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| | | | |
|
Balance end of previous period | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
|
Balance end of previous period | | | | |
| | | | |
| | | | |
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liabilities are initially recognized at their fair values at the
acquisition date. The results of acquired operations are
included in the consolidated statement of comprehensive
income from the date on which control is obtained. They
are deconsolidated from the date control ceases.
Goodwill
The excess of the cost of an acquisition over the
company's interest in the fair value of the net identifiable
assets and liabilities acquired as at the date of the
exchange transaction is recorded as goodwill and
recognized as an asset in the statement of financial
position. When the excess is negative, a bargain purchase
gain is recognized immediately in the statement of
comprehensive income. The identifiable assets and
liabilities recognized upon acquisition are measured at
their fair values as at that date. Any non-controlling
interest is stated at the minority's proportion of the fair
values. Any goodwill arising on the acquisition of a foreign
entity and any fair value adjustments to the carrying
amounts of assets and liabilities arising on the acquisition
of that foreign entity are treated as assets and liabilities
of the company (unless it concerns badwill, this is
recognized in the comprehensive income). Goodwill is
carried at cost less accumulated impairment losses.
Impairment of goodwill is included in operating profit.
Goodwill is tested yearly for impairment losses.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-343": {
"value": "
Business combinations
The consolidated financial statements incorporate the
results of business combinations using the purchase
method. In the statement of financial position, the
acquiree's identifiable assets, liabilities and contingent
liabilities are initially recognized at their fair values at the
acquisition date. The results of acquired operations are
included in the consolidated statement of comprehensive
income from the date on which control is obtained. They
are deconsolidated from the date control ceases.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-345": {
"value": "
Goodwill
The excess of the cost of an acquisition over the
company's interest in the fair value of the net identifiable
assets and liabilities acquired as at the date of the
exchange transaction is recorded as goodwill and
recognized as an asset in the statement of financial
position. When the excess is negative, a bargain purchase
gain is recognized immediately in the statement of
comprehensive income. The identifiable assets and
liabilities recognized upon acquisition are measured at
their fair values as at that date. Any non-controlling
interest is stated at the minority's proportion of the fair
values. Any goodwill arising on the acquisition of a foreign
entity and any fair value adjustments to the carrying
amounts of assets and liabilities arising on the acquisition
of that foreign entity are treated as assets and liabilities
of the company (unless it concerns badwill, this is
recognized in the comprehensive income). Goodwill is
carried at cost less accumulated impairment losses.
Impairment of goodwill is included in operating profit.
Goodwill is tested yearly for impairment losses.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-346": {
"value": "
Goodwill
The excess of the cost of an acquisition over the
company's interest in the fair value of the net identifiable
assets and liabilities acquired as at the date of the
exchange transaction is recorded as goodwill and
recognized as an asset in the statement of financial
position. When the excess is negative, a bargain purchase
gain is recognized immediately in the statement of
comprehensive income. The identifiable assets and
liabilities recognized upon acquisition are measured at
their fair values as at that date. Any non-controlling
interest is stated at the minority's proportion of the fair
values. Any goodwill arising on the acquisition of a foreign
entity and any fair value adjustments to the carrying
amounts of assets and liabilities arising on the acquisition
of that foreign entity are treated as assets and liabilities
of the company (unless it concerns badwill, this is
recognized in the comprehensive income). Goodwill is
carried at cost less accumulated impairment losses.
Impairment of goodwill is included in operating profit.
Goodwill is tested yearly for impairment losses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-347": {
"value": "
Research and development costs
According to IAS 38 Par. 57 development costs are
capitalized, only if among others the technical and
economic feasibility can be proven, the future economic
benefits are probable and costs can be reliably measured.
Management has reviewed the development expenses
based on the IFRS criteria and is of the opinion that the
development expenses should be expensed as the
existence of an actual market for the output of Melexis\u2019
development efforts can only be demonstrated in a late
stage of the project cycle.
RESEARCH AND DEVELOPMENT EXPENSES
Research and development expenses include the following expenses:
in EUR
| | |
| | |
| | |
Depreciation and amortization | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-348": {
"value": "
Research and development costs
According to IAS 38 Par. 57 development costs are
capitalized, only if among others the technical and
economic feasibility can be proven, the future economic
benefits are probable and costs can be reliably measured.
Management has reviewed the development expenses
based on the IFRS criteria and is of the opinion that the
development expenses should be expensed as the
existence of an actual market for the output of Melexis\u2019
development efforts can only be demonstrated in a late
stage of the project cycle.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-349": {
"value": "
Equity
The shares of Melexis NV are listed without par value.
Melexis' aim in managing its equity is to maintain a
healthy financial structure with a minimal dependency on
external financing as well as to create shareholders value.
Melexis intends to pay out regular (interim) dividends in
order to maximize the return on equity for its
shareholders.
Under the Belgian Code of Companies and Associations,
the shareholders decide on the distribution of profits at
the annual shareholders' meeting, based on the latest
audited statutory accounts of the company. Dividends
may be paid either in cash or in kind. However,
shareholders may not declare a dividend if the company
has not first reserved at least 5% of its profits for the
financial year until such reserve has reached an amount
equal to 10% of its share capital (the \u201clegal reserve\u201d) or if,
following any such dividend, the level of the net assets
adjusted for the unamortized balance of the
incorporation costs and capitalized research and
development costs of the company falls below the
amount of the company's paid-in-capital and of its non-
distributable reserves. The Board of Directors may pay an
interim dividend, provided that certain conditions set
forth in the Belgian Code of Companies and Associations
are met.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-350": {
"value": "
Equity
The shares of Melexis NV are listed without par value.
Melexis' aim in managing its equity is to maintain a
healthy financial structure with a minimal dependency on
external financing as well as to create shareholders value.
Melexis intends to pay out regular (interim) dividends in
order to maximize the return on equity for its
shareholders.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-351": {
"value": "
Earnings per share
Basic earnings per share are calculated by dividing the net
result for the period attributable to ordinary
shareholders by the weighted average number of shares
outstanding during the period.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-352": {
"value": "
Treasury shares
Treasury shares are presented in the statement of
financial position as a deduction from equity. The
acquisition of treasury shares is presented as a change in
equity. No gain or loss is recognized in the statement of
comprehensive income on the sale, issuance, or
cancellation of treasury shares. Consideration received is
presented in the financial statements as a change in
equity.
SHAREHOLDERS' EQUITY AND RIGHTS
ATTACHED TO THE SHARES
Shareholder's capital
As of 31 December 2022, the common stock consisted of
40,400,000 issued and outstanding ordinary shares
without face value, unchanged from last year.
Each shareholder is entitled to one vote per share,
without prejudice to specific restrictions on the
shareholders' voting rights in the company's articles of
association and the Belgian Code of Companies and
Associations, including restrictions for non-voting shares
and the suspension or cancellation of voting rights for
shares which have not been fully paid up at the request of
the Board of Directors.
Under the Belgian Code of Companies and Associations,
the shareholders decide on the distribution of profits at
the annual shareholders' meeting, based on the latest
audited statutory accounts of the company. Dividends
may be paid either in cash or in kind. However,
shareholders may not declare a dividend if the company
has not first reserved at least 5% of its profits for the
financial year until such reserve has reached an amount
equal to 10% of its share capital (the \u201clegal reserve\u201d) or if,
following any such dividend, the level of the net assets
adjusted for the unamortized balance of the
incorporation costs and capitalized research and
development costs of the company falls below the
amount of the company's paid-in-capital and of its non-
distributable reserves. The Board of Directors may pay an
interim dividend, provided that certain conditions set
forth in the Belgian Code of Companies and Associations
are met.
In the event of a liquidation of the company, the proceeds
from the sale of assets remaining after payment of all
debts, liquidation expenses and taxes are to be
distributed proportionally to the shareholders, subject to
liquidation preference rights of shares having preferred
dissolution rights. The company currently has no plans to
issue any shares having such preferred dissolution rights.
Reserves
Reserve treasury shares: for own shares repurchased by
the company or entities belonging to the Melexis Group,
the amount of consideration paid is recognized as a
deduction from equity. In case of a cancellation or sale of
treasury shares, the result of the transaction is included
in retained earnings.
Revaluation reserve hedge: changes in the fair value of
the hedging instrument, for which hedge accounting is
applied as defined under IFRS 9, are recognized in a
hedging reserve. For more details about the fair value of
the hedging instruments through equity, please refer to
note 8.9.5.AA.
Revaluation reserve fair value: the difference between
the purchase price and the fair value of current
investments classified as available for sale is recognized
directly into equity into \u2018Revaluation reserve fair value'.
For more detail about the fair value of the current
investments, please refer to note 8.9.5.AA.
Legal reserve: the part of the retained earnings that
cannot be used for distribution to the shareholders as a
result of the legal requirement to have a legal reserve of
at least 10 per cent of the share capital.
Retained earnings: the net earnings retained by the
company to be reinvested in its core business, or to pay
debt.
Cumulative translation adjustment: the foreign currency
translation reserve is used to record exchange
differences arising from the translation of the financial
statements of foreign subsidiaries.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-353": {
"value": "
Treasury shares
Treasury shares are presented in the statement of
financial position as a deduction from equity. The
acquisition of treasury shares is presented as a change in
equity. No gain or loss is recognized in the statement of
comprehensive income on the sale, issuance, or
cancellation of treasury shares. Consideration received is
presented in the financial statements as a change in
equity.
