Sensirion Holding Ag · SIX:SENS
Sensirion — FY2020 Earnings Presentation
36 slides from Sensirion's earnings presentation, Mar 16, 2021
Slide 1: Full-Year 2020 Results
Full-Year 2020 Results Marc von Waldkirch, CEO Matthias Gantner, CFO 16 March 2021 © Copyright Sensirion Holding AG, Switzerland
Slide 2: Agenda
Agenda 1 ▪ Full-Year 2020 Highlights Marc von Waldkirch, CEO ▪ Business Review 2 ▪ Full-Year 2020 Financial Review Matthias Gantner, CFO 3 ▪ Outlook Marc von Waldkirch, CEO 4 ▪ Q&A © Copyright Sensirion Holding AG, Switzerland 2
Slide 3: FY 2020 Overview
FY 2020 Overview ▪ The coronavirus year 2020 proved to be very multi-faceted for Sensirion: despite many COVID-19-related restrictions and challenges, additional opportunities presented itself. ▪ On the one hand, demand for Sensirion’s sensor solutions was very robust, which can be attributed to the
Slide 4: Automotive FY 2020 Business Review
Automotive FY 2020 Business Review Main results Revenue development (CHFm) ▪ FY 2020 revenue increase by 7.5% YoY to CHF 55.2m. ▪ Two offsetting developments affected revenue: ▪ Strong sales growth in the new tier 1 and module 53.9 51.3 55.2 business thanks to the ramp-up of a PM2.5 sensor project i
Slide 5: Medical FY 2020 Business Review
Medical FY 2020 Business Review Main results Revenue development (CHFm) 112.3 ▪ At CHF 112.3m, revenue in FY 2020 increased by +219.7% YoY. COVID-19-related ▪ Of the CHF 112.3m revenue, CHF 70.0m came from the COVID- 70.0 ventilator business 19-related strong increase in demand for gas flow sensors
Slide 6: Supporting the Short-term Opportunity
Supporting the Short-term Opportunity Reaction to short-term increase in demand Application of gas flow sensors in medical ventilators ▪ Shortly after the pandemic outbreak in spring, the demand for sensors for ventilators multiplied within weeks. This led to a revenue increase from the ventilator b
Slide 7: Industrial FY 2020 Business Review
Industrial FY 2020 Business Review Main results Revenue development (CHFm) ▪ FY 2020 revenue increased by 1.2% YoY to CHF 71.2m. ▪ Newly launched products in the field of environmental sensors were able to compensate for a pandemic-related decline in demand in specific market areas. 68.6 70.3 71.2 ▪
Slide 8: Consumer FY 2020 Business Review
Consumer FY 2020 Business Review Main results Revenue development (CHFm) ▪ FY 2020 revenue increased by 5.3% YoY to CHF 14.9m. ▪ Growth originated from new projects with humidity sensors and robust business with the established portfolio. 13.7 14.1 14.9 ▪ In Asia in particular, important customers l
Slide 9: Historical Revenue and Gross Margin Development
Historical Revenue and Gross Margin Development Revenue core Mobile business COVID-19-related ventilator business Gross margin 260 100% 240 220 200 75% 180 Revenue (CHFm) 160 57.5% 57.6% Gross margin 52.5% 55.4% 53.2% 53.7% 140 50% 120 253.7 100 174.8 171.0 80 148.0 153.0 131.2 131.4 25% 60 116.9 40
Slide 10: Agenda
Agenda 1 ▪ Full-Year 2020 Highlights Marc von Waldkirch, CEO ▪ Business Review 2 ▪ Full-Year 2020 Financial Review Matthias Gantner, CFO 3 ▪ Outlook Marc von Waldkirch, CEO 4 ▪ Q&A © Copyright Sensirion Holding AG, Switzerland 10
Slide 11: FY 2020 Financials Overview
FY 2020 Financials Overview ▪ Revenue CHF 253.7m, +48.4% YoY (+53.5% organic, -5.1% FX effects). ▪ Gross margin 57.6%. Key Financials ▪ Adjusted EBITDA margin 27.1%. ▪ Operating cash flow CHF 53.3m. © Copyright Sensirion Holding AG, Switzerland 11
Slide 12: Revenue Growth from FY 2019 to FY 2020
Revenue Growth from FY 2019 to FY 2020 Components of revenue growth (CHFm) Revenue FY 2020 +40.9% ▪ +48.4% YoY increase, driven by the ramp-ups of projects with (8.7) PM2.5 and CO2 sensors and the COVID-19-related business with gas flow meters for ventilators. 70.0 -5.1% +12.5% ▪ Of the growth, +40.
