Materialise Reports Fourth Quarter 2017 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 December 31

 

For the twelve
months ended
December 31

(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
ended December 31

 

For the twelve
months ended
December 31

(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
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
months ended
December 31

(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
months ended
December 31

(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)

 
   

For the three months
ended December 31

 

For the twelve
months ended
December 31

(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)

 
(in thousands)    

Materialise
Software

 

Materialise
Medical

 

Materialise
Manufact-
uring

 

Total
segments

  Unallocated  

Consoli-
dated

 
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
Software

Materialise
Medical

Materialise
Manufact-
uring

Total
segments

Unallocated

Consoli-
dated

 
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)

 
   

For the three months
ended December 31

 

For the twelve
months ended
December 31

(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

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