Reserve treasury shares: for own shares repurchased by
the company or entities belonging to the Melexis Group,
the amount of consideration paid is recognized as a
deduction from equity. In case of a cancellation or sale of
treasury shares, the result of the transaction is included
in retained earnings.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-354": {
"value": "
Treasury shares
Treasury shares are presented in the statement of
financial position as a deduction from equity. The
acquisition of treasury shares is presented as a change in
equity. No gain or loss is recognized in the statement of
comprehensive income on the sale, issuance, or
cancellation of treasury shares. Consideration received is
presented in the financial statements as a change in
equity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-355": {
"value": "
Provisions
A provision is recognized when, and only when an
enterprise has a present obligation (legal or constructive)
as a result of a past event and it is probable (i.e. more
likely than not) that an outflow of resources embodying
economic benefits will be required to settle the
obligation, and a reliable estimate can be made of the
amount of the obligation. Provisions are reviewed at each
balance sheet date and adjusted to reflect the current
best estimate.
Where the effect of the time value of money is material,
the amount of a provision is the present value of the
expenditures expected to be required to settle the
obligation.
Warranty claims
Even though Melexis has installed elaborate test
procedures before commencing delivery of its products,
product defects might still arise upon the installation or
the end consumer\u2019s use of the product. If such product
defects materialize, expensive and time-consuming
product modifications might ensue, and further liability
claims might arise.\u00a0 As a change in business conditions led
to an increased importance of the warranty risk, Melexis
set up a warranty provision in 2022 which is based on a
reliable estimate of historical data.
Retirement benefits: defined contribution
schemes
A defined contribution plan is a pension plan under which
the Group pays fixed contributions (percentage of annual
gross salary). The scheme is funded through payments to
the insurance company. Contributions to defined
contribution pension schemes are charged to the
consolidated statement of comprehensive income in the
year to which they relate (refer to note\u00a0 8.9.5.AH)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-356": {
"value": "
Provisions
A provision is recognized when, and only when an
enterprise has a present obligation (legal or constructive)
as a result of a past event and it is probable (i.e. more
likely than not) that an outflow of resources embodying
economic benefits will be required to settle the
obligation, and a reliable estimate can be made of the
amount of the obligation. Provisions are reviewed at each
balance sheet date and adjusted to reflect the current
best estimate.
Where the effect of the time value of money is material,
the amount of a provision is the present value of the
expenditures expected to be required to settle the
obligation.
Warranty claims
Even though Melexis has installed elaborate test
procedures before commencing delivery of its products,
product defects might still arise upon the installation or
the end consumer\u2019s use of the product. If such product
defects materialize, expensive and time-consuming
product modifications might ensue, and further liability
claims might arise.\u00a0 As a change in business conditions led
to an increased importance of the warranty risk, Melexis
set up a warranty provision in 2022 which is based on a
reliable estimate of historical data.
Retirement benefits: defined contribution
schemes
A defined contribution plan is a pension plan under which
the Group pays fixed contributions (percentage of annual
gross salary). The scheme is funded through payments to
the insurance company. Contributions to defined
contribution pension schemes are charged to the
consolidated statement of comprehensive income in the
year to which they relate (refer to note\u00a0 8.9.5.AH).
RESERVES POST-RETIREMENT BENEFITS
Contributions to defined contribution pension schemes
are charged to the consolidated statement of
comprehensive income in the year to which they relate.
The contributions to defined contribution schemes
amounted to EUR 1,043,495 in 2022 compared to EUR
1,100,928 in 2021.
The company\u2019s employees in Belgium participate in
defined contribution plans, funded through a group
insurance. The employer contributions paid to the group
insurance\u00a0 are based on a fixed percentage of the salary.
By law, employers are required to provide an average
minimum\u00a0 guaranteed\u00a0 rate of return over the employee\u2019s
career, equal to 3.75% on employee contributions and
3.25% on employer contributions for contributions until
2015 and 1.75% on all contributions as from 2016. Since
the minimum guaranteed reserves were entirely covered
by plan assets by the\u00a0 insurance\u00a0 company, no amounts
were recognized in the statement of financial position on
31 December 2022 and 2021",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-357": {
"value": "
Reserves
Capital reserves represent the legal reserve of the parent
company and are in accordance with the Belgian law. The
translation reserve is used for translation differences
arising on consolidation of financial statements of foreign
entities.
Reserves
Reserve treasury shares: for own shares repurchased by
the company or entities belonging to the Melexis Group,
the amount of consideration paid is recognized as a
deduction from equity. In case of a cancellation or sale of
treasury shares, the result of the transaction is included
in retained earnings.
Revaluation reserve hedge: changes in the fair value of
the hedging instrument, for which hedge accounting is
applied as defined under IFRS 9, are recognized in a
hedging reserve. For more details about the fair value of
the hedging instruments through equity, please refer to
note 8.9.5.AA.
Revaluation reserve fair value: the difference between
the purchase price and the fair value of current
investments classified as available for sale is recognized
directly into equity into \u2018Revaluation reserve fair value'.
For more detail about the fair value of the current
investments, please refer to note 8.9.5.AA.
Legal reserve: the part of the retained earnings that
cannot be used for distribution to the shareholders as a
result of the legal requirement to have a legal reserve of
at least 10 per cent of the share capital.
Retained earnings: the net earnings retained by the
company to be reinvested in its core business, or to pay
debt.
Cumulative translation adjustment: the foreign currency
translation reserve is used to record exchange
differences arising from the translation of the financial
statements of foreign subsidiaries.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-358": {
"value": "
Non-controlling interests
Non-controlling interests include the third party interests
in the fair values of identifiable assets and liabilities
recognized upon acquisition of a subsidiary as well as the
minority share of the result of the year and retained
earnings.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-359": {
"value": "
Non-controlling interests
Non-controlling interests include the third party interests
in the fair values of identifiable assets and liabilities
recognized upon acquisition of a subsidiary as well as the
minority share of the result of the year and retained
earnings.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-362": {
"value": "
Financial liabilities
All movements in financial liabilities are accounted at
trade date. Borrowings are initially recognized at fair
value. Subsequently they are carried at amortized cost
using the effective interest rate method. Amortized cost
is calculated by taking into account any issue costs, and
any discount or premium on issue. Any differences
between cost and redemption value are recognized in the
statement of comprehensive income upon redemption.
Trade and other payables
Trade payables and other short-term monetary liabilities
are initially recognized at fair value and subsequently
carried at amortized cost using the effective interest
method.
Leasing
IFRS 16 requires lessees to recognize a lease liability
reflecting future lease payments and a \u2018right-of-use asset\u2019
for virtually all lease contracts. For lessors, the
accounting stays almost the same. However, as the IASB
has updated the guidance on the definition of a lease (as
well as the guidance on the combination and separation
of contracts), lessors will also be affected by the new
standard. Under IFRS 16, a contract is, or contains, a lease
if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for
consideration. The Group leases various properties and
cars.
Rental contracts are typically made for fixed periods of
one to nine years. Lease terms are negotiated on an
individual basis and contain a wide range of different
terms and conditions. The weighted average lessee\u2019s
incremental borrowing rate applied to the lease liabilities
on 1 January 2022 was between 0.8% and 4.65%.
From 1 January 2019, leases are recognized as a right-of-
use asset and a corresponding liability at the date at
which the leased asset is available for use by the Group.
Each lease payment is allocated between the liability and
finance cost. The finance cost is charged to profit or loss
over the lease period so as to produce a constant periodic
rate of interest on the remaining balance of the liability
for each period. The right-of-use asset is depreciated over
the shorter of the asset\u2019s useful life and the lease term on
a straight-line basis. Assets and liabilities arising from a
lease are initially measured on a present value basis.
Lease liabilities include the net present value of the
following lease payments:
\u2022Fixed payments (including in-substance fixed
payments), less any lease incentives receivable
\u2022Variable lease payments that are based on an index or a
rate
\u2022Amounts expected to be payable by the lessee under
residual value guarantees
\u2022The exercise price of a purchase option if the lessee is
reasonably certain to exercise that option, and
\u2022Payments of penalties for terminating the lease, if the
lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate
implicit in the lease. If that rate cannot be determined, the
lessee\u2019s incremental borrowing rate is used, being the
rate that the lessee would have to pay to borrow the
funds necessary to obtain an asset of similar value in a
similar economic environment with similar terms and
conditions. Right-of-use assets are measured at cost
comprising the following:
\u2022The amount of the initial measurement of the lease
liability
\u2022Any lease payments made at or before the
commencement date less any lease incentives received
\u2022Any initial direct costs, and
\u2022Restoration costs.
Payments associated with short-term leases and leases of
low-value assets are recognized on a straight-line basis as
an expense in profit or loss. Short-term leases are leases
with a lease term of twelve months or less.\u00a0 Melexis
recognizes the interest expenses of lease liabilities in the
interest paid component in the cash-flow statement.\u00a0
Melexis opted not to distinguish between lease and non-
lease components and accounted for the full amount of
the lease liability.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-360": {
"value": "
Financial liabilities
All movements in financial liabilities are accounted at
trade date. Borrowings are initially recognized at fair
value. Subsequently they are carried at amortized cost
using the effective interest rate method. Amortized cost
is calculated by taking into account any issue costs, and
any discount or premium on issue. Any differences
between cost and redemption value are recognized in the
statement of comprehensive income upon redemption.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-361": {
"value": "
Financial liabilities
All movements in financial liabilities are accounted at
trade date. Borrowings are initially recognized at fair
value. Subsequently they are carried at amortized cost
using the effective interest rate method. Amortized cost
is calculated by taking into account any issue costs, and
any discount or premium on issue. Any differences
between cost and redemption value are recognized in the
statement of comprehensive income upon redemptionLONG AND SHORT-TERM DEBT
As per 31 December 2022, Melexis does not have any long or short-term debt. The Group has unused committed credit lines
for a total of EUR 111 million.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-363": {
"value": "
Trade and other payables
Trade payables and other short-term monetary liabilities
are initially recognized at fair value and subsequently
carried at amortized cost using the effective interest
method.
