Materialise Reports Second Quarter 2017 Results

LEUVEN, Belgium—(BUSINESS WIRE)—August 8, 2017-- Materialise NV (NASDAQ:MTLS), a leading provider of additive manufacturing software and of sophisticated 3D printing services, today announced its financial results for the second quarter ended June 30, 2017.
 

Highlights – Second Quarter 2017

Total revenue increased 21.8% from the second quarter of 2016 to 33,612 kEUR, with increases in all three business segments.
 Adjusted EBITDA increased 164% from 1,034 kEUR for the second quarter of 2016 to 2,732 kEUR.
Total deferred revenue from annual software sales and maintenance contracts amounted to 17,206 kEUR at the end of the second quarter of 2017 compared 16,799 kEUR at the end of the fourth quarter of 2016.

Executive Chairman Peter Leys commented, “Materialise turned in another sound quarter, delivering strong revenue growth in all our segments, particularly Manufacturing, where, driven by a surge in end part manufacturing, revenue rose 32.5%.  Reflecting the pick-up in the demand environment for 3D printing this year, revenue from our Software segment increased 19.0%, while Medical rose almost 10% on the strength of solid software revenues. Despite start-up activities associated with the opening of our new manufacturing facilities in Leuven and Poland, our Adjusted EBITDA margin more than doubled.  We look forward to completing the facilities’ start-up process during the third quarter and to gradually realizing scale effects and efficiency gains thereafter.
 

Second Quarter 2017 Results

Total revenue for the second quarter of 2017 increased 21.8% to 33,612 kEUR compared to 27,597 kEUR for the second quarter of 2016, with gains in all three of our segments, particularly Materialise Manufacturing. Adjusted EBITDA increased to 2,732 kEUR from 1,034 kEUR as a result of the combination of continued revenue growth (21.8%) and a significantly lower increase in operational expenses (9.0%) as compared to the second quarter of 2016. The Adjusted EBITDA margin (Adjusted EBITDA divided by total revenue) in the second quarter of 2017 was 8.1% compared to 3.7% for the second quarter of 2016.

Revenue from our Materialise Software segment, which offers a proprietary software backbone that enables and enhances the functionality of 3D printers and 3D printing operations worldwide, increased 19.0% to 8,305 kEUR for the second quarter of 2017 from 6,981 kEUR for the same quarter last year. Recurrent revenues from annual and renewed licenses and maintenance fees grew 25.2% from the same period in the prior year. Segment EBITDA rose to 2,952 kEUR from 1,602 kEUR while the segment EBITDA margin was 35.5% compared to 22.9% for the prior-year period.

Revenue from our Materialise Medical segment, which offers a unique platform consisting of medical planning and design software, clinical engineering services and patient specific devices, increased 9.7% to 10,646 kEUR for the second quarter of 2017 compared to 9,706 kEUR for the same period in 2016. Compared to the same quarter in 2016, revenue from our medical software grew 15.5%, and revenue from medical devices and services grew 6.6%. Segment EBITDA was 758 kEUR compared to 14 kEUR while the segment EBITDA margin increased to 7.1% from 0.1% for the second quarter of 2016.

Revenue from our Materialise Manufacturing segment, which offers an integrated suite of 3D printing and engineering services to industrial and commercial customers, increased 32.5% to 14,455 kEUR for the second quarter of 2017 from 10,907 kEUR for the second quarter of 2016. End part manufacturing revenues increased 89.7% compared to the same quarter in 2016. Segment EBITDA rose to 1,241 kEUR from 430 kEUR while the segment EBITDA margin increased to 8.6% from 3.9% for the same quarter in 2016.

Gross profit was 19,388 kEUR, or 57.7% of total revenue, for the second quarter of 2017 compared to 16,253 kEUR, or 58.9% of total revenue, for the second quarter of 2016.

Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses increased, in the aggregate, 9.0% to 20,911 kEUR for the second quarter of 2017 from 19,182 kEUR for the second quarter of 2016. R&D expenses increased from 4,760 kEUR to 5,131 kEUR while S&M expenses increased from 9,533 kEUR to 10,009 kEUR. G&A expenses increased from 4,889 kEUR to 5,771 kEUR.

Net other operating income decreased by 550 kEUR to 1,228 kEUR compared to 1,778 kEUR for the second quarter of 2016. Net other operating income consists primarily of withholding tax exemptions for qualifying researchers, development grants, partial funding of R&D projects and currency exchange results on purchase and sales transactions.

