Materialise Reports Fourth Quarter 2016 Results

LEUVEN, Belgium--(BUSINESS WIRE)--Feb. 24, 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 fourth quarter and the year ended December 31, 2016.

Highlights – Fourth Quarter 2016

  • Total revenue increased 12.3% from the fourth quarter of 2015 to 31,477 kEUR, with increases in all three business segments.
  • Total deferred revenue from annual software sales and maintenance contracts increased 3,663 kEUR from 13,136 kEUR for the fourth quarter of 2015 to 16,799 kEUR.
  • Adjusted EBITDA increased 50% from 2,979 kEUR for the fourth quarter of 2015 to 4,455 kEUR.
  • Net profit was 620 kEUR, or 0.01 EUR per diluted share.

Executive Chairman Peter Leys commented, “In a challenging environment, Materialise had a good quarter, contributing to a strong year. Total revenues for the year increased 12% to 114,477 kEUR and Adjusted EBITDA grew 157% to 9,458 kEUR. Strategically, we also made substantial progress during 2016, entering into several partnerships that position us to benefit from the expected growth of additive manufacturing of end parts in general and, more specifically, from the potential growth of specific vertical markets. Operationally, all three of our segments enhanced the focus and effectiveness of their internal operations, contributing to our successful year.”

Fourth Quarter 2016 Results

Total revenue for the fourth quarter of 2016 increased 12.3% to 31,477 kEUR compared to 28,032 kEUR for the fourth quarter of 2015, with gains in all three of our segments, particularly Materialise Manufacturing. Adjusted EBITDA increased to 4,455 kEUR from 2,979 kEUR as a result of the combination of continued revenue growth (12.3%) and a significantly lower increase in operational expenses (3.6%) as compared to the same period in the prior year. The Adjusted EBITDA margin (Adjusted EBITDA divided by total revenue) in the fourth quarter was 14.2% compared to 10.6% in the fourth quarter of last year.

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 10.6% to 8,078 kEUR for the fourth quarter of 2016 from 7,301 kEUR for the same quarter last year. Recurrent sales from annual and renewed licenses and maintenance fees grew 37.7% from the same period in the prior year. Segment EBITDA rose to 2,949 kEUR from 2,706 kEUR while the segment EBITDA margin was 36.5% compared to 37.1% in 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 5.1% to 10,061 kEUR for the fourth quarter of 2016 compared to 9,570 kEUR for the same period in 2015. Compared to the same quarter in 2015, sales of our medical software grew 29.8%, and direct sales of complex surgery solutions grew 82.9%. Segment EBITDA was 656 kEUR compared to 747 kEUR while the segment EBITDA margin decreased to 6.5% from 7.8% in the fourth quarter of 2015.

Revenue from our Materialise Manufacturing segment, which offers an integrated suite of 3D printing and engineering services to industrial and commercial customers, increased 19.4% to 13,326 kEUR for the fourth quarter of 2016 from 11,161 kEUR for the fourth quarter of 2015. End part manufacturing sales increased 26.4% compared to the last quarter in 2015. Segment EBITDA rose to 1,438 kEUR from 1,033 kEUR while the segment EBITDA margin increased to 10.8% from 9.3% for the 2015 quarter. These numbers include the results of i.materialise and RapidFit, whose activities were fully integrated into the Materialise Manufacturing business lines during the fourth quarter in order to create additional synergies.

Gross profit was 18,619 kEUR, or 59.2% of total revenue, for the fourth quarter of 2016 compared to 16,576 kEUR, or 59.1% of total revenue, for the fourth quarter of 2015.

Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses increased, in the aggregate, 3.6% to 18,483 kEUR for the fourth quarter of 2016 from 17,849 kEUR for the fourth quarter of 2015. R&D expenses decreased from 4,742 kEUR to 4,161 kEUR while S&M expenses increased slightly from 9,340 kEUR to 9,506 kEUR. G&A expenses increased from 3,767 kEUR to 4,816 kEUR. As in the first three quarters of 2016, these changes compared to last year primarily reflected the managerial structure and support we have implemented within our S&M and R&D groups to support their significant growth since our initial public offering (“IPO”). A number of employees with mixed roles within these groups have evolved into more managerial/administrative roles, and their cost as well as certain other expenses are now categorized into G&A.

Net other operating income decreased by 426 kEUR to 1,779 kEUR compared to 2,205 kEUR for the fourth quarter of 2015. 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 profit increased to 1,915 kEUR from 932 kEUR for the prior-year period. This improvement is the result of a combination of a 12.3% revenue increase and an increase of only 3.6% in operational expenses of R&D, S&M and G&A, partly offset by a 426 kEUR decrease of net other operating income compared to the same quarter last year.

Net financial result was 253 kEUR compared to 356 kEUR for the prior-year period, reflecting smaller 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 profit for the fourth quarter of 2016 was 620 kEUR compared to net profit of 2,145 kEUR for the same period in the prior year. The prior-year period contained income tax income of 1,010 kEUR primarily from deferred taxes compared to an expense of 898 kEUR this quarter. The variance of 1,908 kEUR in income tax and a 497 kEUR increase in the share in the loss of a joint venture offset the increase of 983 kEUR in operating profit. Total comprehensive income for the fourth quarter of 2016, which includes exchange differences on translation of foreign operations, was 685 kEUR compared to 2,010 kEUR for the same period in the prior year.

At December 31, 2016, we had cash and equivalents of 55,912 kEUR compared to 50,726 kEUR at December 31, 2015. Cash flow from operating activities in the fourth quarter of 2016 was 4,180kEUR compared to 724 kEUR in the same period last year.

Net shareholders’ equity at December 31, 2016 was 79,033 kEUR compared to 82,955 kEUR at December 31, 2015.

Full Year 2016 Results

Total revenues for the year ended December 31, 2016 increased 12.2% to 114,477 kEUR compared to 102,035 kEUR for the year ended December 31, 2015.Adjusted EBITDA for the year ended December 31, 2016 was 9,458 kEUR, an increase of 156.5% compared to 3,687 kEUR for the year ended December 31, 2015. The Adjusted EBITDA margin increased to 8.3% for the year ended December 31, 2016 from 3.6% for the year ended December 31, 2015. This increase was primarily the result of the combination of a 12.2% revenue growth, a 14.7% improvement in gross profit and an increase of only 5.4% in operational costs in R&D, S&M and G&A, which was offset in part by a decrease in net other operating income of 890 kEUR.

Revenues from our Materialise Software segment increased 16.8% to 30,122 kEUR for the year ended December 31, 2016 compared to 25,798 kEUR for the year ended December 31, 2015. This growth was driven by a 24.6% increase in recurrent sales from annual and renewed licenses and maintenance fees. The segment EBITDA margin was 33.6% in 2016, compared to 35.2% in 2015.

Revenues from our Materialise Medical segment grew by 8.8% for the year ended December 31, 2016 to 37,910 kEUR from 34,856 kEUR for the year ended December 31, 2015. Medical software growth was 7.4%, partner sales growth 4.2%, and direct sales growth 45.2%. The segment EBITDA margin increased to 2.4% from 1.2% primarily as a result of the combination of revenue growth of 8.8% and limited increases in operating expenses, partly offset by lower net other operating income, primarily due to lower income from project grants.

Revenues from our Materialise Manufacturing segment increased 12.1% to 46,406 kEUR for the year ended December 31, 2016 from 41,381 kEUR for the year ended December 31, 2015. Revenue from end parts increased by 27.7%. The segment EBITDA margin increased from 4.0% in 2015 to 8.3% in 2016, primarily as a result of steady production efficiency improvements.

Net loss increased from (2,860) kEUR for 2015 to a net loss of (3,019) kEUR for 2016.

