Materialise NV (NASDAQ:MTLS), a leading provider of additive
manufacturing and medical software and of sophisticated 3D printing
services, today announced its financial results for the fourth
quarter and full year ended December 31, 2020.
Highlights – Fourth Quarter and Full Year 2020
Fourth Quarter 2020:
- Total revenue was 45,301 kEUR, a decrease of 10.7% compared to
the fourth quarter of 2019, but an increase of 11.1% compared to
the third quarter of 2020.
- Adjusted EBITDA was 7,370 kEUR; Adjusted EBITDA margin was
16.3%.
- Net loss was (2,118) kEUR, or (0.04) EUR per diluted share,
compared to 1,246 kEUR, or 0.03 EUR per diluted share, for the same
period last year; the net loss was impacted by non-cash impairment
charges and revaluations totaling (3,836) kEUR.
Full Year 2020:
- Total revenue was 170,449 kEUR in 2020, compared to 196,679
kEUR in 2019.
- Adjusted EBITDA was 20,378 kEUR in 2020, compared to 26,656
kEUR in 2019.
- Total deferred revenue from annual software sales and
maintenance contracts increased by 2,575 kEUR to 30,242 kEUR from
27,667 kEUR at the end of 2019.
- Net loss for 2020 was (7,272) kEUR, or (0.13) EUR per diluted
share, compared to 1,644 kEUR, or 0.03 EUR per diluted share, last
year.
- Cash flow from operating activities was 29,978 kEUR in 2020,
compared to 28,402 kEUR in 2019. Total cash was 111,538 kEUR at
December 31, 2020.
Executive Chairman Peter Leys commented, “The COVID-19 pandemic
made 2020 an incredibly challenging year for economies worldwide,
our customers, our business and our employees. For the first time
in Materialise’s 30-year history, revenues decreased year over
year. While uncertainty remains, we are encouraged by the fact that
our fourth-quarter-2020 revenues grew double digits sequentially
and that, over the same period, our deferred revenues from software
license and maintenance fees grew by 3.4 million EUR. In 2020, we
increased our R&D expenses by 7.1% compared to last year, in
spite of the COVID-19 related decline of our revenues, and still
posted a healthy Adjusted Ebitda of 20.4 million EUR. We closed
2020 with cash and cash equivalents on our balance sheet of over
111 million EUR, a decrease of 17 million EUR compared to year-end
2019, caused mainly by our investments in 2020 in our strategic
eyewear-related collaboration with Ditto, Inc and our acquisition
of RS Scan to bolster our footwear initiative. In spite of the
pandemic headwinds, we believe our continued R&D efforts and
strategic investments position us well to expand our existing
business and capture new growth opportunities as our company enters
its fourth decade and the additive manufacturing market continues
to develop.”
RSPrint Acquisition
On November 9, 2020 Materialise, which already owned 50% of RS
Print, the owner of the Phits personalized insole product line,
acquired the remaining shares of RS Print and substantially all of
the assets of RS Scan, a market leader in the development and
supply of intelligent foot measurement technology and systems. The
acquisition increased the scope of our Materialise Manufacturing
segment and impacted our results of operations for the fourth
quarter of 2020 as well as the year ended December 31, 2020,
increasing our revenues by 762 kEUR and decreasing our operating
result by (562) kEUR.
Fourth Quarter 2020 Results
Total revenue for the fourth quarter of 2020 was 45,301 kEUR, a
10.7% decrease compared to 50,712 kEUR for the fourth quarter of
2019. Adjusted EBITDA was 7,370 kEUR, compared to 7,749 kEUR for
the same period in 2019. The Adjusted EBITDA margin (Adjusted
EBITDA divided by total revenue) for the fourth quarter of 2020 was
16.3% compared to 15.3% for the fourth quarter of 2019.
Revenue from our Materialise Software segment was 10,216 kEUR, a
15.7% decrease compared to 12,124 kEUR for the same quarter last
year. Adjusted EBITDA for the segment decreased to 3,867 kEUR from
5,026 kEUR while the Adjusted EBITDA margin was 37.9% compared to
41.5% for the prior-year period.
