Sensirion Holding AG

Sensirion ends activities in condition monitoring; focusing on methane emission monitoring as a data-based service business - Seite 2

 

“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.