Melexis Q2 2013 results - Growth Confirmed

Intermediate declaration by the Board of Directors.
Ieper, Belgium - July 31st, 2013, 07.00 hrs CET

Half-year sales were 128.9 million EUR, an increase of 7% compared to the first half year 2012. Gross margin was 59.3 million EUR, an increase of 5% compared to the same period last year. The operating result was 28.1 million EUR, compared to 27.1 million EUR in the same half year of 2012. Net income was 24.3 million EUR, compared to 22.8 million EUR in the first half year 2012.

Sales for the second quarter of 2013 were 67.1 million EUR, an increase of 8% compared to the same quarter of the previous year and an increase of 8% versus the previous quarter. The EUR/USD exchange rate evolution had a positive impact of 1% compared to the previous quarter and had no impact compared to the same quarter of the previous year.
Gross margin was 31.1 million EUR, an increase of 7% compared to the same quarter of last year and an increase of 10% versus the previous quarter.
R&D expenses were at 15.1% of sales, Selling was at 2.7% and G&A was at 5.7% of sales. The operating result was 15.3 million EUR, compared to 13.9 million EUR in the same quarter of 2012 and 12.7 million EUR in the previous quarter.
Net income was 13.1 million EUR, 33 cent per share, up from 29 cent per share in the second quarter of 2012 and 28 cent in the previous quarter.

Dividend
The Board of Directors decided to pay out an interim dividend of 0,70 EUR gross per share. The Melexis shares will start trading ex coupon on October 21, 2013 (opening of the market). The record date is October 23, 2013 (closing of the market) and the dividend will be payable as from October 24, 2013.

Outlook
We expect sales in the third quarter of 2013 to be slightly above the level of the second quarter.
For FY 2013, Melexis expects to achieve mid to high single digit growth in sales, a gross profit margin above 45% and an operating margin above 21%, taking into account a EUR/USD exchange rate of 1.30.

Françoise Chombar, CEO of Melexis comments:
"Business in the second quarter of 2013 was pretty strong and creates confidence for the second half of the year. According to Strategy Analytics, Melexis now occupies the 5th place in the world of automotive sensors. A daunting accomplishment, if I may dare to say so. Indeed, it is worth mentioning that Melexis is only 24 years' of age whereas its top 10 companions are all at least double that. The Melexis vision of engineering the sustainable future coupled with the dedication, engagement and creative spirit of the Melexis people clearly convinces our customers to value the Melexis contribution to their business."

Karen van Griensven, CFO of Melexis comments:
"The Board of Directors decided to increase the interim dividend with almost 8% compared to the previous year. In the last 10 years Melexis has been able to generate substantial shareholder value. Shareholders who reinvested their received dividends in the company, can look back on a return of more than 13% per year."

Financial Calendar

Publication Q3 2013 Results: October 16, 2013

Publication FY 2013 Results: February 5, 2014

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