Sensirion Holding Ag · SIX:SENS

Sensirion — FY2018 Earnings Presentation

30 slides from Sensirion's earnings presentation, Mar 7, 2019

  1. Slide 1: Full-Year 2018 Results

    Full-Year 2018 Results Marc von Waldkirch, CEO Matthias Gantner, CFO 07 March 2019 © Copyright Sensirion AG, Switzerland

  2. Slide 2: Experts for Smart Sensor Solutions

    Experts for Smart Sensor Solutions Sensirion  Sensirion is a pure-play sensor company at the forefront of sensor innovation, supplying environmental and flow sensor solutions to the automotive, medical, industrial, and consumer markets.  Founded in 1998 as a spin-off company of the Swiss Federal I

  3. Slide 3: Agenda

    Agenda 1  Fiscal year 2018 highlights Marc von Waldkirch, CEO  Strategic milestones  Business review 2  Fiscal year 2018 financial review Matthias Gantner, CFO 3  Q&A © Copyright Sensirion AG, Switzerland 3

  4. Slide 4: Successful FY 2018 with Revenue Growth Across our Diversified End Markets

    Successful FY 2018 with Revenue Growth Across our Diversified End Markets  Expectations communicated at IPO achieved.  All end markets contributed to revenue growth, with slowdown in H2 2018. Business  Successful expansion of environmental sensor portfolio through launch of CO2 and PM2.5 sensors.

  5. Slide 5: Strategic Milestones in 2018

    Strategic Milestones in 2018 Highlights  Successful initial public offering.  Successful expansion of environmental sensor portfolio.  Decisive progress in Sensirion Automotive Solutions.  Expanding operational footprint and excellence.  Diversified revenue growth in all end markets. © Copyrigh

  6. Slide 6: Initial Public Offering

    Initial Public Offering Highlights  Sensirion successfully listed on SIX Swiss Exchange on 22 March 2018.  Sensirion aimed at expanding shareholder base including long-term committed anchor shareholders.  Co-Founders Moritz Lechner and Felix Mayer remain fully invested and committed to future dev

  7. Slide 7: Successful Expansion of Environmental Sensor Portfolio

    Successful Expansion of Environmental Sensor Portfolio Highlights  Carbon dioxide (CO2) and particulate matter (PM2.5) sensors successfully launched in 2018 to complement environmental sensor portfolio. CO2 sensor  Both sensors generated positive market response, CO2 sensor in industrial market, P

  8. Slide 8: Decisive Progress in Sensirion Automotive Solutions

    Decisive Progress in Sensirion Automotive Solutions Highlights  Sensirion acquired the sensor module business of AIC in 2017 to strengthen its competitive position as a supplier of automotive sensor solutions and establish manufacturing facilities in China and South Korea.  Integration of new busi

  9. Slide 9: Expanding Operational Footprint and Excellence

    Expanding Operational Footprint and Excellence Highlights Global Footprint, Close to Customers  “Fab-light” approach to manufacturing contributes to cost- efficient manufacturing and enables operating flexibility to efficiently respond to market trends and customer demands.  Newly acquired sites i

  10. Slide 10: Diversified Revenue Growth Across all our End Markets

    Diversified Revenue Growth Across all our End Markets Revenue development 2018 (2017) distribution by end market and region (CHFm) YoY growth +12% +13% +18% 8% (9%) 174.8 31% (28%) Automotive Medical 13.7 39% (40%) 148.0 Industrial 131.4 13.3 Consumer 68.6 22% (23%) 11.5 60.3 51.8 21% (22%) 38.6 APA

  11. Slide 11: Automotive FY 2018 Business Review

    Automotive FY 2018 Business Review Highlights Revenue development (CHFm)  FY 2018 revenue increased by 31% YoY to CHF 53.9m.  Organic growth 8% YoY, inorganic growth 23% YoY. 14.9 inorganic 5.9  Organic growth driven by increased volumes of RHT- and organic 36.7 35.1 39.0 mass flow sensors, emplo

  12. Slide 12: Medical FY 2018 Business Review

    Medical FY 2018 Business Review Highlights Revenue development (CHFm)  FY 2018 revenue increased by 15% YoY to CHF 38.6m.  Growth resulted from continued volume increase of existing customer projects. 33.4 38.6 31.4  Main growth drivers were increased volumes of differential pressure sensors appl

  13. Slide 13: Industrial FY 2018 Business Review

    Industrial FY 2018 Business Review Highlights Revenue development (CHFm)  FY 2018 revenue increased by 14% YoY to CHF 68.6m.  Growth mainly from increased sales through distribution sales channels and market share gains of a major smart gas meter customer. 60.3 68.6 51.8  In appliances market, ou

  14. Slide 14: Consumer FY 2018 Business Review

    Consumer FY 2018 Business Review Highlights Revenue development (CHFm)  FY 2018 revenue increased by 3% YoY to CHF 13.7m.  Growth from increased sales of RHT- and air quality sensors through distribution channels, especially in China and US. 11.5 13.3 13.7  Sensor applications centered around sma