ACCOUNTS\u00a0 PAYABLE AND OTHER CURRENT LIABILITIES
Trade payables are non-interest bearing and are normally settled on 30-day terms.
Other current liabilities comprise the following:
in EUR
| | |
| | |
Accrued real estate withholding tax | | |
Accrued financial services | | |
| | |
Accrued management services | | |
| | |
Accrued transport services | | |
| | |
| | |
Accrued licenses and royalties | | |
Accrued other employee costs | | |
| | |
| | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-364": {
"value": "
Trade and other payables
Trade payables and other short-term monetary liabilities
are initially recognized at fair value and subsequently
carried at amortized cost using the effective interest
method.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-365": {
"value": "
Leasing
IFRS 16 requires lessees to recognize a lease liability
reflecting future lease payments and a \u2018right-of-use asset\u2019
for virtually all lease contracts. For lessors, the
accounting stays almost the same. However, as the IASB
has updated the guidance on the definition of a lease (as
well as the guidance on the combination and separation
of contracts), lessors will also be affected by the new
standard. Under IFRS 16, a contract is, or contains, a lease
if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for
consideration. The Group leases various properties and
cars.
Rental contracts are typically made for fixed periods of
one to nine years. Lease terms are negotiated on an
individual basis and contain a wide range of different
terms and conditions. The weighted average lessee\u2019s
incremental borrowing rate applied to the lease liabilities
on 1 January 2022 was between 0.8% and 4.65%.
From 1 January 2019, leases are recognized as a right-of-
use asset and a corresponding liability at the date at
which the leased asset is available for use by the Group.
Each lease payment is allocated between the liability and
finance cost. The finance cost is charged to profit or loss
over the lease period so as to produce a constant periodic
rate of interest on the remaining balance of the liability
for each period. The right-of-use asset is depreciated over
the shorter of the asset\u2019s useful life and the lease term on
a straight-line basis. Assets and liabilities arising from a
lease are initially measured on a present value basis.
Lease liabilities include the net present value of the
following lease payments:
\u2022Fixed payments (including in-substance fixed
payments), less any lease incentives receivable
\u2022Variable lease payments that are based on an index or a
rate
\u2022Amounts expected to be payable by the lessee under
residual value guarantees
\u2022The exercise price of a purchase option if the lessee is
reasonably certain to exercise that option, and
\u2022Payments of penalties for terminating the lease, if the
lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate
implicit in the lease. If that rate cannot be determined, the
lessee\u2019s incremental borrowing rate is used, being the
rate that the lessee would have to pay to borrow the
funds necessary to obtain an asset of similar value in a
similar economic environment with similar terms and
conditions. Right-of-use assets are measured at cost
comprising the following:
\u2022The amount of the initial measurement of the lease
liability
\u2022Any lease payments made at or before the
commencement date less any lease incentives received
\u2022Any initial direct costs, and
\u2022Restoration costs.
Payments associated with short-term leases and leases of
low-value assets are recognized on a straight-line basis as
an expense in profit or loss. Short-term leases are leases
with a lease term of twelve months or less.\u00a0 Melexis
recognizes the interest expenses of lease liabilities in the
interest paid component in the cash-flow statement.\u00a0
Melexis opted not to distinguish between lease and non-
lease components and accounted for the full amount of
the lease liabilityLEASED ASSETS AND LIABILITIES
This note provides information for leased assets where Melexis is a lessee. The balance sheet shows the following amounts
related to leased assets:
in EUR
Additions and retirements mainly relate to building rental contract modifications.
The balance sheet shows the following amounts related to lease liabilities:
in EUR
The statement of profit and loss shows the following amounts relating to leases:
in EUR
| |
Depreciation charges leased buildings | |
Depreciation charges leased vehicles | |
Interest expense (included in finance cost) | |
Expenses related to short-term leases or low-value assets (included in admin expenses) | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-366": {
"value": "
Leasing
IFRS 16 requires lessees to recognize a lease liability
reflecting future lease payments and a \u2018right-of-use asset\u2019
for virtually all lease contracts. For lessors, the
accounting stays almost the same. However, as the IASB
has updated the guidance on the definition of a lease (as
well as the guidance on the combination and separation
of contracts), lessors will also be affected by the new
standard. Under IFRS 16, a contract is, or contains, a lease
if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for
consideration. The Group leases various properties and
cars.
Rental contracts are typically made for fixed periods of
one to nine years. Lease terms are negotiated on an
individual basis and contain a wide range of different
terms and conditions. The weighted average lessee\u2019s
incremental borrowing rate applied to the lease liabilities
on 1 January 2022 was between 0.8% and 4.65%.
From 1 January 2019, leases are recognized as a right-of-
use asset and a corresponding liability at the date at
which the leased asset is available for use by the Group.
Each lease payment is allocated between the liability and
finance cost. The finance cost is charged to profit or loss
over the lease period so as to produce a constant periodic
rate of interest on the remaining balance of the liability
for each period. The right-of-use asset is depreciated over
the shorter of the asset\u2019s useful life and the lease term on
a straight-line basis. Assets and liabilities arising from a
lease are initially measured on a present value basis.
Lease liabilities include the net present value of the
following lease payments:
\u2022Fixed payments (including in-substance fixed
payments), less any lease incentives receivable
\u2022Variable lease payments that are based on an index or a
rate
\u2022Amounts expected to be payable by the lessee under
residual value guarantees
\u2022The exercise price of a purchase option if the lessee is
reasonably certain to exercise that option, and
\u2022Payments of penalties for terminating the lease, if the
lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate
implicit in the lease. If that rate cannot be determined, the
lessee\u2019s incremental borrowing rate is used, being the
rate that the lessee would have to pay to borrow the
funds necessary to obtain an asset of similar value in a
similar economic environment with similar terms and
conditions. Right-of-use assets are measured at cost
comprising the following:
\u2022The amount of the initial measurement of the lease
liability
\u2022Any lease payments made at or before the
commencement date less any lease incentives received
\u2022Any initial direct costs, and
\u2022Restoration costs.
Payments associated with short-term leases and leases of
low-value assets are recognized on a straight-line basis as
an expense in profit or loss. Short-term leases are leases
with a lease term of twelve months or less.\u00a0 Melexis
recognizes the interest expenses of lease liabilities in the
interest paid component in the cash-flow statement.\u00a0
Melexis opted not to distinguish between lease and non-
lease components and accounted for the full amount of
the lease liability",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-367": {
"value": "
Revenue recognition
Melexis has one major revenue stream. The Group
designs, develops and delivers semiconductors. Sales are
recognized when control over the product has
transferred, being when the products are shipped to or
delivered at the customer. In case customers make a
payment before\u00a0 the transfer of control is met, a contract
liability is recognized as prescribed in the IFRS 15
standard.
The Group is involved in several consignment
arrangements. Revenue is not recognized upon delivery
of a product if the product is held on consignment, but
when the control is transferred to the customer.\u00a0 This
transfer of control is based on the customers\u2019s usage
reporting.
The Group does not have contracts where the period
between the transfer of the promised goods or services to
the customer and payment by the customer exceeds one
year. As a consequence, the Group does not adjust any of
the transaction prices for the time value of money.
Variable consideration: some of the contracts contain
commercial discounts and rebates. These incentives are
included in the transaction price. A liability is set up for
the most likely amount of variable consideration that is to
be paid by Melexis in the future. This liability is
recognized when the revenue and the corresponding
accounts receivable position is recognized.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-368": {
"value": "
Revenue recognition
Melexis has one major revenue stream. The Group
designs, develops and delivers semiconductors. Sales are
recognized when control over the product has
transferred, being when the products are shipped to or
delivered at the customer. In case customers make a
payment before\u00a0 the transfer of control is met, a contract
liability is recognized as prescribed in the IFRS 15
standard.
The Group is involved in several consignment
arrangements. Revenue is not recognized upon delivery
of a product if the product is held on consignment, but
when the control is transferred to the customer.\u00a0 This
transfer of control is based on the customers\u2019s usage
reporting.
The Group does not have contracts where the period
between the transfer of the promised goods or services to
the customer and payment by the customer exceeds one
year. As a consequence, the Group does not adjust any of
the transaction prices for the time value of money.
Variable consideration: some of the contracts contain
commercial discounts and rebates. These incentives are
included in the transaction price. A liability is set up for
the most likely amount of variable consideration that is to
be paid by Melexis in the future. This liability is
recognized when the revenue and the corresponding
accounts receivable position is recognized.
PRODUCT SALES
The product sales\u00a0 are as follows:
in EUR
Financial instruments refer to our FX and inflation derivatives used for hedging purposes. For more information on these
derivatives, please refer to note 8.9.5.AA.
Deferred tax assets expected to be recovered within 12 months amount to EUR 14.5 million.\u00a0 Deferred tax assets expected
to be recovered after more than 12 months amount to EUR 13.3 million.
Components of deferred tax liabilities are as follows:
in EUR
| | | | |
| | Charged to income statement | | |
Fair value adjustments to financial instruments | | | | |
| | | | |
| | | | |
Reconciliation of the expected tax expenses and the consolidated income taxes is as follows:
in EUR
| | |
| | |
| | |
Expected taxes at domestic rate | | |
| | |
Difference to be explained | | |
Explanation of the difference |
Difference in foreign tax percentages and other tax regimes | | |
Tax effect of non-deductible items | | |
Tax effect of non-taxable income | | |
Tax effect of patent/innovation income deduction | | |
Tax effect of investment deduction | | |
Tax losses carried forward | | |
Current tax adjustments relating to prior years | | |
| | |
Change of recognition of deferred tax assets (decrease + / increase - ) | | |
| | |
| | |
The average number of employees (FTE) was 1,709 in 2022 and 1,482 in 2021. For more details on the compensation of key
management, see chapter 7.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-380": {
"value": "
Segments
Melexis uses the management approach for determining
its segment information (paragraph 7 of IFRS 8). As of
2014, Melexis has only one operating segment: the
development and sale of integrated circuits.\u00a0 As a result,
regular financial reporting towards the CODM (Chief
Operating Decision Maker, at Melexis this is CEO + CFO )
is done in one segment and the full R&D resource
allocation is done on project level by one corporate team.\u00a0
Melexis' products and production processes have evolved
in such a way that the distinction between automotive
and non-automotive segments is no longer relevant.
