6-K
MATERIALISE NV (MTLS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OFFOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2022
Commission File Number: 001-36515
Materialise NV
Technologielaan 15
3001Leuven
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 2021 Financial Results
Except as otherwise required by the context, references to “Materialise,” “Company,” “we,” “us” and “our” are to Materialise NV and its subsidiaries.
Fourth Quarter 2021 Results
Total revenue for the fourth quarter of 2021 increased 25.8% to 56,989 kEUR from 45,301 kEUR for the fourth quarter of 2020.
Revenue from our Materialise Software segment increased 19.3% to 12,183 kEUR from 10,216 kEUR for the same quarter last year.
Revenue from our Materialise Medical segment increased 20.3% to 20,682 kEUR for the fourth quarter of 2021, compared to 17,188 kEUR for the same period in 2020.
Revenue from our Materialise Manufacturing segment increased 34.9% to 24,135 kEUR from 17,889 kEUR for the fourth quarter of 2020.
Gross profit increased to 33,198 kEUR for the fourth quarter of 2021 from 26,165 kEUR for the same period last year. Gross profit as a percentage of revenue increased to 58.3%, compared to 57.8%.
Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses increased, in the aggregate, 5.9% to 29,481 kEUR for the fourth quarter of 2021 from 27,843 kEUR for the fourth quarter of 2020.
Net other operating result improved to 1,260 kEUR compared to (296) kEUR for the fourth quarter of 2020.
Operating result increased to 4,976 kEUR, compared to (1,974) kEUR for the fourth quarter of 2020.
Net financial result for the fourth quarter of 2021 was 275 kEUR, compared to (596) kEUR for the fourth quarter of 2020.
The fourth quarter of 2021 contained net income tax expense of (490) kEUR, compared to net tax income of 531 kEUR for the fourth quarter of 2020.
As a result of the above, net profit for the fourth quarter of 2021 was 4,762 kEUR, compared to a net loss of (2,039) kEUR for the same period in 2020. Total comprehensive income for the fourth quarter of 2021 was 1,832 kEUR, compared to a loss of (1,181) kEUR for the 2020 period. This quarter’s comprehensive income included a (3,443) kEUR impairment of our equity interest in Essentium, Inc.
Adjusted EBITDA increased 42.3% to 10,490 kEUR, compared to 7,371 kEUR for the same period in 2020. The Adjusted EBITDA margin (Adjusted EBITDA divided by total revenue) for the fourth quarter of 2021 increased to 18.4%, compared to 16.3% for the fourth quarter of 2020.
Adjusted EBITDA from our Materialise Software segment increased to 5,518 kEUR from 3,867 kEUR while the Adjusted EBITDA margin for the segment (segment EBITDA divided by segment revenue) was 45.3%, compared to 37.9% for the prior-year period.
Adjusted EBITDA from our Materialise Medical segment increased 31.3% to 6,358 kEUR from 4,844 kEUR, while the Adjusted EBITDA margin for the segment increased to 30.7% from 28.2%.
Adjusted EBITDA from our Materialise Manufacturing segment increased to 1,167 kEUR compared to 1,099 kEUR, while the Adjusted EBITDA margin for the segment was 4.8%, compared to 6.1% for the prior-year period.
Full Year 2021 Results
Total revenues for the year ended December 31, 2021 increased 20.5% to 205,450 kEUR from 170,449 kEUR for the year ended December 31, 2020.
Revenues from our Materialise Software segment increased 9.9% to 42,902 kEUR for the year ended December 31, 2021 compared to 39,054 kEUR for the year ended December 31, 2020.
Revenues from our Materialise Medical segment grew by 18.9% for the year ended December 31, 2021 to 73,368 kEUR from 61,729 kEUR for the year ended December 31, 2020.
Revenues from our Materialise Manufacturing segment increased 28.3% to 89,334 kEUR for the year ended December 31, 2021 from 69,635 kEUR for the year ended December 31, 2020.
Operating profit increased to 12,217 kEUR for the year ended December 31, 2021 compared to a loss of (4,639) kEUR in the prior year.