2017 Guidance

Mr. Leys concluded, “The additive manufacturing market continues to evolve, particularly in the direction of end part production, and we intend to continue positioning Materialise to benefit from this promising growth market in the coming years. Our strategic priorities for 2017 are to sustain our leadership position in software through continued innovation and strategic partnerships; to drive the next stage of growth in our medical division through our focus on the hospital market; to continue increasing our manufacturing of end parts; and to enable the development of additive manufacturing in specific vertical markets. We anticipate delivering sales and Adjusted EBITDA margin expansion in 2017 while reinvesting efficiency gains in selected business development initiatives.

“For fiscal 2017, we expect to report consolidated revenue between 128,000 - 134,000 kEUR and Adjusted EBITDA between 10,500 - 13,500 kEUR. As the seasonality of our Materialise Manufacturing segment and our software businesses are expected to combine with the effects of the ramp up of the partnerships we entered into in the past months, we expect our financial results to be particularly strong in the third quarter and even stronger in the fourth quarter. We expect the amount of deferred revenue that Materialise generates from annual licenses and maintenance in 2017 to increase by an amount between 4,000 - 5,000 kEUR.”

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 1.0541, the reference rate of the European Central Bank on December 30, 2016.

Conference Call and Webcast

Materialise will hold a conference call and simultaneous webcast to discuss its financial results for the fourth quarter of 2016 today, February 24, 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 #55886457. 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 replay of the conference call will be available via telephone beginning approximately one hour after the call ends through Saturday, February 25, 2017. U.S. participants can access the replay by dialing 855-859-2056 and international participants can dial 404-537-3406. The access code for the replay is #55886457. 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, 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 April 28, 2016. 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

Consolidated income statements (Unaudited)

                               

 

           

For the twelve month

     

For the three months ended

   

period ended 31

     

31 December

   

December

(in thousands, except EPS)

   

2016

   

2016

   

2015

   

2016

   

2015

 

     

U.S.$

   

euros

   

euros

   

euros

   

euros

 
                               

 

Revenue

   

33,180

     

31,477

     

28,032

     

114,477

     

102,035

 

Cost of sales

   

(13,554

)

   

(12,858

)

   

(11,456

)

   

(46,706

)

   

(42,963

)

Gross profit

   

19,626

     

18,619

     

16,576

     

67,771

     

59,072

 
           

59.2

%

   

59.1

%

   

59.2

%

   

57.9

%

                               

 

Research and development expenses

   

(4,386

)

   

(4,161

)

   

(4,742

)

   

(17,682

)

   

(18,186

)

Sales and marketing expenses

   

(10,020

)

   

(9,506

)

   

(9,340

)

   

(36,153

)

   

(36,832

)

General and administrative expenses

   

(5,077

)

   

(4,816

)

   

(3,767

)

   

(20,041

)

   

(15,045

)

Other operating income

   

1,875

     

1,779

     

2,205

     

6,212

     

7,102

 

Other operating expenses

   

-

 

   

-

 

   

-

 

   

-

 

   

-

 

Operating profit

   

2,018

     

1,915

     

932

     

107

     

(3,889

)

                               

 

Financial expenses

   

(790

)

   

(749

)

   

(362

)

   

(2,437

)

   

(2,470

)

Financial income

   

1,056

     

1,002

     

718

     

2,039

     

3,511

 

Share in loss of joint venture

   

(685

)

   

(650

)

   

(153

)

   

(1,018

)

   

(401

)

     

 

   

 

   

 

   

 

   

 

 

Profit (loss) before taxes

   

1,599

     

1,518

     

1,135

     

(1,309

)

   

(3,249

)

                               

 

Income taxes

   

(947

)

   

(898

)

   

1,010

     

(1,710

)

   

389

 
     

 

   

 

   

 

   

 

   

 

 

Net profit (loss)

   

652

 

   

620

 

   

2,145

 

   

(3,019

)

   

(2,860

)

                               

 

