Materialise Reports First Quarter 2020 Results

 

Consolidated statement of cash flows (Unaudited)

 

 

 

 

 

 

 

For the three months ended March
31,

in 000

 

2020

 

2019

 

 

 

Operating activities

 

 

 

 

Net (loss) profit for the period

 

(2,853)

 

(304)

Non-cash and operational adjustments

 

 

 

 

Depreciation of property, plant & equipment

 

3,600

 

3,429

Amortization of intangible assets

 

1,115

 

1,101

Share-based payment expense

 

(75)

 

(177)

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

 

16

 

51

Movement in provisions

 

(3)

 

14

Movement reserve for bad debt

 

221

 

(136)

Financial income

 

(500)

 

(60)

Financial expense

 

1,821

 

583

Impact of foreign currencies

 

 

 

83

Share in loss of a joint venture (equity method)

 

39

 

124

(Deferred) income taxes

 

454

 

1,065

Other

 

147

 

35

Working capital adjustment & income tax paid

 

 

 

 

Decrease (increase) in trade receivables and other receivables

 

1,582

 

(2,393)

Decrease (increase) in inventories

 

(3)

 

(1,200)

Increase (decrease) in trade payables and other payables

 

2,300

 

2,251

Income tax paid

 

(588)

 

(385)

Net cash flow from operating activities

 

7.273

 

4,081

 

 

 

 

 

 

 

For the three months ended March
31,

in 000

 

2020

 

2019

 

 

 

Investing activities

 

 

 

 

Purchase of property, plant & equipment

 

(2,575)

 

(2,657)

Purchase of intangible assets

 

(478)

 

(575)

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

 

69

 

Convertible loan to third party

 

(300)

 

(2,500)

Investments in joint-ventures

 

 

Interest received

 

 

53

Net cash flow used in investing activities

 

(3,284)

 

(5,679)

 

 

 

 

 

Financing activities

 

 

 

 

Proceeds from loans & borrowings

 

 

 

1,500

Repayment of loans & borrowings

 

(2,585)

 

(2,543)

Repayment of finance leases

 

(1,016)

 

(1,399)

Interest paid

 

(634)

 

(503)

Other financial income (expense)

 

(138)

 

(110)

Net cash flow from (used in) financing activities

 

(4,373)

 

(3,055)

 

 

 

 

 

Net increase of cash & cash equivalents

 

(383)

 

(4,653)

Cash & cash equivalents at beginning of the year

 

128,897

 

115,506

Exchange rate differences on cash & cash equivalents

 

(1,379)

 

199

Cash & cash equivalents at end of the year

 

127,135

 

111,052

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

 

2020

 

 

2019

 

 

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

 

(2,853)

 

 

 

(304)

 

 

 

 

 

 

 

(2,853)

 

 

 

(304)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

457

 

 

 

1,065

 

 

 

 

 

 

 

457

 

 

 

1,065

 

Financial expenses

 

 

1,821

 

 

 

1,196

 

 

 

 

 

 

 

1,821

 

 

 

1,196

 

Financial income

 

 

(500

)

 

 

(604

)

 

 

 

 

 

 

(500)

 

 

 

(604

 

Share in loss of joint venture

 

 

39

 

 

 

123

 

 

 

 

 

 

 

39

 

 

 

123

 

Depreciation and amortization

 

 

4,715

 

 

 

4,530

 

 

 

 

 

 

 

4,715

 

 

 

4,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

 

3,678

 

 

 

6,006

 

 

 

 

 

 

 

3,678

 

 

 

6,006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-cash stock-based compensation expense (1)

 

 

(75)

 

 

 

(177)

 

 

 

 

 

 

 

(75)

 

 

 

(177)

 

Acquisition-related expenses business combinations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED EBITDA

 

 

3,603

 

 

 

5,829

 

 

 

 

 

 

 

3,603

 

 

 

5,829

 

 

(1)

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

Segment P&L (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

In 000

 

Materialise

Software

 

Materialise

Medical

 

Materialise

Manufact-

uring

 

Total

segments

 

Unallocated

(1)(2)

 

Consoli-

dated

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

9,821

 

15,645

 

20,815

 

46,281

 

(36)

 

46,245

Segment adjusted EBITDA

 

2,645

 

2,455

 

1,118

 

6,218

 

(2,615)

 

3,603

 

 

 

 

 

 

 

Segment adjusted EBITDA %

 

26.9%

 

15.7%

 

5.4%

 

13.4%

 

 

 

7.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

9,350

 

13,566

 

24,184

 

47,100

 

15

 

47,115

Segment adjusted EBITDA

 

2,961

 

1,773

 

3,695

 

8,429

 

(2,600)

 

5,829

 

 

 

 

 

 

 

Segment adjusted EBITDA %

 

31.7%

 

13.1%

 

15.3%

 

17.9%

 

 

 

12.4%

(1)

Unallocated Revenues consist of occasional one-off sales by our core competencies not allocated to any of our segments.

(2)

Unallocated segment EBITDA consists of corporate research and development, corporate headquarter costs and other operating income (expense), and the added non-cash share-based compensation expenses and acquisition related expenses of business combinations that are included in Adjusted EBITDA.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months

ended March 31,

 

 

 

 

 

For the three months

ended March 31,

 

In 000

 

2020

 

 

2019

 

 

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

 

(2,853)

 

 

 

(304)

 

 

 

 

 

 

 

(2,853)

 

 

 

(304)

 

Income taxes

 

 

457

 

 

 

1,065

 

 

 

 

 

 

 

457

 

 

 

1,065

 

Financial cost

 

 

1,821

 

 

 

1,196

 

 

 

 

 

 

 

1,821

 

 

 

1,196

 

Financial income

 

 

(500)

 

 

 

(604)

 

 

 

 

 

 

 

(500)

 

 

 

(604)

 

Share in loss of joint venture

 

 

39

 

 

 

123

 

 

 

 

 

 

 

39

 

 

 

123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit

 

 

(1,037)

 

 

 

1,476

 

 

 

 

 

 

 

(1,037)

 

 

 

1,476

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

4,715

 

 

 

4,530

 

 

 

 

 

 

 

4,715

 

 

 

4,530

 

Corporate research and development

 

 

747

 

 

 

464

 

 

 

 

 

 

 

747

 

 

 

464

 

Corporate headquarter costs

 

 

2,368

 

 

 

2,565

 

 

 

 

 

 

 

2,368

 

 

 

2,565

 

Other operating (income) expense

 

 

(575)

 

 

 

(606)

 

 

 

 

 

 

 

(575)

 

 

 

(606)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment EBITDA

 

 

6,218

 

 

 

8,429

 

 

 

 

 

 

 

6,218

 

 

 

8,429

 


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