Half Year 2024 HusCompagniet A/S Earnings Call Transcript
Key Points
- HusCompagniet AS (FRA:HCE) reported a solid gross profit of DKK128 million in Q2, with a gross margin of 22.1%, indicating effective cost control.
- The company saw a 44% increase in sales in the Danish coal business, with 368 units sold in Q2, showcasing strong market traction.
- Free cash flow significantly increased to DKK133 million in Q2, driven by higher cash flow from operating activities.
- The gross order backlog grew by 16% to more than DKK1.9 billion at the end of June, reflecting strong sales momentum.
- The gearing level decreased slightly to 2.4, indicating improved financial stability and adherence to leverage covenants.
- Revenue for the first half of 2024 was 17% lower at DKK1,062 million, primarily due to fewer deliveries following lower sales in 2023.
- The Swedish market remains challenging, with a significant decline in sales and revenue contribution dropping to 5% from 14% last year.
- EBITDA for the first half of 2024 was DKK45 million, down from DKK35 million in the same period last year, indicating pressure on earnings.
- The company experienced a decline in deliveries, with only 382 units delivered in the first half of 2024 compared to 609 units last year.
- There is uncertainty regarding the timing of permits for large B2B projects, which could impact future revenue recognition.
Welcome to HusCompagniet interim report earnings conference call for the first half of 2024. Today's call is being recorded. (Operator Instructions) Speakers, please begin.
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Thank you for taking part on the call today. I'm Martin Ravn-Nielsen, CEO of HusCompagniet; our CFO Allan Auning-Hansen is with me on this call. We look forward to presenting the results from second quarter on the first half of '24.
Before taking your questions, let's start with that few comments on recent market development on slide 2, we were pleased to see the gradual improvement in the macro-economic environment continue in the second quarter. Employment rate is still high and consumer confidence has increased. Still people are cautious and hesitating to be too busy and make critical business decisions.
The core inflation in Denmark remained below 2% in the second quarter on it has declined and stabilized this
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