Operating decisions are taken during a committee lead by
the CEO, based on performance assessments. Financial
information on geographical segments is presented in
Note 8.9.5.Z.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-381": {
"value": "
Segments
Melexis uses the management approach for determining
its segment information (paragraph 7 of IFRS 8). As of
2014, Melexis has only one operating segment: the
development and sale of integrated circuits.\u00a0 As a result,
regular financial reporting towards the CODM (Chief
Operating Decision Maker, at Melexis this is CEO + CFO )
is done in one segment and the full R&D resource
allocation is done on project level by one corporate team.\u00a0
Melexis' products and production processes have evolved
in such a way that the distinction between automotive
and non-automotive segments is no longer relevant.
Operating decisions are taken during a committee lead by
the CEO, based on performance assessments. Financial
information on geographical segments is presented in
Note 8.9.5.ZOPERATING SEGMENTS
Business segments
Melexis' products and production processes that are regularly evaluated have only one operating segment. Please refer to
section 8.9.3 Segments for more details.
Information about transactions with major customers
The following table summarizes sales per customer for the 10 most important customers. It consists of the sales to end
customers and not to subcontractors or distributors. All of these customers were included in the analysis of credit risk
performed according to the\u00a0 credit loss model of IFRS 9. The output of this analysis did not result in material amounts to be
accounted for.
in %
Information about geographical areas
The Melexis Group's activities are conducted predominantly in EMEA (Europe, Middle-East and Africa), APAC (Asia Pacific)
and NALA (North and Latin America). The origin of all revenue is in Belgium, as the invoicing entity is located in Belgium.
The following table summarizes sales by destination, determined by the customer's billing address:
| | |
| | |
| | |
Europe, Middle East and Africa (EMEA) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
North and Latin America (NALA) | | |
| | |
| | |
| | |
| | |
| | |
| | |
China (excluding Hong Kong) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-382": {
"value": "
Contingencies
Contingent liabilities are not recognized in the financial
statements. They are disclosed unless the possibility of an
outflow of resources embodying economic benefits is
remote. A contingent asset is not recognized in the
financial statements, but disclosed when an inflow of
economic benefits is probable.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-383": {
"value": "
Contingencies
Contingent liabilities are not recognized in the financial
statements. They are disclosed unless the possibility of an
outflow of resources embodying economic benefits is
remote. A contingent asset is not recognized in the
financial statements, but disclosed when an inflow of
economic benefits is probable",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-384": {
"value": "
Adoption of new and revised standards
The consolidated financial statements of Melexis NV are
prepared according to IFRS as accepted by the EU on 1
January 2022.
During the current financial year, the Group has adopted
all the new and revised Standards and Interpretations
issued by the International Accounting Standards Board
(IASB) and the International Financial Reporting
Interpretations Committee (IFRIC) of the IASB, that are
relevant to its operations and effective for the accounting
year starting on 1 January 2022. The Group has not
applied any new IFRS requirements that are not yet
effective as per 31 December 2022.
The following amendments to standards are mandatory
for the first time for the financial year beginning 1
January 2022 and have been endorsed by the European
Union:
1. Amendment to IFRS 16 Leases COVID-19-
Related Rent Concessions beyond 30 June 2021
(effective 01/04/2021), with early application permitted).
The amendments extend, by one year, the May 2020
amendment that provides lessees with an exemption
from assessing whether a COVID-19-related rent
concession is a lease modification. In particular, the
amendment permits a lessee to apply the practical
expedient regarding COVID-19-related rent concessions
to rent concessions for which any reduction in lease
payments affects only payments originally due on or
before 30 June 2022 (rather than only payments
originally due on or before 30 June 2021). The
amendment is effective for annual reporting periods
beginning on or after 1 April 2021 (earlier application
permitted, including in financial statements not yet
authorized for issue at the date the amendment is issued).
The following new standard and amendments have been
issued, are not mandatory for the first time for the
financial year beginning 1 January 2022 but have been
endorsed by the European Union:
1.Amendments to IAS 1 Presentation of Financial
Statements and IFRS Practice Statement 2: Disclosure of
Accounting policies (effective 1 January 2023). The
amendments aim to improve accounting policy
disclosures and to help users of the financial statements
to distinguish between changes in accounting estimates
and changes in accounting policies. The IAS 1 amendment
requires companies to disclose their material accounting
policy information rather than their significant
accounting policies. Further, the amendment to IAS 1
clarifies that immaterial accounting policy information
need not be disclosed. To support this amendment, the
Board also amended IFRS Practice Statement 2, \u2018Making
Materiality Judgements\u2019, to provide guidance on how to
apply the concept of materiality to accounting policy
disclosures. The amendments are effective for annual
reporting periods beginning on or after 1 January 2023.
Earlier application is permitted (subject to any local
endorsement process).
2.Amendments to IAS 8 Accounting policies,
Changes in Accounting Estimates and Errors: Definition
of Accounting Estimates (effective 1 January 2023). The
amendment to IAS 8 clarifies how companies should
distinguish changes in accounting policies from changes in
accounting estimates. The amendments are effective for
annual reporting periods beginning on or after 1 January
2023. Earlier application is permitted (subject to any local
endorsement process).
3.Amendments to IAS 12 Income Taxes: Deferred
Tax related to Assets and Liabilities arising from a Single
Transaction (effective 1 January 2023). The amendments\u00a0
clarify how companies account for deferred tax on
transactions such as leases and decommissioning
obligations. The main change in the amendments is an
exemption from the initial recognition exemption of IAS
12.15(b) and IAS 12.24. Accordingly, the initial
recognition exemption does not apply to transactions in
which equal amounts of deductible and taxable
temporary differences arise on initial recognition. The
amendments are effective for annual reporting periods
beginning on or after 1 January 2023. Early adoption is
permitted.
4.Amendments to IFRS 17 Insurance contracts:
Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative
Information (effective 1 January 2023). The amendment
is a transition option relating to comparative information
about financial assets presented on initial application of
IFRS 17. The amendment is aimed at helping entities to
avoid temporary accounting mismatches between
financial assets and insurance contract liabilities, and
therefore improve the usefulness of comparative
information for users of financial statements.
The following amendments have been issued, but are not
mandatory for the first time for the financial year
beginning 1 January 2022 and have not been endorsed by
the European Union:
1.Amendments to IAS 1 \u2018Presentation of Financial
Statements: Classification of Liabilities as current or non-
current\u2019 (effective 01/01/2024), affect only the
presentation of liabilities in the statement of financial
position \u2014 not the amount or timing of recognition of any
asset, liability income or expenses, or the information that
entities disclose about those items. They:
\u25e6Clarify that the classification of liabilities as
current or non-current should be based on rights that are
in existence at the end of the reporting period and align
the wording in all affected paragraphs to refer to the
\"right\" to defer settlement by at least twelve months and
make explicit that only rights in place \"at the end of the
reporting period\" should affect the classification of a
liability;
\u25e6Clarify that classification is unaffected by
expectations about whether an entity will exercise its
right to defer settlement of a liability, and
\u25e6Make clear that settlement refers to the
transfer to the counterparty of cash, equity instruments,
other assets or services, and
\u25e6Clarify how conditions with which an entity
must comply within 12 months after the reporting period,
such as covenants, affect the corresponding liability\u2019s
classification.
2.Amendments to IFRS 16 Leases: Lease Liability
in a Sale and Leaseback (effective 1 January 2024). The
amendments explain how an entity accounts for a sale
and leaseback after the date of the transaction,
specifically where some or all the lease payments are
variable lease payments that do not depend on an index
or rate. They state that, in subsequently measuring the
lease liability, the seller-lessee determines \u2018lease
payments\u2019 and \u2018revised lease payments\u2019 in a way that does
not result in the seller-lessee recognizing any amount of
the gain or loss that relates to the right of use it retains.
Any gains and losses relating to the full or partial
termination of a lease continue to be recognized when
they occur as these relate to the right of use terminated
and not the right of use retained.
At any time, management aims at providing a fair representation of the financial statements to its stakeholders according to
IFRS legislation. In case of changes in IFRS legislation that materially impact, but are not yet adopted by Melexis,
management ensures timely disclosure of the impact on Melexis\u2019 financial statements. There is no impact expected.
The Group elected not to adopt early the new Standards, Interpretations and Amendments, which have been issued but are
not yet effective as per 31 December 2022.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-385": {
"value": "
Adoption of new and revised standards
The consolidated financial statements of Melexis NV are
prepared according to IFRS as accepted by the EU on 1
January 2022.
During the current financial year, the Group has adopted
all the new and revised Standards and Interpretations
issued by the International Accounting Standards Board
(IASB) and the International Financial Reporting
Interpretations Committee (IFRIC) of the IASB, that are
relevant to its operations and effective for the accounting
year starting on 1 January 2022. The Group has not
applied any new IFRS requirements that are not yet
effective as per 31 December 2022.
The following amendments to standards are mandatory
for the first time for the financial year beginning 1
January 2022 and have been endorsed by the European
Union:
1. Amendment to IFRS 16 Leases COVID-19-
Related Rent Concessions beyond 30 June 2021
(effective 01/04/2021), with early application permitted).
