Sensirion Holding AG · SIX:SENS

Sensirion — H1 2020 Earnings Presentation

31 slides from Sensirion's earnings presentation, Aug 19, 2020

  1. Slide 1: Half-Year 2020 Results

    Half-Year 2020 Results Marc von Waldkirch, CEO Matthias Gantner, CFO 19 August 2020 © Copyright Sensirion Holding AG, Switzerland

  2. Slide 2: 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 2

  3. Slide 3: H1 2020 Overview

    H1 2020 Overview  H1 2020 was characterized by 3 major factors:  1) The ramp-ups of new product families PM2.5 and CO2 were stronger than expected. Business  2) Business with existing sensors has so far proved to be quite robust despite the COVID-19 pandemic.  3) COVID-19 led to a one-time effec

  4. Slide 4: Automotive H1 2020 Business Review

    Automotive H1 2020 Business Review Main results Revenue development (CHFm)  H1 2020 revenue increased by +2.1% YoY to CHF 25.5m.  Revenue decline YoY in existing Tier II business with sensor components because of factory shut-downs at automotive OEMs in Q2 2020. 29.0 25.5 24.9  Our first automoti

  5. Slide 5: Medical H1 2020 Business Review

    Medical H1 2020 Business Review Main results Revenue development (CHFm) 42.8  At CHF 42.8m, revenue in H1 2020 increased by +148.1% YoY. 24.0 Ventilator business  Of the CHF 42.8m revenue, CHF 24.0m was because of the 17.9 17.3 COVID-19-related strong increase in demand for gas flow sensors employ

  6. Slide 6: Application of Gas Flow Meters in Ventilators

    Application of Gas Flow Meters in Ventilators Application Schematic  Gas flow meters in ventilators measure the air flow at several locations to control the air flow into and from the patient. In particular, the transition from the patient being ventilated to the patient breathing themselves is cru

  7. Slide 7: Industrial H1 2020 Business Review

    Industrial H1 2020 Business Review Main results Revenue development (CHFm)  H1 2020 revenue increased by +5.4% YoY to CHF 36.8m.  New business from projects in the home appliance market employing CO2 and PM2.5 sensors drove revenue growth. 36.5 35.0 36.8  The overall demand in the industrial mark

  8. Slide 8: Consumer H1 2020 Business Review

    Consumer H1 2020 Business Review Main results Revenue development (CHFm)  H1 2020 revenue increased by 27.4% YoY to CHF 8.6m.  Revenue growth is due to new projects with humidity sensors and robust ongoing business with the established portfolio. 8.6 6.8 6.7  Especially in Asia, major customers l

  9. Slide 9: 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 9

  10. Slide 10: Financials Overview HY 2020

    Financials Overview HY 2020 Key Financials  Revenue CHF 113.7m, +35.5% YoY (+39.9% organic, -4.4% FX effects).  Gross margin 54.7%.  Adjusted EBITDA margin 19.7%.  Operating cash flow CHF 17.0m, free cash flow CHF 10.3m. © Copyright Sensirion Holding AG, Switzerland 10

  11. Slide 11: Revenue Growth from H1 2019 to H1 2020

    Revenue Growth from H1 2019 to H1 2020 Components of revenue growth (CHFm) +25.5% Revenue H1 2020 21.4  +35.5% YoY increase, driven by the ramp-ups of projects with +14.4% PM2.5 and CO2 sensors and the COVID-19-related business (3.7) 12.1 with gas flow meters for ventilators. -4.4% Foreign currency

  12. Slide 12: Gross Margin and Opex Development

    Gross Margin and Opex Development Gross profit and gross margin (%) (CHFm / % of revenue) Gross margin H1 2020 52.4% 53.2% 54.7%  Slight YoY increase in % of revenue because of economy of scales and product mix. 62.2 47.3 44.6  Additional workforce for COVID-19-related ventilator business mainly c

  13. Slide 13: Adjusted EBITDA Development

    Adjusted EBITDA Development Adj. EBITDA1 and adj. EBITDA margin (%) (CHFm / % of revenue) 19.7% 17.1% Adjusted EBITDA H1 2020 10.0%  Adjusted EBITDA margin increased because of strong 22.5 increase of gross profit. 15.4 8.4  No IPO-related adjustments in 2020 anymore. H1 2018 H1 2019 H1 2020 H1 20

  14. Slide 14: Income Statement

    Income Statement Condensed consolidated income statement (CHFm / % of revenue) Adjustments H1 2020 H1 2019 Revenue 113.7 83.9  H1 2020: no one-time effects (only recurring effects of net finance costs excl. net Cost of sales (51.5) (39.3) interest expenses, and share of loss/profit of equity- Gross

