Melexis Q4 and FY 2021 results – Full year sales of 643.8 million EUR
Intermediate declaration by the Board of Directors
Ieper, Belgium – February 2nd, 2022, 07.00 hrs CET
Sales for the full year of 2021 were 643.8 million EUR, an increase of 27% compared to the previous year.
The EUR/USD exchange rate evolution had a negative impact on sales of 1% compared to 2020.
The gross result was 273.6 million EUR or 42.5% of sales, an increase of 38% compared to 2020. R&D expenses were 12.2% of sales, G&A was at 5.0% of sales and Selling was at 2.3% of sales.
The operating result was 148.4 million EUR or 23.1% of sales, an increase of 97% compared to 75.5 million EUR in 2020. The net result was 131.1 million EUR or 3.25 EUR per share, an increase of 89% compared to 69.3 million EUR or 1.72 EUR per share in 2020.
Sales for the fourth quarter of 2021 were 166.2 million EUR, an increase of 13% 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 positive impact on sales of 2% compared to the same quarter of last year and a positive impact of 1% compared to the previous quarter.
The gross result was 70.6 million EUR or 42.5% of sales, an increase of 21% compared to the same quarter of last year and flat compared to the previous quarter.
R&D expenses were 12.0% of sales, G&A was at 5.3% of sales and Selling was at 2.4% of sales.
The operating result was 37.8 million EUR or 22.8% of sales, an increase of 47% compared to the same quarter of last year and a decrease of 5% compared to the previous quarter.
The net result was 33.3 million EUR or 0.82 EUR per share, an increase of 39% compared to 24.0 million EUR or 0.59 EUR per share in the fourth quarter of 2020 and a decrease of 9% compared to the previous quarter.
The Board of Directors approved on January 28th, 2022 to propose to the Annual Shareholders meeting to pay out over the result of 2021 a total dividend of 2.60 EUR gross per share. This amount contains an interim dividend of 1.30 EUR per share which was paid in October 2021 and a final dividend of 1.30 EUR per share which will be payable after approval of the Annual Shareholders meeting. The Melexis shares will start trading ex coupon on May 11, 2022 (opening of the market). The record date is May 12, 2022 (closing of the market) and the dividend will be payable as from May 13, 2022.Outlook
Melexis expects sales in the first quarter of 2022 to be in the range of 177 to 183 million euro.
For the full year 2022, Melexis expects sales growth between 12% and 17%, with a gross profit margin around 42% and an operating margin around 23% at the midpoint of the sales guidance, all taking into account a EUR/USD exchange rate of 1.13.
For the full year 2022, Melexis expects CAPEX to be around 45 million EUR.
“With a sales level of 166.2 million EUR in the fourth quarter and 643.8 million EUR for the full year, we have reached both a new record quarter and a new record year. These fantastic numbers, slightly above the upgraded guidance, led to a 97% increase of the operating result in 2021 compared with 2020. I would like to thank all Melexians for their great commitment and resilience in the face of the numerous supply chain headwinds.
In comparison to 2020, the outperforming product lines in 2021 were embedded lighting, temperature sensors, current sensors and latch and switches while in absolute terms, the highest increase is supported by the magnetic position sensor product line. In 2021, we launched no less than 16 new products. I am proud to announce that Melexis shipped on average 18 ICs per car produced worldwide, bringing our 2018 ambition of 20 ICs per car within reach. The current sensor and drivers product lines are expected to be the highest contributors to the revenue growth as they benefit the most from the general electrification trend.
Based on our customers’ ordering behavior and the ongoing supply chain disruptions, we anticipate that the mismatch between supply and demand will not be resolved in 2022. We continue allocating the available materials across the customer base and working with our partners to further increase overall capacity.
Sales to automotive customers represented 90% of total sales in the fourth quarter of 2021 and 89% of total sales in the full year 2021. The portion of standard product (ASSPs) sales represented 73% of total sales in the fourth quarter and 72% in the full year 2021.”
The statutory auditor PwC Bedrijfsrevisoren BV has confirmed that the audit, which is substantially complete, has not to date revealed any material misstatement in the draft consolidated accounts, and that the accounting data reported in the press release is consistent, in all material respects, with the draft consolidated accounts from which it has been derived.Financial calendar
- Publication Q1 Results 2022: April 27, 2022 (at 7 hrs CET)
- Annual Shareholders Meeting: May 10, 2022
- Dividend pay date: May 13, 2022 (ex coupon on May 11, 2022)
- Publication Q2 Results 2022: July 27, 2022 (at 7 hrs CET)
- Publication Q3 Results 2022: October 26, 2022 (at 7 hrs CET)
- Publication FY 2022 Results: February 1, 2023 (at 7 hrs CET)
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