Document and entity information
Document and entity information | 12 Months Ended |
Dec. 31, 2018shares | |
Document and entity information [abstract] | |
Document type | 20-F |
Amendment flag | false |
Document period end date | Dec. 31, 2018 |
Document fiscal year focus | 2018 |
Document fiscal period focus | FY |
Trading symbol | MTLS |
Entity registrant name | MATERIALISE NV |
Entity central index key | 0001091223 |
Current fiscal year end date | --12-31 |
Entity well known seasoned issuer | No |
Entity current reporting status | Yes |
Entity filer category | Accelerated Filer |
Entity emerging growth company | true |
Entity shell company | false |
Entity ex transition period | false |
Entity common stock shares outstanding | 52,890,761 |
Consolidated income statements
Consolidated income statements - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | |
Consolidated income statements [line item] | ||||
Revenue | € 184,721 | € 142,573 | € 114,477 | |
Cost of sales | (82,299) | (62,952) | (46,706) | |
Gross profit | 102,422 | 79,621 | 67,771 | |
Research and development expenses | (22,416) | (19,959) | (17,682) | |
Sales and marketing expenses | (46,303) | (38,935) | (36,153) | |
General and administrative expenses | (32,310) | (24,876) | (20,041) | |
Net other operating income / (expenses) | 3,771 | 4,541 | [2] | 6,212 |
Operating (loss) profit | 5,164 | 392 | 107 | |
Financial expenses | (4,864) | (4,728) | (2,437) | |
Financial income | 3,627 | 3,210 | 2,039 | |
Share in loss of joint venture | (475) | (469) | (1,018) | |
(Loss) profit before taxes | 3,452 | (1,595) | (1,309) | |
Income taxes | (425) | (522) | (1,710) | |
Net (loss) profit of the year | 3,027 | (2,117) | (3,019) | |
Net (loss) profit attributable to: | ||||
The owners of the parent | 3,027 | (2,117) | (3,019) | |
Non-controlling interest | € 0 | € 0 | € 0 | |
[1] | * The year 2017 has been restated to reflect certain reclassification adjustments and the final accounting of the ACTech business combination. See Note 2 for more information | |||
[2] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
Consolidated income statements
Consolidated income statements (Parenthetical) - € / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | [1],[2] | Dec. 31, 2016 | |
Earnings per share attributable to ordinary owners of the parent [line items] | ||||
Basic | € 0.06 | € (0.04) | € (0.06) | |
Diluted | € 0.06 | € (0.04) | € (0.06) | |
[1] | * The year 2017 has been restated to reflect certain reclassification adjustments and the final accounting of the ACTech business combination. See Note 2 for more information | |||
[2] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
Consolidated statements of comp
Consolidated statements of comprehensive income - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Consolidated statements of comprehensive income [line items] | |||||
Net (loss) profit of the year | € 3,027 | € (2,117) | [1] | € (3,019) | |
Other comprehensive income (loss) | |||||
Exchange differences on translation of foreign operations | [2] | (47) | (691) | [3] | (1,833) |
Other comprehensive (loss) income, net of taxes | (47) | (691) | [3] | (1,833) | |
Total comprehensive income (loss) | 2,980 | (2,808) | [3] | (4,852) | |
Total comprehensive (loss) income attributable to: | |||||
The owners of the parent | 2,980 | (2,808) | [3] | (4,852) | |
Non-controlling interest | € 0 | € 0 | [3] | € 0 | |
[1] | * The year 2017 has been restated to reflect certain reclassification adjustments and the final accounting of the ACTech business combination. See Note 2 for more information | ||||
[2] | May be reclassified subsequently to profit& loss | ||||
[3] | * The year 2017 has been restated to reflect the final accounting of the ACTech business combination. See Note 2 for more information. |
Consolidated statement of finan
Consolidated statement of financial position - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | |
Non-current Assets [Abstract] | ||||
Goodwill | € 17,491 | € 17,552 | € 8,860 | |
Intangible assets | 26,326 | 28,600 | 9,765 | |
Property, plant and equipment | 92,537 | 87,065 | 45,063 | |
Investments in joint ventures | 0 | 31 | 0 | |
Deferred tax assets | 315 | 304 | 336 | |
Other non-current assets | 7,237 | 3,667 | 2,154 | |
Total non-current assets | 143,906 | 137,219 | 66,178 | |
Current assets [Abstract] | ||||
Inventories and contracts in progress | 9,986 | 11,027 | 7,870 | |
Trade receivables | 36,891 | 35,582 | 27,479 | |
Other current assets | 6,936 | 7,675 | [2] | 4,481 |
Cash and cash equivalents | 115,506 | 43,175 | 55,912 | |
Total current assets | 169,319 | 97,459 | 95,742 | |
Total assets | 313,225 | 234,678 | 161,920 | |
Equity [Abstract] | ||||
Share capital | 3,050 | 2,729 | 2,729 | |
Share premium | 136,637 | 79,839 | 79,019 | |
Consolidated reserves | (1,848) | (3,711) | (1,603) | |
Other comprehensive income | (1,850) | (1,803) | (1,112) | |
Equity attributable to the owners of the parent | 135,989 | 77,054 | 79,033 | |
Total equity | 135,989 | 77,054 | 79,033 | |
Non-current liabilities [Abstract] | ||||
Loans and borrowings | 92,440 | 81,788 | 28,267 | |
Deferred tax liabilities | 6,226 | 7,415 | 1,325 | |
Deferred income | 4,587 | 3,768 | 3,588 | |
Other non-current liabilities | 868 | 1,904 | 1,873 | |
Total non-current liabilities | 104,121 | 94,875 | 35,053 | |
Current liabilities [Abstract] | ||||
Loans and borrowings | 13,598 | 12,769 | 5,539 | |
Trade payables | 18,667 | 15,670 | 13,400 | |
Tax payables | 2,313 | 2,023 | 926 | |
Deferred income | 23,195 | 18,791 | 17,822 | |
Other current liabilities | 15,342 | 13,496 | 10,147 | |
Total current liabilities | 73,115 | 62,749 | 47,834 | |
Total equity and liabilities | € 313,225 | € 234,678 | € 161,920 | |
[1] | * The year 2017 have been restated to reflect the final accounting of the ACTech business combination. See Note 2 for more information. | |||
[2] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
Consolidated statement of chang
Consolidated statement of changes in equity - EUR (€) € in Thousands | Share capital [Member] | Share premium [Member] | Consolidated reserves [Member] | Other comprehensive income [Member] | Total equity attributable to the owners of the parents [member] | Non-controlling interest [Member] | Total equity [Member] | |
At beginnig of the period at Dec. 31, 2015 | € 2,729 | € 78,098 | € 1,407 | € 721 | € 82,955 | € 0 | € 82,955 | |
Net loss for the year | 0 | 0 | (3,019) | 0 | (3,019) | 0 | (3,019) | |
Other comprehensive (loss) income, net of taxes | 0 | 0 | 0 | (1,833) | (1,833) | 0 | (1,833) | |
Total comprehensive income (loss) | 0 | 0 | (3,019) | (1,833) | (4,852) | 0 | (4,852) | |
Equity-settled share-based payment expense | 0 | 921 | 9 | 0 | 930 | 0 | 930 | |
At end of the period at Dec. 31, 2016 | 2,729 | 79,019 | (1,603) | (1,112) | 79,033 | 0 | 79,033 | |
Net loss for the year | [1] | 0 | 0 | (2,117) | 0 | (2,117) | 0 | (2,117) |
Other comprehensive (loss) income, net of taxes | 0 | 0 | 0 | (691) | (691) | 0 | (691) | |
Total comprehensive income (loss) | [1] | 0 | 0 | (2,117) | (691) | (2,808) | 0 | (2,808) |
Equity-settled share-based payment expense | 0 | 820 | 9 | 0 | 829 | 0 | 829 | |
At end of the period at Dec. 31, 2017 | [1] | 2,729 | 79,839 | (3,711) | (1,803) | 77,054 | 0 | 77,054 |
IFRS 15 - impact on operning reserves | [2] | 0 | 0 | (1,173) | 0 | (1,173) | 0 | (1,173) |
Adjusted equity At January 1, 2018 | 2,729 | 79,839 | (4,884) | (1,803) | 75,881 | 0 | 75,881 | |
Net loss for the year | 0 | 0 | 3,027 | 0 | 3,027 | 0 | 3,027 | |
Other comprehensive (loss) income, net of taxes | 0 | 0 | 0 | (47) | (47) | 0 | (47) | |
Total comprehensive income (loss) | 0 | 0 | 3,027 | (47) | 2,980 | 0 | 2,980 | |
Capital increase in cash - public offering | 312 | 59,575 | 0 | 0 | 59,887 | 0 | 59,887 | |
Capital increase through excercise of warrants | 9 | 593 | 0 | 0 | 602 | 0 | 602 | |
Costs from capital increase | 0 | (4,003) | 0 | 0 | (4,003) | 0 | (4,003) | |
Equity-settled share-based payment expense | 0 | 633 | 9 | 0 | 642 | 0 | 642 | |
At end of the period at Dec. 31, 2018 | € 3,050 | € 136,637 | € (1,848) | € (1,850) | € 135,989 | € 0 | € 135,989 | |
[1] | * The year 2017 has been restated to reflect the final accounting of the ACTech business combination. See Note 2 for more information. | |||||||
[2] | **The Group has initially applied IFRS 15 using the cumulative effect method. Under this method, the comparative information is not restated. See Note 2 for more information. |
Consolidated cash flow statemen
Consolidated cash flow statements - Consolidated entity [member] - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Operating activities | |||||
Net (loss) profit of the year | € 3,027 | € (2,117) | [1] | € (3,019) | |
Non-cash and operational adjustments | |||||
Depreciation of property, plant and equipment | 12,223 | 8,754 | [1] | 6,420 | |
Amortization of intangible assets | 5,064 | 3,822 | [1] | 1,954 | |
Share-based payment expense | 1,075 | 1,033 | [1] | 977 | |
Loss (gain) on disposal of property, plant and equipment | (83) | 25 | [1] | (149) | |
Movement in provisions | 5 | 61 | [1] | 18 | |
Movement reserve for bad debt | 1,293 | 502 | [1] | 77 | |
Financial income | (581) | (381) | [1] | (172) | |
Finance expense | 2,172 | 1,597 | [1] | 983 | |
Impact of foreign currencies | (299) | 302 | [1] | (400) | |
Share in loss of a joint venture (equity method) | 475 | 469 | [1] | 1,018 | |
Income taxes and deferred taxes | 425 | 522 | [1] | 1,712 | |
Fair value adjustment contingent consideration | (192) | 0 | [1] | (455) | |
Other | 87 | (22) | [1] | (78) | |
Working capital adjustment and income tax paid | |||||
Increase in trade receivables and other receivables | (3,156) | (4,973) | [1] | (6,465) | |
Decrease (increase) in inventories | 812 | (417) | [1] | (2,482) | |
Adjustments for increase (decrease) in trade and other payables | 7,341 | 2,343 | [1] | 9,086 | |
Income tax paid | (1,368) | (1,569) | [1] | (530) | |
Net cash flow from operating activities | 28,320 | 9,951 | [1] | 8,495 | |
Investing activities | |||||
Purchase of property, plant and equipment | (18,270) | (27,733) | [1] | (12,237) | |
Purchase of intangible assets | (1,836) | (4,345) | [1] | (2,342) | |
Proceeds from the sale of property, plant and equipment (net) | 281 | 221 | [1] | 1,928 | |
Acquisition of subsidiary (net of cash) | 0 | (27,173) | [1] | 0 | |
Investments in joint-ventures | 0 | (500) | [1] | 0 | |
Other equity investments in non-listed entities | (2,671) | 0 | [1] | 0 | |
Interest received | 363 | 281 | [1] | 11 | |
Net cash flow used in investing activities | (22,133) | (59,249) | [1] | (12,640) | |
Financing activities | |||||
Proceeds from loans and borrowings and convertible debt | 32,554 | 54,319 | [1] | 14,669 | |
Repayment of loans and borrowings | (18,820) | (11,904) | [1] | (2,796) | |
Repayment of finance leases | (3,102) | (2,947) | [1] | (1,898) | |
Capital increase in parent company | 60,489 | 0 | [1] | 0 | |
Direct attributable expense capital increase | (4,003) | 0 | [1] | 0 | |
Interest paid | (1,733) | (955) | [1] | (630) | |
Other financial income (expense) | (150) | (472) | [1] | (79) | |
Net cash flow from (used in) financing activities | 65,235 | 38,041 | [1] | 9,266 | |
Net increase of cash and cash equivalents | 71,422 | (11,257) | [1] | 5,121 | |
Cash and cash equivalents at beginning of the period | 43,175 | [1] | 55,912 | 50,726 | |
Exchange rate differences on cash and cash equivalents | 908 | (1,480) | [1] | 65 | |
Cash and cash equivalents at end of the period | € 115,506 | € 43,175 | [1] | € 55,912 | |
[1] | * The year 2017 has been restated to reflect the final accounting of the ACTech business combination. See Note 2 for more information. |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2018 | |
Corporate information [abstract] | |
Disclosure of notes and other explanatory information [text block] | 1 Corporate information Materialise NV is a limited liability company with its registered office at Technologielaan 15, 3001 Leuven, Belgium. The consolidated financial statements comprise Materialise NV (the “Company” or “Parent”) and its subsidiaries (collectively, the “Group”). See Note 28 for a list of subsidiaries of the Company. The Group is a leading provider of additive manufacturing (AM) software and of sophisticated 3D printing services. The products and services of the Group are organized in the three segments: Materialise Medical, Materialise Software and Materialise Manufacturing. The Group sells its products in Europe, the Americas, Africa and Asia-Pacific. The consolidated financial statements of the Group for the year ended December 31, 2018 were approved and authorized for issue on April 30 , 2019 in accordance with a resolution of the Parent’s Board of Directors. |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2018 | |
Basis of preparation | |
Disclosure of basis of preparation of financial statements [text block] | 2 Basis of preparation The consolidated financial statements of the Group for the three years ended December 31, 2018 , 2017 and 2016 were prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) (collectively “IFRS”) and with International Financial Reporting Standards (IFRS) as adopted by the European Union (“EU-IFRS”). These consolidated financial statements have been prepared on a historical cost basis, except for the assets and liabilities that have been acquired as part of a business combination which have been initially recognized at fair value and certain financial instruments which are measured at fair value. The consolidated financial statements are presented in thousands of euros (K€ or thousands of €) and all “currency” values are rounded to the nearest thousand (€000), except when otherwise indicated. The preparation of financial statements in compliance with adopted IFRS requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group’s accounting policies. The areas where significant judgment and estimates have been made in preparing the financial statements and their effect are disclosed in Note 3. New standards, interpretations and amendments adopted by the Group The Group has adopted the following new and revised standards and interpretations issued by the IASB and IFRIC that are relevant to its operations and effective for accounting periods beginning on January 1, 2018 . IFRS 9 Financial Instruments; I FRS 15 Revenue from Contracts with Customers Several other amendments and interpretations apply for the first time in 2018, but do not have an impact on the consolidated financial statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. The application of the above relevant new standards and interpretations are explained below. IFRS 9 Financial instruments In July 2014, the IASB issued the final version of IFRS 9 Financial Instruments, or IFRS 9, that replaces IAS 39 Financial Instruments: Recognition and Measurement and all previous versions of IFRS 9. IFRS 9 brings together all three aspects of the accounting for financial instruments project: classification and measurement, impairment and hedge accounting. We have adopted the new standard on the required effective date retrospectively, with an initial application date of January 1, 2018. Classification and measurement The Group did not have a significant impact on its consolidated income statement, consolidated statement of comprehensive income, consolidated statement of financial position or consolidated statement of changes in equity on applying the classification and measurement requirements of IFRS 9. It continues to measure at fair value all financial assets currently measured at fair value. The equity shares in non-listed companies are intended to be held for the foreseeable future and are designated at fair value through OCI. Current and non-current trade receivables are held to collect contractual cash flows and are expected to give rise to cash flows representing solely payments of principal and interest. The Group continues to measure these at amortized cost under IFRS 9. Following the assessment of the contractual cash flow characteristics of its debt instruments , the Group concluded that the loans and trade