Company announcement 2/2024
Group CEO of HusCompagniet,
In 2023, HusCompagniet delivered financial results in line with the latest guidance from Q1 2023. Revenue declined to
"In this challenging environment, we maintained our sharp focus on ensuring a high level of customer satisfaction - and we were proud to elevate our industry-leading
are confident that we are on track and well-positioned in a challenged market where trust, quality, and scale are key to ensure continued competitiveness", says
Selected key highlights for 2023
DKKm | 2023 | 2022 | Change | Q4 2023 | Q4 2022 | Change |
Houses sold (units) | 851 | 957 | -11% | 212 | 87 | 144% |
Houses delivered (units) | 1,054 | 2,003 | -47% | 232 | 580 | -60% |
Order backlog (gross) | 1,513 | 2,057 | -26% | - | - | - |
Revenue | 2,381 | 4,330 | -45% | 531 | 980 | -46% |
Gross profit | 517 | 837 | -38% | 129 | 195 | -34% |
EBITDA (before special items) | 108 | 348 | -69% | 17 | 68 | -75% |
EBITDA (after special items) | 108 | 316 | -66% | 18 | 50 | -64% |
EBIT | 62 | 268 | -77% | 6 | 38 | -84% |
Gross margin | 21.7% | 19.3% | 2.4 ppt. | 24.3% | 19.9% | 4.4 ppt. |
EBITDA margin (before special items) | 4.6% | 8.0% | -3.5 ppt. | 3.2% | 6.9% | -3.7 ppt. |
EBITDA margin (after special items) | 4.6% | 7.3% | -2.7 ppt. | 3.4% | 5.1% | -1.7 ppt. |
EBIT margin | 2.6% | 6.2% | -3.6 ppt. | 1.0% | 3.8% | -2.8 ppt. |
Free cash flow | 229 | 152 | 51% | 86 | 271 | -68% |
Net interest-bearing debt | 356 | 768 | -54% | - | - | - |
NIBD/EBITDA | 3.3x | 2.2x | 1.1x |
Dividend
Dividend payment is suspended in 2024 and HusCompagniet expects to reintroduce dividends once the leverage (NIBD/EBITDA) is within the long-term target of below 2.0x.
2024 financial outlook
In 2024, HusCompagniet changes its profitability guidance to EBITDA after special items, and the financial outlook reflects continuously limited market visibility. HusCompagniet expects:
- Revenue of
DKK 2,300-2,600 million , -
EBITDA of
DKK 80-130 million -
EBIT of
DKK 30-80 million
The 2024 guidance is based on expected deliveries of 800-1,000 houses, no severe supply chain disruption, raw material prices not significantly exceeding current level and slow market pick-up during 2024. Detailed assumptions can be found in the Annual report 2023.
"Near-term visibility remains limited as macroeconomic uncertainty persists and slow sales throughout 2023 will dampen activity in 2024. We will continue our targeted investments and strategic initiatives to deliver on our promises, and strongly supported by the dedicated efforts from our great employees we will strive to maintain solid performance",
Webcast and conference call
HusCompagniet will host a conference call in English for investors and analysts today, Friday
Conference call dial-in numbers for investors and analysts:
PIN: 649396
Webcast link: https://huscompagniet-events.eventcdn.net/events/annual-report-2023
For additional information, please contact:
About HusCompagniet
HusCompagniet is a leading provider of single-family detached houses in
The Group operates an asset-light and flexible delivery model with on-site building, primarily on customer-owned land. The construction process is outsourced to subcontractors, enabling a flexible cost base.
HusCompagniet has showrooms and showhouses in
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