Sensirion Holding Ag · SIX:SENS
Sensirion — FY2022 Earnings Presentation
28 slides from Sensirion's earnings presentation, Mar 14, 2023
Slide 1: Full-Year 2022 Results
Full-Year 2022 Results Marc von Waldkirch, CEO Matthias Gantner, CFO 14 March 2023 © Copyright Sensirion Holding AG, Switzerland Full-year 2022 results, 14 March 2023
Slide 2: Please note that this event will be recorded
Please note that this event will be recorded. © Copyright Sensirion Holding AG, Switzerland Full-year 2022 results, 14 March 2023 2
Slide 3: Agenda
Agenda Marc von Waldkirch Matthias Gantner Marc von Waldkirch Q&A CEO CFO CEO Full-year 2022 highlights Full-year 2022 financial Outlook review Business review 01 02 03 04 © Copyright Sensirion Holding AG, Switzerland Full-year 2022 results, 14 March 2023 3
Slide 4: FY 2022 overview
FY 2022 overview Business Outlook ▪ Ongoing strong revenue growth, mainly driven by new environmental ▪ Visibility will remain low due to geopolitical and macro-economic challenges sensing products (CO2, formaldehyde, particulate matter PM2.5) ▪ Current slow down in demand first of all in the Applia
Slide 5: Automotive FY 2022 Business Review
Automotive FY 2022 Business Review Main results Revenue development (CHFm) FY 2022 revenue increased by 3.4% YoY to CHF 65.1m 62.9 65.1 55.2 Growth was achieved both in Tier-II component as well as the newer Tier-I module business. 2020 2021 2022 Auto-defogging After a weak H1/2022, sales picked up
Slide 6: Medical FY 2022 Business Review
Medical FY 2022 Business Review Main results Revenue development *One-Off special (CHFm) business One-Off extra business with CPAP customers due to a recall of their products amounted to a total off CHF 28.3m 112.3 66.1 76.1 70.0* 22.0* 28.3* 42.3 44.1 47.8 As a result of this special item, sales fi
Slide 7: Industrial FY 2022 business review
Industrial FY 2022 business review Main results Revenue development (CHFm) FY 2022 revenue increased by 17.0% YoY to CHF 153.8m 153.8 131.4 Key drivers for growth continue to be our recently launched 71.2 PM2.5 combo environmental modules as well as CO2 sensors 2020 2021 2022 HVAC Process control In
Slide 8: Consumer FY 2022 business review
Consumer FY 2022 business review Main results Revenue development (CHFm) FY 2022 revenue decreased by -1.1% YoY to CHF 26.7m 27 26.7 14.9 Successful adaption for particulate matter and CO2 sensors thanks to various IAQ monitor projects 2020 2021 2022 Baby monitors Year-end result was affected by wea
Slide 9: Historical revenue and gross margin development
Historical revenue and gross margin development Revenue core Mobile business Medical One-Off special Items Gross margin 340 100% 320 300 280 260 75% 240 220 61.7% 57.5% 57.6% 59.2% Revenue (CHFm) 200 55.4% 53.2% 53.7% Gross margin 52.5% 180 50% 160 293.4 140 287.5 120 253.7 100 174.8 171.0 25% 80 13
Slide 10: Strategic achievements FY 2022
Strategic achievements FY 2022 Strategic focuses Strategic achievements ▪ Main focus on building up a complementary business area where the focus is on Focus 3: qualified sensor data rather than sensor hardware for OEM suppliers (“Sensor as a Develop technologies for long-term growth service”) Focus
Slide 11: Agenda
Agenda Marc von Waldkirch Matthias Gantner Marc von Waldkirch Q&A CEO CFO CEO Full-year 2022 highlights Full-year 2022 financial review Outlook Business review 01 02 03 04 © Copyright Sensirion Holding AG, Switzerland Full-year 2022 results, 14 March 2023 11
Slide 12: FY 2022 financials overview
FY 2022 financials overview Key financials Revenue EBITDA margin Gross margin Operating cash flow CHF 321.7m 27.8% 59.2% CHF 49.5m, +11.9% YoY free cash flow (12.0% organic, 0.2% CHF 18.3m inorganic, -0.3% FX effects) © Copyright Sensirion Holding AG, Switzerland Full-year 2022 results, 14 March 202
Slide 13: Revenue development from FY 2021 to FY 2022
Revenue development from FY 2021 to FY 2022 Components of revenue growth (CHFm) Revenue FY 2022 0.6 28.3 (0.8) ▪ +12 % YoY organic growth, driven by the ongoing design wins for projects with PM2.5 22.0 28.1 and CO2 sensors. ▪ Contribution from one-time business in medical market (CPAP), revenue CHF
Slide 14: Diversified Revenue Development Across all our End Markets
