In 2022, DHI generated revenue of EUR 119.4 million, an increase of 8.2% compared to 2021. The increased revenue was mainly driven by growth in markets within the reporting segments Marine & Coastal and Energy & Ports. Order inflow was EUR 106.3 million, the highest ever in DHI’s history, with an increase of EUR 18.4 million or 20.9% compared to 2021.

 

We continued the implementation of the DHI+ strategy to ensure digitally enabled advisory and digital solutions for our clients. As a result, DHI has continued investing in innovation and services to support clients in all key market segments.

 

Net project revenue, which is DHI’s own project production (excluding revenue from subcontractors), including revenue from software, was EUR 98.4 million, which was 9.5% higher than the same period in 2021. The growth has been obtained fully through organic growth. Growth was strong in all regions, especially in Europe and the Americas, however, we had a slight decline in revenue in Denmark.

EBITDA (earnings before interest, taxes, depreciation and amortisation) increased by EUR 0.7 million to EUR 2.3 million equivalent to an EBITDA margin of 1.9%, which was 0.5 percentage point higher than in 2021.

EBIT (earnings before interest and tax) before special items decreased to EUR 1.0 million from EUR 2.0 million in 2021. The decrease in EBIT before special items contrasts with the increase in revenue and was due to increased costs and investments. Staff costs have been driven by salary increases and from adding new competencies to support the execution of our strategy, travel costs have increased due to activity level returning back to normal after the COVID-19 pandemic, and IT costs increased due to investments in infrastructure and cybersecurity. As a consequence, the EBIT margin before special items decreased from 1.8% to 0.8% in 2022.

 

In 2022, special items amounted to EUR 1.0 million compared to EUR 2.7 million in 2021. Expenses for special items (non-recurring costs) were related to the implementation of the new DHI+ strategy and reorganisation of functions and termination or turnaround of low-performance operational activities.

 

EBIT (earnings before interest and tax) increased by EUR 0.7 million to EUR 0.0 million.

 

Financial items negatively impacted DHI in 2022 with EUR -1.3 million compared to a positive impact on financial items of EUR 1.6 million in 2021. The negative development in 2022 was primarily due to the financial markets developing negatively in 2022 driven primarily by falling equity markets and higher interest rates, following sharply increased inflation levels. Generally, DHI pursues a relatively low-risk investment strategy for investments in bonds and shares.

 

As a consequence of the above, DHI generated a loss before tax of EUR 1.3 million in 2022 compared to a profit before tax of EUR 0.9 million in 2021.

 

Tax for the year contributed positively to the net result due to increased income from various tax credit schemes.

 

Loss for the year amounted to EUR 1.0 million compared to a profit of EUR 0.3 million in 2021. Net profit for 2022 is not considered satisfactory.

 

Cash flow from operating activities was negative in 2022, EUR -3.5 million, significantly lower than the positive cash flow of EUR 3.0 million generated in 2021. The lower operating cash flow in 2022 was primarily due to an increase in working capital.

 

Investments in tangible assets amounted to EUR 2.2 million against EUR 1.7 million in 2021.

 

Total net cash flow for the year amounted to EUR -3.4 million.

 

The financial position of DHI remains strong. Cash position, including securities, as of 31 December 2022 amounted to EUR 39.9 million compared to EUR 44.9 million as of 31 December 2021.