receivables can be classified at amortized cost measurement under IFRS 9. Impairment IFRS 9 requires us to record expected credit losses on all of our debt securities, loans and trade receivables, either on a 12-month or lifetime basis. We have applied the simplified approach and record lifetime expected losses on all trade receivables. The lifetime expected losses are determined based on a provision matrix applied to each of the trade receivable aging buckets. We have applied the transition exception as foreseen in IFRS 9 whereby the application of IFRS 9 “impairment” does not need to be recorded retroactively for all reporting periods presented as we cannot avoid the use of hindsight. The application of IFRS 9 resulted in an additional expense/provision of K€340 in 2018 on our consolidated income statement, consolidated statement of comprehensive income, consolidated statement of financial position and consolidated statement of changes in equity. The impact on the initial date of application was not material. We refer to Note 3 for the accounting policy on the financial assets and liabilities. Hedge accounting The Group does not apply hedge accounting for its derivatives. Derivatives are measured at fair value with changes through the consolidated income statement. IFRS 15 Revenue from Contracts with Customers IFRS 15 Revenue from Contracts with Customers, or IFRS 15, was issued in May 2014 and establishes a five-step model to account for revenue arising from contracts with customers. Under IFRS 15, revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The standard provides a single, principles based five-step model to be applied to all contracts with customers as follows: Identify the contract(s) with a customer; Identify the performance obligations in the contract; Determine the transaction price; Allocate the transaction price to the performance obligations in the contract; and Recognize revenue when (or as) the entity satisfies a performance obligation. The new revenue standard has superseded all current revenue recognition requirements under IFRS. We have adopted the new standard on the required effective date of January 1, 2018 and have applied the modified retrospective transition method to those contracts that were not completed at January 1, 2018. When applying the modified retrospective transition method, the cumulative effect of initially applying IFRS 15 is recognized as an adjustment to the opening balance of our consolidated reserves in 2018. The effect of adopting IFRS 15 is as follows: OEM software license and distribution agreements We regularly enter into software license and distribution agreements that may include the right for a partner to embed the Materialise software in its own property software or machine, that is marketed and sold to end-customers. Typically, those contracts provide a license to use and market the software, training and one year of maintenance and support service. Those performance obligations are “distinct”. Certain contracts may also include development services. Those development services are in general also “distinct” services except in case the customer cannot benefit from the license with readily available resources without the development services and the development services significantly customize/modify the existing license. In that case, those development services are combined with the license and recognized over the term of the license. Those agreements may also provide for step-based volume discounts when certain sales targets are achieved and discounts when certain development revenue is achieved. Prior to adopting IFRS 15, volume discounts were recognized based on a reasonable estimate of the volume discounts to be paid and deducted from revenue over the contract period (based on sales). Certain other discounts were immediately deducted in full from revenue when they are expected to be met. Under IFRS 15, the transaction price will include an estimate of all the discounts payable under the contract period and will be subsequently allocated to the performance obligations. The impact on revenue was however not material as of January 1, 2018. Medical partner license, supply and distribution agreements Medical partner license, supply and distribution agreements generally include a time-based license for online order management system and surgical guide planning software, surgical guide development services and 3D printing, training, set-up and on boarding services and maintenance services. The consideration for the license is in general included within the price for a surgical guide (whether or not via an explicit royalty added to the price). The accounting prior to adoption of IFRS 15 is not significantly different than under IFRS 15, except for: The license is in most cases not considered “distinct” and may be combined with the “surgical guide services and printing” as the license as such may not have a significant benefit for the partner with out other readily available resources; Certain agreements may include significant development services other than the standard set-up and on boarding services, which significantly modify/customize the existing platform for the purpose of the partner and are not considered “distinct” and combined with the license; and Allocation of the transaction price over the “distinct” performance obligations may result in higher or lower revenue allocated to a performance obligation than the contractual pricing. The impact on January 1, 2018 of the above differences on revenue is K€323 additional deferred revenue. One contract with a non-cancellable contract period of 10 years had an up-front non-refundable fee for exclusivity for a total of €2.25 million . Prior to adopting IFRS 15, this fee has been fully recognized in previous years (from 2010 onwards). Under IFRS 15, this fee will be included in the transaction price and allocated to the “distinct” performance obligations of the contract which are primarily software license, surgical guides services and printing, maintenance, and development services. The impact of this difference on January 1, 2018 is a higher deferred revenue of K€850 with a debit of the accumulated deficit for the same amount. This deferred revenue will be recognized in revenue over the next three years. Other revenue streams IFRS 15 is not expected to have significant impacts on our other revenue streams such as 3D print products and software license and related maintenance. Impact Based on our above detailed assessment, the cumulative effect recognized in retained earnings as of January 1, 2018 is as follows (positive is a debit): in 000€ January 1, 2018 Software − Medical 1,173 Manufacturing − Total catch-up adjustment 1,173 The following table summarises the impact of adopting IFRS 15 on the Group’s consolidated statement of financial position as at December 31, 2018 and its consolidated income statement for the year then ended. There was no material impact on the Group’s statement of cash flows for the year ended December 31, 2018, except on the impact of t he deferred income on the line "net profit of the year" fully compensated by the impact on the line " Increase in tra de payables and other payables." As of December 31, 2018 Consolidated statement of financial position As reported IFRS 15 Catch-up adjustment IFRS 15 Adjustments after initial adoption Amounts without adoption of IFRS 15 Equity and liabilities Equity Share capital 3,050 − − 3,050 Share premium 136,637 − − 136,637 Consolidated reserves (1,848) 1,173 (410) (1,085) Other comprehensive loss (1,850) − − (1,850) Equity attributable to the owners of the parent 135,989 1,173 (410) 136,752 Total equity 135,989 1,173 (410) 136,752 Non-current liabilities Loans & borrowings 92,440 − − 92,440 Deferred tax liabilities 6,226 − − 6,226 Deferred income (contract liability) 4,587 (763) 410 4,234 Other non-current liabilities 868 − − 868 Total non-current liabilities 104,121 (763) 410 103,768 Current liabilities Loans & borrowings 13,598 − − 13,598 Trade payables 18,667 − − 18,667 Tax payables 2,313 − − 2,313 Deferred income (contract liability) 23,195 (410) − 22,785 Other current liabilities 15,342 − − 15,342 Total current liabilities 73,115 (410) − 72,705 Total equity and liabilities 313,225 − − 313,225 For the year ended December, 31 2018 Consolidated income statement As reported Adjustments Amounts without adoption of IFRS 15 Revenue 184,721 (410) 184,311 Cost of sales (82,299) − (82,299) Gross profit 102,422 (410) 102,012 Research and development expenses (22,416) − (22,416) Sales and marketing expenses (46,303) − (46,303) General and administrative expenses (32,310) − (32,310) Net other operating income 3,771 − 3,771 Operating profit 5,164 (410) 4,754 Financial expenses (4,864) − (4,864) Financial income 3,627 − 3,627 Share in loss of joint venture (475) − (475) Profit before taxes 3,452 (410) 3,042 Income taxes (425) − (425) Net profit for the year 3,027 (410) 2,617 Net profit attributable to: − The owners of the parent 3,027 (410) 2,617 Basic earnings per share 0.06 0.05 Diluted earnings per share 0.06 0.05 Restatements in the reporting year 2017 The Group has restated the reporting year 2017 for the following impacts: Our audited financial statements for the year ended December 31, 2017 appearing in our Annual Report on Form 20-F, as filed with the U.S. Securities and Exchange Commission on April 30, 2018 (the “FY 2017 Form 20-F”), included a provisional accounting for the ACTech business combination. The fair value analysis with respect to the assets and liabilities acquired was not yet finalized as of the reporting date. As of October 4, 2018, we completed the fair value analysis of the ACTech business combination, with corresponding adjustments to intangible assets, goodwill, property, plant and equipment, inventories and contracts in progress, other current assets, investment grants and tax payables as if the accounting for the business combination had been completed at acquisition date. The impact has been accounted for as retrospective adjustments to our consolidated statement of financial position as of December 31, 2017 and our consolidated income statement for the year ended December 31, 2017. Furthermore it includes an adjustment to the inventory valuation at ACTech as at December 31, 2017, with a total impact on the consolidated reserves for the year amounted to K€ (461) . We refer to Note 4 for a detailed discussion of the ACTech business combination. The Group has voluntarily changed the presentation of the amortization expense related to the intangible assets acquired from a business combination, except for the backlog, in the consolidated income statement. The related amortization expense is in 2018 presented in the line net other operating income in the consolidated income statement while previously this expense was included in the lines cost of sales, sales and marketing expenses and general and administrative expenses. The intangible assets relate to acquired technology and acquired customer relationships. Management has changed the presentation in order to better reflect the performance of the Group. The impact of the restatements on the consolidated statement of financial position as of December 31, 2017 and the consolidated income statement for the year ended December 31, 2017 is as follows: As of December 31, 2017 Restatement impact on statement of financial position As previously reported IFRS 3 ACTECH As restated Assets Non-current assets Goodwill 18,447 (895) 17,552 Intangible assets 28,646 (46) 28,600 Property, plant & equipment 86,881 184 87,065 Investments in joint ventures 31 − 31 Deferred tax assets 304 − 304 Other non-current assets 3,667 − 3,667 Total non-current assets 137,976 (757) 137,219 Current assets Inventories and contracts in progress 11,594 (567) 11,027 Trade receivables 35,582 − 35,582 Other current assets 9,212 (1,537) 7,675 Cash and cash equivalents 43,175 − 43,175 Total current assets 99,563 (2,104) 97,459 Total assets 237,539 (2,861) 234,678 Equity and liabilities Equity Share capital 2,729 − 2,729 Share premium 79,839 − 79,839 Consolidated reserves (3,250) (461) (3,711) Other comprehensive loss (1,803) − (1,803) Equity attributable to the owners of the parent 77,515 (461) 77,054 Total equity 77,515 (461) 77,054 Non-current liabilities Loans & borrowings 81,788 − 81,788 Deferred tax liabilities 7,006 409 7,415 Deferred income 5,040 (1,272) 3,768 Other non-current liabilities 1,904 − 1,904 Total non-current liabilities 95,738 (863) 94,875 Current liabilities Loans & borrowings 12,769 − 12,769 Trade payables 15,670 − 15,670 Tax payables 3,560 (1,537) 2,023 Deferred income 18,791 − 18,791 Other current liabilities 13,496 − 13,496 Total current liabilities 64,286 (1,537) 62,749 Total equity and liabilities 237,539 (2,861) 234,678 For the year ended December 31, 2017 Restatement impact on income statement As previously reported IFRS 3 ACTECH Reclassification As restated Revenue 142,573 − − 142,573 Cost of sales (62,787) (447) 282 (62,952) Gross profit 79,786 (447) 282 79,621 Research and development expenses (19,959) − − (19,959) Sales and marketing expenses (39,109) − 174 (38,935) General and administrative expenses (25,484) − 608 (24,876) Net other operating income / (expenses) 5,631 (26) (1,064) 4,541 Operating profit (loss) 865 (473) − 392 Financial expenses (4,728) − − (4,728) Financial income 3,210 − − 3,210 Share in loss of joint venture (469) − − (469) Loss before taxes (1,122) (473) − (1,595) Income taxes (534) 12 − (522) Net loss for the year (1,656) (461) − (2,117) Net loss attributable to: The owners of the parent (1,656) (461) − (2,117) Non-controlling interest − − − − The consolidated income statement of the year ended December 31, 2016 has not been restated. The total impact on the net other operating income/(expenses) was immaterial for the year 2016 and therefore such amount has not been reclassified. A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2018 | |
Summary of significant accounting policies [abstract] | |
