In 2023, DHI generated revenue of EUR 132.1 million, an increase of 11.2% compared to 2022. The increased revenue was driven by growth in all segments. Order inflow was EUR 120.4 million, the highest ever in DHI’s history, with an increase of EUR 14.1 million or 13.3% compared to 2022.

 

Net project revenue, which is DHI’s own project production (excluding revenue from subcontractors), including revenue from software, was EUR 109.2 million, which was 11.7% higher than 2022. The growth has been obtained fully through organic growth. Growth was strong in all regions, especially in Europe and the Americas. However, in 2023 DHI was impacted by a downturn in the Chinese market. This negatively impacted revenue and earnings for the year.

In 2023, EUR 0.6 million has been adjusted in the comparative figures for 2022. Reference is made to the description included in Note 1 - Basis for preparations.

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.

EBITDA (earnings before interest, taxes, depreciation and amortisation) increased by EUR 0.7 million to EUR 2.4 million equivalent to an EBITDA margin of 1.8%, which was 0.4 percentage point higher than in 2022.

 

EBIT (earnings before interest and tax) increased by EUR 0.6 million to EUR 0.0 million.

 

Financial items positively impacted DHI in 2023 with EUR 0.3 million compared to a negative impact from financial items of EUR 1.3 million in 2022 (following a 2022 with negative development in the financial markets). Generally, DHI pursues a relatively low-risk investment strategy for investments in bonds and shares.

 

As a consequence of the above, DHI generated a profit before tax of EUR 0.3 million in 2023 compared to a loss before tax of EUR 1.9 million in 2022.

 

Tax for the year contributed negatively by EUR 0.9 million to the net result due to withholding tax on dividends and tax payments in local jurisdictions.

 

Loss for the year amounted to EUR 0.6 million compared to a loss of EUR 1.6 million in 2022. The loss in 2023 is not considered satisfactory.

 

Cash flow from operating activities was positive in 2023, EUR 5.7 million, significantly higher than the negative operating cash flow of EUR 1.1 million generated in 2022. The higher operating cash flow in 2023 was primarily due to an improvement in working capital.

 

Investments in tangible assets amounted to EUR 3.0 million against EUR 2.2 million in 2022.

 

Total net cash flow for the year amounted to EUR 4.1 million.

 

The financial position of DHI remains strong. Cash position, including securities, as of 31 December 2023 amounted to EUR 43.5 million compared to EUR 39.9 million as of 31 December 2022.