6-K 1 d106849d6k.htm FORM 6-K 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 2021

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):  ☐

This Form 6-K is incorporated by reference into the registrant’s Registration Statement on Form F-3 (File No. 333-213649).

 

 

 


Fourth Quarter and Full Year 2020 Results

Except as otherwise required by the context, references to “Materialise,” “Company,” “we,” “us” and “our” are to Materialise NV and its subsidiaries.

RSPrint Acquisition

On November 9, 2020 Materialise, which already owned 50% of RS Print, the owner of the Phits personalized insole product line, acquired the remaining shares of RS Print and substantially all of the assets of RS Scan, a market leader in the development and supply of intelligent foot measurement technology and systems. The acquisition increased the scope of our Materialise Manufacturing segment and impacted our results of operations for the fourth quarter of 2020 as well as the year ended December 31, 2020, increasing our revenues by 762 kEUR and decreasing our operating result by (562) kEUR.

Fourth Quarter 2020 Results

Total revenue for the fourth quarter of 2020 was 45,301 kEUR, a 10.7% decrease compared to 50,712 kEUR for the fourth quarter of 2019.

Revenue from our Materialise Software segment was 10,216 kEUR, a 15.7% decrease compared to 12,124 kEUR for the same quarter last year.

Revenue from our Materialise Medical segment was 17,188 kEUR for the fourth quarter of 2020, compared to 17,209 kEUR for the same period in 2019. At December 1, 2020, Materialise acquired the remaining 25% shares of Engimplan in exchange for Engimplan spinal implant business line, which was non-strategic for Materialise.

Revenue from our Materialise Manufacturing segment was 17,889 kEUR, a decrease of 16.0% compared to 21,295 kEUR for the fourth quarter of 2019. Revenue increased 26.4%, however, compared to the third quarter of 2020.

Gross profit was 26,165 kEUR in the fourth quarter of 2020 compared to 28,578 kEUR in the same period last year. Gross profit as a percentage of revenue increased to 57.8% from 56.4%.

Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses increased, in the aggregate, 1.4% to 27,843 kEUR for the fourth quarter of 2020 from 27,462 kEUR for the fourth quarter of 2019. Excluding the impairment charge for capitalized expenditures related to our tracheal splint development program of (2,090) kEUR expenses decreased by (6.2)%.

Net other operating result was (296) kEUR compared to 1,394 kEUR for the fourth quarter of 2019. Excluding non-recurring charges reflecting the impairment of goodwill and intangible assets of Engimplan, and a positive revaluation of our initial 50% interest in RS Print, net other operating result was 1,450 kEUR.

Operating result was (1,974) kEUR, compared to 2,509 kEUR for the fourth quarter of 2019. Excluding the non-recurring impairments and revaluation discussed in the two paragraphs above, our operating result was 1,862 kEUR.

Net financial result in the fourth quarter of 2020 was (596) kEUR compared to (558) kEUR for the fourth quarter of 2019. Due to our acquisition of all remaining shares of RS Print, there is no share in the result of a joint venture in the fourth quarter of 2020.


The fourth quarter of 2020 contained income tax income of 452 kEUR, compared to net tax expense of (562) kEUR in the fourth quarter of 2019.

As a result of the above, net profit for the fourth quarter of 2020 was (2,118) kEUR, compared to net profit of 1,246 kEUR for the same period in 2019. Total comprehensive income for the fourth quarter of 2020 was (1,260) kEUR compared to 1,251 kEUR for the 2019 period.

Adjusted EBITDA for the fourth quarter of 2020 of was 7,370 kEUR, compared to 7,749 kEUR for the same period in 2019. The Adjusted EBITDA margin (Adjusted EBITDA divided by total revenue) for the fourth quarter of 2020 was 16.3% compared to 15.3% for the fourth quarter of 2019.

Adjusted EBITDA for the Materialise Software segment decreased to 3,867 kEUR from 5,026 kEUR while the Adjusted EBITDA margin (segment EBITDA divided by segment revenue) was 37.9% compared to 41.5% for the prior-year period.