The amendments extend, by one year, the May 2020
amendment that provides lessees with an exemption
from assessing whether a COVID-19-related rent
concession is a lease modification. In particular, the
amendment permits a lessee to apply the practical
expedient regarding COVID-19-related rent concessions
to rent concessions for which any reduction in lease
payments affects only payments originally due on or
before 30 June 2022 (rather than only payments
originally due on or before 30 June 2021). The
amendment is effective for annual reporting periods
beginning on or after 1 April 2021 (earlier application
permitted, including in financial statements not yet
authorized for issue at the date the amendment is issued).
The following new standard and amendments have been
issued, are not mandatory for the first time for the
financial year beginning 1 January 2022 but have been
endorsed by the European Union:
1.Amendments to IAS 1 Presentation of Financial
Statements and IFRS Practice Statement 2: Disclosure of
Accounting policies (effective 1 January 2023). The
amendments aim to improve accounting policy
disclosures and to help users of the financial statements
to distinguish between changes in accounting estimates
and changes in accounting policies. The IAS 1 amendment
requires companies to disclose their material accounting
policy information rather than their significant
accounting policies. Further, the amendment to IAS 1
clarifies that immaterial accounting policy information
need not be disclosed. To support this amendment, the
Board also amended IFRS Practice Statement 2, \u2018Making
Materiality Judgements\u2019, to provide guidance on how to
apply the concept of materiality to accounting policy
disclosures. The amendments are effective for annual
reporting periods beginning on or after 1 January 2023.
Earlier application is permitted (subject to any local
endorsement process).
2.Amendments to IAS 8 Accounting policies,
Changes in Accounting Estimates and Errors: Definition
of Accounting Estimates (effective 1 January 2023). The
amendment to IAS 8 clarifies how companies should
distinguish changes in accounting policies from changes in
accounting estimates. The amendments are effective for
annual reporting periods beginning on or after 1 January
2023. Earlier application is permitted (subject to any local
endorsement process).
3.Amendments to IAS 12 Income Taxes: Deferred
Tax related to Assets and Liabilities arising from a Single
Transaction (effective 1 January 2023). The amendments\u00a0
clarify how companies account for deferred tax on
transactions such as leases and decommissioning
obligations. The main change in the amendments is an
exemption from the initial recognition exemption of IAS
12.15(b) and IAS 12.24. Accordingly, the initial
recognition exemption does not apply to transactions in
which equal amounts of deductible and taxable
temporary differences arise on initial recognition. The
amendments are effective for annual reporting periods
beginning on or after 1 January 2023. Early adoption is
permitted.
4.Amendments to IFRS 17 Insurance contracts:
Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative
Information (effective 1 January 2023). The amendment
is a transition option relating to comparative information
about financial assets presented on initial application of
IFRS 17. The amendment is aimed at helping entities to
avoid temporary accounting mismatches between
financial assets and insurance contract liabilities, and
therefore improve the usefulness of comparative
information for users of financial statements.
The following amendments have been issued, but are not
mandatory for the first time for the financial year
beginning 1 January 2022 and have not been endorsed by
the European Union:
1.Amendments to IAS 1 \u2018Presentation of Financial
Statements: Classification of Liabilities as current or non-
current\u2019 (effective 01/01/2024), affect only the
presentation of liabilities in the statement of financial
position \u2014 not the amount or timing of recognition of any
asset, liability income or expenses, or the information that
entities disclose about those items. They:
\u25e6Clarify that the classification of liabilities as
current or non-current should be based on rights that are
in existence at the end of the reporting period and align
the wording in all affected paragraphs to refer to the
\"right\" to defer settlement by at least twelve months and
make explicit that only rights in place \"at the end of the
reporting period\" should affect the classification of a
liability;
\u25e6Clarify that classification is unaffected by
expectations about whether an entity will exercise its
right to defer settlement of a liability, and
\u25e6Make clear that settlement refers to the
transfer to the counterparty of cash, equity instruments,
other assets or services, and
\u25e6Clarify how conditions with which an entity
must comply within 12 months after the reporting period,
such as covenants, affect the corresponding liability\u2019s
classification.
2.Amendments to IFRS 16 Leases: Lease Liability
in a Sale and Leaseback (effective 1 January 2024). The
amendments explain how an entity accounts for a sale
and leaseback after the date of the transaction,
specifically where some or all the lease payments are
variable lease payments that do not depend on an index
or rate. They state that, in subsequently measuring the
lease liability, the seller-lessee determines \u2018lease
payments\u2019 and \u2018revised lease payments\u2019 in a way that does
not result in the seller-lessee recognizing any amount of
the gain or loss that relates to the right of use it retains.
Any gains and losses relating to the full or partial
termination of a lease continue to be recognized when
they occur as these relate to the right of use terminated
and not the right of use retained.
At any time, management aims at providing a fair representation of the financial statements to its stakeholders according to
IFRS legislation. In case of changes in IFRS legislation that materially impact, but are not yet adopted by Melexis,
management ensures timely disclosure of the impact on Melexis\u2019 financial statements. There is no impact expected.
The Group elected not to adopt early the new Standards, Interpretations and Amendments, which have been issued but are
not yet effective as per 31 December 2022.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-386": {
"value": "85080008",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f-387": {
"value": "34950394",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f-388": {
"value": "CURRENT INVESTMENTS, DERIVATIVES
in EUR
| | |
| | |
Current investments, derivatives | | |
instruments:
| | | |
| | |
Outstanding FX hedge contracts on 31 December, not exceeding 1 year | | | |
Outstanding inflation hedge contracts, exceeding 1 year | | | |
FX hedge contracts are entered into in order to hedge (part of) the outstanding balance sheet exposure in foreign currency
(USD) while inflation hedge contracts are used to hedge Belgian salaries.
Fair value
The fair value of derivatives is based upon mark to market valuations. All derivative financial instruments are measured at
fair value derived from level 2 input criteria. For FX swaps, this is calculated using the forward rate of the appropriate
currency pair on 31 December.
The following table presents an overview of the fair value of outstanding derivatives, classified as an asset under Current
investments, Derivatives:
in EUR
| | |
| | |
| | |
Outstanding FX swaps - level 2 | | |
Outstanding inflation swaps - level 2 | | |
Total, classified under Current investments (see also Note 8.9.5.B) | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-389": {
"value": "12500754",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f-390": {
"value": "10356160",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f-391": {
"value": "
TRADE RECEIVABLES Trade receivables are measured at fair value and are subsequently measured at amortized cost, less allowance for credit
losses. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their
fair value. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs.
Fair value
The fair value of derivatives is based upon mark to market valuations. All derivative financial instruments are measured at
fair value derived from level 2 input criteria. For FX swaps, this is calculated using the forward rate of the appropriate
currency pair on 31 December.
The following table presents an overview of the fair value of outstanding derivatives, classified as an asset under Current
investments, Derivatives:
in EUR
| | |
| | |
| | |
Outstanding FX swaps - level 2 | | |
Outstanding inflation swaps - level 2 | | |
Total, classified under Current investments (see also Note 8.9.5.B) | | |
Fair value of financial instruments
The fair value of foreign exchange contracts is
determined using forward exchange market rates at the
balance sheet date. The fair value of inflation hedge
contracts is determined by discounting future expected
cash flows, which are impacted by inflation expectations.
For all of these instruments, the fair values are confirmed
to the Group by the financial institutions through which
the Group has entered into these contracts.
The Group's principal financial instruments not carried at
fair value are cash and cash equivalents, trade
receivables, other current assets, other non-current
assets, trade and other payables, bank overdrafts and
long-term borrowings.
The carrying amount of cash and cash equivalents and of
bank overdrafts approximates their fair value due to the
short-term maturity of these financial instruments. The
fair value of current investments is calculated by
reference to the market value on the stock exchange on
which the shares are listed.
The fair value of the long-term loans is based on the
current rates available for debt with the same maturity
profile and approximates their carrying amounts.
Management believes that the exposure to interest rate
risk of financial assets and liabilities as of 31 December
2022 was minimal since their deviation from their
respective fair values was not significant.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-392": {
"value": "
TRADE RECEIVABLES Trade receivables are measured at fair value and are subsequently measured at amortized cost, less allowance for credit
losses. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their
fair value. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs.
in EUR
| | |
| | |
Trade accounts receivable | | |
Allowance for doubtful accounts | | |
| | |
As of 31 December 2022, trade receivables of EUR 14,183,890 were past due.
The aging analysis of these receivables, including allowance for doubtful accounts, is as follows:
in EUR
In the following aging analysis, the distinction is made between the receivables for which an allowance for doubtful accounts
is made and the receivables for which no allowance for doubtful accounts is needed:
in EUR
| | | | |
| | | | |
| Allowance for doubtful accounts | No allowance for doubtful accounts | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
The credit control department reviews on a regular basis the outstanding balances of customers. When there is a significant
increase in the credit risk of a customer, an allowance for doubtful accounts is made. The analysis of the increased credit risk
is performed according to the credit loss model of IFRS 9. The output of the analysis did not result in material amounts to be
accounted for.
Melexis uses an early warning system to detect potential bad debtors. In this system, the most recent available financial
information of the customer (with focus on credit ratios) is combined with an analysis of their (future) order and payment
behavior. The analysis is done on a weekly basis and thoroughly investigated by the credit control team. No additional
impairment or credit losses needed to be taken in 2022.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-393": {
"value": "
TRADE RECEIVABLES Trade receivables are measured at fair value and are subsequently measured at amortized cost, less allowance for credit
losses. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their
fair value. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs.
in EUR
| | |
| | |
Trade accounts receivable | | |
Allowance for doubtful accounts | | |
| | |
As of 31 December 2022, trade receivables of EUR 14,183,890 were past due.
