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Sensirion: Successful 2018 with Diversified Revenue Growth in All End Markets Donnerstag, 07. März 2019 - 06:45
Sensirion Holding AG / Key word(s): Annual Results
Sensirion: Successful 2018 with Diversified Revenue Growth in All End
Markets
07-March-2019 / 06:45 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.
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Press Release
Stäfa, Switzerland, 07 March 2019
Sensirion: Successful 2018 with Diversified Revenue Growth in All End
Markets
Highlights 2018
- Expectations communicated at IPO achieved
- Diversified revenue growth resulted from all end markets: 18% in total, of
which 11% organic, 6% inorganic, 1% foreign currency effects
- Successful launch of CO2 and PM2.5 sensors
- Revenue CHF 174.8 million
- Adjusted EBITDA CHF 27.8 million (16% of revenue)
Key Figures
Consolidated, in 1 January - 31 1 January - 31
millions of CHF December 2018 December 2017
Revenue 174.8 148.0
Gross profit 93.0 85.0
- as % of revenue 53.2% 57.5%
Adjusted EBITDA 27.8 26.2
- as % of revenue 15.9% 17.7%
One-off adjustments 18.6 9.7
Cash flow from operating 26.4 10.6
activities
Capital expenditures (13.5) (16.4)
Free cash flow 22.8 (40.5)
As of 31 December As of 31 December
2018 2017
Net cash (Net debt) 42.6 (69.3)
Number of employees 783 735
(FTE)
Sensirion Holding AG, a pure-play sensor company offering environmental and
flow sensor solutions, reports a successful fiscal year 2018 with
diversified revenue growth in all end markets. With the successful initial
public offering (IPO) in March 2018, great progress in positioning Sensirion
as a supplier of automotive sensor solutions, and an increased footprint in
Asia, important milestones in the strategic development of the company were
achieved. In addition, the successful launch of the carbon dioxide and
particulate matter sensors significantly expanded Sensirion's product
portfolio of environmental sensors.
Expectations communicated at IPO achieved
The results of 2018 show that the expectations communicated at the IPO have
been achieved. After a very dynamic first half, which exceeded expectations,
the second half of the year resulted in lower revenue growth as expected.
The reasons for this development were inventory optimizations of important
customers and the global macroeconomic environment which noticeably slowed
down in the last months. In all end markets, we currently observe
uncertainty how the global economy will further develop.
Consolidated revenue amounted to CHF 174.8 million, +18% compared to the
previous year, of which 11% was organic, 6% inorganic, and 1% due to foreign
exchange effects. As a result, consolidated revenue was at the upper end of
the indication given in connection with the IPO in March 2018. With a gross
margin of 53% and, after adjusting for one-off effects, an adjusted EBITDA
of CHF 27.8 million (16 % of revenue), the expectations communicated at the
IPO could be achieved. One-off effects, in sum CHF 18.6 million, primarily
attributable to the "IPO Loyalty Share Program" and other IPO-related costs,
resulted in an operating loss of CHF 4.4 million and a net loss of CHF 6.4
million for the period. Generated free cash flow was CHF 22.8 million.
Together with the net proceeds from the IPO, this free cash flow yielded a
net cash position of CHF 42.6 million as of 31 December 2018.
In connection with the IPO, all employees of Sensirion received under a
one-time employee participation plan, the IPO Loyalty Share Program, a
gratification in shares. The allocation of shares was primarily based on the
duration of employment of each employee up to the IPO. Financially, the IPO
Loyalty Share Program impacts the years 2018 and 2019 by
CHF 16.2 million and c. CHF 5.2 million, respectively.
All end markets contributed to revenue growth
With growth ranging between of 3% to 31%, all four end markets contributed
to consolidated group revenue.
In the automotive market, revenue increased by CHF 12.9 million to CHF 53.9
million (+ 31%, of which 8% were organic and 23% inorganic). The organic
growth came from higher volumes of both humidity and gas flow sensors.
Humidity sensors are mainly employed to automatically dehumidify in
anti-fogging and climate control applications. The new generation of gas
flow sensors, used to measure the mass flow in the air intake of combustion
engines, generated its first significant revenue. The acquisition of the
sensor module business of Auto Industrial Company (AIC) in South Korea and
China in 2017 led to the inorganic growth. Sales volumes of the inherited
auto-defogging, ambient temperature, and ionizer modules developed as
expected. The acquisition significantly strengthens Sensirion's position as
a direct supplier to automotive OEMs.
Revenue in the medical market increased by 15% to CHF 38.6 million. Growth
resulted from volume increases of existing projects employing differential
pressures sensors in therapeutic devices for sleep apnea and mass flow
meters in ventilators.
The diversified industrial market, composed of the markets gas meters, home
appliances, heating, ventilation, and air conditioning, and industrial
automation, showed revenue growth of 14% to CHF 68.6 million. Revenues
through distribution sales channels developed particularly well. The
incorporation of the air quality sensor into an air purifier project
generated its first significant revenue. Revenue from gas meter projects
increased owing to an increase of market share of our technology in the
Italian market.
