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Materialise Reports Fourth Quarter and Full Year 2021 Results
LEUVEN,
Highlights – Fourth Quarter 2021
- Total revenue increased 26% to 56,989 kEUR for the fourth quarter of 2021 from 45,301 kEUR for the 2020 period.
- Adjusted EBITDA increased 42% to 10,490 kEUR for the fourth quarter of 2021 from 7,371 kEUR for the 2020 period.
-
Net profit for the fourth quarter of 2021 was 4,762 kEUR, or
0.08 EUR per diluted share, compared to a loss of (2,039) kEUR, or(0.04) EUR per diluted share, for the 2020 period.
Highlights – Full Year 2021
- Total revenue increased 21% to 205,450 kEUR for 2021 from 170,449 kEUR for 2020.
-
Total deferred revenues from annual software sales and maintenance fees increased 4,045 kEUR to 34,287 kEUR compared to
December 31, 2020 . - Adjusted EBITDA increased 59% to 32,497 kEUR for 2021 from 20,378 kEUR for 2020.
-
Net profit for 2021 was 13,145 kEUR, or
0.23 EUR per diluted share, compared to a loss of (7,192) kEUR, or(0.13) EUR per diluted share, for 2020. - Total cash was 196,028 kEUR at the end of 2021.
Executive Chairman
Fourth Quarter 2021 Results
Total revenue for the fourth quarter of 2021 increased 25.8% to 56,989 kEUR from 45,301 kEUR for the fourth quarter of 2020. Adjusted EBITDA increased 42.3% to 10,490 kEUR, compared to 7,371 kEUR for the same period in 2020. The Adjusted EBITDA margin (Adjusted EBITDA divided by total revenue) for the fourth quarter of 2021 increased to 18.4%, compared to 16.3% for the fourth quarter of 2020.
Revenue from our
Revenue from our Materialise Medical segment increased 20.3% to 20,682 kEUR for the fourth quarter of 2021, compared to 17,188 kEUR for the same period in 2020. Adjusted EBITDA for the segment increased 31.3% to 6,358 kEUR from 4,844 kEUR, while the Adjusted EBITDA margin for the segment increased to 30.7% from 28.2%.
Revenue from our Materialise Manufacturing segment increased 34.9% to 24,135 kEUR from 17,889 kEUR for the fourth quarter of 2020. Adjusted EBITDA for the segment increased to 1,167 kEUR compared to 1,099 kEUR, while the Adjusted EBITDA margin for the segment was 4.8%, compared to 6.1% for the prior-year period.
Gross profit increased to 33,198 kEUR for the fourth quarter of 2021 from 26,165 kEUR for the same period last year. Gross profit as a percentage of revenue increased to 58.3%, compared to 57.8%.
Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses increased, in the aggregate, 5.9% to 29,481 kEUR for the fourth quarter of 2021 from 27,843 kEUR for the fourth quarter of 2020.
Net other operating result improved to 1,260 kEUR compared to (296) kEUR for the fourth quarter of 2020.
Operating result increased to 4,976 kEUR, compared to (1,974) kEUR for the fourth quarter of 2020.
Net financial result for the fourth quarter of 2021 was 275 kEUR, compared to (596) kEUR for the fourth quarter of 2020.
The fourth quarter of 2021 contained net income tax expense of (490) kEUR, compared to net tax income of 531 kEUR for the fourth quarter of 2020.
As a result of the above, net profit for the fourth quarter of 2021 was 4,762 kEUR, compared to a net loss of (2,039) kEUR for the same period in 2020. Total comprehensive income for the fourth quarter of 2021 was 1,832 kEUR, compared to a loss of (1,181) kEUR for the 2020 period. This quarter’s comprehensive income included a (3,443) kEUR impairment of our equity interest in
Full Year 2021 Results
Total revenues for the year ended
Revenues from our
Revenues from our Materialise Medical segment grew by 18.9% for the year ended
Revenues from our Materialise Manufacturing segment increased 28.3% to 89,334 kEUR for the year ended
Operating profit increased to 12,217 kEUR for the year ended
Net financial income amounted to 1,519 kEUR, compared to net financial expenses of (3,542) kEUR for the year ended
At
Cash flow from operating activities for the year ended
Net shareholders’ equity at
Link3D Acquisition
On
2022 Guidance
“Particularly after our record performance in 2021, we believe our more mature lines of business, in particular in our
“We expect our annual revenue for 2022 (including the results of Link3D) to grow by at least 10% compared to 2021. As we will be allocating significant portions of the expanding EBITDA margins of some of our more mature business lines to investments in our newer growth businesses (in particular the Link3D product portfolio), we expect our consolidated Adjusted EBITDA to decrease by approximately 10%.