Net financial income amounted to 1,519 kEUR, compared to net financial expenses of (3,542) kEUR for the year ended December 31, 2020. Income taxes amounted to (591) kEUR compared to 1,028 kEUR for the year ended December 31, 2020. Net result increased to 13,145 kEUR for 2021 from a net loss of (7,192) kEUR in 2020.
At December 31, 2021, we had cash and equivalents of 196,028 kEUR compared to 111,538 kEUR at December 31, 2020. Gross debt amounted to 99,107 kEUR (of which 21,202 kEUR was short term), compared to 115,110 kEUR at December 31, 2020.
Cash flow from operating activities for the year ended December 31, 2021 was 25,843 kEUR compared to 29,979 kEUR in the year ended December 31, 2020. Total capital expenditures for the year ended December 31, 2021 amounted to 11,721 kEUR. This amount included 2,570 kEUR of capitalized expenditures from intangible assets, of which 1,553 kEUR related to our ongoing internal digital transformation program.
Net shareholders’ equity at December 31, 2021 was 232,577 kEUR compared to 133,183 kEUR at December 31, 2020.
Adjusted EBITDA for 2021 increased 59.5% to 32,497 kEUR from 20,378 kEUR for 2020. The Adjusted EBITDA margin increased to 15.8%, compared to 12.0% in 2020.
Adjusted EBITDA from our Materialise Software segment increased 17.9% to 15,784 kEUR from 13,383 kEUR. The segment’s Adjusted EBITDA margin increased to 36.8% in 2021, compared to 34.3% in 2020.
Adjusted EBITDA from our Materialise Medical segement increased 48.5% to 20,669 kEUR from 13,914 kEUR. The segment’s Adjusted EBITDA margin increased to 28.2% in 2021, compared to 22.5% in 2020.
Adjusted EBITDA from our Materialise Manufacturing segment increased 152.5% to 6,429 kEUR from 2,546 kEUR. The segment’s Adjusted EBITDA margin increased to 7.2% in 2021 from 3.7% for 2020.
Link3D Acquisition
On January 4, 2022, Materialise acquired for 33.5 mUSD 100% of the equity interests of Link3D, an additive workflow and digital manufacturing software company that supports customers in major manufacturing industries to scale and integrate their AM operations across complex supply chains and IT environments.
Note on Comparability
The year 2020 has been restated to reflect certain reclassification adjustments and the final accounting of the RS Print business combination. The fair value analysis with respect to the assets and liabilities acquired had not been finalized as of December 31, 2020. Within 12 months of acquisition, we completed the fair value analysis of the RS Print business combination, with corresponding adjustments to goodwill and deferred tax liabilities. The impact has been accounted for as retrospective adjustments to our consolidated statement of financial position as of December 31, 2020 and our consolidated income statement for the year ended December 31, 2020. It concerned a decrease of the goodwill of (1,743) kEUR and a decrease of the deferred tax liabilities of (1,823) 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 1.1326, the reference rate of the European Central Bank on December 31, 2021.
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.
Consolidated income statements (Unaudited)
| for the three months endedDecember 31, | for the twelve months endedDecember 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In 000€ | 2021 | 2021 | 2020(*) | 2021 | 2021 | 2020(*) | ||||||
| U.S. | U.S. | |||||||||||
| Revenue | ||||||||||||
| Cost of Sales | ) | ) | ) | ) | ) | ) | ||||||
| Gross Profit | **** | **** | **** | **** | **** | **** | ||||||
| Gross profit as % of revenue | % | % | % | % | % | % | ||||||
| Research and development expenses | ) | ) | ) | ) | ) | ) | ||||||
| Sales and marketing expenses | ) | ) | ) | ) | ) | ) | ||||||
| General and administrative expenses | ) | ) | ) | ) | ) | ) | ||||||
| Net other operating income (expenses) | ) | |||||||||||
| Operating (loss) profit | **** | **** | ) | **** | **** | ) | ||||||
| Financial expenses | ) | ) | ) | ) | ) | ) | ||||||
| Financial income | ||||||||||||
| Share in loss of joint venture | ) | |||||||||||
| (Loss) profit before taxes | **** | **** | ) | **** | **** | ) | ||||||
| Income Taxes | ) | ) | ) | ) | ||||||||
| Net (loss) profit for the period | **** | **** | ) | **** | **** | ) | ||||||
| Net (loss) profit attributable to: | ||||||||||||
| The owners of the parent | ) | ) | ||||||||||
| Non-controlling interest | ) | ) | ) | ) | ) | |||||||
| Earning per share attributable to owners of the parent | ||||||||||||
| Basic | ) | ) | ||||||||||
| Diluted | ) | ) | ||||||||||
| Weighted average basic shares outstanding | ||||||||||||
| Weighted average diluted shares outstanding |
All values are in US Dollars.