Disclosure of significant accounting policies [text block] | 3 Summary of significant accounting policies Basis for consolidation The consolidated financial statements comprise the financial statements of the Group and its subsidiaries. Entities are fully consolidated from the date of acquisition, which is the date when the Group obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the entities are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-Group balances, transactions, unrealized gains and losses resulting from intra-Group transactions and dividends are fully eliminated. The Group attributes profit or loss and each component of other comprehensive income to the owners of the parent company and to the non-controlling interest based on present ownership interests, even if the results in the non-controlling interest have a negative balance. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over the subsidiary, it will derecognize the assets (including goodwill) and liabilities of the subsidiary, any non-controlling interest and the other components of equity related to the subsidiary. Any surplus or deficit arising from the loss of control is recognized in profit or loss. If the Group retains an interest in the previous subsidiary, then such interest is measured at fair value at the date the control is lost. The proportion allocated to the parent and non-controlling interests in preparing the consolidated financial statements is determined based solely on present ownership interests. There are no significant changes to the consolidated scope occurred in 2018. Non-controlling interests The Group has the choice, on a transaction by transaction basis, to initially recognize any non-controlling interest in the acquiree which is a present ownership interest and entitles its holders to a proportionate share of the entity’s net assets in the event of liquidation at either acquisition date fair value or, at the present ownership instruments’ proportionate share in the recognized amounts of the acquiree’s identifiable net assets. Other components of non-controlling interest such as outstanding share options are generally measured at fair value. The Group has not elected to take the option to use fair value in acquisitions completed to date and currently does not have non-controlling interest resulting from business combinations. Foreign currency translation The Group’s consolidated financial statements are presented in euros, which is also the parent company’s functional currency. For each entity, the Group determines the functional currency, and items included in the financial statements of each entity are measured using the functional currency. Financial statements of foreign subsidiaries Foreign subsidiaries use the local currencies of the country where they operate. The statement of financial position is translated into euro at the closing rate on the reporting date and their income statement is translated at the average exchange rate at each month-end. Differences resulting from the translation of the financial statements of said subsidiaries are recognized in other comprehensive income as “exchange differences on translation of foreign operations”. Foreign currency transactions Transactions denominated in foreign currencies are translated into euro at the exchange rate at the end of the previous month-end. Monetary items in the statement of financial position are translated at the closing rate at each reporting date and the relevant translation adjustments are recognized in financial or operating result depending on its nature. Business combinations and goodwill Business combinations are accounted for using the acquisition method at the acquisition date, which is the date at which the Group obtains control over the entity. The cost of an acquisition is measured as the amount of the consideration transferred to the seller, measured at the acquisition date fair value, and the amount of any non-controlling interest in the acquiree. The Group measures goodwill initially at cost at the acquisition date, being: the fair value of the consideration transferred to the seller, plus the amount of any non-controlling interest in the acquiree, plus if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree re-measured at the acquisition date, less the fair value of the net identifiable assets acquired and assumed liabilities Goodwill is recognized as an intangible asset with any impairment in carrying value being charged to the consolidated income statement. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the consolidated income statement on acquisition date. Acquisition costs incurred are expensed and included in general and administrative expenses. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration, which is deemed to be an asset or liability, will be recognized either as a profit or loss or as a change to other comprehensive income. If the contingent consideration is classified as equity, it should not be re-measured until it is finally settled within equity. Acquisition of non-controlling interests are accounted for as an equity transaction. Investments in joint ventures The Group carries investment in a joint venture (RS Print NV). The Group’s investments in its joint venture is accounted for using the equity method. Under the equity method, the investment in the joint venture was initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group’s share of net assets of the joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment individually. The income statement reflects the Group’s share of the results of operations of the joint venture. Any change in other comprehensive income of the joint venture is presented as part of the Group’s other comprehensive income. In addition, when there has been a change recognized directly in the equity of the joint venture, the Group recognizes its share of the change in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the Group’s interest in the joint venture (higher of value in use and fair value less costs to sell), and then recognizes the loss as ‘Share of profit or loss of joint ventures’ in the income statement. Property, plant & equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if any. Such cost includes borrowing costs directly attributable to construction projects if the asset necessarily takes a substantial period of time to get ready for its intended use, it is probable that they will result in future economic benefits to the group and the cost can be measured reliably. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in the income statement as incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: Buildings: 20-30 years Furniture, Plant & Equipment : 5-30 years Property leased Assets: 15-30 years or lease term if shorter Leased machines : 5-10 years or lease term if shorter Land is not depreciated. A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that the Group will obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset or the lease term. An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognized. The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate. Leases The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception date, whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset, even if that right is not explicitly specified in an arrangement. Finance leases which transfer to the Group substantially all the risks and benefits incidental to ownership of the leased item, are capitalized at the commencement of the lease at the fair value of the leased item or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognized as financial expenses in the consolidated income statement. Where substantially all of the risks and rewards incidental to ownership are not transferred to the Group (an “operating lease”), the total rentals payable under the lease are charged to the consolidated income statement on a straight-line basis over the lease term. The aggregate benefit of lease incentives is recognized as a reduction of the rental expense over the lease term on a straight-line basis. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of a qualified asset that necessarily takes a substantial period of time to prepare for its intended use or sale are capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Research and development Research and development includes the costs incurred by activities related to the development of software solutions (new products, updates and enhancements), guides and other products. Development activities involve the application of research findings or other knowledge to a plan or a design of new or substantially improved (software) products before the start of the commercial use. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: the technical feasibility of completing the intangible asset so that the asset will be available for use or sale; its intention to complete and its ability to use or sell the asset; how the asset will generate future economic benefits; the availability of resources to complete the asset; and the ability to measure reliably the expenditure during development. The Group has determined that the conditions for recognizing internally generated intangible assets from proprietary software, guide and other product development activities are not met until shortly before the products are available for sale, unless either (i) the Group has strong evidence that the above criteria are met and a detailed business plan is available showing the asset will on a reasonable basis generate future economic benefits or (ii) the development is done based upon specific request of the customer, it is highly likely that the Group will be able to market the product also to other parties than the customer, the development is subject to an agreement and the substance of the agreement is that the customer reimburses the Group for a significant portion , but not all, of the development expenses incurred. As such, development expenditures not satisfying the above criteria and expenditures on the research phase of internal projects are recognized in the consolidated income statement as incurred. Internally generated intangible assets from proprietary software are amortized over their useful l ives, starting from the moment they are ready for use/available for sale . Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit , which is determined on a project-by-project basis . Amortisat ion is recorded in cost of sales. During the period of development, the asset is tested for impairment annually. Intangible assets other than goodwill and capitalized development expenditures Intangible assets comprise acquired technology and customer portfolio, patents and licenses, goodwill and technology and customers acquired in connection with business combinations. Those intangible assets are measured on initial recognition at cost, except for the acquired technology and customers arising from business combinations, which are measured initially at fair value. Following initial recognition, intangible assets other than goodwill are carried at cost less any accumulated amortization and accumulated impairment losses, if any. The useful life of the intangible assets is as follows: Software: 3 years; Patents and licenses: 5 years; Acquired customers: 5-20 years; Technology: 6-10 years; Order Backlog: Period over which orders will be completed. The intangible assets with finite lives are amortized over their useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The amortization expense on intangible assets with finite lives is recognized in the consolidated income statement in the line “ net other operating income ”. Impairment of goodwill and other non-financial assets (excluding inventories and deferred tax assets) Impairment tests on goodwill and other intangible assets with indefinite useful economic lives or capitalized development expenses which are not amortized yet, are undertaken annually at the financial year end. Other non-financial assets and goodwill are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest Group of assets to which it belongs for which there are separately identifiable cash flows: its cash generating units (CGUs). Goodwill is allocated on initial recognition to each of the Group’s CGUs that are expected to benefit from the synergies of the combination giving rise to the goodwill. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. For longer periods, a long-term growth rate is calculated and applied to future cash flows projected after the fifth year. Impairment charges are included in profit or loss, except, where applicable, to the extent they reverse gains previously recognized in other comprehensive income. An impairment loss recognized for goodwill is not reversed. Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the cash-generating unit retained. Inventories and Contracts in progress Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows: Raw materials: purchase cost on a first in, first out basis; and Finished goods and work in progress: cost of direct materials and labor and a proportion of manufacturing overheads based on the normal operating capacity, but excluding borrowing costs . Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. A write-off of inventories is estimated based on an ageing or rotation analysis. Work in progress relates to production of inventory for which a customer has not yet been secured, while contracts in progress are contract assets that relate to production for specific customers in performance of a signed contract. We refer also to the accounting policy on revenue recognition. Financial assets Financial assets are classified at initial recognition, and subsequently measured as at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price. For purposes of subsequent measurement, fin ancial assets are classified in four categories: Financial assets at amortise d cost; Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) ; Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) ; and Financial assets at fair value through profit or loss . Financial assets measured at amortized cost This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the following conditions are met: The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows ; and The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding . Financial assets , trade and other receivables, cash and cash equivalents at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) The Group currently does not have financial assets at fair value through OCI with recycling of cumulative gains and losses. Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) The Group has irrevocably elected at initial recognition to classify the minority interest in the non-listed equity investment Essentium Inc, as disclosed in Note 10 and Note 20, as a financial asset designated at fair value through OCI as this measurement is most representative of the business model for this asset. Gain and losses on these financial assets are never recycled to profit and loss. Dividends are recognised as other operational income in the consolidated income statement when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. Financial assets measured at fair value through profit or loss The Group does not currently have financial assets classified as financial assets at fair value through profit or loss except for a call option on non -controlling interests in RapidF it+ as disclosed in Note 13 and the derivatives, which are carried in the statement of financial position at fair value with changes recognized in the income statement in the lines financial income/expense. Derecognition A financial asset is derecognized when: The rights to receive cash flows from the asset have expired, or The Group has transferred its rights to receive cash flows from the assets. Impairment of financial assets Further disclosures relating to impairment of financial assets are also provided in Note 3 Significant accounting judgments, estimates and assumptions. The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. A loss allowance is recognized at each reporting date based on lifetime ECLs. The Group established a provision matrix that is based on its historical loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For all other receivables, ECLs are based on the differ ence between the contractual cas h flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). Financial liabilities All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, loans and borro wings including bank overdrafts and derivative financial instruments including written put options over non-controlling interests. Financial liabilities at amortized cost The trade and other payables, and loans and borrowings are classified as financial liabilities at amortized cost. Those financial liabilities are measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the income statement when the liabilities are derecognized as well as through the effective interest rate method amortization process. Financial liabilities at fair value through profit and loss The derivative financial instruments are classified as financial liabilities at fair value through profit and loss except for the written put options on non-controlling interests which is disclosed below. Written put options on non-controlling interest The Group recognizes a financial liability for the written put options on non-controlling interest. The written put options have a variable redemption price based on a formula as specified in the contract (see Note 13 ). The financial liability is initially recognized at fair value and the fair value is reclassified from non-controlling interest and, for any amount higher than the non-controlling interest, from consolidated reserves. The fair value is determined as the present value of the redemption amount. Any change in the fair value as a result of a change in the estimated redemption price is recognized directly in consolidated reserves. Any unwinding effect of the present value of the redemption price is recognized directly in profit and loss (financial cost). No share of profit is allocated to the non-controlling interest. Upon exercise of the written put option, the carrying value will be offset with the cash payment received. When the written put option is not exercised, the carrying value of the financial liability is derecognized against non-controlling interest with the difference going to consolidated reserves. Compound financial instruments The Group has issued convertible debt which is accounted for as a compound financial instrument. For those instruments, the Group determines the carrying amount of the liability component by measuring the fair value of a similar liability (including any embedded non-equity derivative features) that does not have an associated equity component. The carrying amount of the equity instrument is then determined by deducting the fair value of the financial liability from the fair value of the compound financial instrument as a whole. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. Offsetting Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. Share capital Financial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Group’s ordinary shares are classified as equity instruments. Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Pensions benefits The Group has a defined contribution obligation where the Group pays contributions based on salaries to an insurance company, in accordance with the laws and agreements in each country. The Belgian defined contribution pension plans are by law with variable minimum returns based on the Belgian government bonds, with a minimum of 1.75% and a maximum of 3.75% , effective for contributions paid as from 2016. For contribution paid until 2015, the minimum guaranteed return is 3.25% on employer contributions and 3.75% on employee contributions. These plans qualify as defined benefit plans. Contributions are recognized as expenses for the period in which employees perform the corresponding services. Outstanding payments at the end of the period are shown as other current liabilities. Those plans are accounted for as a defined benefit plan however are considered not material. Share based payments Directors and employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). The Group currently has only warrants and share-appreciation rights as share-based payments. Equity-settled transactions Equity-settled share-based payments to employees and others providing similar services are measured, indirectly, at the fair value of the equity instruments granted. The cost of equity-settled transactions is recognized, together with a corresponding increase in other capital reserves in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The income statement expense or credit for a period represents the movement in cumulative expense recognized at the beginning and end of that period and is recognized as employee benefits expense. The Group does currently only have equity-settled share-based payments that have service-based vesting conditions and no instruments with market vesting conditions. No expense is recognized for awards that do not ultimately vest. When the terms of an equity-settled award are modified, the minimum expense recognized is the expense as if the terms had not been modified, if the original terms of the award are met. An additional expense is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee as measured at the date of modification. When an equity-settled award is cancelled, it is treated as if it vested on the date of cancellation, and any expense not yet recognized for the award is recognized immediately. This includes any award where non-vesting conditions within the control of either the entity or the employee are not met. However, if a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described in the previous paragraph. Cash-settled transactions The Group has cash-settled share-based payment transaction for certain employees in certain countries due to legal requirements (in the form of share-appreciation rights). The cost of cash-settled transactions is measured initially at fair value at the grant date. This fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The liability is remeasured to fair value at each reporting date up to, and including the settlement date, with changes in fair value recognized in employee benefits expense. Revenue from contracts with customers The Group’s revenue, which is presented net of sales taxes, is primarily generated by the sale of our software and 3D printed products and services. Software revenue is comprised of perpetual and periodic licenses, maintenance revenue and software development service fees. Perpetual license holders may opt to take an annual maintenance contract, which leads to annual fees. Periodic licenses entitle the customer to maintenance, support and product updates without additional charge. Revenue from prototyp es and end products involving 3D printing techno logy is derived from our network o f production centers and may include support and services such as pre-production collaboration p rior to the actual production . The Group sells its products and software through its direct sales force and through authorized distributors. Software license revenue, maintenance and/or software development service fees may be bundled in one arrangement, or may be so |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about business combination [abstract] | |
Disclosure of business combinations [text block] | 4 Business Combinations Acquisitions in 2018 The Group has not completed any Business Combinations during the year 2018 . Acquisitions in 2017 ACTech The Group has signed a share and purchase agreement on October 4, 2017 to acquire all of the shares and voting interest of ACTech Holding Gmbh, an entity incorporated in Germany, and its subsidiaries ACTech Gmbh and ACTech North America Inc. (together referred to as “ACTech Group”) for a total purchase consideration in cash of K€28,907 (net of indemnification asset). The German-based ACTech Group is specialist in producing limited runs of highly complex cast metal parts in a short timeframe . ACTech Group will be part of the Manufacturing segment. The fair value of the identifiable assets and liabilities at the date of acquisition were: in 000€ Carrying value at acquisition date Fair value adjust- ments Fair value at acquisi- tion date Assets Technology − 515 515 Customer relations − 17,092 17,092 Other intangible assets 6,330 (5,345) 985 Property, plant & equipment 19,986 243 20,229 Deferred tax assets 503 (415) 88 Other non-current financial assets 56 − 56 Inventory 2,356 433 2,789 Trade receivables 5,176 − 5,176 Cash & cash equivalents 2,244 − 2,244 Other assets 542 − 542 Total Assets 37,193 12,523 49,716 Liabilities Deferred tax liabilities (47) (5,977) (6,024) Deferred income (1,298) 1,298 − Loans & borrowings (11,308) − (11,308) Trade payables (777) − (777) Tax payables (3,664) 1,214 (2,450) Other liabilities (9,062) − (9,062) Total Liabilities (26,156) (3,465) (29,621) Total identified assets and liabilities 11,037 9,058 20,095 Goodwill − − 8,812 Acquisition price − − 28,907 The cash flow from the business combination is as follows: Cash & cash equivalents acquired (2,244) Acquisition price in cash including escrow 29,418 Total cash flow 27,174 The fair value of the identifiable assets and liabilities as included in our consolidated financial statements per December 31, 2017 were provisional as the final valuation had not been completed by the date these consolidated financial statements were approved for issue by the board of d irectors. As of October 4, 2018, we have completed the fair value analysis of the ACTech business combination, which corresponding adjustments to the intangible assets, property, plant and equipment, inventories and contracts in progress, other current assets, investment grants and tax payables. The fair value of the identified assets and liabilities were K€2,432 h igher than the provisional valu at date of acquisition, with a corresponding reduction in goodwill . We refer to Note 2 for the detailed impact of the restatement resulting from the final accounting of the ACTech business combination. The accounting for the business combination resulted in fair values at date of acquisition of K€17,092 for customer relationships, K€515 for patented technology, K€826 for order backlog, and K€511 for tax contingencies subject to an indemnification asset. The fair value of the receivables is K€5,176 which equals the gross contractual amounts receivable. Fair value analysis with respect to property, plant and equipment led to a fair value of K€20,229 . A fair value adjustment was identified of K€433 for the inventory. The deferred tax liabilities comprise the tax effect of the fair value adjustment s for the above described items . The purchase price paid at the acquisition date amounted to K€29,418 . The share and purchase agreement foresees that the Sellers will indemnify the Group for certain tax payables and contingencies that may occur in the period between 2018 and 2021. An amount of K€3,788 has been paid in an escrow account which can be applied against the indemnification asset. The Group has estimated that the fair value of the indemnification asset is K€511 which has been applied against the acquisition price. The indemnification asset will be paid out of the escrow account when the related tax payables and contingencies are paid. There are no contingent considerations payable. The goodwill recognized is primarily attributable to the trained and knowledgable workforce and to the expected synergies that will be realized at level of software platforms, manufacturing and existing customer base. The goodwill is not deductible for income tax purposes. The total acquisition-related costs recognized as an expense in the general & administration costs are K€609 . The contribution of the acquired business to the revenue and net profit of the Group for the year ended December 31, 2017 were , respectively , K€9,965 and K€275 . The pro forma revenue and the pro forma net profit of the acquired business would have been K€37,096 and K€2,060 , respectively, if the business would have been acquired on January 1, 2017. Acquisitions in 2016 The Group has not completed any Business Combinations during the year 2016 . Changes in the measurement of the contingent consideration for previous acquisitions Cenat The Group signed a sale and purchase agreement on March 10, 2015 to acquire all of the shares and voting interests of Cenat BVBA for a consideration in cash of K€1,547 and a contingent consideration related to certain targets set over the coming years between K€0 and K€2,250 . The fair value of this contingent consideration was estimated at time of final accounting (December 31, 2015) at K€1,310 . Based on the historical results and the forecasted financial information for the period 2018 to 2019 the Group has re-estimated the fair value of the contingent considerati on at December 31, 2016 to K€905 , and maintained this estimate per December 31, 2017. In the course of 2018 a payment of K€263 was made to the former shareholders. And on December 24, 2018 an agreement was signed determining that the only remaining and final consideration to be paid amounts to K€450, payable by the Group to the former shareholders in the course of early 2019. As at December 31, 2018 a payable of K€450 has been recorded under the other current liabilities (we refer to Note 19). The impact of the remeasurement has been recorded in the line “net other operating income” in the consolidated income statement. This final consideration was paid on January 21, 2019. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of goodwill [abstract] | |
Disclosure of goodwill [text block] | 5 Goodwill The goodwill has been allocated to the cash generating units (“CGU”) as follows: As of December 31, in 000€ 2018 2017* 2016 CGU: MAT NV SAM BE 3,241 3,241 3,241 CGU: e-Prototypy 794 818 775 CGU: ACTech 8,812 8,812 − CGU: OrthoView 4,467 4,504 4,667 CGU: MAT NV Manufacturing (Metal) 177 177 177 Total 17,491 17,552 8,860 The changes in the carrying value of the goodwill can be presented as follows for the years 2018 , 2017 and 2016 : in 000€ Gross Impair- ment Total At January 1, 2016 9,768 (104) 9,664 Currency translation (804) − (804) At December 31, 2016 8,964 (104) 8,860 Additions 8,812 − 8,812 Currency translation (120) − (120) At December 31, 2017 17,656 (104) 17,552 Currency translation (61) − (61) At December 31, 2018 17,595 (104) 17,491 The goodwill of Orthoview (UK) and of e-Prototypy (PL) include respectively K€ (37) and K€ (24) impact of currency translation in 2018 . The Group has performed an impairment test based on a discounted cash flow model with cash flows for the next five years derived from the budget and a residual value considering a perpetual growth rate. The MAT N V SAM BE and Cenat are included in the reportable segment “ Materialis e Software”. The CGU ACTech , e- Prototypy (PL) and MAT NV Manufacturing (Metal) are included in the reportable segment “Materialise Manufacturing”. The CGU Orthoview (UK) is included in the reportable segment “Materialise Medical”. CGU: MAT NV SAM (BE) The goodwill allocated to the CGU MAT NV SAM (BE) relates to the goodwill from the acquisition of CENAT in 2015 and the goodwill related to the acquisition of Marcam in 2011 (DE-3D Printing Software). The impairment test is based on the projected discounted cash flows resulting from the CGU MAT NV SAM BE , considering a period of five years. The main assumptions for goodwill impairment testing include a pre-tax discount rate (based on WACC ) of 12.82% a nd a perpetual growth rate of 1.71% . Other assumptions include the year-on-year growth rate of the revenue, gross margin and the operating costs which has been determined by management based on past experience. It was concluded that the value in use is higher than the carrying value of the cash generating unit of €36.7 million . There are no reasonable changes in assumptions that would reduce the value in use below its carrying value of the cash generating unit. CGU e-Prototypy The goodwill relates to the acquisition of the Polish entity e-Prototypy . The impairment test on the CG U e-Prototypy is based on the projected d iscounted cash flows considering a period of five years. The main assumptions include a pre-tax discount rate (based on WACC) of 12.47% a nd a perpetual growth rate of 5.00 % . Other assumptions include the year-on-year growth rate of the revenue, gross margin and the operating costs which has been determined by management based on past experience and continued investments in capex in new 3D printing equipment. It was concluded that the value in use is significantly higher than the carrying value of the cash generating unit of €3.87 million . Based on the sensitivity analysis where discount rate would increase with 1 % , the value in use would still be significantly higher than the carrying value of the cash generating units . Based on the sensitivity analysis that the five-year projections would be 10 % lower or a perpetual growth rate which is 2% lower, the value in use would still be significantly higher than the carrying value of the cash generating units . CGU Orthoview The goodwill relates to the acquisition of Orthoview. The impairment test on the CG U Orthoview is based on the projected d iscounted cash flows considering a period of 5 years .The main assumptions include a pre-tax discoun t rate (based on WACC) of 13.27% and a perpetual growth rate of 2.00% . Other assumptions include the year-on-year growth rate of the revenue, gross margin and the operating costs which have been determined by management based on past experience. It was concluded that the value in use is higher than the carrying value of the cash generating unit of €9.70 million . Based on the sensitivity analysis where discount rate would increase with 1% , the value in use would still be higher than the carrying value of the cash generating unit. A reasonable change in the perpetual growth by 2% or overall 10% lower five-year projections still result in a value in use that is higher than the carrying value of the cash generating unit. The Orthoview business is being integrated further in the existing software business within our Materialise Medical segment. Synergies that are expected from joined product lines are not taken into account in the current impairment review as management believes that Orthoview can still be considered a separate cash generating unit in 2018 . CGU ACTECH The impairment test on the CGU ACTech is based on the projected discounted cash flows, considering a period of 5 years. The main assumptions include a pre-tax discount rate (based on WACC) of 13.95 % and a perpetual growth rate of 1.57 % . Other assumptions include the year-on-year growth rate of the revenue, gross margin and the operating costs which have been determined by management based on past experience. It was concluded that the value in use is higher than the carrying value of the cash generating unit of €26.7 million . Based on the sensitivity analysis where discount rate would increase with 1 % or other reasonable changes in the 5-year projected cash flows (such as lower EBITDA) and perpetual growth rate , the value in use would be higher than the carrying value of the cash generating unit. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [abstract] | |