  15. Slide 15: Net Working Capital and Capital Expenditures

    Net Working Capital and Capital Expenditures Net working capital1 (CHFm / % of LTM revenue) 24.7% 25.0% Net working capital H1 2020 22.3%  Increased YoY mainly because of increase of trade receivables in connection with COVID-19-related ventilator 41.6 50.2 business during H1 2020. 38.1 As of 30 Ju

  16. Slide 16: Continuing Strong Balance Sheet

    Continuing Strong Balance Sheet As of 30 June 2020 As of 31 December 2019 Equity / total assets 67.1 % Equity / total assets 72.5% Net cash1 CHF 56.1m Net cash1 CHF 48.0m Assets Liabilities and Equity Assets Liabilities and Equity Trade payables CHF 7.9m Lease liabilities CHF 13.2m Cash CHF 69.4m Tr

  17. Slide 17: Free Cash Flow Development

    Free Cash Flow1 Development FCF and FCF conversion rate (%) H1 2020 (CHFm) (CHFm / % of adjusted EBITDA) FCF conversion rate2 57.6% 17.0  H1 2018 57.6% 46.1%  H1 2019 11.4%  H1 2020 46.1% 11.4% (6.7) 10.3 10.3 8.9 1.0 H1 2018 H1 2019 H1 2020 CFO CFI (w/o M&A FCF activities) 1 Free cash flow (FCF)

  18. Slide 18: 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 18

  19. Slide 19: Strategic Achievements

    Strategic Achievements Strategic drivers Strategic pillars Main strategic achievements 1  Agile reaction to strong increase in demand for gas flow meters for ventilators, expansion of production capacity by 8-10x. Drive market and cost  Increase in market share of gas flow meters. leadership in ex

  20. Slide 20: New Production Site in Debrecen, Hungary

    New Production Site in Debrecen, Hungary Groundbreaking of new production site  Groundbreaking of new production site in Debrecen, Hungary, due to positive business trends and increasing demand. The site in Debrecen will expand our production capabilities and capacities.  The site is being built a

  21. Slide 21: Customer Content Increase through New Products (Examples)

    Customer Content Increase through New Products (Examples) Automotive: In-cabin climate control Humidity/temperature  Successful ramp-up of first automotive Humidity/ PM2.5 module project in H1 2020. temperature Anti-fogging module  PM2.5 sensor employed to monitor air Particulate matter (PM2.5) in

  22. Slide 22: Summary

    Summary  Successful expansion of environmental product portfolio through establishment of CO2 sensor and PM2.5 module, exemplified by significant revenues from ramp-up of customer projects in automotive and home appliance markets.  In spite of COVID-19, maintained and partially increased market sh

  23. Slide 23: Outlook

    Outlook In mid-June we increased our expectations for the full year 2020 in view of the positive market trends and the Covid 19-related special effect from the ventilator business. We confirm this outlook and now expect consolidated revenue of CHF 210-230 million (previously CHF 200- 240 million) fo

  24. Slide 24: Financial Calendar

    Financial Calendar Date Event 19 August 2020 Half-Year 2020 Results and Interim Report 16 March 2021 Full-Year 2020 Results and Annual Report 18 May 2021 Annual General Meeting 2021 Contact information Andrea Wüest Director Investor Relations and M&A Phone: +41 44 927 11 40 Email: andrea.wueest@sens

  25. Slide 25: 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 25

  26. Slide 26: Appendix

    Appendix © Copyright Sensirion Holding AG, Switzerland 26

  27. Slide 27: Reconciliation of Profit (Loss) to Adjusted EBITDA

    Reconciliation of Profit (Loss) to Adjusted EBITDA Reconciliation H1 2020 (CHFm) (CHFm) 2.4 H1 2020 H1 2019 0.8 Profit (loss) for the period 11.1 (1.9) 8.2 - Depreciation & amortization 8.2 7.4 - Net interest expenses, income taxes 0.8 (0.7) EBITDA 20.1 4.8 Adjusted for - Net finance costs excluding

  28. Slide 28: Diversified Revenue Development Across all our End Markets

    Diversified Revenue Development Across all our End Markets Revenue development H1 2020 (H1 2019) revenue distribution (CHFm) YoY +29.6% -7.0% +35.5% 7.5% 113.7 (8.0%) 22.4% (29.7%) Automotive 8.6 Medical 32.4% (41.7%) 90.2 Industrial 6.8 83.9 36.8 Consumer 6.7 37.7% (20.6%) 36.5 35.0 23.6% 42.8 (21.

  29. Slide 29: Statement of Cash Flows

    Statement of Cash Flows Condensed consolidated statement of cash flows (CHFm) H1 2020 H1 2019 CFO H1 2020 Cash flow from operating activities (CFO) 17.0 11.1  Continuous generation of cash through operating activities. Cash flow from investing activities (CFI) (6.7) (10.1) Cash flow from financing

  30. Slide 30: 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

  31. Slide 31: www.sensirion.com

    www.sensirion.com © Copyright Sensirion Holding AG, Switzerland

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