Sensirion Holding Ag · SIX:SENS
Sensirion — H1 2021 Earnings Presentation
28 slides from Sensirion's earnings presentation, Aug 25, 2021
Slide 1: Half-Year 2021 Results
Half-Year 2021 Results Marc von Waldkirch, CEO Matthias Gantner, CFO 25 August 2021 © Copyright Sensirion Holding AG, Switzerland Half-year 2021 results, 25 August 2021
Slide 2: Please note that this event will be recorded
Please note that this event will be recorded. © Copyright Sensirion Holding AG, Switzerland Half-year 2021 results, 25 August 2021 2
Slide 3: Agenda
Agenda 1 ▪ Half-year 2021 highlights Marc von Waldkirch, CEO ▪ Business review 2 ▪ Half-year 2021 financial review Matthias Gantner, CFO 3 ▪ Outlook Marc von Waldkirch, CEO 4 ▪ Q&A © Copyright Sensirion Holding AG, Switzerland Half-year 2021 results, 25 August 2021 3
Slide 4: H1 2021 overview
H1 2021 overview ▪ Further customer ramp-ups with environmental sensors and a very dynamic post-pandemic demand in the existing business resulted in strong revenue growth. Business ▪ Pandemic-related demand for sensors for ventilators slowed down as expected. ▪ Sensirion strengthened its technology
Slide 5: Automotive H1 2021 business review
Automotive H1 2021 business review Main results Revenue development (CHFm) ▪ H1 2021 revenue increased by 32.9% YoY to CHF 33.8m. ▪ Revenue growth was driven by the Tier-II sensor component business as demand recovered, steadily increasing market share and an increased penetration rate of our sensor
Slide 6: Medical H1 2021 business review
Medical H1 2021 business review Main results Revenue development (CHFm) ▪ At CHF 36.4m, revenue in H1 2021 decreased by -15.1% YoY. 42.8 Adjusted for the COVID-19-related one-time sales of CHF 36.4 17.0m, revenue was stable YoY. 21.4 COVID-19-related 17.0 ventilator business ▪ Sales were for the las
Slide 7: Industrial H1 2021 business review
Industrial H1 2021 business review Main results Revenue development (CHFm) ▪ H1 2021 revenue increased by 68.0% YoY to CHF 61.9m. ▪ The main drivers here were important customer ramp-ups with our environmental solutions. 61.9 35.0 36.8 ▪ In the appliances market, we are seeing strong demand for comb
Slide 8: Consumer H1 2021 business review
Consumer H1 2021 business review Main results Revenue development (CHFm) ▪ H1 2021 revenue increased by 43.5% YoY to CHF 12.3m. ▪ Growth was primarily achieved thanks to high demand in the broad-based distribution market and initial sales of the CO2 sensor. 12.3 6.7 8.6 H1 2019 H1 2020 H1 2021 Baby
Slide 9: Agenda
Agenda 1 ▪ Half-year 2021 highlights Marc von Waldkirch, CEO ▪ Business review 2 ▪ Half-year 2021 financial review Matthias Gantner, CFO 3 ▪ Outlook Marc von Waldkirch, CEO 4 ▪ Q&A © Copyright Sensirion Holding AG, Switzerland Half-year 2021 results, 25 August 2021 9
Slide 10: H1 2021 financials overview
H1 2021 financials overview ▪ Revenue CHF 144.4m, +27.0% YoY (+29.2% organic, +1.3% inorganic, -3.5% FX effects). ▪ Gross margin 61.9%. Key financials ▪ EBITDA margin 31.8%. ▪ Operating cash flow CHF 39.1m, free cash flow CHF 33.0m. ▪ Financial reports now prepared in accordance with Swiss GAAP FER.