Revenue in the consumer market amounted to CHF 13.7 million (+3%). Revenue
from sales of humidity sensors for smart home applications through
distribution channels particularly increased. In addition, the new air
quality sensor generated its first relevant revenue.
Successful expansion of product portfolio through CO2 and PM2.5 sensors
In 2018, two new product lines, the carbon dioxide (CO2) and particulate
matter (PM2.5) sensors, were successfully launched and first products
introduced onto the market. Both sensors generated a positive market
reaction; the CO2 sensor primarily in the industrial market, and the PM2.5
sensor in the automotive one.
Decisive progress in Sensirion Automotive Solutions and Integration of AIC
In 2017 Sensirion acquired the sensor module business of AIC with the goals
of strengthening Sensirion's market position as a supplier of automotive
sensors solutions and establishing manufacturing capabilities in China and
South Korea. With three manufacturing sites now in Switzerland, China, and
South Korea, we have increased our flexibility to manufacture module
products cost-efficiently. The integration of the new business division
Sensirion Automotive Solutions is proceeding according to plan. After moving
into a new production facility in Shanghai, manufacturing of the new CO2 and
PM2.5 product lines has successfully begun.
Initial Public Offering
Sensirion was successfully listed on the SIX Swiss Exchange on 22 March
2018. At the IPO, predominantly existing shares held by the majority
shareholder, Gottlieb Knoch, were placed. In addition, Sensirion placed
newly issued shares in order to increase the financial flexibility for its
business development. The Founders and Co-Chairmen Moritz Lechner and Felix
Mayer remain fully invested and committed and continue to drive the future
development of Sensirion.
Gottlieb Knoch resigned from the Board of Directors with the IPO. Just a few
months after its foundation, Mr. Knoch joined Sensirion as a business angel
and has actively supported and loyally accompanied the development of the
company for almost two decades with his extensive entrepreneurial
experience. We would like to take this opportunity to sincerely thank Mr.
Knoch for his many years of very valuable support, both as a major
shareholder and as a member of the Board of Directors.
Composition of the Board of Directors
The Board of Directors will propose to elect François Gabella and Franz
Studer as new members of the Board of Directors at the Annual General
Meeting on 14 May 2019. Resumes of Mr. Gabella and Mr. Studer can be found
at the end of this press release.
Markus Glauser will not stand for re-election at the Annual General Meeting.
We would like to thank Markus Glauser for his valuable service over many
years. Both Co-Chairmen and all other members of the Board of Directors will
stand for re-election for a further term of office.
Outlook for Financial Year 2019
The global economic situation changed significantly in the second half of
2018. For the first half-year 2019, we expect weaker market demand as well
as reduced visibility as a result of increasing economic and political
uncertainties and further inventory corrections at customers. In line with
customers' outlooks, a positive trend for the second half of this year is
likely, provided geopolitical tensions do not intensify. In view of this
market scenario and stable exchange rates, we expect full-year revenue to be
in the range of CHF 175-190 million, a stable gross margin between 52% and
54%, and an adjusted EBITDA margin in the range of 15-17%. Apart from these
short-term uncertainties, Sensirion's long-term fundamentals remain strong
and all innovation projects are progressing according to plan.
Conference call on the fiscal year 2018 results
Today, Thursday, 07 March 2019, at 10:00 CET / 09:00 GMT / 04:00 EST, a
conference call on the fiscal year 2018 results will be held. The
presentation will be held in English. You will have the opportunity to ask
questions during the telephone conference following the presentation.
Please register for the conference call with the following link.
https://conferencing.swisscom.ch/conference/webinarRegistrationAction.do?conferenceId=5390677
Documentation
All documents can be accessed at www.sensirion.com/financial-reports.
