Materialise Reports Fourth Quarter 2016 Results

(1) Non-cash stock-based compensation expenses represent the cost of equity-settled and cash-settled share-based payments to employees.


Segment P&L (Unaudited)

	Materialise		Materialise		Materialise		Total		Adjustments &
In thousands euros	Software		Medical		Manufacturing		segments		eliminations		Consolidated

For the three month period ended 31 December 2016
Revenues	8,078		10,061		13,326		31,465		12		31,477
Segment EBITDA	2,949		656		1,438		5,043		(848	)	4,195
Segment EBITDA %	36.5	%	6.5	%	10.8	%	16.0	%			13.3	%

For the three month period ended 31 December 2015
Revenues	7,301		9,570		11,161		28,032		-		28,032
Segment EBITDA	2,706		747		1,033		4,486		(1,621	)	2,865
Segment EBITDA %	37.1	%	7.8	%	9.3	%	16.0	%			10.2	%


For the twelve month period ended 31 December 2016
Revenues	30,122		37,910		46,406		114,438		39		114,477
Segment EBITDA	10,130		894		3,848		14,872		(6,391	)	8,481
Segment EBITDA %	33.6	%	2.4	%	8.3	%	13.0	%			7.4	%

For the twelve month period ended 31 December 2015
Revenues	25,798		34,856		41,381		102,035		-		102,035
Segment EBITDA	9,093		422		1,645		11,160		(8,239	)	2,921
Segment EBITDA %	35.2	%	1.2	%	4.0	%	10.9	%			2.9	%


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

(in thousands of euros)	For the three months ended December 31		For the twelve months ended December 31
	2016	2015	2016	2015

Net profit/(loss)	620	2,145	-3,019	-2,860

Income taxes	898	-1,010	1,710	-389
Finance costs	749	362	2,437	2,470
Finance income	-1,002	-718	-2,039	-3,511
Share in loss of joint venture	650	153	1,018	401

Operating profit	1,915	932	107	-3,889

Depreciation & amortization	2,280	1,933	8,374	6,810
Corporate research and development	472	784	1,673	2,955
Corporate headquarter costs	1,781	2,027	8,646	9,700
Other operating income (expense)	-1,405	-1,190	-3,928	-4,416

Segment EBITDA	5,043	4,486	14,872	11,160