Operating loss improved to (295) kEUR from (1,151) kEUR for the same period prior year. This improvement was the result of a combination of an increase in gross profit of 19.3% and an increase of only 9.0% in R&D, S&M and G&A expenses, partially offset by a slight decrease of 550 kEUR of net other operating income compared to the same quarter in 2016.

Net financial result was (427) kEUR compared to 207 kEUR for the prior-year period, reflecting variances in the currency exchange rates, primarily on the portion of the company’s IPO proceeds held in U.S. dollars versus the euro.

Net loss for the second quarter of 2017 was (955) kEUR compared to net loss of (436) kEUR for the same period in 2016. The 2016 period contained income tax income of 639 kEUR primarily from deferred taxes compared to an expense of (191) kEUR in the 2017 period. This variance of (830) kEUR in income tax and the decrease in the net financial result of 634 kEUR, which were offset in part by a decrease of 89 kEUR in the share in the loss of a joint venture and the improvement of the operating loss by 856 kEUR, explain the increase of the net loss by (519) kEUR for the second quarter of 2017. Total comprehensive loss for the second quarter of 2017, which includes exchange differences on translation of foreign operations, was (1,403) kEUR compared to (911) kEUR for the same period in 2016.

At June 30, 2017, we had cash and equivalents of 53,832 kEUR compared to 55,912 kEUR at December 31, 2016. Cash flow from operating activities in the first six months of 2017 was 5,188 kEUR compared to 5,781 kEUR for the same period in 2016, mainly due to working capital evolution.

Net shareholders’ equity at June 30, 2017 was 77,419 kEUR compared to 79,033 kEUR at December 31, 2016.
 

2017 Guidance

In its year-end 2016 and first-quarter 2017 earnings announcements, Materialise stated that it expects to report consolidated revenue between 128,000 - 134,000 kEUR and Adjusted EBITDA between 10,500 – 13,500 kEUR in 2017.  Based on the company’s first-half 2017 results, management now expects revenue and Adjusted EBITDA to be at the high end of these ranges.  Management continues to expect the amount of deferred revenue generated in 2017 from annual licenses and maintenance to increase by an amount between 4,000 - 5,000 kEUR as compared to 2016. 
 

Non-IFRS Measures

Materialise uses EBITDA and Adjusted EBITDA as supplemental financial measures of its financial performance. EBITDA is calculated as net profit plus income taxes, financial expenses (less financial income), shares of loss in a joint venture and depreciation and amortization. Adjusted EBITDA is determined by adding non-cash stock-based compensation expenses to EBITDA. Management believes these non-IFRS measures to be important measures as they exclude the effects of items which primarily reflect the impact of long-term investment and financing decisions, rather than the performance of the company's day-to-day operations. As compared to net profit, these measures are limited in that they do not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in the company's business, or the charges associated with impairments. Management evaluates such items through other financial measures such as capital expenditures and cash flow provided by operating activities. The company believes that these measurements are useful to measure a company's ability to grow or as a valuation measurement. The company's calculation of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. EBITDA and Adjusted EBITDA should not be considered as alternatives to net profit or any other performance measure derived in accordance with IFRS. The company's presentation of EBITDA and Adjusted EBITDA should not be construed to imply that its future results will be unaffected by unusual or non-recurring items.
 

Exchange Rate

This press release contains translations of certain euro amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from euros to U.S. dollars in this press release were made at a rate of EUR 1.00 to USD 1.1412, the reference rate of the European Central Bank on June 30, 2017.
 

Conference Call and Webcast

Materialise will hold a conference call and simultaneous webcast to discuss its financial results for the second quarter of 2017 today, August 8, 2017, at 8:30 a.m. ET/14:30 CET. Company participants on the call will include Wilfried Vancraen, Founder and Chief Executive Officer; Peter Leys, Executive Chairman; and Johan Albrecht, Chief Financial Officer. A question-and-answer session will follow management’s remarks.

To access the conference call, please dial 844-469-2530 (U.S.) or 765-507-2679 (international), passcode #45016167. The conference call will also be broadcast live over the Internet with an accompanying slide presentation, which can be accessed on the company’s website at http://investors.materialise.com.

A webcast of the conference call and slide presentation will be archived on the company's website for one year.
 

About Materialise

Materialise incorporates more than 25 years of 3D printing experience into a range of software solutions and 3D printing services, which Materialise seeks to form the backbone of the 3D printing industry. Materialise’s open and flexible solutions enable players in a wide variety of industries, including healthcare, automotive, aerospace, art and design, and consumer goods, to build innovative 3D printing applications that aim to make the world a better and healthier place. Headquartered in Belgium, with branches worldwide, Materialise combines one of the largest groups of software developers in the industry with one of the largest 3D printing facilities in the world. For additional information, please visit: www.materialise.com.
 

