Materialise Reports First Quarter 2019 Results

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 ended March 31,									For the three months ended March 31,
In 000	2019			2019			2018			2019			2018
	U.S.$			€			€			€			€

Revenue		52,934			47,115			43,899			47,115			43,899
Cost of sales		(24,195	)		(21,536	)		(19,944	)		(21,536	)		(19,944	)
Gross profit		28,739			25,579			23,955			25,579			23,955
Gross profit as % of revenue		54,3	%		54,3	%		54.6	%		54,3	%		54.6	%

Research and development expenses		(6,388	)		(5,686	)		(5,615	)		(5,686	)		(5,615	)
Sales and marketing expenses		(13,571	)		(12,079	)		(10,599	)		(12,079	)		(10,599	)
General and administrative expenses		(8,534	)		(7,596	)		(7,160	)		(7,596	)		(7,160	)
Net other operating income (expenses)		1,412			1,258			549			1,258			549
Operating (loss) profit		1,658			1,476			1,130			1,476			1,130

Financial expenses		(1,344	)		(1,196	)		(1,550	)		(1,196	)		(1,550	)
Financial income		679			604			840			604			840
Share in loss of joint venture		(139	)		(123	)		(103	)		(123	)		(103	)
(Loss) profit before taxes		854			761			317			761			317

Income taxes		(1,196	)		(1,065	)		(500	)		(1,065	)		(500	)
Net (loss) profit for the period		(342	)		(304	)		(183	)		(304	)		(183	)
Net (loss) profit attributable to:
The owners of the parent		(342	)		(304	)		(183	)		(304	)		(183	)
Non-controlling interest		–			–			–			–			–

Earnings per share attributable to owners of the parent
Basic		(0.01	)		(0.01	)		0.00			(0.01	)		0.00
Diluted		(0.01	)		(0.01	)		0.00			(0.01	)		0.00

Weighted average basic shares outstanding		52,891			52,891			47,428			52,891			47,428
Weighted average diluted shares outstanding		52,891			52,891			47,428			52,891			47,428

Consolidated statements of comprehensive income (Unaudited)

	For the three months ended March 31,									For the three months ended March 31,
In 000	2019			2019			2018			2019			2018
	U.S.$			€			€			€			€

Net profit (loss) for the period		(342	)		(304	)		(183	)		(304	)		(183	)
Other comprehensive income
Exchange difference on translation of foreign operations		661			588			(95	)		588			(95	)
Other comprehensive income (loss), net of taxes		661			588			(95	)		588			(95	)
Total comprehensive income (loss) for the year, net of taxes		319			284			(278	)		284			(278	)
Total comprehensive income (loss) attributable to:
The owners of the parent		319			284			(278	)		284			(278	)
Non-controlling interest		–			–			–			–			–

Consolidated statement of financial position (Unaudited)

	As of March 31,		As of December 31,
In 000	2019		2018
	€		€
Assets

Non-current assets
Goodwill		17,680		17,491
Intangible assets		26,189		26,326
Property, plant & equipment		97,120		92,537
Investments in joint ventures
Deferred tax assets		257		315
Other non-current assets		9,388		7,237
Total non-current assets		150,634		143,906

Current assets
Inventories		11,203		9,986
Trade receivables		39,397		36,891
Other current assets		7,172		6,936
Cash and cash equivalents		111,052		115,506
Total current assets		168,824		169,319
Total assets		319,458		313,225

	As of March 31,			As of December 31,
In 000	2019			2018
	€			€
Equity and liabilities
Equity
Share capital		3,050			3,050
Share premium		136,741			136,637
Consolidated reserves		(2,152	)		(1,848	)
Other comprehensive income		(1,262	)		(1,850	)
Equity attributable to the owners of the parent		136,377			135,989
Non-controlling interest		–			–
Total equity		136,377			135,989

Non-current liabilities
Loans & borrowings		93,638			92,440
Deferred tax liabilities		6,484			6,226
Deferred income		4,813			4,587
Other non-current liabilities		585			868
Total non-current liabilities		105,520			104,121

Current liabilities
Loans & borrowings		15,517			13,598
Trade payables		17,128			18,667
Tax payables		2,730			2,313
Deferred income		26,476			23,195
Other current liabilities		15,710			15,342

Total current liabilities		77,561			73,115
Total equity and liabilities		319,458			313,225

Consolidated statement of cash flows (Unaudited)

	For the three months ended March 31,
in 000	2019		2018
	€		€
Operating activities
Net (loss) profit for the period	(304	)	(183	)
Non-cash and operational adjustments
Depreciation of property, plant & equipment	3,429		2,700
Amortization of intangible assets	1,101		1,305
Share-based payment expense	(177	)	89
Loss (gain) on disposal of property, plant & equipment	51		–
Movement in provisions	14		(16	)
Movement reserve for bad debt	(136	)	84
Financial income	(60	)	(667	)
Financial expense	583		1,067
Impact of foreign currencies	83		310
Share in loss of a joint venture (equity method)	124		103
(Deferred) income taxes	1,065		501
Other	35		(88	)
Working capital adjustment & income tax paid
Increase in trade receivables and other receivables	(2,393	)	(4,372	)
Decrease (increase) in inventories	(1,200	)	1,147
Increase in trade payables and other payables	2,251		5,027
Income tax paid	(385	)	(807	)
Net cash flow from operating activities	4,081		6,200

	For the three months ended March 31,
in 000	2019		2018
	€		€
Investing activities
Purchase of property, plant & equipment	(2,657	)	(4,275	)
Purchase of intangible assets	(575	)	(324	)
Proceeds from the sale of property, plant & equipment & intangible assets (net)	–		20
Convertible loan to third party	(2,500	)	–
Investments in joint-ventures	–		–
Interest received	53		14
Net cash flow used in investing activities	(5,679	)	(4,565	)

Financing activities
Proceeds from loans & borrowings	1,500		12,413
Repayment of loans & borrowings	(2,543	)	(11,388	)
Repayment of finance leases	(1,399	)	(760	)
Capital increase	–		207
Interest paid	(503	)	(404	)
Other financial income (expense)	(110	)	5
Net cash flow from (used in) financing activities	(3,055	)	73

Net increase of cash & cash equivalents	(4,653	)	1,708
Cash & cash equivalents at beginning of the year	115,506		43,175
Exchange rate differences on cash & cash equivalents	199		(186	)
Cash & cash equivalents at end of the year	111,052		44,697

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

	For the three months ended March 31,						For the three months ended March 31,
In 000	2019			2018			2019			2018
	€			€			€			€

Net profit (loss) for the period		(304	)		(183	)		(304	)		(183	)

Income taxes		1,065			500			1,065			500
Financial expenses		1,196			1,550			1,196			1,550
Financial income		(604	)		(840	)		(604	)		(840	)
Share in loss of joint venture		123			103			123			103
Depreciation and amortization		4,530			4,006			4,530			4,006

EBITDA		6,006			5,136			6,006			5,136

Non-cash stock-based compensation expense (1)		(177	)		88			(177	)		88
Acquisition-related expenses business combinations		–			–			–			–

ADJUSTED EBITDA		5,829			5,224			5,829			5,224

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