Sensirion Holding Ag · SIX:SENS
Sensirion — H1 2022 Earnings Presentation
28 slides from Sensirion's earnings presentation, Aug 24, 2022
Slide 1: Half-Year 2022 Results
Half-Year 2022 Results Marc von Waldkirch, CEO Matthias Gantner, CFO 24 August 2022 © Copyright Sensirion Holding AG, Switzerland Half-year 2022 results, 24 August 2022
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 2021 2022 results, 25 24 August 2021 2022 2
Slide 3: Agenda
Agenda 1 ▪ Half-year 2022 highlights Marc von Waldkirch, CEO ▪ Business review 2 ▪ Half-year 2022 financial review Matthias Gantner, CFO 3 ▪ Outlook Marc von Waldkirch, CEO 4 ▪ Q&A © Copyright Sensirion Holding AG, Switzerland Half-year 2022 results, 24 August 2022 3
Slide 4: H1 2022 overview
H1 2022 overview ▪ Solid growth of the entire group with continued above average profitability due to very high utilization of operations. CAPEX investments and recruiting in Sales and R&D ongoing. Business ▪ One-time special revenue contribution from CPAP replacements in the market as expected and
Slide 5: Automotive H1 2022 business review
Automotive H1 2022 business review Main results Revenue development (CHFm) ▪ H1 2022 revenue decreased by -8.3% YoY to CHF 31.0m. ▪ After strong post pandemic demands in the 2 nd half 2021, especially Q1/22 has seen some declining revenues 33.8 31.0 ▪ Numerous automotive OEMs were forced to slow dow
Slide 6: Medical H1 2022 business review
Medical H1 2022 business review Main results Revenue development (CHFm) ▪ At CHF 36.6m, revenue in H1 2022 remained at a similar level 42.8 to last year 36.4 36.6 21.4 Ventilator 17.0 Ventilator 14.7 CPAP one- ▪ H1/22 medical sales are dominated by yet another one-time special effect special effect
Slide 7: Industrial H1 2022 business review
Industrial H1 2022 business review Main results Revenue development (CHFm) ▪ H1 2022 revenue increased in this broadly diversified market by 31.2% YoY to CHF 81.2m ▪ Growth driver remains strong demand for environmental sensor PM2.5, CO2 and formaldehyde, especially for air 81.2 purifiers. 61.9 36.8
Slide 8: Consumer H1 2022 business review
Consumer H1 2022 business review Main results Revenue development (CHFm) ▪ H1 2022 revenue increased by 30.3% YoY to CHF 16.0m ▪ Growing awareness for indoor air quality continues to fuel the demand for indoor air quality monitors which utilize 16.0 environmental modules equipped with PM2.5, CO2 and
Slide 9: Strategic achievements H1 2022
Strategic achievements H1 2022 Strategic focuses Strategic achievements ▪ Ongoing focus on building up a complementary business area where the focus is on qualified Focus 3: sensor data rather than sensor hardware for OEM suppliers (“Sensor as a service”) Develop technologies for long-term ▪ Integra
Slide 10: Agenda
Agenda 1 ▪ Half-year 2022 highlights Marc von Waldkirch, CEO ▪ Business review 2 ▪ Half-year 2022 financial review Matthias Gantner, CFO 3 ▪ Outlook Marc von Waldkirch, CEO 4 ▪ Q&A © Copyright Sensirion Holding AG, Switzerland Half-year 2022 results, 24 August 2022 10
Slide 11: H1 2022 financials overview
H1 2022 financials overview ▪ Revenue CHF 164.8m, +14.2% YoY (+13.8% organic, +0.4% inorganic, 0.0% FX effects) ▪ Gross margin 59.7%. Key financials ▪ EBITDA margin 29.6%. ▪ Operating cash flow CHF 21.9m, free cash flow CHF 6.2m. © Copyright Sensirion Holding AG, Switzerland Half-year 2022 results,
Slide 12: Revenue development from H1 2021 to H1 2022
Revenue development from H1 2021 to H1 2022 Components of revenue growth (CHFm) Revenue H1 2022 113.7 144.4 0.6 164.8 0.0 ▪ +13.8% YoY organic growth, driven by the 1.5 22.1 (2.3) 14.7 ramp-ups of projects with PM2.5 and CO2 (4.4) sensors. (4.0) 17.0 37.6 ▪ One-time business CPAP in medical market c
Slide 13: Gross margin and opex development
Gross margin and opex development Gross profit and gross margin (%) (CHFm / % of revenue) 61.9% 59.7% Gross profit and margin H1 2022 54.7% ▪ Profitability above average, still takes benefit from high 98.4 capacity utilization, latency in adjustment of production 89.4 62.2 equipment and labor force.
