Sensirion Holding Ag · SIX:SENS
Sensirion — H1 2024 Earnings Presentation
25 slides from Sensirion's earnings presentation, Aug 21, 2024
Slide 1: Half-Year 2024 Results
HALF-YEAR 2024 RESULTS Sensirion Holding Marc von Waldkirch, CEO Matthias Gantner, CFO 21 August 2024
Slide 2: Please note that this event will be recorded
Please note that this event will be recorded. 2 © Copyright Sensirion, Switzerland Confidential
Slide 3: Agenda
AGENDA Marc von Waldkirch Matthias Gantner Marc von Waldkirch Q&A CEO CFO CEO Half-year 2024 highlights Half-year 2024 Outlook FY 2024 financial review Business review 01 02 03 04 3 © Copyright Sensirion, Switzerland Confidential
Slide 4: Half-year 2024 overview
Half-year 2024 overview Business • Broad-based return to organic growth • Strong growth of Automotive Markets (new business) and Industrial Market (recovery in Home Appliances) • Weak demand in Medical and consumer business due to ongoing de-stocking and low-end consumer demand (as expected) • Disci
Slide 5: Automotive market
Automotive market Continued growth over multiple reporting periods Main results Revenue development (CHFm) HY 2024 revenue increased by 14% year-on-year to CHF 39.8m 34.8 37.6 39.8 New products and stable existing business drive 31.0 continued growth over multiple reporting periods H1 2022 H1 2023 H
Slide 6: Medical Markets
Medical Markets first half of 2024 impacted by destocking effects Main results Revenue development (CHFm) H1 2024 revenue decreased year-on-year by -42% to 36.6 CHF 18.3m One-Off Special 14.7 Business 31.7 H1/23 marked the end of an extraordinary demand 21.9 18.3 13.1 cycle (CPAP, medical ventilator
Slide 7: Industrial Markets
Industrial Markets H1 2024 delivers promising growth driven by home appliances and HVAC Main results Revenue development (CHFm) H1 2024 revenue increased by +31% year-on-year to CHF 63.5m 81.2 52.4 63.5 48.6 Growth was mainly driven by a strong recovery in appliances (mainly air purifiers). Inventor
Slide 8: Consumer market
Consumer market H1 2024 still impacted by de-stocking and generally weak economic conditions Main results Revenue development (CHFm) H1 2024 revenue decreased by – 22% year-on-year to CHF 6.3m Extraordinary (pandemic- and allocation-driven) demand 16.0 cycle ended in H1 2022, resultant in high inven
Slide 9: Update on closure of condition monitoring activities
Update on closure of condition monitoring activities Closure of Condition Monitoring Activities in Berlin, Germany – On track • Sensirion communicated to cease its activities in condition monitoring (formerly StartUp AiSight, Berlin) in April 2024 • The Berlin-based start-up AiSight was acquired in
Slide 10: Agenda
AGENDA Marc von Waldkirch Matthias Gantner Marc von Waldkirch Q&A CEO CFO CEO Half-year 2024 highlights Half-year 2024 Outlook FY 2024 financial review Business review 01 02 03 04 10 © Copyright Sensirion, Switzerland Confidential
Slide 11: H1 2024 financials overview
H1 2024 financials overview Key financials Revenue Gross margin adj. EBITDA margin adj. Operating cash flow CHF 128.0m 47.5% 4.6% CHF 7.2m, +3.9% y-o-y Gross margin EBITDA margin Free cash flow (+8.9% organic, -5.0% 46.6% (17.7%) CHF (15.5m) FX) Confidential 11
Slide 12: Summary H1 P&L reported vs adjusted
Summary H1 P&L reported vs adjusted Extraordinary impairment of CHF 28.6 million at the EBITDA level and CHF 33.4 million at the net profit level Consolidated, in millions of CHF 30 June Δ 30 June 2024 Δ in % adj. 30 June 2023 2024 Adjustments adjusted P&L Impacts • EBITDA impact, non-recurring CHF
