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Window Holding

Window Holding's net profit rose 1,051% yoy to CZK 23.5 mil in 2020

By Helgi Analytics - December 9, 2021

Window Holding made a net profit of CZK 23.5 mil with revenues of CZK 1,776 mil in 2020, up by 1% and up by 1.69%, re...

Window Holding's employees fell 2.95% yoy to 823 in 2020

By Helgi Analytics - December 9, 2021

Window Holding employed 823 employees in 2020, down 2.95% compared to the previous year. Historically, between 2009 and...

Window Holding's Total Cash From Operations rose 244% yoy to CZK 171 mil in 2020

By Helgi Analytics - December 9, 2021

Window Holding's operating cash flow stood at CZK 171 mil in 2020, up 244% when compared to the previous year. Historica...

Profit Statement 2018 2019 2020
Sales CZK mil 1,739 1,747 1,776
Gross Profit CZK mil 522 545 562
EBITDA CZK mil 30.0 28.6 41.1
EBIT CZK mil 3.09 2.17 19.6
Financing Cost CZK mil 3.47 2.93 3.35
Pre-Tax Profit CZK mil 1.04 2.05 23.5
Net Profit CZK mil 1.04 2.04 23.5
Dividends CZK mil 0.530 1.20 10.2
Balance Sheet 2018 2019 2020
Total Assets CZK mil 617 619 711
Non-Current Assets CZK mil 112 140 159
Current Assets CZK mil 489 461 528
Working Capital CZK mil 220 239 149
Shareholders' Equity CZK mil 94.4 95.2 108
Liabilities CZK mil 523 524 603
Total Debt CZK mil 196 232 244
Net Debt CZK mil 179 186 67.5
Ratios 2018 2019 2020
ROE % 1.11 2.15 23.1
ROCE % 0.315 0.574 6.84
Gross Margin % 30.0 31.2 31.6
EBITDA Margin % 1.73 1.64 2.32
EBIT Margin % 0.178 0.124 1.10
Net Margin % 0.060 0.117 1.32
Net Debt/EBITDA 5.96 6.49 1.64
Net Debt/Equity % 190 195 62.3
Cost of Financing % 1.69 1.37 1.41
Cash Flow 2018 2019 2020
Total Cash From Operations CZK mil 31.7 49.7 171
Total Cash From Investing CZK mil -25.1 -51.7 -39.2
Total Cash From Financing CZK mil -25.1 7.17 -24.1
Net Change In Cash CZK mil -18.6 5.18 108
Cash Conversion Cycle days 35.8 43.2 20.2
Cash Earnings CZK mil 28.0 28.5 45.0
Free Cash Flow CZK mil 6.53 -1.99 132

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overview Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                            
Sales CZK mil ...             1,394 1,550 1,582 1,667 1,739    
Gross Profit CZK mil ...             377 389 393 438 522    
EBIT CZK mil ...             6.61 -16.5 -65.4 -33.0 3.09    
Net Profit CZK mil ...             -6.62 -7.87 -83.7 -33.9 1.04    
                               
ROE % ...             -19.5 -11.4 -79.8 -29.3 1.11    
EBIT Margin % ...             0.474 -1.06 -4.14 -1.98 0.178    
Net Margin % ...             -0.475 -0.508 -5.29 -2.03 0.060    
Employees ... ...           784 900 947 886 898    
balance sheet                            
Total Assets CZK mil               817 868 854 616 617    
Non-Current Assets CZK mil               316 346 347 100 112    
Current Assets CZK mil               488 506 493 504 489    
                               
Shareholders' Equity CZK mil               65.4 72.0 138 93.8 94.4    
Liabilities CZK mil               751 796 717 522 523    
Non-Current Liabilities CZK mil               492 79.4 42.8 16.8 7.97    
Current Liabilities CZK mil               216 256 393 468 492    
                               
