Financial expense, net, decreased by € 1.9 million versus Q3-22 primarily as a result of increased interest income earned on cash balances outstanding.
| € millions | Q4-2022 | Q3-2022 | Δ | Q4-2021 | Δ | |||||
| Net Income | 40.2 | 57.3 | -29.8 | % | 67.1 | -40.1 | % | |||
| Net Margin | 29.2 | % | 34.0 | % | -4.8 | 39.1 | % | -9.9 | ||
| Tax Rate | 10.9 | % | 12.8 | % | -1.9 | -4.6 | % | +15.5 | % | |
Besi’s Q4-22 net income of € 40.2 million decreased € 17.1 million, or 29.8%, versus Q3-22. The profit reduction was primarily due to an 18.4% sequential revenue decrease and a 9.1% increase in operating expenses associated primarily with higher R&D spending levels partially offset by higher interest income earned and a lower effective tax rate. Versus Q4-21, net income decreased by € 26.9 million, or 40.1%, principally as a result of (i) a 19.8% revenue decrease, (ii) increased R&D spending and (iii) a higher effective tax due to the absence of € 8.9 million in tax benefits recognized in the prior year period partially offset by a 5.6 point gross margin increase. As a result, Besi’s net margin decreased to 29.2% in Q4-22 versus 34.0% in Q3-22 and 39.1% in Q4-21.
Full Year Results of Operations
| € millions | FY 2022 | FY 2021* | Δ | |||
| Revenue | 722.9 | 749.3 | -3.5 | % | ||
| Orders | 663.7 | 939.1 | -29.3 | % | ||
| Gross Margin | 61.3 | % | 59.6 | % | +1.7 | |
| Operating Income | 294.1 | 317.6 | -7.4 | % | ||
| Net Income* | 240.6 | 282.4 | -14.8 | % | ||
| Net Margin* | 33.3 | % | 37.7 | % | -4.4 | |
| Tax Rate * | 12.6 | 7.1 | % | +5.5 | ||
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