Adjusted EBITDA for the Materialise Medical segment increased 39.7% to 4,845 kEUR from 3,468 kEUR, while the Adjusted EBITDA margin increased to 28.2% from 20.2%. The segment’s EBITDA for the fourth quarter of 2020 amounted to 239 kEUR and was negatively impacted by the impairment of capitalized expenditures related to our tracheal splint development program and of goodwill and intangible assets of Engimplan, for an aggregate amount of (4.606) kEUR. Both impairment charges were non-cash.

Adjusted EBITDA for the Materialise Manufacturing segment was 1,099 kEUR compared to 1,761 kEUR while the Adjusted EBITDA margin was 6.1% compared to 8.3% for the prior-year period.

Full Year 2020 Results

Total revenues for the year ended December 31, 2020 were 170,449 kEUR, a decrease of 13.3% compared to 196,679 kEUR for the year ended December 31, 2019.

Revenues from our Materialise Software segment were 39,055 kEUR for the year ended December 31, 2020, a decrease of 6.2% compared to 41,654 kEUR for the year ended December 31, 2019.

Revenues from our Materialise Medical segment grew by 1.5% for the year ended December 31, 2020 to 61,729 kEUR from 60,809 kEUR for the year ended December 31, 2019. Medical software growth was 3.3%, and revenues from medical devices and services increased 0.7%.

Revenues from our Materialise Manufacturing segment decreased 26.0% to 69,635 kEUR for the year ended December 31, 2020 from 94,156 kEUR for the year ended December 31, 2019.

Operating profit was (4,639) kEUR for the year ended December 31, 2020 compared to 6,936 kEUR in the prior year. Excluding the effect of the impairments and revaluation, our operating profit was (803) kEUR.

Net financial expenses amounted to (3,541) kEUR, compared to (2,305) kEUR for the year ended December 31, 2019. Income taxes amounted to 949 kEUR compared to (2,595) kEUR for the year ended December 31, 2019. Net result decreased to (7,272) kEUR for 2020 from a net profit of 1,644 kEUR in 2019.

Adjusted EBITDA for 2020 was 20,378 kEUR, compared to 26,656 kEUR for 2019. The Adjusted EBITDA margin was 12.0%, compared to 13.6% in 2019.

The Materialise Software segment’s Adjusted EBITDA margin increased to 34.3% in 2020, compared to 33.2% in 2019.


The Materialise Medical segment’s Adjusted EBITDA margin increased to 22.5% in 2020, compared to 17.7% in 2019.

The Materialise Manufacturing segment’s Adjusted EBITDA margin decreased to 3.7% in 2020 from 12.9% for 2019.

At December 31, 2020, we had cash and equivalents of 111,538 kEUR compared to 128,897 kEUR at December 31, 2019. Gross debt amounted to 115,110 kEUR compared to 127,939 kEUR at December 31, 2019.

Cash flow from operating activities for the year ended December 31, 2020 was 29,978 kEUR compared to 28,402 kEUR in the year ended December 31,2019. Total capital expenditures for the year ended December 31, 2020 amounted to 17,650 kEUR. This amount included 6,617 kEUR of capitalized R&D expenditures from intangible assets, of which 2,185 kEUR related to our ongoing internal digital transformation program.

Net shareholders’ equity at December 31, 2020 was 133,104 kEUR compared to 142,782 kEUR at December 31, 2019.

Note on Comparability

The year 2019 has been restated to reflect certain reclassification adjustments and the final accounting of the Engimplan business combination. The fair value analysis with respect to the assets and liabilities acquired had not been finalized as of December 31, 2019. Within 12 months of acquisition, we completed the fair value analysis of the Engimplan business combination, with corresponding adjustments to intangible assets, goodwill, property, plant and equipment, inventories and contracts in progress. The impact has been accounted for as retrospective adjustments to our consolidated statement of financial position as of December 31, 2019 and our consolidated income statement for the year ended December 31, 2019. It concerned a fair value correction of the plant and equipment of 674 kEUR, goodwill of 567 kEUR and the related depreciation for an amount of (80) kEUR.

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 profit or loss in a joint venture and depreciation and amortization. Adjusted EBITDA is determined by adding share-based compensation expenses, acquisition-related expenses of business combinations, impairments and revaluation of fair value due to 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 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 1.2271, the reference rate of the European Central Bank on December 31, 2020.