Disclosure of intangible assets [text block] | 6 Intangible assets The changes in the carrying value of the intangible assets can be presented as follows for the years 2018 , 2017 and 2016 : in 000€ Patents and licenses Software Acquired customers, technology and backlogs Developed technology and software under construction Total Acquisition value At January 1, 2016 3,202 1,779 8,525 − 13,506 Additions 606 1,736 − − 2,342 Acquisition of a subsidiary − − − − − Disposals (18) (212) − − (230) Transfer between accounts − 490 − − 490 Currency translation (2) (26) (923) − (951) Other − 2 (6) − (4) At December 31, 2016 3,788 3,769 7,596 − 15,153 Additions 749 3,718 − − 4,467 Acquisition of a subsidiary* 115 242 18,433 − 18,790 Disposals (159) (143) − − (302) Transfer between accounts − (98) − − (98) Currency translation − (5) (183) − (188) Other 4 155 (251) − (92) At December 31, 2017* 4,497 7,638 25,595 − 37,730 Additions 554 807 32 951 2,344 Acquisition of a subsidiary − − − − − Disposals (759) (221) − − (980) Transfer between accounts 2 − − 364 366 Currency translation − − (48) − (48) Other − 17 − − 17 At December 31, 2018 4,294 8,241 25,579 1,315 39,429 in 000€ Patents and licenses Software Acquired customers, technology and backlogs Developed technology and software under construction Total Amortization At January 1, 2016 (1,471) (958) (1,420) − (3,849) Depreciation charge for the year (576) (559) (819) − (1,954) Disposals 3 239 − − 242 Transfer between accounts − − − − − Currency translation 2 26 144 − 172 Other − 1 − − 1 At December 31, 2016 (2,042) (1,251) (2,095) − (5,388) Depreciation charge for the year* (609) (1,634) (1,579) − (3,822) Disposals 2 77 − − 79 Transfer between accounts − 98 − − 98 Currency translation − 4 45 − 49 Other (117) (279) 250 − (146) At December 31, 2017* (2,766) (2,985) (3,379) − (9,130) Depreciation charge for the year (749) (2,310) (2,005) − (5,064) Disposals 854 206 − − 1,060 Transfer between accounts − − − − − Currency translation − 1 22 − 23 Other − 8 − − 8 At December 31, 2018 (2,661) (5,080) (5,362) − (13,103) Net carrying value At December, 31 2018 1,633 3,161 20,217 1,315 26,326 At December, 31 2017* 1,731 4,653 22,216 − 28,600 At December 31, 2016 1,746 2,518 5,501 − 9,765 At January, 1 2016 1,731 821 7,105 − 9,657 Patent and licenses include only the direct attributable external costs incurred in registering the patent and obtaining the license. Software relates to purchased software for internal use only except for software development on certain application interfaces that were almost fully funded by a third party. Apart from the d eveloped technology and software under construction that was capitalized per end of 2018 for the amount of K€1,315 , no other software development was capitalized in 2018 ( 2017 : K€86 , 2016 : K€39 ). The remaining amortization period is 1.5 years for the main software purchases and 8.1 years for the main patents and licenses. The ‘Acquired customers and technology’ have been recognized as part of the acquisition of ACTech, E-Prototypy, OrthoView, and Cenat (see Note 4). At December 31, 2018 , the remaining amortization period for the acquired customers is 18.75 years for ACTech, 5.75 years for OrthoView, fully amortized for E-Prototypy and 6.25 years for Cenat ( 2017 : 6.75 years for OrthoView, 1.00 years for E-Prototypy and 7.25 years for Cenat). At December 31, 2018 , the remaining amortization period for the acquired technology of ACTech, Orthoview and Cenat are 5.75 years, 1.75 years and 6.25 years, respectively. The developed technology and software relate to two projects that meet the criteria for recognition as internally developed intangible asset (see also Note 2: significant accounting judgments, estimates and assumptions). Those assets are still being constructed and consequently are not amortized. The Group has performed an impairment analysis on those assets which resulted in no impairment. The key assumptions used are: Discount rate of 10% ; Periods of cash flows: 6 No perpetuity The total amortization charge for 2018 is K€5,064 ( 2017 *: K€3,822 ; 2016 : K€1,954 ). As from 2017 the amortization of intangible assets from business combinations is mainly included in the line net operating income of the consolidated income statement. We refer to Note 2 for additional information. |
Property, plant & equipment
Property, plant & equipment | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of property, plant and equipment [text block] | 7 Property, plant & equipment The changes in the carrying value of the property, plant & equipment can be presented as follows for the year 2018 and 2017 : in 000€ Land and buildings Plant and equipment Leased assets Construc- tion in progress Total Acquisition value At January 1, 2017 19,797 40,199 11,241 4,652 75,889 Additions 377 10,560 2,246 17,334 30,517 Acquired from business combinations* 9,362 10,318 136 414 20,230 Disposals (31) (1,046) (39) 218 (898) Transfers 11,527 7,439 (425) (18,914) (373) Currency Translation (185) (118) 5 88 (210) Other (663) (235) 1,139 (38) 203 At December 31, 2017* 40,184 67,117 14,303 3,754 125,358 Additions 3,079 9,476 792 5,210 18,557 Acquired from business combinations − − − − − Disposals (99) (1,882) (17) (387) (2,385) Transfers 2,728 2,953 (732) (5,547) (598) Currency Translation (119) (25) (19) (26) (189) Other 4 (82) − (2) (80) At December 31, 2018 45,777 77,557 14,327 3,002 140,663 Depreciation At January 1, 2017 (5,093) (22,263) (3,470) − (30,826) Depreciation charge for the year * (831) (5,531) (2,327) − (8,689) Disposals 15 842 18 − 875 Transfers 521 (444) 296 − 373 Currency Translation 31 166 (1) − 196 Other 853 64 (1,139) − (222) At December 31, 2017 * (4,504) (27,166) (6,623) − (38,293) Depreciation charge for the year (1,560) (8,010) (2,346) (307) (12,223) Disposals 26 2,102 6 − 2,134 Transfers (18) (253) 514 − 243 Currency Translation (15) (53) 8 − (60) Other − 73 − − 73 At December 31, 2018 (6,071) (33,307) (8,441) (307) (48,126) Net book value At December 31, 2018 39,706 44,250 5,886 2,695 92,537 At December 31, 2017* 35,680 39,951 7,680 3,754 87,065 At January 1, 2017 14,704 17,936 7,771 4,652 45,063 The changes in the carrying value of the property, plant and equipment can be presented as follows for the year 2016 : in 000€ Land and buildings Plant and equipment Leased assets Construc- tion in progress Total Acquisition value At January 1, 2016 19,719 33,408 8,933 2,114 64,174 Additions 8 4,916 2,483 7,899 15,306 Acquired from business combinations − − − − − Disposals (2) (2,266) (699) (6) (2,973) Transfers 3 4,180 540 (5,330) (607) Currency Translation 69 − (20) (25) 24 Other − (39) 4 − (35) At December 31, 2016 19,797 40,199 11,241 4,652 75,889 Depreciation At January 1, 2016 (4,369) (18,927) (2,478) − (25,774) Depreciation charge for the year (709) (4,048) (1,663) − (6,420) Disposals 2 541 669 − 1,212 Transfers − 117 − − 117 Currency Translation (17) 6 2 − (9) Other − 48 − − 48 At December 31, 2016 (5,093) (22,263) (3,470) − (30,826) Net book value At December 31, 2016 14,704 17,936 7,771 4,652 45,063 At January 1, 2016 15,350 14,481 6,455 2,114 38,400 The investments in property, plant & equipment in 2018 amounted to K€18,557 ( 2017 : K€30,517 ; 2016 : K€15,306 ) and mainly related to new machines and installations in Belgium and Germany ( K€10,747 ), land and buildings in Germany ( K€2,491 ), IT equipment ( K€1,781 ) and leased vehicles ( K€792 ). The investments in 2017 related to the building constructions in Leuven and Poland ( K€12,762 ), the investment into new machines and installations (acquired and leased – K€11,947 ) and the investment in motor vehicles ( K€1,444 ). The investments in 2016 related to the acquisition of land in Leuven and Poland ( K€6,098 ) and the investment into new machines and installations (acquired and leased – K€8,254 ) and the investment in computer equipment ( K€890 ). The Group realized a net loss on disposal of property, plant and equipment of K€83 in 2018 ( 2017 : a net loss of K€25 ; 2016 : a net gain of K€ (149) ). No impairment of property, plant and equipment was recorded. Finance leases The carrying value of finance leases at December 31, 2018 was K€5,886 ( 2017 : K€7,680 ; 2016 : K€7,771 ). Finance leases are included in the column leased assets and mainly relate to 3D printing machines with a carrying value of K€4,608 at December 31, 2018 ( 2017 : K€6,613 ; 2016 : K€7,771 ) and for which depreciation of K€1,745 was recorded in 2018 ( 2017 : K€1,864 ; 2016 : K€1,663 ). New finance leases in 2018 amount to K€792 of which K€792 relate to leased motor vehicles ( 2017 : K€1,596 ; 2016 : K€2,757 ). Assets under construction Both in 2018 and 2017 , the assets under construction mainly relate to machinery and installations in Belgium, Poland and Germany. Per end of 2018 the main asset under construction related to installations for our medical segment for an amount of K€937 , located in Belgium. In 2016 the assets under construction mainly included the building of the new production and office facilit y in Belgium and Poland ( K€6,098 ) as well as the construction and upgrade of 3D printing machines, transferred to land & buildings and plant & equipment , respectively , in 2017. Borrowing costs In 2018 , no borrowing costs have been capitalized (2017: K€87 ; 2016: K€0 ). Pledges Land and buildings (including buildings under construction) wi th a carrying amount of K€27,319 ( 2017 : K€28,526 ; 2016 : K€12,594 ) are subject to pledges to secure several of the Group’s bank loans. In addition , pledges have been given on current and other fixed assets with a total carrying amount of K€3,533 ( 2017 : K€13,340 ; 2016 : K€0 ) (Note 24). |
Investments in joint ventures
Investments in joint ventures | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of joint ventures [abstract] | |
Disclosure of joint ventures [text block] | 8 Investments in joint ventures The Group has one investment in the joint venture RSPrint NV (Belgium). The summarized financial information of RSPrint NV can be presented as follows: in 000€ 2018 2017** 2016 (Share in the) joint venture’s statement of financial position Current assets 850 1,256 1,643 Non-current assets 114 212 186 Goodwill − − − Current liabilities (756) (692) (1,118) Non-current liabilities (1,096) (788) − Shareholders’ deficit (surplus) 888 12 (711) (Share in the) joint venture income and expenses (loss) Revenue 1,186 817 684 Profit (loss)² (876) (723) (1,208) ² there are no discontinued operations ** restated based on 20F amendment filing June 2018 Total current assets include cash and cash equivalents for a total amount of K€175 per December 31, 2018 ( 2017 : K€128 ; 2016 : K€86 ). Profit (loss) include total deprecations and amortization for a total amount of K€30 in 2018 ( 2017 : K€50 ; 2016 : K€34 ). The movement of the carrying value of the joint venture is as follows: in 000€ Carrying value as of January 1, 2016 1,018 Share in loss (1,018) Carrying value as of December 31, 2016 − Additional investment 500 Share in loss (469) Carrying value as of December 31, 2017 31 Additional investment − Transfer from receivables 444 Share in loss (475) Carrying value as of December 31, 2018 − |
Inventory and contracts in prog
Inventory and contracts in progress | 12 Months Ended |
Dec. 31, 2018 | |
Inventory and contract in progress [abstract] | |
Disclosure of Inventories and contracts in progress [text block] | 9 Inventories and contracts in progress Inventories and contracts in progress include the following: As of December 31, in 000€ 2018 2017* 2016 Raw materials 5,616 4,970 4,297 Work in progress 2,151 3,377 1,538 Finished goods 1,390 1,414 880 Contracts in progress 829 1,266 1,155 Total inventories and contracts in progress 9,986 11,027 7,870 The amount of the inventory written-off as an expense is K€229 ( 2017 : K€48 ; 2016 : K€98 ). The group has contracts in progress and advances from customers. The total costs incurred is K€547 and the profit recognized is K€282 as per December 31, 2018 . Advances were received for the amount of K€370 with respect to contracts in progress per end of 2018 ( 2017 : K€0 ; 2016 : K€0 ) . There are no retentions outstanding . |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2018 | |
Other assets [abstract] | |
Disclosure of other assets [text block] | 10 Other assets Other non-current assets Other non-current assets include the following: As of December 31, in 000€ 2018 2017 2016 Tax credits 3,006 2,446 1,766 Guarantees and deposits 405 362 342 Non-current receivable on joint venture 1,096 804 − Non-listed equity investments 2,701 − − Other 29 55 46 Total non-current assets 7,237 3,667 2,154 The non-current tax credits relate to tax credits that will be realized over more than one year. The non-listed equity investments mainly consist of the investment in equity shares of the non-listed company Essentium Inc. The Group holds a non-controlling interest of 5% in this company. This investment was irrevocably designated at fair value through OCI as the Group considers these investments to be strategic in nature. We refer to Note 3 and Note 20. Other current assets Other current assets include the following: As of December 31, in 000€ 2018 2017* 2016 Deferred charges 2,046 2,021 1,483 Tax credits 185 219 176 Accrued income 958 524 666 Other tax receivables 2,286 2,910 604 Other non-trade receivables 1,461 2,001 1,552 Total current assets 6,936 7,675 4,481 The other tax receivables include Value Added Tax (VAT) receivables. The non-trade receivables for the year ending December 31, 2018 include the indemnification asset for the amount of K€222 as referred to in Note 4 . Business Combinations related to ACTech. Also please note that a receivable related to factoring was accounted for under the non-trade receivables in the year ending December 31, 2016 ( K€541 ). In the year ending December 31, 2018 this receivable related to factoring has been recorded under the trade receivables for the amount of K€445 ( 2017 : K€646 ) . |
Disclosure of other non-current assets [text block] | Other non-current assets Other non-current assets include the following: As of December 31, in 000€ 2018 2017 2016 Tax credits 3,006 2,446 1,766 Guarantees and deposits 405 362 342 Non-current receivable on joint venture 1,096 804 − Non-listed equity investments 2,701 − − Other 29 55 46 Total non-current assets 7,237 3,667 2,154 The non-current tax credits relate to tax credits that will be realized over more than one year. The non-listed equity investments mainly consist of the investment in equity shares of the non-listed company Essentium Inc. The Group holds a non-controlling interest of 5% in this company. This investment was irrevocably designated at fair value through OCI as the Group considers these investments to be strategic in nature. We refer to Note 3 and Note 20. |