“However, the recent onset of hostilities in
Note on Comparability
The year 2020 has been restated to reflect certain reclassification adjustments and the final accounting of the RS Print business combination. The fair value analysis with respect to the assets and liabilities acquired had not been finalized as of
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
Conference Call and Webcast
Materialise will hold a conference call and simultaneous webcast to discuss its financial results for the fourth quarter of 2021 and other matters on
-
To access the conference call, please dial 844-469-2530 (
U.S. ) or 765-507-2679 (international), passcode 3644228.
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
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 current estimates for fiscal 2022 revenue and Adjusted EBITDA, 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 ongoing military conflict between
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 |
for the twelve months ended |
|||||||||||||||||
| In 000€ |
2021 |
2021 |
|
2020(*) |
2021 |
|
2021 |
|
2020(*) |
|||||||||
| U.S.$ | € | € | U.S.$ | € | € | |||||||||||||
| Revenue |
64,546 |
|
56,989 |
|
45,301 |
|
232,693 |
|
205,450 |
|
170,449 |
|
||||||
| Cost of Sales |
(26,946 |
) |
(23,791 |
) |
(19,137 |
) |
(99,860 |
) |
(88,169 |
) |
(76,446 |
) |
||||||
| Gross Profit |
37,600 |
|
33,198 |
|
26,165 |
|
132,833 |
|
117,281 |
|
94,003 |
|
||||||
| Gross profit as % of revenue |
58.3 |
% |
58.3 |
% |
57.8 |
% |
57.1 |
% |
57.1 |
% |
55.2 |
% |
||||||
| Research and development expenses |
(7,810 |
) |
(6,896 |
) |
(8,669 |
) |
(30,457 |
) |
(26,891 |
) |
(27,104 |
) |
||||||
| Sales and marketing expenses |
(15,200 |
) |
(13,421 |
) |
(10,938 |
) |
(55,668 |
) |
(49,151 |
) |
(44,636 |
) |
||||||
| General and administrative expenses |
(10,380 |
) |
(9,165 |
) |
(8,236 |
) |
(36,924 |
) |
(32,601 |
) |
(29,337 |
) |
||||||
| Net other operating income (expenses) |
1,427 |
|
1,260 |
|
(296 |
) |
4,053 |
|
3,578 |
|
2,435 |
|
||||||
| Operating (loss) profit |
5,637 |
|
4,976 |
|
(1,974 |
) |
13,837 |
|
12,217 |
|
(4,639 |
) |
||||||
| Financial expenses |
(1,041 |
) |
(919 |
) |
(1,073 |
) |
(4,645 |
) |
(4,101 |
) |
(5,996 |
) |
||||||
| Financial income |
1,353 |
|
1,195 |
|
477 |
|
6,366 |
|
5,620 |
|
2,453 |
|
||||||
| Share in loss of joint venture |
- |
|
- |
|
- |
|
- |
|
- |
|
(39 |
) |
||||||
| (Loss) profit before taxes |
5,949 |
|
5,252 |
|
(2,570 |
) |
15,558 |
|
13,736 |
|
(8,220 |
) |
||||||
| Income Taxes |
(554 |
) |
(490 |
) |
531 |
|
(669 |
) |
(591 |
) |
1,028 |
|
||||||
| Net (loss) profit for the period |
5,395 |
|
4,762 |
|
(2,039 |
) |
14,889 |
|
13,145 |
|
(7,192 |
) |
||||||
| Net (loss) profit attributable to: |
- |
|
- |
|
||||||||||||||
| The owners of the parent |
5,401 |
|
4,769 |
|
(2,203 |
) |
14,899 |
|
13,154 |
|
(7,044 |
) |
||||||
| Non-controlling interest |
(8 |
) |
(7 |
) |
163 |
|
(10 |
) |
(9 |
) |
(148 |
) |
||||||
| Earning per share attributable to owners of the parent | ||||||||||||||||||
| Basic |
0.09 |
|
0.08 |
|
(0.04 |
) |
0.26 |
|
0.23 |
|
(0.13 |
) |
||||||
| Diluted |
0.09 |
|
0.08 |
|
(0.04 |
) |
0.26 |
|
0.23 |
|
(0.13 |
