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 ended
December 31, 2017.
Highlights – Fourth Quarter 2017
- Total revenue increased 42.1% from the
fourth quarter of 2016 to 44,733 kEUR.
- Adjusted EBITDA increased 42.2% from
4,455 kEUR for the fourth quarter of 2016 to
6,334 kEUR.
- Net profit was 1,528 kEUR, or 0.03 EUR
per diluted share, compared to 628 kEUR, or 0.01 EUR per diluted
share, over the same period last year.
Introduction
Executive Chairman Peter Leys commented, “2017 has been a good
year for Materialise. Organically, our annual revenues grew by 16%
to 132,600 kEUR and our Adjusted EBITDA grew by 38% to 13,100 kEUR,
both at the high end of the range we forecasted at the beginning of
the year. Importantly, our software revenues (including from our
Materialise Medical segment) grew 18% year over year and our end
part-related revenues (from our Materialise Manufacturing and
Materialise Medical segments) grew 21%, underscoring the successful
execution of our strategy of rolling out our software and services
backbone, with a particular focus on end part manufacturing. Even
more significant, 2017 was the year in which ACTech joined
Materialise. This acquisition enabled us to post even more
impressive growth rates of 24.5% in revenues and 60% in Adjusted
EBITDA, and, more importantly, positions us exceptionally well in
the promising market of unique complex metal parts.”
ACTech Acquisition
On October 4, 2017, we acquired ACTech, a full-service
manufacturer of complex metal parts. As described in more detail
below, the acquisition increased the scope of our Materialise
Manufacturing segment's operations and had a significant impact on
our results of operations for the fourth quarter of 2017 as well as
the year ended December 31, 2017, resulting in increases to our
revenues and operating expenses, among other items.
Fourth Quarter 2017 Results
Total revenue for the fourth quarter of 2017 increased 42.1% to
44,733 kEUR compared to 31,477 kEUR for the fourth
quarter of 2016. Excluding the impact of the ACTech acquisition,
revenue increased 10.5% to 34,768 kEUR. Total deferred revenue from
annual software sales and maintenance contracts amounted to 18,723
kEUR at the end of the fourth quarter of 2017 compared
16,799 kEUR at the end of the fourth quarter of 2016. Adjusted
EBITDA, which in the fourth quarter of 2017 excluded 343 kEUR
of expenses related to the ACTech acquisition, increased to
6,334 kEUR from 4,455 kEUR, primarily as a result of the
revenue contributed by ACTech. Excluding the impact of the ACTech
acquisition, Adjusted EBITDA decreased slightly to 4,263 kEUR.
The Adjusted EBITDA margin (Adjusted EBITDA divided by total
revenue) in the fourth quarter of 2017 was 14.2% (12.3% excluding
the impact of the ACTech acquisition) compared to 14.2% in the
fourth quarter of 2016.
Revenue from our Materialise Software segment increased 29.6% to
10,468 kEUR for the fourth quarter of 2017 from
8,078 kEUR for the same quarter last year, boosted by original
equipment manufacturer (“OEM”) sales growth of 46.7%. Segment
EBITDA increased to 4,619 kEUR from 2,949 kEUR while the
segment EBITDA margin was 44.1% compared to 36.5% in the prior-year
period.
Revenue from our Materialise Medical segment increased 17.7% to
11,842 kEUR for the fourth quarter of 2017 compared to
10,061 kEUR for the same period in 2016. Compared to the same
quarter in 2016, revenues from our medical software grew 9.9%, and
revenues from medical devices and services grew 22.9%. Segment
EBITDA was 2,158 kEUR compared to 656 kEUR while the
segment EBITDA margin increased to 18.2% from 6.5 % in the
fourth quarter of 2016.
Revenue from our Materialise Manufacturing segment increased
68.0% to 22,394 kEUR for the fourth quarter of 2017 from
13,326 kEUR for the fourth quarter of 2016. Segment EBITDA
increased to 1,905 kEUR from 1,438 kEUR while the segment
EBITDA margin decreased to 8.5% from 10.8% for the same quarter in
2016. In particular, ACTech contributed revenue of 9,965 kEUR and
segment EBITDA of 2,071 kEUR (and segment EBITDA margin of 20.8%).