| (*) | The year 2020 has been restated to reflect the final accounting of the business combination with RS Print.<br>Impact on Income Taxes and Net profit is 79 k€. |
|---|
Consolidated statements of comprehensive income (Unaudited)
| for the three months endedDecember 31, | for the twelve months endedDecember 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In 000€ | 2021 | 2021 | 2020(*) | 2021 | 2021 | 2020(*) | ||||||
| U.S. | U.S. | |||||||||||
| Net profit (loss) for the period | **** | **** | ) | **** | **** | ) | ||||||
| Other comprehensive income | ||||||||||||
| Recycling | ||||||||||||
| Exchange difference on translation of foreign operations | ) | |||||||||||
| Non-recycling | ||||||||||||
| Fair value adjustments through OCI—Equity instruments | ) | ) | ) | ) | ||||||||
| Other comprehensive income (loss), net of taxes | ) | ) | **** | ) | ) | ) | ||||||
| Total comprehensive income (loss) for the year, net of taxes | **** | **** | ) | **** | **** | ) | ||||||
| Total comprehensive income (loss) attributable to: | ||||||||||||
| The owners of the parent | **** | **** | ) | **** | **** | ) | ||||||
| Non-controlling interests | ) | ) | ) | ) | ) |
All values are in US Dollars.
| (*) | The year 2020 has been restated to reflect the final accounting of the business combination with RS Print.<br>Impact on Net profit for the period is (79) k€. |
|---|
Consolidated statement of financial position (Unaudited)
| As ofDecember 31, | As ofDecember 31, | |||||
|---|---|---|---|---|---|---|
| In 000€ | 2021 | 2020(*) | ||||
| Assets | ||||||
| Non-current assets | ||||||
| Goodwill | 18,726 | 18,599 | ||||
| Intangible assets | 31,668 | 32,981 | ||||
| Property, plant & equipment | 84,451 | 88,267 | ||||
| Right-of-Use<br>assets | 9,054 | 10,996 | ||||
| Investments in joint ventures | — | |||||
| Deferred tax assets | 227 | 201 | ||||
| Investments in convertible loans | 3,560 | 6,203 | ||||
| Investments in non-listed equity instruments | 399 | 3,842 | ||||
| Other non-current assets | 7,520 | 4,093 | ||||
| Total non-current assets | **** | 155,605 | **** | 165,182 | ||
| Current assets | ||||||
| Inventories | 11,295 | 10,043 | ||||
| Trade receivables | 41,541 | 30,871 | ||||
| Other current assets | 8,940 | 8,290 | ||||
| Cash and cash equivalents | 196,028 | 111,538 | ||||
| Total current assets | **** | 257,803 | **** | 160,741 | ||
| Total assets | **** | 413,408 | **** | 325,923 | ||
| (*) | The year 2020 has been restated to reflect the final accounting of the business combination with RS Print.<br>Impact on Goodwill is (1,743) k€. | |||||
| --- | --- | |||||
| As of | As of | |||||
| --- | --- | --- | --- | --- | --- | --- |
| December 31, | December 31, | |||||
| In 000€ | 2021 | 2020* | ||||
| Equity and liabilities | ||||||
| Equity | ||||||
| Share capital | 4,467 | 4,096 | ||||
| Share premium | 229,021 | 141,274 | ||||
| Retained earnings and other reserves | (911 | ) | (12,187 | ) | ||
| Equity attributable to the owners of the parent | **** | 232,577 | **** | **** | 133,183 | **** |
| Non-controlling interest | (2 | ) | — | |||
| Total equity | **** | 232,578 | **** | **** | 133,183 | **** |
| Non-current liabilities | ||||||
| Loans & borrowings | 72,637 | 90,502 | ||||
| Lease liabilities | 5,268 | 7,086 | ||||