) |
||||||
| Weighted average basic shares outstanding |
58,892 |
|
58,892 |
|
53,897 |
|
56,685 |
|
56,685 |
|
53,364 |
|
||||||
| Weighted average diluted shares outstanding |
59,025 |
|
59,025 |
|
53,897 |
|
56,843 |
|
56,843 |
|
53,364 |
|
||||||
|
(*) |
The year 2020 has been restated to reflect the final accounting of the business combination with RS Print. |
|||||||||
|
Impact on Income Taxes and Net profit is 79 k€. |
||||||||||
Consolidated statements of comprehensive income (Unaudited)
| for the three months ended |
for the twelve months ended |
|||||||||||||||||
| In 000€ |
2021 |
2021 |
2020(*) |
2021 |
2021 |
2020(*) |
||||||||||||
| U.S.$ | € | € | U.S.$ | € | € | |||||||||||||
| Net profit (loss) for the period |
5,395 |
|
4,762 |
|
(2,039 |
) |
14,889 |
|
13,145 |
|
(7,192 |
) |
||||||
| Other comprehensive income | ||||||||||||||||||
| Recycling | ||||||||||||||||||
| Exchange difference on translation of foreign operations |
636 |
|
561 |
|
369 |
|
2,437 |
|
2,152 |
|
(6,176 |
) |
||||||
| Non-recycling | ||||||||||||||||||
| Fair value adjustments through OCI - Equity instruments |
(3,954 |
) |
(3,491 |
) |
489 |
|
(3,900 |
) |
(3,443 |
) |
489 |
|
||||||
| Other comprehensive income (loss), net of taxes |
(3,318 |
) |
(2,930 |
) |
858 |
|
(1,463 |
) |
(1,292 |
) |
(5,687 |
) |
||||||
| Total comprehensive income (loss) for the year, net of taxes |
2,075 |
|
1,832 |
|
(1,181 |
) |
13,425 |
|
11,853 |
|
(12,879 |
) |
||||||
| Total comprehensive income (loss) attributable to: | ||||||||||||||||||
| The owners of the parent |
2,083 |
|
1,839 |
|
(1,289 |
) |
13,436 |
|
11,863 |
|
(11,816 |
) |
||||||
| Non-controlling interests |
(8 |
) |
(7 |
) |
108 |
|
(11 |
) |
(9 |
) |
(1,063 |
) |
||||||
|
(*) |
The year 2020 has been restated to reflect the final accounting of the business combination with RS Print. |
|||||||
|
Impact on Net profit for the period is (79) k€. |
||||||||
Consolidated statement of financial position (Unaudited)
| As of |
As of |
|||
| In 000€ |
2021 |
2020(*) |
||
| Assets | ||||
| Non-current assets | ||||
|
18,726 |
18,599 |
|||
| Intangible assets |
31,668 |
32,981 |
||
| Property, plant & equipment |
84,451 |
88,267 |
||
| Right-of-Use assets |
9,054 |
10,996 |
||
| Investments in joint ventures |
- |
|||
| Deferred tax assets |
227 |
201 |
||
| Investments in convertible loans |
3,560 |
6,203 |
||
| Investments in non-listed equity instruments |
399 |
3,842 |
||
| Other non-current assets |
7,520 |
4,093 |
||
| Total non-current assets |
155,605 |
165,182 |
||
| Current assets | ||||
| Inventories |
11,295 |
10,043 |
||
| Trade receivables |
41,541 |
30,871 |
||
| Other current assets |
8,940 |
8,290 |
||
| Cash and cash equivalents |
196,028 |
111,538 |
||
| Total current assets |
257,803 |
160,741 |
||
| Total assets |
413,408 |
325,923 |
||
| (*) | The year 2020 has been restated to reflect the final accounting of the business combination with RS Print. | |||||
| Impact on |
||||||
| As of |
As of |
||||||
| In 000€ |
2021 |
2020* |
|||||
| Equity and liabilities | |||||||
| Equity | |||||||
| Share capital |
4,467 |
|
4,096 |
|
|||
| Share premium |
229,021 |
|
141,274 |
|
|||
