WindowMaster Annual Report 2023: Strong order intake and improved performance in the second half of 2023
Company Announcement No. 041-2024
Vedbaek, 22 March 2024
Financial Highlights 2023
- Order intake amounted to DKK 254m in 2023 (2022: DKK 254m). Despite the flat development, there was a strong momentum in the second half of 2023, which has continued into 2024. The business mix changed over the course of 2023 with more project sales and focus on energy efficiency in buildings and fire safety investments in intelligent natural ventilation solutions in line with the focus of our “Accelerate Core”-Strategy. Sales to key accounts (OEMs) were suffering in 2023 as high interest rate environment was affecting residential business in the first half of the year.
- WindowMaster has reported Annual Results for 2023 in accordance with IFRS for the first time. Comparison figures for 2022, outlook for 2024, and strategic targets have been adjusted accordingly.
- Revenue decreased 1% to DKK 238m in 2023 (2022: DKK 241m) primarily due to lower sales to key accounts and postponed project execution.
- EBITDA decreased 15% to DKK 19m (2022: DKK 23m), corresponding to an EBITDA margin of 8.1% (2022: 9.4%). The decreased profitability is a function of lower revenue and operational leverage.
- Profit after tax is negative due to slightly lower revenue and adjustments to our tax asset.
- Cash flow was strong in 2023 mainly due to segment mix changes that enabled WindowMaster to reduce net working capital, and thereby reduce the draw on credit facilities.
- The outlook for 2024 is maintained (ref. company announcement no. 039-2023, 13 December 2023) however adjusted for transition to IFRS reporting. Revenue is expected to grow to DKK 240-265 mill., equivalent to approximately 5-10% organic growth. EBITDA is expected to grow to DKK 23-29 mill., equivalent to an EBITDA-margin around 9-11%.
| Financial Key Figures (In accordance with IFRS) DKKm |
2023 | 2022 | Change |
| Order intake | 254 | 254 | 0% |
| Revenue | 238 | 241 | -1% |
| Gross Profit | 112 | 112 | 0% |
| Gross Margin % | 47% | 46% | |
| EBITDA | 19 | 23 | -15% |
| EBITDA % | 8.1% | 9.4% | |
| EBT | -7 | -2 | |
| EBT % | -4.7% | -0.8% | |
| Profit after tax | -11.1 | -2.0 | |
| Net working capital | 35 | 40 | |
| Cash flow from operations | 21.3 | 14.4 | |
| NWC % of revenue (12 months running) | 14.0% | 18.1% | |
| Equity ratio % (net cash) | 17.4% | 23.2% |
Erik Boyter, CEO comments on the developments in 2023: "Despite a slow start to 2023, we saw a strong bounce back in activity in the second part of the year, which has so far continued into 2024. This was however not enough to balance out the negative effect of a slow start but gives us confidence with respect to our ambitions and targets for 2024. We are pleased that we decided not to make any adjustments to our capacity in 2023, as it has shown vital to maintain our skilled labor force to be able to accommodate demand and grow the business. 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 2023.
Sustainability Report 2023
WindowMaster will be publishing its Sustainability Report 2023 on 2 April 2024.
For more details about sustainability and for access to the Sustainability Report 2023 once released, please use this link: 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 22 March 2024 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:
https://www.inderes.dk/videos/windowmaster-praesentation-af-arsregnskab-2023)