Materialise Reports Fourth Quarter and Full Year 2021 Results

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€

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.

(2)

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

(3)

  Impairments represents in 2021 the impairment of capitalized expenditures related to the goodwill of metal 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 Print acquisition in 2020.
     

(*)

  The year 2020 has been restated to reflect the final accounting of the business combination with RS Print.
    Impact on Net profit for the period is 79 k€ and impact on (Deferred) income taxes is (79) k€.

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