Cautionary Statement on Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our intentions, beliefs, assumptions, projections, outlook, analyses or current expectations, plans, objectives, strategies and prospects, both financial and business, including statements concerning, among other things, current estimates of fiscal 2017 revenues, deferred revenue from annual licenses and maintenance and Adjusted EBITDA, completion of start-up activities associated with our new manufacturing facilities, results of operations, cash needs, capital expenditures, expenses, financial condition, liquidity, prospects, growth and strategies, and the trends and competition that may affect the markets, industry or us.  Such statements are subject to known and unknown uncertainties and risks. When used in this press release, the words “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “believe,” “forecast,” “will,” “may,” “could,” “might,” “aim,” “should,” and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon the expectations of management under current assumptions at the time of this press release. These expectations, beliefs and projections are expressed in good faith and the company believes there is a reasonable basis for them. However, the company cannot offer any assurance that our expectations, beliefs and projections will actually be achieved. By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics and industry change, and depend on economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. We caution you that forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All of the forward-looking statements are subject to risks and uncertainties that may cause the company's actual results to differ materially from our expectations, including risk factors described in the company's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on May 1, 2017. There are a number of risks and uncertainties that could cause the company's actual results to differ materially from the forward-looking statements contained in this press release. 

The company is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, unless it has obligations under the federal securities laws to update and disclose material developments related to previously disclosed information.

Investor Contacts:

Harriet Fried/Jody Burfening
LHA
212-838-3777
hfried@lhai.com

 

Consolidated income statement (Unaudited)

 

 

For the three months ended 30 June

 

For the six months ended 30 June

(in thousands, except per share amounts)

 

2017

 

2017

 

2016

 

2017

 

2016

 

 

U.S.$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

38,358

 

33,612

 

27,597

 

65,533

 

54,264

Cost of sales

 

(16,232)

 

(14,224)

 

(11,344)

 

(27,668)

 

(22,049)

Gross profit

 

22,126

 

19,388

 

16,253

 

37,865

 

32,215

Gross profit as % of revenue

 

57.7%

 

57.7%

 

58.9%

 

57.8%

 

59.4%

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

(5,855)

 

(5,131)

 

(4,760)

 

(9,723)

 

(9,132)

Sales and marketing expenses

 

(11,422)

 

(10,009)

 

(9,533)

 

(19,617)

 

(18,348)

General and administrative expenses

 

(6,586)

 

(5,771)

 

(4,889)

 

(11,150)

 

(9,939)

Net other operating income (expenses)

 

1,401

 

1,228

 

1,778

 

2,246

 

3,064

Operating (loss) profit

 

(336)

 

(295)

 

(1,151)

 

(379)

 

(2,140)

 

 

 

 

 

 

 

 

 

 

 

Financial expenses

 

(1,503)

 

(1,317)

 

(609)

 

(2,236)

 

(1,506)

Financial income

 

1,016

 

890

 

816

 

1,667

 

979

Share in loss of joint venture

 

(48)

 

(42)

 

(131)

 

(431)

 

(299)

(Loss) profit before taxes

 

(871)

 

(764)

 

(1,075)

 

(1,379)

 

(2,966)

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

(218)

 

(191)

 

639

 

(392)

 

(621)

Net (loss) profit of the period

 

(1,089)

 

(955)

 

(436)

 

(1,771)

 

(3,587)

Net (loss) profit attributable to:

 

 

 

 

 

 

 

 

 

 

The owners of the parent

 

(1,089)

 

(955)

 

(436)

 

(1,771)

 

(3,587)

Non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to ordinary owners of the parent

 

 

 

 

 

 

 

 

 

 

Basic

 

(0.02)

 

(0.02)

 

(0.01)

 

(0.04)

 

(0.08)

Diluted

 

(0.02)

 

(0.02)

 

(0.01)

 

(0.04)

 

(0.08)

 

 

 

 

 

 

 

 

 

 

 

Weighted average basic shares outstanding

 

47,325

 

47,325

 

47,325

 

47,325

 

47,325

Weighted average diluted shares outstanding

 

47,325

 

47,325

 

47,325

 

47,325

 

47,325

 

Consolidated statements of comprehensive income (Unaudited)

 

 

For the three months ended 30 June

 

For the six months ended 30 June

(in thousands)

 

2017

 

2017

 

2016

 

2017

 

2016

 

 

U.S.$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

(1,089)

 

(955)

 

(436)

 

(1,771)

 

(3,587)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

Exchange difference on translation of foreign operations

 

(511)

 

(448)

 

(475)

 

(326)

 

(1,439)

