Materialise Reports Third Quarter 2020 Results

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months 
ended September 30,

 

 

 

 

 

For the nine months
ended September 30,

 

In 000

 

2020

 

 

2019

 

 

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss) for the period

 

 

(366)

 

 

 

1,001

 

 

 

 

 

 

 

(5,152)

 

 

 

397

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

(764)

 

 

 

908

 

 

 

 

 

 

 

(497)

 

 

 

2,037

 

Financial expenses

 

 

2,462

 

 

 

1,138

 

 

 

 

 

 

 

4,923

 

 

 

2,647

 

Financial income

 

 

(1,131

)

 

 

(172

)

 

 

 

 

 

 

(1,976)

 

 

 

(900)

 

Share in loss of joint venture

 

 

-

 

 

 

41

 

 

 

 

 

 

 

39

 

 

 

245

 

Depreciation and amortization

 

 

4,922

 

 

 

4,904

 

 

 

 

 

 

 

14,616

 

 

 

14,082

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

 

5,123

 

 

 

7,820

 

 

 

 

 

 

 

11,952

 

 

 

18,512

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense (1)

 

 

900

 

 

 

60

 

 

 

 

 

 

 

1,057

 

 

 

256

 

Acquisition-related expenses of business combinations (2)

 

 

-

 

 

 

140

 

 

 

 

 

 

 

-

 

 

 

140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED EBITDA

 

 

6,023

 

 

 

8,022

 

 

 

 

 

 

 

13,009

 

 

 

18,908

 

 

(1)

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

 

(2)

Acquisition-related expenses of business combinations represent expenses incurred in connection with the Engimplan acquisition.

Segment P&L (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

In 000

 

Materialise
Software

 

Materialise
Medical

 

Materialise
Manu-
facturing

 

Total
segments

 

Unallocated
(1)(2)

 

Consoli-
dated

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

9,478

 

17,161

 

14,154

 

40,793

 

22

 

40,785

Segment (adj) EBITDA

 

3,114

 

5,477

 

(293)

 

8,298

 

(2,275)

 

6,023

 

 

 

 

 

 

 

Segment (adj) EBITDA %

 

32.9%

 

31.9%

 

(2.1%)

 

20.3%

 

 

 

14.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

10,860

 

15,488

 

24,127

 

50,474

 

(26)

 

50,449

Segment EBITDA

 

3,769

 

2,795

 

3,862

 

10,426

 

(2,404)

 

8,022

 

 

 

 

 

 

 

Segment EBITDA %

 

34.7%

 

18.0%

 

16.0%

 

20.7%

 

 

 

15.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

In 000

 

Materialise
Software

 

Materialise
Medical

 

Materialise
Manu-
facturing

 

Total
segments

 

Unallocated
(1)(2)

 

Consoli-
dated

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

28,839

 

44,541

 

51,746

 

125,126

 

22

 

125,148

Segment (adj) EBITDA

 

9,516

 

9,072

 

1,474

 

20,063

 

(7,053)

 

13,009

 

 

 

 

 

 

 

Segment (adj) EBITDA %

 

33.0%

 

20.4%

 

2.8%

 

16.0%

 

 

 

10.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

29,529

 

43,600

 

72,861

 

145,990

 

(22)

 

145,968

Segment (adj) EBITDA

 

8,785

 

7,306

 

10,393

 

26,484

 

(7,576)

 

18,908

 

 

 

 

 

 

 

Segment (adj) EBITDA %

 

29.8%

 

16.8%

 

14.3%

 

18.1%

 

 

 

13.0%

(1)

Unallocated Revenues consist of occasional one-off sales in 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 share-based compensation expenses and acquisition-related expenses of business combinations that are included in Adjusted EBITDA.


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