Slide 13: Gross Margin and Opex Development
Gross Margin and Opex Development Gross profit and gross margin (%) (CHFm / % of revenue) 53.7% 57.6% Gross profit and margin FY 2020 53.2% ▪ Strong YoY increase of gross profit. Gross margin increased because of economies of scale from the one-time additional 146.2 business in the medical sector. 9
Slide 14: Adjusted EBITDA Development
Adjusted EBITDA Development Adj. EBITDA1 and adj. EBITDA margin (%) (CHFm / % of revenue) 27.1% 15.9% Adjusted EBITDA FY 2020 12.0% ▪ Adjusted EBITDA increased significantly because of 68.8 revenue increase in connection with economies of 27.8 scale from the one-time additional business in the 20.4
Slide 15: Income Statement
Income Statement Condensed consolidated income statement (CHFm / % of revenue) FY 2020 FY 2019 One-time effects Revenue 253.7 171.0 ▪ FY 2020: none. Cost of sales (107.5) (79.2) ▪ FY 2019: mainly CHF 6.5m for the last tranche of Gross profit 146.2 57.6% 91.8 53.7% the IPO Loyalty Share Program. R&D
Slide 16: Net Working Capital and Capital Expenditures
Net Working Capital and Capital Expenditures Net working capital1 (CHFm / % of LTM revenue) 24.9% Net working capital FY 2020 22.3% 18.1% ▪ Increased YoY because of increase in trade receivables and inventories during 2020, mainly in connection with the 43.5 45.8 COVID-19-related ventilator business
Slide 17: Continuing Strong Balance Sheet
Continuing Strong Balance Sheet As of 31 December 2020 As of 31 December 2019 Equity / total assets 72.8% Equity / total assets 72.5% Net cash1 CHF 78.2m Net cash1 CHF 48.0m Net cash / LTM adjusted EBITDA 1.1 Net cash / LTM adjusted EBITDA 2.3 Assets Liabilities and Equity Assets Liabilities and Equ
Slide 18: Statement of Cash Flows
Statement of Cash Flows Condensed consolidated statement of cash flows (CHFm) FY 2020 adj. FY 2020 FY 2019 CFO FY 2020 Cash flow from operating activities (CFO) 53.3 25.7 ▪ Strong generation of cash through Cash flow from investing activities (CFI) (49.1) (17.2) operating activities, also due to COV
Slide 19: Free Cash Flow Development
(3.0) Free Cash Flow1 Development FCF and FCF conversion rate2 (%) FY 2020 (CHFm / % of adjusted EBITDA) (CHFm) FCF FY 2020 (16.1) ▪ For calculation of FCF, CHF 30.0m of CFI excluded in connection with short-term financial deposit and 56.9% invest in financial assets. 44.7% 41.9% ▪ M&A activities am
Slide 20: Change in Accounting Standard
Change in Accounting Standard ▪ The Board of Directors of Sensirion Holding AG has decided to change the Group’s accounting standard from IFRS to Swiss GAAP FER with a transition date as of 1 January 2020 as per the next interim consolidated financial statements as at and for the six months ended 30
Slide 21: Change in Accounting Standard
Change in Accounting Standard Conversion mainly affects 3 areas ▪ Offsetting of goodwill against equity ▪ Significant simplification for the valuation of pension obligations ▪ Simplified disclosure of contractual obligations from rents, reduction of balance sheet due to reduction of leased assets an
Slide 22: Agenda
Agenda 1 ▪ Full-Year 2020 Highlights Marc von Waldkirch, CEO ▪ Business Review 2 ▪ Full-Year 2020 Financial Review Matthias Gantner, CFO 3 ▪ Outlook Marc von Waldkirch, CEO 4 ▪ Q&A © Copyright Sensirion Holding AG, Switzerland 22
Slide 23: Strategic Achievements FY 2020
We will discuss more details of our growth strategy at the Strategic Achievements FY 2020 Capital Markets Day on 25 March 2021 Strategic drivers Strategic focuses Main strategic achievements ▪ Acquisition of Dutch micro gas chromatography company Qmicro. The acquisition will allow us to expand our p
