Melexis Q4 and FY 2012 results - Resilience reigns

Ieper, Belgium - February 6th, 2013, 07.00 hrs CET

The statutory auditors BDO Bedrijfsrevisoren BCV, have confirmed that their audit procedures, which have been substantially completed, have not revealed material adjustments which would have to be made to the accounting information included in this press release.

For the year 2012, sales were 247.0 million EUR, an increase of 7% compared to the previous year.
The EUR/USD exchange rate evolution had a positive impact of 4% compared to 2011.
Gross margin was 115.5 million EUR, an increase of 7% compared to 2011.
The operating result was 55.9 million EUR, an increase of 3% compared to last year.
R&D expenses were 16% of sales, Selling was at 3% of sales and G&A was at 5% of sales.
Net income was 51.5 million EUR, compared to 45.9 million EUR in 2011, an increase of 12%.

Sales for the 4th quarter of 2012 were 62.1 million EUR, an increase of 8% compared to the same quarter of the previous year and a decrease of 4% compared to the previous quarter.
The EUR/USD exchange rate evolution had a negative impact of 2% compared to the previous quarter.
Gross margin was 29.0 million EUR, an increase of 3% compared to the same quarter last year.
The operating result was 13.7 million EUR, a decrease of 5% compared to the same quarter of the previous year.
R&D expenses were 16% of sales, Selling remains stable at 3% of sales and G&A was at 5% of sales.
Net income was 16.5 million EUR, up 27% compared to the same quarter of last year.

Melexis purchased 189.473 shares during 2012 at an average price of 11.47 EUR. As a result, the total number of shares amounts to 346.141 at the end of 2012, representing 0.86% of shares outstanding.

Outlook
Melexis expects sales in the first quarter of 2013 to be around the level of 60 million EUR.
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:
"Melexis further increased its sales versus the previous year, against the trend and amidst economic uncertainty. Our product portfolio hence can be considered pretty resilient. The first quarter of 2013 will mark the turning point towards renewed growth starting the second quarter. Seasonal effects, such as start-of-the-year price curve adjustments and the aftermath of both the Western and Chinese New Year, combined with depressed customer sentiment in the previous quarter and thus low order intake, weigh on the first quarter. This being said, Melexis guidance for 2013 remains intact, as we continuously bring innovation to the market, unwavering in our vision to engineer a sustainable future."

Financial Calendar

Annual Shareholders Meeting: April 22, 2013

Publication Q1 2013 Results: April 24, 2013

Analyst Meeting: June 18, 2013

Publication Q2/HY1 2013 Results: July 31, 2013

Publication Q3 2013 Results: October 16, 2013

Publication FY 2013 Results: February 5, 2014

Download press release (PDF - 4.40 MB)