Revenue from our Materialise Medical segment was 17,188 kEUR for
the fourth quarter of 2020, compared to 17,209 kEUR for the same
period in 2019. Adjusted EBITDA for the segment increased 39.7% to
4,845 kEUR from 3,468 kEUR, while the Adjusted EBITDA margin
increased to 28.2% from 20.2%. The segment’s EBITDA for the fourth
quarter of 2020 amounted to 239 kEUR and was negatively impacted by
the impairment of capitalized expenditures related to our tracheal
splint development program and of goodwill and intangible assets of
Engimplan, for an aggregate amount of (4.606) kEUR. Both impairment
charges were non-cash. At December 1, 2020, Materialise acquired
the remaining 25% shares of Engimplan in exchange for Engimplan
spinal implant business line, which was non-strategic for
Materialise.
Revenue from our Materialise Manufacturing segment was 17,889
kEUR, a decrease of 16.0% compared to 21,295 kEUR for the fourth
quarter of 2019. Revenue increased 26.4%, however, compared to the
third quarter of 2020. Adjusted EBITDA for the segment was 1,099
kEUR compared to 1,761 kEUR while the Adjusted EBITDA margin was
6.1% compared to 8.3% for the prior-year period.
Gross profit was 26,165 kEUR in the fourth quarter of 2020
compared to 28,578 kEUR in the same period last year. Gross profit
as a percentage of revenue increased to 57.8% from 56.4%.
Research and development (“R&D”), sales and marketing
(“S&M”) and general and administrative (“G&A”) expenses
increased, in the aggregate, 1.4% to 27,843 kEUR for the fourth
quarter of 2020 from 27,462 kEUR for the fourth quarter of 2019.
Excluding the impairment charge for capitalized expenditures
related to our tracheal splint development program of (2,090) kEUR
expenses decreased by (6.2)%.
Net other operating result was (296) kEUR compared to 1,394 kEUR
for the fourth quarter of 2019. Excluding non-recurring charges
reflecting the impairment of goodwill and intangible assets of
Engimplan, and a positive revaluation of our initial 50% interest
in RS Print, net other operating result was 1,450 kEUR.
Operating result was (1,974) kEUR, compared to 2,509 kEUR for
the fourth quarter of 2019. Excluding the non-recurring impairments
and revaluation discussed in the two paragraphs above, our
operating result was 1,862 kEUR.
Net financial result in the fourth quarter of 2020 was (596)
kEUR compared to (558) kEUR for the fourth quarter of 2019. Due to
our acquisition of all remaining shares of RS Print, there is no
share in the result of a joint venture in the fourth quarter of
2020.
The fourth quarter of 2020 contained income tax income of 452
kEUR, compared to net tax expense of (562) kEUR in the fourth
quarter of 2019.
As a result of the above, net profit for the fourth quarter of
2020 was (2,118) kEUR, compared to net profit of 1,246 kEUR for the
same period in 2019. Total comprehensive income for the fourth
quarter of 2020 was (1,260) kEUR compared to 1,251 kEUR for the
2019 period.
Full Year 2020 Results
Total revenues for the year ended December 31, 2020 were 170,449
kEUR, a decrease of 13.3% compared to 196,679 kEUR for the year
ended December 31, 2019. Adjusted EBITDA for 2020 was 20,378 kEUR,
compared to 26,656 kEUR for 2019. The Adjusted EBITDA margin was
12.0%, compared to 13.6% in 2019.
Revenues from our Materialise Software segment were 39,055 kEUR
for the year ended December 31, 2020, a decrease of 6.2% compared
to 41,654 kEUR for the year ended December 31, 2019. The segment’s
Adjusted EBITDA margin increased to 34.3% in 2020, compared to
33.2% in 2019.
Revenues from our Materialise Medical segment grew by 1.5% for
the year ended December 31, 2020 to 61,729 kEUR from 60,809 kEUR
for the year ended December 31, 2019. Medical software growth was
3.3%, and revenues from medical devices and services increased
0.7%. The segment’s Adjusted EBITDA margin increased to 22.5% in
2020, compared to 17.7% in 2019.
Revenues from our Materialise Manufacturing segment decreased
26.0% to 69,635 kEUR for the year ended December 31, 2020 from
94,156 kEUR for the year ended December 31, 2019. The segment’s
Adjusted EBITDA margin decreased to 3.7% in 2020 from 12.9% for
2019.