Net Debt/EBITDA ...             5.36 2.39 -9.89 -26.5 5.96    
Net Debt/Equity %               765 91.7 157 184 190    
Cost of Financing % ... ... ... ... ... ... ... ... 1.71 1.66 1.33 1.69    
cash flow                            
Total Cash From Operations CZK mil ...             49.6 -58.7 48.7 83.7 31.7    
Total Cash From Investing CZK mil ...             -0.698 -65.6 -60.2 -25.6 -25.1    
Total Cash From Financing CZK mil ...             -8.90 77.8 -3.58 -26.0 -25.1    
Net Change In Cash CZK mil ...             40.0 -46.4 -15.1 32.0 -18.6    
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                            
Sales CZK mil ...             1,394 1,550 1,582 1,667 1,739    
Cost of Goods & Services CZK mil ...             1,017 1,161 1,188 1,229 1,217    
Gross Profit CZK mil ...             377 389 393 438 522    
Staff Cost CZK mil ...             319 385 430 455 499    
Other Operating Cost (Income) CZK mil ...             -35.8 -24.2 -15.2 -10.3 -6.76    
EBITDA CZK mil ...             93.4 27.7 -21.8 -6.50 30.0    
Depreciation CZK mil ...             86.8 44.1 43.6 26.5 27.0    
EBIT CZK mil ...             6.61 -16.5 -65.4 -33.0 3.09    
Net Financing Cost CZK mil ...             13.2 -8.75 18.2 0.836 2.05    
Financing Cost CZK mil ... ... ... ... ... ... ... ... 5.86 2.80 2.96 3.47    
Financing Income CZK mil ... ... ... ... ... ... ... ... 0.440 0.322 0.221 0.402    
Extraordinary Cost CZK mil ...             0 0 0 0 0    
Pre-Tax Profit CZK mil ...             -6.62 -7.74 -83.7 -33.9 1.04    
Tax CZK mil ...             0 0.128 0.012 0 0    
Minorities CZK mil ...             0 0 ... ... ... ... ...
Net Profit CZK mil ...             -6.62 -7.87 -83.7 -33.9 1.04    
Net Profit Avail. to Common CZK mil ...             -6.62 -7.87 -83.7 -33.9 1.04    
Dividends CZK mil ...             -69.5 -14.4 -149 9.91 0.530    
growth rates                            
Total Revenue Growth % ... ...           17.0 11.1 2.07 5.40 4.32    
Staff Cost Growth % ... ...           2.69 20.7 11.7 5.64 9.77    
EBITDA Growth % ... ...           73.6 -70.4 -179 -70.2 -562    
EBIT Growth % ... ...           -111 -349 297 -49.5 -109    
Pre-Tax Profit Growth % ... ...           -93.6 16.9 981 -59.5 -103    
Net Profit Growth % ... ...           -93.6 18.9 964 -59.5 -103    
ratios                            
ROE % ...             -19.5 -11.4 -79.8 -29.3 1.11    
ROA % ...             -0.789 -0.934 -9.71 -4.61 0.169    
ROCE % ...             -1.11 -1.49 -13.8 -6.85 0.315    
Gross Margin % ...             27.0 25.1 24.9 26.3 30.0    
EBITDA Margin % ...             6.70 1.78 -1.38 -0.390 1.73    
EBIT Margin % ...             0.474 -1.06 -4.14 -1.98 0.178    
Net Margin % ...             -0.475 -0.508 -5.29 -2.03 0.060    
Payout Ratio % ...             1,049 184 178 -29.3 50.8    
Cost of Financing % ... ... ... ... ... ... ... ... 1.71 1.66 1.33 1.69    
Net Debt/EBITDA ...             5.36 2.39 -9.89 -26.5 5.96    
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
balance sheet                            
Cash & Cash Equivalents CZK mil               72.8 26.4 11.3 43.3 16.5    
Receivables CZK mil               194 199 337 336 335    
Inventories CZK mil               94.7 117 145 125 137    
Other ST Assets CZK mil               127 164 0 0 0    
Current Assets CZK mil               488 506 493 504 489    
Property, Plant & Equipment CZK mil               312 326 342 96.9 107    
LT Investments & Receivables CZK mil               0.602 17.2 1.43 0.100 0.100    
Intangible Assets CZK mil               2.97 2.91 3.41 3.07 5.38    
Goodwill CZK mil               0 0 0 0 0    
Non-Current Assets CZK mil               316 346 347 100 112    
Total Assets CZK mil               817 868 854 616 617    
                               
