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 three months
|
For the twelve
|
||||||||||
(in thousands, except per share amounts) | 2017 | 2017 | 2016 | 2017 | 2016 | ||||||
U.S.$ | € | € | € | € | |||||||
Revenue | 53,648 | 44,733 | 31,477 | 142,573 | 114,477 | ||||||
Cost of sales | (24,808) | (20,685) | (12,858) | (62,787) | (46,706) | ||||||
Gross profit | 28,840 | 24,048 | 18,619 | 79,786 | 67,771 | ||||||
Gross profit as % of revenue | 53.8% | 53.8% | 59.2% | 56.0% | 59.2% | ||||||
Research and development expenses | (6,638) | (5,535) | (4,161) | (19,959) | (17,682) | ||||||
Sales and marketing expenses | (12,879) | (10,739) | (9,506) | (39,109) | (36,153) | ||||||
General and administrative expenses | (9,929) | (8,279) | (4,816) | (25,484) | (20,041) | ||||||
Net other operating income (expenses) | 2,364 | 1,971 | 1,779 | 5,631 | 6,212 | ||||||
Operating (loss) profit | 1,758 | 1,466 | 1,915 | 865 | 107 | ||||||
Financial expenses | (1,720) | (1,434) | (749) | (4,728) | (2,437) | ||||||
Financial income | 1,293 | 1,078 | 1,002 | 3,210 | 2,039 | ||||||
Share in loss of joint venture | 152 | 127 | (650) | (469) | (1,018) | ||||||
(Loss) profit before taxes | 1,483 | 1,237 | 1,518 | (1,122) | (1,309) | ||||||
Income taxes | 349 | 291 | (898) | (534) | (1,710) | ||||||
Net (loss) profit of the period | 1,832 | 1,528 | 620 | (1,656) | (3,019) | ||||||
Net (loss) profit attributable to: | |||||||||||
The owners of the parent | 1,832 | 1,528 | 620 | (1,656) | (3,019) | ||||||
Non-controlling interest | − | − | − | − | − | ||||||
Earnings per share attributable to the owners of the parent | |||||||||||
Basic | 0.04 | 0.03 | 0.01 | (0.03) | (0.06) | ||||||
Diluted | 0.04 | 0.03 | 0.01 | (0.03) | (0.06) | ||||||
Weighted average basic shares outstanding | 47,325 | 47,325 | 47,325 | 47,325 | 47,325 | ||||||
Weighted average diluted shares outstanding | 48,467 | 48,467 | 47,325 | 47,325 | 47,325 | ||||||
Consolidated statements of comprehensive income (Unaudited) |
|||||||||||
For the three months
|
For the twelve
|
||||||||||
(in thousands) | 2017 | 2017 | 2016 | 2017 | 2016 | ||||||
U.S.$ | € | € | € | € | |||||||
Net profit (loss) for the period | 1,832 | 1,528 | 620 | (1,656) | (3,019) | ||||||
Other comprehensive income | |||||||||||
Exchange difference on translation of foreign operations | (252) | (210) | 65 | (691) | (1,833) | ||||||
Other comprehensive income (loss), net of taxes | (252) | (210) | 65 | (691) | (1,833) | ||||||
Total comprehensive income (loss) for the year, net of taxes | 1,580 | 1,319 | 685 | (2,347) | (4,852) | ||||||
Total comprehensive income (loss) attributable to: | |||||||||||
The owners of the parent | 1,580 | 1,319 | 685 | (2,347) | (4,852) | ||||||
Non-controlling interest | − | − | − | − | − | ||||||
Consolidated statements of financial position (Unaudited) |
|||||
As of December 31 | |||||
(in thousands) | 2017 | 2016 | |||
€ | € | ||||
Assets | |||||
Non-current assets |
|||||
Goodwill |
18,447 |
8,860 | |||
Intangible assets |
28,646 |
9,765 | |||
Property, plant & equipment | 86,881 | 45,063 | |||
Investments in joint ventures | 31 | − | |||
Deferred tax assets | 304 | 336 | |||
Other non-current assets | 3,667 | 2,154 | |||
Total non-current assets |
137,976 |
66,178 | |||
Current assets |
|||||
Inventories and contracts in progress | 11,594 | 7,870 | |||
Trade receivables | 35,582 | 27,479 | |||
Other current assets | 9,212 | 4,481 | |||
