Sensirion Holding AG · SIX:SENS
Sensirion — FY2021 Earnings Presentation
29 slides from Sensirion's earnings presentation, Mar 15, 2022
Slide 1: Full-Year 2021 Results
Full-Year 2021 Results Marc von Waldkirch, CEO Matthias Gantner, CFO 15 March 2022 © Copyright Sensirion Holding AG, Switzerland Full-year 2021 results, 15 March 2022
Slide 2: Please note that this event will be recorded
Please note that this event will be recorded. © Copyright Sensirion Holding AG, Switzerland Full-year Full Year 2021 results, 15 March 2022 2
Slide 3: Agenda
Agenda 1 ▪ Full-year 2021 highlights Marc von Waldkirch, CEO ▪ Business review 2 ▪ Full-year 2021 financial review Matthias Gantner, CFO 3 ▪ Outlook Marc von Waldkirch, CEO 4 ▪ Q&A © Copyright Sensirion Holding AG, Switzerland Full-year 2021 results, 15 March 2022 3
Slide 4: FY 2021 overview
FY 2021 overview ▪ Strong growth contribution from successful ramp-ups of new environmental sensing products (CO2, formaldehyde, particulate matter PM2.5), additionally supported by a robust post-pandemic recovery in existing markets. ▪ COVID-19-driven demand for sensors used in medical ventilators
Slide 5: Automotive FY 2021 Business Review
Automotive FY 2021 Business Review Main results Revenue development (CHFm) ▪ FY 2021 revenue increased by 13.9% YoY to CHF 62.9m ▪ Growth was achieved both in Tier-II component as well as the newer Tier-I module business. 55.2 62.9 51.5 ▪ We observe steady increase in market share along with higher
Slide 6: Medical FY 2021 Business Review
Medical FY 2021 Business Review Main results Revenue development (CHFm) 112.3 ▪ COVID-19-driven demand for sensors used in ventilators leveled off as expected (from CHF 70m in 2020 to CHF 22m) 70.0 66.1 ▪ As a result of this special item, sales figures in the medical 22.0 COVID-19-related market dec
Slide 7: Industrial FY 2021 business review
Industrial FY 2021 business review Main results Revenue development (CHFm) ▪ FY 2021 revenue increased by 84.6% YoY to CHF 131.4m ▪ Key drivers from the Air Purifier and HVAC sectors, enabled by our recently launched combo environmental modules for PM2.5 and Formaldehyde. 131.4 70.3 71.2 ▪ Strong de
Slide 8: Consumer FY 2021 business review
Consumer FY 2021 business review Main results Revenue development (CHFm) ▪ FY 2021 revenue increased by 81.5% YoY to CHF 27.0m. ▪ Significant growth was primarily achieved thanks to strong demand from the wide-ranging distribution market and initial sales of the CO2 sensor. 27.0 ▪ Towards end of the
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 320 100% 300 280 260 240 75% 220 61.7% Revenue (CHFm) 200 57.5% 57.6% Gross margin 52.5% 55.4% 53.2% 53.7% 180 160 50% 140 287.5 120 253.7 100 174.8 171.0 80 148.0 25% 153.0
Slide 10: Agenda
Agenda 1 ▪ Full-year 2021 highlights Marc von Waldkirch, CEO ▪ Business review 2 ▪ Full-year 2021 financial review Matthias Gantner, CFO 3 ▪ Outlook Marc von Waldkirch, CEO 4 ▪ Q&A © Copyright Sensirion Holding AG, Switzerland Full-year 2021 results, 15 March 2022 10
Slide 11: FY 2021 financials overview
FY 2021 financials overview ▪ Revenue CHF 287.5m, +13.3% YoY (14.8% organic, 0.8% inorganic, -2.2% FX effects). ▪ Gross margin 61.7%. Key financials ▪ EBITDA margin 31.7%. ▪ Operating cash flow CHF 73.0m, free cash flow CHF 55.8m © Copyright Sensirion Holding AG, Switzerland Full-year 2021 results,
Slide 12: Revenue development from FY 2020 to FY 2021
Revenue development from FY 2020 to FY 2021 Components of revenue growth (CHFm) Revenue FY 2021 ▪ +46.5% YoY organic growth, driven by the ramp-ups of projects with PM2.5 and CO2 2.0 sensors and a strong post-pandemic recovery 22.0 (5.6) in the existing business ▪ Contribution from COVID-19-related
Slide 13: Diversified Revenue Development Across all our End Markets
Diversified Revenue Development Across all our End Markets Revenue development FY 2021 (FY 2020) revenue distribution (CHFm) YoY 9.4% change -2.2% +48.3% +13.3% (5.9%) 21.9% (21.7%) Automotive 287.5 Medical 253.7 27.0 45.7% Industrial (28.1%) 23.0% 14.9 (44.3%) Consumer 71.2 131.4 171.0 14.1 21.8% (
Slide 14: Gross margin and opex development