Other comprehensive income (loss), net of taxes

 

(511)

 

(448)

 

(475)

 

(326)

 

(1,439)

Total comprehensive income (loss) for the year, net of taxes

 

(1,600)

 

(1,403)

 

(911)

 

(2,097)

 

(5,026)

Total comprehensive income (loss) attributable to:

 

 

 

 

 

 

 

 

 

 

The owners of the parent

 

(1,600)

 

(1,403)

 

(911)

 

(2,097)

 

(5,026)

Non-controlling interest

 

 

 

 

 

 

Consolidated statement of financial position (Unaudited)

 

 

As of June 30

 

As of December 31

(in thousands)

 

2017

 

2016

 

 

 

Assets

 

 

 

 


Non-current assets

 

 

 

 

Goodwill

 

8,771

 

8,860

Intangible assets

 

9,385

 

9,765

Property, plant & equipment

 

58,327

 

45,063

Investments in joint ventures

 

69

 

Deferred tax assets

 

246

 

336

Other non-current assets

 

2,485

 

2,154

Total non-current assets

 

79,283

 

66,178


Current assets

 

 

 

 

Inventories

 

8,356

 

7,870

Trade receivables

 

29,383

 

27,479

Held to maturity investments

 

 

Other current assets

 

6,121

 

4,481

Cash and cash equivalents

 

53,832

 

55,912

Total current assets

 

97,692

 

95,742

Total assets

 

176,975

 

161,920

 

 

As of June 30

 

As of December 31

(in thousands)

 

2017

 

2016

 

 

 

Equity and liabilities

 

 

 

 

Equity

 

 

 

 

Share capital

 

2,729

 

2,729

Share premium

 

79,497

 

79,019

Consolidated reserves

 

(3,369)

 

(1,603)

Other comprehensive income

 

(1,438)

 

(1,112)

Equity attributable to the owners of the parent

77,419

 

79,033

Non-controlling interest

 

 

Total equity

 

77,419

 

79,033


Non-current liabilities

 

 

 

 

Loans & borrowings

 

40,146

 

28,267

Deferred tax liabilities

 

1,078

 

1,325

Deferred income

 

2,869

 

3,588

Other non-current liabilities

 

2,122

 

1,873

Total non-current liabilities

 

46,215

 

35,053


Current liabilities

 

 

 

 

Loans & borrowings

 

6,587

 

5,539

Trade payables

 

16,009

 

13,400

Tax payables

 

748

 

926

Deferred income

 

20,164

 

17,822

Other current liabilities

 

9,833

 

10,147


Total current liabilities

 

53,341

 

47,834

Total equity and liabilities

 

176,975

 

161,920

 

Consolidated statement of cash flows (Unaudited)

 

 

For the six months ended June 30

(in thousands)

 

2017

 

2016

 

 

 

Operating activities

 

 

 

 

Net (loss) profit of the period

 

(1,771)

 

(3,587)

Non-cash and operational adjustments

 

 

 

 

Depreciation of property, plant & equipment

 

3,954

 

3,012

Amortization of intangible assets

 

1,269

 

938

Share-based payment expense

 

700

 

360

Loss (gain) on disposal of property, plant & equipment

 

28

 

(62)

Fair value contingent liabilities

 

 

54

Movement in provisions

 

14

 

Movement reserve for bad debt

 

139

 

111

Financial income

 

(318)

 

(87)

Financial expense

 

585

 

483

Impact of foreign currencies

 

302

 

131

Share in loss of a joint venture (equity method)

 

431

 

299

Deferred tax expense (income)

 

(150)

 

(159)

Income taxes

 

542

 

781

Other

 

(58)

 

(40)

Working capital adjustment & income tax paid

 

 

 

 

Increase in trade receivables and other receivables

 

(3,580)

 

1,654

Decrease (increase) in inventories

 

(509)

 

(5)

Increase in trade payables and other payables

 

4,207

 

2,442

Income tax paid

 

(597)

 

(544)

Net cash flow from operating activities

 

5,188

 

5,781

 

 

For the six months ended June 30

(in thousands)

 

2017

 

2016

 

 

 

Investing activities

 

 

 

 

Purchase of property, plant & equipment

 

(15,770)

 

(5,831)

Purchase of intangible assets

 

(1,027)

 

(526)

Proceeds from the sale of property, plant & equipment (net)

 

104

 

708

Proceeds from the sale of intangible assets (net)

 

 

19

Acquisition of subsidiary

 

 

Investments in joint-ventures

 

(500)

 

Interest received

 

241

 

6

Net cash flow used in investing activities

 

(16,952)

 

(5,624)


Financing activities

 