Operating profit was (4,639) kEUR for the year ended December
31, 2020 compared to 6,936 kEUR in the prior year. Excluding the
effect of the impairments and revaluation, our operating profit was
(803) kEUR.
Net financial expenses amounted to (3,541) kEUR, compared to
(2,305) kEUR for the year ended December 31, 2019. Income taxes
amounted to 949 kEUR compared to (2,595) kEUR for the year ended
December 31, 2019. Net result decreased to (7,272) kEUR for 2020
from a net profit of 1,644 kEUR in 2019.
At December 31, 2020, we had cash and equivalents of 111,538
kEUR compared to 128,897 kEUR at December 31, 2019. Gross debt
amounted to 115,110 kEUR compared to 127,939 kEUR at December 31,
2019.
Cash flow from operating activities for the year ended December
31, 2020 was 29,978 kEUR compared to 28,402 kEUR in the year ended
December 31,2019. Total capital expenditures for the year ended
December 31, 2020 amounted to 17,650 kEUR. This amount included
6,617 kEUR of capitalized R&D expenditures from intangible
assets, of which 2,185 kEUR related to our ongoing internal digital
transformation program.
Net shareholders’ equity at December 31, 2020 was 133,104 kEUR
compared to 142,782 kEUR at December 31, 2019.
2021 Guidance
Mr. Leys concluded, “Although our fourth-quarter-2020 results
and the customer feedback we have been receiving to date in 2021
are encouraging, our outlook is currently not sufficiently mature
and is too diverse across our various segments and regions for us
to provide quantitative guidance for our consolidated
full-year-2021 performance. We do believe we have somewhat more
visibility in the shorter term. In the first quarter of 2021, we
currently expect both our Software and Medical segments will
continue to recover steadily, with the potential of posting
revenues that come close to their levels in the pre-pandemic first
quarter of 2020. We do not expect our Manufacturing segment to
recover to the same extent and at the same pace over that period.
As a result, we believe that our consolidated revenues in the first
quarter of 2021 will be 5% to 10% lower than our revenues in the
same period of 2020. Based on the information we currently have, we
believe that in the subsequent quarters of this year, as the
COVID-19 crisis subsides, the entire group, including our
Manufacturing segment, will perform well and grow sequentially. In
line with our strategy we will continue to invest in our R&D
programs and internal infrastructure, which will weigh on our
overall results in 2021.”
Note on Comparability
The year 2019 has been restated to reflect certain
reclassification adjustments and the final accounting of the
Engimplan business combination. The fair value analysis with
respect to the assets and liabilities acquired had not been
finalized as of December 31, 2019. Within 12 months of acquisition,
we completed the fair value analysis of the Engimplan business
combination, with corresponding adjustments to intangible assets,
goodwill, property, plant and equipment, inventories and contracts
in progress. The impact has been accounted for as retrospective
adjustments to our consolidated statement of financial position as
of December 31, 2019 and our consolidated income statement for the
year ended December 31, 2019. It concerned a fair value correction
of the plant and equipment of 674 kEUR, goodwill of 567 kEUR and
the related depreciation for an amount of (80) 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 profit or loss in a joint
venture and depreciation and amortization. Adjusted EBITDA is
determined by adding share-based compensation expenses,
acquisition-related expenses of business combinations, impairments
and revaluation of fair value due to 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 document 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 document were made at a rate of EUR 1.00 to
USD 1.2271, the reference rate of the European Central Bank on
December 31, 2020.
Conference Call and Webcast
Materialise will hold a conference call and simultaneous webcast
to discuss its financial results for the fourth quarter of 2020 and
other matters on Tuesday, March 9, 2021, 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 2875898.
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 30 years of 3D printing experience into
a range of software solutions and 3D printing services, which 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 the
largest groups of software developers in the industry with one of
the largest and most complete 3D printing facilities in the
world.
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, our results of operations, cash needs, capital
expenditures, expenses, financial condition, liquidity, prospects,
growth and strategies (including how our business, results of
operations and financial condition could be impacted by the
COVID-19 pandemic and related public health measures, as well as
the related actions we are taking in response), 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
most recent annual report on Form 20-F filed with the U.S.
