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WindowMaster announces strong growing pipeline and record order intake but increased inflation and delayed execution results in reduced EBITDA outlook for 2021

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Tuesday, October 12, 2021 09:00 CET

Company Announcement No. 19-2021 – Inside Information
Vedbæk, October 12, 2021

Highlights from 2021-Q3 YTD

WindowMaster continues its growth in opportunity pipeline – both in numbers but more important growth in value. The order intake also grew in Q3 YTD 2021 – with a 14% increase compared to the same period in 2020 (12% to 2019). The 12-month rolling order intake is at 218 MDKK – resulting in a record high order back log. Overall demand is intact and growing.

  • Net sales for 2021-Q3 YTD ended at 157m DKK representing a 15% increase compared to 2020. However, WindowMaster sees an increase in delayed project execution and supply chain delays – causing slower growth in the 2nd half of 2021. WindowMaster is also indirectly affected as the general construction industry is impacted by the disruption and delays in the supply chain. The most critical single element impacting the financial outlook for 2021 is the very high inflation and the shortage in supply of components, which has been seen from the beginning of 2021 and is expected to continue into 2022 and will have an impact on growth and short-term profitability.
  • In addition. WindowMaster experience delays in synergies from the acquisition of Climatic A/S in Q1 2021. These delays negatively affect the EBITDA by 1.3M DKK compared to the previous outlook; it is not expected to continue into 2022. WindowMaster have also experienced a delay in the sale of Climatic’s non-core activity, which is now expected completed by the end of the year. For 2022, WindowMaster will focus 100% on regaining normal profitability in the Danish market.

Outlook for full-year 2021

  • The outlook for 2021 of turnover in the range of 205 - 215 million remains unchanged compared to company announcement no. 7 of 9th of December 2020.
     
  • The effect of shortage and significant rise in cost of components as well as the lack of efficiencies gained through the acquisition of Climatic A/S is expected to reduce EBITDA for 2021 and the expectation is thus adjusted to be in the range between 14.5-17.5M DKK compared to the former range of 18.5-24.5M DKK.
     
  • As previously announced, management has decided to make pricelist corrections 1st of January 2022 to mitigate inflation. Price adjustment for 2022 is expected to have a net effect in the range of 6-7% – to compensate for higher raw material/component prices and transportation costs – with the option to come with more price adjustments during the year – to maintain profitability.
  • Guidelines on 2022 financial expectations will be provided on 7th of December 2021.

For further information:

CEO, Erik Boyter

M: +45 4035 0267
Mail: ekb.dk@windowmaster.com
WindowMaster International A/S
Skelstedet 13
2950 Vedbæk
Denmark
 

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About WindowMaster International A/S

WindowMaster is a Danish cleantech company originally founded in 1990 as part of the VELUX group, but changed ownership in a MBI in 2015. WindowMaster is both a market leader in the niche market for natural ventilation solutions as well as leading the technological advancements of cloud based IOT solutions in the field. This market position is based on a change of ownership in 2015 with the mission to provide green ventilation solutions to the construction industry and optimize indoor climate. 
Today, buildings account for approx. 39% of global CO2 emissions, which drives demand for green solutions that can help reduce CO2 emissions from buildings worldwide. WindowMaster has built a strong and scalable platform to leverage the green wave of sustainability and contribute to greening the environmental footprint of various types of buildings – e.g. office buildings, sports arenas, hospitals, educational institutions, museums, etc. The company offers solutions that ensure optimal regulation of the indoor climate in buildings based on continuous monitoring of CO2 levels, humidity and temperature that can help increase efficiency and comfort of building users.

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