| Deferred tax liabilities | 4,371 | 4,983 | ||||
| Deferred income | 4,952 | 5,328 | ||||
| Other non-current liabilities | 2,168 | 396 | ||||
| Total non-current liabilities | **** | 89,396 | **** | **** | 108,295 | **** |
| Current liabilities | ||||||
| Loans & borrowings | 17,849 | 13,984 | ||||
| Lease liabilities | 3,353 | 3,538 | ||||
| Trade payables | 20,171 | 17,698 | ||||
| Tax payables | 783 | 974 | ||||
| Deferred income | 33,306 | 29,556 | ||||
| Other current liabilities | 15,972 | 18,695 | ||||
| Total current liabilities | **** | 91,434 | **** | **** | 84,445 | **** |
| Total equity and liabilities | 413,408 | 325,923 | ||||
| (*) | The year 2020 has been restated to reflect the final accounting of the business combination with RS Print.<br>Impact on Retained earnings is 79 k€ and impact on Deferred tax liabilities is (1,823) k€. | |||||
| --- | --- |
Consolidated statement of cash flows (Unaudited)
| for the twelve months ended | ||||||
|---|---|---|---|---|---|---|
| December 31, | ||||||
| In 000€ | 2021 | 2020* | ||||
| Operating activities | ||||||
| Net (loss) profit for the period | 13,145 | (7,192 | ) | |||
| Non-cash and operational adjustments | ||||||
| Depreciation of property plant & equipment | 15,541 | 14,932 | ||||
| Amortization of intangible assets | 4,975 | 4,742 | ||||
| Impairment of goodwill and intangible assets | 177 | 4,606 | ||||
| Share-based payment expense | (1,036 | ) | 752 | |||
| Loss (gain) on disposal of property, plant & equipment | 210 | 10 | ||||
| Movement in provisions | 99 | 137 | ||||
| Movement reserve for bad debt and slow moving inventory | 255 | 516 | ||||
| Financial income | (5,620 | ) | (2,300 | ) | ||
| Financial expense | 4,101 | 5,821 | ||||
| Impact of foreign currencies | 73 | 61 | ||||
| Share in loss (gain) of a joint venture (equity method) | — | 39 | ||||
| (Deferred) income taxes | 591 | (1,049 | ) | |||
| Other non-current liabilities | — | (1,093 | ) | |||
| Working capital adjustments | (5,890 | ) | 12,512 | |||
| Decrease (increase) in trade receivables and other receivables | (10,920 | ) | 9,205 | |||
| Decrease (increase) in inventories and contracts in progress | (1,423 | ) | 2,724 | |||
| Increase (decrease) in trade payables and other payables | 6,453 | 583 | ||||
| Income tax paid & Interest received | (776 | ) | (2,515 | ) | ||
| Net cash flow from operating activities | **** | 25,843 | **** | **** | 29,979 | **** |
| (*) | The year 2020 has been restated to reflect the final accounting of the business combination with RS Print.<br>Impact on Net profit for the period is 79 k€ and impact on (Deferred) income taxes is (79) k€. | |||||
| --- | --- | |||||
| for the twelve months ended | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| December 31, | ||||||
| In 000€ | 2021 | 2020 | ||||
| Investing activities | ||||||
| Purchase of property, plant & equipment | (7,934 | ) | (11,032 | ) | ||
| Purchase of intangible assets | (3,788 | ) | (6,618 | ) | ||
| Proceeds from the sale of property, plant & equipment & intangible assets<br>(net) | 462 | 552 | ||||
| Acquisition of subsidiary (net of cash) | (875 | ) | (8,031 | ) | ||
| (Convertible) Loans granted | (999 | ) | (2,836 | ) | ||
| Other equity investments in non-listed entities | — | (300 | ) | |||