Excluding the impact of the ACTech acquisition, revenue decreased
6.7% to 12,429 kEUR, and segment EBITDA decreased to (166)
kEUR.
Gross profit was 24,048 kEUR, or 53.8% of total revenue, for the
fourth quarter of 2017. Excluding the impact of the ACTech
acquisition, gross profit was 21,421 kEUR, or 61.6% of total
revenue, compared to 18,619 kEUR, or 59.2% of total revenue, for
the fourth quarter of 2016.
Research and development (“R&D”), sales and marketing
(“S&M”) and general and administrative (“G&A”) expenses
increased, in the aggregate, 32.8% to 24,553 kEUR for the fourth
quarter of 2017 from 18,483 kEUR for the fourth quarter of
2016. Excluding the impact of the ACTech acquisition, operating
expenses increased, in the aggregate, 19.1% to 22,017 kEUR. R&D
expenses increased from 4,161 kEUR to 5,535 kEUR while S&M
expenses increased from 9,506 kEUR to 9,711 kEUR, and G&A
expenses increased from 4,816 kEUR to 6,771 kEUR, primarily
representing non-recurring expenses, including 343 kEUR related to
the acquisition of ACTech.
Net other operating income increased by 192 kEUR to
1,971 kEUR compared to 1,779 kEUR for the fourth quarter
of 2016. Excluding the impact of the ACTech acquisition, net other
operating income decreased by 193 kEUR. 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 result decreased to 1,466 kEUR from 1,915 kEUR
for the same period in the prior year. Excluding the impact of the
ACTech acquisition, operating result amounted to 990 kEUR. This
decrease was the result of the 19.1% increase in operating
expenses, which was offset in part by the 15.0% increase in gross
profit. The operating result was also negatively affected by
depreciation expenses, which increased to 4,488 kEUR (2,894 kEUR
excluding the impact of the ACTech acquisition) from
2,280 kEUR for the fourth quarter of 2016, and by
343 kEUR of expenses related to the acquisition of ACTech.
Net financial result was (356) kEUR compared to
253 kEUR for the prior-year period. The financial result
included (269) kEUR net financial expenses related to ACTech.
Excluding the impact of the ACTech acquisition, the variances
primarily reflected increases in interest expense on the company's
financial debt and 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 2017 was 1,528 kEUR (1,253
kEUR excluding the impact of the ACTech acquisition) compared to
net profit of 620 kEUR for the same period in 2016. The
decrease in operating profit of 449 kEUR was offset by an increase
of 777 kEUR in the company’s share in the result of a joint
venture, and an increase of 1,189 kEUR in income tax. Total
comprehensive income for the fourth quarter of 2017, which includes
exchange differences on translation of foreign operations, was
1,319 kEUR compared to 685 kEUR for the same period in 2016.
At December 31, 2017, we had cash and equivalents of
43,175 kEUR compared to 55,912 kEUR at December 31, 2016.
Cash flow from operating activities in the fourth quarter of 2017
was 7,368 kEUR compared to 4,180 kEUR in the same period in
2016.
Net shareholders’ equity at December 31, 2017 was
77,515 kEUR compared to 79,033 kEUR at December 31,
2016.
Full Year 2017 Results
Total revenues for the year ended December 31, 2017 increased
24.5% to 142,573 kEUR compared to 114,477 kEUR for the
year ended December 31, 2016. Excluding the impact of the ACTech
acquisition, revenues increased 15.8% to 132,608 kEUR. Adjusted
EBITDA for the year ended December 31, 2017 was 15,138 kEUR,
an increase of 60.1% compared to 9,458 kEUR for the year ended
December 31, 2016 (an increase of 38.2% to 13,067 kEUR
excluding the impact of the ACTech acquisition). The Adjusted
EBITDA margin increased to 10.6% (9.9% excluding the impact of the
ACTech acquisition) for the year ended December 31, 2017 from 8.3%
for the year ended December 31, 2016. This increase was primarily
the result of the combination of a 24.5% revenue growth (of which
8.7% was from ACTech), a 17.7% improvement in gross profit (of
which 3.9% was from ACTech) and an increase of 14.5% (of which 3.4%
was from ACTech) in operational costs in R&D, S&M and
G&A, and a decrease in net other operating income of
581 kEUR.
