Consolidated statement of cash flows (Unaudited) |
||||
|
|
|
|
|
|
|
For the three months ended March
|
||
in 000 |
|
2020 |
|
2019 |
|
|
€ |
|
€ |
Operating activities |
|
|
|
|
Net (loss) profit for the period |
|
(2,853) |
|
(304) |
Non-cash and operational adjustments |
|
|
|
|
Depreciation of property, plant & equipment |
|
3,600 |
|
3,429 |
Amortization of intangible assets |
|
1,115 |
|
1,101 |
Share-based payment expense |
|
(75) |
|
(177) |
Loss (gain) on disposal of property, plant & equipment |
|
16 |
|
51 |
Movement in provisions |
|
(3) |
|
14 |
Movement reserve for bad debt |
|
221 |
|
(136) |
Financial income |
|
(500) |
|
(60) |
Financial expense |
|
1,821 |
|
583 |
Impact of foreign currencies |
|
|
|
83 |
Share in loss of a joint venture (equity method) |
|
39 |
|
124 |
(Deferred) income taxes |
|
454 |
|
1,065 |
Other |
|
147 |
|
35 |
Working capital adjustment & income tax paid |
|
|
|
|
Decrease (increase) in trade receivables and other receivables |
|
1,582 |
|
(2,393) |
Decrease (increase) in inventories |
|
(3) |
|
(1,200) |
Increase (decrease) in trade payables and other payables |
|
2,300 |
|
2,251 |
Income tax paid |
|
(588) |
|
(385) |
Net cash flow from operating activities |
|
7.273 |
|
4,081 |
|
|
|
|
|
|
|
For the three months ended March
|
||
in 000 |
|
2020 |
|
2019 |
|
|
€ |
|
€ |
Investing activities |
|
|
|
|
Purchase of property, plant & equipment |
|
(2,575) |
|
(2,657) |
Purchase of intangible assets |
|
(478) |
|
(575) |
Proceeds from the sale of property, plant & equipment & intangible assets |
|
69 |
|
– |
Convertible loan to third party |
|
(300) |
|
(2,500) |
Investments in joint-ventures |
|
– |
|
– |
Interest received |
|
– |
|
53 |
Net cash flow used in investing activities |
|
(3,284) |
|
(5,679) |
|
|
|
|
|
Financing activities |
|
|
|
|
Proceeds from loans & borrowings |
|
|
|
1,500 |
Repayment of loans & borrowings |
|
(2,585) |
|
(2,543) |
Repayment of finance leases |
|
(1,016) |
|
(1,399) |
Interest paid |
|
(634) |
|
(503) |
Other financial income (expense) |
|
(138) |
|
(110) |
Net cash flow from (used in) financing activities |
|
(4,373) |
|
(3,055) |
|
|
|
|
|
Net increase of cash & cash equivalents |
|
(383) |
|
(4,653) |
Cash & cash equivalents at beginning of the year |
|
128,897 |
|
115,506 |
Exchange rate differences on cash & cash equivalents |
|
(1,379) |
|
199 |
Cash & cash equivalents at end of the year |
|
127,135 |
|
111,052 |
Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA (Unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
|
|
|
|
|
|
For the three months ended March 31, |
|
|||||||||||
In 000 |
|
2020 |
|
|
2019 |
|
|
|
|
|
2020 |
|
|
2019 |
|
|||||
|
|
€ |
|
|
€ |
|
|
|
|
|
€ |
|
|
€ |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net profit (loss) for the period |
|
|
(2,853) |
|
|
|
(304) |
|
|
|
|
|
|
|
(2,853) |
|
|
|
(304) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
457 |
|
|
|
1,065 |
|
|
|
|
|
|
|
457 |
|
|
|
1,065 |
|
Financial expenses |
|
|
1,821 |
|
|
|
1,196 |
|
|
|
|
|
|
|
1,821 |
|
|
|
1,196 |
|
Financial income |
|
|
(500 |
) |
|
|
(604 |
) |
|
|
|
|
|
|
(500) |
|
|
|
(604 |
|
Share in loss of joint venture |
|
|
39 |
|
|
|
123 |
|
|
|
|
|
|
|
39 |
|
|
|
123 |
|
Depreciation and amortization |
|
|
4,715 |
|
|
|
4,530 |
|
|
|
|
|
|
|
4,715 |
|
|
|
4,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