Cash and cash equivalents | 43,175 | 55,912 | |||
Total current assets | 99,563 | 95,742 | |||
Total assets |
237,539 |
161,920 | |||
As of December 31 | |||||
(in thousands) | 2017 | 2016 | |||
€ | € | ||||
Equity and liabilities | |||||
Equity | |||||
Share capital | 2,729 | 2,729 | |||
Share premium | 79,839 | 79,019 | |||
Consolidated reserves | (3,250) | (1,603) | |||
Other comprehensive income | (1,803) | (1,112) | |||
Equity attributable to the owners of the parent | 77,515 | 79,033 | |||
Non-controlling interest | − | − | |||
Total equity | 77,515 | 79,033 | |||
Non-current liabilities |
|||||
Loans & borrowings | 81,788 | 28,267 | |||
Deferred tax liabilities |
7,006 |
1,325 | |||
Deferred income | 5,040 | 3,588 | |||
Other non-current liabilities | 1,904 | 1,873 | |||
Total non-current liabilities |
95,738 |
35,053 | |||
Current liabilities |
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Loans & borrowings | 12,769 | 5,539 | |||
Trade payables | 15,670 | 13,400 | |||
Tax payables | 3,560 | 926 | |||
Deferred income | 18,791 | 17,822 | |||
Other current liabilities | 13,496 | 10,147 | |||
Total current liabilities |
64,286 | 47,834 | |||
Total equity and liabilities |
237,539 |
161,920 | |||
Consolidated statements of cash flows (Unaudited) |
|||||
For the twelve
|
|||||
(in thousands) | 2017 | 2016 | |||
€ | € | ||||
Operating activities | |||||
Net (loss) profit of the period | (1,656) | (3,019) | |||
Non-cash and operational adjustments | |||||
Depreciation of property, plant & equipment | 8,630 | 6,420 | |||
Amortization of intangible assets | 4,001 | 1,954 | |||
Share-based payment expense | 1,033 | 977 | |||
Loss (gain) on disposal of property, plant & equipment | 25 | (149) | |||
Fair value contingent liabilities | − | (455) | |||
Movement in provisions | 61 | 18 | |||
Movement reserve for bad debt | 502 | 77 | |||
Financial income | (381) | (172) | |||
Financial expense | 1,597 | 983 | |||
Impact of foreign currencies | 302 | (400) | |||
Share in loss of a joint venture (equity method) | 469 | 1,018 | |||
(Deferred) Income taxes | 534 | 1,712 | |||
Other | (22) | (78) | |||
Working capital adjustment & income tax paid | |||||
Increase in trade receivables and other receivables |
(6,510) |
(6,465) | |||
Decrease (increase) in inventories | (984) | (2,482) | |||
Increase in trade payables and other payables | 3,854 | 9,086 | |||
Income tax paid | (1,569) | (530) | |||
Net cash flow from operating activities |
9,886 |
8,495 | |||
For the twelve
|
|||||
(in thousands) | 2017 | 2016 | |||
€ | € | ||||
Investing activities | |||||
Purchase of property, plant & equipment | (27,668) | (12,237) | |||
Purchase of intangible assets | (4,345) | (2,342) | |||
Proceeds from the sale of property, plant & equipment & intangible assets (net) | 221 | 1,928 | |||
Acquisition of subsidiary |
(27,173) |
− | |||
Investments in joint-ventures | (500) | − | |||
Interest received | 281 | 11 | |||
Net cash flow used in investing activities |
(59,184) |
(12,640) | |||
Financing activities | |||||
Proceeds from loans & borrowings | 54,319 | 14,669 | |||
Repayment of loans & borrowings | (11,904) | (2,796) | |||
Repayment of finance leases | (2,947) | (1,898) | |||
Interest paid | (955) | (630) | |||
Other financial income (expense) | (472) | (79) | |||
Net cash flow from (used in) financing activities | 38,041 | 9,266 | |||
Net increase of cash & cash equivalents | (11,257) | 5,121 | |||
Cash & cash equivalents at beginning of the year | 55,912 | 50,726 | |||