Net profit (loss) attributable to:

                               

The owners of the parent

   

652

     

620

     

2,145

     

(3,019

)

   

(2,807

)

Non-controlling interest

   

-

     

-

     

-

     

-

     

(53

)

                               

 

Earnings per share attributable to

                               

ordinary owners of the parent

                               

Basic

   

.01

     

.01

     

.05

     

(0.06

)

   

(0.06

)

Diluted

   

.01

     

.01

     

.05

     

(0.06

)

   

(0.06

)

                               

 

                               

 

Weighted average basic

   

47,325

     

47,325

     

47,271

     

47,325

     

47,224

 

Weighted average with effect dilution

   

47,325

     

47,325

     

47,779

     

47,325

     

47,224

 
                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statements of comprehensive income (Unaudited)

   

 

 

 

 

                   

(in thousands, except EPS)

                             
           

For the twelve month

     

For the three months ended

   

period ended 31

     

31 December

   

December

     

2016

   

2016

   

2015

   

2016

   

2015

     

U.S.$

   

euros

   

euros

   

euros

   

euros

                             

 

                             

 

Net profit (loss) for the period

   

652

   

620

   

2,145

 

   

(3,019

)

   

(2,860

)

Other comprehensive income (loss)

                             

Exchange differences on translation of foreign operations

   

69

   

65

   

(135

)

   

(1,834

)

   

624

 

Other comprehensive income (loss), net of taxes

   

69

   

65

   

(135

)

   

(1,834

)

   

624

 

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

   

721

   

685

   

2,010

 

   

(4,853

)

   

(2,236

)

                             

 

Total comprehensive income (loss) attributable to:

                             

The owners of the parent

   

721

   

685

   

2,010

     

(4,853

)

   

(2,183

)

Non-controlling interest

   

-

   

-

   

-

     

-

     

(53

)

                                   

 

 

 

 

 

Consolidated statements of financial position (Unaudited)

   

 

 

 

 

 
     

31 December

   

31 December

     

2016

   

2015*

(in thousand euros)

           

 

           

Assets

           

 

           

Non-current assets

           

Goodwill

   

8,860

     

9,664

Intangible assets

   

9,765

     

9,657

Property, plant & equipment

   

45,063

     

38,400

Investments in joint ventures

   

-

     

1,018

Deferred tax assets

   

336

     

1,092

Other financial assets

   

388

 

   

356

Total non-current assets

   

64,412

     

60,187

           

 

Current assets

           

Inventory

   

7,870

     

5,387

Trade receivables

   

27,479

     

22,843

Held to maturity investments

   

-

     

-

Other current assets

   

6,247

     

4,993

Cash and cash equivalents

   

55,912

 

   

50,726

Total current assets

   

97,508

     

83,949

     

 

   

 

Total assets

   

161,920

 

   

144,136

           

 

Equity and liabilities

           
           

 

Equity

           

Share capital

   

2,729

     

2,729

Share premium

   

79,019

     

78,098

Consolidated reserves

   

(1,603

)

   

1,407

Treasury shares

   

-

     

-

Other comprehensive income

   

(1,112

)

   

721

Equity attributable to the owners of the parent

   

79,033

     

82,955

Non-controlling interest

   

-

 

   

-

Total equity

   

79,033

     

82,955

           

 

Non-current liabilities

           

Loans & borrowings

   

28,267

     

16,607

Deferred tax liabilities

   

1,325

     

2,068

Deferred income*

   

3,588

     

1,905

Other non-current liabilities

   

1,873

 

   

2,244

Total non-current liabilities

   

35,053

     

22,824

           

 

Current liabilities

           

Loans & borrowings

   

5,539

     

4,482

Trade payables

   

13,400

     

9,712

Tax payables

   

926

     

255

Deferred income*

   

17,822

     

14,696

Other current liabilities

   

10,147

 

   

9,212

Total current liabilities

   

47,834

     

38,357

     

 

   

 