3,678 |
|
|
|
6,006 |
|
|
|
|
|
|
|
3,678 |
|
|
|
6,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based compensation expense (1) |
|
|
(75) |
|
|
|
(177) |
|
|
|
|
|
|
|
(75) |
|
|
|
(177) |
|
Acquisition-related expenses business combinations |
|
|
– |
|
|
|
– |
|
|
|
|
|
|
|
– |
|
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA |
|
|
3,603 |
|
|
|
5,829 |
|
|
|
|
|
|
|
3,603 |
|
|
|
5,829 |
|
|
(1) |
Non-cash share-based compensation expenses represent the cost of equity-settled and cash-settled share-based payments to employees. |
Segment P&L (Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
In 000 |
|
Materialise Software |
|
Materialise Medical |
|
Materialise Manufact- uring |
|
Total segments |
|
Unallocated (1)(2) |
|
Consoli- dated |
|
|
€
|
|
€
|
|
€
|
|
€
|
|
€
|
|
€
|
For the three months ended March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
9,821 |
|
15,645 |
|
20,815 |
|
46,281 |
|
(36) |
|
46,245 |
Segment adjusted EBITDA |
|
2,645 |
|
2,455 |
|
1,118 |
|
6,218 |
|
(2,615) |
|
3,603 |
|
|
|
|
|
|
|
||||||
Segment adjusted EBITDA % |
|
26.9% |
|
15.7% |
|
5.4% |
|
13.4% |
|
|
|
7.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended March 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
9,350 |
|
13,566 |
|
24,184 |
|
47,100 |
|
15 |
|
47,115 |
Segment adjusted EBITDA |
|
2,961 |
|
1,773 |
|
3,695 |
|
8,429 |
|
(2,600) |
|
5,829 |
|
|
|
|
|
|
|
||||||
Segment adjusted EBITDA % |
|
31.7% |
|
13.1% |
|
15.3% |
|
17.9% |
|
|
|
12.4% |
(1) |
Unallocated Revenues consist of occasional one-off sales by our core competencies not allocated to any of our segments. | |
(2) |
Unallocated segment EBITDA consists of corporate research and development, corporate headquarter costs and other operating income (expense), and the added non-cash share-based compensation expenses and acquisition related expenses of business combinations that are included in Adjusted EBITDA. |
Reconciliation of Net Profit (Loss) to Segment EBITDA (Unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended March 31, |
|
|
|
|
|
For the three months ended March 31, |
|
|||||||||||
In 000 |
|
2020 |
|
|
2019 |
|
|
|
|
|
2020 |
|
|
2019 |
|
|||||
|
|
€ |
|
|
€ |
|
|
|
|
|
€ |
|
|
€ |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net profit (loss) for the period |
|
|
(2,853) |
|
|
|
(304) |
|
|
|
|
|
|
|
(2,853) |
|
|
|
(304) |
|
Income taxes |
|
|
457 |
|
|
|
1,065 |
|
|
|
|
|
|
|
457 |
|
|
|
1,065 |
|
Financial cost |
|
|
1,821 |
|
|
|
1,196 |
|
|
|
|
|
|
|
1,821 |
|
|
|
1,196 |
|
Financial income |
|
|
(500) |
|
|
|
(604) |
|
|
|
|
|
|
|
(500) |
|
|
|
(604) |
|
Share in loss of joint venture |
|
|
39 |
|
|
|
123 |
|
|
|
|
|
|
|
39 |
|
|
|
123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
|
(1,037) |
|
|
|
1,476 |
|
|
|
|
|
|
|
(1,037) |
|
|
|
1,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
4,715 |
|
|
|
4,530 |
|
|
|
|
|
|
|
4,715 |
|
|
|
4,530 |
|
Corporate research and development |
|
|
747 |
|
|
|
464 |
|
|
|
|
|
|
|
747 |
|
|
|
464 |
|
Corporate headquarter costs |
|
|
2,368 |
|
|
|
2,565 |
|
|
|
|
|
|
|
2,368 |
|
|
|
2,565 |
|
Other operating (income) expense |
|
|
(575) |
|
|
|
(606) |
|
|
|
|
|
|
|
(575) |
|
|
|
(606) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment EBITDA |
|
|
6,218 |
|
|
|
8,429 |
|
|
|
|
|
|
|
6,218 |
|
|
|
8,429 |
|