| Retained earnings and other reserves |
(911 |
) |
(12,187 |
) |
|||
| Equity attributable to the owners of the parent |
232,577 |
|
133,183 |
|
|||
| Non-controlling interest |
(2 |
) |
- |
|
|||
| Total equity |
232,578 |
|
133,183 |
|
|||
| Non-current liabilities | |||||||
| Loans & borrowings |
72,637 |
|
90,502 |
|
|||
| Lease liabilities |
5,268 |
|
7,086 |
|
|||
| Deferred tax liabilities |
4,371 |
|
4,983 |
|
|||
| Deferred income |
4,952 |
|
5,328 |
|
|||
| Other non-current liabilities |
2,168 |
|
396 |
|
|||
| Total non-current liabilities |
89,396 |
|
108,295 |
|
|||
| Current liabilities | |||||||
| Loans & borrowings |
17,849 |
|
13,984 |
|
|||
| Lease liabilities |
3,353 |
|
3,538 |
|
|||
| Trade payables |
20,171 |
|
17,698 |
|
|||
| Tax payables |
783 |
|
974 |
|
|||
| Deferred income |
33,306 |
|
29,556 |
|
|||
| Other current liabilities |
15,972 |
|
18,695 |
|
|||
| Total current liabilities |
91,434 |
|
84,445 |
|
|||
| Total equity and liabilities |
413,408 |
|
325,923 |
|
|||
| (*) | The year 2020 has been restated to reflect the final accounting of the business combination with RS Print. | ||||||
| Impact on Retained earnings is 79 k€ and impact on Deferred tax liabilities is (1,823) k€. | |||||||
Consolidated statement of cash flows (Unaudited)
| for the twelve months ended |
||||||
| In 000€ |
2021 |
2020* |
||||
| Operating activities | ||||||
| Net (loss) profit for the period |
13,145 |
|
(7,192 |
) |
||
| Non-cash and operational adjustments | ||||||
| Depreciation of property plant & equipment |
15,541 |
|
14,932 |
|
||
| Amortization of intangible assets |
4,975 |
|
4,742 |
|
||
| Impairment of goodwill and intangible assets |
177 |
|
4,606 |
|
||
| Share-based payment expense |
(1,036 |
) |
752 |
|
||
| Loss (gain) on disposal of property, plant & equipment |
210 |
|
10 |
|
||
| Movement in provisions |
99 |
|
137 |
|
||
| Movement reserve for bad debt and slow moving inventory |
255 |
|
516 |
|
||
| Financial income |
(5,620 |
) |
(2,300 |
) |
||
| Financial expense |
4,101 |
|
5,821 |
|
||
| Impact of foreign currencies |
73 |
|
61 |
|
||
| Share in loss (gain) of a joint venture (equity method) |
- |
|
39 |
|
||
| (Deferred) income taxes |
591 |
|
(1,049 |
) |
||
| Other non-current liabilities |
- |
|
(1,093 |
) |
||
| Working capital adjustments |
(5,890 |
) |
12,512 |
|
||
| Decrease (increase) in trade receivables and other receivables |
(10,920 |
) |
9,205 |
|
||
| Decrease (increase) in inventories and contracts in progress |
(1,423 |
) |
2,724 |
|
||
| Increase (decrease) in trade payables and other payables |
6,453 |
|
583 |
|
||
| Income tax paid & Interest received |
(776 |
) |
(2,515 |
) |
||
| Net cash flow from operating activities |
25,843 |
|
29,979 |
|
||
| (*) | The year 2020 has been restated to reflect the final accounting of the business combination with RS Print. | ||||
| Impact on Net profit for the period is 79 k€ and impact on (Deferred) income taxes is (79) k€. | |||||
| for the twelve months ended |
||||||
| In 000€ |
2021 |
2020 |
||||
| Investing activities | ||||||
| Purchase of property, plant & equipment |
(7,934 |
) |
(11,032 |
) |
||
| Purchase of intangible assets |
(3,788 |
) |
(6,618 |