Total equity and liabilities

   

161,920

 

   

144,136

     

 

   

 

(*) Through September, 30 2016, Materialise NV and its subsidiaries (the "Group") presented all deferred income associated with maintenance and license contracts and project contracts as a current liability while a portion of such deferred income relates to contractual periods that are more than 12 months after the reporting date and therefore such portion should have been presented as non current. The Group has an increasing volume of software and project contracts with a contractual term of more than 12 months. For the financial reporting year ended December 31, 2016, the Group is presenting portions of its deferred income associated with such contracts as current and non-current liabilities. This presentation has been applied retroactively for the financial reporting year ended December 31, 2015.

 

 

 

 

 

 

 

Consolidated cash flow statements (Unaudited)

           

 

     

For the twelve month period

     

ended

(in thousand euros)

   

31 December

     

2016

   

2015

     

euros

   

euros

Operating activities

           
           

 

Net profit for the period

   

-3,019

   

-2,860

           

 

Non-cash and operational adjustments

           

Depreciation of property, plant & equipment

   

6,420

   

5,122

Amortization of intangible assets

   

1,954

   

1,585

Impairment of goodwill

   

-

   

104

Share-based payment expense

   

977

   

769

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

   

-149

   

-62

Movement in provisions

   

18

   

-116

Movement in allowance for bad debt

   

77

   

254

Financial income

   

-172

   

-413

Financial expense

   

983

   

901

Impact of foreign currencies

   

-400

   

-1,530

Share of loss of an associate or joint venture (equity method)

   

1,018

   

401

Deferred tax expense (income)

   

374

   

-761

Income taxes

   

1,338

   

373

Fair value adjustment contingent consideration

   

-455

   

-

Other

   

-78

   

-

Working capital adjustments

           

Increase in trade receivables and other receivables

   

-6,465

   

-6,645

Decrease (Increase) in inventories

   

-2,482

   

-1,671

Increase in trade payables and other payables

   

9,086

   

7,148

     

9,025

   

2,599

           

 

Income tax paid

   

-530

   

-246

     

 

   

 

Net cash flow from operating activities

   

8,495

   

2,353

           

 

Investing activities

           
           

 

Purchase of property, plant & equipment

   

-12,824

   

-8,907

Purchase of intangible assets

   

-1,755

   

-1,641

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

   

1,928

   

338

Acquisition of subsidiary

   

-

   

-1,619

Investments in joint ventures

   

-

   

-1,000

Proceeds from held to maturity investments

   

-

   

10,000

Interest received

   

11

   

35

     

 

   

 

Net cash flow used in investing activities

   

-12,640

   

-2,794

           

 

Financing activities

           
           

 

Proceeds from loans & borrowings and convertible debt

   

14,669

   

5,672

Repayment of loans & borrowings

   

-2,796

   

-4,711

Repayment of finance leases

   

-1,898

   

-1,546

Proceeds from the exercise of warrants

   

-

   

95

Purchase of non-controlling interest

   

-

   

-1,377

Capital increase in parent company

   

-

   

580

Interest paid

   

-630

   

-589

Other financial income / (expense)

   

-79

   

88

     

 

   

 

Net cash flow from financing activities

   

9,266

   

-1,788

           

 

Net increase of cash and cash equivalents

   

5,121

   

-2,229

Cash and cash equivalents at beginning of period

   

50,726

   

51,019

Exchange rate differences on cash & cash equivalents

   

65

   

1,936

Cash & cash equivalents at end of period

   

55,912

   

50,726

           

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 
     

For the three months

   

For the twelve months

     

ended

   

ended

(in thousands)

   

31 December

   

31 December

     

2016

   

2015

   

2016

   

2015

     

euros

   

euros

   

euros

   

euros

                       

 

                       

 

Net profit / (loss)

   

620

 

   

2,145

 

   

(3,019

)

   

(2,860

)

                       

 

Income taxes

   

898

     

(1,010

)

   