Trade Payables CZK mil               103 108 169 231 252    
Short-Term Debt CZK mil               81.3 30.2 185 199 188    
Other ST Liabilities CZK mil               31.9 117 38.4 37.8 51.9    
Current Liabilities CZK mil               216 256 393 468 492    
Long-Term Debt CZK mil               492 79.4 42.8 16.8 7.97    
Other LT Liabilities CZK mil               0 0 0 0 0    
Non-Current Liabilities CZK mil               492 79.4 42.8 16.8 7.97    
Liabilities CZK mil               751 796 717 522 523    
Equity Before Minority Interest CZK mil               65.4 72.0 138 93.8 94.4    
Minority Interest CZK mil               0 0 0 0 0    
Equity CZK mil               65.4 72.0 138 93.8 94.4    
growth rates                            
Total Asset Growth % ...             -5.01 6.28 -1.59 -27.9 0.135    
Shareholders' Equity Growth % ...             2,418 10.0 91.1 -31.8 0.547    
Net Debt Growth % ...             -19.4 -86.8 226 -20.0 3.82    
Total Debt Growth % ...             -12.3 -80.9 108 -5.40 -9.36    
ratios                            
Total Debt CZK mil               574 110 228 216 196    
Net Debt CZK mil               500 66.0 216 173 179    
Working Capital CZK mil               186 207 312 229 220    
Capital Employed CZK mil               502 553 659 329 332    
Net Debt/Equity %               765 91.7 157 184 190    
Current Ratio               2.26 1.98 1.25 1.08 0.993    
Quick Ratio               1.24 0.879 0.886 0.810 0.714    
cash flow Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
cash flow                            
Net Profit CZK mil ...             -6.62 -7.87 -83.7 -33.9 1.04    
Depreciation CZK mil ...             86.8 44.1 43.6 26.5 27.0    
Non-Cash Items CZK mil ...             0 -73.9 194 8.12 -5.88    
Change in Working Capital CZK mil ...             0.318 -21.0 -105 82.9 9.53    
Total Cash From Operations CZK mil ...             49.6 -58.7 48.7 83.7 31.7    
                               
Capital Expenditures CZK mil ...             -36.7 -73.4 -62.0 -28.0 -39.3    
Other Investing Activities CZK mil ...             36.0 7.82 1.81 2.39 14.2    
Total Cash From Investing CZK mil ...             -0.698 -65.6 -60.2 -25.6 -25.1    
                               
Dividends Paid CZK mil ... ...           2.76 0 0 0 0    
Issuance Of Shares CZK mil ...             0 0 0 0 0    
Issuance Of Debt CZK mil ...             -80.4 77.8 -3.58 -26.0 -25.1    
Other Financing Activities CZK mil ... ...           69.4 0 0 0 0    
Total Cash From Financing CZK mil ...             -8.90 77.8 -3.58 -26.0 -25.1    
Net Change In Cash CZK mil ...             40.0 -46.4 -15.1 32.0 -18.6    
ratios                            
Days Sales Outstanding days ...             50.8 46.8 77.8 73.5 70.3    
Days Sales Of Inventory days ...             34.0 36.7 44.4 37.0 41.2    
Days Payable Outstanding days ...             36.9 34.0 52.0 68.6 75.6    
Cash Conversion Cycle days ...             47.9 49.4 70.2 41.9 35.8    
Cash Earnings CZK mil ...             80.2 36.3 -40.0 -7.34 28.0    
Free Cash Flow CZK mil ...             48.9 -124 -11.5 58.0 6.53    
Capital Expenditures (As % of Sales) % ...             2.63 4.74 3.92 1.68 2.26    
other ratios Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                             
Employees ... ...           784 900 947 886 898    
Cost Per Employee USD per month ... ...           1,587 1,495 1,501 1,822 2,117    
Cost Per Employee (Local Currency) CZK per month ... ...           33,925 35,683 37,870 42,760 46,310    
Material & Energy (As % of Sales) % ... ... ... ... ... ... ... ... 51.6 52.2 49.2 46.3    
Services (As % of Sales) % ... ... ... ... ... ... ... ... 23.3 22.9 24.5 23.6    
Staff Cost (As % of Sales) % ...             22.9 24.9 27.2 27.3 28.7    
Effective Tax Rate % ...             0 -1.65 -0.014 0 0    
Total Revenue Growth (5-year average) % ... ... ... ... ... ...   -8.73 -3.24 -2.69 3.87 7.85    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... ... 4.38    

