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Result of operations
The following discussion and analysis of the financial condition and results of operations should be read
in conjunction with the company's financial statements from previous years.
Revenue
In 2024, total revenue decreased by 3% compared with 2023, from EUR 964,297,902 in 2023 to EUR
932,808,067 in 2024.
APAC continued being the largest region for Melexis, representing 60% of total sales in 2024, led by
China, Hong Kong and Japan with respectively EUR 117,137,557, EUR 137,293,848 and EUR
83,790,918 in sales. EMEA, being the second largest region for Melexis, accounted for 31% of total
sales. NALA comes in third, accounting for 9% of sales in 2024.
Revenue by region
Cost of sales
Cost of sales consists of materials (raw materials and semi-finished parts), subcontracting, labor,
depreciation and other direct production expenses. The cost of sales amounted to EUR 531,457,147 in
2024 compared with 524,077,489 in 2023. Expressed as a percentage of total revenue, the cost of sales
increased from 54% in 2023 to 57% in 2024.
Gross margin
The gross margin, expressed as a percentage of total revenues, decreased from 46% in 2023 to 43% in
2024. This decrease is a combination of lower sales and a normalization after a positive contribution
from inventory effects in the previous year.
Research and development expenses
Research and development expenses amounted to EUR 110,251,974 in 2024, representing 12% of total
revenue, versus EUR 106,731,643 in 2023. The main research and development activities focused on
current sensors, magnetic sensors, inductive sensors, pressure sensors, temperature sensors, optical
sensors, sensor interfaces, embedded motor drivers, embedded lighting, smart motor drivers and latch
& switch.
General, administrative and selling expenses
General, administrative and selling expenses mainly consisted of salaries and salary related expenses,
depreciation charges and external services & fees. The general, administrative and selling expenses
increased by 2% compared to 2023. The variance is mainly attributable to an increase in depreciation
charges of the new building in Kuching.
Income from operations
The company recorded an operational income of EUR 219,889,102 for 2024, compared to EUR
261,250,178 in 2023, a decrease of 16%, mainly impacted by the lower gross margin and the higher
research and development and general, administrative and selling expenses . Compared with 2023, the
operating margin decreased by 3% to 24%.
Financial result
The net financial result amounted to EUR 14,568,015 loss in 2024 compared to EUR 8,087,298 loss in
2023.
The (net) interest result amounted to a loss of EUR 10,863,545.00 in 2024 compared to a loss of EUR
5,093,878.00 in 2023, mainly due to higher debt. The currency exchange result (both realized and
unrealized) amounted to a loss of EUR 3,009,160.00 in 2024, compared to a loss of EUR 1,677,252.00 in
2023.\u00a0
Income taxes
Income taxes amounted to EUR 33,874,765 in 2024 compared with EUR 43,699,487 in 2023 (note 1.5.E).
Net income
The company recorded a net income of 171,446,322 for 2024, a decrease of 18% compared with 2023.
Product sales
The product sales are as follows:
in EUR
2024
2023
Product sales
932,808,067
964,297,902
Total
932,808,067
964,297,902
For the revenue from product sales, please refer to the operating segments section in note 1.5.AA.
Cost of sales
Cost of sales includes the following expenses:
in EUR
2024
2023
Purchases
415,291,929
405,064,817
Transportation costs
7,098,296
7,752,683
Salaries
51,224,326
50,269,902
Depreciation and amortization 1
31,200,594
30,835,840
Maintenance
13,031,599
13,989,841
Utilities
6,194,804
8,203,419
Other direct production costs
7,415,599
7,960,987
Total
531,457,147
524,077,489
Cost of sales increased in 2024 due to overall cost price adjustments.
Research and development Expenses
Research and development expenses include the following expenses:
in EUR
2024
2023
Salaries
66,489,203
65,275,378
Depreciation and amortization
8,605,326
8,180,734
External services
15,788,379
13,463,805
Fees
7,280,460
6,270,278
Prototype wafers
1,489,913
1,941,645
Rent and maintenance
2,415,116
2,078,764
Subsidies
(593,447)
(751,027)
Travel
1,434,678
2,557,310
Engineering purchases
7,342,345
7,714,757
Total
110,251,974
106,731,643
The increase in research and development expenses is mainly linked to external services and fees.
General and administrative expenses
General and administration expenses include the following expenses:
in EUR
2024
2023
Salaries
16,168,786
16,029,606
Depreciation and amortization
7,236,262
5,498,523
External services
7,372,983
9,386,437
Fees
6,490,188
6,017,358
Maintenance
4,191,577
3,694,961
Insurances
2,564,516
2,351,138
Utilities
3,150,800
3,014,360
Travel
491,186
925,364
Other
3,701,177
3,684,628
Total
51,367,475
50,602,373
The increase in general and administrative expenses is mainly linked to depreciation.
Selling expenses
Selling expenses include the following expenses:
in EUR
2024
2023
Salaries
11,862,771
13,590,513
Depreciation and amortization
698,993
641,864
Commissions
3,026,698
2,545,481
External services
1,781,601
1,995,434
Travel
913,324
1,343,894
Other
1,558,981
1,519,032
Total
19,842,368
21,636,218
The decrease in selling expenses is mainly linked to salaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-265": { "value": "964297902.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-266": { "value": "932808067.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-267": { "value": "531457147.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-268": { "value": "524077489.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-269": { "value": "110251974.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ResearchAndDevelopmentExpense", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-270": { "value": "106731643.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ResearchAndDevelopmentExpense", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-271": { "value": "219889102.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-272": { "value": "261250178.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-273": { "value": "33874765.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-274": { "value": "43699487.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-275": { "value": "171446322.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-276": { "value": "
Liquidity, working capital and capital resources
Cash and cash deposits amounted to EUR 32,681,024 as of 31 December 2024, compared to EUR
39,348,841 as of 31 December 2023.
In 2024, operating cash flow before working capital changes amounted to EUR 267,048,771 compared
to EUR 303,003,262 in 2023. Net cash from operating activities, including working capital changes,
amounted to EUR 178,189,747. This amount was mainly impacted by changes in accounts receivable,
inventories and accounts payable. The changes in other (non-)current assets represent a move from
other non-current assets to other current assets, as partial repayment of our advance payments of
committed wafers are being expected within the year. For more information on this transaction see
note 1.5.AD.
The cash flow from investing activities was negative by an amount of EUR 52,750,453, mainly as a result
of investments in fixed assets amounting to EUR 52,992,655.
The cash flow from financing activities was negative by an amount of EUR 132,255,095. This was mainly
the result of the 2023 final and 2024 interim dividend payment amounting to EUR 149,480,000. This
was partially compensated by the proceeds of long-term debts amounting to EUR 28,662,968.
Cash and cash equivalents
in EUR
2024
2023
Cash at bank and in hand
32,681,024
39,348,841
Total
32,681,024
39,348,841
The decrease in cash and cash equivalents is mainly due to the payment of the 2023 final and 2024
interim dividend.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-277": { "value": "32681024.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-278": { "value": "39348841.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-279": { "value": "267048771.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-280": { "value": "303003262.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-281": { "value": "178189747.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-282": { "value": "-52750453.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-283": { "value": "52992655.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-284": { "value": "
The cash flow from financing activities was negative by an amount of EUR 132,255,095. This was mainly
the result of the 2023 final and 2024 interim dividend payment amounting to EUR 149,480,000. This
was partially compensated by the proceeds of long-term debts amounting to EUR 28,662,968.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group's management
has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent
reclassification of fair value gains and losses to profit or loss following the derecognition of the
investment. Dividends from such investments continue to be recognized in profit or loss as other
income when the Group's right to receive payments is established.
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.
Shareholders' equity and rights
attached to the shares
Shareholder's capital
As of 31 December 2024, 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.
In December 2024, Melexis initiated a share buy-back program of its outstanding common stock for up to
850 thousand shares for an amount of EUR 50 million. The bought back shares are held as treasury shares
for a total amount of EUR 4.4 million or 77,200 shares per 31 December 2024.
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 1.5.B.
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 1.5.B.
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.
Earnings per share
Net earnings per share are calculated by dividing the net result for the period attributable to ordinary
shareholders of EUR 171,446,322 in 2024 and 209,463,394 in 2023 by the weighted average number of
ordinary shares outstanding during the period (40,400,000 in 2024 and 40,400,000 in 2023).
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 3 February 2025, the Board of Directors decided to propose to the annual shareholders\u2019 meeting to
pay out over the result of 2024 a total dividend of EUR 3.70\u00a0 gross per share. This amount contains an
interim dividend of EUR 1.30 per share, which was paid in October 2024 , and a final dividend of EUR
2.40 per share which will be payable after approval by the annual shareholders\u2019 meeting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-285": { "value": "-132255095.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-286": { "value": "149480000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-287": { "value": "28662968.0", "decimals": 0, "dimensions": { "concept": "mele:RepaymentAndProceedsFromLongTermDebts", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-288": { "value": "General
Melexis is a limited liability company incorporated under Belgian law. The company has been operating
since 1988. The company designs, develops, tests and markets advanced integrated semiconductor
devices mainly for the automotive industry. The company sells its products to a wide customer base in
the automotive industry in Europe, Asia and North America.
The accounting year covers the period from 1 January 2024 to 31 December 2024.
The Melexis Group of companies employed on averag e (FTE) 1,941 people in 2024 and 1,931 in 2023.
The registered office of the Group is located at Rozendaalstraat 12, 8900 Ieper, Belgium. The company
is listed on Euronext.
The consolidated results as included in the press release were authorized for issue by the Board of
Directors subsequent to the meeting held on 31 January 2025.
Presentation currency
The euro has been designated as the presentation currency of the Group as Melexis uses the principle of
single billing, single sourcing through the Belgian entity Melexis Technologies NV. To consolidate the
company and each of its subsidiaries, the financial statements of foreign consolidated subsidiaries, with
a non-EUR currency, are translated at year-end exchange rates with respect to the statement of
financial position and at the average exchange rate for the year with respect to the income statement.
All resulting translation differences are included in a cumulative translation adjustment in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-289": { "value": "Melexis", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-290": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-291": { "value": "The company designs, develops, tests and markets advanced integrated semiconductor devices mainly for the automotive industry. The company sells its products to a wide customer base in the automotive industry in Europe, Asia and North America.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-292": { "value": "Rozendaalstraat 12, 8900 Ieper, Belgium.", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-293": { "value": "Rozendaalstraat 12, 8900 Ieper, Belgium.", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-294": { "value": "Rozendaalstraat 12, 8900 Ieper, Belgium.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-295": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-296": { "value": "
The consolidated results as included in the press release were authorized for issue by the Board of
Directors subsequent to the meeting held on 31 January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-297": { "value": "Statement of compliance
The consolidated financi
al statements were prepared in accordance with International Financial Reporting Standards as issued
by the International Accounting Standards Board (\u201cIASB\u201d) and in conformity with IFRS as adopted by
the European Union until 31 December 2024 (collectively \u201cIFRS\u201d). Melexis did not apply any new IFRS
requirements not yet effective in 2024.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-298": { "value": "Summary of significant accounting policies
The consolidated financial statements of Melexis NV were prepared in according with IFRS Accounting
Standards as adopted by the European Union on 1 January 2024. The principal accounting policies
adopted when preparing the consolidated financial statements of Melexis NV were as follows:
Basis of preparation
The consolidated financial statements were prepared under the historical cost convention, except for
investments at FVOCI and derivative financial instruments, which were stated at FVTPL as disclosed in
the accounting policies hereafter.
Use of estimates and judgments
The preparation of the consolidated financial statements in conformity with IFRS requires management
to make judgments, estimates and assumptions that affect the application of policies and reported
amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are
based on historical experience and various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making the judgments about carrying values of
assets and liabilities that are not readily apparent from other sources. Actual results may differ from
these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognized in the period in which the estimate is revised when the revision affects only
that period or in the period of the revision and future periods if the revision affects both current and
future periods.
Assumptions and estimates are applied when recognizing and measuring provisions for tax and
litigation risks, determining inventory write-downs, assessing the extent to which deferred tax assets
will be realized (note 1.5.E), useful lives of property, plant and equipment, intangible assets (note 1.5.I
and 1.5.J), setting-up warranty provision and determining the present value of defined benefit
obligations (note 1.5.O).
Deferred tax assets are recognized for deductible temporary differences, unused tax losses/tax
attributes carried forward and fair value reserves entries only if it is probable that future taxable profits
(based on Melexis' operational plans) are available to use those temporary differences and losses/tax
attributes. This includes management's best estimate based on all facts and circumstances. The actual
tax results in future periods may differ from the estimate made at the time the deferred taxes are
recognized. Other assumptions and estimates are disclosed in the respective notes relevant to the item
where the assumptions or estimates were used for measurement (note 1.5.E).
Please refer to the accounting policies of inventories, property, plant and equipment, intangible assets
and provisions in this chapter for the assumptions and estimates.
Presentation currency
The euro has been designated as the presentation currency of the Group as Melexis uses the principle of
single billing, single sourcing through the Belgian entity Melexis Technologies NV. To consolidate the
company and each of its subsidiaries, the financial statements of foreign consolidated subsidiaries, with
a non-EUR currency, are translated at year-end exchange rates with respect to the statement of
financial position and at the average exchange rate for the year with respect to the income statement.
All resulting translation differences are included in a cumulative translation adjustment in equity.
Foreign currency transactions
Each entity within the Group translates its foreign currency transactions and balances into its functional
currency by applying to the foreign currency amount the exchange rate between the functional
currency and the foreign currency at the date of the transaction. Exchange rate differences arising on
the settlement of monetary items or on reporting monetary items at rates different from those at which
they were initially recorded during the period or reported in previous financial statements are
recognized in the income statement in the period in which they arise.
Foreign currency translation
Since the introduction of the euro on 1 January 1999, and in accordance with Belgian law, Melexis NV
keeps its books and prepares its consolidated financial statements in euro. The functional currency of
the subsidiaries is as follows:
Melexis Inc.
USD
Melexis GmbH
EUR
Melexis Bulgaria EOOD
BGN
Melexis Ukraine
UAH
Melexis Technologies SA
CHF
Melexis NV/BO France
EUR
Melefin NV
EUR
Melexis Technologies NV
EUR
Melexis NV/BO Philippines
PHP
K.K. Melexis Japan Technical Research Center
JPY
Melexis Electronic Technology (Shanghai) Co., Ltd
CNY
Melexis (Malaysia) Sdn. Bhd.
MYR
Melexis Technologies NV/BO Malaysia
MYR
Melexis Dresden GmbH
EUR
Melexis France SAS
EUR
Melexis Korea Yuhan Hoesa
KRW
Xpeqt NV
EUR
Xpeqt EOOD
BGN
Melexis NV/BO Taiwan
TWD
Assets and liabilities of Melexis Inc., Melexis Ukraine, Melexis Bulgaria EOOD, Melexis Technologies SA,
K.K. Melexis Japan Technical Research Center, Melexis NV/BO Philippines, Melexis Electronic
Technology (Shanghai) Co. Ltd, Melexis Technologies NV/BO Malaysia, Melexis (Malaysia) Sdn. Bhd.,
Melexis Korea Yuhan Hoesa, Xpeqt NV, Xpeqt EOOD and Melexis NV/BO Taiwan are translated at
closing rate, and revenues and expenses are translated at the average exchange rate during the period.
Equity components have been translated at historical exchange rates. Gains or losses resulting from this
translation are reflected in the component \u2018cumulative translation adjustment\u2019 in the statement of
financial position.
Principles of consolidation
Where the company has control over an investee, it is classified as a subsidiary. The company controls
an investee if all three of the following elements are present: power over the investee, exposure to
variable returns from the investee, and the ability of the investor to use its power to affect those
variable returns. Control is re-assessed whenever facts and circumstances indicate that there may be a
change in any of these elements of control.
De facto control exists in situations where the company has the practical ability to direct the relevant
activities of the investee without holding the majority of the voting rights. In determining whether de
facto control exists, the company considers all relevant facts and circumstances, including:
\u2022 The size of the company's voting rights relative to both the size and dispersion of other parties
who hold voting rights
\u2022 Substantive potential voting rights held by the company and by other parties
\u2022 Other contractual arrangements
\u2022 Historic patterns in voting attendance.
The consolidated financial statements present the results of the company and its subsidiaries (\u201cthe
Group\u201d) as if they formed a single entity. Inter-company transactions and balances between group
companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the
acquisition 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 on which control ceases.
The consolidation scope includes on the one hand Melexis NV and its three branch offices being Melexis
NV/BO Philippines, Melexis NV/BO France and Melexis NV/BO Taiwan. On the other hand, the
subsidiaries being part of the consolidation scope are Melexis Ukraine, Melexis Inc., Melexis GmbH,
Melexis Bulgaria EOOD, Melefin NV, Melexis Technologies NV, Melexis Technologies SA, K.K. Melexis
Japan Technical Research Center, Melexis Electronic Technology (Shanghai) Co. Ltd, Melexis (Malaysia)
Sdn. Bhd., Melexis Technologies NV/BO Malaysia, Melexis Dresden GmbH, Melexis France SAS, Melexis
Korea Yuhan Hoesa, Xpeqt NV and Xpeqt EOOD.
Cash and cash equivalents
Cash includes cash on hand and cash in different bank accounts. Cash equivalents are short-term, highly
liquid investments that are readily convertible to known amounts of cash with original maturities of
three months or less and that are subject to an insignificant risk of change in value. Term deposits with a
maturity period of more than three months that can be redeemed, subject to the interest income being
forfeited, might be classified as cash equivalents if the deposit is held to meet short-term cash needs and
there is no significant risk of a change in value as a result of an early withdrawal.
Hedging
There were no outstanding derivatives as per 31 December 2024 for which Melexis has elected to apply
hedge accounting by designating the derivative as a hedging instrument in an eligible relationship.
Inventories
Inventories, including work-in-progress, are comprised of material, labor and manufacturing overheads
and are valued at the lower of cost (determined on FIFO basis) or net realizable value after reserve for
obsolete items. Net realizable value is the selling price in the ordinary course of business, less the costs
of completion, marketing and distribution. For processed inventories, cost includes the applicable
allocation of fixed and variable overhead costs. Unrealizable inventory has been fully written off.
Inventory is written off when no sales are expected in the next six months.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated
impairment losses. Depreciation is computed on a straight-line basis over the following estimated useful
lives:
Buildings
20-33 years
Machinery, equipment and installations
5 years
Furniture and vehicles
5 years
Computer equipment
3-5 years
Mask set
5 years
Melexis does capitalize the expenses for masks as tangible assets. A mask is a thin sheet of material from
which a pattern has been cut, placed over a semiconductor chip so that an integrated circuit can be
formed on the exposed areas. Masks can be used for the lifetime of the product. Therefore, masks are
depreciated over the estimated useful lifetime of 5 years. An item of property, plant and equipment is
initially measured at its cost. Cost includes:
\u2022 Its purchase price, including import duties and non- refundable purchase taxes, after deducting
trade discounts and rebates
\u2022 Any costs directly attributable to bringing the asset to the location and condition necessary for
it to be capable of operating in the manner intended by management
\u2022 The estimated costs of dismantling and removing the item and restoring the site on which it is
located, unless those costs relate to inventories produced during that period.
Expenditures, incurred after the fixed assets have been placed in operation, such as repairs and
maintenance and overhaul costs, are included in the statement of comprehensive income, in the period
in which the costs are incurred.
Depreciation starts when the asset is ready for use.
The useful life and depreciation methods are reviewed periodically to ensure that the method and
period of depreciation are consistent with the expected pattern of economic benefits from items of
property, plant and equipment.
Investments and other financial assets
a Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 Those to be measured subsequently at fair value (either through OCI or through profit or loss)
\u2022 Those to be measured at amortized cost.
The classification depends on the entity's business model for managing the financial assets and the
contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For
investments in equity instruments that are not held for trading, this will depend on whether the Group
has made an irrevocable election at the time of initial recognition to account for the equity investment
at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments
when and only when its business model for managing those assets changes.
b Recognition and derecognition
Regular way purchases and sales of financial assets are recognized on trade date, the date on which the
Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership.
c Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed
in profit or loss. Financial assets with embedded derivatives are considered in their entirety when
determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group's management
has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent
reclassification of fair value gains and losses to profit or loss following the derecognition of the
investment. Dividends from such investments continue to be recognized in profit or loss as other
income when the Group's right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the
statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair value.
d Impairment
From 1 January 2018, the Group assesses, on a forward-\u00adlooking basis, the expected credit losses
associated with its debt instruments carried at amortized cost and FVOCI. The impairment
methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires
expected lifetime losses to be recognized from initial recognition of the receivables.
Impairment of assets
Property, plant, and equipment and intangible assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is
recognized in consolidated income statement. The recoverable amount is the higher amount of an
asset's net selling price and value in use. The net selling price is the amount obtainable from the sale of
an asset in an arm's length transaction while value in use is the present value of estimated future cash
flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful
life.
Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash-generating
unit. Reversal of impairment losses recognized in prior years is recorded when there is an indication that
the impairment losses recognized for the asset no longer exist or have decreased.
Non-current assets held for sale
Non-current assets and disposal groups are classified as held for sale when:
\u2022 They are available for immediate sale
\u2022 Management is committed to a plan to sell
\u2022 It is unlikely that significant changes to the plan will be made or that the plan will be withdrawn
\u2022 An active program to locate a buyer has been initiated
\u2022 The asset or disposal group is being marketed at a reasonable price in relation to its fair value
\u2022 A sale is expected to complete within twelve months from the date of classification.
Non-current assets and disposal groups classified as held for sale are measured at the lower of:
\u2022 Their carrying amount immediately prior to being classified as held for sale in accordance with
the Group's accounting policy
\u2022 Fair value less costs of disposal.
Following their classification as held for sale, non-current assets (including those in a disposal group) are
not depreciated. The results of operations disposed during the year are included in the consolidated
statement of comprehensive income up to the date of disposal.
Intangible assets
Intangible assets, externally purchased, are measured initially at cost. Intangible assets are recognized if
it is probable that the future economic benefits that are attributable to the asset will flow to the
enterprise and the cost of the asset can be measured reliably. After initial recognition, intangible assets
are measured at cost less accumulated amortization and any accumulated impairment losses. Intangible
assets are amortized on a straight-line basis over the best estimate of their useful lives. The
amortization period and the amortization method are reviewed annually at each financial year end.
Melexis does not have intangible assets with indefinite useful lives.
Amounts paid for licenses are capitalized and then amortized on a straight-line basis over the expected
periods of benefit. The expected useful life of licenses is 5 years, IP is 10 years.
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.
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.
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.
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.
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.
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.
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. Melexis set up a warranty provision which is based
on a reliable estimate of historical data.
Reserves
Capital reserves represent the legal reserve of the parent company and are in accordance with the
Belgian law. The cumulative translation adjustment is used for translation differences arising on
consolidation of financial statements of foreign entities.
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.
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. 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 2024 was between
1.00% and 6.00%.
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:
\u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable
\u2022 Variable lease payments that are based on an index or a rate
\u2022 Amounts expected to be payable by the lessee under residual value guarantees
\u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option,
and
\u2022 Payments 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:
\u2022 The amount of the initial measurement of the lease liability
\u2022 Any lease payments made at or before the commencement date less any lease incentives
received
\u2022 Any initial direct costs, and
\u2022 Restoration 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. Melexis recognizes the interest expenses of lease liabilities in the interest paid component in the
cash-flow statement. Melexis opted not to distinguish between lease and non-lease components and
accounted for the full amount of the lease liability.
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.
To mitigate the risk of supplier LTAs, Melexis also engaged in LTAs (2023-2025) with its main
customers. These contracts do not contain financial components giving rise to material rights nor any
material variable considerations to be taken into account.
Government grants
Government grants are deferred and amortized into income over the period necessary to match them
with the related costs that they are intended to compensate. Grants received are treated as deferred
income in the accompanying consolidated financial statements.
The company recognizes government grants if they have reasonable assurance that the grants will be
received. They are recognized as income on a systematic and rational basis over the periods necessary
to match them with the related costs. The grant related revenue is recorded net of the related expense
in the income statement and as deferred income on the statement of financial position.
Borrowing costs
Borrowing costs are expensed as incurred. Borrowing costs directly attributable to the acquisition,
construction or production of a qualifying asset are included in the cost of the asset.
Income taxes
The income tax charge is based on the result of the year and considers deferred taxation. Deferred taxes
are calculated using the balance sheet liability method. Deferred income taxes reflect the net tax effects
of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are
measured using the tax rates expected to apply to taxable income in the years in which these temporary
differences are expected to be recovered or settled, based on tax rates enacted or substantially enacted
at the balance sheet date.
The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that
would follow from the manner in which the enterprise expects, at the balance sheet date, to recover or
settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are recognized regardless of the moment when the timing difference
is likely to reverse. Deferred tax assets and liabilities are not discounted and are classified as non-
current assets/liabilities in the statement of financial position.
Deferred tax assets are recognized when it is probable that sufficient taxable profits will be available
against which the deferred tax assets can be utilized. At each balance sheet date, the company
reassesses unrecognized deferred tax assets and the carrying amount of deferred tax assets. The
enterprise recognizes a previously unrecognized deferred tax asset to the extent that it has become
probable that future taxable profit will allow the deferred tax asset to be recovered. The company
conversely reduces the carrying amount of a deferred tax asset to the extent that it is no longer
probable that sufficient taxable profit will be available to allow the benefit of part or that entire
deferred tax asset to be utilized.
A deferred tax liability is recognized for all taxable temporary differences.