Disclosure of other current assets [text block] | Other current assets Other current assets include the following: As of December 31, in 000€ 2018 2017* 2016 Deferred charges 2,046 2,021 1,483 Tax credits 185 219 176 Accrued income 958 524 666 Other tax receivables 2,286 2,910 604 Other non-trade receivables 1,461 2,001 1,552 Total current assets 6,936 7,675 4,481 The other tax receivables include Value Added Tax (VAT) receivables. The non-trade receivables for the year ending December 31, 2018 include the indemnification asset for the amount of K€222 as referred to in Note 4 . Business Combinations related to ACTech. Also please note that a receivable related to factoring was accounted for under the non-trade receivables in the year ending December 31, 2016 ( K€541 ). In the year ending December 31, 2018 this receivable related to factoring has been recorded under the trade receivables for the amount of K€445 ( 2017 : K€646 ) . |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other receivables [abstract] | |
Disclosure of trade and other receivables [text block] | 11 Trade receivables The trade receivables include the following: As of December 31, in 000€ 2018 2017 2016 Trade receivables 38,764 36,572 27,990 Amortization receivables (1,873) (990) (511) Total 36,891 35,582 27,479 Trade receivables are non-interest bearing and are generally on payment terms of 30 to 90 days. As at December 31, 2018 , trade receivables of an initial value of K€1,873 ( 2017 : K€990 ; 2016 : K€511 ) were impaired. Impairment is accounted for under the other operating expenses. See below for changes in the impairment of receivables. in 000€ At January 1, 2016 (505) Addition (266) Usage 190 Reversal 70 At December 31, 2016 (511) At January 1, 2017 (511) Addition (620) Usage 12 Reversal 129 At December 31, 2017 (990) At January 1, 2018 (990) Addition (1,284) Usage 182 Reversal 219 At December 31, 2018 (1,873) |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2018 | |
Cash and cash equivalents [abstract] | |
Disclosure of cash and cash equivalents [text block] | 12 Cash and cash equivalents Cash and cash equivalents include the following: As of December 31, in 000€ 2018 2017 2016 Cash at bank 105,846 33,611 45,645 Cash equivalents 9,660 9,564 10,267 Total 115,506 43,175 55,912 Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates. In connection with the exercise of warrants paym ents have been received in 2017 from employees for a total amount of K€209 , not converted into shares before year-end. In line with regulations the amount of K€209 was posted on a restricted bank account per December 31, 2017 . There were no restrictions on cash at December 31, 2018 or 2016 . |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Disclosure of share capital, reserves and other equity interest [text block] | 13 Equity Share capital The share capital of the parent company Materialise NV consists of 52,890,761 ordinary nominative shares at December 31, 2018 ( 2017 : 47,325,438 ; 2016 : 47,325,438 ) with no nominal but par value of €0.058 in 2018 ( 2017 : €0.058 ; 2016 : €0.058 ) for a total amount of K€3,050 at December 31, 2018 ( 2017 : K€2,729 ; 2016 : K€2,729 ). in 000€, except share data Total number of founder shares Total number of ordinary shares Total share- holders' capital Total share- premium Outstanding at January 1, 2016 − 47,325,438 2,729 78,098 Outstanding on December 31, 2016 − 47,325,438 2,729 79,019 Outstanding at January 1, 2017 − 47,325,438 2,729 79,019 Equity settled share-based payments expense − − − 820 Outstanding on December 1, 2017 − 47,325,438 2,729 79,839 Outstanding at January 1, 2018 − 47,325,438 2,729 79,839 Capital increase in cash - public offering and private placement − 5,403,125 312 59,575 Expenses directly attributable to public offering − − − (4,003) Capital increase via exercise of warrants − 162,198 9 593 Equity settled share-based payments expense − − − 633 Outstanding on December 31, 2018 − 52,890,761 3,050 136,637 The shareholders’ capital increased by K€9 in 2018 as a result of the exercise of warrants outstanding and fully vested. The number of new shares issued was 162,198 at an average price of €3.72 per share, including share premium. The shareholders’ capital further increased in 2018 by K€312 due to a capital increase in cash. The number of new shares issued was 540,312,500 at an average price of €11.08 per share, including share premium. Share premium In Belgium, the portion of the capital increase in excess of par value is typically allocated to share premium. The carrying value of the share premium is K€136,637 at December 31, 2018 ( 2017 : K€79,839 ; 2016 : K€79,019 ). The change in 2018 is the result of: The capital increase in cash-public offering and private placement of K€59,575 , compensated by the expenses directly attributable to the public offering of K€ (4,003) ; The capital increase via exercise of warrants of K€593 ; and th e share-based payment expense of K€633 . The change in 2017 and 2016 is the result of the share-based payment expense of K€820 and K€921 , respectively. Reserves The nature and purpose of the reserves is as follows: As of December 31, in 000€ 2018 2017* 2016 Legal reserve 279 279 279 (Accumulated deficit) (2,128) (3,990) (1,882) Reserves (1,849) (3,711) (1,603) Based on the statutory result and after final result allocation approved by the annual shareholders meeting the legal reserve is increased by reserving 5% of the yearly statutory profit until the legal reserve reaches at least 10% of the shareholders’ capital. The legal reserve cannot be distributed to the shareholders. The Group did not pay any dividend during 2018 , 2017 and 2016 . Non-controlling interest The non-controlling interest is zero per end of 2018 , 2017 and 2016 . No non-controlling interest is recognized for the 17% held by a third party in RapidFit+ as the amount was reclassified to a financial liability. RapidFit+ The Group has purchased a call option and written a put-option on the non-controlling interest in Rapidfit+. The call option is accounted for in accordance with IFRS 9 and has an exercise price which is calculated according to a specified contractual formula based on the following parameters: invested capital, multiple of EBITDA minus net financial debt. Based on our analysis the call option remains out of the money and as such the fair value is estimated at zero at December 31, 2018 . The call option is exercisable between 2015 and 2019. The written put option has been recognized as a financial liability and measured at the fair value of the redemption amount and amounts to K€845 at December 31, 2018 ( 2017 : K€788 ; 2016 K€735 ). The undiscounted estimated redemption amount totals K€875 at December 31, 2018 ( 2017 : K€875 ; 2016 : K€875 ). The redemption price has an exercise price according to a specified contractual formula based on the following parameters: invested capital, multiple of EBITDA minus net financial debt. The initial recognition resulted in a reclassification of K€264 from non-controlling interest and K€64 from consolidated reserves. The parameter “invested capital” of the contractual formula has been adjusted in December 2014 to reflect the impact of the capital increase and the exercise period has been extended with one year. As a result, the estimated redemption amount of the written put option has increased by K€273 which has been recorded in diminution of the consolidated reserves. The written put option is exercisable between 2017 and 2021 and it is management’s estimate that the put option will be exercised within 12 months. As such, the written put option is presented as an other current liability. In addition, RapidFit+ has issued 0 dilution warrants to the non-controlling interest which are exercisable upon occurrence of certain specified events. The fair value of the dilution warrants is zero per end of 2018 ( 2017 : zero; 2016 : zero). |
Share-based payment plans
Share-based payment plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Disclosure of share-based payment arrangements [text block] | 14 Share-based payment plans Share-based payment plans of the parent The changes of the year for the warrant plans are as follows: 2018 2017 2016 Outstanding at January 1* 1,458,360 1,681,000 1,401,852 Granted 2,000 - 350,000 Forfeited / Cancelled (69,104) (119,784) (70,852) Exercised (73,207) (102,856) - Outstanding at December 31* 1,318,049 1,458,360 1,681,000 Exercisable at December 31 252,793 - - *The Group's share-based payment plans are all equity-settled except for the IPO warrants that have been granted to certain employees in certain countries due to legal requirements which are cash-settled. The outstanding amount includes number of stock appreciation rights ("SARs") issued under cash-settled share-based payment plans. The number of outstanding warrants has been adjusted to reflect the 1-to-4 stock split decided in June 2014. The 2013 warrant plan gives a right to four shares for each warrant, whereas under all other warrant plans one warrant gives a right to one share. For presentation purposes the tables reflect the number of shares the warrants give right to across all plans. In the course of October and November 2017 payments were done by employees in connection with the exercise of 25,714 warrants, representing 102,856 shares (2013 warrant plan), for which the notary deed was only passed after year-end 2017. Therefore, the payments had been kept on a restricted bank account of the Company as at December 31, 2017. The notary deed required for the capital increase in connection with this exercise was passed before the notary in the course of March 2018. In addition, capital increases were passed before the notary in the course of December 2018 in connection with the exercises of warrants related to the 2013 warrant plan (second phase; 4,775 warrants representing 19,100 shares) and the IPO warrant plan (40,242 warrants representing 40,242 shares). Equity-settled share-based payment plans The Group has several plans in place (2013 warrant plan, IPO warrant plan and 2015 warrant plan) which have similar terms except for the exercise price, except for the 2015 warrant plan. 2013 warrant plan Each warrant gives the right to the holder to four ordinary shares of the parent Company. The warrants have a contractual term of ten years and vest for 25% in the fourth year; 25% in the fifth year; 25% in the sixth year; and 25% in the seventh year. Warrants are exercisable as from the month after they have vested and in the subsequent exercise periods. There are no cash settlement alternatives and the Group does not have a practice of cash settlement for these warrants. The warrants have a contractual term of ten years. Under the 2013 warrant plan 301,096 warrants were effectively granted in October 2013 and 166,800 warrants were granted to certain employees and to certain members of our board of directors and senior management on November 28, 2013 with an exercise price ranging from EUR 7.86 to EUR 8.54. The status of the 2013 warrant plan at December 31 is as follows: 2018 2017 2016 Outstanding at January 1 320,640 435,096 439,896 Granted - - - Forfeited / Cancelled (1,500) (11,600) (4,800) Exercised (19,100) (102,856) - Outstanding at December 31 300,040 320,640 435,096 Exercisable at December 31 89,892 - - With respect to the warrants exercised, we refer to our comments above. Since the 2013 warrant plan prescribes that each warrant gives right to four shares and our table above presents the impact on the number of shares, the actual remaining number of warrants as per December 31, 2017 equals 75,010. IPO warrant plan Each warrant gives the right to the holder to one ordinary share of the parent Company. The warrants have a contractual term of 10 years and vest for 25% in the fourth year; 25% in the fifth year; 25% in the sixth year and 25% in the seventh year. Warrants are exercisable as from the month after they have vested and in the subsequent exercise periods. There are no cash settlement alternatives and the Group does not have a practice of cash settlement for these warrants. The warrants have a contractual term of 10 years. The Group granted 979,898 warrants in July 2014 and 36,151 warrants in November 2014 in the context of the initial public offering to the employees of the Group with an exercise price of EUR8.81 ("IPO warrant plan"). The Group granted an additional 18,180 warrants to employees in July 2015 under the IPO warrant plan. The status of the IPO warrant plan at December 31 is as follows: 2018 2017 2016 Outstanding at January 1 671,503 727,599 772,859 Granted - - - Forfeited / Cancelled (42,209) (56,096) (45,260) Exercised (40,242) - - Outstanding at December 31 589,052 671,503 727,599 Exercisable at December 31 114,012 - - Warrant plan 2015 The board of directors decided on December 18, 2015 on a new plan ("2015 warrant plan") by which it can grant up to 1,400,000 warrants to employees. Each warrant gives the right to the holder to one ordinary share of the parent Company. The warrants vest for 10% on the second anniversary of the granting; 20% on the third anniversary of the granting; 30% on the fourth anniversary of the granting; and 40% on the fifth anniversary of the granting, unless otherwise decided by the board of directors or one or more of its representatives granted powers thereto. Warrants are exercisable only after they have vested and only during a period of (i) four weeks following the publication of the results of the parent Company of the second and fourth quarter, or (ii) if no quarterly results are published, during the month March and the month September of every year. There are no cash settlement alternatives and the Group does not have a practice of cash settlement for these warrants. The warrants have a term of ten years. The Group granted 350,000 warrants in July 2016 to the employees of the Group with an exercise price of EUR6.45. The Group granted 2,000 warrants to an employee in May 2018 with an exercise price of EUR 10.08. The status of the 2015 warrant plan at December 31 is as follows: 2018 2017 2016 Outstanding at January 1 329,000 350,000 - Granted 2,000 - 350,000 Forfeited / Cancelled (5,800) (21,000) - Exercised - - - Outstanding at December 31 325,200 329,000 350,000 Exercisable at December 31 32,700 - - Fair value The fair value of the warrants is estimated at the grant date using the Black-Scholes option pricing model, taking into account the terms and conditions upon which the warrants were granted. The following table provides the input to the Black-Scholes model for the 2013 warrant plan, IPO warrant plan and 2015 warrant plan: 2015 (Sept 16) 2015 (Nov) IPO 2014 (Nov) IPO 2014 (June) 2013 (Dec) * 2013 (Oct) * Return dividend 0% 0% 0% 0% 0% 0% Expected volatility 47% 47% 50% 46% 50% 53% Risk-free interest rate 0.24% 1.17% 1.12% 1.70% 2.56% 2.43% Expected life 4.30 5.50 5.50 5.50 5.50 5.50 Exercise price (in EUR) 6.45 8.81 8.81 8.81 8.54 7.86 Stock price (in EUR) 6.42 8.08 8.67 8.81 18.09 18.09 Fair value SAR (in EUR) 2.41 3.30 3.94 3.83 12.23 12.77 (*) Exercise price, stock price and fair value are not adjusted for the 1 to 4 stock-split completed in June 2014. The above input for the Black-Scholes model have been determined based on the following: The dividend return is estimated by reference to the historical dividend payment of the Group. Currently, this is estimated to be zero as no dividend have been paid since inception; Expected volatility is estimated based on the average annualized volatility of the volatility of the Group's stock (until September 2016: of a number of quoted peers in the 3D printing industry and the volatility of the Group's stock); Risk-free interest rate is based on the interest rate applicable for the 10Y Belgian government bond at the grant date; Estimated life of the warrant is determined to be until the first exercise period which is typically the month after vesting; and Fair value of the shares is determined based on the share price of the Group on Nasdaq at the date of valuation. For the grants prior to the initial public offering, the fair value of the shares was estimated based on a discounted cash flow model with 3-year cash flow projections and a multiple of EBITDA determined based on a number of quoted peers in the 3D printing industry. The expense arising from share-based payment transactions for the warrants plans mentioned above was KEUR819 in 2017 (2016: KEUR921; 2015: KEUR714). The weighted average remaining