WindowMaster Annual Report 2022: Historical high order intake and revenue leading to improved profitability
Company Announcement No. 034-2023
Vedbaek, 2 March 2023
Financial Highlights 2022
- Order intake increased 14% to DKK 257m in 2022 (2021: DKK 224m) as the focus on energy efficiency in buildings and healthy indoor climate make investments in intelligent natural ventilation solutions increasingly attractive.
- Revenue increased 14% to DKK 241m in 2022 (2021: DKK 211m) primarily due to price increases on products, and partly due to higher volumes from project sales and service contracts, consistent with the focus of our new strategy ‘Accelerate Core’.
- EBITDA increased 71% to DKK 17m (2021: DKK 10m) corresponding to an EBITDA margin of 6.9% (2021: 4.6%). The improved profitability is a function of higher revenue and operational leverage.
- The outlook for 2023 is maintained (ref. company announcement no. 031-2022, 7 December 2022). Revenue is expected to grow to DKK 260-270 mill., equivalent to approximately 10% organic growth. EBITDA is expected to grow to DKK 23-28 mill., equivalent to an EBITDA-margin around 9-10%.
| Financial Key Figures 2022 DKKm |
2022 | 2021 | Change |
| Order intake | 257 | 224 | 14% |
| Revenue | 241 | 211 | 14% |
| Gross Profit | 104 | 88 | 17% |
| Gross Margin % | 42.9% | 41.6% | |
| EBITDA | 17 | 10 | 71% |
| EBITDA % | 6.9% | 4.6% | |
| Profit after tax | 0.2 | -1.9 | |
| Net working capital | 39 | 29 | |
| Cash flow from operations | 5.1 | -6.8 | |
| NWC % of revenue (12 months running) | 15.9% | 13.6% | |
| Equity ratio % (net cash) | 29% | 28,4% |
Erik Boyter, CEO comments on the developments in 2022: "We are pleased to report historical high order intake and revenue as well as improved profitability and a stronger balance sheet in a year that started out quite challenging with supply chain constraints, cost-inflation and geopolitical challenges. We were able to mitigate adverse impacts through price actions and temporary higher stock levels, and we ended the year on a stronger note than anticipated. Market activity is high and investments in intelligent natural ventilation solutions are trending up – both for new buildings and refurbishment of existing buildings, as energy efficiency is very high on the agenda in both Europe and North America.”
For more details, please see the attached Annual Report 2022.
Sustainability Report 2022
Today, WindowMaster is also publishing its Sustainability Report 2022 (cf. the Danish Financial Statements Act, section 99a) in addition to the Annual Report 2022.
For more details, it can be accessed here:
https://www.windowmaster.dk/baeredygtighed/csr/
Natural Ventilation contributes to reducing CO2 emissions compared to traditional mechanical ventilation solutions. In addition to lower CO2 emissions throughout a buildings life cycle, the use of Natural Ventilation in e.g., schools and office buildings often results in savings in capital expenditure as well as operating costs. Natural Ventilation also improves the indoor climate, and several scientific studies show that improved indoor climate increases children’s learning and employees’ well-being and productivity.
WindowMaster supports the principles of the UN Global Compact and documents the company’s impact on society and the environment, and continuously strives to improve the company’s sustainability performance.
Conference Call
WindowMaster invites investors to participate in a live video event on 3 March 2023 at 13:00 CET. The company’s CEO, Erik Boyter, and CFO Steen Overgaard Sørensen will present the company’s Annual Report in Danish. (Register at: WindowMaster – Presentation of Annual Report 2022)