Slide 11: Revenue development from H1 2020 to H1 2021
Revenue development from H1 2020 to H1 2021 Components of revenue growth (CHFm) Revenue H1 2021 +1.3% +33.0% 1.5 ▪ +27.0% YoY, driven by the ramp-ups of (4.4) projects with PM2.5 and CO2 sensors (4.0) 37.6 -3.8% -3.5% ▪ Contribution from COVID-19-related revenue declined by –CHF 4.4m YoY. Foreign cu
Slide 12: Gross margin and opex development
Gross margin and opex development Gross profit and gross margin (%) (CHFm / % of revenue) 61.9% 53.2% 54.7% Gross profit and margin H1 2021 ▪ Strong YoY increase in gross profit. Gross margin increased because of economies of scale. High capacity load in 89.4 62.2 operations. 44.6 H1 2019 H1 2020 H1
Slide 13: EBITDA development
EBITDA development EBITDA1 and EBITDA margin (%) (CHFm / % of revenue) 31.8% 19.1% EBITDA H1 2021 10.0% ▪ EBITDA and EBITDA margin increased significantly 45.9 because of the increase in gross profit in connection 21.8 with economies of scale and one-time ventilator 8.4 business, with stable opex. H
Slide 14: Income statement
Income statement Condensed consolidated income statement (CHFm / % of revenue) H1 2021 H1 2021 H1 2020 ▪ EBITDA of CHF 45.9m, with 31.8%, extraordinarily Revenue 144.4 113.7 high in relation to revenue. Cost of sales (55.0) (51.5) ▪ Net finance result through foreign currency gains Gross profit 89.4
Slide 15: Net working capital and capital expenditures
Net working capital and capital expenditures Net working capital1 (CHFm / % of LTM revenue) Net working capital H1 2021 25.0% 18.1% 19.7% ▪ Increased HoH because of higher trade receivables as at 30 June 2021. 50.2 45.8 56.0 ▪ DSO stable at approx. 45 days. Capex H1 2021 As of 30 Jun 2020 31 Dec 202
Slide 16: Statement of cash flows
Statement of cash flows Condensed consolidated statement of cash flows (CHFm) H1 2021 adj. H1 2021 H1 2020 CFO H1 2021 Cash flow from operating activities (CFO) 39.1 39.1 16.0 ▪ Strong generation of cash through Cash flow from investing activities (CFI) 10.5 (6.6) operating activities. Adjusted CFI:
Slide 17: Free cash flow development
(3.0) Free cash flow1 development FCF and FCF conversion rate2 (%) H1 2021 (CHFm / % of adjusted EBITDA) (CHFm) FCF H1 2021 71.9% (16.1) ▪ Strong growth compared YoY. ▪ FCF conversion rate extraordinarily 43.0% high. 19.5 13.4 ▪ M&A activities (Qmicro, IRsweep) 11.4% amount to CHF 13.4m, excluded 39
Slide 18: Continuing strong balance sheet
Continuing strong balance sheet As of 30 June 2021 As of 31 December 2020 Equity / total assets 81.2% Equity / total assets 83.3% Net cash1 CHF 111.7m Net cash1 CHF 91.9m Net cash / LTM EBITDA 2.4 Net cash / LTM EBITDA 4.2 Assets Liabilities and equity Assets Liabilities and equity Trade payables CH
Slide 19: Agenda
Agenda 1 ▪ Half-year 2021 highlights Marc von Waldkirch, CEO ▪ Business review 2 ▪ Half-year 2021 financial review Matthias Gantner, CFO 3 ▪ Outlook Marc von Waldkirch, CEO 4 ▪ Q&A © Copyright Sensirion Holding AG, Switzerland Half-year 2021 results, 25 August 2021 19
Slide 20: Strategic achievements H1 2021
Strategic achievements H1 2021 Strategic focuses Strategic achievements Focus 3: ▪ Acquired micro gas analyzer company Qmicro B.V. Develop technologies for long-term growth ▪ Completed full acquisition of IRsweep, provider of optical sensing solutions in the IR. Focus 2: ▪ New environmental sensor b
Slide 21: FY 2021 outlook
FY 2021 outlook As a result of the positive first half-year, we increased our revenue expectations for the full year 2021 at the beginning of July. However, uncertainties remain high in the second half of 2021, as it is currently unclear how long the challenging situation in the supply chain and the
Slide 22: Agenda
Agenda 1 ▪ Half-year 2020 highlights Marc von Waldkirch, CEO ▪ Business review 2 ▪ Half-year 2020 financial review Matthias Gantner, CFO 3 ▪ Outlook Marc von Waldkirch, CEO 4 ▪ Q&A © Copyright Sensirion Holding AG, Switzerland Half-year 2021 results, 25 August 2021 22
Slide 23: Q&A
Q&A ▪ To register a question, please use the “raise hand” function. ▪ The hand icon will then become green. ▪ Wait for the moderator to ask you to speak. ▪ The moderator will unmute you. ▪ Please state your name and affiliation before asking your question(s). ▪ Afterwards, the moderator will mute yo
Slide 24: Financial calendar
Financial calendar Date Event 25 August 2021 Half-year 2021 results and interim report 15 March 2022 Full-year 2021 results and annual report 16 May 2022 Annual general meeting 2022 Contact information Andrea Wüest Director Investor Relations and M&A Phone: +41 44 927 11 40 Email: andrea.wueest@sens
Slide 25: Diversified revenue development across all our end markets
Diversified revenue development across all our end markets Revenue development H1 2021 (H1 2020) revenue distribution (CHFm) Percentage values without COVID-19-related ventilator business YoY -7.0% +35.5% +27.0% 9.7% 144.4 (8.5%) 26.5% (23.4%) Automotive 12.3 Medical 113.7 Industrial 48.6% 8.6 (42.9
Slide 26: Disclaimer
Disclaimer Certain statements in this document are forward-looking statements, including, but not limited to, those using words such as "believe", "assume", "expect" and other similar expressions. Such forward-looking statements are based on assumptions and expectations and, by their nature, involve
Slide 27: Technology at heart, future in mind.
Technology at heart, future in mind. © Copyright Sensirion Holding AG, Switzerland Half-year 2021 results, 25 August 2021 27
Slide 28: www.sensirion.com
www.sensirion.com © Copyright Sensirion Holding AG, Switzerland Half-year 2021 results, 25 August 2021 28