estimated life of the warrants outstanding as of December 31, 2017 is 6.92 years (2016: 4.38 years; 2015: 5.50 years). The weighted average fair value for the warrants outstanding at the end of 2017 was EUR5.60 (2016: EUR6.01; 2015: EUR3.54). The weighted average exercise price for the warrants outstanding at the end of 2017 was EUR8.05 (2016: EUR8.06; 2015: EUR8.81). Cash-settled share-based payment plans The Group has issued 215,688 SARs in July 2014 towards certain employees in certain countries due to legal requirements with similar terms and conditions as the IPO warrant plan except that the SAR will be settled in cash. The exercise price of the SAR is EUR8.81. The status of this plan is as follows: 2,018 2,017 2,016 Outstanding at January 1 137,217 168,305 189,097 Granted - - - Forfeited / Cancelled (19,595) (31,088) (20,792) Exercised (13,865) - - Outstanding at December 31 103,757 137,217 168,305 Exercisable at December 31 16,189 - - The SAR plan grants the bearer the right to a cash payment equal to the difference between the exercise price and the stock price at the exercise date. This plan is considered a cash settled shared based payment and is as such recorded as liability (see Note 16). The SAR's have a contractual term of ten years and vest for 25% in the fourth year; 25% in the fifth year; 25% in the sixth year and 25% in the seventh year. SAR's are exercisable as from the month after they have vested and in the subsequent exercise periods. The fair value of the SAR is estimated at each reporting date using the Black-Scholes option pricing model, taking into account the terms and conditions upon which the warrants were granted. The following table lists the input used for the Black-Scholes model: 2018 2017 2016 Return dividend 0% 0% 0% Expected volatility 49% 49% 50% Risk-free interest rate 0.77% 0.73% 0.55% Expected life 1.25 2.25 3.25 Exercise price (in EUR) 8.81 8.81 8.81 Stock price (in EUR) 17.49 10.61 7.30 Fair value SAR (in EUR) 9.09 3.85 2.17 The expense arising from share-based payment transactions for the SAR's plan was KEUR204 in 2017 (2016: KEUR46; 2015: KEUR43). The carrying value of the liability at December 31, 2017 amounts to KEUR351 (2016: KEUR147; 2015: KEUR101). The total intrinsic value of the liability for warrants currently exercisable was KEUR0 at December 31, 2017, 2016 and 2015. Share-based payment plans of RapidFit+ The subsidiary RapidFit+ has issued a warrant plan on August 23, 2013 where a maximum of 300 warrants can be offered to management with an exercise price of EUR553.92. In January 2014, a total of 199 warrants were granted and accepted. The changes for the year for the RapidFit+ warrant plan are as follows: 2018 2017 2016 Outstanding at January 1 199 199 199 Granted - - - Forfeited / Cancelled - - - Exercised - - - Outstanding at December 31 199 199 199 Exercisable at December 31 - - - The following table lists the input to the Black-Scholes model for the RapidFit+ warrant plan: 2014 Return dividend 0% Expected volatility 50% Risk-free interest rate 2.29% Expected life 5.5 Exercise price 553.9 Fair value option 262.7 The expense arising from share-based payment transactions for RapidFit+ warrant plan was KEUR10 in 2018 (2017: KEUR10; 2015: KEUR10). |
Loans and borrowings
Loans and borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Debt instruments held [abstract] | |
Disclosure of loans and advances to banks [text block] | 15 Loans and borrowings The loans and borrowings include the following: As of December 31 in 000€ 2018 2017 2016 K€28,000 acquisition bank loan 24,576 27,513 − K€18,000 secured bank loans 17,739 17,575 6,404 K€10,000 EIB bank loan 10,000 − − K€12,300 bank loans ACTech 12,300 9,247 − K€8,750 other facility loans 4,299 4,982 5,411 Bank investment loans - top 20 outstanding 23,801 21,441 9,467 Bank investment loans - other 3,808 2,289 2,927 Financial lease agreements 6,809 9,164 7,395 Institutional loan 1,492 1,105 936 Convertible bonds 1,000 1,000 1,000 Related party loan 214 241 266 Total loans and borrowings 106,038 94,557 33,806 Current 13,598 12,769 5,539 Non-Current 92,440 81,788 28,267 K€28,000 Acquisition loan (balance K€24,576 per December 31, 2018 ) This bank loan has been concluded in October 2017 to finance the acquisition of ACTech. The loan includes a portion of K€18,000 reimbursable monthly during seven years, and a bullet portion of K€10,000 , reimbursable at once in October 2024. The interest rate is fixed for the duration of the loan, and amounts to 1.1% on average for both portions. The bank loans are secured with a business pledge mandate, a share pledge on Materialise Germany GMBH, and debt covenants. K€18,000 secured bank loans The K€18,000 loan has been concluded in 2016 in two agreements to finance the construction of new facilities in Leuven (Belgium) and in Poland, both maturing in 2032. The agreement for the Belgian facility financing amounts to K€12,000 (drawn per end 2018 : K€11,739 ; per end 2017 : K€11,575 ), and with reimbursements only starting in December 2022. The agreement for the Polish facility financing amounts to K€6,000 (fully drawn per end of 2017 ), and with reimbursements only starting in June 2019. The average interest rate of both agreements amounts to 1.2% . The bank loan is secured with a mortgage mandate on the Belgian facility buildings. K€10,000 0 EIB bank loan On December 20, 2017 the Group entered into a finance contract with the European Investment Bank, or EIB, to finance future research and development programs. As part of a first tranche, an amount of K€10,000 was drawn over the course of 2018. The agreement foresees a two-year loan reimbursement period. Loans under the contract are made at a fixed rate, based on the Euribor rate at the time of the borrowing, plus a variable margin. The margin is initially equal to 1.86% and varies in function of certain EBITDA levels and debt ratios. The contract contains customary security, covenants and undertakings. K€12,300 bank loans In March 2018, three bank loans originating from the acquired ACTech Group were refinanced entirely for the amount of K€9,300 , with adjusted maturity to May 2025 and first reimbursements in August 2020. The interest rate has been fixed at a pproximately 1.6% , and pledges including a K€4,650 mortgage on ACTech’s facilities and a guarantee of Materialise NV. In addition, a new investment credit of K€3,000 was obtained in June 2018, repayable as from January 2019 and wi th a fixed interest rate of 1.5% . K€8,750 - Other facility loans Three facility loans were contracted in 2005, 2006 and 2012 for the construction of Leuven office and production facilities ( K€2,000 , K€300 and K€5,000 , respectively) and another loan for the Czech Republic offices in 2008 ( K€ 1,750 ). The balance of the four loans amounts to K€4,299 per December 31, 2018 . All loans have a repayment schedule of 15 years and interest rates are fixed between 4.3% and 5.4% for the four loans. Miscellaneous investment loans The 20 largest of these loans outstanding per December 31, 2018 amount to a balance of K€23,801 . They have been agreed in 2017, 2016 and in the years before to finance various investments in machinery, printers, equipment, and software tools. The vast majority of the loans have a reimbursement period over seven years, and are at fixed interest rates with weighted average below 1% . Finance lease obligations with third parties The Group has several finance lease obligations mainly with financial institutions and related to the financing of buildings and various other items of plant and equipment such as 3D printers. Per December 31, 2018 the balance of these financial lease agreements amounts to K€6,809 , and are mostly at fixed interest rates with weighted average below 2% . K€2,000 institutional loan This loan was contracted with a governmental institution in Germany to finance the production operations of Materialise Germany for a maximum amount of K€2,000 . The loan is repayable over a four year period, starting as of September 2017 with a fixed interest rate of 0.25% payable per quarter. Per December 31, 2018 K€1,942 has been drawn with an outstanding balance of K€1,492 . K€1,000 convertible bond with related party We issued, on October 28, 2013, 1,000 convertible bonds with a related party for a total amount of K€1,000 . The bonds have been fully subscribed by a member of our senior management. The conditions of the convertible bond can be summarized as follows: Number of convertible bonds: 1,000 Nominal value per bond: €1,000 Contractual life: 7 years Interest: 3.7% per year Conversion period: from January 1, 2017 until maturity Convertion price: €1.97 per share The maximum number of ordinary shares that can be issued upon conversion is 508,904 . The Group has estimated the fair value of a similar liability however without any conversion option by reference to a number of quoted peers in Belgium. The fair value was estimated at K€907 . Upon initial recognition, an amount of K€93 was recognized in consolidated reserves reflecting the fair value of the conversion option. Finance lease obligations with related parties In October 2001, we entered into a finance lease agreement with Ailanthus NV to lease land and a portion of a new production building. The lease had a term of 15 years and included a purchase option for the land and the building. We determined that this lease was a finance lease because (i) the purchase option is assumed to be significantly lower than the fair value of the land and building and (ii) it was very likely at inception of the lease that we would exercise our purchase option. The amounts outstanding as of December 31, 2018 is K€0 ( 2017 : K€0 ; 2016 : K€74 ). The interest expense for the year 2018 is K€0 ( 2017 : K€0 ; 2016 : K€4 ). The term of the lease expired on September 20, 2016 and we exercised a purchase option in respect of the land and building. The notary deed transferring the land and building was completed in the course of 2017. Related party loan Ailanthus NV has granted us one other loan at fixed interest rate of 4.23% that matures in 2025. The purpose of the loan is to finance the purchase of a building in France. The amounts outstanding as of December 31, 2018 is K€214 ( 2017 : K€241 ; 2016 : K€266 ). The interest expense for the year ended December 31, 2018 is K€10 ( 2017 : K€11 ; 2016 : K€12 ). Changes of liabilities for financing activities: The following table presents the changes of the liabilities for financing activities: For the year ended December 31 in 000€ 2018 2017 2016 At January 1, 94,557 33,806 21,089 Proceeds from loans & borrowings 32,554 54,319 14,669 Repayment of loans & borrowings (18,820) (11,904) (2,796) New finance leases 792 2,906 2,483 Repayment of finance leases (3,102) (2,947) (1,898) Loans acquired from business combination − 18,205 − Net foreign exchange movements 57 172 259 At December 31, 106,038 94,557 33,806 |
Other non-current liabilities
Other non-current liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Miscellaneous non-current liabilities [abstract] | |
Disclosure of other non-current liabilities [text block] | 16 Other non-current liabilities The other non-current liabilities consist of the following: As of December 31, in 000€ 2018 2017 2016 Written-put option RapidFit+ − 788 735 Contingent consideration − 648 909 Provisions 82 109 69 Other 786 359 160 Total 868 1,904 1,873 We refer to Note 13 for a description of the written-put options RapidFit+. With respect to the contingent consideration, related to the CENAT acquisition, we refer to Note 4 on business combinations. At December 31, 2018 only a consideration of K€450 remains, recorded under the other current liabilities (see Note 19). Per end of 2017 and 2016 the non-current part of the CENAT contingent consideration amounted to K€648 and K€909 , respectively. The other items in the above table include a liability of K€786 per December 31, 2018 related to the cash settled shared based payment plan as referred to in Note 14 ( 2017 : K€351 ; 2016 : K€147 ). The impact of the accounting treatment of the Belgian contribution plans with a minimal guarantee is not material as only a limited number of people can benefit. No provisions have been recognized as of December 31, 2018 , 2017 and 2016 . As such, no further disclosures have been provided. |
Tax payables
Tax payables | 12 Months Ended |
Dec. 31, 2018 | |
Tax payables [abstract] | |
Disclosure of tax payables [text block] | 17 Tax payables The tax payables amount to K€2,313 as per December 31, 2018 ( 2017 * : K€2,023 ; 2016 : K€926 ) and is mainly related to the tax payable s of the entities located in Germany. |
Deferred income
Deferred income | 12 Months Ended |
Dec. 31, 2018 | |
Accruals and deferred income [abstract] | |
Disclosure of deferred income [text block] | 18 Deferred income Deferred income consists of the following: As of December 31 in 000€ 2018 2017* 2016 Deferred maintenance & license 22,606 18,723 16,799 Deferred (project) fees 4,838 3,765 4,134 Deferred government grants 338 71 419 Other − − 58 Total 27,782 22,559 21,410 current 23,195 18,791 17,822 non-current 4,587 3,768 3,588 The deferred maintenance and license consist of maintenance fees paid up-front which are deferred and amortized over the maintenance period. The deferred (project) fees consist of one-time and advance payments received which are deferred in accordance with the revenue accounting policies. The deferred government grants are recognized as income under “other operating income”. We refer to Note 22.1.2 for more detail on the contract liabilities. |
Other current liabilities
Other current liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Miscellaneous current liabilities [abstract] | |
Disclosure of other current liabilities [text block] | 19 Other current liabilities Other current liabilities include the following: As of December 31 in 000€ 2018 2017 2016 Payroll-related liabilities 10,111 9,274 7,873 Non-income tax payables 2,175 2,063 694 Accrued charges 789 769 946 Advances received 713 870 581 Other current liabilities 1,554 520 53 Total 15,342 13,496 10,147 The other current liabilities as per December 31, 2018 include an amount of K€450 (2017: K€257 ; 2016: K€0 ) payable in connection with the CENAT business combination (see also Note 4 and Note 16), and a payable for the amount of K€845 (2017: K€0 ; 2016: K€0 ) in connection with the written-put options RapidFit+ (see also Note 13 and Note 16). The non-income tax payables mainly relate to VAT payables and payroll taxes. |
Fair value
Fair value | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of fair value of financial assets and liabilities [abstract] | |