) |
||
| Proceeds from the sale of property, plant & equipment & intangible assets (net) |
462 |
|
552 |
|
||
| Acquisition of subsidiary (net of cash) |
(875 |
) |
(8,031 |
) |
||
| (Convertible) Loans granted |
(999 |
) |
(2,836 |
) |
||
| Other equity investments in non-listed entities |
- |
|
(300 |
) |
||
| Net cash flow used in investing activities |
(13,133 |
) |
(28,265 |
) |
||
| Financing activities | ||||||
| Repayment of loans & borrowings |
(14,277 |
) |
(13,736 |
) |
||
| Repayment of leases |
(3,775 |
) |
(3,640 |
) |
||
| Capital increase |
88,117 |
|
4,112 |
|
||
| Interest paid |
(2,326 |
) |
(2,268 |
) |
||
| Other financial income (expense) |
3,417 |
|
(1,356 |
) |
||
| Net cash flow from (used in) financing activities |
71,156 |
|
(16,888 |
) |
||
| Net increase/(decrease) of cash & cash equivalents |
83,866 |
|
(15,174 |
) |
||
| Cash & Cash equivalents at the beginning of the year |
111,538 |
|
128,897 |
|
||
| Exchange rate differences on cash & cash equivalents |
624 |
|
(2,184 |
) |
||
| Cash & cash equivalents at end of the year |
196,028 |
|
111,539 |
|
||
Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA (Unaudited)
| for the three months ended |
for the twelve months ended |
|||||||
| In 000€ |
2021 |
2020 (*) |
2021 |
2020 (*) |
||||
| Net profit (loss) for the period |
4,762 |
(2,039) |
13,145 |
(7,192) |
||||
| Income taxes |
490 |
(531) |
591 |
(1,028) |
||||
| Financial expenses |
919 |
1,073 |
4,101 |
5,996 |
||||
| Financial income |
(1,195) |
(477) |
(5,620) |
(2,453) |
||||
| Depreciation and amortization |
5,277 |
5,160 |
20,516 |
19,775 |
||||
| Share in loss of joint venture |
- |
- |
- |
39 |
||||
| EBITDA |
10,253 |
3,185 |
32,733 |
15,136 |
||||
| Share-based compensation expense (1) |
44 |
286 |
(834) |
1,344 |
||||
| Revaluation of fair value due to business combinations (2) |
8 |
(770) |
8 |
(770) |
||||
| Impairments (3) |
177 |
4,606 |
177 |
4,606 |
||||
| Acquisition-related expenses of business combinations (4) |
8 |
63 |
413 |
63 |
||||
| Adjusted EBITDA |
10,490 |
7,371 |
32,497 |
20,378 |
||||
|
(1) |
Share-based compensation expense represents the cost of equity-settled and share-based payments to employees. | ||||||||||
|
(2) |
Represents a positive revaluation of our initial 50% interest in RS Print after our acquisition of the remaining interest in the joint-venture. | ||||||||||
|
(3) |
Impairments represents in 2021 the impairment of capitalized expenditures related to the goodwill of metal company |
||||||||||
| and in 2020 the impairment of capitalized expenditures related to our tracheal splint development program ( |
|||||||||||
| and related to the goodwill and intangible assets of Engimplan (2,516 kEUR). | |||||||||||
|
(4) |
Acquisition-related expenses of business combinations represents expenses incurred in connection with the RS Print acquisition in 2020. | ||||||||||
|
(*) |
The year 2020 has been restated to reflect the final accounting of the business combination with RS Print. | ||||||||||
| Impact on Net profit for the period is 79 k€ and impact on (Deferred) income taxes is (79) k€. | |||||||||||
Segment P&L (Unaudited)
| In 000€ | Materialise Software |
Materialise Medical |
Materialise Manufacturing |
Total segments |
Unallocated (1) |
Consolidated | ||||||||||||
| For the three months ended |
||||||||||||||||||
| Revenues |
12,183 |
|
20,682 |
|
24,135 |
|
57,000 |
|
(11 |
) |
56,989 |
|
||||||
| Segment (adj) EBITDA |
5,518 |
|
6,358 |
|
990 |
|
12,866 |
|
(2,376 |
) |
10,490 |
|
||||||
| Segment (adj) EBITDA % |
45.3 |
% |
30.7 |
% |
4.1 |
% |
22.6 |
% |
18.4 |
% |
||||||||
| For the three months ended |
||||||||||||||||||
| Revenues |
10,216 |
|
17,188 |
|
17,889 |
|
45,292 |
|
9 |
|
45,301 |
|
||||||
| Segment (adj) EBITDA |
3,867 |
|
4,844 |
|
1,099 |
|
9,811 |
|
(2,440 |
) |
7,371 |
|
||||||
| Segment (adj) EBITDA % |
37.9 |
% |
28.2 |
% |
6.1 |
% |
21.7 |
% |
16.3 |
% |
||||||||
| In 000€ | Materialise Software |
Materialise Medical |
Materialise Manufacturing |
Total segments |
Unallocated (1) |
Consolidated | ||||||||||||
| For the twelve months ended |
||||||||||||||||||
| Revenues |
42,902 |
|
73,368 |
|
89,334 |
|
205,604 |
|
(154 |
) |
205,450 |
|
||||||
| Segment (adj) EBITDA |
15,784 |
|
20,669 |
|
6,252 |
|
42,704 |
|
(10,207 |
) |
32,497 |
|
||||||
| Segment (adj) EBITDA % |
36.8 |
% |
28.2 |
% |
7.0 |
% |
20.8 |
% |
15.8 |
% |
||||||||
| For the twelve months ended |
||||||||||||||||||
| Revenues |
39,054 |
|
61,729 |
|
69,635 |
|
170,418 |
|
31 |
|
170,449 |
|
||||||
| Segment (adj) EBITDA |
13,383 |
|
13,914 |
|
2,546 |
|
29,843 |
|
(9,465 |
) |
20,378 |
|
||||||
| Segment (adj) EBITDA % |
34.3 |
% |
22.5 |
% |
3.7 |
% |
17.5 |
% |
12.0 |
% |
||||||||
| (1) Unallocated segment adjusted EBITDA consists of corporate research and development, corporate headquarter costs and corporate 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. |
Reconciliation of Net Profit (Loss) to Segment adjusted EBITDA (Unaudited)
| for the three months ended |
for the twelve months ended |
|||||||||||
| In 000€ |
2021 |
2020(*) |
2021 |
2020(*) |
||||||||
| Net profit (loss) for the period |
4,762 |
|
(2,039 |
) |
13,145 |
|
(7,192 |
) |
||||
| Income taxes |
490 |
|
(531 |
) |
591 |
|
(1,028 |
) |
||||
| Financial cost |
919 |
|
1,073 |
|
4,101 |
|
5,996 |
|
||||
| Financial income |
(1,195 |
) |
(477 |
) |
(5,620 |
) |
(2,453 |
) |
||||
| Share in loss of joint venture |
- |
|
- |
|
- |
|
39 |
|
||||
| Operating (loss) profit |
4,976 |
|
(1,974 |
) |
12,217 |
|
(4,639 |
) |
||||
| Depreciation and amortization |
5,277 |
|
5,160 |
|
20,516 |
|
19,775 |
|
||||
| Corporate research and development |
812 |
|
807 |
|
3,149 |
|
2,989 |
|
||||
| Corporate headquarter costs |
2,923 |
|
3,300 |
|
10,350 |
|
15,955 |
|
||||
| Other operating income (expense) |
(1,122 |
) |
2,518 |
|
(3,527 |
) |
(4,237 |
) |
||||
| Segment adjusted EBITDA |
12,866 |
|
9,811 |
|
42,704 |
|
29,843 |
|
||||
|
(*) |
The year 2020 has been restated to reflect the final accounting of the business combination with RS Print. |
||||||||
|
Impact on Net profit for the period is 79 k€ and impact on (Deferred) income taxes is (79) k€. |
|||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220303005081/en/
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212.838.3777
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