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 the largest groups of software developers in the industry with one of the largest and most complete 3D printing facilities in the world.

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 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
December 31,
    For the twelve
months ended
December 31,
 
In 000, except per share amounts    2020     2020     2019 (*)     2020     2019 (*)  
     U.S.$                  

Revenue

     55,589       45,301       50,712       170,449       196,679  

Cost of sales

     (23,483     (19,137     (22,134     (76,446     (86,972

Gross profit

     32,107       26,165       28,578       94,003       109,707  

Gross profit as % of revenue

     57.8     57.8     56.4     55.2     55.8

Research and development expenses

     (8,073     (6,579     (5,937     (25,014     (23,348

Research and development impairment

     (2,565     (2,090       (2,090  

Sales and marketing expenses

     (13,422     (10,938     (14,192     (44,636     (52,989

General and administrative expenses

     (10,106     (8,236     (7,333     (29,337     (31,786

Net other operating income (expenses)

     1,779       1,450       1,394       4,182       5,352  

Impairment of Engimplan goodwill & intangible assets

     (3,087     (2,516       (2,516  

Revaluation of 50% RS Print interest

     945       770         770    

Operating (loss) profit

     (2,422     (1,974     2,509       (4,639     6,936  

Financial expenses

     (1,317     (1,073     (1,035     (5,996     (3,682

Financial income

     585       477       477       2,453       1,377  

Share in loss of joint venture

         (147     (39     (392

(Loss) profit before taxes

     (3,154     (2,570     1,804       (8,220     4,239  

Income taxes

     555       452       (558     949       (2,595

Net (loss) profit for the period

     (2,599     (2,118     1,246       (7,272     1,644  

Net (loss) profit attributable to:

          

The owners of the parent

     (2,617     (2,133     1,260       (7,124     1,585  

Non-controlling interest

     18       15       (14     (148     59  

Earnings per share attributable to owners of the parent

 

       

Basic

     (0.05     (0.04     0.03       (0.13     0.03  

Diluted

     (0.05     (0.04     0.03       (0.13     0.03  

Weighted average basic shares outstanding

     53,896       53,896       52,891       53,364       52,891  

Weighted average diluted shares outstanding

     53,896       53,896       53,797       53,364       53,779  

 

(*)

The year 2019 has been restated to reflect the final accounting of the Engimplan business combination (additional 80 kEUR deprecation in net other operating expenses).


Consolidated statement of comprehensive income (Unaudited)

 

     For the three months ended
December 31,
    For the twelve
months ended
December 31,
 
In 000    2020     2020     2019 (*)     2020     2019 (*)  
     U.S.$                  

Net profit (loss) for the period

     (2,599     (2,118     1,246       (7,272     1,644  

Other comprehensive income

          

Exchange difference on translation of foreign operations

     453       369       5       (6,176     230  

Fair value remeasurement

     600       489       —         489       —    

Other comprehensive income (loss), net of taxes

     1.053       858       5       (5,687     230  

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

     (1,546     (1,260     1,251       (12,959     1,874  

Total comprehensive income (loss) attributable to:

          

The owners of the parent

     (1,678     (1,368     1,406       (11,896     2,040  

Non-controlling interest

     132       108       (155     (1,063     (166

 

(*)

The year 2019 has been restated to reflect the final accounting of the Engimplan business combination.


Consolidated statement of financial position (Unaudited)

 

     As of
December
31,
     As of
December
31,
 
In 000    2020      2019 (*)  
           

Assets

     

Non-current assets

     

Goodwill

     20,342        19,607  

Intangible assets

     32,981        27,395  

Property, plant & equipment

     88,267        91,006  

Right-of-Use assets

     10,996        10,586  

Investments in joint ventures

     —          39  

Deferred tax assets

     201        192  

Other non-current assets

     14,138        9,390  

Total non-current assets

     166,926        158,215  

Current assets

     

Inventories and contracts in progress

     10,043        12,696  

Trade receivables

     30,871        40,322  

Other current assets

     8,290        9,271  

Cash and cash equivalents

     111,538        128,897  

Total current assets

     160,741        191,186  

Total assets

     327,667        349,401  

 

(*)

The year 2019 has been restated to reflect the final accounting of the Engimplan business combination.