Revenues from our Materialise Software segment increased 18.8%
to 35,770 kEUR for the year ended December 31, 2017 compared
to 30,122 kEUR for the year ended December 31, 2016. This
growth was driven by a 23.8% increase in OEM sales and 15.1%
increase in recurrent revenues from annual and renewed licenses and
maintenance fees. The segment EBITDA margin was 38.9% in 2017,
compared to 33.6% in 2016.
Revenues from our Materialise Medical segment grew by 13.0% for
the year ended December 31, 2017 to 42,841 kEUR from
37,910 kEUR for the year ended December 31, 2016. Medical
software growth was 16.5%, and revenues from medical devices and
services increased 11.1%. The segment EBITDA margin increased to
10.3% from 2.4%, primarily as a result of the combination of
revenue growth and limited increases in operating expenses, as well
as increased other operating income.
Revenues from our Materialise Manufacturing segment increased
37.3% to 63,712 kEUR (15.8% to 53,747 kEUR excluding the
impact of the ACTech acquisition) for the year ended December 31,
2017 from 46,406 kEUR for the year ended December 31, 2016.
Revenue from end parts increased by 34.4%. The segment EBITDA
margin decreased from 8.3% in 2016 to 7.8% in 2017. Excluding the
impact of the ACTech acquisition, the segment EBITDA margin
decreased to 5.4%, primarily as a result of the lower gross margin
and the increase in operating expenses.
Net loss improved from (3,019) kEUR for 2016 to a net loss
of (1,656) kEUR for 2017.
2018 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. In 2018, we
intend to give particular attention to the significant partnerships
that we have entered into and to the strategic initiatives that we
have launched over the previous years. Simultaneously, in 2018 we
will continue to sustain our leadership position in software
through continued innovation and strategic partnerships; to drive
the next stage of growth in our medical segment, including by
entering into partnerships and rolling out our software and
planning backbone; and to continue increasing our manufacturing of
complex and unique parts. We anticipate delivering sales and
Adjusted EBITDA margin expansion in 2018 while reinvesting
efficiency gains in selected business development initiatives.
“For fiscal 2018, we expect to report consolidated revenue
between 180,000 kEUR - 185,000 kEUR and Adjusted EBITDA between
22,000 kEUR - 25,000 kEUR. 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 2018
to increase by an amount between 2,000 kEUR – 4,000 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 and
acquisition-related expenses of business combinations 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 1.1993, the reference rate of the European Central Bank on
December 31, 2017.
Conference Call and Webcast
Materialise will hold a conference call and simultaneous webcast
to discuss its financial results for the fourth quarter of 2017 on
the same day, Tuesday, March 6, 2018, at 8:30 a.m. ET/2:30 p.m.
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 #7084959. 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 webcast of the conference call 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 2018 revenues, deferred
revenue from annual licenses and maintenance and Adjusted EBITDA,
the benefits of the ACTech acquisition, results of operations, cash
needs, capital expenditures, expenses, financial condition,
liquidity, prospects, growth and strategies (including our
strategic priorities for 2018), 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 May 1, 2017. 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 three months ended
December 31
For the twelvemonths
endedDecember 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 twelvemonths
endedDecember 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
endedDecember 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
endedDecember 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 monthsended
December 31
For the twelve months
endedDecember 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)
MaterialiseSoftware
MaterialiseMedical
MaterialiseManufact-uring
Totalsegments
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)
MaterialiseSoftware
MaterialiseMedical
MaterialiseManufact-uring
Totalsegments
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 monthsended
December 31
For the twelve months
endedDecember 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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version on businesswire.com: http://www.businesswire.com/news/home/20180306005277/en/
Investors:LHAHarriet Fried/Jody
Burfening212-838-3777hfried@lhai.com
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