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.\u00a0
In Belgium, Melexis' defined contribution plans, while funded through group insurance contracts, must
adhere to Belgian regulations guaranteeing a minimum 1.75% return on contributions. This rate, tied to
a risk-free rate of 10-year government bond, places the investment risk until the legal minimum rates
applicable, on the employer. This structure classifies the plans as defined benefit plans under IAS19.
Under IAS 19, companies must recognize a liability for employee benefits earned but not yet paid, such
as pensions. These future obligations are measured on a discounted basis to reflect their present value.
We refer to note 1.5.AH for more information on this topic.
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.
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 1.5.AA.
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.
Subsequent events
Post year end events that provide additional information about a company's position at the balance
sheet date (adjusting events) are reflected in the financial statements. Post year end events that are not
adjusting events are disclosed in the notes when material.
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 2024.
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 2024. The Group has not applied any new
IFRS requirements that are not yet effective as per 31 December 2024.
The following new standards and amendments to standards are mandatory for the first time for the
financial year beginning 1 January 2024 and have 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:
\u2022 Clarify 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;
\u2022 Clarify that classification is unaffected by expectations about whether an entity will exercise its
right to defer settlement of a liability; and make clear that settlement refers to the transfer to
the counterparty of cash, equity instruments, other assets or services.
\u2022 Clarify 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 IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments:
Disclosures\u2019 (effective 1 January 2024): Supplier Finance Arrangements. The amendment describes
the characteristics for which reporters will have to provide additional disclosures regarding the
impact of supplier finance arrangements on liabilities, cash flows and exposure to liquidity risk.
3 Amendments to IFRS 16 \u2018Leases\u2019: 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 recognising 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
recognised when they occur as these relate to the right of use terminated and not the right of use
retained.
The following amendments have been issued, but are not mandatory for the first time for the financial
year beginning 1 January 2024 and have been endorsed by the European Union:
1 Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates: Lack of
exchangeability\u2019 (effective 1 January 2025). IAS 21 previously did not cover how to determine
exchange rates in case there is long-term lack of exchangeability and the spot rate to be applied by
the company is not observable. The narrow scope amendments add specific requirements on:
\u2022 Determining when a currency is exchangeable into another and when it is not;
\u2022 Determining the exchange rate to apply in case a currency is not exchangeable;
\u2022 Additional disclosures to provide when a currency is not exchangeable.
The following amendments have been issued, but are not mandatory for the first time for the financial
year beginning 1 January 2024 and have not been endorsed by the European Union:
1 Amendments to IFRS 9 and to IFRS 7: the Classification and Measurement of Financial Instruments
(effective on 1 January 2026). On 30 May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to:
\u2022 Clarify the date of recognition and derecognition of some financial assets and liabilities, with a
new exception for some financial liabilities settled through an electronic cash transfer system;
\u2022 Clarify and add further guidance for assessing whether a financial asset meets the solely
payments of principal and interest (SPPI) criterion;
\u2022 Add new disclosures for certain instruments with contractual terms that can change cash flows
(such as some instruments with features linked to the achievement environment, social and
governance (ESG) targets); and
\u2022 Update the disclosures for equity instruments designated at fair value through other
comprehensive income (FVOCI).
2 Amendments to IFRS 9 and to IFRS 7: Contracts Referencing Nature-dependent Electricity
Amendments to IFRS 9 and IFRS 7 (effective on 1 January 2026). On 18 December 2024, the IASB
issued amendments to IFRS 9 and IFRS 7:
\u2022 clarify the application of the \u2018own-use\u2019 requirements;
\u2022 permit hedge accounting if these contracts are used as hedging instruments; and
\u2022 new disclosure requirements to enable investors to understand the effect of these contracts on
a company\u2019s financial performance and cash flows.
3 IFRS 18 Presentation and Disclosure in Financial Statements (effective on 1 January 2027). The
IASB has issued IFRS 18, the new standard on presentation and disclosure in financial statements,
with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS
18 relate to:
\u2022 the structure of the statement of profit or loss;
\u2022 required disclosures in the financial statements for certain profit or loss performance
measures that are reported outside an entity\u2019s financial statements (that is, management-
defined performance measures); and
\u2022 enhanced principles on aggregation and disaggregation which apply to the primary financial
statements and notes in general.
IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited
changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements,
but it might change what an entity reports as its \u2018operating profit or loss\u2019.
IFRS 18 will apply for reporting periods beginning on or after 1 January 2027 and also applies to
comparative information. The changes in presentation and disclosure required by IFRS 18 might require
system and process changes.
4 IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective on 1 January 2027). The
International Accounting Standard Board (IASB) has issued a new IFRS Accounting Standard for
subsidiaries. IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 permits eligible
subsidiaries to use IFRS Accounting Standards with reduced disclosures. Applying IFRS 19 will
reduce the costs of preparing subsidiaries\u2019 financial statements while maintaining the usefulness of
the information for users of their financial statements.
5 Annual improvements Volume 11 (effective 1 January 2026). The amended Standards are:
IFRS 1 First-time Adoption of International Financial Reporting Standards;
IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7;
IFRS 9 Financial Instruments;
IFRS 10 Consolidated Financial Statements; and
IAS 7 Statement of Cash Flows.
The following standard is mandatory since the financial year beginning 1 January 2016 (however not
yet subjected to EU endorsement). The European Commission has decided not to launch the
endorsement process of this interim standard but to wait for the final standard:
1 IFRS 14, \u2018Regulatory deferral accounts\u2019 (effective 1 January 2016). It concerns an interim standard
on the accounting for certain balances that arise from rate\u2013regulated activities. IFRS 14 is only
applicable to entities that apply IFRS 1 as first-time adopters of IFRS. It permits such entities, on
adoption of IFRS, to continue to apply their previous GAAP accounting policies for the recognition,
measurement, impairment and derecognition of regulatory deferral accounts. The interim standard
also provides guidance on selecting and changing accounting policies (on first\u2013time adoption or
subsequently) and on presentation and disclosure.
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 2024.
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Basis of preparation
The consolidated financial statements were prepared under the historical cost convention, except for
investments at FVOCI and derivative financial instruments, which were stated at FVTPL as disclosed in
the accounting policies hereafter.
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Use of estimates and judgments
The preparation of the consolidated financial statements in conformity with IFRS requires management
to make judgments, estimates and assumptions that affect the application of policies and reported
amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are
based on historical experience and various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making the judgments about carrying values of
assets and liabilities that are not readily apparent from other sources. Actual results may differ from
these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognized in the period in which the estimate is revised when the revision affects only
that period or in the period of the revision and future periods if the revision affects both current and
future periods.
Assumptions and estimates are applied when recognizing and measuring provisions for tax and
litigation risks, determining inventory write-downs, assessing the extent to which deferred tax assets
will be realized (note 1.5.E), useful lives of property, plant and equipment, intangible assets (note 1.5.I
and 1.5.J), setting-up warranty provision and determining the present value of defined benefit
obligations (note 1.5.O).
Deferred tax assets are recognized for deductible temporary differences, unused tax losses/tax
attributes carried forward and fair value reserves entries only if it is probable that future taxable profits
(based on Melexis' operational plans) are available to use those temporary differences and losses/tax
attributes. This includes management's best estimate based on all facts and circumstances. The actual
tax results in future periods may differ from the estimate made at the time the deferred taxes are
recognized. Other assumptions and estimates are disclosed in the respective notes relevant to the item
where the assumptions or estimates were used for measurement (note 1.5.E).
Please refer to the accounting policies of inventories, property, plant and equipment, intangible assets
and provisions in this chapter for the assumptions and estimates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-301": { "value": "
Presentation currency
The euro has been designated as the presentation currency of the Group as Melexis uses the principle of
single billing, single sourcing through the Belgian entity Melexis Technologies NV. To consolidate the
company and each of its subsidiaries, the financial statements of foreign consolidated subsidiaries, with
a non-EUR currency, are translated at year-end exchange rates with respect to the statement of
financial position and at the average exchange rate for the year with respect to the income statement.
All resulting translation differences are included in a cumulative translation adjustment in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-304": { "value": "
Foreign currency transactions
Each entity within the Group translates its foreign currency transactions and balances into its functional
currency by applying to the foreign currency amount the exchange rate between the functional
currency and the foreign currency at the date of the transaction. Exchange rate differences arising on
the settlement of monetary items or on reporting monetary items at rates different from those at which
they were initially recorded during the period or reported in previous financial statements are
recognized in the income statement in the period in which they arise.
Foreign currency translation
Since the introduction of the euro on 1 January 1999, and in accordance with Belgian law, Melexis NV
keeps its books and prepares its consolidated financial statements in euro. The functional currency of
the subsidiaries is as follows:
Melexis Inc.
USD
Melexis GmbH
EUR
Melexis Bulgaria EOOD
BGN
Melexis Ukraine
UAH
Melexis Technologies SA
CHF
Melexis NV/BO France
EUR
Melefin NV
EUR
Melexis Technologies NV
EUR
Melexis NV/BO Philippines
PHP
K.K. Melexis Japan Technical Research Center
JPY
Melexis Electronic Technology (Shanghai) Co., Ltd
CNY
Melexis (Malaysia) Sdn. Bhd.
MYR
Melexis Technologies NV/BO Malaysia
MYR
Melexis Dresden GmbH
EUR
Melexis France SAS
EUR
Melexis Korea Yuhan Hoesa
KRW
Xpeqt NV
EUR
Xpeqt EOOD
BGN
Melexis NV/BO Taiwan
TWD
Assets and liabilities of Melexis Inc., Melexis Ukraine, Melexis Bulgaria EOOD, Melexis Technologies SA,
K.K. Melexis Japan Technical Research Center, Melexis NV/BO Philippines, Melexis Electronic
Technology (Shanghai) Co. Ltd, Melexis Technologies NV/BO Malaysia, Melexis (Malaysia) Sdn. Bhd.,
Melexis Korea Yuhan Hoesa, Xpeqt NV, Xpeqt EOOD and Melexis NV/BO Taiwan are translated at
closing rate, and revenues and expenses are translated at the average exchange rate during the period.
Equity components have been translated at historical exchange rates. Gains or losses resulting from this
translation are reflected in the component \u2018cumulative translation adjustment\u2019 in the statement of
financial position.
Net financial result
in EUR
2024
2023
Financial income
6,380,309
9,106,843
Interest income
356,694
891,554
Exchange differences
6,023,509
9,017,768
Result on financial instruments excluding fair value adjustments
11,628,646
Fair value adjustment inflation swaps
(12,431,232)
Other
106
107
Financial charges
(20,948,324)
(17,194,141)
Interest charges
(11,220,239)
(5,985,432)
Bank charges
(207,853)
(184,953)
Exchange differences
(9,032,669)
(10,695,020)
Fair value adjustment FX swaps
(487,562)
(328,736)
Net financial result
(14,568,015)
(8,087,298)
\u2018Interest charges\u2019 increased due to an increase in total debt. For more information on our long and
short-term debt, see note 1.5.Y.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-303": { "value": "
Foreign currency transactions
Each entity within the Group translates its foreign currency transactions and balances into its functional
currency by applying to the foreign currency amount the exchange rate between the functional
currency and the foreign currency at the date of the transaction. Exchange rate differences arising on
the settlement of monetary items or on reporting monetary items at rates different from those at which
they were initially recorded during the period or reported in previous financial statements are
recognized in the income statement in the period in which they arise.
Foreign currency translation
Since the introduction of the euro on 1 January 1999, and in accordance with Belgian law, Melexis NV
keeps its books and prepares its consolidated financial statements in euro. The functional currency of
the subsidiaries is as follows:
Melexis Inc.
USD
Melexis GmbH
EUR
Melexis Bulgaria EOOD
BGN
Melexis Ukraine
UAH
Melexis Technologies SA
CHF
Melexis NV/BO France
EUR
Melefin NV
EUR
Melexis Technologies NV
EUR
Melexis NV/BO Philippines
PHP
K.K. Melexis Japan Technical Research Center
JPY
Melexis Electronic Technology (Shanghai) Co., Ltd
CNY
Melexis (Malaysia) Sdn. Bhd.
MYR
Melexis Technologies NV/BO Malaysia
MYR
Melexis Dresden GmbH
EUR
Melexis France SAS
EUR
Melexis Korea Yuhan Hoesa
KRW
Xpeqt NV
EUR
Xpeqt EOOD
BGN
Melexis NV/BO Taiwan
TWD
Assets and liabilities of Melexis Inc., Melexis Ukraine, Melexis Bulgaria EOOD, Melexis Technologies SA,
K.K. Melexis Japan Technical Research Center, Melexis NV/BO Philippines, Melexis Electronic
Technology (Shanghai) Co. Ltd, Melexis Technologies NV/BO Malaysia, Melexis (Malaysia) Sdn. Bhd.,
Melexis Korea Yuhan Hoesa, Xpeqt NV, Xpeqt EOOD and Melexis NV/BO Taiwan are translated at
closing rate, and revenues and expenses are translated at the average exchange rate during the period.
Equity components have been translated at historical exchange rates. Gains or losses resulting from this
translation are reflected in the component \u2018cumulative translation adjustment\u2019 in the statement of
financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-302": { "value": "
Foreign currency transactions
Each entity within the Group translates its foreign currency transactions and balances into its functional
currency by applying to the foreign currency amount the exchange rate between the functional
currency and the foreign currency at the date of the transaction. Exchange rate differences arising on
the settlement of monetary items or on reporting monetary items at rates different from those at which
they were initially recorded during the period or reported in previous financial statements are
recognized in the income statement in the period in which they arise.
Foreign currency translation
Since the introduction of the euro on 1 January 1999, and in accordance with Belgian law, Melexis NV
keeps its books and prepares its consolidated financial statements in euro. The functional currency of
the subsidiaries is as follows:
Melexis Inc.
USD
Melexis GmbH
EUR
Melexis Bulgaria EOOD
BGN
Melexis Ukraine
UAH
Melexis Technologies SA
CHF
Melexis NV/BO France
EUR
Melefin NV
EUR
Melexis Technologies NV
EUR
Melexis NV/BO Philippines
PHP
K.K. Melexis Japan Technical Research Center
JPY
Melexis Electronic Technology (Shanghai) Co., Ltd
CNY
Melexis (Malaysia) Sdn. Bhd.
MYR
Melexis Technologies NV/BO Malaysia
MYR
Melexis Dresden GmbH
EUR
Melexis France SAS
EUR
Melexis Korea Yuhan Hoesa
KRW
Xpeqt NV
EUR
Xpeqt EOOD
BGN
Melexis NV/BO Taiwan
TWD
Assets and liabilities of Melexis Inc., Melexis Ukraine, Melexis Bulgaria EOOD, Melexis Technologies SA,
K.K. Melexis Japan Technical Research Center, Melexis NV/BO Philippines, Melexis Electronic
Technology (Shanghai) Co. Ltd, Melexis Technologies NV/BO Malaysia, Melexis (Malaysia) Sdn. Bhd.,
Melexis Korea Yuhan Hoesa, Xpeqt NV, Xpeqt EOOD and Melexis NV/BO Taiwan are translated at
closing rate, and revenues and expenses are translated at the average exchange rate during the period.
Equity components have been translated at historical exchange rates. Gains or losses resulting from this
translation are reflected in the component \u2018cumulative translation adjustment\u2019 in the statement of
financial position.
Depreciation is computed on a straight-line basis over the following estimated useful
lives:
Buildings
20-33 years
Machinery, equipment and installations
5 years
Furniture and vehicles
5 years
Computer equipment
3-5 years
Mask set
5 years
Melexis does capitalize the expenses for masks as tangible assets. A mask is a thin sheet of material from
which a pattern has been cut, placed over a semiconductor chip so that an integrated circuit can be
formed on the exposed areas. Masks can be used for the lifetime of the product. Therefore, masks are
depreciated over the estimated useful lifetime of 5 years.Impairment
From 1 January 2018, the Group assesses, on a forward-\u00adlooking basis, the expected credit losses
associated with its debt instruments carried at amortized cost and FVOCI. The impairment
methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires
expected lifetime losses to be recognized from initial recognition of the receivables.
Impairment of assets
Property, plant, and equipment and intangible assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is
recognized in consolidated income statement. The recoverable amount is the higher amount of an
asset's net selling price and value in use. The net selling price is the amount obtainable from the sale of
an asset in an arm's length transaction while value in use is the present value of estimated future cash
flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful
life.
Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash-generating
unit. Reversal of impairment losses recognized in prior years is recorded when there is an indication that
the impairment losses recognized for the asset no longer exist or have decreased.
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.
Borrowing costs
Borrowing costs are expensed as incurred. Borrowing costs directly attributable to the acquisition,
construction or production of a qualifying asset are included in the cost of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-305": { "value": "
Foreign currency transactions
Each entity within the Group translates its foreign currency transactions and balances into its functional
currency by applying to the foreign currency amount the exchange rate between the functional
currency and the foreign currency at the date of the transaction. Exchange rate differences arising on
the settlement of monetary items or on reporting monetary items at rates different from those at which
they were initially recorded during the period or reported in previous financial statements are
recognized in the income statement in the period in which they arise.
Depreciation is computed on a straight-line basis over the following estimated useful
lives:
Buildings
20-33 years
Machinery, equipment and installations
5 years
Furniture and vehicles
5 years
Computer equipment
3-5 years
Mask set
5 years
Melexis does capitalize the expenses for masks as tangible assets. A mask is a thin sheet of material from
which a pattern has been cut, placed over a semiconductor chip so that an integrated circuit can be
formed on the exposed areas. Masks can be used for the lifetime of the product. Therefore, masks are
depreciated over the estimated useful lifetime of 5 years.Impairment
From 1 January 2018, the Group assesses, on a forward-\u00adlooking basis, the expected credit losses
associated with its debt instruments carried at amortized cost and FVOCI. The impairment
methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires
expected lifetime losses to be recognized from initial recognition of the receivables.
Impairment of assets
Property, plant, and equipment and intangible assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is
recognized in consolidated income statement. The recoverable amount is the higher amount of an
asset's net selling price and value in use. The net selling price is the amount obtainable from the sale of
an asset in an arm's length transaction while value in use is the present value of estimated future cash
flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful
life.
Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash-generating
unit. Reversal of impairment losses recognized in prior years is recorded when there is an indication that
the impairment losses recognized for the asset no longer exist or have decreased.
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.
Borrowing costs
Borrowing costs are expensed as incurred. Borrowing costs directly attributable to the acquisition,
construction or production of a qualifying asset are included in the cost of the asset.
Income taxes
The income tax charge is based on the result of the year and considers deferred taxation. Deferred taxes
are calculated using the balance sheet liability method. Deferred income taxes reflect the net tax effects
of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are
measured using the tax rates expected to apply to taxable income in the years in which these temporary
differences are expected to be recovered or settled, based on tax rates enacted or substantially enacted
at the balance sheet date.
The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that
would follow from the manner in which the enterprise expects, at the balance sheet date, to recover or
settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are recognized regardless of the moment when the timing difference
is likely to reverse. Deferred tax assets and liabilities are not discounted and are classified as non-
current assets/liabilities in the statement of financial position.
Deferred tax assets are recognized when it is probable that sufficient taxable profits will be available
against which the deferred tax assets can be utilized. At each balance sheet date, the company
reassesses unrecognized deferred tax assets and the carrying amount of deferred tax assets. The
enterprise recognizes a previously unrecognized deferred tax asset to the extent that it has become
probable that future taxable profit will allow the deferred tax asset to be recovered. The company
conversely reduces the carrying amount of a deferred tax asset to the extent that it is no longer
probable that sufficient taxable profit will be available to allow the benefit of part or that entire
deferred tax asset to be utilized.
A deferred tax liability is recognized for all taxable temporary differences.
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.\u00a0
In Belgium, Melexis' defined contribution plans, while funded through group insurance contracts, must
adhere to Belgian regulations guaranteeing a minimum 1.75% return on contributions. This rate, tied to
a risk-free rate of 10-year government bond, places the investment risk until the legal minimum rates
applicable, on the employer. This structure classifies the plans as defined benefit plans under IAS19.
Under IAS 19, companies must recognize a liability for employee benefits earned but not yet paid, such
as pensions. These future obligations are measured on a discounted basis to reflect their present value.
We refer to note 1.5.AH for more information on this topic.
Cost of sales
Cost of sales includes the following expenses:
in EUR
2024
2023
Purchases
415,291,929
405,064,817
Transportation costs
7,098,296
7,752,683
Salaries
51,224,326
50,269,902
Depreciation and amortization 1
31,200,594
30,835,840
Maintenance
13,031,599
13,989,841
Utilities
6,194,804
8,203,419
Other direct production costs
7,415,599
7,960,987
Total
531,457,147
524,077,489
Cost of sales increased in 2024 due to overall cost price adjustments.
Research and development Expenses
Research and development expenses include the following expenses:
in EUR
2024
2023
Salaries
66,489,203
65,275,378
Depreciation and amortization
8,605,326
8,180,734
External services
15,788,379
13,463,805
Fees
7,280,460
6,270,278
Prototype wafers
1,489,913
1,941,645
Rent and maintenance
2,415,116
2,078,764
Subsidies
(593,447)
(751,027)
Travel
1,434,678
2,557,310
Engineering purchases
7,342,345
7,714,757
Total
110,251,974
106,731,643
The increase in research and development expenses is mainly linked to external services and fees.
General and administrative expenses
General and administration expenses include the following expenses:
in EUR
2024
2023
Salaries
16,168,786
16,029,606
Depreciation and amortization
7,236,262
5,498,523
External services
7,372,983
9,386,437
Fees
6,490,188
6,017,358
Maintenance
4,191,577
3,694,961
Insurances
2,564,516
2,351,138
Utilities
3,150,800
3,014,360
Travel
491,186
925,364
Other
3,701,177
3,684,628
Total
51,367,475
50,602,373
The increase in general and administrative expenses is mainly linked to depreciation.
Selling expenses
Selling expenses include the following expenses:
in EUR
2024
2023
Salaries
11,862,771
13,590,513
Depreciation and amortization
698,993
641,864
Commissions
3,026,698
2,545,481
External services
1,781,601
1,995,434
Travel
913,324
1,343,894
Other
1,558,981
1,519,032
Total
19,842,368
21,636,218
The decrease in selling expenses is mainly linked to salaries.
Depreciation and amortization expenses
Depreciation and amortization include the following expenses:
in EUR
2024
2023
Cost of sales
31,200,594
30,835,840
Research and development
8,605,326
8,180,734
General and administration
7,236,262
5,498,523
Selling
698,993
641,864
Total
47,741,175
45,156,961
Personnel expenses and average number of employees
in EUR
2024
2023
Wages and salaries
145,745,086
145,165,399
Total
145,745,086
145,165,399
The average number of employees (FTE) was 1,941 in 2024 and 1,931 in 2023. For more details on the
compensation of key management, see our remuneration report.
Remuneration of board of directors
In accordance with the company\u2019s bylaws, directors can be remunerated for their mandate. The
independent directors or entity that they represent have received in total EUR 56,000 remuneration in
2024 compared to EUR 56,000 in 2023. The other directors are not remunerated.
Auditor's services
On a consolidated basis, the audit fees required by law amounted to EUR 389,906 in 2024, compared to
EUR 361,388 in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-309": { "value": "
Principles of consolidation
Where the company has control over an investee, it is classified as a subsidiary. The company controls
an investee if all three of the following elements are present: power over the investee, exposure to
variable returns from the investee, and the ability of the investor to use its power to affect those
variable returns. Control is re-assessed whenever facts and circumstances indicate that there may be a
change in any of these elements of control.
De facto control exists in situations where the company has the practical ability to direct the relevant
activities of the investee without holding the majority of the voting rights. In determining whether de
facto control exists, the company considers all relevant facts and circumstances, including:
\u2022 The size of the company's voting rights relative to both the size and dispersion of other parties
who hold voting rights
\u2022 Substantive potential voting rights held by the company and by other parties
\u2022 Other contractual arrangements
\u2022 Historic patterns in voting attendance.
The consolidated financial statements present the results of the company and its subsidiaries (\u201cthe
Group\u201d) as if they formed a single entity. Inter-company transactions and balances between group
companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the
acquisition 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 on which control ceases.
The consolidation scope includes on the one hand Melexis NV and its three branch offices being Melexis
NV/BO Philippines, Melexis NV/BO France and Melexis NV/BO Taiwan. On the other hand, the
subsidiaries being part of the consolidation scope are Melexis Ukraine, Melexis Inc., Melexis GmbH,
Melexis Bulgaria EOOD, Melefin NV, Melexis Technologies NV, Melexis Technologies SA, K.K. Melexis
Japan Technical Research Center, Melexis Electronic Technology (Shanghai) Co. Ltd, Melexis (Malaysia)
Sdn. Bhd., Melexis Technologies NV/BO Malaysia, Melexis Dresden GmbH, Melexis France SAS, Melexis
Korea Yuhan Hoesa, Xpeqt NV and Xpeqt EOOD.
List of subsidiaries consolidated
Subsidiary
Place of
incorporation
Principal
activities
Ownership
interest
Melexis Inc.
USA
R&D, Sales & Applications
100%
Melexis GmbH
Germany
R&D, Manufacturing, Sales
& Applications
100%
Melexis Ukraine
Ukraine
R&D
100%
Melexis Bulgaria EOOD
Bulgaria
R&D, Manufacturing
100%
Melefin NV
Belgium
Treasury
100%
Melexis Technologies NV
Belgium
R&D, Sales & Applications
100%
Melexis Technologies SA
Switzerland
R&D, Sales & Applications
100%
K.K. Melexis Japan Technical Research Center
Japan
Sales & Applications
100%
Melexis Electronic Technology (Shanghai) Co., Ltd
China (Shanghai)
Sales & Applications
100%
Melexis (Malaysia) Sdn. Bhd.
