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09.04.2024 06:25:53 - Sensirion Holding AG: Sensirion ends activities in condition monitoring; focusing on methane emission monitoring as a data-based service business
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Sensirion Holding AG / Key word(s): Strategic Company Decision
Sensirion Holding AG: Sensirion ends activities in condition monitoring; focusing on methane emission monitoring as a
data-based service business
09-Apr-2024 / 06:25 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Media release
April 9, 2024, Sensirion Holding AG, 8712 Stäfa, Switzerland
Ad hoc announcement pursuant to Art. 53 LR
Sensirion ends activities in condition monitoring; focusing on methane emission monitoring as a data-based service
business
. Sensirion is ending activities in condition monitoring (formerly StartUp AiSight, Berlin) after a
thorough review
. Sensirion is focusing on the further development of methane emission monitoring as a data-based service
business
. Impairments (non-cash) of around CHF 25 million, restructuring costs and provisions for the closure of
the site of CHF 3-5 million in 2024
. The decision will lead to a slight improvement in operating cash flow from 2025 onwards
As part of a critical review of all innovation projects and to increase the strategic focus of the business, the board
of directors of Sensirion Holding has decided, at the request of the management, to give up the activities in condition
monitoring of the previously acquired startup AiSight. This will lead to the closure of Sensirion's Berlin site.
Sensirion acquired the Berlin-based start-up AiSight in September 2021 with the aim of becoming a leading provider of
complete solutions in the field of condition monitoring. In the meantime, however, it has become clear that the market
for condition monitoring is developing much more slowly and is more fragmented than originally assumed. There are a
large number of competitors from whom it will be difficult to differentiate technically. This market structure does not
strategically fit Sensirion's goal of becoming the leading provider in its respective area through innovations. This
reassessment, after a thorough examination of various options, has now led to the decision to abandon this area of
development. The strategic goal of building a data-based service business alongside the important OEM business remains
unchanged. Sensirion will continue to focus on detecting climate-damaging methane leaks in the oil and gas industry.
This internal, data-based innovation project is developing very promisingly and is also being positively supported by
new environmental regulations in the USA and Europe.
"Innovation is always associated with opportunities, but also with risks. For an innovation-driven company like
Sensirion, it is therefore essential to closely monitor innovation projects and make clear decisions when a project no
longer meets expectations. Looking back, many innovation projects in recent years have been very successful, such as
the entire environmental sensor initiative or the A2L campaign, which is about to be ramped up. Unfortunately, this was
not the case with condition monitoring. We regret this very much, but it is also part of an innovation-oriented
company," says CEO Marc von Waldkirch.
The decision to stop activities in condition monitoring entails the closure of the Berlin site. Sensirion deeply
regrets the loss of jobs there, but will provide the very well-trained employees who are affected with the best
possible support in their search for new, interesting work.
Financially, the decision leads to an extraordinary, non-cash impairment of around CHF 25 million and the elimination
of tax loss carryforwards of around CHF 5 million. The impairment is due to the "goodwill recycling" required by Swiss
GAAP FER, according to which the value, at the time of acquisition, of goodwill offset against equity must be recycled
and written off. The company expects to incur restructuring costs and provisions related to the termination of
activities of around CHF 3-5 million in 2024. Adjusted for these one-off special effects resulting from the closure,
Sensirion confirms its forecast for the full year 2024 published on March 12, 2024. As a result of this decision,
Sensirion expects an improvement in operating cash flow in the low single-digit million CHF range from 2025 onwards.
The decision will also have no significant impact on Sensirion's medium- and long-term growth potential.
Conference on: Sensirion ends activities in condition monitoring
A conference on the press release will take place today, Tuesday, April 9, 2024, 09:00 (UTC+2). The conference will be
in English. After a short introduction, there will be an opportunity to ask questions.
You can join the conference using the following link:
Investor Conference
Meeting ID: 313 160 716 545
Passcode: bh4o4C
Or call in (audio only)
+41 43 210 57 16
Phone Conference ID: 506 288 309#
Financial calendar
May 13, 2024 Annual General Meeting 2024
August 21, 2024 Half-year results and interim report 2024
Contact
Investor relations
Lars Dünnhaupt
Director of Investor Relations
Tel.: +41 44 306 40 00
Email: lars.duennhaupt@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 (CO[2]) and particulate matter (PM2.5). An international network with sales offices in China, Europe, Japan,
South Korea, Taiwan and the USA 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.
End of Inside Information
Information and Explanation of the Issuer to this News:
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,
changing market conditions, competition from other companies, the effects and risks of new technologies, the costs of
complying with applicable laws, regulations and standards, diverse political, legal, economic and other conditions
affecting the 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.
Sensirion uses certain key figures to measure its performance that are not defined by Swiss GAAP FER. These alternative
performance measures may not be comparable to similarly titled measures presented by other companies. Additional
information on these key figures can be found at www.sensirion.com/additional-performance-measures.
