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Sensirion Holding AG

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EQS-Ad-hoc News vom 22.08.2018

Sensirion: Strong revenue growth in first half-year 2018

Sensirion AG / Key word(s): Half Year Results/Half Year Results

22-Aug-2018 / 06:30 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

Press Release
Staefa, Switzerland, 22 August 2018

Sensirion: Strong revenue growth in first half-year 2018

Highlights of first half-year 2018

- Revenue CHF 90.2 million

- 30% growth compared to previous year's period, of which 18% organic, 11% inorganic, 1% foreign currency effects

- Double-digit organic growth in all end markets

- Adjusted EBITDA CHF 15.0 million (17% of revenue), adjusted by IPO-related one-off costs of CHF 8.8 million

Outlook 2018

- For the full year 2018, Sensirion expects revenue of CHF 175-180 million (18-22% growth YoY), a gross margin of 52-54%, and an adjusted EBITDA margin of 15-16%.

Key Figures

Consolidated, in millions of CHF 1 January - 30 June 2018 1 January - 30 June 2017
Revenue 90.2 69.6
Gross profit 47.3 39.9
- as % of revenue 52.4% 57.4%
Adjusted EBITDA1 15.0 11.3
- as % of revenue 16.6% 16.3%
One-off adjustments1 8.8 1.2
Cash flow from operating activities 14.8 2.5
Capital expenditures2 (5.8) (6.7)
Free cash flow3 12.6 (4.2)
  As of 30 June 2018 As of 31 December 2017
Net cash (Net debt) 32.9 (69.3)
Number of employees (FTE) 774 735

1. EBITDA defined as profit (loss) for the period excluding net interest expenses, income taxes, depreciation and amortization. Adjusted EBITDA defined as EBITDA adjusted for costs related to IPO loyalty share program including social security expenses, expenses on social security relating to the gain in excess of formula value, and external costs related to IPO in H1 2018; net finance costs excluding net interest expenses, share of profit or loss of equity-accounted investees, net of tax, and acquisition-related costs in H1 2017.

2. Defined as the sum of acquisition of property, plant, and equipment, proceeds from sale of property, plant, and equipment, acquisition of intangible assets, and development expenditure.

3. Defined as the sum of cash flows from operating activities and cash flows from investing activities.

Sensirion Holding AG (SIX Swiss Exchange: SENS) has experienced a good first half-year 2018: Consolidated revenue reached CHF 90.2 million, +30% compared to the previous year's period, of which 18% was organic, 11% inorganic growth, and 1% due to movements of foreign currencies. Organic growth was above expectations thanks to the robust global macroeconomic conditions and increased demand from some main customers. The gross margin of 52% lies within the expected range. After adjustment for IPO-related one-off costs, adjusted EBITDA and adjusted EBITDA margin results were CHF 15.0 million and 17%, respectively. These results lie slightly above expectations due to higher revenues. The influence of the one-off effects of IPO-related costs and the IPO loyalty share program for employees, in total CHF 8.8 million, resulted in an operating loss of CHF 0.8 million and a net loss of CHF 2.0 million. Generated free cash flow amounted to CHF 12.6 million. IPO proceeds resulted in net cash of CHF 32.9 million.

Diversified growth in all end markets
In the automotive market, revenue increased by 69% to CHF 29.0 million. Increased demand for humidity sensors, applied in anti-fogging and climate-control modules, was a major factor behind the 25% organic growth in this market. The new generation of mass flow sensors employed in combustion-engine control achieved its first significant revenues. The acquisition of the sensor module business of Automotive Industrial Company (AIC) contributed inorganic growth of 44%.

Revenue in the medical market increased from CHF 16.2 million to CHF 17.9 million (+11%). This growth was mainly contributable to increased volumes from ongoing customer projects both for differential pressures sensors used in continuous positive airway pressure (CPAP) devices and mass flow meters used in ventilators.

The industrial market, composed of the appliances, smart gas meters, industrial automation, and heating, ventilation, and air conditioning (HVAC) markets, showed strong revenue growth of 21% to CHF 36.5 million. Sales of humidity sensors through distributors developed strongly. We experienced further growth for our gas meter solutions. In the appliances market, a first substantial project employing our air quality sensor in air purifiers also contributed to growth.

Revenue in the consumer market accounted to CHF 6.8 million (+15%). In particular, sales of humidity sensors for smart home applications through distributors increased. The gas sensor (air quality sensor), launched in summer 2017, also contributed its first significant revenues in this market.