Malaysia
R&D, Manufacturing
99.9%
Melexis Dresden GmbH
Germany
R&D
100%
Melexis France SAS
France
Manufacturing
100%
Melexis Korea Yuhan Hoesa
South Korea
Sales & Applications
100%
Xpeqt NV
Belgium
Test equipment
100%
Xpeqt EOOD
Bulgaria
Test equipment
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-308": { "value": "
Principles of consolidation
Where the company has control over an investee, it is classified as a subsidiary. The company controls
an investee if all three of the following elements are present: power over the investee, exposure to
variable returns from the investee, and the ability of the investor to use its power to affect those
variable returns. Control is re-assessed whenever facts and circumstances indicate that there may be a
change in any of these elements of control.
De facto control exists in situations where the company has the practical ability to direct the relevant
activities of the investee without holding the majority of the voting rights. In determining whether de
facto control exists, the company considers all relevant facts and circumstances, including:
\u2022 The size of the company's voting rights relative to both the size and dispersion of other parties
who hold voting rights
\u2022 Substantive potential voting rights held by the company and by other parties
\u2022 Other contractual arrangements
\u2022 Historic patterns in voting attendance.
The consolidated financial statements present the results of the company and its subsidiaries (\u201cthe
Group\u201d) as if they formed a single entity. Inter-company transactions and balances between group
companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the
acquisition 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 on which control ceases.
The consolidation scope includes on the one hand Melexis NV and its three branch offices being Melexis
NV/BO Philippines, Melexis NV/BO France and Melexis NV/BO Taiwan. On the other hand, the
subsidiaries being part of the consolidation scope are Melexis Ukraine, Melexis Inc., Melexis GmbH,
Melexis Bulgaria EOOD, Melefin NV, Melexis Technologies NV, Melexis Technologies SA, K.K. Melexis
Japan Technical Research Center, Melexis Electronic Technology (Shanghai) Co. Ltd, Melexis (Malaysia)
Sdn. Bhd., Melexis Technologies NV/BO Malaysia, Melexis Dresden GmbH, Melexis France SAS, Melexis
Korea Yuhan Hoesa, Xpeqt NV and Xpeqt EOOD.
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.
List of subsidiaries consolidated
Subsidiary
Place of
incorporation
Principal
activities
Ownership
interest
Melexis Inc.
USA
R&D, Sales & Applications
100%
Melexis GmbH
Germany
R&D, Manufacturing, Sales
& Applications
100%
Melexis Ukraine
Ukraine
R&D
100%
Melexis Bulgaria EOOD
Bulgaria
R&D, Manufacturing
100%
Melefin NV
Belgium
Treasury
100%
Melexis Technologies NV
Belgium
R&D, Sales & Applications
100%
Melexis Technologies SA
Switzerland
R&D, Sales & Applications
100%
K.K. Melexis Japan Technical Research Center
Japan
Sales & Applications
100%
Melexis Electronic Technology (Shanghai) Co., Ltd
China (Shanghai)
Sales & Applications
100%
Melexis (Malaysia) Sdn. Bhd.
Malaysia
R&D, Manufacturing
99.9%
Melexis Dresden GmbH
Germany
R&D
100%
Melexis France SAS
France
Manufacturing
100%
Melexis Korea Yuhan Hoesa
South Korea
Sales & Applications
100%
Xpeqt NV
Belgium
Test equipment
100%
Xpeqt EOOD
Bulgaria
Test equipment
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-307": { "value": "
Principles of consolidation
Where the company has control over an investee, it is classified as a subsidiary. The company controls
an investee if all three of the following elements are present: power over the investee, exposure to
variable returns from the investee, and the ability of the investor to use its power to affect those
variable returns. Control is re-assessed whenever facts and circumstances indicate that there may be a
change in any of these elements of control.
De facto control exists in situations where the company has the practical ability to direct the relevant
activities of the investee without holding the majority of the voting rights. In determining whether de
facto control exists, the company considers all relevant facts and circumstances, including:
\u2022 The size of the company's voting rights relative to both the size and dispersion of other parties
who hold voting rights
\u2022 Substantive potential voting rights held by the company and by other parties
\u2022 Other contractual arrangements
\u2022 Historic patterns in voting attendance.
The consolidated financial statements present the results of the company and its subsidiaries (\u201cthe
Group\u201d) as if they formed a single entity. Inter-company transactions and balances between group
companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the
acquisition 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 on which control ceases.
The consolidation scope includes on the one hand Melexis NV and its three branch offices being Melexis
NV/BO Philippines, Melexis NV/BO France and Melexis NV/BO Taiwan. On the other hand, the
subsidiaries being part of the consolidation scope are Melexis Ukraine, Melexis Inc., Melexis GmbH,
Melexis Bulgaria EOOD, Melefin NV, Melexis Technologies NV, Melexis Technologies SA, K.K. Melexis
Japan Technical Research Center, Melexis Electronic Technology (Shanghai) Co. Ltd, Melexis (Malaysia)
Sdn. Bhd., Melexis Technologies NV/BO Malaysia, Melexis Dresden GmbH, Melexis France SAS, Melexis
Korea Yuhan Hoesa, Xpeqt NV and Xpeqt EOOD.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-306": { "value": "
Principles of consolidation
Where the company has control over an investee, it is classified as a subsidiary. The company controls
an investee if all three of the following elements are present: power over the investee, exposure to
variable returns from the investee, and the ability of the investor to use its power to affect those
variable returns. Control is re-assessed whenever facts and circumstances indicate that there may be a
change in any of these elements of control.
De facto control exists in situations where the company has the practical ability to direct the relevant
activities of the investee without holding the majority of the voting rights. In determining whether de
facto control exists, the company considers all relevant facts and circumstances, including:
\u2022 The size of the company's voting rights relative to both the size and dispersion of other parties
who hold voting rights
\u2022 Substantive potential voting rights held by the company and by other parties
\u2022 Other contractual arrangements
\u2022 Historic patterns in voting attendance.
The consolidated financial statements present the results of the company and its subsidiaries (\u201cthe
Group\u201d) as if they formed a single entity. Inter-company transactions and balances between group
companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the
acquisition 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 on which control ceases.
The consolidation scope includes on the one hand Melexis NV and its three branch offices being Melexis
NV/BO Philippines, Melexis NV/BO France and Melexis NV/BO Taiwan. On the other hand, the
subsidiaries being part of the consolidation scope are Melexis Ukraine, Melexis Inc., Melexis GmbH,
Melexis Bulgaria EOOD, Melefin NV, Melexis Technologies NV, Melexis Technologies SA, K.K. Melexis
Japan Technical Research Center, Melexis Electronic Technology (Shanghai) Co. Ltd, Melexis (Malaysia)
Sdn. Bhd., Melexis Technologies NV/BO Malaysia, Melexis Dresden GmbH, Melexis France SAS, Melexis
Korea Yuhan Hoesa, Xpeqt NV and Xpeqt EOOD.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-312": { "value": "
Cash and cash equivalents
Cash includes cash on hand and cash in different bank accounts. Cash equivalents are short-term, highly
liquid investments that are readily convertible to known amounts of cash with original maturities of
three months or less and that are subject to an insignificant risk of change in value. Term deposits with a
maturity period of more than three months that can be redeemed, subject to the interest income being
forfeited, might be classified as cash equivalents if the deposit is held to meet short-term cash needs and
there is no significant risk of a change in value as a result of an early withdrawal.
Hedging
There were no outstanding derivatives as per 31 December 2024 for which Melexis has elected to apply
hedge accounting by designating the derivative as a hedging instrument in an eligible relationship.
Investments and other financial assets
a Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 Those to be measured subsequently at fair value (either through OCI or through profit or loss)
\u2022 Those to be measured at amortized cost.
The classification depends on the entity's business model for managing the financial assets and the
contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For
investments in equity instruments that are not held for trading, this will depend on whether the Group
has made an irrevocable election at the time of initial recognition to account for the equity investment
at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments
when and only when its business model for managing those assets changes.
b Recognition and derecognition
Regular way purchases and sales of financial assets are recognized on trade date, the date on which the
Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership.
c Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed
in profit or loss. Financial assets with embedded derivatives are considered in their entirety when
determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group's management
has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent
reclassification of fair value gains and losses to profit or loss following the derecognition of the
investment. Dividends from such investments continue to be recognized in profit or loss as other
income when the Group's right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the
statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair value.
d Impairment
From 1 January 2018, the Group assesses, on a forward-\u00adlooking basis, the expected credit losses
associated with its debt instruments carried at amortized cost and FVOCI. The impairment
methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires
expected lifetime losses to be recognized from initial recognition of the receivables.
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. 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 2024 was between
1.00% and 6.00%.
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:
\u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable
\u2022 Variable lease payments that are based on an index or a rate
\u2022 Amounts expected to be payable by the lessee under residual value guarantees
\u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option,
and
\u2022 Payments 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:
\u2022 The amount of the initial measurement of the lease liability
\u2022 Any lease payments made at or before the commencement date less any lease incentives
received
\u2022 Any initial direct costs, and
\u2022 Restoration 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. Melexis recognizes the interest expenses of lease liabilities in the interest paid component in the
cash-flow statement. 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-311": { "value": "
Cash and cash equivalents
Cash includes cash on hand and cash in different bank accounts. Cash equivalents are short-term, highly
liquid investments that are readily convertible to known amounts of cash with original maturities of
three months or less and that are subject to an insignificant risk of change in value. Term deposits with a
maturity period of more than three months that can be redeemed, subject to the interest income being
forfeited, might be classified as cash equivalents if the deposit is held to meet short-term cash needs and
there is no significant risk of a change in value as a result of an early withdrawal.
Hedging
There were no outstanding derivatives as per 31 December 2024 for which Melexis has elected to apply
hedge accounting by designating the derivative as a hedging instrument in an eligible relationship.
Investments and other financial assets
a Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 Those to be measured subsequently at fair value (either through OCI or through profit or loss)
\u2022 Those to be measured at amortized cost.
The classification depends on the entity's business model for managing the financial assets and the
contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For
investments in equity instruments that are not held for trading, this will depend on whether the Group
has made an irrevocable election at the time of initial recognition to account for the equity investment
at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments
when and only when its business model for managing those assets changes.
b Recognition and derecognition
Regular way purchases and sales of financial assets are recognized on trade date, the date on which the
Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership.
c Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed
in profit or loss. Financial assets with embedded derivatives are considered in their entirety when
determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group's management
has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent
reclassification of fair value gains and losses to profit or loss following the derecognition of the
investment. Dividends from such investments continue to be recognized in profit or loss as other
income when the Group's right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the
statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair value.
d Impairment
From 1 January 2018, the Group assesses, on a forward-\u00adlooking basis, the expected credit losses
associated with its debt instruments carried at amortized cost and FVOCI. The impairment
methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires
expected lifetime losses to be recognized from initial recognition of the receivables.
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. 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 2024 was between
1.00% and 6.00%.
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:
\u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable
\u2022 Variable lease payments that are based on an index or a rate
\u2022 Amounts expected to be payable by the lessee under residual value guarantees
\u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option,
and
\u2022 Payments 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:
\u2022 The amount of the initial measurement of the lease liability
\u2022 Any lease payments made at or before the commencement date less any lease incentives
received
\u2022 Any initial direct costs, and
\u2022 Restoration 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. Melexis recognizes the interest expenses of lease liabilities in the interest paid component in the
cash-flow statement. Melexis opted not to distinguish between lease and non-lease components and
accounted for the full amount of the lease liability.
Cash and cash equivalents
in EUR
2024
2023
Cash at bank and in hand
32,681,024
39,348,841
Total
32,681,024
39,348,841
The decrease in cash and cash equivalents is mainly due to the payment of the 2023 final and 2024
interim dividend.
Current investments, derivatives
Notional amounts
The following table presents the evolution of the aggregate notional amounts of the Group's
outstanding derivative financial instruments:
in EUR
2024
2023
Outstanding FX hedge contracts on 31 December, not exceeding 1 year
USD
80,000,000
50,000,000
FX hedge contracts are entered into in order to hedge (part of) the outstanding balance sheet exposure
in foreign currency (USD).
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.
No outstanding derivatives classified as an asset under current investments, derivatives.
The following table presents an overview of the fair value of outstanding derivatives, classified as a
liability under derivative financial instruments:
31 December
2024
2023
Liabilities in EUR
Fair value
Fair value
Outstanding FX hedge contracts - level 2
228,348
259,214
Total, classified under derivative financial instruments
228,348
259,214
As of 31 December 2024, there were no outstanding derivatives for which hedge accounting was
applied as defined under IFRS 9. As a result, no changes in the fair value of hedging instruments were
recognized in a hedging reserve.
The advance payments as disclosed in note 1.5.AD are not accounted for under IFRS 9 as the settlement
will be in wafers and not in cash or another financial instrument.
Outstanding balances at year end
As of 31 December 2024 and 2023, the following balances were outstanding:
Receivables
in EUR
2024
2023
From
Elex NV
1,997
3,095
Fremach Group
999
\u2014
Sensinnovat
3,890
\u2014
Total
6,886
3,095
Payables
in EUR
2024
2023
To
Elex NV
70,802
52,345
Xtrion NV
\u2014
279,424
Worknomads EAD
81,382
9,759
Sensinnovat
(10,314)
Total
141,870
341,529
Leased 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
Land and building
Furniture and vehicles
Total 2024
Total 2023
Leased assets
Beginning of the period
6,603,760
757,023
7,360,783
7,697,458
Additions of the year
7,249,351
166,402
7,415,753
1,255,844
Retirements
(2,946,845)
(80,655)
(3,027,500)
(1,527,224)
Transfers
\u2014
\u2014
CTA
49,795
49,795
(65,296)
End of the period
10,956,061
842,770
11,798,831
7,360,782
Accumulated depreciation
Beginning of the period
3,468,965
394,913
3,863,878
3,529,089
Additions of the period
1,884,471
195,155
2,079,626
1,878,247
Retirements
(2,946,845)
(60,596)
(3,007,441)
(1,527,224)
Transfers
\u2014
\u2014
CTA
61,607
61,605
(16,234)
End of the period
2,468,198
529,472
2,997,670
3,863,878
Net book value
8,487,864
313,298
8,801,161
3,496,902
Additions and retirements mainly relate to building rental contract modifications, mainly in France.
The balance sheet shows the following amounts related to lease liabilities:
in EUR
Current liabilities
Non-current liabilities
Total
Beginning of the period
1,526,743
1,989,751
4,851,708
End of the period
2,143,011
6,714,403
8,857,415
The table below shows the duration of the outstanding lease contracts:
in EUR
Land and building
Furniture and vehicles
Total
< 1 year
1,935,611
207,401
2,143,012
> 1 year < 5 years
6,620,900
93,503
6,714,403
Total
8,556,511
300,904
8,857,415
The statement of profit and loss shows the following amounts relating to leases:
Depreciation charges leased buildings
1,906,908
Depreciation charges leased vehicles
128,382
Interest expense (included in finance cost)
91,757
Expenses related to short-term leases or low-value assets (included in admin expenses)
1,032,644
Accounts payable and other current liabilities
Trade payables are non-interest bearing and are normally settled on 30-day terms. All payables are
payable within 1 year.\u00a0
The decrease in accounts payable represents a return to more normalized levels after being
exceptionally high as per 31 December 2023.
Other current liabilities comprise the following:
in EUR
2024
2023
Accrued real estate withholding tax
135,000
128,000
Accrued financial services
824,227
807,524
Accrued design services
1,731,803
1,909,575
Accrued management services
131,527
225,027
Accrued HR services
368,066
1,047,439
Accrued transport services
90,000
41,989
Accrued insurances
134,154
126,136
Accrued IT services
302,000
376,876
Accrued licenses and royalties
275,182
31,165
Accrued other employee costs
379,822
171,799
Accrued utilities
413,328
282,095
Accrued interests
1,638,389
989,933
Other
2,896,922
6,826,806
Total
9,320,419
12,964,363
The decrease in \u2018Other\u2019 is mainly related to the construction of the new building in Malaysia in 2023
which was finished mid 2024.
Net financial result
in EUR
2024
2023
Financial income
6,380,309
9,106,843
Interest income
356,694
891,554
Exchange differences
6,023,509
9,017,768
Result on financial instruments excluding fair value adjustments
11,628,646
Fair value adjustment inflation swaps
(12,431,232)
Other
106
107
Financial charges
(20,948,324)
(17,194,141)
Interest charges
(11,220,239)
(5,985,432)
Bank charges
(207,853)
(184,953)
Exchange differences
(9,032,669)
(10,695,020)
Fair value adjustment FX swaps
(487,562)
(328,736)
Net financial result
(14,568,015)
(8,087,298)
\u2018Interest charges\u2019 increased due to an increase in total debt. For more information on our long and
short-term debt, see note 1.5.Y.
Long and short-term debt
in EUR (unless stated otherwise)
2024
2023
Unsecured loan at floating interest rate; maturing in 2027
30,000,000
30,000,000
Unsecured loan at floating interest rate; maturing in 2028
28,000,000
30,000,000
Unsecured loan at floating interest rate (in MYR); maturing in 2030
40,360,662
22,215,657
Unsecured loan (in EUR) at floating interest rate; maturing in 2032
6,000,000
\u2014
Unsecured loan at floating interest rate (in USD); maturing in 2032
41,582,443
38,372,441
Unsecured loan at floating interest rate (in USD); maturing in 2032
67,378,959
64,070,998
Total debt
213,322,064
184,659,096
Current maturities
5,796,846
Long-term portion of debt
207,525,218
Melexis consolidated needs to comply with the following financial covenants at all times:
\u2022 Net debt/EBITDA ratio \u2264 3.5
\u2022 Tangible net worth/total assets \u2265 30%
As per 31 December 2024, Melexis is respecting all its financial covenants and expects that this will
remain the case in the future.
There are no major differences between the fair value and carrying amount of the debt, since the
interest payable on those borrowings is close to current market rates.
The repayment of debt as of 31 December 2024 is scheduled as follows:
in EUR
Carrying amount
2025
5,796,846
2026
16,101,688
2027
47,226,688
2028
25,309,130
2029
16,226,688
Thereafter
102,661,025
Total
213,322,064
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 credit loss model of IFRS 9. The output
of this analysis did not result in material amounts to be accounted for.
in %
2024
2023
Customer A
13%
12%
Customer B
6%
6%
Customer C
6%
5%
Customer D
5%
4%
Customer E
2%
4%
Customer F
2%
2%
Customer G
2%
2%
Customer H
2%
2%
Customer I
2%
2%
Customer J
2%
2%
Total
42%
41%
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 2024,
approximately 34% of the Group's sales are denominated in USD and approximately 35% 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.
FY 2024
Increase/decrease in EUR/USD rate
Effect on profit or loss before taxes (in EUR)
Reference rate: 1.08 (average FY 2024)
+0.05
(1.13)
(3,194,571)
-0.05
(1.03)
3,503,893
On 31 December 2024, the following financial assets and liabilities were present, shown in USD and CHF:
2024 (in USD)
2024 (in CHF)
Financial assets
41,627,222
276,104
Cash and cash equivalents
10,929,572
264,993
Trade and other receivables
30,697,650
11,111
Financial liabilities
23,932,412
317,300
Trade and other payables
23,932,412
317,300
An increase/decrease of the EUR/USD rate of +/- 500 base points (reference rate = 1.04) would have an
impact on the balance sheet value of EUR -782,085 / EUR 861,172 on 31 December 2024.
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 2024, all of the Group\u2019s borrowings are at a floating rate of interest. Melexis is
currently not using interest rate derivatives to hedge the interest rate risk.
The following table demonstrates the sensitivity of the Group\u2019s financial result to a reasonably possible
change in interest rates (through the impact on floating rate borrowings), with all other variables held
constant.
Increase/decrease
Effect on financial result (in EUR)
FY 2024
in base points
(15.00)
(319,983)
15.00
319,983
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.
1Credit 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. 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.
2Interest rate risk
On 31 December 2024, the Group does not use derivatives to manage interest rate risks.
3Liquidity 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.
4Foreign 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 1.5.B.
5Inflation risk
The inflation risk of the Group arises from the possibility that the salaries will increase due to inflation.
The Group occasionally uses inflation hedge contracts to hedge Belgian salary payments. For more
information, please refer to note 1.5.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 2024 was minimal since their deviation from their respective fair values was not significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-310": { "value": "
Cash and cash equivalents
Cash includes cash on hand and cash in different bank accounts. Cash equivalents are short-term, highly
liquid investments that are readily convertible to known amounts of cash with original maturities of
three months or less and that are subject to an insignificant risk of change in value. Term deposits with a
maturity period of more than three months that can be redeemed, subject to the interest income being
forfeited, might be classified as cash equivalents if the deposit is held to meet short-term cash needs and
there is no significant risk of a change in value as a result of an early withdrawal.
Hedging
There were no outstanding derivatives as per 31 December 2024 for which Melexis has elected to apply
hedge accounting by designating the derivative as a hedging instrument in an eligible relationship.
Investments and other financial assets
a Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 Those to be measured subsequently at fair value (either through OCI or through profit or loss)
\u2022 Those to be measured at amortized cost.
The classification depends on the entity's business model for managing the financial assets and the
contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For
investments in equity instruments that are not held for trading, this will depend on whether the Group
has made an irrevocable election at the time of initial recognition to account for the equity investment
at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments
when and only when its business model for managing those assets changes.
b Recognition and derecognition
Regular way purchases and sales of financial assets are recognized on trade date, the date on which the
Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership.
c Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed
in profit or loss. Financial assets with embedded derivatives are considered in their entirety when
determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group's management
has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent
reclassification of fair value gains and losses to profit or loss following the derecognition of the
investment. Dividends from such investments continue to be recognized in profit or loss as other
income when the Group's right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the
statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair value.
d Impairment
From 1 January 2018, the Group assesses, on a forward-\u00adlooking basis, the expected credit losses
associated with its debt instruments carried at amortized cost and FVOCI. The impairment
methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires
expected lifetime losses to be recognized from initial recognition of the receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-314": { "value": "
Cash and cash equivalents
Cash includes cash on hand and cash in different bank accounts. Cash equivalents are short-term, highly
liquid investments that are readily convertible to known amounts of cash with original maturities of
three months or less and that are subject to an insignificant risk of change in value. Term deposits with a
maturity period of more than three months that can be redeemed, subject to the interest income being
forfeited, might be classified as cash equivalents if the deposit is held to meet short-term cash needs and
there is no significant risk of a change in value as a result of an early withdrawal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-313": { "value": "
Cash and cash equivalents
Cash includes cash on hand and cash in different bank accounts. Cash equivalents are short-term, highly
liquid investments that are readily convertible to known amounts of cash with original maturities of
three months or less and that are subject to an insignificant risk of change in value. Term deposits with a
maturity period of more than three months that can be redeemed, subject to the interest income being
forfeited, might be classified as cash equivalents if the deposit is held to meet short-term cash needs and
there is no significant risk of a change in value as a result of an early withdrawal.
Cash and cash equivalents
in EUR
2024
2023
Cash at bank and in hand
32,681,024
39,348,841
Total
32,681,024
39,348,841
The decrease in cash and cash equivalents is mainly due to the payment of the 2023 final and 2024
interim dividend.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-318": { "value": "
Hedging
There were no outstanding derivatives as per 31 December 2024 for which Melexis has elected to apply
hedge accounting by designating the derivative as a hedging instrument in an eligible relationship.
Investments and other financial assets
a Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 Those to be measured subsequently at fair value (either through OCI or through profit or loss)
\u2022 Those to be measured at amortized cost.
The classification depends on the entity's business model for managing the financial assets and the
contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For
investments in equity instruments that are not held for trading, this will depend on whether the Group
has made an irrevocable election at the time of initial recognition to account for the equity investment
at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments
when and only when its business model for managing those assets changes.
b Recognition and derecognition
Regular way purchases and sales of financial assets are recognized on trade date, the date on which the
Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership.
c Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed
in profit or loss. Financial assets with embedded derivatives are considered in their entirety when
determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group's management
has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent
reclassification of fair value gains and losses to profit or loss following the derecognition of the
investment. Dividends from such investments continue to be recognized in profit or loss as other
income when the Group's right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the
statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair value.
d Impairment
From 1 January 2018, the Group assesses, on a forward-\u00adlooking basis, the expected credit losses
associated with its debt instruments carried at amortized cost and FVOCI. The impairment
methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires
expected lifetime losses to be recognized from initial recognition of the receivables.
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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-317": { "value": "
Hedging
There were no outstanding derivatives as per 31 December 2024 for which Melexis has elected to apply
hedge accounting by designating the derivative as a hedging instrument in an eligible relationship.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-316": { "value": "
Hedging
There were no outstanding derivatives as per 31 December 2024 for which Melexis has elected to apply
hedge accounting by designating the derivative as a hedging instrument in an eligible relationship.
Investments and other financial assets
a Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 Those to be measured subsequently at fair value (either through OCI or through profit or loss)
\u2022 Those to be measured at amortized cost.
The classification depends on the entity's business model for managing the financial assets and the
contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For
investments in equity instruments that are not held for trading, this will depend on whether the Group
has made an irrevocable election at the time of initial recognition to account for the equity investment
at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments
when and only when its business model for managing those assets changes.
b Recognition and derecognition
Regular way purchases and sales of financial assets are recognized on trade date, the date on which the
Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership.
c Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed
in profit or loss. Financial assets with embedded derivatives are considered in their entirety when
determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group's management
has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent
reclassification of fair value gains and losses to profit or loss following the derecognition of the
investment. Dividends from such investments continue to be recognized in profit or loss as other
income when the Group's right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the
statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair value.
d Impairment
From 1 January 2018, the Group assesses, on a forward-\u00adlooking basis, the expected credit losses
associated with its debt instruments carried at amortized cost and FVOCI. The impairment
methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires
expected lifetime losses to be recognized from initial recognition of the receivables.
