Melexis Q2 2021 results – Second quarter sales of 159.1 million EUR

Press release - Regulated Information

Intermediate declaration by the Board of Directors
Ieper, Belgium – July 28th, 2021, 07.00 hrs CET

Sales for the second quarter of 2021 were 159.1 million EUR, an increase of 58% compared to the same quarter of the previous year and an increase of 2% compared to the previous quarter. The EUR/USD exchange rate evolution had a negative impact on sales of 4% compared to the same quarter of last year and no impact compared to the previous quarter. The gross result was 67.1 million EUR or 42.2% of sales, an increase of 73% compared to the same quarter of last year and an increase of 3% compared to the previous quarter. R&D expenses were 12.0% of sales, G&A was at 4.9% of sales and Selling was at 2.3% of sales. The operating result was 36.4 million EUR or 22.9% of sales, an increase of 260% compared to the same quarter of last year and an increase of 5% compared to the previous quarter. The net result was 33.5 million EUR or 0.83 EUR per share, an increase of 246% compared to 9.7 million EUR or 0.24 EUR per share in the second quarter of 2020 and an increase of 21% compared to the previous quarter.

Sales for the first half year of 2021 were 314.7 million EUR, an increase of 32% compared to the first half year of 2020. The EUR/USD exchange rate evolution had a negative impact on sales of 4% compared to the first half year of 2020. The gross result was 132.4 million EUR or 42.1% of sales, an increase of 40% compared to the same period last year. R&D expenses were 12.3% of sales, G&A was at 4.9% of sales and Selling was at 2.3% of sales. The operating result was 70.9 million EUR or 22.5% of sales, an increase of 108% compared to 34.1 million EUR in the same half year of 2020. The net result was 61.3 million EUR or 1.52 EUR per share, an increase of 102% compared to 30.4 million EUR or 0.75 EUR per share in the first half year of 2020.

Dividend

The Board of Directors decided to pay out an interim dividend of 1.30 EUR gross per share. The Melexis shares will start trading ex coupon on October 19, 2021 (opening of the market). The record date is October 20, 2021 (closing of the market) and the dividend will be payable as from October 21, 2021.

Outlook

Melexis expects sales in the third quarter of 2021 in the range of 158-163 million euro. For the full year 2021, Melexis expects a sales growth between 24% and 27%, a gross profit margin of around 42% and an operating margin of around 22% at the midpoint of the sales guidance, all taking into account a EUR/USD exchange rate of 1.18 for the remainder of the year.

Business comment – Françoise Chombar, CEO:

“With 159.1 million EUR in the second quarter, we posted record sales for the second time this year. Also for the second time, we are upping our sales guidance as order behavior and end market demand remain strong. Today still, we are not constrained by demand, but by supply. This being said, we are rising well to the challenge of allocating the available material fairly across our customer base and I’m grateful to our teams for their resilience.

In the first half of 2021, the outperforming product lines were embedded lighting, temperature sensors and the magnetic sensors product family.

Sales to automotive customers represented 88% of total sales, in the second quarter as well as in the first half of 2021. The portion of standard product (ASSPs) sales represented 71% of total sales, both in the second quarter and the first half of 2021.

Melexis ICs truly shape the future. Melexis is well placed to contribute to making this planet more sustainable and improving people’s lives. It is with pride and pleasure that I take up another role as chairwoman of the Board of Directors from August 1st, leaving the stage well prepared for my successor and his team.”

Business comment – Marc Biron, future CEO:

“Melexis is an exceptional company with a very steep growth path. I am eager to take up the role of CEO and to guide Melexis during the next chapter of the successful journey. We have a sound strategy that we will continue and develop further. We have engaged people which we will continue to nurture. We will develop new competencies and expertise to be able to respond to the new market needs. We have great products that are wanted all over the world and we will expand further our product portfolio thanks to our innovations and our innovative spirit.”

The statutory auditor PwC bedrijfsrevisoren has confirmed that the review, which is substantially complete, has not to date revealed any material misstatement in the draft interim consolidated accounts, and that the accounting data reported in the press release is consistent, in all material respects, with the draft accounts from which it has been derived.

Financial Calendar

• Dividend pay date: October 21, 2021 (ex coupon on October 19, 2021)
• Publication Q3 Results 2021: October 27, 2021 (at 7 hrs CET)
• Publication FY 2021 Results: February 2, 2022 (at 7 hrs CET)

For more information:
Investor Relations
Phone: +32 13 67 07 79
Email: investor@melexis.com

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