The aging analysis of these receivables, including allowance for doubtful accounts, is as follows:
in EUR
In the following aging analysis, the distinction is made between the receivables for which an allowance for doubtful accounts
is made and the receivables for which no allowance for doubtful accounts is needed:
in EUR
| | | | |
| | | | |
| Allowance for doubtful accounts | No allowance for doubtful accounts | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
The credit control department reviews on a regular basis the outstanding balances of customers. When there is a significant
increase in the credit risk of a customer, an allowance for doubtful accounts is made. The analysis of the increased credit risk
is performed according to the credit loss model of IFRS 9. The output of the analysis did not result in material amounts to be
accounted for.
Melexis uses an early warning system to detect potential bad debtors. In this system, the most recent available financial
information of the customer (with focus on credit ratios) is combined with an analysis of their (future) order and payment
behavior. The analysis is done on a weekly basis and thoroughly investigated by the credit control team. No additional
impairment or credit losses needed to be taken in 2022.
Information about transactions with major customers
The following table summarizes sales per customer for the 10 most important customers. It consists of the sales to end
customers and not to subcontractors or distributors. All of these customers were included in the analysis of credit risk
performed according to the\u00a0 credit loss model of IFRS 9. The output of this analysis did not result in material amounts to be
accounted for.
in %
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-394": {
"value": "80229168",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CurrentTradeReceivables",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f-395": {
"value": "RELATED PARTIES
1.Shareholder structure and identification of major related parties
Melexis NV is the parent company of the Melexis Group that includes following entities and branches which have been
consolidated:
| |
| |
| |
| |
| |
| |
| |
Sentron AG (liquidated in October 2022) | |
| |
| |
Melexis NV/BO Philippines | |
K.K. Melexis Japan Technical Research Center | |
Melexis Electronic Technology (Shanghai) Co., Ltd | |
Melexis (Malaysia) Sdn. Bhd. | |
Melexis Technologies NV/BO Malaysia | |
| |
| |
Melexis Korea Yuhan Hoesa | |
\u2022Xtrion NV owns 50% + 1 share of the outstanding Melexis shares. The shares of Xtrion NV are controlled directly and/or
indirectly by Mr. Roland Duch\u00e2telet, Mr. Rudi De Winter and Ms. Fran\u00e7oise Chombar. Mr. Duch\u00e2telet and Ms. Chombar
are directors at Melexis NV.
\u2022Xtrion NV owns 48.4% of the outstanding shares of X-FAB Silicon Foundries SE, producer of wafers, which are the main
raw materials for the Melexis products. X-FAB Silicon Foundries SE sells the majority of its products also to third parties. X-
FAB Silicon Foundries SE is listed on Euronext Paris since 2017.
\u2022Melexis, as in prior years, purchases part of its test equipment from the Xpeqt Group. Xpeqt Group develops, produces and
sells test systems for the semiconductor industry. Xpeqt Group is owned by Xtrion NV for 99.99%. One share is held by Ms.
Fran\u00e7oise Chombar and one share is held by Mr. Roland Duch\u00e2telet.
\u2022Xtrion NV owns 86.2% (rounded) of the outstanding shares of X-CelePrint Ltd.
\u2022Xtrion NV owns 24% of the outstanding shares of Anvo- Systems Dresden GmbH.
\u2022Mr. Roland Duch\u00e2telet is a member of Elex NV\u2019s key management personnel.
\u2022Elex NV owns 99.9% of the outstanding shares of Fremach International NV.
\u2022Fremach International NV has significant influence over WorkNomads AD.
Please refer to chapter 7 for the potential conflicts of interest and the remuneration of key management.
2.Outstanding balances at year end
As of 31 December 2022 and 2021, the following balances were outstanding:
Receivables
in EUR
Long-term receivables, part of other non-current assets
in EUR
Sales/purchases of services
| | |
| | |
|
Elex NV (infrastructure office building) | | |
Xpeqt Group (infrastructure office building) | | |
Xtrion NV (infrastructure office building) | | |
X-FAB Group (mainly test and assembly services) | | |
Anvo-Systems Dresden GmbH | | |
| | |
|
Xtrion NV (mainly IT, R&D services and related support) | | |
Elex NV (support services) | | |
Xpeqt Group (maintenance and repair services) | | |
X-FAB Group\u00a0 (mainly test and design services) | | |
| | |
Worknomads EAD (R&D Services) | | |
The Board of Directors and the Audit Committee have reviewed and analyzed the major transactions and concluded that
these transactions are within the normal course of business and that there are sufficient elements to conclude that the
remuneration is based on arm's length principles.
4.Remuneration of key management
in EUR
Financial instruments refer to our FX and inflation derivatives used for hedging purposes. For more information on these
derivatives, please refer to note 8.9.5.AA.
Deferred tax assets expected to be recovered within 12 months amount to EUR 14.5 million.\u00a0 Deferred tax assets expected
to be recovered after more than 12 months amount to EUR 13.3 million.
Components of deferred tax liabilities are as follows:
in EUR
| | | | |
| | Charged to income statement | | |
Fair value adjustments to financial instruments | | | | |
| | | | |
| | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-404": {
"value": "144490280",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f-405": {
"value": "OTHER CURRENT ASSETS
in EUR
OTHER NON-CURRENT LIABILITIES
As a change in business conditions led to an increased importance of the warranty risk (in accordance with the legal Melexis
terms of sales), Melexis set up a warranty provision for an amount of EUR 4,272,000 which is based on a reliable estimate of
historical data.\u00a0 The estimation covers Melexis\u2019experience of past claim rates and knowledge of current claims together with
an assessment of rectification costs.\u00a0 The estimated period of usage of the underlying expenses is set at 1-2 years.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-413": {
"value": "ACCOUNTS\u00a0 PAYABLE AND OTHER CURRENT LIABILITIES
Trade payables are non-interest bearing and are normally settled on 30-day terms.
Other current liabilities comprise the following:
in EUR
| | |
| | |
Accrued real estate withholding tax | | |
Accrued financial services | | |
| | |
Accrued management services | | |
| | |
Accrued transport services | | |
| | |
| | |
Accrued licenses and royalties | | |
Accrued other employee costs | | |
| | |
| | |
| | |
SHORT-TERM EMPLOYEE BENEFITS ACCRUALS
in EUR
| | |
| | |
Holiday pay and year-end bonus | | |
| | |
| | |
| | |
Direct and indirect taxes | | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-415": {
"value": "DEFERRED INCOME
in EUR
Cost of sales increased in 2022 due to an increase in sales. The higher cost of sales can mainly be attributed to higher
purchases.
RESEARCH AND DEVELOPMENT EXPENSES
Research and development expenses include the following expenses:
in EUR
| | |
| | |
| | |
Depreciation and amortization | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
GENERAL AND ADMINISTRATIVE EXPENSES
General and administration expenses include the following expenses:
in EUR
| | |
| | |
| | |
Depreciation and amortization | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SELLING EXPENSES
Selling expenses include the following expenses:
in EUR
| | |
| | |
| | |
Depreciation and amortization | | |
| | |
| | |
| | |
| | |
| | |
DEPRECIATION AND AMORTIZATION EXPENSES
Depreciation and amortization include the following expenses:
in EUR
| | |
| | |
| | |
| | |
General and administration | | |
| | |
| | |
The average number of employees (FTE) was 1,709 in 2022 and 1,482 in 2021. For more details on the compensation of key
management, see chapter 7.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-419": {
"value": "COST OF SALES
Cost of sales includes the following expenses:
in EUR
| | |
| | |
| | |
| | |
| | |
Depreciation and amortization10 | | |
| | |
| | |
Other direct production costs | | |
| | |
Cost of sales increased in 2022 due to an increase in sales. The higher cost of sales can mainly be attributed to higher
purchases.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-420": {
"value": "GENERAL AND ADMINISTRATIVE EXPENSES
General and administration expenses include the following expenses:
in EUR
| | |
| | |
| | |
Depreciation and amortization | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-421": {
"value": "NET FINANCIAL RESULT
in EUR
| | |
| | |
| | |
| | |
| | |
Result on financial instruments excluding fair value adjustments | | |
Fair value adjustment inflation swaps | | |
| | |
| | |
| | |
| | |
| | |
Fair value adjustment FX swaps | | |
| | |
The average number of employees (FTE) was 1,709 in 2022 and 1,482 in 2021. For more details on the compensation of key
management, see chapter 7.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-426": {
"value": "
Shareholder's capital
As of 31 December 2022, the common stock consisted of
40,400,000 issued and outstanding ordinary shares
without face value, unchanged from last year.
Each shareholder is entitled to one vote per share,
without prejudice to specific restrictions on the
shareholders' voting rights in the company's articles of
association and the Belgian Code of Companies and
Associations, including restrictions for non-voting shares
and the suspension or cancellation of voting rights for
shares which have not been fully paid up at the request of
the Board of Directors.
Under the Belgian Code of Companies and Associations,
the shareholders decide on the distribution of profits at
the annual shareholders' meeting, based on the latest
audited statutory accounts of the company. Dividends
may be paid either in cash or in kind. However,
shareholders may not declare a dividend if the company
has not first reserved at least 5% of its profits for the
financial year until such reserve has reached an amount
equal to 10% of its share capital (the \u201clegal reserve\u201d) or if,
following any such dividend, the level of the net assets
adjusted for the unamortized balance of the
incorporation costs and capitalized research and
development costs of the company falls below the
amount of the company's paid-in-capital and of its non-
distributable reserves. The Board of Directors may pay an
interim dividend, provided that certain conditions set
forth in the Belgian Code of Companies and Associations
are met.