     As of
December
31,
    As of
December
31,
 
In 000    2020     2019 (*)  
          

Equity and liabilities

    

Equity

    

Share capital

     4,096       3,066  

Share premium

     141,274       138,090  

Retained earnings & reserves

     (12,267     (1,650

Equity attributable to the owners of the parent

     133,104       139,506  

Non-controlling interest

       3,276  

Total equity

     133,104       142,782  

Non-current liabilities

    

Loans & borrowings

     90,502       104,673  

Lease liabilities

     7,086       6,427  

Deferred tax liabilities

     6,805       5,747  

Deferred income

     5,327       5,031  

Other non-current liabilities

     398       696  

Total non-current liabilities

     110,118       122,575  

Current liabilities

    

Loans & borrowings

     13,984       13,389  

Lease liabilities

     3,538       3,449  

Trade payables

     17,698       18,516  

Tax payables

     974       3,363  

Deferred income

     29,554       27,641  

Other current liabilities

     18,695       17,686  

Total current liabilities

     84,445       84,044  

Total equity and liabilities

     327,667       349,401  

 

(*)

The year 2019 has been restated to reflect the final accounting of the Engimplan business combination.


Consolidated statement of cash flows (Unaudited)

 

     For the twelve months ended
December 31,
 
in 000    2020     2019 (*)  
          

Operating activities

    

Net profit for the period

     (7,272     1,644  

Non-cash and operational adjustments

    

Depreciation of property, plant & equipment

     14,932       14,419  

Amortization of intangible assets

     4,742       4,859  

Impairment goodwill & development costs

     4,606       —    

Share-based payment expense

     752       (9

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

     9       165  

Movement in provisions

     137       138  

Movement reserve for bad debt

     516       121  

Financial income

     (2,300     (1,383

Financial expense

     5,822       3,693  

Impact of foreign currencies

     60       (176

Share in loss of a joint venture (equity method)

     39       392  

(Deferred) income taxes

     (948     2,593  

Fair value and other

     (1,093     64  

Working capital adjustment & income tax paid

    

Decrease (increase) in trade receivables and other receivables

     9,204       216  

Decrease (increase) in inventories

     2,724       (745

Increase (decrease) in trade payables and other payables

     583       4,196  

Income tax paid & interest received

     (2,537     (1,783

Net cash flow from operating activities

     29,978       28,402  

 

(*)

The year 2019 has been restated to reflect the final accounting of the Engimplan business combination.


     For the twelve months ended
December 31,
 
in 000    2020     2019 (*)  
          

Investing activities

    

Purchase of property, plant & equipment

     (11,032     (13,472

Purchase of intangible assets

     (6,618     (2,193

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

     552       278  

Other equity investments in non-listed entities

     (300     (281

Investments in joint ventures

     —         (875

Convertible loan to third party

     (2,836     (2,743

Investments in subsidiary, net of cash acquired

     (8,031     (6,331

Interest received

     —         —    

Net cash flow used in investing activities

     (28,265     (25,617

Financing activities

    

Proceeds from loans & borrowings

     —         29,000  

Repayment of loans & borrowings

     (13,736     (12,126

Repayment of finance leases

     (3,640     (5,283

Capital increase in parent company

     4,112       1,268  

Direct attributable expense of capital increase

     —         —    

Interest paid

     (2,268     (2,286

Other financial income (expense)

     (1,356     208  

Net cash flow from (used in) financing activities

     (16,888     10,782  

Net increase of cash & cash equivalents

     (15,175     13,566  

Cash & cash equivalents at beginning of the year

     128,897       115,506  

Exchange rate differences on cash & cash equivalents

     (2,185     (173

Cash & cash equivalents at end of the period

     111,538       128,897  

 

(*)

The year 2019 has been restated to reflect the final accounting of the Engimplan business combination.