Laubisrütistrasse 50
8712 Stäfa
Switzerland
End of Announcement EQS News Service
===
1875835 09-Apr-2024 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1875835&application_name=news
END) Dow Jones Newswires
April 09, 2024 00:25 ET (04:25 GMT)
Sensirion Holding AG / Key word(s): Strategic Company Decision
Sensirion Holding AG: Sensirion ends activities in condition monitoring; focusing on methane emission monitoring as a
data-based service business
09-Apr-2024 / 06:25 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Media release
April 9, 2024, Sensirion Holding AG, 8712 Stäfa, Switzerland
Ad hoc announcement pursuant to Art. 53 LR
Sensirion ends activities in condition monitoring; focusing on methane emission monitoring as a data-based service
business
. Sensirion is ending activities in condition monitoring (formerly StartUp AiSight, Berlin) after a
thorough review
. Sensirion is focusing on the further development of methane emission monitoring as a data-based service
business
. Impairments (non-cash) of around CHF 25 million, restructuring costs and provisions for the closure of
the site of CHF 3-5 million in 2024
. The decision will lead to a slight improvement in operating cash flow from 2025 onwards
As part of a critical review of all innovation projects and to increase the strategic focus of the business, the board
of directors of Sensirion Holding has decided, at the request of the management, to give up the activities in condition
monitoring of the previously acquired startup AiSight. This will lead to the closure of Sensirion's Berlin site.
Sensirion acquired the Berlin-based start-up AiSight in September 2021 with the aim of becoming a leading provider of
complete solutions in the field of condition monitoring. In the meantime, however, it has become clear that the market
for condition monitoring is developing much more slowly and is more fragmented than originally assumed. There are a
large number of competitors from whom it will be difficult to differentiate technically. This market structure does not
strategically fit Sensirion's goal of becoming the leading provider in its respective area through innovations. This
reassessment, after a thorough examination of various options, has now led to the decision to abandon this area of
development. The strategic goal of building a data-based service business alongside the important OEM business remains
unchanged. Sensirion will continue to focus on detecting climate-damaging methane leaks in the oil and gas industry.
This internal, data-based innovation project is developing very promisingly and is also being positively supported by
new environmental regulations in the USA and Europe.
"Innovation is always associated with opportunities, but also with risks. For an innovation-driven company like
Sensirion, it is therefore essential to closely monitor innovation projects and make clear decisions when a project no
longer meets expectations. Looking back, many innovation projects in recent years have been very successful, such as
the entire environmental sensor initiative or the A2L campaign, which is about to be ramped up. Unfortunately, this was
not the case with condition monitoring. We regret this very much, but it is also part of an innovation-oriented
company," says CEO Marc von Waldkirch.
The decision to stop activities in condition monitoring entails the closure of the Berlin site. Sensirion deeply
regrets the loss of jobs there, but will provide the very well-trained employees who are affected with the best
possible support in their search for new, interesting work.
Financially, the decision leads to an extraordinary, non-cash impairment of around CHF 25 million and the elimination
of tax loss carryforwards of around CHF 5 million. The impairment is due to the "goodwill recycling" required by Swiss
GAAP FER, according to which the value, at the time of acquisition, of goodwill offset against equity must be recycled
and written off. The company expects to incur restructuring costs and provisions related to the termination of
activities of around CHF 3-5 million in 2024. Adjusted for these one-off special effects resulting from the closure,
Sensirion confirms its forecast for the full year 2024 published on March 12, 2024. As a result of this decision,
Sensirion expects an improvement in operating cash flow in the low single-digit million CHF range from 2025 onwards.
The decision will also have no significant impact on Sensirion's medium- and long-term growth potential.
Conference on: Sensirion ends activities in condition monitoring
A conference on the press release will take place today, Tuesday, April 9, 2024, 09:00 (UTC+2). The conference will be
in English. After a short introduction, there will be an opportunity to ask questions.
You can join the conference using the following link:
Investor Conference
Meeting ID: 313 160 716 545
Passcode: bh4o4C
Or call in (audio only)
+41 43 210 57 16
Phone Conference ID: 506 288 309#
Financial calendar
May 13, 2024 Annual General Meeting 2024
August 21, 2024 Half-year results and interim report 2024
Contact
Investor relations
Lars Dünnhaupt
Director of Investor Relations
Tel.: +41 44 306 40 00
Email: lars.duennhaupt@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 (CO[2]) and particulate matter (PM2.5). An international network with sales offices in China, Europe, Japan,
South Korea, Taiwan and the USA 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.
End of Inside Information
Information and Explanation of the Issuer to this News:
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,
changing market conditions, competition from other companies, the effects and risks of new technologies, the costs of
complying with applicable laws, regulations and standards, diverse political, legal, economic and other conditions
affecting the 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.
Sensirion uses certain key figures to measure its performance that are not defined by Swiss GAAP FER. These alternative
performance measures may not be comparable to similarly titled measures presented by other companies. Additional
information on these key figures can be found at www.sensirion.com/additional-performance-measures.
This document is not an offer to sell, or a solicitation of offers to purchase, any securities. Language: English Company: Sensirion Holding AG
Laubisrütistrasse 50
8712 Stäfa
Switzerland
Phone: +41 44 306 40 00 Fax: +41 44 306 49 06 Internet: www.sensirion.com ISIN: CH0406705126 Valor: A2JGBW Listed: Regulated Unofficial Market in Berlin, Frankfurt, Munich, Stuttgart; SIX Swiss Exchange EQS News ID: 1875835
End of Announcement EQS News Service
===
1875835 09-Apr-2024 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1875835&application_name=news
END) Dow Jones Newswires
April 09, 2024 00:25 ET (04:25 GMT)