Condensed Consolidated Financial Statements
Condensed Consolidated Income Statement 2018 2017
In millions of CHF, for the year ended 31 December
Revenue 174.8 148.0
Cost of sales (81.8) (63.0)
Gross profit 93.0 85.0
Other income 1.1 -
Research and development expenses (36.3) (39.5)
Selling, distribution, and administrative expenses (62.2) (41.8)
Operating profit (loss) (4.4) 3.7
Net finance costs (2.3) (1.5)
Profit (loss) before tax (6.7) 2.2
Income taxes 0.3 (3.0)
Profit (loss) for the period (6.4) (0.8)
Earnings per share (in CHF) (0.45) (0.07)
Diluted earnings per share (in CHF) (0.45) (0.07)
EBITDA 9.2 16.5
Adjusted EBITDA 27.8 26.2
Revenue by End Markets 2018 2017
In millions of CHF, for the year ended 31 December
Automotive 53.9 41.0
Medical 38.6 33.4
Industrial 68.6 60.3
Consumer 13.7 13.3
Total 174.8 148.0
Condensed Consolidated Statement of as of 31 as of 31
Financial Position December 2018 December 2017
In millions of CHF
Current assets 112.3 71.3
Non-current assets 102.6 104.8
Total assets 214.9 176.1
Current liabilities 21.1 79.5
Non-current liabilities 33.4 35.6
Total liabilities 54.5 115.1
Total equity 160.4 61.0
Total liabilities and equity 214.9 176.1
Condensed Consolidated Statement of 2018 2017
Cash Flows
In millions of CHF, for the year
ended 31 December
Cash flows from operating 26.4 10.6
activities
Cash flows from investing (3.6) (51.0)
activities
Cash flows from financing 21.9 35.9
activities
Net change in cash and cash 44.7 (4.5)
equivalents
Cash and cash equivalents at 1 9.4 14.0
January
Cash and cash equivalents at 31 53.9 9.4
December
Capital expenditures (13.5) (16.4)
Free cash flow 22.8 (40.5)
Financial Calendar
14 May 2019 Annual General Meeting
21 August 2019 Half-year 2019 results and interim report
Resumes of François Gabella and Franz Studer
François Gabella,
Swiss national, born
in 1958
Professional
Background
2010 - 2018 LEM Holding AG, Switzerland: CEO
2006 - 2010 Hexagon Metrology, Sweden: member of the
Metrology Executive Board, CEO of TESA AG,
Switzerland
2002 - 2005 AREVA T&D, France: Senior Vice President,
Power Transmission & Distribution Division
1999 - 2001 Texas Pacific Group, USA: Group CEO of a
portfolio company
1993 - 1999 ABB Group, Germany and Switzerland: various
positions from General Manager to Senior Vice
President
Education
2006 MBA, IMD Lausanne
1982 MSc in Micro-Engineering, Ecole Polytechnique
Fédérale de Lausanne (EPFL)
Other Functions
Since 2018 Fischer Connectors AG, Switzerland: Member of
the Board of Directors
Since 2018 LEM Holding AG, Switzerland: Member of the
Board of Directors
Since 2018 Sonceboz AG, Switzerland: Member of the Board
of Directors
Since 2018 Winterthur Instruments AG, Switzerland:
Chairman of the Board of Directors
Since 2018 Swissmem, Switzerland: Vice President
Since 2018 Switzerland Global Enterprsie, Switzerland:
Board Member
Since 2017 Optotune AG, Switzerland: Member of the Board
of Directors
Franz Studer, Swiss
national, born in
1965
Professional
Background
2012 - today EGS Beteiligungen AG, Switzerland: Investment
Director, Member of the Executive Committee
2010 - 2011 aizo AG, aizo group AG, Switzerland: CEO/COO
2005 - 2009 Bühler AG, Switzerland: Commercial Director,
Vice President, Engineered Products
1999 - 2005 Bühler AG, Switzerland: various positions
1994 - 1999 Law firm Hardmeier & Keller, Zurich,
Switzerland: Attorney
Education
2007 Executive MBA, University of St. Gallen
1999 PhD, Faculty of Law, University of Zurich
1994 Bar admission, Canton of Zurich
1989 Master, Faculty of Law, University Zurich
Other Functions
Since 2013 FAES AG, Switzerland: Chairman of the Board of
Directors
Since 2013 Espros AG, Switzerland: Member of the Board of
Directors
Since 2015 Kantonsspital Winterthur: Chairman of the
Board of Directors
Contact
Investor Relations
Andrea Wüest
Director Investor Relations
Tel: +41 44 927 11 40
E-Mail: andrea.wueest@sensirion.com
About Sensirion Holding AG
Sensirion Holding AG (SIX Swiss Exchange: SENS), headquartered in Stäfa,
Switzerland, is a leading manufacturer of digital microsensors and systems.
The product range includes gas and liquid flow sensors, differential
pressure sensors and environmental sensors for the measurement of humidity
and temperature, volatile organic compounds (VOC), carbon dioxide (CO2), and
particulate matter (PM2.5). An international network with sales offices in
China, Europe, Japan, South Korea, Taiwan, and the US supplies international
customers with standard and custom sensor system solutions for a vast range
of applications. Sensirion sensors can commonly be found in the automotive,
medical, industrial, and consumer end markets. For further information,
visit www.sensirion.com.
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 known and unknown risks, uncertainties, and other factors that could
cause actual results, performance, or achievements to differ materially from
those expressed or implied by the forward-looking statements. Such factors
include, but are not limited to, future global economic conditions, changed
market conditions, competition from other companies, effects and risks of
new technologies, costs of compliance with applicable laws, regulations, and
standards, diverse political, legal, economic and other conditions affecting
markets in which Sensirion operates, and other factors beyond the control of
Sensirion. In view of these uncertainties, you should not place undue
reliance on forward-looking statements. Sensirion disclaims any intention or
obligation to update any forward-looking statements, or to adapt them to
future events or developments.
Certain financial data included in this document consists of "non-IFRS
financial measures". These non-IFRS financial measures may not be comparable
to similarly titled measures presented by other companies, nor should they
be construed as an alternative to other financial measures determined in
accordance with IFRS. As a result, you are cautioned not to place undue
reliance on any non-IFRS financial measures and ratios included herein.
This document is not an offer to sell, or a solicitation of offers to
purchase, any securities.
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End of ad hoc announcement
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