Melexis Q4 and FY 2016 results - Melexis growth do
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Intermediate declaration by the Board of Directors Ieper, Belgium - February 8th, 2017, 07.00 hrs CET
For the full year 2016 , sales were 456.3 million EUR, an increase of 14% compared to the previous year. The EUR/USD exchange rate evolution had no impact compared to 2015. Gross margin was 208.5 million EUR, an increase of 9% compared to 2015. R&D expenses were 14.0% of sales, G&A was at 4.6% of sales and Selling was at 2.1% of sales. The operating result was 114.4 million EUR, an increase of 6% compared to last year. Net income was 96.3 million EUR, 2.38 EUR per share, a decrease of 3% compared to 99.1 million EUR or 2.45 EUR per share in 2015.
Sales for the fourth quarter of 2016 were 120.0 million EUR, an increase of 17% compared to the same quarter of the previous year and an increase of 5% compared to the previous quarter. The EUR/USD exchange rate evolution had no impact compared to the same quarter of last year and a positive impact of 1% compared to the previous quarter. Gross margin was 55.2 million EUR, an increase of 16% compared to the same quarter of last year and an increase of 4% compared to the previous quarter. R&D expenses were 14.2% of sales, G&A was at 4.9% of sales and Selling was at 2.4% of sales. The operating result was 29.4 million EUR, an increase of 23% compared to the same quarter of last year and a decrease of 1% compared to the previous quarter. Net income was 25.1 million EUR or 0.62 EUR per share, an increase of 14% compared to 22.0 million EUR or 0.54 EUR per share in the fourth quarter of 2015 and flat compared to the previous quarter.
Dividend The Board of Directors approved on February 3rd 2017 to propose to the Annual Shareholder meeting to pay out over the result of 2016 a total dividend of EUR 2.00 gross per share. This amount contains an interim dividend of EUR 1.30 per share which was paid in October 2016 and a final dividend of EUR 0.70 per share which will be payable after approval of the Annual Shareholders meeting. The Melexis shares will start trading ex coupon on April 25, 2017 (opening of the market). The record date is April 26, 2017 (closing of the market) and the dividend will be payable as from April 27, 2017.
Outlook Melexis expects sales in the first quarter of 2017 to be around the level of 125 million EUR. For the full year 2017, Melexis expects sales growth to be between 11% and 15%, a gross profit margin around 45% and an operating margin around 25%, all taking into account a EUR/USD exchange rate of 1.07.
Business comment - Françoise Chombar, CEO: "Melexis proudly presents its full year 2016 results: with a year over year growth of 14%, a gross margin close to 46% and an operating margin of 25%, we exceed our outlook given at the beginning of the year. Based on the latest market data¹, Melexis 2016 growth doubles automotive semiconductor growth, with all regions contributing. The last quarter of the year was exceptionally strong: typical negative inventory corrections did not occur, the strong demand in all product lines contributed to a sequential sales growth of 5% and a year over year growth of 17%. The main growth drivers, both in the last quarter and the full year continue to be our magnetic sensor product lines, pressure sensors and fan drivers. On average, every new car in the world now carries 8 chips of Melexis. It is with confidence we look forward to 2017: top line growth is expected to be supported by many new and existing products in multiple product lines such as magnetic sensors, sensor interfaces, optical sensors, pressure sensors, fan drivers, BLDC and LIN. In order to support that growth, Melexis continues to invest in R&D, sales & marketing and automation. Sales to automotive customers represented 88% of total sales in the fourth quarter and 89% of total sales for the full year 2016. The portion of standard product (ASSPs) sales represented 61% of total sales, both in the fourth quarter and full year 2016.'' ¹Strategy Analytics, January 2017
The statutory auditor BDO Bedrijfsrevisoren Burg. Ven. CVBA, has 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.
Financial Calendar
- Annual Shareholders Meeting: April 20, 2017
- Publication Q1 2017 Results: April 20, 2017
- Dividend pay date: April 27, 2017 (ex coupon on April 25, 2017)
- Analyst Day: May 3, 2017
- Publication Q2/HY1 2017 Results: August 2, 2017
- Publication Q3 2017 Results: October 25, 2017
- Publication FY 2017 Results: February 7, 2018
The company's results will be discussed in a conference call on Wednesday, February 8 th , 2017 at 17 hrs CET. The conference call will be in English. You have to register for this conference call in advance. You can register by clicking on the following link and filling out the requested information: https://eventreg3.conferencing.com/inv/reg.ht...onf=369864 Conference ID: 961215.
After registration, you will receive the conference call number, a participant user pin, conference pin and instructions on how to join the conference call. For security purposes all participants must register individually if they wish to join the call.
A replay number for this call is available for 7 days after the end of the conference call. The replay number for this call is +32 2 290 17 05, access code: 961215.
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