Slide 14: EBITDA development
EBITDA development EBITDA and EBITDA margin (%) (CHFm / % of revenue) 31.8% 29.6% 19.1% EBITDA H1 2022 ▪ EBITDA and EBITDA margin supported by ongoing 45.9 48.9 economies of scale with ongoing good margins 21.8 covering the increased overhead cost. H1 2020 H1 2021 H1 2022 H1 2021 to H1 2022 9.0 (0.3
Slide 15: Income statement
Income statement Condensed consolidated income statement (CHFm / % of revenue) H1 2022 H1 2020 H1 2021 H1 2022 ▪ EBITDA of CHF 48.9m, with 29.6% Revenue 113.7 144.4 164.8 Cost of sales (51.5) (54.9) (66.4) Gross profit 62.2 54.7% 89.4 61.9% 98.4 59.7% R&D expenses (22.5) (19.8%) (24.8) (17.2%) (25.1
Slide 16: Net working capital and capital expenditures
Net working capital and capital expenditures Net working capital1 (CHFm / % of LTM revenue) 26.8% Net working capital H1 2022 19.7% 19.8% ▪ Increased HoH because of higher trade receivables and inventories as per 30 June 2021. 82.5 56.0 56.9 ▪ Build up of inventory stock driven proactively ▪ Growth
Slide 17: Statement of cash flows
Statement of cash flows Condensed consolidated statement of cash flows (CHFm) CFO H1 2022 H1 2020 H1 2021 H1 2022 ▪ Impact on operating cashflow from Cash flow from operating activities (CFO) 16.0 39.1 22.0 proactively pushed increase of inventory Cash flow from investing activities (CFI) (6.7) (19.
Slide 18: Free cash flow development
(3.0) Free cash flow1 development FCF and FCF conversion rate2 (%) H1 2022 (CHFm / % of adjusted EBITDA) (CHFm) FCF H1 2022 71.9% (16.1) ▪ Higher level of bound capital due to capex and increased NWC. 43.0% ▪ M&A: Increase investment at Lumiphase AG. 12.6% 18.9 33.0 22.0 9.4 3.1 6.2 6.2 H1 2020 H1 2
Slide 19: Continuing strong balance sheet
Continuing strong balance sheet As of 31 December 2021 As of 30 June 2022 Equity / total assets 79.6% Equity / total assets 81.1% Net cash1 CHF 112.1 Net cash1 CHF 114.7m Net cash / LTM EBITDA 1.2 Net cash / LTM EBITDA 1.2 Assets Liabilities and equity Assets Liabilities and equity Trade payables CH
Slide 20: Agenda
Agenda 1 ▪ Half-year 2022 highlights Marc von Waldkirch, CEO ▪ Business review 2 ▪ Half-year 2022 financial review Matthias Gantner, CFO 3 ▪ Outlook Marc von Waldkirch, CEO 4 ▪ Q&A © Copyright Sensirion Holding AG, Switzerland Half-year 2022 results, 24 August 2022 20
Slide 21: Outlook
Outlook Geopolitical tensions and macroeconomic uncertainties have intensified yet again in recent months. Visibility remains low, and forecasting is complicated. In the coming months, we expect a further moderate slowdown in demand due to inflation-related consumer woes and the still-fraught COVID-
Slide 22: Agenda
Agenda 1 ▪ Half-year 2022 highlights Marc von Waldkirch, CEO ▪ Business review 2 ▪ Half-year 2022 financial review Matthias Gantner, CFO 3 ▪ Outlook Marc von Waldkirch, CEO 4 ▪ Q&A © Copyright Sensirion Holding AG, Switzerland Half-year 2022 results, 24 August 2022 22
Slide 23: Q&A
Q&A ▪ To register a question, please use the “raise hand” function. ▪ The hand icon will then become green. ▪ Wait for the moderator to ask you to speak. ▪ The moderator will unmute you. ▪ Please state your name and affiliation before asking your question(s). ▪ Afterwards, the moderator will mute yo
Slide 24: Financial calendar
Financial calendar Date Event 14 March 2023 Full-year 2022 results and annual report 15 May 2023 Annual general meeting 2023 Contact information Heiko Komaromi Director Investor Relations and Business Development Phone: +41 44 544 16 44 Email: heiko.komaromi@sensirion.com © Copyright Sensirion Holdi
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: Technology at heart, future in mind.
Technology at heart, future in mind. © Copyright Sensirion Holding AG, Switzerland Half-year 2022 results, 24 August 2022 26
Slide 27: www.sensirion.com
www.sensirion.com © Copyright Sensirion Holding AG, Switzerland Half-year 2022 results, 24 August 2022 27
Slide 28: Diversified revenue development across all our end markets
Diversified revenue development across all our end markets Revenue development H1 2022 (H1 2021) revenue distribution (CHFm) Percentage values without COVID-19-related ventilator business +14.1% 9.7% 18.8% 164.8 (9.7%) (26.5%) +27.0% Automotive 144.4 16.0 Medical +35.5% 12.3 Industrial 49.2% 22.2% (