1,710

     

(389

)

Financial expenses

   

749

     

362

     

2,437

     

2,470

 

Financial income

   

(1,002

)

   

(718

)

   

(2,039

)

   

(3,511

)

Share in loss of a joint venture

   

650

     

153

     

1018

     

401

 

Depreciation & amortization

   

2,280

     

1,933

     

8,374

     

6,810

 
                       

 

EBITDA

   

4,195

 

   

2,865

 

   

8,481

 

   

2,921

 

                       

 

Non-cash stock-based compensation expenses (1)

   

260

     

114

     

977

     

766

 
                       

 

Adjusted EBITDA

   

4,455

 

   

2,979

 

   

9,458

 

   

3,687

 

 

   

(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)

                                   

 

 

   

Materialise

   

Materialise

   

Materialise

   

Total

   

Adjustments &

     

In thousands euros

   

Software

   

Medical

   

Manufacturing

   

segments

   

eliminations

   

Consolidated

                                   

 

For the three month period ended 31 December 2016

                                   

Revenues

   

8,078

     

10,061

     

13,326

     

31,465

     

12

     

31,477

 

Segment EBITDA

   

2,949

 

   

656

 

   

1,438

 

   

5,043

 

   

(848

)

   

4,195

 

Segment EBITDA %

   

36.5

%

   

6.5

%

   

10.8

%

   

16.0

%

         

13.3

%

                                   

 

For the three month period ended 31 December 2015

                                   

Revenues

   

7,301

     

9,570

     

11,161

     

28,032

     

-

     

28,032

 

Segment EBITDA

   

2,706

 

   

747

 

   

1,033

 

   

4,486

 

   

(1,621

)

   

2,865

 

Segment EBITDA %

   

37.1

%

   

7.8

%

   

9.3

%

   

16.0

%

         

10.2

%

                                   

 

                                   

 

For the twelve month period ended 31 December 2016

                                   

Revenues

   

30,122

     

37,910

     

46,406

     

114,438

     

39

     

114,477

 

Segment EBITDA

   

10,130

 

   

894

 

   

3,848

 

   

14,872

 

   

(6,391

)

   

8,481

 

Segment EBITDA %

   

33.6

%

   

2.4

%

   

8.3

%

   

13.0

%

         

7.4

%

                                   

 

For the twelve month period ended 31 December 2015

                                   

Revenues

   

25,798

     

34,856

     

41,381

     

102,035

     

-

     

102,035

 

Segment EBITDA

   

9,093

 

   

422

 

   

1,645

 

   

11,160

 

   

(8,239

)

   

2,921

 

Segment EBITDA %

   

35.2

%

   

1.2

%

   

4.0

%

   

10.9

%

         

2.9

%

                                             

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands of euros)

   

For the three months ended December 31

   

For the twelve months ended December 31

     

2016

   

2015

   

2016

   

2015

                       

 

Net profit/(loss)

   

620

   

2,145

   

-3,019

   

-2,860

                       

 

Income taxes

   

898

   

-1,010

   

1,710

   

-389

Finance costs

   

749

   

362

   

2,437

   

2,470

Finance income

   

-1,002

   

-718

   

-2,039

   

-3,511

Share in loss of joint venture

   

650

   

153

   

1,018

   

401

                       

 

Operating profit

   

1,915

   

932

   

107

   

-3,889

                       

 

Depreciation & amortization

   

2,280

   

1,933

   

8,374

   

6,810

Corporate research and development

   

472

   

784

   

1,673

   

2,955

Corporate headquarter costs

   

1,781

   

2,027

   

8,646

   

9,700

Other operating income (expense)

   

-1,405

   

-1,190

   

-3,928

   

-4,416

                       

 

Segment EBITDA

   

5,043

   

4,486

   

14,872

   

11,160

 

View source version on businesswire.com: http://www.businesswire.com/news/home/20170224005085/en/

Source: Materialise NV

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

 

 

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