Materialise Reports First Quarter 2020 Results

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 1.104309, the reference rate of the European Central Bank on March 31, 2020.

Conference Call and Webcast

Materialise will hold a conference call and simultaneous webcast to discuss its financial results for the first quarter of 2020 on Thursday, April 30, 2020, 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 1698319#.

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 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 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.

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 most recent 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
March 31,

 

 

 

 

 

For the three
months ended
March 31,

 

In 000

 

2020

 

 

2020

 

 

2019

 

 

 

 

 

2020

 

 

2019

 

 

 

U.S.$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

51,069

 

 

 

46,245

 

 

 

47,155

 

 

 

 

 

 

 

46,245

 

 

 

47,115

 

Cost of sales

 

 

(23,867)

 

 

 

(21,613)

 

 

 

(21,536)

 

 

 

 

 

 

 

(21,613)

 

 

 

(21,536)

 

Gross profit

 

 

27,201

 

 

 

24,632

 

 

 

25,579

 

 

 

 

 

 

 

24,632

 

 

 

25,579

 

Gross profit as % of revenue

 

 

53.3%

 

 

 

53.3%

 

 

 

54.3%

 

 

 

 

 

 

 

53.3%

 

 

 

54.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

(7,208)

 

 

 

(6,527)

 

 

 

(5,686)

 

 

 

 

 

 

 

(6,527)

 

 

 

(5,686)

 

Sales and marketing expenses

 

 

(13,945)

 

 

 

(12,627)

 

 

 

(12,079)

 

 

 

 

 

 

 

(12,627)

 

 

 

(12,079)

 

General and administrative expenses

 

 

(7,948)

 

 

 

(7,197)

 

 

 

(7,596)

 

 

 

 

 

 

 

(7,197)

 

 

 

(7,596)

 

Net other operating income (expenses)

 

 

754

 

 

 

683

 

 

 

1,258

 

 

 

 

 

 

 

683

 

 

 

1,258

 

Operating (loss) profit

 

 

(1,145)

 

 

 

(1,037)

 

 

 

1,476

 

 

 

 

 

 

 

(1,037)

 

 

 

1,476

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial expenses

 

 

(2,011)

 

 

 

(1,821)

 

 

 

(1,196)

 

 

 

 

 

 

 

(1,821)

 

 

 

(1,196)

 

Financial income

 

 

552

 

 

 

500

 

 

 

604

 

 

 

 

 

 

 

500

 

 

 

604

 

Share in loss of joint venture

 

 

(43)

 

 

 

(39)

 

 

 

(123)

 

 

 

 

 

 

 

(39)

 

 

 

(123)

 

(Loss) profit before taxes

 

 

(2,646)

 

 

 

(2,396)

 

 

 

761

 

 

 

 

 

 

 

(2,396)

 

 

 

761

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

(505)

 

 

 

(457)

 

 

 

(1,065)

 

 

 

 

 

 

 

(457)

 

 

 

(1,065)

 

Net (loss) profit for the period

 

 

(3,151)

 

 

 

(2,853)

 

 

 

(304)

 

 

 

 

 

 

 

(2,853)

 

 

 

(304)

 

Net (loss) profit attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The owners of the parent

 

 

(3,100)

 

 

 

(2,807)

 

 

 

(304)

 

 

 

 

 

 

 

(2,807)

 

 

 

(304)

 

Non-controlling interest

 

 

(51)

 

 

 

(47)

 

 

 

 

 

 

 

 

 

 

(47)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to owners of the parent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

(0.06)

 

 

 

(0.05)

 

 

 

(0.01)

 

 

 

 

 

 

 

(0.05)

 

 

 

(0.01)

 

Diluted

 

 

(0.06)

 

 

 

(0.05)

 

 

 

(0.01)

 

 

 

 

 

 

 

(0.05)

 

 

 

(0.01)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average basic shares outstanding

 

 

53,173

 

 

 

53,173

 

 

 

52,891

 

 

 

 

 

 

 

53,173

 

 

 

52,891

 