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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-315": { "value": "
Hedging
There were no outstanding derivatives as per 31 December 2024 for which Melexis has elected to apply
hedge accounting by designating the derivative as a hedging instrument in an eligible relationship.
Investments and other financial assets
a Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 Those to be measured subsequently at fair value (either through OCI or through profit or loss)
\u2022 Those to be measured at amortized cost.
The classification depends on the entity's business model for managing the financial assets and the
contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For
investments in equity instruments that are not held for trading, this will depend on whether the Group
has made an irrevocable election at the time of initial recognition to account for the equity investment
at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments
when and only when its business model for managing those assets changes.
b Recognition and derecognition
Regular way purchases and sales of financial assets are recognized on trade date, the date on which the
Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership.
c Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed
in profit or loss. Financial assets with embedded derivatives are considered in their entirety when
determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group's management
has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent
reclassification of fair value gains and losses to profit or loss following the derecognition of the
investment. Dividends from such investments continue to be recognized in profit or loss as other
income when the Group's right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the
statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair value.
d Impairment
From 1 January 2018, the Group assesses, on a forward-\u00adlooking basis, the expected credit losses
associated with its debt instruments carried at amortized cost and FVOCI. The impairment
methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires
expected lifetime losses to be recognized from initial recognition of the receivables.
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.
Current investments, derivatives
Notional amounts
The following table presents the evolution of the aggregate notional amounts of the Group's
outstanding derivative financial instruments:
in EUR
2024
2023
Outstanding FX hedge contracts on 31 December, not exceeding 1 year
USD
80,000,000
50,000,000
FX hedge contracts are entered into in order to hedge (part of) the outstanding balance sheet exposure
in foreign currency (USD).
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.
No outstanding derivatives classified as an asset under current investments, derivatives.
The following table presents an overview of the fair value of outstanding derivatives, classified as a
liability under derivative financial instruments:
31 December
2024
2023
Liabilities in EUR
Fair value
Fair value
Outstanding FX hedge contracts - level 2
228,348
259,214
Total, classified under derivative financial instruments
228,348
259,214
As of 31 December 2024, there were no outstanding derivatives for which hedge accounting was
applied as defined under IFRS 9. As a result, no changes in the fair value of hedging instruments were
recognized in a hedging reserve.
The advance payments as disclosed in note 1.5.AD are not accounted for under IFRS 9 as the settlement
will be in wafers and not in cash or another financial instrument.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-320": { "value": "
Inventories
Inventories, including work-in-progress, are comprised of material, labor and manufacturing overheads
and are valued at the lower of cost (determined on FIFO basis) or net realizable value after reserve for
obsolete items. Net realizable value is the selling price in the ordinary course of business, less the costs
of completion, marketing and distribution. For processed inventories, cost includes the applicable
allocation of fixed and variable overhead costs. Unrealizable inventory has been fully written off.
Inventory is written off when no sales are expected in the next six months.
Inventories
Inventory is written off when no sales are expected or when the goods contain defects. In 2024, EUR
6,868,066 of additional inventory was written off. EUR 8,077,414 of the inventory written off during
the previous year was reversed as the business conditions to write off these inventory items became
redundant or the estimated sales value increased due to a change in business conditions. Work in
progress consists of material that is being worked on in probing, assembly and final test.
in EUR
2024
2023
Raw materials and supplies, at cost
36,389,973
44,618,063
Work in progress, at cost
188,241,810
182,932,814
Finished goods, at cost
45,353,881
35,177,056
Reserve for obsolete stock
(7,170,432)
(8,379,780)
Net
262,815,232
254,348,153
The inventory increased as a result of our automotive customers wanting to significantly reduce their
inventories which led to less shipments in the fourth quarter of 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-319": { "value": "
Inventories
Inventories, including work-in-progress, are comprised of material, labor and manufacturing overheads
and are valued at the lower of cost (determined on FIFO basis) or net realizable value after reserve for
obsolete items. Net realizable value is the selling price in the ordinary course of business, less the costs
of completion, marketing and distribution. For processed inventories, cost includes the applicable
allocation of fixed and variable overhead costs. Unrealizable inventory has been fully written off.
Inventory is written off when no sales are expected in the next six months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-324": { "value": "
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated
impairment losses. Depreciation is computed on a straight-line basis over the following estimated useful
lives:
Buildings
20-33 years
Machinery, equipment and installations
5 years
Furniture and vehicles
5 years
Computer equipment
3-5 years
Mask set
5 years
Melexis does capitalize the expenses for masks as tangible assets. A mask is a thin sheet of material from
which a pattern has been cut, placed over a semiconductor chip so that an integrated circuit can be
formed on the exposed areas. Masks can be used for the lifetime of the product. Therefore, masks are
depreciated over the estimated useful lifetime of 5 years. An item of property, plant and equipment is
initially measured at its cost. Cost includes:
\u2022 Its purchase price, including import duties and non- refundable purchase taxes, after deducting
trade discounts and rebates
\u2022 Any costs directly attributable to bringing the asset to the location and condition necessary for
it to be capable of operating in the manner intended by management
\u2022 The estimated costs of dismantling and removing the item and restoring the site on which it is
located, unless those costs relate to inventories produced during that period.
Expenditures, incurred after the fixed assets have been placed in operation, such as repairs and
maintenance and overhaul costs, are included in the statement of comprehensive income, in the period
in which the costs are incurred.
Depreciation starts when the asset is ready for use.
The useful life and depreciation methods are reviewed periodically to ensure that the method and
period of depreciation are consistent with the expected pattern of economic benefits from items of
property, plant and equipment.
Intangible assets
Intangible assets, externally purchased, are measured initially at cost. Intangible assets are recognized if
it is probable that the future economic benefits that are attributable to the asset will flow to the
enterprise and the cost of the asset can be measured reliably. After initial recognition, intangible assets
are measured at cost less accumulated amortization and any accumulated impairment losses. Intangible
assets are amortized on a straight-line basis over the best estimate of their useful lives. The
amortization period and the amortization method are reviewed annually at each financial year end.
Melexis does not have intangible assets with indefinite useful lives.
Amounts paid for licenses are capitalized and then amortized on a straight-line basis over the expected
periods of benefit. The expected useful life of licenses is 5 years, IP is 10 years.
Licenses are amortized over a period of 5 years. IP is amortized over 10 years. All intangible assets have
finite useful lives. The yearly amortization expenses are included in the consolidated income statement
mainly as cost of sales (note 1.5.Q) and research and development expenses (note 1.5.R).
The statement of profit and loss shows the following amounts relating to leases:
Depreciation charges leased buildings
1,906,908
Depreciation charges leased vehicles
128,382
Interest expense (included in finance cost)
91,757
Expenses related to short-term leases or low-value assets (included in admin expenses)
1,032,644
Depreciation and amortization expenses
Depreciation and amortization include the following expenses:
in EUR
2024
2023
Cost of sales
31,200,594
30,835,840
Research and development
8,605,326
8,180,734
General and administration
7,236,262
5,498,523
Selling
698,993
641,864
Total
47,741,175
45,156,961
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-323": { "value": "
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated
impairment losses. Depreciation is computed on a straight-line basis over the following estimated useful
lives:
Buildings
20-33 years
Machinery, equipment and installations
5 years
Furniture and vehicles
5 years
Computer equipment
3-5 years
Mask set
5 years
Melexis does capitalize the expenses for masks as tangible assets. A mask is a thin sheet of material from
which a pattern has been cut, placed over a semiconductor chip so that an integrated circuit can be
formed on the exposed areas. Masks can be used for the lifetime of the product. Therefore, masks are
depreciated over the estimated useful lifetime of 5 years. An item of property, plant and equipment is
initially measured at its cost. Cost includes:
\u2022 Its purchase price, including import duties and non- refundable purchase taxes, after deducting
trade discounts and rebates
\u2022 Any costs directly attributable to bringing the asset to the location and condition necessary for
it to be capable of operating in the manner intended by management
\u2022 The estimated costs of dismantling and removing the item and restoring the site on which it is
located, unless those costs relate to inventories produced during that period.
Expenditures, incurred after the fixed assets have been placed in operation, such as repairs and
maintenance and overhaul costs, are included in the statement of comprehensive income, in the period
in which the costs are incurred.
Depreciation starts when the asset is ready for use.
The useful life and depreciation methods are reviewed periodically to ensure that the method and
period of depreciation are consistent with the expected pattern of economic benefits from items of
property, plant and equipment.
roperty, plant and equipment
in EUR
Land and
building
Machinery
and equipment
Furniture
and vehicles
Fixed assets
under construction
Total 2024
Total 2023
Cost
Beginning of the
period
77,795,693
390,208,420
32,970,386
54,993,993
555,968,493
471,741,946
Additions of the
period
3,810,868
10,254,413
5,174,878
33,762,743
53,002,904
92,795,355
Retirements (-)
(338,703)
(14,341,903)
(2,001,696)
(1,059,231)
(17,741,533)
(11,094,904)
Transfer to assets
held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers
52,014,779
21,006,916
1,899,336
(74,931,280)
(10,249)
\u2014
CTA
(407,798)
1,323,175
34,483
949,860
369,749
Acquisitions
through business
combinations
\u2014
\u2014
\u2014
\u2014
\u2014
2,156,346
End of the period
132,874,840
408,451,020
38,077,388
12,766,226
592,169,474
555,968,491
Accumulated depreciation
Beginning of the
period
31,201,185
307,042,308
21,841,056
\u2014
360,084,549
336,663,298
Additions of the
period
4,326,630
28,961,039
4,494,828
\u2014
37,782,497
34,343,538
Retirements (-)
(71,941)
(15,366,502)
(1,983,736)
\u2014
(17,422,179)
(10,895,902)
CTA
53,581
503,032
48,495
\u2014
605,108
(26,386)
End of the period
35,509,456
321,139,876
24,400,643
\u2014
381,049,975
360,084,547
Net book value
97,365,384
87,311,144
13,676,745
12,766,226
211,119,501
195,883,945
Additions of the year mainly come from our new buildings in Malaysia and Sophia Antipolis (France) and
machinery & equipment.
Retirements are mainly linked to items with zero net book value which are not in use anymore by the
company. No material amount of compensation from third parties has been included in the consolidated
statement of comprehensive income.
There are currently no restrictions in title for any of our property, plant and equipment (PPE) assets nor
are they pledged as security for liabilities. The purchase commitments related to PPE assets are
disclosed in note 1.5.AD.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-322": { "value": "
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated
impairment losses. Depreciation is computed on a straight-line basis over the following estimated useful
lives:
Buildings
20-33 years
Machinery, equipment and installations
5 years
Furniture and vehicles
5 years
Computer equipment
3-5 years
Mask set
5 years
Melexis does capitalize the expenses for masks as tangible assets. A mask is a thin sheet of material from
which a pattern has been cut, placed over a semiconductor chip so that an integrated circuit can be
formed on the exposed areas. Masks can be used for the lifetime of the product. Therefore, masks are
depreciated over the estimated useful lifetime of 5 years. An item of property, plant and equipment is
initially measured at its cost. Cost includes:
\u2022 Its purchase price, including import duties and non- refundable purchase taxes, after deducting
trade discounts and rebates
\u2022 Any costs directly attributable to bringing the asset to the location and condition necessary for
it to be capable of operating in the manner intended by management
\u2022 The estimated costs of dismantling and removing the item and restoring the site on which it is
located, unless those costs relate to inventories produced during that period.
Expenditures, incurred after the fixed assets have been placed in operation, such as repairs and
maintenance and overhaul costs, are included in the statement of comprehensive income, in the period
in which the costs are incurred.
Depreciation starts when the asset is ready for use.
The useful life and depreciation methods are reviewed periodically to ensure that the method and
period of depreciation are consistent with the expected pattern of economic benefits from items of
property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-321": { "value": "
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated
impairment losses. Depreciation is computed on a straight-line basis over the following estimated useful
lives:
Buildings
20-33 years
Machinery, equipment and installations
5 years
Furniture and vehicles
5 years
Computer equipment
3-5 years
Mask set
5 years
Intangible assets
Intangible assets, externally purchased, are measured initially at cost. Intangible assets are recognized if
it is probable that the future economic benefits that are attributable to the asset will flow to the
enterprise and the cost of the asset can be measured reliably. After initial recognition, intangible assets
are measured at cost less accumulated amortization and any accumulated impairment losses. Intangible
assets are amortized on a straight-line basis over the best estimate of their useful lives. The
amortization period and the amortization method are reviewed annually at each financial year end.
Melexis does not have intangible assets with indefinite useful lives.
Amounts paid for licenses are capitalized and then amortized on a straight-line basis over the expected
periods of benefit. The expected useful life of licenses is 5 years, IP is 10 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-330": { "value": "
Investments and other financial assets
a Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 Those to be measured subsequently at fair value (either through OCI or through profit or loss)
\u2022 Those to be measured at amortized cost.
The classification depends on the entity's business model for managing the financial assets and the
contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For
investments in equity instruments that are not held for trading, this will depend on whether the Group
has made an irrevocable election at the time of initial recognition to account for the equity investment
at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments
when and only when its business model for managing those assets changes.
b Recognition and derecognition
Regular way purchases and sales of financial assets are recognized on trade date, the date on which the
Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership.
c Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed
in profit or loss. Financial assets with embedded derivatives are considered in their entirety when
determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group's management
has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent
reclassification of fair value gains and losses to profit or loss following the derecognition of the
investment. Dividends from such investments continue to be recognized in profit or loss as other
income when the Group's right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the
statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair value.
Current investments, derivatives
Notional amounts
The following table presents the evolution of the aggregate notional amounts of the Group's
outstanding derivative financial instruments:
in EUR
2024
2023
Outstanding FX hedge contracts on 31 December, not exceeding 1 year
USD
80,000,000
50,000,000
FX hedge contracts are entered into in order to hedge (part of) the outstanding balance sheet exposure
in foreign currency (USD).
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.
No outstanding derivatives classified as an asset under current investments, derivatives.
The following table presents an overview of the fair value of outstanding derivatives, classified as a
liability under derivative financial instruments:
31 December
2024
2023
Liabilities in EUR
Fair value
Fair value
Outstanding FX hedge contracts - level 2
228,348
259,214
Total, classified under derivative financial instruments
228,348
259,214
As of 31 December 2024, there were no outstanding derivatives for which hedge accounting was
applied as defined under IFRS 9. As a result, no changes in the fair value of hedging instruments were
recognized in a hedging reserve.
The advance payments as disclosed in note 1.5.AD are not accounted for under IFRS 9 as the settlement
will be in wafers and not in cash or another financial instrument.
Net financial result
in EUR
2024
2023
Financial income
6,380,309
9,106,843
Interest income
356,694
891,554
Exchange differences
6,023,509
9,017,768
Result on financial instruments excluding fair value adjustments
11,628,646
Fair value adjustment inflation swaps
(12,431,232)
Other
106
107
Financial charges
(20,948,324)
(17,194,141)
Interest charges
(11,220,239)
(5,985,432)
Bank charges
(207,853)
(184,953)
Exchange differences
(9,032,669)
(10,695,020)
Fair value adjustment FX swaps
(487,562)
(328,736)
Net financial result
(14,568,015)
(8,087,298)
\u2018Interest charges\u2019 increased due to an increase in total debt. For more information on our long and
short-term debt, see note 1.5.Y.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-329": { "value": "
Investments and other financial assets
a Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 Those to be measured subsequently at fair value (either through OCI or through profit or loss)
\u2022 Those to be measured at amortized cost.
The classification depends on the entity's business model for managing the financial assets and the
contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For
investments in equity instruments that are not held for trading, this will depend on whether the Group
has made an irrevocable election at the time of initial recognition to account for the equity investment
at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments
when and only when its business model for managing those assets changes.
b Recognition and derecognition
Regular way purchases and sales of financial assets are recognized on trade date, the date on which the
Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership.
c Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed
in profit or loss. Financial assets with embedded derivatives are considered in their entirety when
determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group's management
has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent
reclassification of fair value gains and losses to profit or loss following the derecognition of the
investment. Dividends from such investments continue to be recognized in profit or loss as other
income when the Group's right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the
statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair 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.
No outstanding derivatives classified as an asset under current investments, derivatives.
The following table presents an overview of the fair value of outstanding derivatives, classified as a
liability under derivative financial instruments:
31 December
2024
2023
Liabilities in EUR
Fair value
Fair value
Outstanding FX hedge contracts - level 2
228,348
259,214
Total, classified under derivative financial instruments
228,348
259,214
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-328": { "value": "
Investments and other financial assets
a Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 Those to be measured subsequently at fair value (either through OCI or through profit or loss)
\u2022 Those to be measured at amortized cost.
The classification depends on the entity's business model for managing the financial assets and the
contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For
investments in equity instruments that are not held for trading, this will depend on whether the Group
has made an irrevocable election at the time of initial recognition to account for the equity investment
at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments
when and only when its business model for managing those assets changes.
b Recognition and derecognition
Regular way purchases and sales of financial assets are recognized on trade date, the date on which the
Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership.
c Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed
in profit or loss. Financial assets with embedded derivatives are considered in their entirety when
determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group's management
has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent
reclassification of fair value gains and losses to profit or loss following the derecognition of the
investment. Dividends from such investments continue to be recognized in profit or loss as other
income when the Group's right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the
statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair 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.
No outstanding derivatives classified as an asset under current investments, derivatives.
The following table presents an overview of the fair value of outstanding derivatives, classified as a
liability under derivative financial instruments:
31 December
2024
2023
Liabilities in EUR
Fair value
Fair value
Outstanding FX hedge contracts - level 2
228,348
259,214
Total, classified under derivative financial instruments
228,348
259,214
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-327": { "value": "
Investments and other financial assets
a Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 Those to be measured subsequently at fair value (either through OCI or through profit or loss)
\u2022 Those to be measured at amortized cost.
The classification depends on the entity's business model for managing the financial assets and the
contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For
investments in equity instruments that are not held for trading, this will depend on whether the Group
has made an irrevocable election at the time of initial recognition to account for the equity investment
at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments
when and only when its business model for managing those assets changes.
b Recognition and derecognition
Regular way purchases and sales of financial assets are recognized on trade date, the date on which the
Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership.
c Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed
in profit or loss. Financial assets with embedded derivatives are considered in their entirety when
determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group's management
has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent
reclassification of fair value gains and losses to profit or loss following the derecognition of the
investment. Dividends from such investments continue to be recognized in profit or loss as other
income when the Group's right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the
statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair value.
d Impairment
From 1 January 2018, the Group assesses, on a forward-\u00adlooking basis, the expected credit losses
associated with its debt instruments carried at amortized cost and FVOCI. The impairment
methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires
expected lifetime losses to be recognized from initial recognition of the receivables.
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.
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.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-326": { "value": "
Investments and other financial assets
a Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 Those to be measured subsequently at fair value (either through OCI or through profit or loss)
\u2022 Those to be measured at amortized cost.
The classification depends on the entity's business model for managing the financial assets and the
contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For
investments in equity instruments that are not held for trading, this will depend on whether the Group
has made an irrevocable election at the time of initial recognition to account for the equity investment
at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments
when and only when its business model for managing those assets changes.
b Recognition and derecognition
Regular way purchases and sales of financial assets are recognized on trade date, the date on which the
Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership.
c Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed
in profit or loss. Financial assets with embedded derivatives are considered in their entirety when
determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group's management
has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent
reclassification of fair value gains and losses to profit or loss following the derecognition of the
investment. Dividends from such investments continue to be recognized in profit or loss as other
income when the Group's right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the
statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair value.
d Impairment
From 1 January 2018, the Group assesses, on a forward-\u00adlooking basis, the expected credit losses
associated with its debt instruments carried at amortized cost and FVOCI. The impairment
methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires
expected lifetime losses to be recognized from initial recognition of the receivables.
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.
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:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-325": { "value": "
Investments and other financial assets
a Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 Those to be measured subsequently at fair value (either through OCI or through profit or loss)
\u2022 Those to be measured at amortized cost.
The classification depends on the entity's business model for managing the financial assets and the
contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For
investments in equity instruments that are not held for trading, this will depend on whether the Group
has made an irrevocable election at the time of initial recognition to account for the equity investment
at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments
when and only when its business model for managing those assets changes.
b Recognition and derecognition
Regular way purchases and sales of financial assets are recognized on trade date, the date on which the
Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership.
c Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed
in profit or loss. Financial assets with embedded derivatives are considered in their entirety when
determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group's management
has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent
reclassification of fair value gains and losses to profit or loss following the derecognition of the
investment. Dividends from such investments continue to be recognized in profit or loss as other
income when the Group's right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the
statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes in fair value.
d Impairment
From 1 January 2018, the Group assesses, on a forward-\u00adlooking basis, the expected credit losses
associated with its debt instruments carried at amortized cost and FVOCI. The impairment
methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires
expected lifetime losses to be recognized from initial recognition of the receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-331": { "value": "Recognition and derecognition
Regular way purchases and sales of financial assets are recognized on trade date, the date on which the
Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-339": { "value": "
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
Net financial result
in EUR
2024
2023
Financial income
6,380,309
9,106,843
Interest income
356,694
891,554
Exchange differences
6,023,509
9,017,768
Result on financial instruments excluding fair value adjustments
11,628,646
Fair value adjustment inflation swaps
(12,431,232)
Other
106
107
Financial charges
(20,948,324)
(17,194,141)
Interest charges
(11,220,239)
(5,985,432)
Bank charges
(207,853)
(184,953)
Exchange differences
(9,032,669)
(10,695,020)
Fair value adjustment FX swaps
(487,562)
(328,736)
Net financial result
(14,568,015)
(8,087,298)
\u2018Interest charges\u2019 increased due to an increase in total debt. For more information on our long and
short-term debt, see note 1.5.Y.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-338": { "value": "
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-337": { "value": "
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
Net financial result
in EUR
2024
2023
Financial income
6,380,309
9,106,843
Interest income
356,694
891,554
Exchange differences
6,023,509
9,017,768
Result on financial instruments excluding fair value adjustments
11,628,646
Fair value adjustment inflation swaps
(12,431,232)
Other
106
107
Financial charges
(20,948,324)
(17,194,141)
Interest charges
(11,220,239)
(5,985,432)
Bank charges
(207,853)
(184,953)
Exchange differences
(9,032,669)
(10,695,020)
Fair value adjustment FX swaps
(487,562)
(328,736)
Net financial result
(14,568,015)
(8,087,298)
\u2018Interest charges\u2019 increased due to an increase in total debt. For more information on our long and
short-term debt, see note 1.5.Y.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-336": { "value": "
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
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. 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 2024 was between
1.00% and 6.00%.
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:
\u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable
\u2022 Variable lease payments that are based on an index or a rate
\u2022 Amounts expected to be payable by the lessee under residual value guarantees
\u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option,
and
\u2022 Payments 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:
\u2022 The amount of the initial measurement of the lease liability
\u2022 Any lease payments made at or before the commencement date less any lease incentives
received
\u2022 Any initial direct costs, and
\u2022 Restoration 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. Melexis recognizes the interest expenses of lease liabilities in the interest paid component in the
cash-flow statement. Melexis opted not to distinguish between lease and non-lease components and
accounted for the full amount of the lease liability.
Net financial result
in EUR
2024
2023
Financial income
6,380,309
9,106,843
Interest income
356,694
891,554
Exchange differences
6,023,509
9,017,768
Result on financial instruments excluding fair value adjustments
11,628,646
Fair value adjustment inflation swaps
(12,431,232)
Other
106
107
Financial charges
(20,948,324)
(17,194,141)
Interest charges
(11,220,239)
(5,985,432)
Bank charges
(207,853)
(184,953)
Exchange differences
(9,032,669)
(10,695,020)
Fair value adjustment FX swaps
(487,562)
(328,736)
Net financial result
(14,568,015)
(8,087,298)
\u2018Interest charges\u2019 increased due to an increase in total debt. For more information on our long and
short-term debt, see note 1.5.Y.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-335": { "value": "
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
Net financial result
in EUR
2024
2023
Financial income
6,380,309
9,106,843
Interest income
356,694
891,554
Exchange differences
6,023,509
9,017,768
Result on financial instruments excluding fair value adjustments
11,628,646
Fair value adjustment inflation swaps
(12,431,232)
Other
106
107
Financial charges
(20,948,324)
(17,194,141)
Interest charges
(11,220,239)
(5,985,432)
Bank charges
(207,853)
(184,953)
Exchange differences
(9,032,669)
(10,695,020)
Fair value adjustment FX swaps
(487,562)
(328,736)
Net financial result
(14,568,015)
(8,087,298)
\u2018Interest charges\u2019 increased due to an increase in total debt. For more information on our long and
short-term debt, see note 1.5.Y.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-334": { "value": "
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
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. 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 2024 was between
1.00% and 6.00%.