Securities and Exchange Commission. 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 twelve months ended
December 31,
In 000, except per share amounts
2020
2020
2019 (*)
2020
2019 (*)
U.S.$
€
€
€
€
Revenue
55,589
45,301
50,712
170,449
196,679
Cost of sales
(23,483)
(19,137)
(22,134)
(76,446)
(86,972)
Gross profit
32,107
26,165
28,578
94,003
109,707
Gross profit as % of revenue
57.8%
57.8%
56.4%
55.2%
55.8%
Research and development expenses
(8,073)
(6,579)
(5,937)
(25,014)
(23,348)
Research and development impairment
(2,565)
(2,090)
(2,090)
Sales and marketing expenses
(13,422)
(10,938)
(14,192)
(44,636)
(52,989)
General and administrative expenses
(10,106)
(8,236)
(7,333)
(29,337)
(31,786)
Net other operating income (expenses)
1,779
1,450
1,394
4,182
5,352
Impairment of Engimplan goodwill &
intangible assets
(3,087)
(2,516)
(2,516)
Revaluation of 50% RS Print interest
945
770
770
Operating (loss) profit
(2,422)
(1,974)
2,509
(4,639)
6,936
Financial expenses
(1,317)
(1,073)
(1,035)
(5,996)
(3,682)
Financial income
585
477
477
2,453
1,377
Share in loss of joint venture
(147)
(39)
(392)
(Loss) profit before taxes
(3,154)
(2,570)
1,804
(8,220)
4,239
Income taxes
555
452
(558)
949
(2,595)
Net (loss) profit for the
period
(2,599)
(2,118)
1,246
(7,272)
1,644
Net (loss) profit attributable to:
The owners of the parent
(2,617)
(2,133)
1,260
(7,124)
1,585
Non-controlling interest
18
15
(14)
(148)
59
Earnings per share attributable to
owners of the parent
Basic
(0.05)
(0.04)
0.03
(0.13)
0.03
Diluted
(0.05)
(0.04)
0.03
(0.13)
0.03
Weighted average basic shares
outstanding
53,896
53,896
52,891
53,364
52,891
Weighted average diluted shares
outstanding
53,896
53,896
53,797
53,364
53,779
(*) The year 2019 has been restated to
reflect the final accounting of the Engimplan business combination
(additional 80 kEUR deprecation in net other operating
expenses).
Consolidated statement of comprehensive
income (Unaudited)
For the three months ended
December 31,
For the twelve months ended
December 31,
In 000
2020
2020
2019 (*)
2020
2019 (*)
U.S.$
€
€
€
€
Net profit (loss) for the
period
(2,599)
(2,118
)
1,246
(7,272)
1,644
Other comprehensive income
Exchange difference on translation of
foreign operations
453
369
5
(6,176)
230
Fair value remeasurement
600
489
-
489
-
Other comprehensive income (loss), net of
taxes
1.053
858
5
(5,687)
230
Total comprehensive income (loss) for
the year, net of taxes
(1,546)
(1,260)
1,251
(12,959)
1,874
Total comprehensive income (loss)
attributable to:
The owners of the parent
(1,678)
(1,368)
1,406
(11,896)
2,040
Non-controlling interest
132
108
(155)
(1,063)
(166)
(*) The year 2019 has been restated to
reflect the final accounting of the Engimplan business
combination.
Consolidated statement of financial
position (Unaudited)
As of December 31,
As of December 31,
In 000
2020
2019 (*)
€
€
Assets
Non-current assets
Goodwill
20,342
19,607
Intangible assets
32,981
27,395
Property, plant & equipment
88,267
91,006
Right-of-Use assets
10,996
10,586
Investments in joint ventures
-
39
Deferred tax assets
201
192
Other non-current assets
14,138
9,390
Total non-current assets
166,926
158,215
Current assets
Inventories and contracts in progress
10,043
12,696
Trade receivables
30,871
40,322
Other current assets
8,290
9,271
Cash and cash equivalents
111,538
128,897
Total current assets
160,741
191,186
Total assets
327,667
349,401
(*) The year 2019 has been restated to
reflect the final accounting of the Engimplan business
combination.