Slide 24: FY 2021 Outlook
FY 2021 Outlook In our view, the global economic situation remains fragile at the beginning of 2021 and visibility is low in view of the pandemic and geopolitical challenges. We currently see demand picking up in all markets and promising signs of recovery, hoping for a foreseeable end to the COVID-
Slide 25: Financial Calendar
Financial Calendar Date Event 16 March 2021 Full-Year 2020 Results and Annual Report 25 March 2021 Capital Markets Day 18 May 2021 Annual General Meeting 2021 25 August 2021 Half-Year 2021 Results and Interim Report Contact information Andrea Wüest Director Investor Relations and M&A Phone: +41 44 9
Slide 26: Agenda
Agenda 1 ▪ Full-Year 2020 Highlights Marc von Waldkirch, CEO ▪ Business Review 2 ▪ Full-Year 2020 Financial Review Matthias Gantner, CFO 3 ▪ Outlook Marc von Waldkirch, CEO 4 ▪ Q&A © Copyright Sensirion Holding AG, Switzerland 26
Slide 27: Q&A
Q&A ▪ To register a question(s), please dial *14. ▪ When it is your turn, you will hear a short announcement asking you to speak. ▪ Please state your name and affiliation before asking your question(s). ▪ Thank you very much. © Copyright Sensirion Holding AG, Switzerland 27
Slide 28: Appendix
Appendix © Copyright Sensirion Holding AG, Switzerland 28
Slide 29: Reconciliation of Profit (Loss) to Adjusted EBITDA
Reconciliation of Profit (Loss) to Adjusted EBITDA Reconciliation FY 2020 (CHFm) (CHFm) FY 2020 FY 2019 4.7 Profit (loss) for the period 41.9 (2.7) 4.4 - Depreciation & amortization 17.7 15.9 - Net interest expenses, income taxes 4.4 (0.9) 17.7 EBITDA 64.1 12.3 Adjusted for 68.7 64.0 - Net finance c
Slide 30: Diversified Revenue Development Across all our End Markets
Diversified Revenue Development Across all our End Markets Revenue development FY 2020 revenue distribution (CHFm) Percentage values without (with) COVID-19-related ventilator business YoY +18.1% -2.2% +48.4% 8.1% 253.7 (5.9%) 30.1% Automotive 14.9 (21.7%) Medical 38.8% 71.2 (28.1%) Industrial 174.8
Slide 31: Strong Diversification across Markets
Strong Diversification across Markets FY 2020 revenue distribution (excluding COVID-19-related ventilator business) 8.2% 7.8% 6.3% Automotive Top 10 customers contribute Medical 4.9% 42.2% of revenue Industrial 57.7% 4.1% Rest 2.8% 2.7% 2.1% 1.8% 1.6% © Copyright Sensirion Holding AG, Switzerland 31
Slide 32: Restatements IFRS to SGF
Restatements IFRS to SGF unaudited Condensed consolidated income statement (CHFm) FY 2020 FY 2019 SGF restated IFRS SGF restated IFRS Revenue 253.7 253.7 171.0 - 171.0 Material cost (65.7) - (65.7) (46.5) - (46.5) Personnel expenses (97.8) 1.1 (98.9) less service cost IAS 19 (93.6) 0.8 (94.4) Other
Slide 33: Restatements IFRS to SGF
Restatements IFRS to SGF unaudited Consolidated balance sheet (CHFm) SGF IFRS SGF IFRS SGF IFRS 31.12.2020 restated 31.12.2020 31.12.2019 restated 31.12.2019 31.12.2018 restated 31.12.2018 Assets Cash and cash equivalents 61.9 - 61.9 60.3 - 60.3 53.9 - 53.9 Financial assets 30.0 - 30.0 - - - - - - V
Slide 34: Restatements IFRS to SGF
Restatements IFRS to SGF unaudited Consolidated balance sheet (CHFm) SGF IFRS SGF IFRS SGF IFRS 31.12.2020 restated 31.12.2020 31.12.2019 restated 31.12.2019 31.12.2018 restated 31.12.2018 Liabilities Lease liabilities - (2.3) 2.3 - (1.8) 1.8 - (1.4) 1.4 Other current liabilities 32.2 - 32.2 16.0 -
Slide 35: 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 36: www.sensirion.com
www.sensirion.com © Copyright Sensirion Holding AG, Switzerland