 

 

 

Proceeds from loans & borrowings

 

14,203

 

2,812

Repayment of loans & borrowings

 

(1,634)

 

(1,346)

Repayment of finance leases

 

(1,405)

 

(843)

Interest paid

 

(302)

 

(328)

Other financial income (expense)

 

(154)

 

(32)

Net cash flow from (used in) financing activities

 

10,708

 

263

 

 

 

 

 

Net increase of cash & cash equivalents

 

(1,056)

 

420

Cash & cash equivalents at beginning of the year

 

55,912

 

50,726

Exchange rate differences on cash & cash equivalents

 

(1,024)

 

158

Cash & cash equivalents at end of the year

 

53,832

 

51,304

 

Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA (Unaudited)

 

 

For the three months ended 30 June

 

For the six months ended 30 June

(in thousands)

 

2017

 

2016

 

2017

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

(955)

 

(436)

 

(1,771)

 

(3,587)

 

 

 

 

 

 

 

 

 

Income taxes

 

191

 

(639)

 

392

 

621

Finance expenses

 

1,317

 

609

 

2,236

 

1,506

Finance income

 

(890)

 

(816)

 

(1,667)

 

(979)

Share in loss of joint venture

 

42

 

131

 

431

 

299

Depreciation and amortization

 

2,656

 

2,040

 

5,224

 

3,950

 

 

 

 

 

 

 

 

 

EBITDA

 

2,361

 

889

 

4,845

 

1,810

 

 

 

 

 

 

 

 

 

Non-cash stock-based compensation expense (1)

 

371

 

145

 

700

 

359

 

 

 

 

 

 

 

 

 

ADJUSTED EBITDA

 

2,732

 

1,034

 

5,545

 

2,169

  1. Non-cash stock-based compensation expenses represent the cost of equity-settled and cash-settled share-based payments to employees.

 

Segment P&L (Unaudited)

(in thousands)

 

Materialise
Software

 

Materialise
Medical

 

Materialise
Manufact-
uring

 

Total segments

 

Unallocated

 

Consoli-
dated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

16,880

 

20,578

 

27,862

 

65,320

 

213

 

65,533

Segment EBITDA

 

5,945

 

1,072

 

2,563

 

9,580

 

(4,735)

 

4,845


Segment EBITDA %

 

35.2%

 

5.2%

 

9.2%

 

14.7%

 

 

 

7.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

14,412

 

18,312

 

21,513

 

54,237

 

27

 

54,264

Segment EBITDA

 

4,367

 

(516)

 

687

 

4,538

 

(2,728)

 

1,810


Segment EBITDA %

 

30.3%

 

-2.8%

 

3.2%

 

8.4%

 

 

 

3.3%

(in thousands)

 

Materialise
Software

 

Materialise
Medical

 

Materialise
Manufact-
uring

 

Total segments

 

Unallocated

 

Consoli-
dated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

8,305

 

10,646

 

14,455

 

33,406

 

206

 

33,612

Segment EBITDA

 

2,952

 

758

 

1,241

 

4,951

 

(2,590)

 

2,361


Segment EBITDA %

 

35.5%

 

7.1%

 

8.6%

 

14.8%

 

 

 

7.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

6,981

 

9,706

 

10,907

 

27,594

 

3

 

27,597

Segment EBITDA

 

1,602

 

14

 

430

 

2,046

 

(1,157)

 

889


Segment EBITDA %

 

22.9%

 

0.1%

 

3.9%

 

7.4%

 

 

 

3.2%

 

Reconciliation of Net Profit (Loss) to Segment EBITDA (Unaudited)

 

 

For the three months ended 30 June

 

For the six months ended 30 June

(in thousands)

 

2017

 

2016

 

2017

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

(955)

 

(436)

 

(1,771)

 

(3,587)

Income taxes

 

191

 

(639)

 

392

 

621

Finance cost

 

1,317

 

609

 

2,236

 

1,506

Finance income

 

(890)

 

(816)

 

(1,667)

 

(979)

Share in loss of joint venture

 

42

 

131

 

431

 

299

 

 

 

 

 

 

 

 

 

Operating profit

 

(295)

 

(1,151)

 

(379)

 

(2,140)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

2,656

 

2,040

 

5,224

 

3,950

Corporate research and development

 

516

 

392

 

1,025

 

959

Corporate headquarter costs

 

2,464

 

1,801

 

4,537

 

3,539

Other operating income (expense)

 

(390)

 

(1,036)

 

(827)

 

(1,770)

 

 

 

 

 

 

 

 

 

Segment EBITDA

 

4,951

 

2,046

 

9,580

 

4,538

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