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    2020     2019 (*)     2020     2019 (*)  
                  

Net profit (loss) for the period

     (2,118     1,246       (7,272     1,644  

Income taxes

     (452     558       (949     2,595  

Financial expenses

     1,073       1,035       5,996       3,682  

Financial income

     (477     (477     (2,453     (1,377

Share in loss of joint venture

       147       39       392  

Depreciation and amortization

     5,160       5,196       19,775       19,278  

EBITDA

     3,188       7,705       15,136       26,214  

Share-based compensation expense (1)

     286       44       1,343       302  

Acquisition-related expenses of business combinations (2)

     63         63       140  

Impairments (3)

     4,606         4 606    

Re-valuation of 50% RS Print interest (4)

     (770       (770  

ADJUSTED EBITDA

     7,370       7,749       20,378       26,656  

 

(1)

Share-based compensation expense represents the cost of equity-settled and share-based payments to employees.

(2)

Acquisition-related expenses of business combinations represents expenses incurred in connection with the RS Print acquisition in 2020 and Engimplan acquisition in 2019.

(3)

Impairments represents the impairment of capitalized expenditures related to our tracheal splint development program (2,090) kEUR) and the impairment of goodwill and intangible assets of Engimplan (2,516) kEUR).

(4)

Represents a positive revaluation of our initial 50% interest in RS Print after our acquisition of the remaining interest in the joint venture.

 

(*)

The year 2019 has been restated to reflect the final accounting of the Engimplan business combination (additional 80 kEUR deprecation in net other operating expenses).


Segment P&L (Unaudited)

 

                                                                                         
In 000    Materialise
Software
    Materialise
Medical
    Materialise
Manufacturing
    Total
segments
    Unallocated
(1)(2)
    Consolidated  
                          

For the three months ended December 31, 2020

            

Revenues

     10,216       17,188       17,889       45,293       8       45,301  

Segment Adjusted EBITDA

     3,867       4,845       1,099       9,811       (2,441     7,370  

Segment Adjusted EBITDA %

     37.9     28.2     6.1     21.7       16.3

For the three months ended December 31, 2019 (*)

            

Revenues

     12,124       17,209       21,295       50,628       84       50,712  

Segment Adjusted EBITDA

     5,026       3,468       1,761       10,255       (2,506     7,749  

Segment Adjusted EBITDA %

     41.5     20.2     8.3     20.3       15.3

 

In 000    Materialise
Software
    Materialise
Medical
    Materialise
Manufacturing
    Total
segments
    Unallocated
(1)(2)
    Consolidated  
                          

For the twelve months ended December 31, 2020

            

Revenues

     39,055       61,729       69,635       170,419       30       170,449  

Segment Adjusted EBITDA

     13,383       13,915       2,548       29,847       (9,468     20,378  

Segment Adjusted EBITDA %

     34.3     22.5     3.7     17.5       12.0

For the twelve months ended December 31, 2019 (*)

            

Revenues

     41,654       60,809       94,156       196,619       60       196,679  

Segment Adjusted EBITDA

     13,812       10,774       12,154       36,740       (10,085     26,656  

Segment Adjusted EBITDA %

     33.2     17.7     12.9     18.7       13.6

 

(1)

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

(2)

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

 

(*)

The year 2019 has been restated to reflect the final accounting of the Engimplan business combination (additional 80 kEUR deprecation on net other operating expenses).


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

 

     For the three months
ended December 31,
    For the twelve months
ended December 31,
 
In 000    2020     2019 (*)     2020     2019 (*)  
                  

Net profit (loss) for the period

     (2,118     1,246       (7,272     1,644  

Income taxes

     (452     558       (949     2,595  

Financial cost

     1,073       1,035       5,996       3,682  

Financial income

     (477     (477     (2,453     (1,377

Share in loss of joint venture

       147       39       392  

Operating profit

     (1,974     2,509       (4,639     6,936  

Depreciation and amortization

     5,160       5,196       19,775       19,278  

Corporate research and development

     772       456       2,824       1,798  

Corporate headquarter costs

     3,382       2,573       11,719       10,547  

Other operating income (expense)

     (1,365     (479     (3,668     (1,819

Fair value adjustment 50% RS Print

     (770       (770  

Impairments

     4,606         4,606    

Segment (adjusted) EBITDA

     9,811       10,255       29,847       36,740  

 

(*)

The year 2019 has been restated to reflect the final accounting of the Engimplan business combination (additional 80 kEUR deprecation in net other operating expenses).


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 9, 2021