(*) Through September, 30 2016, Materialise NV and its subsidiaries (the "Group") presented all deferred income associated with maintenance and license contracts and project contracts as a current liability while a portion of such deferred income relates to contractual periods that are more than 12 months after the reporting date and therefore such portion should have been presented as non current. The Group has an increasing volume of software and project contracts with a contractual term of more than 12 months. For the financial reporting year ended December 31, 2016, the Group is presenting portions of its deferred income associated with such contracts as current and non-current liabilities. This presentation has been applied retroactively for the financial reporting year ended December 31, 2015.

Consolidated cash flow statements (Unaudited)
			For the twelve month period
			ended
(in thousand euros)			31 December
			2016			2015
			euros			euros
Operating activities
Net profit for the period			-3,019			-2,860
Non-cash and operational adjustments
Depreciation of property, plant & equipment			6,420			5,122
Amortization of intangible assets			1,954			1,585
Impairment of goodwill			-			104
Share-based payment expense			977			769
Loss (gain) on disposal of property, plant & equipment			-149			-62
Movement in provisions			18			-116
Movement in allowance for bad debt			77			254
Financial income			-172			-413
Financial expense			983			901
Impact of foreign currencies			-400			-1,530
Share of loss of an associate or joint venture (equity method)			1,018			401
Deferred tax expense (income)			374			-761
Income taxes			1,338			373
Fair value adjustment contingent consideration			-455			-
Other			-78			-
Working capital adjustments
Increase in trade receivables and other receivables			-6,465			-6,645
Decrease (Increase) in inventories			-2,482			-1,671
Increase in trade payables and other payables			9,086			7,148
			9,025			2,599
Income tax paid			-530			-246
Net cash flow from operating activities			8,495			2,353
Investing activities
Purchase of property, plant & equipment			-12,824			-8,907
Purchase of intangible assets			-1,755			-1,641
Proceeds from the sale of property, plant & equipment, net			1,928			338
Acquisition of subsidiary			-			-1,619
Investments in joint ventures			-			-1,000
Proceeds from held to maturity investments			-			10,000
Interest received			11			35
Net cash flow used in investing activities			-12,640			-2,794
Financing activities
Proceeds from loans & borrowings and convertible debt			14,669			5,672
Repayment of loans & borrowings			-2,796			-4,711
Repayment of finance leases			-1,898			-1,546
Proceeds from the exercise of warrants			-			95
Purchase of non-controlling interest			-			-1,377
Capital increase in parent company			-			580
Interest paid			-630			-589
Other financial income / (expense)			-79			88
Net cash flow from financing activities			9,266			-1,788
Net increase of cash and cash equivalents			5,121			-2,229
Cash and cash equivalents at beginning of period			50,726			51,019
Exchange rate differences on cash & cash equivalents			65			1,936
Cash & cash equivalents at end of period			55,912			50,726

Reconciliation of Net Profit/(Loss) to EBITDA and Adjusted EBITDA (Unaudited)
			For the three months								For the twelve months
			ended								ended
(in thousands)			31 December								31 December
			2016				2015				2016				2015
			euros				euros				euros				euros
Net profit / (loss)			620				2,145				(3,019	)			(2,860	)
Income taxes			898				(1,010	)			1,710				(389	)
Financial expenses			749				362				2,437				2,470
Financial income			(1,002	)			(718	)			(2,039	)			(3,511	)
Share in loss of a joint venture			650				153				1018				401
Depreciation & amortization			2,280				1,933				8,374				6,810
EBITDA			4,195				2,865				8,481				2,921
Non-cash stock-based compensation expenses (1)			260				114				977				766
Adjusted EBITDA			4,455				2,979				9,458				3,687

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