  15. Slide 15: Sensirion's Growth Drivers and Opportunities

    Sensirion’s Growth Drivers and Opportunities Growth Strategy Sensirion’s long-term fundamentals remain strong  Continuous trickle-down from existing high and middle-end 1 Drive market leadership in our core to broad applications in all end markets.  Leverage economies of scale through platform dev

  16. Slide 16: Agenda

    Agenda 1  Fiscal year 2018 highlights Marc von Waldkirch, CEO  Strategic milestones  Business review 2  Fiscal year 2018 financial review Matthias Gantner, CFO 3  Q&A © Copyright Sensirion AG, Switzerland 16

  17. Slide 17: Financials Overview

    Financials Overview Key Financials  Revenue CHF 174.8m (+18%).  Gross margin 53%.  Adjusted EBITDA margin 16%.  Free cash flow CHF 22.8m. © Copyright Sensirion AG, Switzerland 17

  18. Slide 18: Revenue Growth from FY 2017 to FY 2018

    Revenue Growth from FY 2017 to FY 2018 Components of growth (CHFm) Revenue FY 2018 +1% +6%  18% total growth. +11% 1.6 9.6 15.6 Organic growth  11%, from all markets. Inorganic growth1  6%, from AIC acquisition. Foreign exchange effects 174.8 148.0  1%, mainly from EUR, USD and JPY. FY 2017 Orga

  19. Slide 19: Gross Margin and Opex Development

    Gross Margin and Opex Development Gross profit and gross margin (%) (CHFm) 55% 57% 53% Gross margin FY 2018  In line with historical long-term trend. 93.0  Dilution because of characteristics of legacy module business. 72.8 85.0 R&D expenses FY 2018 FY 2016 FY 2017 FY 2018  Continued premium R&D

  20. Slide 20: Adjusted EBITDA Development

    Adjusted EBITDA Development Adj. EBITDA1 and adj. EBITDA margin (%)2 (CHFm) 20% 18% 16% Adjusted EBITDA FY 2018  Excludes one-off costs, primarily IPO Loyalty Share Program and other IPO-related costs. 25.7 26.2 27.8  Slight decrease of adjusted EBITDA margin because of full year consolidation of

  21. Slide 21: Net Working Capital and Capital Expenditures

    Net Working Capital and Capital Expenditures Net working capital1 (CHFm) NWC NWC / LTM Revenue Net working capital FY 2018 30% 25%  Decreased YoY absolute and as % of LTM revenue. 20% 43.9 43.5 25.8 Capex FY 2018 FY 2016 FY 2017 FY 2018  In line with historical mid-term trend. Capex2 (CHFm)  Capi

  22. Slide 22: Strong Balance Sheet to Support Future Growth

    Strong Balance Sheet to Support Future Growth As of 31 December 2017 As of 31 December 2018 Equity / total assets 35% Equity / total assets 75% Net cash (debt)1 (CHF 69.3m) Net cash1 CHF 42.6m Net (debt) / LTM adjusted EBITDA (2.6) Net cash / LTM adjusted EBITDA 1.5 Assets Liabilities and Equity Tra

  23. Slide 23: Free Cash Flow Development

    Free Cash Flow1 Development FY 2016 – FY 2018 FY 2018 (CHFm) (CHFm) FCF conversion rate2, adjusted for one-off items3 6.6  FY 2016 48% 22.2 22.8  FY 2017 (33%) 3.7  FY 2018 45% 26.4 (13.9) 22.8 (40.5) CFO CFI w/o AIC- AIC escrow Proceeds from FCF FY 2016 FY 2017 FY 2018 related cash repayment AIC

  24. Slide 24: Outlook

    Outlook The global economic situation changed in H2 2018. For H1 2019, we expect weaker market demand and reduced visibility because of increasing economic and political uncertainties. A positive trend for H2 2019 is likely, provided geopolitical tensions do not intensify. Apart from short-term unce

  25. Slide 25: Upcoming Events

    Upcoming Events Date Event 14 May 2019 Annual general meeting 21 August 2019 2019 half-year results and interim report Contact information Andrea Wüest Director Investor Relations Phone: +41 44 927 11 40 Mail: andrea.wueest@sensirion.com © Copyright Sensirion AG, Switzerland 25

  26. Slide 26: Agenda

    Agenda 1  Fiscal year 2018 highlights Marc von Waldkirch, CEO  Strategic milestones  Business review 2  Fiscal year 2018 financial review Matthias Gantner, CFO 3  Q&A © Copyright Sensirion AG, Switzerland 26

  27. Slide 27: Appendix

    Appendix © Copyright Sensirion AG, Switzerland 27

  28. Slide 28: Reconciliation of Profit (Loss) to Adjusted EBITDA

    Reconciliation of Profit (Loss) to Adjusted EBITDA Reconciliation FY 2018 (CHFm) (CHFm) FY 2017 FY 2018 3.0 Profit (loss) for the period (0.8) (6.4) 16.9 (1.1 ) - Depreciation & amortization 13.4 15.3 - Net interest expenses, income taxes 3.9 0.3 EBITDA 16.5 9.2 Adjusted for - Net finance costs excl

  29. Slide 29: 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

  30. Slide 30: www.sensirion.com

    www.sensirion.com © Copyright Sensirion AG, Switzerland

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