Weighted average diluted shares outstanding

53,173

53,173

52,891

53,173

52,891

 

Consolidated statements of comprehensive income (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended
March 31,

 

 

 

 

 

For the three
months ended
March 31,

 

In 000

 

2020

 

 

2020

 

 

2019

 

 

 

 

 

2020

 

 

2019

 

 

 

U.S.$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

 

(3,151)

 

 

 

(2,853)

 

 

 

(304)

 

 

 

 

 

 

 

(2,853)

 

 

 

(304)

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange difference on translation of foreign operations

 

 

(4.575)

 

 

 

(4,143)

 

 

 

588

 

 

 

 

 

 

 

(4,143)

 

 

 

588

 

Other comprehensive income (loss), net of taxes

 

 

(4,575)

 

 

 

(4,143)

 

 

 

588

 

 

 

 

 

 

 

(4,143)

 

 

 

588

 

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

 

 

(7,726)

 

 

 

(6,996)

 

 

 

284

 

 

 

 

 

 

 

(6,996)

 

 

 

284

 

Total comprehensive income (loss) attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The owners of the parent

 

 

(6,997)

 

 

 

(6,336)

 

 

 

284

 

 

 

 

 

 

 

(6,336)

 

 

 

284

 

Non-controlling interest

(729)

(660)

(660)

Consolidated statement of financial position (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

As of March
31,

 

 

As of

December

31,

 

In 000

 

2020

 

 

2019

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

Goodwill

 

 

19,424

 

 

 

20,174

 

Intangible assets

 

 

26,092

 

 

 

27,395

 

Property, plant & equipment

 

 

88,682

 

 

 

90,331

 

Right-of-Use assets

 

 

10,057

 

 

 

10,586

 

Investments in joint ventures

 

 

-

 

 

 

39

 

Deferred tax assets

 

 

257

 

 

 

192

 

Other non-current assets

 

 

10,053

 

 

 

9,391

 

Total non-current assets

 

 

154,565

 

 

 

158,108

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Inventories

 

 

12,674

 

 

 

12,696

 

Trade receivables

 

 

37,174

 

 

 

40,322

 

Other current assets

 

 

10,080

 

 

 

9,271

 

Cash and cash equivalents

 

 

127,135

 

 

 

128,897

 

Total current assets

 

 

187,063

 

 

 

191,186

 

Total assets

341,628

349,294

 

 

 

 

 

 

 

 

 

 

 

 

As of March
31,

 

 

As of
December

31,

 

In 000

 

2020

 

 

2019

 

 

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Share capital

 

 

3,066

 

 

 

3,066

 

Share premium

 

 

138,090

 

 

 

138,090

 

Consolidated reserves

 

 

(3,007)

 

 

 

(195)

 

Other comprehensive income

 

 

(4,918)

 

 

 

(1.394)

 

Equity attributable to the owners of the parent

 

 

133,231

 

 

 

139,567

 

Non-controlling interest

 

 

2,447

 

 

 

3,107

 

Total equity

 

 

135,679

 

 

 

142,675

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

Loans & borrowings

 

 

100,999

 

 

 

104,673

 

Lease liabilities

 

 

6,510

 

 

 

6,427

 

Deferred tax liabilities

 

 

5,906

 

 

 

5,747

 

Deferred income

 

 

5,418

 

 

 

5,031

 

Other non-current liabilities

 

 

584

 

 

 

696

 

Total non-current liabilities

 

 

119,418

 

 

 

122,575

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Loans & borrowings

 

 

13,821

 

 

 

13,389

 

Lease liabilities

 

 

3,372

 

 

 

3,449

 

Trade payables

 

 

18,166

 

 

 

18,516

 

Tax payables

 

 

3,048

 

 

 

3,363

 

Deferred income

 

 

29,471

 

 

 

27,641

 

Other current liabilities

 

 

18,653

 

 

 

17,686

 

Total current liabilities

 

 

86,531

 

 

 

84,044

 

 

 

 

Total equity and liabilities

341,628

349,294

 

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