| Net cash flow used in investing activities | **** | (13,133 | ) | **** | (28,265 | ) |
| Financing activities | ||||||
| Repayment of loans & borrowings | (14,277 | ) | (13,736 | ) | ||
| Repayment of leases | (3,775 | ) | (3,640 | ) | ||
| Capital increase | 88,117 | 4,112 | ||||
| Interest paid | (2,326 | ) | (2,268 | ) | ||
| Other financial income (expense) | 3,417 | (1,356 | ) | |||
| Net cash flow from (used in) financing activities | **** | 71,156 | **** | **** | (16,888 | ) |
| Net increase/(decrease) of cash & cash equivalents | **** | 83,866 | **** | **** | (15,174 | ) |
| Cash & Cash equivalents at the beginning of the year | 111,538 | 128,897 | ||||
| Exchange rate differences on cash & cash equivalents | 624 | (2,184 | ) | |||
| Cash & cash equivalents at end of the year | **** | 196,028 | **** | **** | 111,539 | **** |
Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA (Unaudited)
| for the three months endedDecember 31, | for the twelve months endedDecember 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In 000€ | 2021 | 2020 (*) | 2021 | 2020 (*) | ||||||||
| Net profit (loss) for the period | **** | 4,762 | **** | **** | (2,039 | ) | **** | 13,145 | **** | **** | (7,192 | ) |
| Income taxes | 490 | (531 | ) | 591 | (1,028 | ) | ||||||
| Financial expenses | 919 | 1,073 | 4,101 | 5,996 | ||||||||
| Financial income | (1,195 | ) | (477 | ) | (5,620 | ) | (2,453 | ) | ||||
| Depreciation and amortization | 5,277 | 5,160 | 20,516 | 19,775 | ||||||||
| Share in loss of joint venture | — | — | — | 39 | ||||||||
| EBITDA | **** | 10,253 | **** | **** | 3,185 | **** | **** | 32,733 | **** | **** | 15,136 | **** |
| Share-based compensation expense (1) | 44 | 286 | (834 | ) | 1,344 | |||||||
| Revaluation of fair value due to business combinations (2) | 8 | (770 | ) | 8 | (770 | ) | ||||||
| Impairments (3) | 177 | 4,606 | 177 | 4,606 | ||||||||
| Acquisition-related expenses of business combinations (4) | 8 | 63 | 413 | 63 | ||||||||
| Adjusted EBITDA | **** | 10,490 | **** | **** | 7,371 | **** | **** | 32,497 | **** | **** | 20,378 | **** |
| (1) | Share-based compensation expense represents the cost of equity-settled and share-based payments to employees.<br> | |||||||||||
| --- | --- | |||||||||||
| (2) | Represents a positive revaluation of our initial 50% interest in RS Print after our acquisition of the<br>remaining interest in the joint-venture. | |||||||||||
| --- | --- | |||||||||||
| (3) | Impairments represents in 2021 the impairment of capitalized expenditures related to the goodwill of metal<br>company Aldema BV (177kEUR), and in 2020 the impairment of capitalized expenditures related to our tracheal splint development program (2,090kEUR) and related to the goodwill and intangible assets of Engimplan (2,516 kEUR). | |||||||||||
| --- | --- | |||||||||||
| (4) | Acquisition-related expenses of business combinations represents expenses incurred in connection with the RS<br>Print acquisition in 2020. | |||||||||||
| --- | --- | |||||||||||
| (*) | The year 2020 has been restated to reflect the final accounting of the business combination with RS Print.<br>Impact on Net profit for the period is 79 k€ and impact on (Deferred) income taxes is (79) k€. | |||||||||||
| --- | --- |
Segment P&L (Unaudited)