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:
\u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable
\u2022 Variable lease payments that are based on an index or a rate
\u2022 Amounts expected to be payable by the lessee under residual value guarantees
\u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option,
and
\u2022 Payments 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:
\u2022 The amount of the initial measurement of the lease liability
\u2022 Any lease payments made at or before the commencement date less any lease incentives
received
\u2022 Any initial direct costs, and
\u2022 Restoration 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. Melexis recognizes the interest expenses of lease liabilities in the interest paid component in the
cash-flow statement. 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:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-333": { "value": "
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
Net financial result
in EUR
2024
2023
Financial income
6,380,309
9,106,843
Interest income
356,694
891,554
Exchange differences
6,023,509
9,017,768
Result on financial instruments excluding fair value adjustments
11,628,646
Fair value adjustment inflation swaps
(12,431,232)
Other
106
107
Financial charges
(20,948,324)
(17,194,141)
Interest charges
(11,220,239)
(5,985,432)
Bank charges
(207,853)
(184,953)
Exchange differences
(9,032,669)
(10,695,020)
Fair value adjustment FX swaps
(487,562)
(328,736)
Net financial result
(14,568,015)
(8,087,298)
\u2018Interest charges\u2019 increased due to an increase in total debt. For more information on our long and
short-term debt, see note 1.5.Y.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-332": { "value": "
Debt instruments
Subsequent measurement of debt instruments depends on the Group's business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Group classifies its debt instruments:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows where those cash
flows represent solely payments of principal and interest are measured at amortized cost.
Interest income from these financial assets is included in finance income using the effective
interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or
loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as separate line item in the statement of profit or loss.
\u2022 FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial
assets, where the assets' cash flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses
which are recognized in profit or loss. When the financial asset is derecognized, the cumulative
gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/(losses). Interest income from these financial assets is included in
finance income using the effective interest rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment expenses are presented as separate line item
in the statement of profit or loss.
\u2022 FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in
profit or loss and presented net within other gains/(losses) in the period in which it arises.
Net financial result
in EUR
2024
2023
Financial income
6,380,309
9,106,843
Interest income
356,694
891,554
Exchange differences
6,023,509
9,017,768
Result on financial instruments excluding fair value adjustments
11,628,646
Fair value adjustment inflation swaps
(12,431,232)
Other
106
107
Financial charges
(20,948,324)
(17,194,141)
Interest charges
(11,220,239)
(5,985,432)
Bank charges
(207,853)
(184,953)
Exchange differences
(9,032,669)
(10,695,020)
Fair value adjustment FX swaps
(487,562)
(328,736)
Net financial result
(14,568,015)
(8,087,298)
\u2018Interest charges\u2019 increased due to an increase in total debt. For more information on our long and
short-term debt, see note 1.5.Y.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-340": { "value": "
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group's management
has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent
reclassification of fair value gains and losses to profit or loss following the derecognition of the
investment. Dividends from such investments continue to be recognized in profit or loss as other
income when the Group's right to receive payments is established.
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.
Shareholders' equity and rights
attached to the shares
Shareholder's capital
As of 31 December 2024, 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.
In December 2024, Melexis initiated a share buy-back program of its outstanding common stock for up to
850 thousand shares for an amount of EUR 50 million. The bought back shares are held as treasury shares
for a total amount of EUR 4.4 million or 77,200 shares per 31 December 2024.
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 1.5.B.
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 1.5.B.
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:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-343": { "value": "Impairment
From 1 January 2018, the Group assesses, on a forward-\u00adlooking basis, the expected credit losses
associated with its debt instruments carried at amortized cost and FVOCI. The impairment
methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires
expected lifetime losses to be recognized from initial recognition of the receivables.
Impairment of assets
Property, plant, and equipment and intangible assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is
recognized in consolidated income statement. The recoverable amount is the higher amount of an
asset's net selling price and value in use. The net selling price is the amount obtainable from the sale of
an asset in an arm's length transaction while value in use is the present value of estimated future cash
flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful
life.
Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash-generating
unit. Reversal of impairment losses recognized in prior years is recorded when there is an indication that
the impairment losses recognized for the asset no longer exist or have decreased.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-342": { "value": "Impairment
From 1 January 2018, the Group assesses, on a forward-\u00adlooking basis, the expected credit losses
associated with its debt instruments carried at amortized cost and FVOCI. The impairment
methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires
expected lifetime losses to be recognized from initial recognition of the receivables.
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.
in EUR
2024
2023
Trade accounts receivable
102,302,262
120,264,282
Credit loss allowance
(55,783)
(57,940)
Total
102,246,479
120,206,343
As of 31 December 2024, trade receivables of EUR 14,053,797 were past due.
The aging analysis of these receivables, including allowance for credit losses, is as follows:
in EUR
2024
2023
Not due
88,192,682
101,418,139
<30 days
11,604,083
17,251,847
>30 <60 days
1,443,052
445,338
>60 days
1,006,662
1,091,019
Total
102,246,479
120,206,343
In the following aging analysis, the distinction is made between the receivables for which an allowance
for credit losses is made and the receivables for which no allowance for credit losses is needed:
in EUR
Credit loss
allowance
No allowance for
credit losses
Total receivables
2024
Total receivables
2023
Not due
\u2014
88,192,682
88,192,682
101,418,139
<30 days
\u2014
11,604,083
11,604,083
17,251,847
>30 <60 days
\u2014
1,443,052
1,443,052
445,338
>60 days
(55,783)
1,062,445
1,006,662
1,091,019
Total
(55,783)
102,302,262
102,246,479
120,206,343
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 credit losses 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
2024.
Per 31 December 2024, EUR 6,886 of the trade accounts receivable are related parties, compared to
EUR 3,095 per 31 December 2023.
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 credit loss model of IFRS 9. The output
of this analysis did not result in material amounts to be accounted for.
in %
2024
2023
Customer A
13%
12%
Customer B
6%
6%
Customer C
6%
5%
Customer D
5%
4%
Customer E
2%
4%
Customer F
2%
2%
Customer G
2%
2%
Customer H
2%
2%
Customer I
2%
2%
Customer J
2%
2%
Total
42%
41%
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-341": { "value": "Impairment
From 1 January 2018, the Group assesses, on a forward-\u00adlooking basis, the expected credit losses
associated with its debt instruments carried at amortized cost and FVOCI. The impairment
methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires
expected lifetime losses to be recognized from initial recognition of the receivables.
Impairment of assets
Property, plant, and equipment and intangible assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is
recognized in consolidated income statement. The recoverable amount is the higher amount of an
asset's net selling price and value in use. The net selling price is the amount obtainable from the sale of
an asset in an arm's length transaction while value in use is the present value of estimated future cash
flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful
life.
Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash-generating
unit. Reversal of impairment losses recognized in prior years is recorded when there is an indication that
the impairment losses recognized for the asset no longer exist or have decreased.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-345": { "value": "
Impairment of assets
Property, plant, and equipment and intangible assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is
recognized in consolidated income statement. The recoverable amount is the higher amount of an
asset's net selling price and value in use. The net selling price is the amount obtainable from the sale of
an asset in an arm's length transaction while value in use is the present value of estimated future cash
flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful
life.
Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash-generating
unit. Reversal of impairment losses recognized in prior years is recorded when there is an indication that
the impairment losses recognized for the asset no longer exist or have decreased.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-344": { "value": "
Impairment of assets
Property, plant, and equipment and intangible assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is
recognized in consolidated income statement. The recoverable amount is the higher amount of an
asset's net selling price and value in use. The net selling price is the amount obtainable from the sale of
an asset in an arm's length transaction while value in use is the present value of estimated future cash
flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful
life.
Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash-generating
unit. Reversal of impairment losses recognized in prior years is recorded when there is an indication that
the impairment losses recognized for the asset no longer exist or have decreased.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-351": { "value": "
Non-current assets held for sale
Non-current assets and disposal groups are classified as held for sale when:
\u2022 They are available for immediate sale
\u2022 Management is committed to a plan to sell
\u2022 It is unlikely that significant changes to the plan will be made or that the plan will be withdrawn
\u2022 An active program to locate a buyer has been initiated
\u2022 The asset or disposal group is being marketed at a reasonable price in relation to its fair value
\u2022 A sale is expected to complete within twelve months from the date of classification.
Non-current assets and disposal groups classified as held for sale are measured at the lower of:
\u2022 Their carrying amount immediately prior to being classified as held for sale in accordance with
the Group's accounting policy
\u2022 Fair value less costs of disposal.
Following their classification as held for sale, non-current assets (including those in a disposal group) are
not depreciated. The results of operations disposed during the year are included in the consolidated
statement of comprehensive income up to the date of disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-350": { "value": "
Non-current assets held for sale
Non-current assets and disposal groups are classified as held for sale when:
\u2022 They are available for immediate sale
\u2022 Management is committed to a plan to sell
\u2022 It is unlikely that significant changes to the plan will be made or that the plan will be withdrawn
\u2022 An active program to locate a buyer has been initiated
\u2022 The asset or disposal group is being marketed at a reasonable price in relation to its fair value
\u2022 A sale is expected to complete within twelve months from the date of classification.
Non-current assets and disposal groups classified as held for sale are measured at the lower of:
\u2022 Their carrying amount immediately prior to being classified as held for sale in accordance with
the Group's accounting policy
\u2022 Fair value less costs of disposal.
Following their classification as held for sale, non-current assets (including those in a disposal group) are
not depreciated. The results of operations disposed during the year are included in the consolidated
statement of comprehensive income up to the date of disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-349": { "value": "
Non-current assets held for sale
Non-current assets and disposal groups are classified as held for sale when:
\u2022 They are available for immediate sale
\u2022 Management is committed to a plan to sell
\u2022 It is unlikely that significant changes to the plan will be made or that the plan will be withdrawn
\u2022 An active program to locate a buyer has been initiated
\u2022 The asset or disposal group is being marketed at a reasonable price in relation to its fair value
\u2022 A sale is expected to complete within twelve months from the date of classification.
Non-current assets and disposal groups classified as held for sale are measured at the lower of:
\u2022 Their carrying amount immediately prior to being classified as held for sale in accordance with
the Group's accounting policy
\u2022 Fair value less costs of disposal.
Following their classification as held for sale, non-current assets (including those in a disposal group) are
not depreciated. The results of operations disposed during the year are included in the consolidated
statement of comprehensive income up to the date of disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-348": { "value": "
Non-current assets held for sale
Non-current assets and disposal groups are classified as held for sale when:
\u2022 They are available for immediate sale
\u2022 Management is committed to a plan to sell
\u2022 It is unlikely that significant changes to the plan will be made or that the plan will be withdrawn
\u2022 An active program to locate a buyer has been initiated
\u2022 The asset or disposal group is being marketed at a reasonable price in relation to its fair value
\u2022 A sale is expected to complete within twelve months from the date of classification.
Non-current assets and disposal groups classified as held for sale are measured at the lower of:
\u2022 Their carrying amount immediately prior to being classified as held for sale in accordance with
the Group's accounting policy
\u2022 Fair value less costs of disposal.
Following their classification as held for sale, non-current assets (including those in a disposal group) are
not depreciated. The results of operations disposed during the year are included in the consolidated
statement of comprehensive income up to the date of disposal.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-347": { "value": "
Non-current assets held for sale
Non-current assets and disposal groups are classified as held for sale when:
\u2022 They are available for immediate sale
\u2022 Management is committed to a plan to sell
\u2022 It is unlikely that significant changes to the plan will be made or that the plan will be withdrawn
\u2022 An active program to locate a buyer has been initiated
\u2022 The asset or disposal group is being marketed at a reasonable price in relation to its fair value
\u2022 A sale is expected to complete within twelve months from the date of classification.
Non-current assets and disposal groups classified as held for sale are measured at the lower of:
\u2022 Their carrying amount immediately prior to being classified as held for sale in accordance with
the Group's accounting policy
\u2022 Fair value less costs of disposal.
Following their classification as held for sale, non-current assets (including those in a disposal group) are
not depreciated. The results of operations disposed during the year are included in the consolidated
statement of comprehensive income up to the date of disposal.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-346": { "value": "
Non-current assets held for sale
Non-current assets and disposal groups are classified as held for sale when:
\u2022 They are available for immediate sale
\u2022 Management is committed to a plan to sell
\u2022 It is unlikely that significant changes to the plan will be made or that the plan will be withdrawn
\u2022 An active program to locate a buyer has been initiated
\u2022 The asset or disposal group is being marketed at a reasonable price in relation to its fair value
\u2022 A sale is expected to complete within twelve months from the date of classification.
Non-current assets and disposal groups classified as held for sale are measured at the lower of:
\u2022 Their carrying amount immediately prior to being classified as held for sale in accordance with
the Group's accounting policy
\u2022 Fair value less costs of disposal.
Following their classification as held for sale, non-current assets (including those in a disposal group) are
not depreciated. The results of operations disposed during the year are included in the consolidated
statement of comprehensive income up to the date of disposal.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-355": { "value": "
Intangible assets
Intangible assets, externally purchased, are measured initially at cost. Intangible assets are recognized if
it is probable that the future economic benefits that are attributable to the asset will flow to the
enterprise and the cost of the asset can be measured reliably. After initial recognition, intangible assets
are measured at cost less accumulated amortization and any accumulated impairment losses. Intangible
assets are amortized on a straight-line basis over the best estimate of their useful lives. The
amortization period and the amortization method are reviewed annually at each financial year end.
Melexis does not have intangible assets with indefinite useful lives.
Amounts paid for licenses are capitalized and then amortized on a straight-line basis over the expected
periods of benefit. The expected useful life of licenses is 5 years, IP is 10 years.
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:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-354": { "value": "
Intangible assets
Intangible assets, externally purchased, are measured initially at cost. Intangible assets are recognized if
it is probable that the future economic benefits that are attributable to the asset will flow to the
enterprise and the cost of the asset can be measured reliably. After initial recognition, intangible assets
are measured at cost less accumulated amortization and any accumulated impairment losses. Intangible
assets are amortized on a straight-line basis over the best estimate of their useful lives. The
amortization period and the amortization method are reviewed annually at each financial year end.
Melexis does not have intangible assets with indefinite useful lives.
Amounts paid for licenses are capitalized and then amortized on a straight-line basis over the expected
periods of benefit. The expected useful life of licenses is 5 years, IP is 10 years.
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.
Intangible assets
in EUR
Licenses
IP
Total 2024
Total 2023
Acquisition value
Balance end of previous period
23,074,474
1,264,810
24,339,284
24,545,490
Additions of the period
111,635
111,635
551,041
Retirements (-)
(185,914)
(185,914)
(118,003)
CTA
(46,521)
(46,521)
168,964
Total
22,953,674
1,264,810
24,218,484
25,147,492
Accumulated amortization
Balance end of previous period
20,999,248
1,264,810
22,264,058
21,496,031
Additions of the period
1,010,394
\u2014
1,010,394
1,523,499
Retirements (-)
(185,914)
(185,914)
(118,003)
CTA
(45,134)
(45,134)
170,739
Total
21,778,594
1,264,810
23,043,404
23,072,266
Net book value
1,175,079
\u2014
1,175,079
2,075,226
Licenses are amortized over a period of 5 years. IP is amortized over 10 years. All intangible assets have
finite useful lives. The yearly amortization expenses are included in the consolidated income statement
mainly as cost of sales (note 1.5.Q) and research and development expenses (note 1.5.R).
Business combinations
There were no business combinations in 2024. In October 2023, Melexis NV acquired Xpeqt NV for
EUR 13.7 million, resulting in a net cash out of EUR 9.4 million. The acquisition, driven by Melexis'
strategic need to own its main test system supplier, resulted in minimal goodwill and limited
contribution to the groups net profit.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-353": { "value": "
Intangible assets
Intangible assets, externally purchased, are measured initially at cost. Intangible assets are recognized if
it is probable that the future economic benefits that are attributable to the asset will flow to the
enterprise and the cost of the asset can be measured reliably. After initial recognition, intangible assets
are measured at cost less accumulated amortization and any accumulated impairment losses. Intangible
assets are amortized on a straight-line basis over the best estimate of their useful lives. The
amortization period and the amortization method are reviewed annually at each financial year end.
Melexis does not have intangible assets with indefinite useful lives.
Amounts paid for licenses are capitalized and then amortized on a straight-line basis over the expected
periods of benefit. The expected useful life of licenses is 5 years, IP is 10 years.
Intangible assets
in EUR
Licenses
IP
Total 2024
Total 2023
Acquisition value
Balance end of previous period
23,074,474
1,264,810
24,339,284
24,545,490
Additions of the period
111,635
111,635
551,041
Retirements (-)
(185,914)
(185,914)
(118,003)
CTA
(46,521)
(46,521)
168,964
Total
22,953,674
1,264,810
24,218,484
25,147,492
Accumulated amortization
Balance end of previous period
20,999,248
1,264,810
22,264,058
21,496,031
Additions of the period
1,010,394
\u2014
1,010,394
1,523,499
Retirements (-)
(185,914)
(185,914)
(118,003)
CTA
(45,134)
(45,134)
170,739
Total
21,778,594
1,264,810
23,043,404
23,072,266
Net book value
1,175,079
\u2014
1,175,079
2,075,226
Licenses are amortized over a period of 5 years. IP is amortized over 10 years. All intangible assets have
finite useful lives. The yearly amortization expenses are included in the consolidated income statement
mainly as cost of sales (note 1.5.Q) and research and development expenses (note 1.5.R).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-352": { "value": "
Intangible assets
Intangible assets, externally purchased, are measured initially at cost. Intangible assets are recognized if
it is probable that the future economic benefits that are attributable to the asset will flow to the
enterprise and the cost of the asset can be measured reliably. After initial recognition, intangible assets
are measured at cost less accumulated amortization and any accumulated impairment losses. Intangible
assets are amortized on a straight-line basis over the best estimate of their useful lives. The
amortization period and the amortization method are reviewed annually at each financial year end.
Melexis does not have intangible assets with indefinite useful lives.
Amounts paid for licenses are capitalized and then amortized on a straight-line basis over the expected
periods of benefit. The expected useful life of licenses is 5 years, IP is 10 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-356": { "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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-358": { "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.
Business combinations
There were no business combinations in 2024. In October 2023, Melexis NV acquired Xpeqt NV for
EUR 13.7 million, resulting in a net cash out of EUR 9.4 million. The acquisition, driven by Melexis'
strategic need to own its main test system supplier, resulted in minimal goodwill and limited
contribution to the groups net profit.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-357": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-360": { "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.
Business combinations
There were no business combinations in 2024. In October 2023, Melexis NV acquired Xpeqt NV for
EUR 13.7 million, resulting in a net cash out of EUR 9.4 million. The acquisition, driven by Melexis'
strategic need to own its main test system supplier, resulted in minimal goodwill and limited
contribution to the groups net profit.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-359": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-362": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-361": { "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
2024
2023
Salaries
66,489,203
65,275,378
Depreciation and amortization
8,605,326
8,180,734
External services
15,788,379
13,463,805
Fees
7,280,460
6,270,278
Prototype wafers
1,489,913
1,941,645
Rent and maintenance
2,415,116
2,078,764
Subsidies
(593,447)
(751,027)
Travel
1,434,678
2,557,310
Engineering purchases
7,342,345
7,714,757
Total
110,251,974
106,731,643
The increase in research and development expenses is mainly linked to external services and fees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-365": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-364": { "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.
Shareholders' equity and rights
attached to the shares
Shareholder's capital
As of 31 December 2024, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-363": { "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.
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.
Reserves
Capital reserves represent the legal reserve of the parent company and are in accordance with the
Belgian law. The cumulative translation adjustment is used for translation differences arising on
consolidation of financial statements of foreign entities.
Shareholders' equity and rights
attached to the shares
Shareholder's capital
As of 31 December 2024, 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.
In December 2024, Melexis initiated a share buy-back program of its outstanding common stock for up to
850 thousand shares for an amount of EUR 50 million. The bought back shares are held as treasury shares
for a total amount of EUR 4.4 million or 77,200 shares per 31 December 2024.
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 1.5.B.
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 1.5.B.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-367": { "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.
Earnings per share
Net earnings per share are calculated by dividing the net result for the period attributable to ordinary
shareholders of EUR 171,446,322 in 2024 and 209,463,394 in 2023 by the weighted average number of
ordinary shares outstanding during the period (40,400,000 in 2024 and 40,400,000 in 2023).
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 3 February 2025, the Board of Directors decided to propose to the annual shareholders\u2019 meeting to
pay out over the result of 2024 a total dividend of EUR 3.70\u00a0 gross per share. This amount contains an
interim dividend of EUR 1.30 per share, which was paid in October 2024 , and a final dividend of EUR
2.40 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-366": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-370": { "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.
Reserves
Capital reserves represent the legal reserve of the parent company and are in accordance with the
Belgian law. The cumulative translation adjustment 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.
In December 2024, Melexis initiated a share buy-back program of its outstanding common stock for up to
850 thousand shares for an amount of EUR 50 million. The bought back shares are held as treasury shares
for a total amount of EUR 4.4 million or 77,200 shares per 31 December 2024.
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 1.5.B.
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 1.5.B.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-369": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-368": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-372": { "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. Melexis set up a warranty provision 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.\u00a0
In Belgium, Melexis' defined contribution plans, while funded through group insurance contracts, must
adhere to Belgian regulations guaranteeing a minimum 1.75% return on contributions. This rate, tied to
a risk-free rate of 10-year government bond, places the investment risk until the legal minimum rates
applicable, on the employer. This structure classifies the plans as defined benefit plans under IAS19.
Under IAS 19, companies must recognize a liability for employee benefits earned but not yet paid, such
as pensions. These future obligations are measured on a discounted basis to reflect their present value.
We refer to note 1.5.AH for more information on this topic.
Other non-current liabilities
in EUR
2024
2023
Warranty provision
3,571,000
3,404,000
Employee benefit obligations
887,054
Other
108,974
221,947
Total
4,567,028
3,625,947
Warranty provision
Melexis set up a warranty provision in accordance with the legal Melexis terms of sales and which is
based on reliable estimate of historical data. The estimation covers Melexis\u2019experience of past claim
rates and knowledge of current claims together with an assessment of rectification costs.The estimated
period of usage of the underlying expenses is set at 1-2 years.
Employee benefit obligations
Melexis\u2019 employee benefit plans consist of defined contribution plans providing retirement, disability
and surviving dependent\u2019s benefits with main contract in Belgium.
In Belgium, Melexis' defined contribution plans, while funded through group insurance contracts, must
adhere to Belgian regulations guaranteeing a minimum 1.75% return on contributions. This rate, tied to
a risk-free rate of 10-year government bond, places the investment risk until the legal minimum rates
applicable, on the employer. This structure classifies the plans as defined benefit plans under IAS19.
Under IAS 19, companies must recognize a liability for employee benefits earned but not yet paid, such
as pensions. These future obligations are measured on a discounted basis to reflect their present value.
A qualified actuary has determined the present value of the defined benefit obligations and the fair
value of the plan assets.
The Projected Unit Credit (PUC) method was used to estimate the defined benefit obligations, the
defined benefit cost and the re-measurements of the net liability. There are 3 defined benefit plans in
Melexis Belgium for which we show below the aggregated view as these do not differ materially from
characteristics, regulatory environment, reporting segment or funding arrangement. In accordance with
IAS 19 the disclosure is in the form of a weighted average
Financial impact
Given the continued increase in the gross obligation's value, Melexis decided to account for IAS19 as of
2024 (through OCI). As per 31\u00a0December 2024, the net defined benefit obligation for Belgium amounts
to EUR 887,054 (compared to EUR 714,158 in 2023), comprised of a defined benefit obligation of EUR
9,722,354 and plan assets of EUR 9,008,196. The changes in defined benefit obligations in 2024 and the
corresponding financial impact are detailed in the tables below:
in EUR
2024
CHANGE IN DEFINED BENEFIT OBLIGATION
Defined benefit obligation at end of prior year
9,722,354
Current service cost
1,215,646
Interest expense
346,596
Cash flows
Benefit payments from plan assets
(175,692)
Participant contributions
366,106
Administrative expenses included in the DBO
(21,823)
Taxes included in the DBO
(160,481)
Remeasurements
Effect of changes in demographic assumptions
\u2014
Effect of changes in financial assumptions
(81,180)
Effect of experience adjustments
229,084
Defined benefit obligation at end of year
11,440,610
in EUR
2024
CHANGE IN FAIR VALUE OF PLAN ASSETS
Fair value of plan assets at end of prior year
9,008,196
Interest income
305,852
Cash flows
Total employer contributions
1,249,264
Participant contributions
366,106
Benefit payments from plan assets
(175,692)
Administrative expenses paid from plan assets
(21,823)
Taxes paid from plan assets
(160,481)
Remeasurements
Return on plan assets (excluding interest income)
(17,866)
Fair value of plan assets at end of year
10,553,556
Net defined pension liability
887,054
Components of defined benefit cost
in EUR
2024
Service cost
1,215,646
Net interest cost
Interest expense on DBO
346,596
Interest income on plan assets
(305,852)
Total net interest cost
40,744
Defined benefit cost included in P&L
1,256,390
Remeasurements (recognized in OCI)
Effect of changes in demographic assumptions
110,304
Effect of changes in financial assumptions
374,011
Effect of experience adjustments
61,613
Return on plan assets (excluding interest income)
134,054
Total remeasurements included in OCI
679,982
Total defined benefit cost recognized in P&L and OCI
1,936,372
The following payments are to be expected benefit payments for the following year from the plan assets:
Expected cashflow for following year
in EUR
Expected employer contributions
1,300,484
Expected total benefit payments
Year 1
234,343
Year 2
253,850
Year 3
193,593
Year 4
194,085
Year 5
194,452
Next 5 years
1,813,449
The fair value of the plan assets are fully invested in insurance policies with guaranteed interest rates as
provided by the insurer.