Gross margin and opex development Gross profit and gross margin (%) (CHFm / % of revenue) 61.7% Gross profit and margin FY 2021 53.7% 57.6% ▪ GM benefited in the short term from the high operating leverage resulting from sales growth. 177.3 146.2 91.8 FY 2019 FY 2020 FY 2021 R&D, SG&A expenses FY 20
Slide 15: EBITDA development
EBITDA development EBITDA1 and EBITDA margin (%) (CHFm / % of revenue) 31.7% 26.8% EBITDA FY 2021 12.0% ▪ EBITDA and EBITDA margin increased in the short 91.1 term due to high operating leverage as a result of sales 67.9 growth and the delayed addition of staff to take 20.4 advantage of future oppor
Slide 16: Income statement
Income statement Condensed consolidated income statement (CHFm / % of revenue) FY 2021 FY 2021 FY 2020 ▪ Profit for the period 22.9% of revenue Revenue 287.5 253.7 Cost of sales (110.2) (107.5) Gross profit 177.3 61.7% 146.2 57.6% R&D expenses (46.4) (16.1%) (45.7) (18.0%) SG&A expenses (54.0) (18.8
Slide 17: Net working capital and capital expenditures
Net working capital and capital expenditures Net working capital1 (CHFm / % of LTM revenue) Net working capital FY 2021 22.3% 19.8% 18.1% ▪ Increased YoY because of higher inventory as at 31 Dec 2021. 45.8 56.8 ▪ DSO at approx. 35 days, receivables CHF 27.8m at year- 38.1 end. As of 31 Dec 2019 31 D
Slide 18: Continuing strong balance sheet
Continuing strong balance sheet As of 31 December 2021 As of 31 December 2020 Equity / total assets 79.6% Equity / total assets 83.3% Net cash1 CHF 112.1 Net cash1 CHF 91.9m Net cash / LTM EBITDA 1.2 Net cash / LTM EBITDA 1.4 Assets Liabilities and equity Assets Liabilities and equity Trade payables
Slide 19: Statement of cash flows
Statement of cash flows Condensed consolidated statement of cash flows (CHFm) FY 2021 adj FY 2021 FY 2020 adj. FY 2020 CFO FY 2021 Cash flow from operating activities (CFO) 73.0 73.0 51.5 51.5 ▪ Strong generation of cash through Cash flow from investing activities (CFI) (22.3) (49.1) operating activ
Slide 20: Free cash flow development
(3.0) Free cash flow1 development FCF and FCF conversion rate2 (%) FY 2021 (CHFm / % of EBITDA) (CHFm) FCF FY 2021 (16.1) ▪ FCF conversion rate extraordinarily 61.2% high. 54.9% ▪ M&A activities (Qmicro, IRsweep, 41.9% AiSight) amount to CHF 35.1m, 52.3 excluded from FCF. 55.8 73.0 35.1 37.3 55.8 8.
Slide 21: Agenda
Agenda 1 ▪ Full-year 2021 highlights Marc von Waldkirch, CEO ▪ Business review 2 ▪ Full-year 2021 financial review Matthias Gantner, CFO 3 ▪ Outlook Marc von Waldkirch, CEO 4 ▪ Q&A © Copyright Sensirion Holding AG, Switzerland Full-year 2021 results, 15 March 2022 21
Slide 22: Strategic achievements FY 2021
Strategic achievements FY 2021 Strategic focuses Strategic achievements Focus 3: ▪ Acquired micro gas analyzer company Qmicro B.V. Develop technologies for long-term ▪ Completed full acquisition of IRsweep, provider of optical sensing solutions in the IR. growth ▪ Acquired predictive maintenance com
Slide 23: Outlook
Outlook Visibility will remain low due to geopolitical tensions and macroeconomic challenges. In particular, it is not yet foreseeable how the war in Ukraine will affect the global economy. In the first months of the year so far, we have continued to see solid demand in all markets. However, given t
Slide 24: Agenda
Agenda 1 ▪ Full-year 2021 highlights Marc von Waldkirch, CEO ▪ Business review 2 ▪ Full-year 2021 financial review Matthias Gantner, CFO 3 ▪ Outlook Marc von Waldkirch, CEO 4 ▪ Q&A © Copyright Sensirion Holding AG, Switzerland Full-year 2021 results, 15 March 2022 24
Slide 25: 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 26: Financial calendar
Financial calendar Date Event 15 March 2022 Full-year 2021 results and annual report 16 May 2022 Annual general meeting 2022 24 August 2022 Half-year 2022 results and interim report Contact information Heiko Komaromi Director Investor Relations and Business Development Phone: +41 44 544 1644 Email:
Slide 27: 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 28: Technology at heart, future in mind.
Technology at heart, future in mind. © Copyright Sensirion Holding AG, Switzerland Full-year 2021 results, 15 March 2022 28
Slide 29: www.sensirion.com
www.sensirion.com © Copyright Sensirion Holding AG, Switzerland Full-year 2021 results, 15 March 2022 29