection with the release of the annual report for 2023, a conference call for investors and analysts is scheduled for Wednesday
DK: +45 78 76 84 90
US: +1 646 787 0157
- Other participants can follow the conference call via live webcast here.
- The presentation slides for the conference call will be made available beforehand here.
- After the conference call, you can access the replay and transcript on H+H's Investor Relations website here.
In addition to the Annual Report for 2023, the remuneration report and the corporate governance statement for 2023 have been released and made available on H+H's website.
Jörg Brinkmann | Peter Klovgaard-Jørgensen | |
Chair | Chief Executive Officer | Chief Financial Officer |
Disclaimer
This document contains forward-looking statements. Such statements are subject to risks and uncertainties, as various factors, many of which are beyond the control of
For further information please contact:
Head of Investor Relations &
+45 24 48 03 67
Nbk@hplush.com
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