Assumptions
The principal assumptions used in determining the IAS 19 pension obligation for Melexis were as follows:
in EUR
2024
2023
Discount rate
3.7%
3.6%
Inflation rate
2.1%
2.3%
Salary increases
4.1%
4.3%
Retirement age
following legal retirement age
following legal retirement age
Sensitivity analysis
The below table summarizes the sensitivity analysis performed for significant assumptions as per
31\u00a0December 2024. The figures show the impact on the defined benefit obligation.
in EUR
Present value defined
benefit obligation
Change in defined
benefit obligation
Impact on defined
benefit obligation
Discount rate -25 basis points
11,679,475
238,866
2.1%
Discount rate +25 basis points
11,249,005
(191,604)
(1.7)%
Salary increase rate -25 basis points
11,331,550
(109,059)
(1.0)%
Salary increase rate +25 basis points
11,565,273
124,664
1.1%
The sensitivity analysis presented above, demonstrate the potential impact on the defined benefit
obligation if key assumptions were to change at the end of the reporting period. Each analysis focuses
on the effect of a single significant assumption, while holding all others constant. These results may not
be representative to fully reflect real-world changes, as it's unlikely that assumptions would shift
independently in practice.
The weighted average duration of the defined benefit obligation at the end of the reporting period at a
discount rate - 25 basis points is 8.58 years and at a discount rate + 25 basis points is 7.01 years.
The impact on the defined benefit obligation for changes in inflation rate is considered to be immaterial.\u00a0
Reserves post-retirement benefits
Melexis\u2019 employee benefit plans consist of defined benefit and defined contribution plans providing
retirement, disability and surviving dependent\u2019s benefits with main contract in Belgium.
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 amoun ted to EUR 1,583,088\u00a0 in 2024 compared to EUR 1,120,544 in 2023.
In Belgium, Melexis' defined contribution plans, while funded through group insurance contracts, must
adhere to Belgian regulations guaranteeing a minimum 1.75% return on contributions. This rate, tied to
a risk-free rate of 10-year government bond, places the investment risk until the legal minimum rates
applicable, on the employer. This structure classifies the plans as defined benefit plans under IAS19.
Under IAS 19, companies must recognize a liability for employee benefits earned but not yet paid, such
as pensions. These future obligations are measured on a discounted basis to reflect their present value.
A qualified actuary has determined the present value of the defined benefit obligations and the fair
value of the plan assets.
As per 31\u00a0December 2024, the net defined benefit obligation for Belgium amounts to EUR 887,054 (see
note 1.5.O).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-371": { "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. Melexis set up a warranty provision 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.\u00a0
In Belgium, Melexis' defined contribution plans, while funded through group insurance contracts, must
adhere to Belgian regulations guaranteeing a minimum 1.75% return on contributions. This rate, tied to
a risk-free rate of 10-year government bond, places the investment risk until the legal minimum rates
applicable, on the employer. This structure classifies the plans as defined benefit plans under IAS19.
Under IAS 19, companies must recognize a liability for employee benefits earned but not yet paid, such
as pensions. These future obligations are measured on a discounted basis to reflect their present value.
We refer to note 1.5.AH for more information on this topic.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-374": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-373": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-377": { "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. 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 2024 was between
1.00% and 6.00%.
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:
\u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable
\u2022 Variable lease payments that are based on an index or a rate
\u2022 Amounts expected to be payable by the lessee under residual value guarantees
\u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option,
and
\u2022 Payments 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:
\u2022 The amount of the initial measurement of the lease liability
\u2022 Any lease payments made at or before the commencement date less any lease incentives
received
\u2022 Any initial direct costs, and
\u2022 Restoration 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. Melexis recognizes the interest expenses of lease liabilities in the interest paid component in the
cash-flow statement. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-376": { "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.
Long and short-term debt
in EUR (unless stated otherwise)
2024
2023
Unsecured loan at floating interest rate; maturing in 2027
30,000,000
30,000,000
Unsecured loan at floating interest rate; maturing in 2028
28,000,000
30,000,000
Unsecured loan at floating interest rate (in MYR); maturing in 2030
40,360,662
22,215,657
Unsecured loan (in EUR) at floating interest rate; maturing in 2032
6,000,000
\u2014
Unsecured loan at floating interest rate (in USD); maturing in 2032
41,582,443
38,372,441
Unsecured loan at floating interest rate (in USD); maturing in 2032
67,378,959
64,070,998
Total debt
213,322,064
184,659,096
Current maturities
5,796,846
Long-term portion of debt
207,525,218
Melexis consolidated needs to comply with the following financial covenants at all times:
\u2022 Net debt/EBITDA ratio \u2264 3.5
\u2022 Tangible net worth/total assets \u2265 30%
As per 31 December 2024, Melexis is respecting all its financial covenants and expects that this will
remain the case in the future.
There are no major differences between the fair value and carrying amount of the debt, since the
interest payable on those borrowings is close to current market rates.
The repayment of debt as of 31 December 2024 is scheduled as follows:
in EUR
Carrying amount
2025
5,796,846
2026
16,101,688
2027
47,226,688
2028
25,309,130
2029
16,226,688
Thereafter
102,661,025
Total
213,322,064
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-375": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-379": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-378": { "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 payable and other current liabilities
Trade payables are non-interest bearing and are normally settled on 30-day terms. All payables are
payable within 1 year.\u00a0
The decrease in accounts payable represents a return to more normalized levels after being
exceptionally high as per 31 December 2023.
Other current liabilities comprise the following:
in EUR
2024
2023
Accrued real estate withholding tax
135,000
128,000
Accrued financial services
824,227
807,524
Accrued design services
1,731,803
1,909,575
Accrued management services
131,527
225,027
Accrued HR services
368,066
1,047,439
Accrued transport services
90,000
41,989
Accrued insurances
134,154
126,136
Accrued IT services
302,000
376,876
Accrued licenses and royalties
275,182
31,165
Accrued other employee costs
379,822
171,799
Accrued utilities
413,328
282,095
Accrued interests
1,638,389
989,933
Other
2,896,922
6,826,806
Total
9,320,419
12,964,363
The decrease in \u2018Other\u2019 is mainly related to the construction of the new building in Malaysia in 2023
which was finished mid 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-381": { "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. 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 2024 was between
1.00% and 6.00%.
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:
\u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable
\u2022 Variable lease payments that are based on an index or a rate
\u2022 Amounts expected to be payable by the lessee under residual value guarantees
\u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option,
and
\u2022 Payments 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:
\u2022 The amount of the initial measurement of the lease liability
\u2022 Any lease payments made at or before the commencement date less any lease incentives
received
\u2022 Any initial direct costs, and
\u2022 Restoration 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. Melexis recognizes the interest expenses of lease liabilities in the interest paid component in the
cash-flow statement. Melexis opted not to distinguish between lease and non-lease components and
accounted for the full amount of the lease liability.
Leased 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
Land and building
Furniture and vehicles
Total 2024
Total 2023
Leased assets
Beginning of the period
6,603,760
757,023
7,360,783
7,697,458
Additions of the year
7,249,351
166,402
7,415,753
1,255,844
Retirements
(2,946,845)
(80,655)
(3,027,500)
(1,527,224)
Transfers
\u2014
\u2014
CTA
49,795
49,795
(65,296)
End of the period
10,956,061
842,770
11,798,831
7,360,782
Accumulated depreciation
Beginning of the period
3,468,965
394,913
3,863,878
3,529,089
Additions of the period
1,884,471
195,155
2,079,626
1,878,247
Retirements
(2,946,845)
(60,596)
(3,007,441)
(1,527,224)
Transfers
\u2014
\u2014
CTA
61,607
61,605
(16,234)
End of the period
2,468,198
529,472
2,997,670
3,863,878
Net book value
8,487,864
313,298
8,801,161
3,496,902
Additions and retirements mainly relate to building rental contract modifications, mainly in France.
The balance sheet shows the following amounts related to lease liabilities:
in EUR
Current liabilities
Non-current liabilities
Total
Beginning of the period
1,526,743
1,989,751
4,851,708
End of the period
2,143,011
6,714,403
8,857,415
The table below shows the duration of the outstanding lease contracts:
in EUR
Land and building
Furniture and vehicles
Total
< 1 year
1,935,611
207,401
2,143,012
> 1 year < 5 years
6,620,900
93,503
6,714,403
Total
8,556,511
300,904
8,857,415
The statement of profit and loss shows the following amounts relating to leases:
Depreciation charges leased buildings
1,906,908
Depreciation charges leased vehicles
128,382
Interest expense (included in finance cost)
91,757
Expenses related to short-term leases or low-value assets (included in admin expenses)
1,032,644
The total amount of paid rental expenses of Melexis (cash outflow with an immaterial interest
component) is around EUR 4 million in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-380": { "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. 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 2024 was between
1.00% and 6.00%.
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:
\u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable
\u2022 Variable lease payments that are based on an index or a rate
\u2022 Amounts expected to be payable by the lessee under residual value guarantees
\u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option,
and
\u2022 Payments 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:
\u2022 The amount of the initial measurement of the lease liability
\u2022 Any lease payments made at or before the commencement date less any lease incentives
received
\u2022 Any initial direct costs, and
\u2022 Restoration 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. Melexis recognizes the interest expenses of lease liabilities in the interest paid component in the
cash-flow statement. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-383": { "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.
To mitigate the risk of supplier LTAs, Melexis also engaged in LTAs (2023-2025) with its main
customers. These contracts do not contain financial components giving rise to material rights nor any
material variable considerations to be taken into account.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-382": { "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.
To mitigate the risk of supplier LTAs, Melexis also engaged in LTAs (2023-2025) with its main
customers. These contracts do not contain financial components giving rise to material rights nor any
material variable considerations to be taken into account.
Product sales
The product sales are as follows:
in EUR
2024
2023
Product sales
932,808,067
964,297,902
Total
932,808,067
964,297,902
For the revenue from product sales, please refer to the operating segments section in note 1.5.AA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-384": { "value": "
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.
To mitigate the risk of supplier LTAs, Melexis also engaged in LTAs (2023-2025) with its main
customers. These contracts do not contain financial components giving rise to material rights nor any
material variable considerations to be taken into account.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-386": { "value": "
Government grants
Government grants are deferred and amortized into income over the period necessary to match them
with the related costs that they are intended to compensate. Grants received are treated as deferred
income in the accompanying consolidated financial statements.
The company recognizes government grants if they have reasonable assurance that the grants will be
received. They are recognized as income on a systematic and rational basis over the periods necessary
to match them with the related costs. The grant related revenue is recorded net of the related expense
in the income statement and as deferred income on the statement of financial position.
Deferred income
in EUR
2024
2023
Capital grants
190,347
213,189
Deferred income
1,886,036
2,712,435
Total
2,076,383
2,925,624
The capital grant is attributed to the consolidated statement of comprehensive income pro rata the
depreciation of the building in Ieper related to the investment grant.
Government grants
The government grants mentioned hereafter consist of capital grants and operational grants. Capital
grants are received for investments in buildings, machinery and equipment. The capital grants consist of
a percentage of the purchase price of the building, machinery and equipment. Capital grants can be
revoked if the expected investment threshold is not met. Operational grants are received as an
incentive for research and development expenses. Operational grants are paid after pre-defined
milestones are met. Capital grants are recognized as cost of sales in relation to the depreciation period
of the underlying assets. The operational grants are recognized as a reduction of research and
development expenses when incurred.
in EUR
2024
2023
Grants for research and development
620,288
765,552
Investment grants in building, machinery and employment grants
93,078
59,501
Total
713,366
825,053
Grants for research and development are recognized as a reduction of other expenses included in total
research and development expenses, see note 1.5.R.
Investment grants in building, machinery and employment grants are recognized as a reduction of
purchases included in total cost of sales, see note 1.5.Q.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-385": { "value": "
Government grants
Government grants are deferred and amortized into income over the period necessary to match them
with the related costs that they are intended to compensate. Grants received are treated as deferred
income in the accompanying consolidated financial statements.
The company recognizes government grants if they have reasonable assurance that the grants will be
received. They are recognized as income on a systematic and rational basis over the periods necessary
to match them with the related costs. The grant related revenue is recorded net of the related expense
in the income statement and as deferred income on the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-388": { "value": "
Borrowing costs
Borrowing costs are expensed as incurred. Borrowing costs directly attributable to the acquisition,
construction or production of a qualifying asset are included in the cost of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-387": { "value": "
Borrowing costs
Borrowing costs are expensed as incurred. Borrowing costs directly attributable to the acquisition,
construction or production of a qualifying asset are included in the cost of the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-392": { "value": "
Income taxes
The income tax charge is based on the result of the year and considers deferred taxation. Deferred taxes
are calculated using the balance sheet liability method. Deferred income taxes reflect the net tax effects
of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are
measured using the tax rates expected to apply to taxable income in the years in which these temporary
differences are expected to be recovered or settled, based on tax rates enacted or substantially enacted
at the balance sheet date.
The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that
would follow from the manner in which the enterprise expects, at the balance sheet date, to recover or
settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are recognized regardless of the moment when the timing difference
is likely to reverse. Deferred tax assets and liabilities are not discounted and are classified as non-
current assets/liabilities in the statement of financial position.
Deferred tax assets are recognized when it is probable that sufficient taxable profits will be available
against which the deferred tax assets can be utilized. At each balance sheet date, the company
reassesses unrecognized deferred tax assets and the carrying amount of deferred tax assets. The
enterprise recognizes a previously unrecognized deferred tax asset to the extent that it has become
probable that future taxable profit will allow the deferred tax asset to be recovered. The company
conversely reduces the carrying amount of a deferred tax asset to the extent that it is no longer
probable that sufficient taxable profit will be available to allow the benefit of part or that entire
deferred tax asset to be utilized.
A deferred tax liability is recognized for all taxable temporary differences.
Components of deferred tax liabilities are as follows:
in EUR
1 January 2024
Charged to income statement
Charged to equity
31 December 2024
Fair value adjustments to
financial instruments
\u2014
\u2014
\u2014
\u2014
Liability on leases
\u2014
(1,813,007)
(1,813,007)
Miscellaneous
(710,268)
(1,214,092)
\u2014
(1,924,360)
Total
(710,268)
(3,027,099)
\u2014
(3,737,367)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-391": { "value": "
Income taxes
The income tax charge is based on the result of the year and considers deferred taxation. Deferred taxes
are calculated using the balance sheet liability method. Deferred income taxes reflect the net tax effects
of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are
measured using the tax rates expected to apply to taxable income in the years in which these temporary
differences are expected to be recovered or settled, based on tax rates enacted or substantially enacted
at the balance sheet date.
The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that
would follow from the manner in which the enterprise expects, at the balance sheet date, to recover or
settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are recognized regardless of the moment when the timing difference
is likely to reverse. Deferred tax assets and liabilities are not discounted and are classified as non-
current assets/liabilities in the statement of financial position.
Deferred tax assets are recognized when it is probable that sufficient taxable profits will be available
against which the deferred tax assets can be utilized. At each balance sheet date, the company
reassesses unrecognized deferred tax assets and the carrying amount of deferred tax assets. The
enterprise recognizes a previously unrecognized deferred tax asset to the extent that it has become
probable that future taxable profit will allow the deferred tax asset to be recovered. The company
conversely reduces the carrying amount of a deferred tax asset to the extent that it is no longer
probable that sufficient taxable profit will be available to allow the benefit of part or that entire
deferred tax asset to be utilized.
A deferred tax liability is recognized for all taxable temporary differences.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-390": { "value": "
Income taxes
The income tax charge is based on the result of the year and considers deferred taxation. Deferred taxes
are calculated using the balance sheet liability method. Deferred income taxes reflect the net tax effects
of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are
measured using the tax rates expected to apply to taxable income in the years in which these temporary
differences are expected to be recovered or settled, based on tax rates enacted or substantially enacted
at the balance sheet date.
The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that
would follow from the manner in which the enterprise expects, at the balance sheet date, to recover or
settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are recognized regardless of the moment when the timing difference
is likely to reverse. Deferred tax assets and liabilities are not discounted and are classified as non-
current assets/liabilities in the statement of financial position.
Deferred tax assets are recognized when it is probable that sufficient taxable profits will be available
against which the deferred tax assets can be utilized. At each balance sheet date, the company
reassesses unrecognized deferred tax assets and the carrying amount of deferred tax assets. The
enterprise recognizes a previously unrecognized deferred tax asset to the extent that it has become
probable that future taxable profit will allow the deferred tax asset to be recovered. The company
conversely reduces the carrying amount of a deferred tax asset to the extent that it is no longer
probable that sufficient taxable profit will be available to allow the benefit of part or that entire
deferred tax asset to be utilized.
A deferred tax liability is recognized for all taxable temporary differences.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-389": { "value": "
Income taxes
The income tax charge is based on the result of the year and considers deferred taxation. Deferred taxes
are calculated using the balance sheet liability method. Deferred income taxes reflect the net tax effects
of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are
measured using the tax rates expected to apply to taxable income in the years in which these temporary
differences are expected to be recovered or settled, based on tax rates enacted or substantially enacted
at the balance sheet date.
The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that
would follow from the manner in which the enterprise expects, at the balance sheet date, to recover or
settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are recognized regardless of the moment when the timing difference
is likely to reverse. Deferred tax assets and liabilities are not discounted and are classified as non-
current assets/liabilities in the statement of financial position.
Deferred tax assets are recognized when it is probable that sufficient taxable profits will be available
against which the deferred tax assets can be utilized. At each balance sheet date, the company
reassesses unrecognized deferred tax assets and the carrying amount of deferred tax assets. The
enterprise recognizes a previously unrecognized deferred tax asset to the extent that it has become
probable that future taxable profit will allow the deferred tax asset to be recovered. The company
conversely reduces the carrying amount of a deferred tax asset to the extent that it is no longer
probable that sufficient taxable profit will be available to allow the benefit of part or that entire
deferred tax asset to be utilized.
A deferred tax liability is recognized for all taxable temporary differences.
Income taxes
The income tax expenses can be broken down as follows:
in EUR
2024
2023
Current tax expenses
34,309,897
51,731,089
Deferred tax expenses
(435,131)
(8,031,602)
Total
33,874,765
43,699,487
Income tax expenses decreased compared to last year due to a decrease in taxable result.
Intra-group transactions resulted in intangible assets in the Melexis Technologies SA and Melexis
Bulgaria EOOD statutory (standalone) financial statements. These assets, although eliminated in
consolidated figures, result in tax deductible amortization charges in the hands of these companies.
Deferred tax effects linked to these transactions amount to approximately EUR 0.38\u00a0million at year end
2024.
As from financial year 2016, the Board of Directors deemed it expedient to start capitalizing research
and development efforts in Melexis Technologies NV\u2019s standalone/tax financial statements. Such
approach is found to be a best practice approach from a Belgian accounting and tax perspective.
Deferred tax effects linked thereto amount to approximately EUR 31.7 million at year end 2024.
Added to deferred tax effects linked to available tax offsets carried forward in the hands of Melexis NV
and Melexis Technologies NV and deferred tax effects resulting from various temporary differences,
the maximum amount of deferred tax assets to be recognized amounts to EUR 39.9 million at year end
2024.
As in previous years, the company assessed to what extent it is probable that this positive tax effect will
effectively be realized in the future. In this respect, the Board of Directors in particular took into
account the uncertainties related to the rapid technological evolutions in the sector, the highly
competitive market as well as the fact that the company only has short-term contracts with its
customers. Deferred tax amounts recognized in financial statements per 31 December 2024 are based
on management\u2019s best estimate covering expected business performance in the foreseeable future. In
its assessment the Board of Directors typically adheres to a 3-year horizon. Taking into account these
considerations, the Board of Directors decided to recognize as per 31 December 2024 a cumulative
deferred tax asset of EUR 36,985,308. Accordingly, the unrecognized deferred tax asset for carried
forward dividends received deduction amounts to approximately EUR 3 million at year end 2024,
linked to an excess DRD of EUR 12.754.155 which can be carried forward indefinitely.
Furthermore, a deferred tax liability of EUR 3,737,367 was recognized at year end 2024 mainly linked
to setting up deferred tax liabilities for leases and capital allowances.
Consolidated figures show a current tax receivable amounting to EUR 18,889,415 and a current tax
liability amounting to EUR 3,219,819. The most important component of the current tax receivable is
the overpayment of Belgian corporate income taxes, amounting to approximately EUR 17.5 million.
The Group operates on the assumption that it is within the scope of the OECD Pillar Two (GloBE) model
rules. Pillar Two legislation was enacted in Belgium, the jurisdiction in which Melexis NV is
incorporated, and came into effect as from 1 January 2024.
Under the new legislation, the Group is liable to pay a top-up tax for the difference between their GloBE
effective tax rate per jurisdiction and the 15% minimum rate. All jurisdictions in which the Group is
present have an effective tax rate that exceeds 15%, except for Bulgaria and Switzerland. The Group
calculated the current tax exposure in the form of top-up tax according to the locally applicable
legislation. The calculated top-up tax for Bulgaria amounts to approximately EUR 0.75 million and for
Switzerland to approximately EUR 0.89 million.
The group applies the exception to recognizing and disclosing information about deferred tax assets and
liabilities related to Pillar II income taxes, as provided in the amendments to IAS 12 issued in May 2023.
Components of deferred tax assets are as follows:
in EUR
1 January 2024
Charged to income
statement
Charged to equity
31 December 2024
Tax amortization charges
29,171,460
2,967,000
32,138,460
Tax losses carried forward
2,368,000
(762,000)
1,606,000
Asset on leases
\u2014
1,813,007
1,813,007
Fair value adjustments to
hedge accounting
64,804
(7,717)
57,087
IAS 19
221,764
221,764
Miscellaneous
1,727,556
(578,566)
1,148,990
Total
33,331,820
3,431,724
221,764
36,985,308
Financial instruments refer to our FX and inflation derivatives used for hedging purposes. For more
information on these derivatives, please refer to note 1.5.B. Deferred tax assets expected to be
recovered within 12 months amount to EUR 17.5 million. Deferred tax assets expected to be recovered
after more than 12 months amount to EUR 19.4 million.
Components of deferred tax liabilities are as follows:
in EUR
1 January 2024
Charged to income statement
Charged to equity
31 December 2024
Fair value adjustments to
financial instruments
\u2014
\u2014
\u2014
\u2014
Liability on leases
\u2014
(1,813,007)
(1,813,007)
Miscellaneous
(710,268)
(1,214,092)
\u2014
(1,924,360)
Total
(710,268)
(3,027,099)
\u2014
(3,737,367)
Reconciliation of the expected tax expenses and the consolidated income taxes is as follows:
in EUR
2024
2023
Income before taxes
205,321,087
253,162,880
Expected taxes at domestic rate
51,330,272
63,290,720
Effective taxes
33,874,765
43,699,487
Difference to be explained
(17,455,506)
(19,591,233)
Explanation of the difference
Difference in foreign tax percentages and other tax regimes
(8,869,192)
(7,973,500)
Global minimum tax domestic top-up taxes
1,638,492
Capital allowances
(713,703)
Effect of IP amortization
2,867,497
Tax effect of non-deductible items
976,699
641,942
Tax effect of non-taxable income
395,227
6,781
Tax effect of patent/innovation income deduction
(9,438,731)
(7,725,677)
Tax effect of investment deduction
(3,748,595)
(5,109,501)
Tax losses carried forward
(111,465)
(1,468,456)
Current tax adjustments relating to prior years
295,509
(86,488)
Miscellaneous
123,126
(377,323)
Change of recognition of deferred tax assets (decrease + / increase - )
(2,158,218)
2,500,988
Revaluation of deferred tax assets previous periods
1,287,848
Total
(17,455,506)
(19,591,234)
Difference
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-394": { "value": "
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.\u00a0
In Belgium, Melexis' defined contribution plans, while funded through group insurance contracts, must
adhere to Belgian regulations guaranteeing a minimum 1.75% return on contributions. This rate, tied to
a risk-free rate of 10-year government bond, places the investment risk until the legal minimum rates
applicable, on the employer. This structure classifies the plans as defined benefit plans under IAS19.
Under IAS 19, companies must recognize a liability for employee benefits earned but not yet paid, such
as pensions. These future obligations are measured on a discounted basis to reflect their present value.
We refer to note 1.5.AH for more information on this topic.
Short-term employee benefits accruals
in EUR
2024
2023
Holiday pay bonuses and 13th month
13,360,545
18,615,155
Other social accruals
1,266,410
1,672,258
Remuneration
1,418,653
1,665,511
Social security
1,099,377
734,116
Direct and indirect taxes
1,077,503
993,181
Total
18,222,489
23,680,221
The decrease in short-term employee benefits accruals is mainly linked to a lower bonus accrual.
Personnel expenses and average number of employees
in EUR
2024
2023
Wages and salaries
145,745,086
145,165,399
Total
145,745,086
145,165,399
The average number of employees (FTE) was 1,941 in 2024 and 1,931 in 2023. For more details on the
compensation of key management, see our remuneration report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-393": { "value": "
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.\u00a0
In Belgium, Melexis' defined contribution plans, while funded through group insurance contracts, must
adhere to Belgian regulations guaranteeing a minimum 1.75% return on contributions. This rate, tied to
a risk-free rate of 10-year government bond, places the investment risk until the legal minimum rates
applicable, on the employer. This structure classifies the plans as defined benefit plans under IAS19.
Under IAS 19, companies must recognize a liability for employee benefits earned but not yet paid, such
as pensions. These future obligations are measured on a discounted basis to reflect their present value.
We refer to note 1.5.AH for more information on this topic.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-396": { "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.
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 1.5.AA.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-395": { "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.
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 1.5.AA.
