Materialise Reports First Quarter 2019 Results

The company is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, unless it has obligations under the federal securities laws to update and disclose material developments related to previously disclosed information.

Consolidated income statements (Unaudited)

 
 

For the three months ended
March 31,

     

For the three months ended
March 31,

In 000 2019     2019     2018 2019     2018
U.S.$
 
Revenue   52,934   47,115   43,899   47,115   43,899
Cost of sales (24,195 ) (21,536 ) (19,944 ) (21,536 ) (19,944 )
Gross profit 28,739 25,579 23,955 25,579 23,955
Gross profit as % of revenue 54,3 % 54,3 % 54.6 % 54,3 % 54.6 %
 
Research and development expenses (6,388 ) (5,686 ) (5,615 ) (5,686 ) (5,615 )
Sales and marketing expenses (13,571 ) (12,079 ) (10,599 ) (12,079 ) (10,599 )
General and administrative expenses (8,534 ) (7,596 ) (7,160 ) (7,596 ) (7,160 )
Net other operating income (expenses) 1,412 1,258 549 1,258 549
Operating (loss) profit 1,658 1,476 1,130 1,476 1,130
 
Financial expenses (1,344 ) (1,196 ) (1,550 ) (1,196 ) (1,550 )
Financial income 679 604 840 604 840
Share in loss of joint venture (139 ) (123 ) (103 ) (123 ) (103 )
(Loss) profit before taxes 854 761 317 761 317
 
Income taxes (1,196 ) (1,065 ) (500 ) (1,065 ) (500 )
Net (loss) profit for the period (342 ) (304 ) (183 ) (304 ) (183 )
Net (loss) profit attributable to:
The owners of the parent (342 ) (304 ) (183 ) (304 ) (183 )
Non-controlling interest
 
Earnings per share attributable to owners of the parent
Basic (0.01 ) (0.01 ) 0.00 (0.01 ) 0.00
Diluted (0.01 ) (0.01 ) 0.00 (0.01 ) 0.00
 
Weighted average basic shares outstanding 52,891 52,891 47,428 52,891 47,428
Weighted average diluted shares outstanding 52,891 52,891 47,428 52,891 47,428
 

Consolidated statements of comprehensive income (Unaudited)

 
 

For the three months ended
March 31,

     

For the three months ended
March 31,

In 000 2019     2019     2018 2019     2018
U.S.$
 
Net profit (loss) for the period   (342 )   (304 )   (183 )   (304 )   (183 )
Other comprehensive income
Exchange difference on translation of foreign operations 661 588 (95 ) 588 (95 )
Other comprehensive income (loss), net of taxes 661 588 (95 ) 588 (95 )
Total comprehensive income (loss) for the year, net of taxes 319 284 (278 ) 284 (278 )
Total comprehensive income (loss) attributable to:
The owners of the parent 319 284 (278 ) 284 (278 )
Non-controlling interest
 

Consolidated statement of financial position (Unaudited)

 

As of
March 31,

   

As of
December 31,

In 000

2019

2018

Assets    
 
Non-current assets
Goodwill 17,680 17,491
Intangible assets 26,189 26,326
Property, plant & equipment 97,120 92,537
Investments in joint ventures
Deferred tax assets 257 315
Other non-current assets 9,388 7,237
Total non-current assets 150,634 143,906
 
Current assets
Inventories 11,203 9,986
Trade receivables 39,397 36,891
Other current assets 7,172 6,936
Cash and cash equivalents 111,052 115,506
Total current assets 168,824 169,319
Total assets 319,458 313,225
 
 

As of
March 31,

   

As of
December 31,

In 000 2019 2018
Equity and liabilities    
Equity
Share capital 3,050 3,050
Share premium 136,741 136,637
Consolidated reserves (2,152 ) (1,848 )
Other comprehensive income (1,262 ) (1,850 )
Equity attributable to the owners of the parent

136,377

135,989
Non-controlling interest
Total equity 136,377 135,989
 
Non-current liabilities
Loans & borrowings 93,638 92,440
Deferred tax liabilities 6,484 6,226
Deferred income 4,813 4,587
Other non-current liabilities 585 868
Total non-current liabilities 105,520 104,121
 
Current liabilities
Loans & borrowings 15,517 13,598
Trade payables 17,128 18,667
Tax payables 2,730 2,313
Deferred income 26,476 23,195
Other current liabilities 15,710 15,342
 
Total current liabilities 77,561 73,115
Total equity and liabilities 319,458 313,225
 

Consolidated statement of cash flows (Unaudited)

 
 

For the three months ended
March 31,

in 000 2019   2018
Operating activities
Net (loss) profit for the period (304 ) (183 )
Non-cash and operational adjustments
Depreciation of property, plant & equipment 3,429 2,700
Amortization of intangible assets 1,101 1,305
Share-based payment expense (177 ) 89
Loss (gain) on disposal of property, plant & equipment 51
Movement in provisions 14 (16 )
Movement reserve for bad debt (136 ) 84
Financial income (60 ) (667 )
Financial expense 583 1,067
Impact of foreign currencies 83 310
Share in loss of a joint venture (equity method) 124 103
(Deferred) income taxes 1,065 501
Other 35 (88 )
Working capital adjustment & income tax paid
Increase in trade receivables and other receivables (2,393 ) (4,372 )
Decrease (increase) in inventories (1,200 ) 1,147
Increase in trade payables and other payables 2,251 5,027
Income tax paid (385 ) (807 )
Net cash flow from operating activities 4,081 6,200
 
 

For the three months ended
March 31,

in 000 2019   2018
Investing activities
Purchase of property, plant & equipment (2,657 ) (4,275 )
Purchase of intangible assets (575 ) (324 )
Proceeds from the sale of property, plant & equipment & intangible assets (net) 20
Convertible loan to third party (2,500 )
Investments in joint-ventures
Interest received 53 14
Net cash flow used in investing activities (5,679 ) (4,565 )
 
Financing activities
Proceeds from loans & borrowings 1,500 12,413
Repayment of loans & borrowings (2,543 ) (11,388 )
Repayment of finance leases (1,399 ) (760 )
Capital increase 207
Interest paid (503 ) (404 )
Other financial income (expense) (110 ) 5
Net cash flow from (used in) financing activities (3,055 ) 73
 
Net increase of cash & cash equivalents (4,653 ) 1,708
Cash & cash equivalents at beginning of the year 115,506 43,175
Exchange rate differences on cash & cash equivalents 199 (186 )
Cash & cash equivalents at end of the year 111,052 44,697
 

Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA (Unaudited)

 
 

For the three months
ended March 31,

     

For the three months
ended March 31,

In 000 2019   2018 2019   2018
 
Net profit (loss) for the period   (304 )   (183 )   (304 )   (183 )
 
Income taxes 1,065 500 1,065 500
Financial expenses 1,196 1,550 1,196 1,550
Financial income (604 ) (840 ) (604 ) (840 )
Share in loss of joint venture 123 103 123 103
Depreciation and amortization 4,530 4,006 4,530 4,006
 
EBITDA 6,006 5,136 6,006 5,136
 
Non-cash stock-based compensation expense (1) (177 ) 88 (177 ) 88
Acquisition-related expenses business combinations
 
ADJUSTED EBITDA 5,829 5,224 5,829 5,224

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