In the event of a liquidation of the company, the proceeds
from the sale of assets remaining after payment of all
debts, liquidation expenses and taxes are to be
distributed proportionally to the shareholders, subject to
liquidation preference rights of shares having preferred
dissolution rights. The company currently has no plans to
issue any shares having such preferred dissolution rights.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-427": {
"value": "
Fair value
The fair value of derivatives is based upon mark to market valuations. All derivative financial instruments are measured at
fair value derived from level 2 input criteria. For FX swaps, this is calculated using the forward rate of the appropriate
currency pair on 31 December.
The following table presents an overview of the fair value of outstanding derivatives, classified as an asset under Current
investments, Derivatives:
in EUR
| | |
| | |
| | |
Outstanding FX swaps - level 2 | | |
Outstanding inflation swaps - level 2 | | |
Total, classified under Current investments (see also Note 8.9.5.B) | | |
Fair value of financial instruments
The fair value of foreign exchange contracts is
determined using forward exchange market rates at the
balance sheet date. The fair value of inflation hedge
contracts is determined by discounting future expected
cash flows, which are impacted by inflation expectations.
For all of these instruments, the fair values are confirmed
to the Group by the financial institutions through which
the Group has entered into these contracts.
The Group's principal financial instruments not carried at
fair value are cash and cash equivalents, trade
receivables, other current assets, other non-current
assets, trade and other payables, bank overdrafts and
long-term borrowings.
The carrying amount of cash and cash equivalents and of
bank overdrafts approximates their fair value due to the
short-term maturity of these financial instruments. The
fair value of current investments is calculated by
reference to the market value on the stock exchange on
which the shares are listed.
The fair value of the long-term loans is based on the
current rates available for debt with the same maturity
profile and approximates their carrying amounts.
Management believes that the exposure to interest rate
risk of financial assets and liabilities as of 31 December
2022 was minimal since their deviation from their
respective fair values was not significant.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-428": {
"value": "EARNINGS PER SHARE
Net earnings per share are calculated by dividing the net
result for the period attributable to ordinary
shareholders of EUR 197,152,664 in 2022 and EUR
131,108,216 in 2021 by the weighted average number of
ordinary shares outstanding during\u00a0 the\u00a0 period\u00a0
(40,400,000\u00a0 in\u00a0 2022\u00a0 and\u00a0 40,400,000\u00a0 in 2021).
The average number of ordinary shares outstanding
diluted and non-diluted are the same.
No material share transactions or potential share
transactions occurred after the balance sheet date.
On 27 January 2023, the Board of Directors decided to
propose to the annual shareholders\u2019 meeting to pay out
over the result of 2022 a total dividend of EUR 3.50 gross
per share. This amount contains an interim dividend of
EUR 1.30 per share, which was paid in October 2022 as
interim dividend, and a final dividend of EUR 2.20 per
share which will be payable after approval by the annual
shareholders\u2019 meeting.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-429": {
"value": "197152664",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f-430": {
"value": "131108216",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f-431": {
"value": "3.5",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f-432": {
"value": "1.3",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f-433": {
"value": "COMMITMENTS & ESTIMATED LIABILITIES
Purchase commitments
As of 31 December 2022, the company had purchase
commitments for tangible fixed assets amounting to EUR
15,747,832 mainly related to test equipment for the
production sites.\u00a0 As of 31 December 2021, the amount
was EUR 8,634,268.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-434": {
"value": "COMMITMENTS & ESTIMATED LIABILITIES
Purchase commitments
As of 31 December 2022, the company had purchase
commitments for tangible fixed assets amounting to EUR
15,747,832 mainly related to test equipment for the
production sites.\u00a0 As of 31 December 2021, the amount
was EUR 8,634,268.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-435": {
"value": "BUSINESS COMBINATIONS
No business combinations in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-436": {
"value": "AUDITOR\u2019S SERVICES
On a consolidated basis, the audit fees required by law
amounted to EUR 244,612 in 2022, compared to EUR
209,384 in 2021.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-437": {
"value": "Risks related to the business
The semiconductor market
The semiconductor industry is characterized by rapid
technology change, frequent product introductions with
improved price and/or performance characteristics, and
average unit price erosion. These factors could have a
material adverse effect on the company's business and
prospects.
The automotive industry
As a semiconductor company with most of its revenue
coming from the automotive industry, Melexis sales are
impacted by, among others, the amount of vehicles
produced and sold worldwide.
The demand for vehicles is influenced by the economic
and geopolitical situation in different regions. Macro-
economic risks and trade tensions can lead to reduced
purchasing power, causing the demand for vehicles to
drop.
Other factors that can lead to a reduced demand for
vehicles include a shift in consumer purchase behavior,
uncertainty amongst consumers on what type of car to
buy and new forms of mobility such as car sharing and
robotaxis.
Intense competition
The automotive semiconductor market is very different
from other segments of the semiconductor market. In
particular, technological requirements for automotive
semiconductors differ significantly as automotive
electronics must withstand extreme conditions, including
very hot and cold temperatures, dry and humid weather
conditions and an environment subject to dust, oil, salt
and vibration. In addition and unlike the situation in other
segments of the semiconductor market, the supply
voltage to automotive semiconductors originating from a
car's battery will vary strongly in practice (between 6.5
and 24 V). As a result, these factors make automotive
semiconductor product design and, in particular, testing,
difficult when compared with other semiconductor
markets.
The company currently competes with a number of other
companies. These companies could differ for each type of
product. The company's competitors include, among
others, Allegro Microsystems, Analog Devices, Microchip
Technology, ams-OSRAM, Elmos, Infineon Technologies,
TDK (Micronas), NXP, ST Microelectronics, onsemi and
Texas Instruments.
The company believes that the principal competitive
factors in its market are technological know-how, human
resources, new product development, a close relationship
with the leading automotive original equipment
manufacturers and with the car manufacturers.
The company's current and potential competitors could
have longer operating histories, greater brand
recognition, access to larger customer bases and
significantly greater financial, technical, marketing and
other resources than the company. As a result, they may
be able to adapt more quickly to new or emerging
technologies and changes in customer requirements or to
devote greater resources to the promotion and sale of
their products than the company.
There can be no assurance that the company will be able
to compete successfully against current and future
competition. Furthermore, as a strategic response to
changes in the competitive environment, the company
may, from time to time, make certain pricing, service and
marketing decisions or acquisitions that could have a
material adverse effect on its business, results of
operations and financial condition.
New technologies and the expansion of existing
technologies may increase the competitive pressures on
the company by enabling its competitors to offer a lower
cost service or a better technology. There can be no
assurance that any current arrangements or contracts of
the company will be renewed on commercially reasonable
terms.
Any and all of these events could have a material adverse
effect on the company's business result of operations and
financial condition.
Rapid technological change
The semiconductor market is characterized by rapidly
changing technology, frequent new product
announcements, introductions and enhancements to
products, and average unit price erosion. In the
automotive semiconductor market, the active product life
cycle is approximately 5 to 10 years.
Accordingly, the company's future success will depend on
its ability to adapt to rapidly changing technologies, to
adapt its products and services to evolving industry
standards and to improve the performance, features and
reliability of its products and services in response to
competitive product and service offerings and evolving
demands of the marketplace. The failure of the company
to adapt to such changes would have a material adverse
effect on the company's business, result of operations and
financial condition.
Purchasing
The vast majority of the company's products are
manufactured and assembled by foundries and
subcontract manufacturers under a \u2018fabless' model. This
reliance upon foundries and subcontractors involves
certain risks, including potential lack of manufacturing
availability, reduced control over delivery schedules, the
availability of advanced process technologies, changes in
manufacturing yields, dislocation, expense and delay
caused by decisions to relocate manufacturing facilities
or processes, and potential cost fluctuations.
During downturns in the semiconductor economic cycle,
reduction in overall demand for semiconductor products
could financially stress certain of the company's
subcontractors. If the financial resources of such
subcontractors are stressed, the company may
experience future product shortages, quality assurance
problems, increased manufacturing costs or other supply
chain disruptions.
During upturns in the semiconductor cycle, it is not
always possible to respond adequately to unexpected
increases in customer demand due to capacity
constraints. The company may be unable to obtain
adequate foundry, assembly or test capacity from third-
party subcontractors to meet customers' delivery
requirements even if the company adequately forecasts
customer demand. The company may have to incur
unexpected costs to expedite orders in order to meet
unforecast customer demand. Because of the mismatch
between supply and demand in the automotive market,
new ways of contracting have been introduced in our
industry over the last two years, called long-term
agreements or LTAs. The main aim of these new market
practices is securing volumes and more predictable
pricing.
The company's foundry and assembly subcontractors
typically do not guarantee that adequate capacity will be
available within the time required to meet customer
demand for products. In the event that these vendors fail
to meet required demand for whatever reason, the
company expects that it would take up to twelve months
to transition performance of these services to new
providers. Such a transition may also require qualification
of the new providers by the company's customers or their
end customers, which would take additional time. The
requalification process for the entire supply chain
including the end customer could take several years for
certain of the company's products.
Melexis sources the majority of its wafers from a related
party (see also Related Parties in Note 8.9.5.D), but
sources from two Asian wafer fabs as well, to reduce the
risk of dependency on one supplier. For the packaging
services, Melexis sources from several Asian vendors.
Geopolitical environment
Uncertain political landscapes and tensions in global
trade could have a significant impact on Melexis\u2019 business
by causing a reduced free trade of goods and services and,
as a consequence, disruptions in the supply chain.
Examples of such situations include increased
protectionism, technology wars and rising populism.
Foreign currency risk
The Group has transactional currency exposures. Such
exposure arises from sales or purchases by an operating
unit in currencies other than the unit's functional
currency, especially in USD. In 2022, approximately 42%
of the Group's sales are denominated in USD and
approximately 44% of the Group's costs are denominated
in USD.