Operating segments
Business segments
Melexis' products and production processes that are regularly evaluated have only one operating
segment. Please refer to section 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 credit loss model of IFRS 9. The output
of this analysis did not result in material amounts to be accounted for.
in %
2024
2023
Customer A
13%
12%
Customer B
6%
6%
Customer C
6%
5%
Customer D
5%
4%
Customer E
2%
4%
Customer F
2%
2%
Customer G
2%
2%
Customer H
2%
2%
Customer I
2%
2%
Customer J
2%
2%
Total
42%
41%
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:
in EUR
2024
2023
Europe, Middle East and Africa
285,074,745
300,691,642
Germany
117,562,234
121,323,852
France
24,658,521
21,387,502
United Kingdom
2,051,414
2,509,154
Poland
9,234,396
8,395,249
Switzerland
23,575,913
26,279,428
Ireland
515,767
654,953
Czech Republic
9,584,432
8,580,259
Austria
12,383,404
15,890,314
Netherlands
17,178
865,483
Romania
22,828,191
24,804,984
Bulgaria
4,315,288
5,393,254
Spain
2,640,321
2,533,075
Lithuania
12,999,456
13,243,316
Hungary
7,089,382
10,313,072
Italy
12,935,699
17,452,862
Other
22,683,149
21,064,886
North and Latin America
84,490,836
105,488,241
United States
44,194,467
55,515,734
Canada
22,872,344
22,317,393
Mexico
17,422,802
27,649,354
Other
1,223
5,759
Asia Pacific
563,242,486
558,118,019
Japan
83,790,918
78,807,585
Mainland China
117,137,557
149,895,402
Hong Kong
137,293,848
91,765,119
Thailand
75,582,019
74,615,322
South Korea
67,344,567
67,689,779
Philippines
21,869,704
22,516,520
Taiwan
5,007,296
11,349,389
India
18,070,201
14,202,895
Singapore
23,431,375
37,105,032
Other
13,715,001
10,170,976
Total
932,808,067
964,297,902
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-399": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-398": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-397": { "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.
Commitments & estimated liabilities
Purchase commitments
As of 31 December 2024, the company had purchase commitments for tangible fixed assets amounting
to EUR 13,684,587 mainly related to test equipment for the production sites. As of 31 December 2023,
the amount was EUR 30,442,779, which was impacted by the construction of the new building in
Malaysia.
The 2023 mismatch between supply and demand related to automotive semiconductors has led market
participants to establish new ways of contracting aimed at the long-term relationship between suppliers
and their customers. During recent years, in line with developments within the sector, Melexis and its
subsidiaries have also concluded various long-term agreements (LTAs) with different suppliers. The
most important goal of the LTAs is to secure volumes and more predictable prices. Given that these X-
FAB LTAs require significant capacity expansions at X-FAB, Melexis Technologies agreed, in line with
current market practices, to prepay a part of the committed wafers. For Melexis Technologies, the
determination and allocation of such prepayments for capacity reservation involves the approval of an
operational advance payment to X-FAB for a total amount of around EUR 189.2 million, i.e. 15% of the
reserved capacity. The prepayments were scheduled to occur at the end of April 2023, end of
September 2023, end of October 2023 and end of February 2024. The settlement of this prepayment
will be done through wafer sales. For the impact on the balance sheet, we refer to note 1.5.H. There is no
impact on the profit and loss accounts.
These advance payments are not accounted for under IFRS 9 as the settlement will be in wafers and not
in cash or another financial instrument.\u00a0Hence the advance payment is accounted for as a non-financial
asset and no interest revenue on the prepayment is recognized. The operational advance payment
towards X-FAB in the framework of the LTA has no interest component, which is in line with current
market practices.
To mitigate the risk of supplier LTAs, Melexis also engaged in LTAs (2023-2025) with its main
customers. These contracts do not contain financial components giving rise to material rights nor any
material variable considerations to be taken into account.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-400": { "value": "
Subsequent events
Post year end events that provide additional information about a company's position at the balance
sheet date (adjusting events) are reflected in the financial statements. Post year end events that are not
adjusting events are disclosed in the notes when material.
Subsequent events
No subsequent events have taken place that have a significant impact on the financial statement of
2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-402": { "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 2024.
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 2024. The Group has not applied any new
IFRS requirements that are not yet effective as per 31 December 2024.
The following new standards and amendments to standards are mandatory for the first time for the
financial year beginning 1 January 2024 and have 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:
\u2022 Clarify 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;
\u2022 Clarify that classification is unaffected by expectations about whether an entity will exercise its
right to defer settlement of a liability; and make clear that settlement refers to the transfer to
the counterparty of cash, equity instruments, other assets or services.
\u2022 Clarify 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 IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments:
Disclosures\u2019 (effective 1 January 2024): Supplier Finance Arrangements. The amendment describes
the characteristics for which reporters will have to provide additional disclosures regarding the
impact of supplier finance arrangements on liabilities, cash flows and exposure to liquidity risk.
3 Amendments to IFRS 16 \u2018Leases\u2019: 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 recognising 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
recognised when they occur as these relate to the right of use terminated and not the right of use
retained.
The following amendments have been issued, but are not mandatory for the first time for the financial
year beginning 1 January 2024 and have been endorsed by the European Union:
1 Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates: Lack of
exchangeability\u2019 (effective 1 January 2025). IAS 21 previously did not cover how to determine
exchange rates in case there is long-term lack of exchangeability and the spot rate to be applied by
the company is not observable. The narrow scope amendments add specific requirements on:
\u2022 Determining when a currency is exchangeable into another and when it is not;
\u2022 Determining the exchange rate to apply in case a currency is not exchangeable;
\u2022 Additional disclosures to provide when a currency is not exchangeable.
The following amendments have been issued, but are not mandatory for the first time for the financial
year beginning 1 January 2024 and have not been endorsed by the European Union:
1 Amendments to IFRS 9 and to IFRS 7: the Classification and Measurement of Financial Instruments
(effective on 1 January 2026). On 30 May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to:
\u2022 Clarify the date of recognition and derecognition of some financial assets and liabilities, with a
new exception for some financial liabilities settled through an electronic cash transfer system;
\u2022 Clarify and add further guidance for assessing whether a financial asset meets the solely
payments of principal and interest (SPPI) criterion;
\u2022 Add new disclosures for certain instruments with contractual terms that can change cash flows
(such as some instruments with features linked to the achievement environment, social and
governance (ESG) targets); and
\u2022 Update the disclosures for equity instruments designated at fair value through other
comprehensive income (FVOCI).
2 Amendments to IFRS 9 and to IFRS 7: Contracts Referencing Nature-dependent Electricity
Amendments to IFRS 9 and IFRS 7 (effective on 1 January 2026). On 18 December 2024, the IASB
issued amendments to IFRS 9 and IFRS 7:
\u2022 clarify the application of the \u2018own-use\u2019 requirements;
\u2022 permit hedge accounting if these contracts are used as hedging instruments; and
\u2022 new disclosure requirements to enable investors to understand the effect of these contracts on
a company\u2019s financial performance and cash flows.
3 IFRS 18 Presentation and Disclosure in Financial Statements (effective on 1 January 2027). The
IASB has issued IFRS 18, the new standard on presentation and disclosure in financial statements,
with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS
18 relate to:
\u2022 the structure of the statement of profit or loss;
\u2022 required disclosures in the financial statements for certain profit or loss performance
measures that are reported outside an entity\u2019s financial statements (that is, management-
defined performance measures); and
\u2022 enhanced principles on aggregation and disaggregation which apply to the primary financial
statements and notes in general.
IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited
changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements,
but it might change what an entity reports as its \u2018operating profit or loss\u2019.
IFRS 18 will apply for reporting periods beginning on or after 1 January 2027 and also applies to
comparative information. The changes in presentation and disclosure required by IFRS 18 might require
system and process changes.
4 IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective on 1 January 2027). The
International Accounting Standard Board (IASB) has issued a new IFRS Accounting Standard for
subsidiaries. IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 permits eligible
subsidiaries to use IFRS Accounting Standards with reduced disclosures. Applying IFRS 19 will
reduce the costs of preparing subsidiaries\u2019 financial statements while maintaining the usefulness of
the information for users of their financial statements.
5 Annual improvements Volume 11 (effective 1 January 2026). The amended Standards are:
IFRS 1 First-time Adoption of International Financial Reporting Standards;
IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7;
IFRS 9 Financial Instruments;
IFRS 10 Consolidated Financial Statements; and
IAS 7 Statement of Cash Flows.
The following standard is mandatory since the financial year beginning 1 January 2016 (however not
yet subjected to EU endorsement). The European Commission has decided not to launch the
endorsement process of this interim standard but to wait for the final standard:
1 IFRS 14, \u2018Regulatory deferral accounts\u2019 (effective 1 January 2016). It concerns an interim standard
on the accounting for certain balances that arise from rate\u2013regulated activities. IFRS 14 is only
applicable to entities that apply IFRS 1 as first-time adopters of IFRS. It permits such entities, on
adoption of IFRS, to continue to apply their previous GAAP accounting policies for the recognition,
measurement, impairment and derecognition of regulatory deferral accounts. The interim standard
also provides guidance on selecting and changing accounting policies (on first\u2013time adoption or
subsequently) and on presentation and disclosure.
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 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-401": { "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 2024.
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 2024. The Group has not applied any new
IFRS requirements that are not yet effective as per 31 December 2024.
The following new standards and amendments to standards are mandatory for the first time for the
financial year beginning 1 January 2024 and have 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:
\u2022 Clarify 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;
\u2022 Clarify that classification is unaffected by expectations about whether an entity will exercise its
right to defer settlement of a liability; and make clear that settlement refers to the transfer to
the counterparty of cash, equity instruments, other assets or services.
\u2022 Clarify 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 IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments:
Disclosures\u2019 (effective 1 January 2024): Supplier Finance Arrangements. The amendment describes
the characteristics for which reporters will have to provide additional disclosures regarding the
impact of supplier finance arrangements on liabilities, cash flows and exposure to liquidity risk.
3 Amendments to IFRS 16 \u2018Leases\u2019: 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 recognising 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
recognised when they occur as these relate to the right of use terminated and not the right of use
retained.
The following amendments have been issued, but are not mandatory for the first time for the financial
year beginning 1 January 2024 and have been endorsed by the European Union:
1 Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates: Lack of
exchangeability\u2019 (effective 1 January 2025). IAS 21 previously did not cover how to determine
exchange rates in case there is long-term lack of exchangeability and the spot rate to be applied by
the company is not observable. The narrow scope amendments add specific requirements on:
\u2022 Determining when a currency is exchangeable into another and when it is not;
\u2022 Determining the exchange rate to apply in case a currency is not exchangeable;
\u2022 Additional disclosures to provide when a currency is not exchangeable.
The following amendments have been issued, but are not mandatory for the first time for the financial
year beginning 1 January 2024 and have not been endorsed by the European Union:
1 Amendments to IFRS 9 and to IFRS 7: the Classification and Measurement of Financial Instruments
(effective on 1 January 2026). On 30 May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to:
\u2022 Clarify the date of recognition and derecognition of some financial assets and liabilities, with a
new exception for some financial liabilities settled through an electronic cash transfer system;
\u2022 Clarify and add further guidance for assessing whether a financial asset meets the solely
payments of principal and interest (SPPI) criterion;
\u2022 Add new disclosures for certain instruments with contractual terms that can change cash flows
(such as some instruments with features linked to the achievement environment, social and
governance (ESG) targets); and
\u2022 Update the disclosures for equity instruments designated at fair value through other
comprehensive income (FVOCI).
2 Amendments to IFRS 9 and to IFRS 7: Contracts Referencing Nature-dependent Electricity
Amendments to IFRS 9 and IFRS 7 (effective on 1 January 2026). On 18 December 2024, the IASB
issued amendments to IFRS 9 and IFRS 7:
\u2022 clarify the application of the \u2018own-use\u2019 requirements;
\u2022 permit hedge accounting if these contracts are used as hedging instruments; and
\u2022 new disclosure requirements to enable investors to understand the effect of these contracts on
a company\u2019s financial performance and cash flows.
3 IFRS 18 Presentation and Disclosure in Financial Statements (effective on 1 January 2027). The
IASB has issued IFRS 18, the new standard on presentation and disclosure in financial statements,
with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS
18 relate to:
\u2022 the structure of the statement of profit or loss;
\u2022 required disclosures in the financial statements for certain profit or loss performance
measures that are reported outside an entity\u2019s financial statements (that is, management-
defined performance measures); and
\u2022 enhanced principles on aggregation and disaggregation which apply to the primary financial
statements and notes in general.
IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited
changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements,
but it might change what an entity reports as its \u2018operating profit or loss\u2019.
IFRS 18 will apply for reporting periods beginning on or after 1 January 2027 and also applies to
comparative information. The changes in presentation and disclosure required by IFRS 18 might require
system and process changes.
4 IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective on 1 January 2027). The
International Accounting Standard Board (IASB) has issued a new IFRS Accounting Standard for
subsidiaries. IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 permits eligible
subsidiaries to use IFRS Accounting Standards with reduced disclosures. Applying IFRS 19 will
reduce the costs of preparing subsidiaries\u2019 financial statements while maintaining the usefulness of
the information for users of their financial statements.
5 Annual improvements Volume 11 (effective 1 January 2026). The amended Standards are:
IFRS 1 First-time Adoption of International Financial Reporting Standards;
IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7;
IFRS 9 Financial Instruments;
IFRS 10 Consolidated Financial Statements; and
IAS 7 Statement of Cash Flows.
The following standard is mandatory since the financial year beginning 1 January 2016 (however not
yet subjected to EU endorsement). The European Commission has decided not to launch the
endorsement process of this interim standard but to wait for the final standard:
1 IFRS 14, \u2018Regulatory deferral accounts\u2019 (effective 1 January 2016). It concerns an interim standard
on the accounting for certain balances that arise from rate\u2013regulated activities. IFRS 14 is only
applicable to entities that apply IFRS 1 as first-time adopters of IFRS. It permits such entities, on
adoption of IFRS, to continue to apply their previous GAAP accounting policies for the recognition,
measurement, impairment and derecognition of regulatory deferral accounts. The interim standard
also provides guidance on selecting and changing accounting policies (on first\u2013time adoption or
subsequently) and on presentation and disclosure.
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 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-403": { "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.
in EUR
2024
2023
Trade accounts receivable
102,302,262
120,264,282
Credit loss allowance
(55,783)
(57,940)
Total
102,246,479
120,206,343
As of 31 December 2024, trade receivables of EUR 14,053,797 were past due.
The aging analysis of these receivables, including allowance for credit losses, is as follows:
in EUR
2024
2023
Not due
88,192,682
101,418,139
<30 days
11,604,083
17,251,847
>30 <60 days
1,443,052
445,338
>60 days
1,006,662
1,091,019
Total
102,246,479
120,206,343
In the following aging analysis, the distinction is made between the receivables for which an allowance
for credit losses is made and the receivables for which no allowance for credit losses is needed:
in EUR
Credit loss
allowance
No allowance for
credit losses
Total receivables
2024
Total receivables
2023
Not due
\u2014
88,192,682
88,192,682
101,418,139
<30 days
\u2014
11,604,083
11,604,083
17,251,847
>30 <60 days
\u2014
1,443,052
1,443,052
445,338
>60 days
(55,783)
1,062,445
1,006,662
1,091,019
Total
(55,783)
102,302,262
102,246,479
120,206,343
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 credit losses 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
2024.
Per 31 December 2024, EUR 6,886 of the trade accounts receivable are related parties, compared to
EUR 3,095 per 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-404": { "value": "Related parties
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:
Melexis Inc.
US entity
Melexis GmbH
German entity
Melexis Bulgaria EOOD
Bulgarian entity
Melexis Ukraine
Ukrainian entity
Melexis Technologies SA
Swiss entity
Melexis NV/BO France
French branch
Melefin NV
Belgian entity
Melexis Technologies NV
Belgian entity
Melexis NV/BO Philippines
Philippine branch
K.K. Melexis Japan Technical Research Center
Japanese entity
Melexis Electronic Technology (Shanghai) Co., Ltd
Chinese entity
Melexis (Malaysia) Sdn. Bhd.
Malaysian entity
Melexis Technologies NV/BO Malaysia
Malaysian branch
Melexis Dresden GmbH
German entity
Melexis France SAS
French entity
Melexis Korea Yuhan Hoesa
South Korean entity
Xpeqt NV
Belgian entity
Xpeqt EOOD
Bulgarian entity
Melexis NV/BO Taiwan
Taiwan branch
Situation as per 31 December 2024
\u2022 Sensinnovat BV owns 25% + 1 share of the outstanding Melexis shares. The shares of
Sensinnovat BV are controlled by Mr. Rudi De Winter and Ms. Fran\u00e7oise Chombar. Ms.
Chombar is a director at Melexis NV.
\u2022 Elex NV owns 25% of the outstanding Melexis shares. Mr. Roland Duch\u00e2telet is a member of
Elex NV\u2019s key management personnel. Mr. Duch\u00e2telet is a director at Melexis NV.
\u2022 Elex NV owns 99.9% of the outstanding shares of Fremach International NV.
\u2022 Fremach International NV has significant influence over WorkNomads AD.
On 14 November 2023, Xtrion sold all shares it held in Melexis to Elex and Sensinnovat, its indirect
shareholders. Xtrion sold 10,100,000 shares to Elex and 10,100,001 shares to Sensinnovat. After these
changes to the shareholding structure of Melexis on 14 November 2023, both Elex and Sensinnovat
own 25% of the outstanding Melexis shares, and X-FAB is no longer a related party of Melexis as based
on IAS 24.9 (b) (significant influence as defined in IAS 28, no control or joint control). As such, balances
and transactions during the year included in this section are only applicable to the period 1 January
2023 to 14 November 2023.
\"\"
Outstanding balances at year end
As of 31 December 2024 and 2023, the following balances were outstanding:
Receivables
in EUR
2024
2023
From
Elex NV
1,997
3,095
Fremach Group
999
\u2014
Sensinnovat
3,890
\u2014
Total
6,886
3,095
Payables
in EUR
2024
2023
To
Elex NV
70,802
52,345
Xtrion NV
\u2014
279,424
Worknomads EAD
81,382
9,759
Sensinnovat
(10,314)
Total
141,870
341,529
Transactions during the year
Sales/purchases of goods and equipment
In the course of the year, following transactions have taken place 1:
in EUR
2024
2023
Sales to
Fremach Group (mainly integrated circuits or ICs)
8,743
13,050
Xpeqt Group
\u2014
1,040
X-FAB Group
\u2014
2,884
in EUR
2024
2023
Purchases from
X-FAB Group (mainly wafers)
\u2014
314,084,525
Xpeqt Group (mainly equipment and goods)
\u2014
8,893,012
Xtrion NV (mainly IT infrastructure)
\u2014
94,822
Elex NV
\u2014
632,615
Sales/purchases of services
in EUR
2024
2023
Sales to
Elex NV (infrastructure office building)
1,771
14,972
Xpeqt Group (infrastructure office building)
\u2014
90,987
Xtrion NV (infrastructure office building)
\u2014
73,920
X-FAB Group (mainly test and assembly services)
\u2014
558,415
Fremach Group
13,500
\u2014
Worknomads EAD
\u2014
324
Sensinnovat BV
44,271
42,077
in EUR
2024
2023
Purchases from
Xtrion NV (mainly IT, R&D services and related support)
\u2014
2,852,516
Elex NV (support services)
35,370
146,663
Xpeqt Group (maintenance and repair services)
\u2014
1,418,366
X-FAB Group (mainly test and design services)
\u2014
2,342,886
Worknomads EAD (R&D Services)
286,992
146,213
Sensinnovat BV
82,747
416,490
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.
Remuneration of key management
Remuneration in EUR
Short-term
benefits
Long and medium-
term bonus
Pension
Contributions
Total
Remuneration
Key management
2,026,632
209,463
98,543
2,334,638
Please refer to our remuneration report for more details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-405": { "value": "Sensinnovat BVElex NV", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-406": { "value": "Sensinnovat BVElex NV", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-407": { "value": "
Remuneration of key management
Remuneration in EUR
Short-term
benefits
Long and medium-
term bonus
Pension
Contributions
Total
Remuneration
Key management
2,026,632
209,463
98,543
2,334,638
Please refer to our remuneration report for more details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-408": { "value": "36985308.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-409": { "value": "
Furthermore, a deferred tax liability of EUR 3,737,367 was recognized at year end 2024 mainly linked
to setting up deferred tax liabilities for leases and capital allowances.
Consolidated figures show a current tax receivable amounting to EUR 18,889,415 and a current tax
liability amounting to EUR 3,219,819. The most important component of the current tax receivable is
the overpayment of Belgian corporate income taxes, amounting to approximately EUR 17.5 million.
The Group operates on the assumption that it is within the scope of the OECD Pillar Two (GloBE) model
rules. Pillar Two legislation was enacted in Belgium, the jurisdiction in which Melexis NV is
incorporated, and came into effect as from 1 January 2024.
Under the new legislation, the Group is liable to pay a top-up tax for the difference between their GloBE
effective tax rate per jurisdiction and the 15% minimum rate. All jurisdictions in which the Group is
present have an effective tax rate that exceeds 15%, except for Bulgaria and Switzerland. The Group
calculated the current tax exposure in the form of top-up tax according to the locally applicable
legislation. The calculated top-up tax for Bulgaria amounts to approximately EUR 0.75 million and for
Switzerland to approximately EUR 0.89 million.
The group applies the exception to recognizing and disclosing information about deferred tax assets and
liabilities related to Pillar II income taxes, as provided in the amendments to IAS 12 issued in May 2023.
The other receivables mainly relate to VAT, income tax receivables and the short-term portion of the
repayment of X-FAB prepayments.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-410": { "value": "3737367.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-411": { "value": "18889415.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-412": { "value": "3219819.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-415": { "value": "Other current assets
in EUR
2024
2023
Other receivables
51,465,415
27,600,253
Prepaid expenses
4,495,342
4,828,920
Total
55,960,756
32,429,173
The other receivables mainly relate to VAT, income tax receivables and the short-term portion of the
repayment of X-FAB prepayments.
Prepaid expenses are expenses paid in advance for the whole year, for example insurance fees, license
fees, etc. These increase at the beginning of the year and decrease towards the end.
The increase in other current assets from EUR 32,429,173 per end December 2023 to EUR 55,960,756
per end December 2024 is mainly because of the short-term portion of the repayments of X-FAB, which
are scheduled to start in Q3 2025 and were therefore not considered short-term in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-414": { "value": "Other current assets
in EUR
2024
2023
Other receivables
51,465,415
27,600,253
Prepaid expenses
4,495,342
4,828,920
Total
55,960,756
32,429,173
The other receivables mainly relate to VAT, income tax receivables and the short-term portion of the
repayment of X-FAB prepayments.
Prepaid expenses are expenses paid in advance for the whole year, for example insurance fees, license
fees, etc. These increase at the beginning of the year and decrease towards the end.
The increase in other current assets from EUR 32,429,173 per end December 2023 to EUR 55,960,756
per end December 2024 is mainly because of the short-term portion of the repayments of X-FAB, which
are scheduled to start in Q3 2025 and were therefore not considered short-term in 2023.
Other non-current assets
in EUR
2024
2023
X-FAB Group
163,581,332
181,233,403
Total
163,581,332
181,233,403
The 2023 mismatch between supply and demand related to automotive semiconductors has led market
participants to establish new ways of contracting aimed at the long-term relationship between suppliers
and their customers. During recent years, in line with developments within the sector, Melexis and its
subsidiaries have also concluded various long-term agreements (LTAs) with different suppliers. The
most important goal of the LTAs is to secure volumes and more predictable prices.
Given that the LTA with our main supplier X-FAB requires significant capacity expansions on their part,
Melexis Technologies agreed in 2023, in line with current market practices, to prepay a part of the
committed wafers. For more details about this transaction, we refer to note 1.5.AD.
No triggering event occurred that would give rise to any indication for impairment of these non-current
assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-413": { "value": "Other current assets
in EUR
2024
2023
Other receivables
51,465,415
27,600,253
Prepaid expenses
4,495,342
4,828,920
Total
55,960,756
32,429,173
The other receivables mainly relate to VAT, income tax receivables and the short-term portion of the
repayment of X-FAB prepayments.
Prepaid expenses are expenses paid in advance for the whole year, for example insurance fees, license
fees, etc. These increase at the beginning of the year and decrease towards the end.
The increase in other current assets from EUR 32,429,173 per end December 2023 to EUR 55,960,756
per end December 2024 is mainly because of the short-term portion of the repayments of X-FAB, which
are scheduled to start in Q3 2025 and were therefore not considered short-term in 2023.
Other non-current assets
in EUR
2024
2023
X-FAB Group
163,581,332
181,233,403
Total
163,581,332
181,233,403
The 2023 mismatch between supply and demand related to automotive semiconductors has led market
participants to establish new ways of contracting aimed at the long-term relationship between suppliers
and their customers. During recent years, in line with developments within the sector, Melexis and its
subsidiaries have also concluded various long-term agreements (LTAs) with different suppliers. The
most important goal of the LTAs is to secure volumes and more predictable prices.
Given that the LTA with our main supplier X-FAB requires significant capacity expansions on their part,
Melexis Technologies agreed in 2023, in line with current market practices, to prepay a part of the
committed wafers. For more details about this transaction, we refer to note 1.5.AD.
No triggering event occurred that would give rise to any indication for impairment of these non-current
assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-416": { "value": "32429173.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherCurrentAssets", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-417": { "value": "55960756.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherCurrentAssets", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-418": { "value": "Other non-current assets
in EUR
2024
2023
X-FAB Group
163,581,332
181,233,403
Total
163,581,332
181,233,403
The 2023 mismatch between supply and demand related to automotive semiconductors has led market
participants to establish new ways of contracting aimed at the long-term relationship between suppliers
and their customers. During recent years, in line with developments within the sector, Melexis and its
subsidiaries have also concluded various long-term agreements (LTAs) with different suppliers. The
most important goal of the LTAs is to secure volumes and more predictable prices.
