Sensirion Holding Ag · SIX:SENS
Sensirion — H1 2023 Earnings Presentation
26 slides from Sensirion's earnings presentation, Aug 23, 2023
Slide 1: Half-Year 2023 Results
Half-Year 2023 Results Marc von Waldkirch, CEO Matthias Gantner, CFO 23 August 2023 © Copyright Sensirion Holding AG, Switzerland Half-year 2023 results, 23 August 2023
Slide 2: Please note that this event will be recorded
Please note that this event will be recorded. © Copyright Sensirion Holding AG, Switzerland Half-year 2023 results, 23 August 2023 2
Slide 3: Agenda
Agenda Marc von Waldkirch Matthias Gantner Marc von Waldkirch Q&A CEO CFO CEO Half-year 2023 highlights Half-year 2023 financial Outlook review Business review 01 02 03 04 © Copyright Sensirion Holding AG, Switzerland Half-year 2023 results, 23 August 2023 3
Slide 4: HY 2023 overview
HY 2023 overview Business Outlook Weak end customer demand in H1/2023, mainly in appliance and Short term visibility will remain low due to geopolitical and macro-economic consumer markets. challenges. Revenue reduction caused on general slowdown in global economy, in Medium and long-term ou
Slide 5: Automotive HY 2023 Business Review
Automotive HY 2023 Business Review Main results Revenue development (CHFm) HY 2023 revenue increased by 12% HoH to CHF 34.8m 33.8 31.0 34.8 Resilient revenue development in the automotive sector which was in contrast to the economic downturn H1 2021 H1 2022 H1 2023 in other markets Auto-defogging Gr
Slide 6: Medical HY 2023 Business Review
Medical HY 2023 Business Review Main results Revenue development *One-Off special (CHFm) business 36.4 36.6 HY 2023 revenue decreased by -13% HoH to CHF 31.7m 17.0* 14.7* 31.7 19.4 21.9 Adjusted for last year’s one-time effect through the CPAP recall, the core business showed substantial growth (+44
Slide 7: Industrial HY 2023 business review
Industrial HY 2023 business review Main results Revenue development (CHFm) HY 2023 revenue decreased by -40% HoH to CHF 48.6m 81.2 61.9 48.6 Reduced demand mainly from the appliance sector that benefitted the past 2 years over-proportionally from growing awareness for clean indoor air. (partially Co
Slide 8: Consumer HY 2023 business review
Consumer HY 2023 business review Main results Revenue development (CHFm) HY 2023 revenue decreased by -49% HoH to CHF 8.1m 16.0 12.3 8.1 Inflation and difficult market circumstances have negative impact on end customer sentiment. High stock levels lead to H1 2021 H1 2022 H1 2023 significantly reduce
Slide 9: Medium- and long-term outlook remains positive
Medium- and long-term outlook remains positive Strong supportive megatrends such as energy efficiency, climate change and health, which are accelerating the increased use of sensors in numerous applications. Mid-term: Mid-term: Long-term: Miniaturized versions of environmental New product family of
Slide 10: Strategic achievements HY 2023
Strategic achievements HY 2023 Strategic focuses Strategic achievements Promising new product family of gas leakage sensors for air conditioners in the US market Focus 3: to be launched end of 2024 Develop technologies for long-term growth Main focus remains on building up a complementary busine
Slide 11: Agenda
Agenda Marc von Waldkirch Matthias Gantner Marc von Waldkirch Q&A CEO CFO CEO Half-year 2023 highlights Half-year 2023 financial review Outlook Business review 01 02 03 04 © Copyright Sensirion Holding AG, Switzerland Half-year 2023 results, 23 August 2023 11
Slide 12: HY 2023 overview Key financials
HY 2023 overview Key financials Revenue EBITDA margin Gross margin Operating cash flow CHF 123.2m 8.7% 56.3% CHF -1.9m, -25.2% YoY free cash flow (-22.8% organic, CHF -19.5m -2.4% FX effects) © Copyright Sensirion Holding AG, Switzerland Half-year 2023 results, 23 August 2023 12
Slide 13: Revenue development from H1 2022 to H1 2023