As of December 31,
As of December 31,
In 000
2020
2019 (*)
€
€
Equity and liabilities
Equity
Share capital
4,096
3,066
Share premium
141,274
138,090
Retained earnings & reserves
(12,267)
(1,650)
Equity attributable to the owners of
the parent
133,104
139,506
Non-controlling interest
3,276
Total equity
133,104
142,782
Non-current liabilities
Loans & borrowings
90,502
104,673
Lease liabilities
7,086
6,427
Deferred tax liabilities
6,805
5,747
Deferred income
5,327
5,031
Other non-current liabilities
398
696
Total non-current liabilities
110,118
122,575
Current liabilities
Loans & borrowings
13,984
13,389
Lease liabilities
3,538
3,449
Trade payables
17,698
18,516
Tax payables
974
3,363
Deferred income
29,554
27,641
Other current liabilities
18,695
17,686
Total current liabilities
84,445
84,044
Total equity and liabilities
327,667
349,401
(*) The year 2019 has been restated to
reflect the final accounting of the Engimplan business
combination.
Consolidated statement of cash flows
(Unaudited)
For the twelve months ended
December 31,
in 000
2020
2019 (*)
€
€
Operating activities
Net profit for the period
(7,272)
1,644
Non-cash and operational adjustments
Depreciation of property, plant &
equipment
14,932
14,419
Amortization of intangible assets
4,742
4,859
Impairment goodwill & development
costs
4,606
-
Share-based payment expense
752
(9)
Loss (gain) on disposal of property, plant
& equipment
9
165
Movement in provisions
137
138
Movement reserve for bad debt
516
121
Financial income
(2,300)
(1,383)
Financial expense
5,822
3,693
Impact of foreign currencies
60
(176)
Share in loss of a joint venture (equity
method)
39
392
(Deferred) income taxes
(948)
2,593
Fair value and other
(1,093)
64
Working capital adjustment & income
tax paid
Decrease (increase) in trade receivables
and other receivables
9,204
216
Decrease (increase) in inventories
2,724
(745)
Increase (decrease) in trade payables and
other payables
583
4,196
Income tax paid & interest
received
(2,537)
(1,783)
Net cash flow from operating
activities
29,978
28,402
(*) The year 2019 has been restated to
reflect the final accounting of the Engimplan business
combination.
For the twelve months ended
December 31,
in 000
2020
2019 (*)
€
€
Investing activities
Purchase of property, plant &
equipment
(11,032)
(13,472)
Purchase of intangible assets
(6,618)
(2,193)
Proceeds from the sale of property, plant
& equipment & intangible assets (net)
552
278
Other equity investments in non-listed
entities
(300)
(281)
Investments in joint ventures
-
(875)
Convertible loan to third party
(2,836)
(2,743)
Investments in subsidiary, net of cash
acquired
(8,031)
(6,331)
Interest received
-
-
Net cash flow used in investing
activities
(28,265)
(25,617)
Financing activities
Proceeds from loans & borrowings
-
29,000
Repayment of loans & borrowings
(13,736)
(12,126)
Repayment of finance leases
(3,640)
(5,283)
Capital increase in parent company
4,112
1,268
Direct attributable expense of capital
increase
–
-
Interest paid
(2,268)
(2,286)
Other financial income (expense)
(1,356)
208
Net cash flow from (used in) financing
activities
(16,888)
10,782
Net increase of cash & cash
equivalents
(15,175)
13,566
Cash & cash equivalents at beginning
of the year
128,897
115,506
Exchange rate differences on cash &
cash equivalents
(2,185)
(173)
Cash & cash equivalents at end of
the period
111,538
128,897
(*) The year 2019 has been restated to
reflect the final accounting of the Engimplan business
combination.
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 000
2020
2019 (*)
2020
2019 (*)
€
€
€
€
Net profit (loss) for the
period
(2,118)
1,246
(7,272)
1,644
Income taxes
(452)
558
(949)
2,595
Financial expenses
1,073
1,035
5,996
3,682
Financial income
(477)
(477
)
(2,453)
(1,377)
Share in loss of joint venture
147
39
392
Depreciation and amortization
5,160
5,196
19,775
19,278
EBITDA
3,188
7,705
15,136
26,214
Share-based compensation expense (1)
286
44
1,343
302
Acquisition-related expenses of business
combinations (2)
63
63
140
Impairments (3)
4,606
4 606
Re-valuation of 50% RS Print interest
(4)
(770)
(770)
ADJUSTED EBITDA
7,370
7,749
20,378
26,656
(1)
Share-based compensation expense
represents the cost of equity-settled and share-based payments to
employees.