The following table demonstrates the sensitivity to a
reasonably possible change in the EUR/USD exchange
rate of the Group's result before tax, with all other
variables held constant.
| | | |
| Increase/decrease in EUR/USD rate | Effect on profit or loss before taxes (in EUR) |
Reference rate: 1.05 (average FY 2022) |
| | | |
| | | |
On 31 December 2022, the following financial assets and liabilities were present, shown in USD and CHF:
| | |
| | |
| | |
Cash and cash equivalents | | |
Trade and other receivables | | |
| | |
| | |
| | |
An increase/decrease of the EUR/USD rate of +/- 500 base points (reference rate = 1.07) would have an impact on the
balance sheet value of -1,047,331 EUR/ +1,150,354 EUR on 31 December 2022.
The portion of other non-functional currencies (other than USD) is not material.
Interest rate risk
The Group's exposure to the risk of changes in market interest rates relates primarily to the Group's long-term debt
obligations with floating interest rates.
On 31 December 2022, the Group had no such long-term debt obligations.
Interest rate risk
On 31 December 2022, the Group does not use
derivatives to manage interest rate risks as there was no
outstanding bank debt.
Foreign exchange risk
The functional currency of the Group is the euro as
Melexis uses the principle of single billing, single sourcing
through the Belgian entity Melexis Technologies NV.
The currency risk of the Group occurs due to the fact that
the Group operates and has sales in USD. The Group uses
derivative contracts to manage foreign exchange risk. The
table with outstanding derivatives per 31 December is
taken up in note 8.9.5.AA.
(4)Inflation risk
The inflation risk of the Group arises from the possibility
that the salaries will increase due to inflation. The Group
uses inflation hedge contracts to hedge Belgian salary
payments. For more information, please refer to note
8.9.5.AA.
CLIMATE CHANGE
The world needs to continue the fight against climate
change and seek solutions for both CO2 and power
consumption reduction. The call for green products has
never been greater than today, a demand that will only
increase in the coming years in all markets and impact
mobility and energy consumption. The European Green
Deal is striving to make Europe the first climate-neutral
continent and will pave the way for a better future.
Melexis is especially well positioned to contribute to the
electrification trend in the automotive industry that is
currently seeing an acceleration on the back of a
heightened and justified attention to combating climate
change. A decline in demand for Melexis' products, a large
part of which support the transition to a lower carbon
economy, is unlikely. Therefore, we have not impaired any
assets in 2022.
Melexis is continuously looking for ways to reduce
emissions and energy by designing sustainable products
for our customers who are also increasingly looking to
minimize their impact on the environment. To do so,
Melexis adheres to the Greenhouse Gas or GHG Protocol
and is now measuring its scope 1 and 2 emissions. In
consultation with an external consultant, all our sites
have now been assessed and their baseline
measurements regarding CO2 emissions have been
determined. These initial values provide the starting point
for annual comparisons and allow for the establishment
of future key performance indicators.
Besides that, Melexis continuously evaluates the possible
impact of climate change in its business creation process.
For more information on our initiatives with regard to a
lower carbon economy, please refer to chapter 6 of this
annual report.
An important environmental risk that Melexis faces is
linked primarily to climate change, such as the higher
occurrence of natural hazards. Melexis is mapping,
proactively and together with our suppliers, business
continuity risks including natural hazards, at every stage
of the supply chain and ensuring mitigation of the main
risks.
Another risk related to climate change is the potential
need for increased expenditures and investments by
players in the semiconductor industry to ensure
compliance with new regulations to reduce the CO2
footprint. The production of wafers for instance is energy
and water intensive. Moreover, the environmental
footprint of transportation of ICs is high, given the global
nature of the semiconductor supply chain. Therefore,
regulation in view of climate change could put pressure
on the industry and lead to substantial increases in the
cost of doing business. In 2022, expenses related to
climate change were not material.
There is no substantial impact of climate change
considerations on the financial judgments and estimates
made in this annual report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-438": {
"value": "SENSITIVITY ANALYSIS ON FINANCIAL RISK
Melexis is mainly sensitive to foreign currency rate and
interest rate risks.
Foreign currency risk
The Group has transactional currency exposures. Such
exposure arises from sales or purchases by an operating
unit in currencies other than the unit's functional
currency, especially in USD. In 2022, approximately 42%
of the Group's sales are denominated in USD and
approximately 44% of the Group's costs are denominated
in USD.
The following table demonstrates the sensitivity to a
reasonably possible change in the EUR/USD exchange
rate of the Group's result before tax, with all other
variables held constant.
| | | |
| Increase/decrease in EUR/USD rate | Effect on profit or loss before taxes (in EUR) |
Reference rate: 1.05 (average FY 2022) |
| | | |
| | | |
On 31 December 2022, the following financial assets and liabilities were present, shown in USD and CHF:
| | |
| | |
| | |
Cash and cash equivalents | | |
Trade and other receivables | | |
| | |
| | |
| | |
An increase/decrease of the EUR/USD rate of +/- 500 base points (reference rate = 1.07) would have an impact on the
balance sheet value of -1,047,331 EUR/ +1,150,354 EUR on 31 December 2022.
The portion of other non-functional currencies (other than USD) is not material.
Interest rate risk
The Group's exposure to the risk of changes in market interest rates relates primarily to the Group's long-term debt
obligations with floating interest rates.
On 31 December 2022, the Group had no such long-term debt obligations.
FINANCIAL INSTRUMENTS
Financial risk management
Melexis operates internationally, which could give an
exposure to market risks from changes in interest and
foreign exchange rates. Melexis can use derivative
financial instruments to manage the foreign exchange
risks, interest risks and inflation risks.
Risk management policies have been defined on Group
level, and are carried out by the local companies of the
Group.
(1)Credit risks
Credit risk arises from the possibility that customers or
other counterparties may not be able to settle obligations
to the company within the normal terms of trade. Melexis\u2019
credit risk arises primarily from cash and cash
equivalents, current investments and accounts
receivable.\u00a0 To manage the risk, the company periodically
assesses the financial viability of counterparties. Current
investments and investments in cash equivalents are
entered into with financial institutions with investment
grade credit ratings. The Group has no significant
concentration of credit risk with any single counterparty
or group of counterparties having similar characteristics.
(2)Interest rate risk
On 31 December 2022, the Group does not use
derivatives to manage interest rate risks as there was no
outstanding bank debt.
Liquidity risk
Liquidity risk arises from the possibility that the Group is
unable to meet its financial obligations upon maturity,
due to the inability to convert assets into cash without
incurring a loss. To prevent this, the Group keeps a
significant cash reserve in combination with multiple
unused committed credit lines.
(3)Foreign exchange risk
The functional currency of the Group is the euro as
Melexis uses the principle of single billing, single sourcing
through the Belgian entity Melexis Technologies NV.
The currency risk of the Group occurs due to the fact that
the Group operates and has sales in USD. The Group uses
derivative contracts to manage foreign exchange risk. The
table with outstanding derivatives per 31 December is
taken up in note 8.9.5.AA.
(4)Inflation risk
The inflation risk of the Group arises from the possibility
that the salaries will increase due to inflation. The Group
uses inflation hedge contracts to hedge Belgian salary
payments. For more information, please refer to note
8.9.5.AA.
Fair value of financial instruments
The fair value of foreign exchange contracts is
determined using forward exchange market rates at the
balance sheet date. The fair value of inflation hedge
contracts is determined by discounting future expected
cash flows, which are impacted by inflation expectations.
For all of these instruments, the fair values are confirmed
to the Group by the financial institutions through which
the Group has entered into these contracts.
The Group's principal financial instruments not carried at
fair value are cash and cash equivalents, trade
receivables, other current assets, other non-current
assets, trade and other payables, bank overdrafts and
long-term borrowings.
The carrying amount of cash and cash equivalents and of
bank overdrafts approximates their fair value due to the
short-term maturity of these financial instruments. The
fair value of current investments is calculated by
reference to the market value on the stock exchange on
which the shares are listed.
The fair value of the long-term loans is based on the
current rates available for debt with the same maturity
profile and approximates their carrying amounts.
Management believes that the exposure to interest rate
risk of financial assets and liabilities as of 31 December
2022 was minimal since their deviation from their
respective fair values was not significant.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-439": {
"value": "Credit risks
Credit risk arises from the possibility that customers or
other counterparties may not be able to settle obligations
to the company within the normal terms of trade. Melexis\u2019
credit risk arises primarily from cash and cash
equivalents, current investments and accounts
receivable.\u00a0 To manage the risk, the company periodically
assesses the financial viability of counterparties. Current
investments and investments in cash equivalents are
entered into with financial institutions with investment
grade credit ratings. The Group has no significant
concentration of credit risk with any single counterparty
or group of counterparties having similar characteristics.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-440": {
"value": "Credit risks
Credit risk arises from the possibility that customers or
other counterparties may not be able to settle obligations
to the company within the normal terms of trade. Melexis\u2019
credit risk arises primarily from cash and cash
equivalents, current investments and accounts
receivable.\u00a0 To manage the risk, the company periodically
assesses the financial viability of counterparties. Current
investments and investments in cash equivalents are
entered into with financial institutions with investment
grade credit ratings. The Group has no significant
concentration of credit risk with any single counterparty
or group of counterparties having similar characteristics.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExposureExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-441": {
"value": "
Liquidity risk
Liquidity risk arises from the possibility that the Group is
unable to meet its financial obligations upon maturity,
due to the inability to convert assets into cash without
incurring a loss. To prevent this, the Group keeps a
significant cash reserve in combination with multiple
unused committed credit lines.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f-442": {
"value": "4.88",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:549300QRPSGOJRPUFO80",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
}
}
}