Exchange rate differences on cash & cash equivalents | (1,480) | 65 | |||
Cash & cash equivalents at end of the year | 43,175 | 55,912 | |||
Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA (Unaudited) |
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For the three months
|
For the twelve
|
||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | |||||
€ | € | € | € | ||||||
Net profit (loss) for the period | 1,528 | 620 | (1,656) | (3,019) | |||||
Income taxes | (291) | 898 | 534 | 1,710 | |||||
Financial expenses | 1,434 | 749 | 4,728 | 2,437 | |||||
Financial income | (1,078) | (1,002) | (3,210) | (2,039) | |||||
Share in loss of joint venture | (127) | 650 | 469 | 1,018 | |||||
Depreciation and amortization | 4,489 | 2,280 | 12,631 | 8,374 | |||||
EBITDA | 5,955 | 4,195 | 13,496 | 8,481 | |||||
Non-cash stock-based compensation expense (1) | 36 | 260 | 1,033 | 977 | |||||
Acquisition-related expenses of business combinations | 343 | − | 609 | − | |||||
ADJUSTED EBITDA | 6,334 | 4,455 | 15,138 | 9,458 | |||||
(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) |
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(in thousands) |
Materialise
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Total
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Unallocated |
Consoli-
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€ | € | € | € | € | € | ||||||||
For the three months ended December 31, 2017 | |||||||||||||
Revenues | 10,468 | 11,842 | 22,394 | 44,704 | 29 | 44,733 | |||||||
Segment EBITDA | 4,619 | 2,158 | 1,905 | 8,682 | (2,727) | 5,955 | |||||||
Segment EBITDA % |
44.1% | 18.2% | 8.5% | 19.4% | 13.3% | ||||||||
For the three months ended December 31, 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% | ||||||||
(in thousands) |
Materialise
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Materialise
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Materialise
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Total
|
Unallocated |
Consoli-
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€ | € | € | € | € | € | ||||||||
For the twelve months ended December 31, 2017 | |||||||||||||
Revenues | 35,770 | 42,841 | 63,712 | 142,323 | 250 | 142,573 | |||||||
Segment EBITDA | 13,926 | 4,400 | 4,967 | 23,293 | (9,797) | 13,496 | |||||||
Segment EBITDA % |
38.9% | 10.3% | 7.8% | 16.4% | 9.5% | ||||||||
For the twelve months ended December 31, 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% | ||||||||
Reconciliation of Net Profit (Loss) to Segment EBITDA (Unaudited) |
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For the three months
|
For the twelve
|
||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | |||||
€ | € | € | € | ||||||
Net profit (loss) for the period | 1,528 | 620 | (1,656) | (3,019) | |||||
Income taxes | (291) | 898 | 534 | 1,710 | |||||
Finance cost | 1,434 | 749 | 4,728 | 2,437 | |||||
Finance income | (1,078) | (1,002) | (3,210) | (2,039) | |||||
Share in loss of joint venture | (127) | 650 | 469 | 1,018 | |||||
Operating profit | 1,466 | 1,915 | 865 | 107 | |||||
Depreciation and amortization | 4,489 | 2,280 | 12,631 | 8,374 | |||||
Corporate research and development | 490 | 472 | 2,017 | 1,673 | |||||
Corporate headquarter costs | 2,706 | 1,781 | 9,690 | 8,646 | |||||
Other operating income (expense) | (469) | (1,405) | (1,910) | (3,928) | |||||
Segment EBITDA | 8,682 | 5,043 | 23,293 | 14,872 |