Slide 13: Revenue development from H1 2023 to H1 2024
Revenue development from H1 2023 to H1 2024 Components of revenue growth (CHFm) Revenue H1 2024 • 8.9 % year-on-year sales increase driven by • Broad based return to organic growth driven by Auto and 140.0 8.9 % (5.0%) 3.9% Industrial, year-over-year growth in 10.8 Medical and Consumer skewed by 120
Slide 14: Adjusted Gross margin and opex development
Adjusted Gross margin and opex development Adjusted - Gross profit and gross margin (CHFm / % of revenue) Gross profit and margin H1 2024 • YoY Margin decrease (as expected) due to 59.7% 56.3% the combination of three effects 47.5% • Underutilization in component manufacturing 98.4 • Higher sales po
Slide 15: Adjusted EBITDA development
Adjusted EBITDA development Adjusted EBITDA1 and EBITDA margin (CHFm / % of EBITDA HY 2024 revenue) 29.6% • Lower gross margin drives decrease of 8.7% EBITDA 4.6% 48.9 10.7 5.9 • Active cost management across H1 2022 H1 2023 H1 2024 overheads partly offsets gross profit decline H1 2023 to H1 2024 8.
Slide 16: Income statement, adjusted
Income statement, adjusted (CHFm / % of revenue) H1 2023 H1 2024 adjusted H1 2024 reported Comments Revenue 123.2 128.0 128.0 Cost of sales (53.8) (67.2) 68.4 Gross profit 69.4 56.3% 60.8 47.5% 59.6 46.6% R&D expenses (28.5) (23.1%) (27.9) (21.8%) (54.2) SG&A expenses (38.0) (30.9%) (35.8) (27.9%) (
Slide 17: Net working capital and capital expenditures
Net working capital and capital expenditures Net working capital1 Net working capital H1 2024 41.8% 44.1% • Overall inventory decrease by CHF 5m, wafer inventory 32.3% 105.0 remains at targeted safety level (assurance service policy) 90.6 86.5 • Receivables show high balance as per 30.06.24, but ong
Slide 18: Statement of cash flows
Statement of cash flows Condensed consolidated statement of cash flows CFO HY 2024 (CHFm) H1 2022 H1 2023 H1 2024 Cash flow from operating activities (CFO) 22.0 (1.9) 7.2 Cash flow from investing activities (CFI) (18.9) (17.7) (42.2) Impact of increase of trade receivables capital on operating Cas
Slide 19: Continuing strong balance sheet
Continuing strong balance sheet As of 30 June 2024 As of 31 December 2023 Equity / total assets 85.3% Equity / total assets 88.8% Net cash1 CHF 38.6m Net cash1 CHF 73.1m Net cash / LTM EBITDA adj. 6.5 Net cash / LTM EBITDA 7.2 Assets Liabilities and equity Assets Liabilities and equity Trade payable
Slide 20: Agenda
AGENDA Marc von Waldkirch Matthias Gantner Marc von Waldkirch Q&A CEO CFO CEO Half-year 2024 highlights Half-year 2024 Outlook 2024 financial review Business review 01 02 03 04 © Copyright Sensirion AG, Switzerland Confidential 20
Slide 21: We confirm the Outlook 2024
We confirm the Outlook 2024 Assuming unchanged foreign currency exchange rates, we expect for FY 2024 In a market environment that remains challenging, we expect a return (CHFm) FY 2024 to growth in 2024 thanks to new projects starting up. In terms of profitability, 2024 will be a transitional y
Slide 22: Agenda
AGENDA Marc von Waldkirch Matthias Gantner Marc von Waldkirch Q&A CEO CFO CEO Half-year 2024 highlights Half-year 2024 Outlook 2024 financial review Business review 01 02 03 04 22 © Copyright Sensirion, Switzerland Confidential
Slide 23: Thank you
THANK YOU 23 © Copyright Sensirion, Switzerland Confidential
Slide 24: 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 25: Sensirion
SENSIRION