New product lines develop solidly
Sensirion introduced its first carbon dioxide sensor in the first half of 2018. This complements the environmental sensor node by an additional parameter and generated a positive response from the market. The market launch of the particulate matter sensor (PM2.5 sensor) is still targeted for the second half of 2018.

Integration of AIC on track
In September 2017 we acquired the sensor module business of AIC. This business is now called Sensirion Automotive Solutions, and its integration is proceeding according to plan. Revenues from the acquired product lines are developing as expected.

Initial Public Offering
On 22 March 2018, Sensirion shares were successfully listed on the SIX Swiss Exchange, a major milestone in Sensirion's history. With the Initial Public Offering (IPO), Sensirion aimed to broaden its shareholder base by including committed anchor shareholders in order to secure sustainable business development based on targeted long-term investments and a distinct entrepreneurial spirit. The Founders and Co-Chairmen, Felix Mayer and Moritz Lechner, remain fully invested in and committed in the long term to Sensirion and will participate in the future development of Sensirion.

Outlook for Financial Year 2018
Under the assumption that macroeconomic and foreign currency conditions will remain stable, we expect full-year 2018 revenue of CHF 175-180 million (18-22% growth YoY) and an adjusted EBITDA margin of 15-16%, after excluding IPO-related costs. Gross margin is expected to remain stable at 52-54%.


Condensed Consolidated Interim Financial Statements

Condensed Consolidated Income Statement 2018 2017
In millions of CHF, for the six months ended 30 June    
Revenue 90.2 69.6
Cost of sales (42.9) (29.7)
Gross profit 47.3 39.9
Other income 0.6
Research and development expenses (18.0) (17.0)
Selling, distribution, and administrative expenses (30.7) (18.2)
Operating profit (loss) (0.8) 4.7
Net finance costs (0.8) (1.1)
Profit (loss) before tax (1.6) 3.6
Income taxes (0.4) (2.2)
Profit (loss) for the period (2.0) 1.4
Earnings per share (in CHF) (0.14) 0.12
Diluted earnings per share (in CHF) (0.14) 0.12
EBITDA 6.1 10.1
Adjusted EBITDA 15.0 11.3
Revenue by End Markets 2018 2017
In millions of CHF, for the six months ended 30 June    
Automotive 29.0 17.2
Medical 17.9 16.2
Industrial 36.5 30.3
Consumer 6.8 5.9
Total 90.2 69.6
Condensed Consolidated Statement of Financial Position as of 30 June 2018 as of 31 December 2017
In millions of CHF    
Current assets 107.1 71.3
Non-current assets 103.6 104.8
Total assets 210.7 176.1
Current liabilities 21.7 79.5
Non-current liabilities 36.5 35.6
Total liabilities 58.2 115.1
Total equity 152.5 61.0
Total liabilities and equity 210.7 176.1
Condensed Consolidated Statement of Cash Flows 2018 2017
In millions of CHF, for the six months ended 30 June    
Cash flows from operating activities 14.8 2.5
Cash flows from investing activities (2.2) (6.7)
Cash flows from financing activities 23.0 (0.6)
Net change in cash and cash equivalents 35.6 (4.8)
Cash and cash equivalents at 1 January 9.4 14.0
Cash and cash equivalents at 30 June 45.0 9.2
Capital expenditures (5.8) (6.7)
Free cash flow 12.6 (4.2)

Conference call on the results of the first half of 2018
Today, Wednesday, 22 August 2018, at 10:00 CEST / 09:00 BST / 04:00 EDT, a conference call on the results of the first half of 2018 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 dial the following numbers to access the conference call:
Switzerland: +41 58 262 07 22 / Access code 892124
United Kingdom: +44 203 370 57 19 / Access code 892124
United States: +1 646 381 08 89 / Access code 892124
Germany: +49 698 991 47 25 / Access code 892124
For other countries, please use one of the following links: Local Access, Freecall.

All documents can be accessed at

Financial Calendar
07 March 2019: Full-year results 2018
14 May 2019: Annual General Meeting


Investor Relations
Andrea Wüest
Director Investor Relations
Tel: +41 44 927 11 40
E-Mail: [email protected]

Andreas Meile
Director Marketing & Communications
Tel: +41 44 306 49 06
E-Mail: [email protected]

About Sensirion Holding AG

Sensirion Holding AG, headquartered in Staefa, 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 the US, Europe, China, Taiwan, Japan and South Korea 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


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.

Additional features:

Document title: Sensirion Press Release Half Year Results 2018

End of ad hoc announcement

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