| In 000€ | MaterialiseSoftware | MaterialiseMedical | MaterialiseManufacturing | Totalsegments | Unallocated(1) | Consolidated | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the three months ended December 31, 2021 | ||||||||||||||||||
| Revenues | 12,183 | 20,682 | 24,135 | 57,000 | (11 | ) | 56,989 | |||||||||||
| Segment (adj) EBITDA | 5,518 | 6,358 | 990 | 12,866 | (2,376 | ) | 10,490 | |||||||||||
| Segment (adj) EBITDA % | 45.3 | % | 30.7 | % | 4.1 | % | 22.6 | % | 18.4 | % | ||||||||
| For the three months ended December 31, 2020 | ||||||||||||||||||
| Revenues | 10,216 | 17,188 | 17,889 | 45,292 | 9 | 45,301 | ||||||||||||
| Segment (adj) EBITDA | 3,867 | 4,844 | 1,099 | 9,811 | (2,440 | ) | 7,371 | |||||||||||
| Segment (adj) EBITDA % | 37.9 | % | 28.2 | % | 6.1 | % | 21.7 | % | 16.3 | % | ||||||||
| In 000€ | MaterialiseSoftware | MaterialiseMedical | MaterialiseManufacturing | Totalsegments | Unallocated(1) | Consolidated | ||||||||||||
| For the twelve months ended December 31, 2021 | ||||||||||||||||||
| Revenues | 42,902 | 73,368 | 89,334 | 205,604 | (154 | ) | 205,450 | |||||||||||
| Segment (adj) EBITDA | 15,784 | 20,669 | 6,252 | 42,704 | (10,207 | ) | 32,497 | |||||||||||
| Segment (adj) EBITDA % | 36.8 | % | 28.2 | % | 7.0 | % | 20.8 | % | 15.8 | % | ||||||||
| For the twelve months ended December 31, 2020 | ||||||||||||||||||
| Revenues | 39,054 | 61,729 | 69,635 | 170,418 | 31 | 170,449 | ||||||||||||
| Segment (adj) EBITDA | 13,383 | 13,914 | 2,546 | 29,843 | (9,465 | ) | 20,378 | |||||||||||
| Segment (adj) EBITDA % | 34.3 | % | 22.5 | % | 3.7 | % | 17.5 | % | 12.0 | % | ||||||||
| (1) | Unallocated segment adjusted EBITDA consists of corporate research and development, corporate headquarter costs<br>and corporate 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.<br> | |||||||||||||||||
| --- | --- |
Reconciliation of Net Profit (Loss) to Segment adjusted EBITDA (Unaudited)
| for the three months endedDecember 31, | for the twelve months endedDecember 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In 000€ | 2021 | 2020(*) | 2021 | 2020(*) | ||||||||
| Net profit (loss) for the period | **** | 4,762 | **** | **** | (2,039 | ) | **** | 13,145 | **** | **** | (7,192 | ) |
| Income taxes | 490 | (531 | ) | 591 | (1,028 | ) | ||||||
| Financial cost | 919 | 1,073 | 4,101 | 5,996 | ||||||||
| Financial income | (1,195 | ) | (477 | ) | (5,620 | ) | (2,453 | ) | ||||
| Share in loss of joint venture | — | — | — | 39 | ||||||||
| Operating (loss) profit | **** | 4,976 | **** | **** | (1,974 | ) | **** | 12,217 | **** | **** | (4,639 | ) |
| Depreciation and amortization | 5,277 | 5,160 | 20,516 | 19,775 | ||||||||
| Corporate research and development | 812 | 807 | 3,149 | 2,989 | ||||||||
| Corporate headquarter costs | 2,923 | 3,300 | 10,350 | 15,955 | ||||||||
| Other operating income (expense) | (1,122 | ) | 2,518 | (3,527 | ) | (4,237 | ) | |||||
| Segment adjusted EBITDA | **** | 12,866 | **** | **** | 9,811 | **** | **** | 42,704 | **** | **** | 29,843 | **** |
| (*) | The year 2020 has been restated to reflect the final accounting of the business combination with RS Print.<br>Impact on Net profit for the period is 79 k€ and impact on (Deferred) income taxes is (79) k€. | |||||||||||
| --- | --- |
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 3, 2022 ****