Given that the LTA with our main supplier X-FAB requires significant capacity expansions on their part,
Melexis Technologies agreed in 2023, in line with current market practices, to prepay a part of the
committed wafers. For more details about this transaction, we refer to note 1.5.AD.
No triggering event occurred that would give rise to any indication for impairment of these non-current
assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-419": { "value": "
There are currently no restrictions in title for any of our property, plant and equipment (PPE) assets nor
are they pledged as security for liabilities. The purchase commitments related to PPE assets are
disclosed in note 1.5.AD.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-422": { "value": "Accounts payable and other current liabilities
Trade payables are non-interest bearing and are normally settled on 30-day terms. All payables are
payable within 1 year.\u00a0
The decrease in accounts payable represents a return to more normalized levels after being
exceptionally high as per 31 December 2023.
Other current liabilities comprise the following:
in EUR
2024
2023
Accrued real estate withholding tax
135,000
128,000
Accrued financial services
824,227
807,524
Accrued design services
1,731,803
1,909,575
Accrued management services
131,527
225,027
Accrued HR services
368,066
1,047,439
Accrued transport services
90,000
41,989
Accrued insurances
134,154
126,136
Accrued IT services
302,000
376,876
Accrued licenses and royalties
275,182
31,165
Accrued other employee costs
379,822
171,799
Accrued utilities
413,328
282,095
Accrued interests
1,638,389
989,933
Other
2,896,922
6,826,806
Total
9,320,419
12,964,363
The decrease in \u2018Other\u2019 is mainly related to the construction of the new building in Malaysia in 2023
which was finished mid 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-421": { "value": "Accounts payable and other current liabilities
Trade payables are non-interest bearing and are normally settled on 30-day terms. All payables are
payable within 1 year.\u00a0
The decrease in accounts payable represents a return to more normalized levels after being
exceptionally high as per 31 December 2023.
Other current liabilities comprise the following:
in EUR
2024
2023
Accrued real estate withholding tax
135,000
128,000
Accrued financial services
824,227
807,524
Accrued design services
1,731,803
1,909,575
Accrued management services
131,527
225,027
Accrued HR services
368,066
1,047,439
Accrued transport services
90,000
41,989
Accrued insurances
134,154
126,136
Accrued IT services
302,000
376,876
Accrued licenses and royalties
275,182
31,165
Accrued other employee costs
379,822
171,799
Accrued utilities
413,328
282,095
Accrued interests
1,638,389
989,933
Other
2,896,922
6,826,806
Total
9,320,419
12,964,363
The decrease in \u2018Other\u2019 is mainly related to the construction of the new building in Malaysia in 2023
which was finished mid 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-420": { "value": "Accounts payable and other current liabilities
Trade payables are non-interest bearing and are normally settled on 30-day terms. All payables are
payable within 1 year.\u00a0
The decrease in accounts payable represents a return to more normalized levels after being
exceptionally high as per 31 December 2023.
Other current liabilities comprise the following:
in EUR
2024
2023
Accrued real estate withholding tax
135,000
128,000
Accrued financial services
824,227
807,524
Accrued design services
1,731,803
1,909,575
Accrued management services
131,527
225,027
Accrued HR services
368,066
1,047,439
Accrued transport services
90,000
41,989
Accrued insurances
134,154
126,136
Accrued IT services
302,000
376,876
Accrued licenses and royalties
275,182
31,165
Accrued other employee costs
379,822
171,799
Accrued utilities
413,328
282,095
Accrued interests
1,638,389
989,933
Other
2,896,922
6,826,806
Total
9,320,419
12,964,363
The decrease in \u2018Other\u2019 is mainly related to the construction of the new building in Malaysia in 2023
which was finished mid 2024.
Short-term employee benefits accruals
in EUR
2024
2023
Holiday pay bonuses and 13th month
13,360,545
18,615,155
Other social accruals
1,266,410
1,672,258
Remuneration
1,418,653
1,665,511
Social security
1,099,377
734,116
Direct and indirect taxes
1,077,503
993,181
Total
18,222,489
23,680,221
The decrease in short-term employee benefits accruals is mainly linked to a lower bonus accrual.
Other non-current liabilities
in EUR
2024
2023
Warranty provision
3,571,000
3,404,000
Employee benefit obligations
887,054
Other
108,974
221,947
Total
4,567,028
3,625,947
Warranty provision
Melexis set up a warranty provision in accordance with the legal Melexis terms of sales and which is
based on reliable estimate of historical data. The estimation covers Melexis\u2019experience of past claim
rates and knowledge of current claims together with an assessment of rectification costs.The estimated
period of usage of the underlying expenses is set at 1-2 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-423": { "value": "Deferred income
in EUR
2024
2023
Capital grants
190,347
213,189
Deferred income
1,886,036
2,712,435
Total
2,076,383
2,925,624
The capital grant is attributed to the consolidated statement of comprehensive income pro rata the
depreciation of the building in Ieper related to the investment grant.
The deferred income mainly relates to shipments that were not delivered at the customer or that were
prepared and not picked up before year end. As this performance obligation was not met, revenue was
not recognized at year end but will be recognized when the shipment will be delivered to the customer.
The performance obligation was met shortly after year end and revenue was recognized in January of
the next year.
A deferred income is recognized in case a payment for a customer is due before a related performance
obligation is satisfied.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-424": { "value": "Other non-current liabilities
in EUR
2024
2023
Warranty provision
3,571,000
3,404,000
Employee benefit obligations
887,054
Other
108,974
221,947
Total
4,567,028
3,625,947
Warranty provision
Melexis set up a warranty provision in accordance with the legal Melexis terms of sales and which is
based on reliable estimate of historical data. The estimation covers Melexis\u2019experience of past claim
rates and knowledge of current claims together with an assessment of rectification costs.The estimated
period of usage of the underlying expenses is set at 1-2 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-425": { "value": "
Employee benefit obligations
Melexis\u2019 employee benefit plans consist of defined contribution plans providing retirement, disability
and surviving dependent\u2019s benefits with main contract in Belgium.
In Belgium, Melexis' defined contribution plans, while funded through group insurance contracts, must
adhere to Belgian regulations guaranteeing a minimum 1.75% return on contributions. This rate, tied to
a risk-free rate of 10-year government bond, places the investment risk until the legal minimum rates
applicable, on the employer. This structure classifies the plans as defined benefit plans under IAS19.
Under IAS 19, companies must recognize a liability for employee benefits earned but not yet paid, such
as pensions. These future obligations are measured on a discounted basis to reflect their present value.
A qualified actuary has determined the present value of the defined benefit obligations and the fair
value of the plan assets.
The Projected Unit Credit (PUC) method was used to estimate the defined benefit obligations, the
defined benefit cost and the re-measurements of the net liability. There are 3 defined benefit plans in
Melexis Belgium for which we show below the aggregated view as these do not differ materially from
characteristics, regulatory environment, reporting segment or funding arrangement. In accordance with
IAS 19 the disclosure is in the form of a weighted average
Financial impact
Given the continued increase in the gross obligation's value, Melexis decided to account for IAS19 as of
2024 (through OCI). As per 31\u00a0December 2024, the net defined benefit obligation for Belgium amounts
to EUR 887,054 (compared to EUR 714,158 in 2023), comprised of a defined benefit obligation of EUR
9,722,354 and plan assets of EUR 9,008,196. The changes in defined benefit obligations in 2024 and the
corresponding financial impact are detailed in the tables below:
in EUR
2024
CHANGE IN DEFINED BENEFIT OBLIGATION
Defined benefit obligation at end of prior year
9,722,354
Current service cost
1,215,646
Interest expense
346,596
Cash flows
Benefit payments from plan assets
(175,692)
Participant contributions
366,106
Administrative expenses included in the DBO
(21,823)
Taxes included in the DBO
(160,481)
Remeasurements
Effect of changes in demographic assumptions
\u2014
Effect of changes in financial assumptions
(81,180)
Effect of experience adjustments
229,084
Defined benefit obligation at end of year
11,440,610
in EUR
2024
CHANGE IN FAIR VALUE OF PLAN ASSETS
Fair value of plan assets at end of prior year
9,008,196
Interest income
305,852
Cash flows
Total employer contributions
1,249,264
Participant contributions
366,106
Benefit payments from plan assets
(175,692)
Administrative expenses paid from plan assets
(21,823)
Taxes paid from plan assets
(160,481)
Remeasurements
Return on plan assets (excluding interest income)
(17,866)
Fair value of plan assets at end of year
10,553,556
Net defined pension liability
887,054
Components of defined benefit cost
in EUR
2024
Service cost
1,215,646
Net interest cost
Interest expense on DBO
346,596
Interest income on plan assets
(305,852)
Total net interest cost
40,744
Defined benefit cost included in P&L
1,256,390
Remeasurements (recognized in OCI)
Effect of changes in demographic assumptions
110,304
Effect of changes in financial assumptions
374,011
Effect of experience adjustments
61,613
Return on plan assets (excluding interest income)
134,054
Total remeasurements included in OCI
679,982
Total defined benefit cost recognized in P&L and OCI
1,936,372
The following payments are to be expected benefit payments for the following year from the plan assets:
Expected cashflow for following year
in EUR
Expected employer contributions
1,300,484
Expected total benefit payments
Year 1
234,343
Year 2
253,850
Year 3
193,593
Year 4
194,085
Year 5
194,452
Next 5 years
1,813,449
The fair value of the plan assets are fully invested in insurance policies with guaranteed interest rates as
provided by the insurer.
Assumptions
The principal assumptions used in determining the IAS 19 pension obligation for Melexis were as follows:
in EUR
2024
2023
Discount rate
3.7%
3.6%
Inflation rate
2.1%
2.3%
Salary increases
4.1%
4.3%
Retirement age
following legal retirement age
following legal retirement age
Sensitivity analysis
The below table summarizes the sensitivity analysis performed for significant assumptions as per
31\u00a0December 2024. The figures show the impact on the defined benefit obligation.
in EUR
Present value defined
benefit obligation
Change in defined
benefit obligation
Impact on defined
benefit obligation
Discount rate -25 basis points
11,679,475
238,866
2.1%
Discount rate +25 basis points
11,249,005
(191,604)
(1.7)%
Salary increase rate -25 basis points
11,331,550
(109,059)
(1.0)%
Salary increase rate +25 basis points
11,565,273
124,664
1.1%
The sensitivity analysis presented above, demonstrate the potential impact on the defined benefit
obligation if key assumptions were to change at the end of the reporting period. Each analysis focuses
on the effect of a single significant assumption, while holding all others constant. These results may not
be representative to fully reflect real-world changes, as it's unlikely that assumptions would shift
independently in practice.
The weighted average duration of the defined benefit obligation at the end of the reporting period at a
discount rate - 25 basis points is 8.58 years and at a discount rate + 25 basis points is 7.01 years.
The impact on the defined benefit obligation for changes in inflation rate is considered to be immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationAboutDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-426": { "value": "Product sales
The product sales are as follows:
in EUR
2024
2023
Product sales
932,808,067
964,297,902
Total
932,808,067
964,297,902
For the revenue from product sales, please refer to the operating segments section in note 1.5.AA.
Operating segments
Business segments
Melexis' products and production processes that are regularly evaluated have only one operating
segment. Please refer to section 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 credit loss model of IFRS 9. The output
of this analysis did not result in material amounts to be accounted for.
in %
2024
2023
Customer A
13%
12%
Customer B
6%
6%
Customer C
6%
5%
Customer D
5%
4%
Customer E
2%
4%
Customer F
2%
2%
Customer G
2%
2%
Customer H
2%
2%
Customer I
2%
2%
Customer J
2%
2%
Total
42%
41%
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:
in EUR
2024
2023
Europe, Middle East and Africa
285,074,745
300,691,642
Germany
117,562,234
121,323,852
France
24,658,521
21,387,502
United Kingdom
2,051,414
2,509,154
Poland
9,234,396
8,395,249
Switzerland
23,575,913
26,279,428
Ireland
515,767
654,953
Czech Republic
9,584,432
8,580,259
Austria
12,383,404
15,890,314
Netherlands
17,178
865,483
Romania
22,828,191
24,804,984
Bulgaria
4,315,288
5,393,254
Spain
2,640,321
2,533,075
Lithuania
12,999,456
13,243,316
Hungary
7,089,382
10,313,072
Italy
12,935,699
17,452,862
Other
22,683,149
21,064,886
North and Latin America
84,490,836
105,488,241
United States
44,194,467
55,515,734
Canada
22,872,344
22,317,393
Mexico
17,422,802
27,649,354
Other
1,223
5,759
Asia Pacific
563,242,486
558,118,019
Japan
83,790,918
78,807,585
Mainland China
117,137,557
149,895,402
Hong Kong
137,293,848
91,765,119
Thailand
75,582,019
74,615,322
South Korea
67,344,567
67,689,779
Philippines
21,869,704
22,516,520
Taiwan
5,007,296
11,349,389
India
18,070,201
14,202,895
Singapore
23,431,375
37,105,032
Other
13,715,001
10,170,976
Total
932,808,067
964,297,902
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-428": { "value": "Cost of sales
Cost of sales includes the following expenses:
in EUR
2024
2023
Purchases
415,291,929
405,064,817
Transportation costs
7,098,296
7,752,683
Salaries
51,224,326
50,269,902
Depreciation and amortization 1
31,200,594
30,835,840
Maintenance
13,031,599
13,989,841
Utilities
6,194,804
8,203,419
Other direct production costs
7,415,599
7,960,987
Total
531,457,147
524,077,489
Cost of sales increased in 2024 due to overall cost price adjustments.
Research and development Expenses
Research and development expenses include the following expenses:
in EUR
2024
2023
Salaries
66,489,203
65,275,378
Depreciation and amortization
8,605,326
8,180,734
External services
15,788,379
13,463,805
Fees
7,280,460
6,270,278
Prototype wafers
1,489,913
1,941,645
Rent and maintenance
2,415,116
2,078,764
Subsidies
(593,447)
(751,027)
Travel
1,434,678
2,557,310
Engineering purchases
7,342,345
7,714,757
Total
110,251,974
106,731,643
The increase in research and development expenses is mainly linked to external services and fees.
General and administrative expenses
General and administration expenses include the following expenses:
in EUR
2024
2023
Salaries
16,168,786
16,029,606
Depreciation and amortization
7,236,262
5,498,523
External services
7,372,983
9,386,437
Fees
6,490,188
6,017,358
Maintenance
4,191,577
3,694,961
Insurances
2,564,516
2,351,138
Utilities
3,150,800
3,014,360
Travel
491,186
925,364
Other
3,701,177
3,684,628
Total
51,367,475
50,602,373
The increase in general and administrative expenses is mainly linked to depreciation.
Selling expenses
Selling expenses include the following expenses:
in EUR
2024
2023
Salaries
11,862,771
13,590,513
Depreciation and amortization
698,993
641,864
Commissions
3,026,698
2,545,481
External services
1,781,601
1,995,434
Travel
913,324
1,343,894
Other
1,558,981
1,519,032
Total
19,842,368
21,636,218
The decrease in selling expenses is mainly linked to salaries.
Depreciation and amortization expenses
Depreciation and amortization include the following expenses:
in EUR
2024
2023
Cost of sales
31,200,594
30,835,840
Research and development
8,605,326
8,180,734
General and administration
7,236,262
5,498,523
Selling
698,993
641,864
Total
47,741,175
45,156,961
Personnel expenses and average number of employees
in EUR
2024
2023
Wages and salaries
145,745,086
145,165,399
Total
145,745,086
145,165,399
The average number of employees (FTE) was 1,941 in 2024 and 1,931 in 2023. For more details on the
compensation of key management, see our remuneration report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-427": { "value": "Cost of sales
Cost of sales includes the following expenses:
in EUR
2024
2023
Purchases
415,291,929
405,064,817
Transportation costs
7,098,296
7,752,683
Salaries
51,224,326
50,269,902
Depreciation and amortization 1
31,200,594
30,835,840
Maintenance
13,031,599
13,989,841
Utilities
6,194,804
8,203,419
Other direct production costs
7,415,599
7,960,987
Total
531,457,147
524,077,489
Cost of sales increased in 2024 due to overall cost price adjustments.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-429": { "value": "General and administrative expenses
General and administration expenses include the following expenses:
in EUR
2024
2023
Salaries
16,168,786
16,029,606
Depreciation and amortization
7,236,262
5,498,523
External services
7,372,983
9,386,437
Fees
6,490,188
6,017,358
Maintenance
4,191,577
3,694,961
Insurances
2,564,516
2,351,138
Utilities
3,150,800
3,014,360
Travel
491,186
925,364
Other
3,701,177
3,684,628
Total
51,367,475
50,602,373
The increase in general and administrative expenses is mainly linked to depreciation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-430": { "value": "Personnel expenses and average number of employees
in EUR
2024
2023
Wages and salaries
145,745,086
145,165,399
Total
145,745,086
145,165,399
The average number of employees (FTE) was 1,941 in 2024 and 1,931 in 2023. For more details on the
compensation of key management, see our remuneration report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-431": { "value": "171446322.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-432": { "value": "209463394.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-433": { "value": "40400000.0", "dimensions": { "concept": "ifrs-full:NumberOfSharesOutstanding", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2025-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-434": { "value": "40400000.0", "dimensions": { "concept": "ifrs-full:NumberOfSharesOutstanding", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-435": { "value": "3.7", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-436": { "value": "1.3", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-437": { "value": "Commitments & estimated liabilities
Purchase commitments
As of 31 December 2024, the company had purchase commitments for tangible fixed assets amounting
to EUR 13,684,587 mainly related to test equipment for the production sites. As of 31 December 2023,
the amount was EUR 30,442,779, which was impacted by the construction of the new building in
Malaysia.
The 2023 mismatch between supply and demand related to automotive semiconductors has led market
participants to establish new ways of contracting aimed at the long-term relationship between suppliers
and their customers. During recent years, in line with developments within the sector, Melexis and its
subsidiaries have also concluded various long-term agreements (LTAs) with different suppliers. The
most important goal of the LTAs is to secure volumes and more predictable prices. Given that these X-
FAB LTAs require significant capacity expansions at X-FAB, Melexis Technologies agreed, in line with
current market practices, to prepay a part of the committed wafers. For Melexis Technologies, the
determination and allocation of such prepayments for capacity reservation involves the approval of an
operational advance payment to X-FAB for a total amount of around EUR 189.2 million, i.e. 15% of the
reserved capacity. The prepayments were scheduled to occur at the end of April 2023, end of
September 2023, end of October 2023 and end of February 2024. The settlement of this prepayment
will be done through wafer sales. For the impact on the balance sheet, we refer to note 1.5.H. There is no
impact on the profit and loss accounts.
These advance payments are not accounted for under IFRS 9 as the settlement will be in wafers and not
in cash or another financial instrument.\u00a0Hence the advance payment is accounted for as a non-financial
asset and no interest revenue on the prepayment is recognized. The operational advance payment
towards X-FAB in the framework of the LTA has no interest component, which is in line with current
market practices.
To mitigate the risk of supplier LTAs, Melexis also engaged in LTAs (2023-2025) with its main
customers. These contracts do not contain financial components giving rise to material rights nor any
material variable considerations to be taken into account.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-438": { "value": "Auditor's services
On a consolidated basis, the audit fees required by law amounted to EUR 389,906 in 2024, compared to
EUR 361,388 in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-439": { "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 number 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 in 2023, 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 in case of upturns 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 one supplier, but sources from other wafer fabs as well,
to reduce the risk of dependency on one supplier. For the packaging services, Melexis sources from
several mainly 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.
cRisks related to the trading on Euronext
Possible volatility of share price
The trading price of the company's shares has been and may continue to be highly volatile and could be
subject to wide fluctuations in response to factors such as actual or anticipated variations in the
company's quarterly operating results, announcements of technological innovations, or new services by
the company or its competitors, changes in financial estimates by securities analysts, conditions or
trends in semiconductor industries, changes in the market valuations of companies active in the same
markets, announcements by the company or its competitors of significant acquisitions, strategic
relationships, joint ventures or capital commitments, additions or departures of key personnel, sales of
shares or other securities of the company in the open market and other events or factors, many of which
are beyond the company's control. Furthermore, the stock markets in general, and Euronext, the market
for semiconductor-related and technology companies in particular, have experienced extreme price and
volume fluctuations that have often been unrelated or disproportionate to the operating performance
of such companies. These broad market and industry factors may materially and adversely affect the
market price of the company's shares, irrespective of the company's operating performance.
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 2024,
approximately 34% of the Group's sales are denominated in USD and approximately 35% 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.
FY 2024
Increase/decrease in EUR/USD rate
Effect on profit or loss before taxes (in EUR)
Reference rate: 1.08 (average FY 2024)
+0.05
(1.13)
(3,194,571)
-0.05
(1.03)
3,503,893
On 31 December 2024, the following financial assets and liabilities were present, shown in USD and CHF:
2024 (in USD)
2024 (in CHF)
Financial assets
41,627,222
276,104
Cash and cash equivalents
10,929,572
264,993
Trade and other receivables
30,697,650
11,111
Financial liabilities
23,932,412
317,300
Trade and other payables
23,932,412
317,300
An increase/decrease of the EUR/USD rate of +/- 500 base points (reference rate = 1.04) would have an
impact on the balance sheet value of EUR -782,085 / EUR 861,172 on 31 December 2024.
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 2024, all of the Group\u2019s borrowings are at a floating rate of interest. Melexis is
currently not using interest rate derivatives to hedge the interest rate risk.
The following table demonstrates the sensitivity of the Group\u2019s financial result to a reasonably possible
change in interest rates (through the impact on floating rate borrowings), with all other variables held
constant.
Increase/decrease
Effect on financial result (in EUR)
FY 2024
in base points
(15.00)
(319,983)
15.00
319,983
2Interest rate risk
On 31 December 2024, the Group does not use derivatives to manage interest rate risks.
4Foreign 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 1.5.B.
5Inflation risk
The inflation risk of the Group arises from the possibility that the salaries will increase due to inflation.
The Group occasionally uses inflation hedge contracts to hedge Belgian salary payments. For more
information, please refer to note 1.5.B.
Climate change
Earth\u2019s systems and processes have been influenced by human activity. Climate change, resource
scarcity, environmental pollution \u2013 these are just some of the issues that humanity faces. To address this
global problem, the Paris Agreement set a goal to limit the increase in global average temperature to
below 2\u00b0C above pre-industrial levels and to attempt to limit the increase to 1.5\u00b0C. Melexis is
committed to environmental sustainability, both in our products and in the way they are produced. We
strive to minimize our environmental impact by analyzing and reducing our carbon footprint and
increasing efficient use of natural resources on all our sites.
On a product level, Melexis contributes to the electrification trend in the automotive industry, which is
seen as one of the most important strategies for reducing CO2 emissions.
We identified two main climate-related risks. The first one is the higher occurrence of natural hazards,
such as floods and fires. What makes this risk significant is the fact that Melexis sites are geographically
spread across 20 locations from the US to Japan, thus across various climatic zones. The second high-
priority risk is increased investments by players in the semiconductor industry to ensure compliance
with new regulations to reduce the environmental impact. 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.
To address this risk, Melexis measures its greenhouse gas (GHG) emissions, covering all Scopes 1, 2 and
3 in accordance with the GHG Protocol. Based on these measures, we are setting carbon targets and are
searching for ways to reduce our footprint (see also our GHG disclosures).
In 2024, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-440": { "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 2024,
approximately 34% of the Group's sales are denominated in USD and approximately 35% 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.
FY 2024
Increase/decrease in EUR/USD rate
Effect on profit or loss before taxes (in EUR)
Reference rate: 1.08 (average FY 2024)
+0.05
(1.13)
(3,194,571)
-0.05
(1.03)
3,503,893
On 31 December 2024, the following financial assets and liabilities were present, shown in USD and CHF:
2024 (in USD)
2024 (in CHF)
Financial assets
41,627,222
276,104
Cash and cash equivalents
10,929,572
264,993
Trade and other receivables
30,697,650
11,111
Financial liabilities
23,932,412
317,300
Trade and other payables
23,932,412
317,300
An increase/decrease of the EUR/USD rate of +/- 500 base points (reference rate = 1.04) would have an
impact on the balance sheet value of EUR -782,085 / EUR 861,172 on 31 December 2024.
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 2024, all of the Group\u2019s borrowings are at a floating rate of interest. Melexis is
currently not using interest rate derivatives to hedge the interest rate risk.
The following table demonstrates the sensitivity of the Group\u2019s financial result to a reasonably possible
change in interest rates (through the impact on floating rate borrowings), with all other variables held
constant.
Increase/decrease
Effect on financial result (in EUR)
FY 2024
in base points
(15.00)
(319,983)
15.00
319,983
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.
1Credit 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. 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.
2Interest rate risk
On 31 December 2024, the Group does not use derivatives to manage interest rate risks.
3Liquidity 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.
4Foreign 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 1.5.B.
5Inflation risk
The inflation risk of the Group arises from the possibility that the salaries will increase due to inflation.
The Group occasionally uses inflation hedge contracts to hedge Belgian salary payments. For more
information, please refer to note 1.5.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 2024 was minimal since their deviation from their respective fair values was not significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300QRPSGOJRPUFO80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-442": { "value": "
1Credit 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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-441": { "value": "
1Credit 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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-443": { "value": "
3Liquidity 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }