Form 6-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2019

Commission File Number: 001-36515

 

 

Materialise NV

 

 

Technologielaan 15

3001 Leuven

Belgium

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F   ☒    Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

 

 

 


EXHIBIT INDEX

 

Exhibit

  

Description

99.1    Press Release dated March 6, 2019


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

MATERIALISE NV
By:  

/s/ Wilfried Vancraen

Name:   Wilfried Vancraen
Title:   Chief Executive Officer

Date: March 6, 2019

Exhibit 99.1

Exhibit 99.1

Materialise Reports Full Year and Fourth Quarter 2018 Results

LEUVEN, Belgium—(BUSINESS WIRE)—March 6, 2019 — 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 full year and fourth quarter ended December 31, 2018.

Highlights – Full Year and Fourth Quarter 2018

Full Year 2018:

 

   

Total revenue increased 29.6% to 184,721 kEUR for 2018 from 142,573 kEUR in 2017.

 

   

Adjusted EBITDA increased 61% to 23,526 kEUR for 2018 from 14,610 kEUR for 2017.

 

   

Net profit for 2018 was 3,027 kEUR, or 0.06 EUR per diluted share, compared to a loss of (2,117) kEUR last year.

Fourth Quarter 2018:

 

   

Total revenue increased 9.6% to 49,014 kEUR for the fourth quarter of 2018.

 

   

Adjusted EBITDA increased 4.24% to 6,052 kEUR for the fourth quarter of 2018.

 

   

Net profit for the fourth quarter of 2018 was 525 kEUR, or 0.01 EUR per diluted share, compared to 1,067 kEUR, over the same period last year.

Executive Chairman Peter Leys commented, “2018 has been a good year for Materialise. Our annual revenues grew by 30% to 184,721 kEUR, our Adjusted EBITDA grew by 61% to 23,526 kEUR, and our deferred revenue from license and maintenance fees increased 3,883 kEUR to 22,606 kEUR, all at the higher end of the range we forecasted at the beginning of the year. In addition, cash flow from operating activities in 2018 was 28,321 kEUR compared to 9,951 kEUR in 2017, and, as a result of the capital we raised in 2018, our cash and cash equivalents at the end of 2018 totaled 115,506 kEUR compared to 43,175 kEUR at the end of last year. This financial strength positions us well to capture new growth opportunities going forward, even if the macro-economicconditions become less favorable.”

Fourth Quarter 2018 Results

Total revenue for the fourth quarter of 2018 increased 9.6% to 49,014 kEUR compared to 44,733 kEUR for the fourth quarter of 2017. Adjusted EBITDA increased to 6,052 kEUR from 5,806 kEUR. The Adjusted EBITDA margin (Adjusted EBITDA divided by total revenue) in the fourth quarter of 2018 was 12.3% compared to 13.0% in the fourth quarter of 2017.

Revenue from our Materialise Software segment decreased 4.1% to 10,044 kEUR for the fourth quarter of 2018 from 10,468 kEUR for the same quarter last year. Deferred revenue from license and maintenance fees within the segment increased by 965 kEUR compared to last year’s quarter. Segment EBITDA decreased to 2,969 kEUR from 4,619 kEUR while the segment EBITDA margin was 29.6% compared to 44.1% in the prior-year period.

Revenue from our Materialise Medical segment increased 27.4% to 15,081 kEUR for the fourth quarter of 2018 compared to 11,842 kEUR for the same period in 2017. Compared to the same quarter in 2017, revenues from medical devices and services grew 39.6%, and revenues from our medical software grew 6.9%. Segment EBITDA was 3,593 kEUR compared to 2,158 kEUR while the segment EBITDA margin increased to 23.8% from 18.2% in the fourth quarter of 2017.

Revenue from our Materialise Manufacturing segment increased 6.8% to 23,926 kEUR for the fourth quarter of 2018 from 22,394 kEUR for the fourth quarter of 2017. Segment EBITDA increased to 1,983 kEUR from 1,377 kEUR while the segment EBITDA margin increased to 8.3% from 6.1% for the same quarter in 2017.

Gross profit was 27,261 kEUR, or 55.6% of total revenue, for the fourth quarter of 2018 compared to 23,601 kEUR, or 52.8% of total revenue, for the fourth quarter of 2017.

Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses increased, in the aggregate, 11.1% to 27,290 kEUR for the fourth quarter of 2018 from 24,553 kEUR for the fourth quarter of 2017.

 

 

1


Net other operating income decreased by 1,135 kEUR to 810 kEUR compared to 1,945 kEUR for the fourth quarter of 2017. Net other operating income this quarter was impacted by higher provisions for doubtful trade receivables, which totaled 852 kEUR, and included the application of the new IFRS9 Financial Instruments accounting standard.

Operating result decreased to 781 kEUR from 993 kEUR for the same period in the prior year.

Net financial result was (420) kEUR compared to (356) kEUR for the prior-year period.

Net profit for the fourth quarter of 2018 was 525 kEUR, compared to net profit of 1,067 kEUR for the same period in 2017. The operating profit decreased by 212 kEUR and our share in the loss of a joint venture increased by 311 kEUR. Total comprehensive income for the fourth quarter of 2018, which includes exchange differences on translation of foreign operations, was 507 kEUR compared to 857 kEUR for the same period in 2017.

At December 31, 2018, we had cash and equivalents of 115,506 kEUR compared to 43,175 kEUR at December 31, 2017. Cash flow from operating activities for the full year 2018 was 28,321 kEUR compared to 9,951 kEUR in 2017.

Net shareholders’ equity at December 31, 2018 was 135,989 kEUR compared to 77,054 kEUR at December 31, 2017.

Full Year 2018 Results

Total revenues for the year ended December 31, 2018 increased 29.6% to 184,721 kEUR compared to 142,573 kEUR for the year ended December 31, 2017. Excluding the impact of our October 4, 2017 acquisition of ACTech, a full-service manufacturer of complex metal parts, revenues increased 6.6% to 141,329 kEUR. Adjusted EBITDA for the year ended December 31, 2018 was 23,526 kEUR, an increase of 61.0% compared to 14,610 kEUR for the year ended December 31, 2017. The Adjusted EBITDA margin increased to 12.7% from 10.2% last year. Excluding ACTech, Adjusted EBITDA was 14,097 kEUR for the year ended December 31, 2018 compared to 13,067 kEUR for the year ended December 31, 2017.

Revenues from our Materialise Software segment increased 4.5% to 37,374 kEUR for the year ended December 31, 2018 compared to 35,770 kEUR for the year ended December 31, 2017. The segment EBITDA margin was 30.9% in 2018 compared to 38.9% in 2017.

Revenues from our Materialise Medical segment grew by 22.0% for the year ended December 31, 2018 to 52,252 kEUR from 42,841 kEUR for the year ended December 31, 2017. Medical software growth was 9.1%, and revenues from medical devices and services increased 29.3%. The segment EBITDA margin increased to 19.6% from 10.3%, primarily as a result of the combination of revenue growth and limited increases in operating expenses.

Revenues from our Materialise Manufacturing segment increased 49.0% to 94,956 kEUR for the year ended December 31, 2018 from 63,712 kEUR for the year ended December 31, 2017. Excluding ACTech, revenues decreased 4.1% to 51,518 kEUR from 53,747 kEUR. The segment EBITDA margin increased from 7.0% in 2017 to 11.4% in 2018. Excluding ACTech, the segment EBITDA margin decreased to 2.7%.

Net profit improved from (2,117) kEUR for 2017 to a net profit of 3,027 kEUR for 2018.

2019 Guidance

Mr. Leys concluded, “The additive manufacturing market continues to evolve, as new applications gradually find their way to the market, and we intend to continue positioning Materialise to benefit from this promising growth market in the coming years. In 2019, Materialise will dedicate significant attention to the partnerships that we have entered into and to the strategic initiatives that we have launched over the previous years. In our Materialise Software segment, we intend to maintain our leadership position through innovation and strategic partnerships; in our Materialise Medical segment we will drive the next stage of innovation, including by launching initiatives in new growth areas; and in our Materialise Manufacturing segment we will increasingly focus on manufacturing of complex and unique parts.

“For fiscal 2019, we expect to report consolidated revenue between 196,000 kEUR – 204,000 kEUR and Adjusted EBITDA between 29,000 kEUR – 33,000 kEUR. We expect the amount of deferred revenue that Materialise generates from annual licenses and maintenance in 2019 to increase by an amount between 2,000 kEUR – 4,000 kEUR.”

 

2


Adjusted EBITDA guidance for 2019 includes the positive impact, estimated at approximately 3,000 kEUR, of the application of the new IFRS16 Leases accounting standard, which requires leases to be recognized as an asset, and depreciated, over the lease term. As a result of the increased depreciation by approximately the same amount as the rental payments, our operating profit will not be impacted by this new standard.

Business Combinations—ACTech

Our audited financial statements for the year ended December 31, 2017 appearing in our Annual Report on Form 20-F, as filed with the U.S. Securities and Exchange Commission on April 30, 2018 (the “FY 2017 Form 20-F”), included a provisional accounting for the ACTech business combination. The fair value analysis with respect to the assets and liabilities acquired was not yet finalized as of the reporting date.

During September 2018, as previously reported in our Third Quarter 2018 Results release, and through October 4 2018, we completed the fair value analysis of the ACTech business combination, with corresponding adjustments to intangible assets, property, plant and equipment, inventories and contracts in progress, other current assets, investment grants and income taxes. The impact has been accounted for as retrospective adjustments to our consolidated statement of financial position as of December 31, 2017 and our consolidated income statement for the year ended December 31, 2017. Including an adjustment to the inventories valuation at ACTech, the total impact on the consolidated reserves for the year ended December 31, 2017 and our 2017 fourth quarter income statements amounted to (461) kEUR.

The adjustments are summarized as follows:

Consolidated statements of financial position

 

(in € 000)    For the year ended December 31, 2017  
     As previously reported      Adjustments      Restated  

Goodwill

     18,447        (895      17,552  

Intangible assets

     28,646        (46      28,600  

Property, plant & equipment

     86,881        184        87,065  

Inventories and contracts in progress (*)

     11,594        (567      11,027  

Other current assets

     9,212        (1,537      7,675  

Assets

     154,780        (2,861      151,919  

Consolidated reserves

     (3,250      (461      (3,711

Deferred tax liabilities (non-current)

     7,006        409        7,415  

Deferred income (non-current)

     5,040        (1,272      3,768  

Tax payable

     3,560        (1,537      2,023  

Equity and liabilities

     12,356        (2,861      9,495  

 

3


Consolidated income statements

 

(in € 000)    For the year ended December 31, 2017  
     As previously reported      Adjustments      Restated  

Cost of sales

     (62,787      (447      (63,234

Net other operating income (expenses)

     5,631        (26      5,605  

Income taxes

     (534      12        (522
        (461   

(*) Relates to an adjustment to the inventories valuation

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 1.145, the reference rate of the European Central Bank on December 31, 2018.

Conference Call and Webcast

Materialise will hold a conference call and simultaneous webcast to discuss its financial results for the fourth quarter of 2018 on the same day, Wednesday, March 6, 2019, 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 #8884671. 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 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.

 

4


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 2019 revenues, deferred revenue from annual licenses and maintenance and Adjusted EBITDA, our expectations regarding fiscal 2019 sales, Adjusted EBITDA margin and investments, results of operations, cash needs, capital expenditures, expenses, financial condition, liquidity, prospects, growth and strategies (including our strategic priorities for 2019), 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 April 30, 2018. 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.

 

5


Consolidated income statements (Unaudited)

 

     For the three months
ended December 31
    For the twelve
months ended
December 31
 
(in 000, except per share amounts)    2018     2018     2017*     2018     2017*  
     U.S.$                  

Revenue

     56,121       49,014       44,733       184,721       142,573  

Cost of sales

     (24,907     (21,753     (21,132     (82,299     (63,234

Gross profit

     31,214       27,261       23,601       102,422       79,339  

Gross profit as % of revenue

     55.6     55.6     52.8     55.4     55.6

Research and development expenses

     (6,109     (5,335     (5,535     (22,416     (19,959

Sales and marketing expenses

     (14,394     (12,571     (10,739     (46,303     (39,109

General and administrative expenses

     (10,745     (9,384     (8,279     (32,310     (25,484

Net other operating income (expenses)

     928       810       1,945       3,771       5,605  

Operating (loss) profit

     894       781       993       5,164       392  

Financial expenses

     (1,498     (1,308     (1,434     (4,864     (4,728

Financial income

     1,017       888       1,078       3,627       3,210  

Share in loss of joint venture

     (211     (184     127       (475     (469

(Loss) profit before taxes

     202       177       764       3,452       (1,595

Income taxes

     399       348       303       (425     (522

Net (loss) profit of the period

     601       525       1,067       3,027       (2,117

Net (loss) profit attributable to:

          

The owners of the parent

     601       525       1,067       3,027       (2,117

Non-controlling interest

     —         —         —         —         —    

Earnings per share attributable to the owners of the parent

 

       

Basic

     0.01       0.01       0.02       0.06       (0.04

Diluted

     0.01       0.01       0.02       0.06       (0.04

Weighted average basic shares outstanding

     52,882       52,882       47,325       49,806       47,325  

Weighted average diluted shares outstanding

     53,761       53,761       48,467       50,609       47,325  

 

(*):

2017 has been restated following the final accounting of the ACTech business combination and the adjustment to the ACTech inventories valuation.

 

6


Consolidated statements of comprehensive income (Unaudited)

 

     For the three months
ended December 31
    For the twelve
months ended
December 31
 
(in 000)    2018     2018     2017*     2018     2017*  
     U.S.$                  

Net profit (loss) for the period

     601       525       1,067       3,027       (2,117

Other comprehensive income

          

Exchange difference on translation of foreign operations

     (21     (18     (210     (47     (691

Other comprehensive income (loss), net of taxes

     (21     (18     (210     (47     (691

Total comprehensive income (loss) for the year, net of taxes

     580       507       857       2,980       (2,808

Total comprehensive income (loss) attributable to:

          

The owners of the parent

     580       507       857       2,980       (2,808

Non-controlling interest

     —         —         —         —         —    

 

(*):

2017 has been restated following the final accounting of the ACTech business combination and the adjustment to the ACTech inventories valuation.

 

7


Consolidated statements of financial position (Unaudited)

 

     As of December 31  
(in 000)    2018      2017*  
           

Assets

     

Non-current assets

     

Goodwill

     17,491        17,552  

Intangible assets

     26,326        28,600  

Property, plant & equipment

     92,537        87,065  

Investments in joint ventures

     —          31  

Deferred tax assets

     315        304  

Other non-current assets

     7,237        3,667  

Total non-current assets

     143,906        137,219  

Current assets

     

Inventories and contracts in progress

     9,986        11,027  

Trade receivables

     36,891        35,582  

Other current assets

     6,936        7,675  

Cash and cash equivalents

     115,506        43,175  

Total current assets

     169,319        97,459  

Total assets

     313,225        234,678  

 

8


     As of December 31  
(in 000)    2018     2017*  
          

Equity and liabilities

    

Equity

    

Share capital

     3,050       2,729  

Share premium

     136,637       79,839  

Consolidated reserves

     (1,848     (3,711

Other comprehensive income

     (1,850     (1,803

Equity attributable to the owners of the parent

     135,989       77,054  

Non-controlling interest

     —         —    

Total equity

     135,989       77,054  

Non-current liabilities

    

Loans & borrowings

     92,440       81,788  

Deferred tax liabilities

     6,226       7,415  

Deferred income

     4,587       3,768  

Other non-current liabilities

     868       1,904  

Total non-current liabilities

     104,121       94,875  

Current liabilities

    

Loans & borrowings

     13,598       12,769  

Trade payables

     18,667       15,670  

Tax payables

     2,313       2,023  

Deferred income

     23,195       18,791  

Other current liabilities

     15,342       13,496  

Total current liabilities

     73,115       62,749  

Total equity and liabilities

     313,225       234,678  

 

(*):

2017 has been restated following the final accounting of the ACTech business combination and the adjustment to the ACTech inventories valuation.

 

9


Consolidated statements of cash flows (Unaudited)

 

     For the twelve
months ended
December 31
 
(in 000)    2018     2017*  
          

Operating activities

    

Net (loss) profit of the period

     3,027       (2,117

Non-cash and operational adjustments

    

Depreciation of property, plant & equipment

     12,223       8,754  

Amortization of intangible assets

     5,064       3,822  

Share-based payment expense

     1,075       1,033  

Loss (gain) on disposal of property, plant & equipment

     (83     25  

Fair value contingent liabilities

     (455     —    

Movement in provisions

     5       61  

Movement reserve for bad debt

     1,293       502  

Financial income

     (581     (381

Financial expense

     2,172       1,597  

Impact of foreign currencies

     (299     302  

Share in loss of a joint venture (equity method)

     475       469  

(Deferred) Income taxes

     426       522  

Other

     87       (22

Working capital adjustment & income tax paid

    

Increase in trade receivables and other receivables

     (3,156     (4,973

Decrease (increase) in inventories

     812       (417

Increase in trade payables and other payables

     7,604       2,343  

Income tax paid

     (1,368     (1,569

Net cash flow from operating activities

     28,321       9,951  

 

10


     For the twelve
months ended
December 31
 
(in 000)    2018     2017*  
          

Investing activities

    

Purchase of property, plant & equipment

     (18,270     (27,733

Purchase of intangible assets

     (1,836     (4,345

Proceeds from the sale of property, plant & equipment & intangible assets (net)

     281       221  

Acquisition of subsidiary

     —         (27,173

Investments in joint-ventures

     —         (500

Other investments

     (2,671     —    

Interest received

     363       281  

Net cash flow used in investing activities

     (22,133     (59,249

Financing activities

    

Proceeds from loans & borrowings

     32,554       54,319  

Repayment of loans & borrowings

     (18,820     (11,904

Repayment of finance leases

     (3,102     (2,947

Capital increase in parent

     60,489       —    

Direct attributable expense of capital increases

     (4,003     —    

Interest paid

     (1,733     (955

Other financial income (expense)

     (150     (472

Net cash flow from (used in) financing activities

     65,235       38,041  

Net increase of cash & cash equivalents

     71,423       (11,257

Cash & cash equivalents at beginning of the year

     43,175       55,912  

Exchange rate differences on cash & cash equivalents

     908       (1,480

Cash & cash equivalents at end of the year

     115,506       43,175  

 

(*):

2017 has been restated following the final accounting of the ACTech business combination and the adjustment to the ACTech inventories valuation.

 

11


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)    2018      2017*      2018      2017*  
                     

Net profit (loss) for the period

     525        1,067        3,027        (2,117

Income taxes

     (348      (303      425        522  

Financial expenses

     1,308        1,434        4,864        4,728  

Financial income

     (888      (1,078      (3,627      (3,210

Share in loss of joint venture

     184        (127      475        469  

Depreciation and amortization

     4,753        4,434        17,287        12,576  

EBITDA

     5,534        5,427        22,451        12,968  

Non-cash stock-based compensation expense (1)

     518        36        1,075        1,033  

Acquisition-related expenses of business combinations

     —          343        —          609  

ADJUSTED EBITDA

     6,052        5,806        23,526        14,610  

 

(1)

Non-cash stock-based compensation expenses represent the cost of equity-settled and cash-settled share-based payments to employees.

 

(*):

2017 has been restated following the final accounting of the ACTech business combination and the adjustment to the ACTech inventories valuation.

 

12


Segment P&L (Unaudited)

 

(in 000)    Materialise
Software
    Materialise
Medical
    Materialise
Manufact-
uring
    Total
segments
    Unallocated     Consoli-
dated
 
                          

For the three months ended December 31, 2018

            

Revenues

     10,044       15,081       23,926       49,051       (37     49,014  

Segment EBITDA

     2,969       3,593       1,983       8,545       (3,011     5,534  

Segment EBITDA %

     29.6     23.8     8.3     17.4       11.3

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       1,377       8,154       (2,727     5,427  

Segment EBITDA %

     44.1     18.2     6.1     18.2       12.1

 

(*):

2017 has been restated following the final accounting of the ACTech business combination and the adjustment to the ACTech inventories valuation.

 

13


(in 000)    Materialise
Software
    Materialise
Medical
    Materialise
Manufact-
uring
    Total
segments
    Unallocated     Consoli-
dated
 
                          

For the twelve months ended December 31, 2018

            

Revenues

     37,374       52,252       94,956       184,582       139       184,721  

Segment EBITDA

     11,536       10,252       10,785       32,573       (10,122     22,451  

Segment EBITDA %

     30.9     19.6     11.4     17.6       12.2

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       4,439       22,765       (9,797     12,968  

Segment EBITDA %

     38.9     10.3     7.0     16.0       9.1

 

(*):

2017 has been restated following the final accounting of the ACTech business combination and the adjustment to the ACTech inventories valuation.

 

14


Reconciliation of Net Profit (Loss) to Segment EBITDA (Unaudited)

 

     For the three
months ended
December 31
     For the twelve
months ended
December 31
 
(in 000)    2018      2017*      2018      2017*  
                     

Net profit (loss) for the period

     525        1,067        3,027        (2,117

Income taxes

     (348      (303      425        522  

Finance cost

     1,308        1,434        4,864        4,728  

Finance income

     (888      (1,078      (3,627      (3,210

Share in loss of joint venture

     184        (127      475        469  

Operating profit

     781        993        5,164        392  

Depreciation and amortization

     4,753        4,434        17,287        12,576  

Corporate research and development

     444        490        1,913        2,017  

Corporate headquarter costs

     2,844        2,706        10,358        9,690  

Other operating income (expense)

     (277      (469      (2,149      (1,910

Segment EBITDA

     8,545        8,154        32,573        22,765  

 

(*):

2017 has been restated following the final accounting of the ACTech business combination and the adjustment to the ACTech inventories valuation.

 

15