Get all company financials in excel:

Download Sample   $19.99

Window Holding's Net Margin rose 1,032% yoy to 1.32% in 2020

By Helgi Analytics - December 9, 2021

Window Holding made a net profit of CZK 23.5 mil with revenues of CZK 1,776 mil in 2020, up by 1.00% and up by 1.69%, respectively, compared to the previous year. This translates into a net margin of 1.32%. Historically, between 2008 and 2020, the f...

Window Holding's ROCE rose 1,091% yoy to 6.84% in 2020

By Helgi Analytics - December 9, 2021

Window Holding made a net profit of CZK 23.5 mil in 2020, up 1% compared to the previous year. Historically, between 2008 and 2020, the company's net profit reached a high of CZK 23.5 mil in 2020 and a low of CZK -342 mil in 2012. The result implies a ret...

Window Holding's Cash & Cash Equivalents rose 496% yoy to CZK 129 mil in 2020

By Helgi Analytics - December 9, 2021

Window Holding's total assets reached CZK 711 mil at the end of 2020, up 14.9% compared to the previous year. Current assets amounted to CZK 528 mil, or 74.2% of total assets while cash stood at CZK 129 mil at the end of 2020. ...

Window Holding's Net Debt/EBITDA fell 74.7% yoy to 1.64 in 2020

By Helgi Analytics - December 9, 2021

Window Holding's net debt stood at CZK 67.5 mil and accounted for 62.3% of equity at the end of 2020. The ratio is down 133 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 23,879% in 2013 and a low ...

Window Holding's Capital Expenditures rose 25.5% yoy to CZK 40.5 mil in 2020

By Helgi Analytics - December 9, 2021

Window Holding invested a total of CZK 40.5 mil in 2020, down 25.5% compared to the previous year. Historically, between 2008 - 2020, the company's investments stood at a high of CZK 106 mil in 2009 and a low of CZK -81.3 mil in 2011. ...

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Window Holding a.s. is a Czech Republic-based manufacturer of doors and windows. The Company emerged as the largest producer of windows in the Czech Republic through a connection and merger of the most dominant producers of windows and doors in the Czech Republic such as Vekra and Otherm. The Company manufactures windows and doors made of plastic, wood, aluminum, and wood/aluminum combination in five specialized production plants throughout the Czech Republic and employs almost 800 staff. The Company sells its products through representatives and trading partners in Czech Republic. The company also exports its products to Western and Eastern European countries. The company was founded in 1993 and is based in Prague, Czech Republic.

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Finance

Window Holding has been growing its sales by 2.76% a year on average in the last 5 years. EBITDA has grown on average by 8.26% a year during that time to total of CZK 41.1 mil in 2020, or 2.32% of sales. That’s compared to 0.783% average margin seen in last five years.

The company netted CZK 23.5 mil in 2020 implying ROE of 23.1% and ROCE of 6.84%. Again, the average figures were -16.6% and -2.59%, respectively when looking at the previous 5 years.

Window Holding’s net debt amounted to CZK 67.5 mil at the end of 2020, or 62.3% of equity. When compared to EBITDA, net debt was 1.64x, up when compared to average of -4.46x seen in the last 5 years.

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