(2)
Acquisition-related expenses of business
combinations represents expenses incurred in connection with the RS
Print acquisition in 2020 and Engimplan acquisition in 2019.
(3)
Impairments represents the impairment of
capitalized expenditures related to our tracheal splint development
program (2,090) kEUR) and the impairment of goodwill and intangible
assets of Engimplan (2,516) kEUR).
(4)
Represents a positive revaluation of our
initial 50% interest in RS Print after our acquisition of the
remaining interest in the joint venture.
(*) The year 2019 has been restated to reflect the final
accounting of the Engimplan business combination (additional 80
kEUR deprecation in net other operating expenses).
Segment P&L
(Unaudited)
In 000
Materialise Software
Materialise Medical
Materialise Manu- facturing
Total segments
Unallocated (1)(2)
Consoli- dated
€
€
€
€
€
€
For the three months ended December 31,
2020
Revenues
10,216
17,188
17,889
45,293
8
45,301
Segment Adjusted EBITDA
3,867
4,845
1,099
9,811
(2,441)
7,370
Segment Adjusted EBITDA %
37.9%
28.2%
6.1%
21.7%
16.3%
For the three months ended December 31,
2019 (*)
Revenues
12,124
17,209
21,295
50,628
84
50,712
Segment Adjusted EBITDA
5,026
3,468
1,761
10,255
(2,506)
7,749
Segment Adjusted EBITDA %
41.5%
20.2%
8.3%
20.3%
15.3%
In 000
Materialise Software
Materialise Medical
Materialise Manu- facturing
Total segments
Unallocated (1)(2)
Consoli- dated
€
€
€
€
€
€
For the twelve months ended December
31, 2020
Revenues
39,055
61,729
69,635
170,419
30
170,449
Segment Adjusted EBITDA
13,383
13,915
2,548
29,847
(9,468)
20,378
Segment Adjusted EBITDA %
34.3%
22.5%
3.7%
17.5%
12.0%
For the twelve months ended December
31, 2019 (*)
Revenues
41,654
60,809
94,156
196,619
60
196,679
Segment Adjusted EBITDA
13,812
10,774
12,154
36,740
(10,085)
26,656
Segment Adjusted EBITDA %
33.2%
17.7%
12.9%
18.7%
13.6%
(1)
Unallocated Revenues consists of
occasional one-off sales in our core competencies not allocated to
any of our segments.
(2)
Unallocated segment adjusted EBITDA
consists of corporate research and development, corporate
headquarter costs and other operating income (expense), and the
added share-based compensation expenses, acquisition related
expenses of business combinations, impairments and fair value of
business combinations that are included in Adjusted EBITDA.
(*) The year 2019 has been restated to reflect the final
accounting of the Engimplan business combination (additional 80
kEUR deprecation on net other operating expenses).
Reconciliation of Net Profit (Loss) to Segment (adjusted) EBITDA
(Unaudited)
For the three months ended
December 31,
For the twelve months ended
December 31,
In 000
2020
2019 (*)
2020
2019 (*)
€
€
€
€
Net profit (loss) for the
period
(2,118)
1,246
(7,272)
1,644
Income taxes
(452)
558
(949)
2,595
Financial cost
1,073
1,035
5,996
3,682
Financial income
(477)
(477)
(2,453)
(1,377)
Share in loss of joint venture
147
39
392
Operating profit
(1,974)
2,509
(4,639)
6,936
Depreciation and amortization
5,160
5,196
19,775
19,278
Corporate research and development
772
456
2,824
1,798
Corporate headquarter costs
3,382
2,573
11,719
10,547
Other operating income (expense)
(1,365)
(479)
(3,668)
(1,819)
Fair value adjustment 50% RS Print
(770)
(770)
Impairments
4,606
4,606
Segment (adjusted) EBITDA
9,811
10,255
29,847
36,740
(*) The year 2019 has been restated to
reflect the final accounting of the Engimplan business combination
(additional 80 kEUR deprecation in net other operating
expenses).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210309005133/en/
Investor Relations Harriet Fried LHA 212.838.3777
hfried@lhai.com
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