Diversified Revenue Development Across all our End Markets Revenue development (CHFm) FY 2022 (FY 2021) revenue distribution YoY +11.9% +13.3% change +48.3% 321.7 287.5 26.7 8.3% 47.8% (9.4%) Automotive 253.7 27.0 (45.7%) 14.9 Medical 153.8 Industrial 71.2 131.4 20.3% Consumer 23.6% (21.9%) (23.0%)
Slide 15: Gross margin and opex development
Gross margin and opex development Gross profit and gross margin (CHFm / % of revenue) Gross profit and margin FY 2022 57.6% 61.7% 59.2% ▪ Higher material cost (purchase price) in majority compensated by increase ASP 177.3 190.6 146.2 ▪ Normalization of utilization of production capacities, higher ca
Slide 16: EBITDA development
EBITDA development EBITDA1 and EBITDA margin (CHFm / % of revenue) EBITDA FY 2022 31.7% 26.8% 27.8% ▪ EBITDA and EBITDA margin decreased due to normalization of utilization and in parallel 91.1 89.6 build up of additional R&D and sales 67.9 resources to address growth initiatives FY 2020 FY 2021 FY
Slide 17: Income statement
Income statement (CHFm / % of revenue) FY 2021 FY 2022 Revenue 287.5 321.7 Cost of sales (110.2) (131.1) Gross profit 177.3 61.7% 190.6 59.2% R&D expenses (46.4) (16.1%) (50.8) (15.8%) SG&A expenses (54.0) (18.8%) (65.4) (20.3%) Operating profit (EBIT) 76.8 26.7% 74.4 23.1% Condensed Net finance res
Slide 18: Net working capital and capital expenditures
Net working capital and capital expenditures Net working capital1 Net working capital FY 2022 26.9% 18.1% 19.8% ▪ Proactive buildup of inventory to assure service level in case of 86.5 shortage supply or energy. 56.8 45.8 ▪ Receivables: ongoing marginal debtors’ risk As of 31 Dec 2020 31 Dec 2021 31
Slide 19: Continuing strong balance sheet
Continuing strong balance sheet As of 31 December 2021 As of 31 December 2022 Equity / total assets 79.6% Equity / total assets 85.0% Net cash1 CHF 112.1 Net cash1 CHF 123.0m Net cash / LTM EBITDA 1.2 Net cash / LTM EBITDA 1.4 Assets Liabilities and equity Trade payables CHF 9.2m Trade payables CHF
Slide 20: Statement of cash flows
Statement of cash flows Condensed consolidated statement of cash flows CFO FY 2022 (CHFm) FY 2021 adj FY 2021 FY 2022 Cash flow from operating activities (CFO) 73.0 73.0 49.5 Cash flow from investing activities (CFI) (22.3) (34.3) Impact of increase of net working capital on operating cashflow CHF 2
Slide 21: Free cash flow development
Free cash flow1 development FCF and FCF conversion rate2 (%) FY 2022 61.2% 54.9% 20.5% 34.3 55.8 49.5 37.3 3.1 18.3 18.3 FY 2020 FY 2021 FY 2022 CFO CFI Exclude FCF M&A activities (CHFm / % of EBITDA) (CHFm) FCF FY 2022 1 Free cash flow (FCF) defined as the sum of CFO and CFI, excluding M&A activiti
Slide 22: Agenda
Agenda Marc von Waldkirch Matthias Gantner Marc von Waldkirch Q&A CEO CFO CEO Full-year 2022 highlights Full-year 2022 financial review Outlook Business review 01 02 03 04 © Copyright Sensirion Holding AG, Switzerland Full-year 2022 results, 14 March 2023 22
Slide 23: Outlook 2023
Outlook 2023 Assuming unchanged foreign currency exchange rates, we expect for FY 2023 ▪ Visibility will remain low due to geopolitical and macro-economic (CHFm) FY 2023 challenges ▪ Current slow down in demand first of all in the Appliances and Consumer markets; revitalization of demand expected du
Slide 24: Agenda
Agenda Marc von Waldkirch Matthias Gantner Marc von Waldkirch Q&A CEO CFO CEO Full-year 2022 highlights Full-year 2022 financial review Outlook Business review 01 02 03 04 © Copyright Sensirion Holding AG, Switzerland Full-year 2022 results, 14 March 2023 24
Slide 25: Q&A Thank you very much
Q&A Thank you very much © Copyright Sensirion Holding AG, Switzerland Full-year 2022 results, 14 March 2023 25
Slide 26: Financial calendar
Financial calendar Date Event Contact information 14 March 2023 Full-year 2022 results and annual report ▪ Heiko Komaromi ▪ Director Investor Relations and Business 15 May 2023 Annual general meeting 2023 Development ▪ Phone: +41 44 544 1644 ▪ Email: heiko.komaromi@sensirion.com 23 August 2023 Half-
Slide 27: 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 28: www.sensirion.com
www.sensirion.com © Copyright Sensirion Holding AG, Switzerland Full-year 2022 results, 14 March 2023