Revenue development from H1 2022 to H1 2023 Components of revenue growth (CHFm) Revenue H1 2023 180.0 160.0 14.7 -25 % YoY organic growth, eliminating one- (14.7) time business in H1 2022 –18%. Market wide 140.0 (22.9) reduced demand in volumes. 120.0 (4.0) 100.0 80.0 150.1 60.0 127.2 123.2 Foreig
Slide 14: Gross margin and opex development
Gross margin and opex development Gross profit and gross margin (CHFm / % of revenue) Gross profit and margin H1 2023 61.9% 59.7% 56.3% Adaption of variable cost (temporary, leased staff) High portion of fixed cost in cost of goods sold 89.4 98.4 69.4 due to high automatization in operations lim
Slide 15: EBITDA development
EBITDA development EBITDA1 and EBITDA margin (CHFm / % of revenue) EBITDA H1 2023 31.8% 29.6% EBITDA and EBITDA margin decreased due 8.7% to limited downscaling in cost given by cost structure and continued build up of R&D and 45.9 48.9 10.7 sales resources to support long-term growth. H1 2021 H1
Slide 16: Income statement
Income statement (CHFm / % of revenue) H1 2022 H1 2023 Revenue 164.8 123.2 Cost of sales (66.4) (53.8) Gross profit 98.4 59.7% 69.4 56.3% R&D expenses (25.1) (15.2%) (28.5) (23.1%) SG&A expenses (31.7) (19.2%) (38.0) (30.9%) Operating profit (EBIT) 41.6 25.3% 2.9 2.3% Condensed Net finance result (0
Slide 17: Net working capital and capital expenditures
Net working capital and capital expenditures Net working capital1 Net working capital H1 2023 32.3% 26.8% 26.9% Proactive build-up of inventory to assure service level in case of shortage supply or energy – focus on wafer inventories. Risk of 82.5 86.5 90.6 obsolete stock marginal. Receivables:
Slide 18: Statement of cash flows
Statement of cash flows Condensed consolidated statement of cash flows CFO H1 2023 (CHFm) H1 2021 H1 2022 H1 2023 Cash flow from operating activities (CFO) 39.1 22.0 (1.9) Cash flow from investing activities (CFI) 10.5 (18.9) (17.7) Low net profit in addition with increased Cash flow from financing
Slide 19: Free cash flow development
Free cash flow1 development FCF and FCF conversion rate2 (%) H1 2023 71.9% 33.0 12.6% 6.2 (1.9) (19.6) (17.7) (19.6) H1 2021 H1 2022 H1 2023 CFO CFI FCF (CHFm / % of EBITDA) (CHFm) FCF FY 2022 1 Free cash flow (FCF) defined as the sum of CFO and CFI, excluding M&A activities. 2 FCF conversion rate d
Slide 20: Continued strong balance sheet
Continued strong balance sheet As of 31 December 2022 As of 30 June 2023 Equity / total assets 85.0% Equity / total assets 87.2% Net cash1 CHF 123.0m Net cash1 CHF 101.8m Net cash / LTM EBITDA 1.4 Net cash / LTM EBITDA 2.0 Assets Liabilities and equity Assets Liabilities and equity Trade payables CH
Slide 21: Agenda
Agenda Marc von Waldkirch Matthias Gantner Marc von Waldkirch Q&A CEO CFO CEO Half-year 2023 highlights Half-year 2023 financial review Outlook Business review 01 02 03 04 © Copyright Sensirion Holding AG, Switzerland Half-year 2023 results, 23 August 2023 21
Slide 22: Outlook FY 2023
Outlook FY 2023 Assuming unchanged foreign currency exchange rates, we expect for FY 2023 Short term visibility will remain low due to geopolitical and macro- (CHFm) FY 2023 economic challenges Medium and long-term outlook remains positive Revenue CHF 235m to 255m Unchanged tailwinds from glob
Slide 23: Agenda
Agenda Marc von Waldkirch Matthias Gantner Marc von Waldkirch Q&A CEO CFO CEO Half-year 2023 highlights Half-year 2023 financial review Outlook Business review 01 02 03 04 © Copyright Sensirion Holding AG, Switzerland Half-year 2023 results, 23 August 2023 23
Slide 24: Q&A Thank you very much
Q&A Thank you very much © Copyright Sensirion Holding AG, Switzerland Half-year 2023 results, 23 August 2023 24
Slide 25: 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 26: www.sensirion.com
www.sensirion.com © Copyright Sensirion Holding AG, Switzerland Half-year 2023 results, 23 August 2023