Disclosure of fair value of financial instruments [text block] | 20 Fair value Financial assets The carrying value and fair value of the financial assets as of December 31, 2018 , 2017 and 2016 can be presented as of : Carrying value Fair value in 000€ 2018 2017* 2016 2018 2017* 2016 Financial assets Debt instruments measured at amortized cost Trade receivables (current) 36,891 35,582 27,479 36,891 35,582 27,479 Other financial assets (non-current) 1,530 1,221 388 1,530 1,221 388 Other current non-trade receivables 1,461 2,001 1,552 1,461 2,001 1,552 Cash & cash equivalents 115,506 43,175 55,912 115,506 43,175 55,912 Total debt instruments 155,388 81,979 85,331 155,388 81,979 85,331 Financial assets at fair value through profit or loss Derivatives 117 218 − 117 218 − Total financial assets measured at fair value 117 218 − 117 218 − Equity instruments designated at fair value through OCI Non-listed equity investments 2,701 − − 2,701 − − Total Equity instruments designated at fair value through OCI 2,701 − − 2,701 − − The fair value of the financial assets has been determined on the basis of the following methods and assumptions: The carrying value of the cash and cash equivalents and the current receivables approximate their fair value due to their short term character; The fair value of the derivatives has been determined based on a mark-to-market analysis prepared by the bank based on observable market inputs (level 2 inputs); Other current non-trade receivables are being evaluated on the basis of their credit risk and interest rate. Their fair value is not different from their carrying value on December 31, 2018 , 2017 and 2016 The non-listed equity investments, mainly representing the investment in Essentium I nc, are measured at fair value. As of December 31, 2018 , management considers that currently the cost is an appropriate estimate of fair value (level 2 input) as long as there is no significant capital increase that would give a reliable indication of the fair value of the investment . This was because of the followings reasons: Essentium Inc is a non-listed entity; The Group only has an insignificant interest in Essentium Inc (5% of the shares); The Group has no representatives in the Board of Directors of Essentium Inc; Insufficient more recent information is available to measure fair value; and The investment was completed close to year-end. Financial liabilities: The carrying value and fair value of the financial liabilities as of December 31, 2018 , 2017 and 2016 can be presented as of : Carrying value Fair value in 000€ 2018 2017* 2016 2018 2017* 2016 Financial liabilities measured at amortized cost Loans & Borrowings 106,038 94,557 33,806 105,027 95,351 34,619 Trade payables 18,667 15,670 13,400 18,667 15,670 13,400 Other liabilities 778 1,133 647 778 1,133 647 Total financial liabilities measured at amortized cost 125,483 111,360 47,853 124,472 112,154 48,666 Financial liabilities measured at fair value Contingent consideration 450 905 909 450 905 909 Cash settled share based payments 786 351 147 786 351 147 Written put option on NCI 845 788 735 845 788 735 Derivatives 194 8 − 194 8 − Total financial liability measured at fair value 2,275 2,052 1,791 2,275 2,052 1,791 Total non-current 94,521 85,276 31,715 93,289 85,890 32,358 Total current 33,237 28,136 17,929 33,458 28,316 18,099 The fair value of the financial liabilities has been determined on the basis of the following methods and assumptions: The carrying value of current liabilities approximates their fair value due to the short term character of these instruments; Loans and borrowings are evaluated based on their interest rates and maturity date. Most interest bearing debts have fixed interest rates and their fair value is subject to changes in interest rates and individual creditworthiness. The interest-free loans have already been recognized initially at fair value based on a present value technique (level 2 inputs) and are subsequently measured at amortized cost. Their carrying value approximates their fair value; The fair value of the derivatives has been determined based on a markt-to-market analysis prepared by the bank based on observatab le marketinputs (level 2 inputs); The fair value of the written put option on non-controlling interest has been determined based on the present value of the red emption amount (level 3 inputs); and The fair value of the ( contingent ) consideration has been determined based on the latest long-term business plans of the Cenat business (level 3 inputs). Note that the consideration is no longer contingent as per end 2018. Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets and liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. The Group has the following financial instruments carried at fair value in the statement of financial position on December 31, 2018 , 2017 and 2016 : the derivatives related to int e rest rate and foreign currency swaps as included in the above tables, a call option and written put option on non-controlling interest, the ( contingent ) consideration for the acquisition of Cenat and the non-listed equity investments. The fair value of the written put option is determined based on the present value of the redemption amount and is considered level 3. The redemption amount is a formula (see Note 13) and is estimated on historical financial figures. The impact on the income statement is K€57 during 2018 ( 2017 : K€53 ; 2016 : K€50 ). The fair value of the call option is estimated at zero as the call option is out of the money based on our analysis (see Note 13). The fair value of the ( contingent ) consideration is based on the agreement that was signed with the former shareholders on December 24, 2018 determining that the only remaining and final consideration to be paid amounts to K€450 . The final consideration was paid on January 21, 2019. A fair value adjustment was recognized in 2018 for the amount of K€192 , recorded under the other operating income ( we also refer to Note 4). The fair value of the non-listed equity investments is currently estimated as its cost because of the reasons explained above. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of operating segments [abstract] | |
Disclosure of operating segments [text block] | 2 1 Segment information For management purposes, the Group is organized into segments based on their products, services and industry and has the following three reportable segments: The Materialise Medical segment, which develops and delivers medical software solutions, medical devices and other related products and services; The Materialise Manufacturing segment, which delivers 3D printe d products and related services; and The Materialise Software segment, which develops and delivers additive manufacturing software sol utions and related services. The measurement principles used by the Group in preparing this segment reporting are also the basis for segment performance assessment and are in conformity with IFRS. The Chief Executive Officer of the Group acts as the chief operating decision maker. As a performance indicator, the chief operating decision maker controls the performance by the Group’s revenue and EBITDA. EBITDA is defined by the Group as net profit plus finance expenses, less financial income plus income taxes, plus depreciation, amortization and impairment. The following table summarizes the segment reporting for each of the reportable periods ending December 31 . Corporate research and development, headquarters’ function, financing and income taxes are managed on a Group basis and are not allocated to operating segments. As management’s controlling instrument is mainly revenue-based, the reporting information does not include assets and liabilities by segment and is as such not available per segment. in 000€ Materialise Software Materialise Medical Materialise Manufacturing Total segments Unallocated Consolidated For the year ended December 31, 2018 Revenues 37,374 52,252 94,956 184,582 139 184,721 Segment EBITDA 11,536 10,252 10,785 32,573 (10,122) 22,451 Segment EBITDA % 30.9% 19.6% 11.4% 17.6% − 12.2% For the year ended December 31, 2017 Revenues 35,770 42,841 63,712 142,323 250 142,573 Segment EBITDA* 13,926 4,400 4,439 22,765 (9,797) 12,968 Segment EBITDA % 38.9% 10.3% 7.0% 16.0% − 9.1% For the year ended December 31, 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% The segment EBITDA is reconciled with the consolidated net profit (loss) for the year as follows: For the year ended December 31, in 000€ 2018 2017* 2016 Segment EBITDA 32,573 22,765 14,872 Depreciation, amortization and impairment (17,287) (12,576) (8,374) Corporate research and development (1,913) (2,017) (1,673) Corporate headquarter costs (10,358) (9,690) (8,646) Other operating income (expense) 2,149 1,910 3,928 Operating (loss) profit 5,164 392 107 Financial expenses (4,864) (4,728) (2,437) Financial income 3,627 3,210 2,039 Income taxes (425) (522) (1,710) Share in loss of joint venture (475) (469) (1,018) Net (loss) profit 3,027 (2,117) (3,019) The Group has no customers with individual sales larger than 10% of the total revenue in 2018 (2017: none; 2016: none). Entity-wide disclosures We refer to the Note 22.1 for the revenue by geographical area, based on location of the customer. The total revenue realized in the country of domicile (Belgium) in 2018 amounts to K€9,350 ( 2017 : K€8,145 ; 2016 : K€7,534 ) . The total non-current assets , other than financial instruments, deferred tax assets, by geographical area is as follows: As of December 31, in 000€ 2018 2017* 2016 United States of America (USA) 3,953 3,880 4,697 Americas other than USA 62 29 35 Europe (without Belgium) 82,427 81,988 23,984 Belgium 48,873 46,576 34,074 Asia-Pacific 1,039 744 898 Total 136,354 133,217 63,688 The totals of the above table includes goodwill, intangible assets and property, plant & equipment as disclosed in the consolidated statements of financial position. |
Income and expenses
Income and expenses | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of income and expenses [abstract] | |
Disclosure of income and expenses [text block] | 2 2 Income and expenses 2 2 .1 Revenue The effect of initially applying IFRS 15 on the Group’s revenue from contracts with customers is described in Note 2. Due to the transition method chosen in applying IFRS 15, comparative information has not been restated to reflect the new requirements. 2 2.1.1 Disaggregated revenue information in 000€ Materialise Software Materialise Medical Materialise Manufacturing Total segments Unallocated Consolidated Geographical markets United States of America (USA) 8,804 23,940 9,439 42,183 34 42,217 Americas other than USA 193 1,404 101 1,698 2 1,700 Europe (without Belgium) & Africa 17,026 19,073 74,852 110,951 77 111,028 Belgium 155 1,824 7,364 9,343 7 9,350 Asia Pacific 11,196 6,011 3,200 20,407 19 20,426 Total revenue from contracts with customers 37,374 52,252 94,956 184,582 139 184,721 Type of goods or service Software revenue (non-medical) 37,374 − − 37,374 − 37,374 Software revenue (medical) − 17,045 − 17,045 − 17,045 Medical devices and services − 35,207 − 35,207 − 35,207 Prototyping − − 27,599 27,599 − 27,599 End parts production − − 23,919 23,919 − 23,919 Complex metal parts production (ACTech) − − 43,438 43,438 − 43,438 Other − − − − 139 139 Total revenue from contracts with customers 37,374 52,252 94,956 184,582 139 184,721 Timing of revenue recognition Goods/Services transferred at a point in time 20,326 39,682 90,614 150,622 139 150,761 Goods/Services transferred over time 17,048 12,570 4,342 33,960 − 33,960 Total revenue from contracts with customers 37,374 52,252 94,956 184,582 139 184,721 The revenue per type of good or service including the previous years is as follows: For the year ended December 31 in 000€ 2018 2017 2016 Software revenue (non-medical) 37,374 35,770 30,122 Software revenue (medical) 17,045 15,619 13,404 Medical devices and services 35,207 27,222 24,506 Prototyping 27,599 28,423 27,568 End parts production 23,919 25,324 18,838 Complex metal parts production (ACTech) 43,438 9,965 − Other 139 250 39 Total 184,721 142,573 114,477 2 2.1.2 Contract balances The following table provides information about receivables, contracts in progress (contract assets) and deferred income (contract liabilities) from contracts with customers. As of December 31, in 000€ 2018 2017 Trade receivables, included in 'trade and other receivables' 38,764 36,572 Contract assets / contracts in progress 829 1,266 Contract liabilities / deferred income 27,444 23,661 Total 67,037 61,499 We refer to note 18 for a detail of the deferred income and Note 2 for a detail on the cumulative catch-up adjustment on initial application of IFRS 15. The Group has recognized K€18,791 revenue in 2018 for contract liabilities recognized at January 1, 2018 and reduced revenue for K€96 related to performance obligations that were (partially) satisfied in prior years. Note 18 include split of the deferred income in current and non-current. Non-current deferred income, representing mainly maintenance contracts with terms more than one year and certain contracts with up-front fees which are allocated to performance obligations that will be satisfied over more than one year, may be recognized as revenue between one to three years. The relation between the timing of satisfaction of the performance obligations and the timing of billing resulting in contract assets and liabilities is as follows: Maintenance services: maintenance services are typically billed at the beginning of the maintenance period resulting in deferred income that is recognized on a straightline basis over the maintenance period. Software licenses: certain software licenses may have been billed prior to the delivery of the software key resulting in a deferred income balance. Certain agreements in the medical segment include up-front fees such as step-in fees or milestone payments which are billed at inception of the contract but which are allocated to performance obligations which are satisfied at a later time in the contract term or which have not been recognized considering the revenue contraint (i.e. may have to be credited when customer achieves certain volume targets). In addition, certain contracts include prepaid fees for volume “Plan Only” purchases for which the purchased services are only delivered during a one year period. Those fees result in deferred income which are recognized as revenue when services/products are delivered and revenue is not constrainted. Certain development services are satisfied while the services can only billed at certain pre-defined points in time or when the services are fully satisfied resulting in contracts in progress / contract assets. 2 2 .2 Cost of sales Cost of sales include the following selected information: For the year ended December 31 in 000€ 2018 2017* 2016 Purchase of goods and services (39,114) (34,480) (25,374) Amortization and depreciation (9,910) (7,560) (5,007) Payroll expenses (33,036) (20,806) (16,161) Other expenses (239) (106) (164) Total (82,299) (62,952) (46,706) 2 2 .3 Research and development expenses Research and development expenses include the following selected information: For the year ended December 31 in 000€ 2018 2017 2016 Purchase of goods and services (3,590) (3,140) (3,177) Amortization and depreciation (830) (686) (478) Payroll expenses (17,935) (16,054) (13,985) Other (61) (79) (42) Total (22,416) (19,959) (17,682) 2 2 .4 Sales and marketing expenses Sales and marketing expenses include the following selected information: For the year ended December 31 in 000€ 2018 2017* 2016 Purchase of goods and services (9,775) (8,035) (7,450) Amortization and depreciation (725) (505) (563) Payroll expenses (35,585) (30,175) (27,828) Other (218) (220) (312) Total (46,303) (38,935) (36,153) 2 2 .5 General and administrative expenses G eneral and administrative expenses include the following selected information: For the year ended December 31 in 000€ 2018 2017* 2016 Purchase of goods and services (9,892) (7,053) (5,488) Amortization and depreciation (3,828) (2,761) (2,326) Payroll expenses (18,442) (14,858) (11,895) Other (148) (204) (332) Total (32,310) (24,876) (20,041) 2 2 .6 Net other operating income The net other operating income can be detailed as follows: For the year ended December 31 in 000€ 2018 2017* 2016 Government grants 4,658 4,342 4,181 Amortization intangibles purchase price allocation (1,994) (1,064) − Allowance for doubtful debtors (1,065) (454) (77) Capitalized expenses (asset construction) 16 123 12 Net foreign currency exchange gains / (losses) 246 (235) 452 Tax Credits 706 899 741 Fair value adjustment Cenat liability 192 − − Personnel related income 168 − − Other 844 930 903 Total 3,771 4,541 6,212 The Company has received government grants from the Belgian federal and regional governments and from the European Community in the forms of grants linked to certain of its research and development programs and reduced payroll taxes. Any government grants recognized as income do not have any unfulfilled conditions or other contingencies attached to them. The Group has changed its accounting policy with respect to the amortization expense related to the fair value adjustments of the intangible assets acquired from a business combination. These expenses, except for expenses related to the backlog, are now presented under the net other operating result. We refer to Note 2 for more information. 2 2 .7 Payroll expenses The following table shows the breakdown of payroll expenses for 2018 , 2017 and 2016 : For the year ended December 31 in 000€ 2018 2017 2016 Short-term employee benefits (76,023) (60,195) (50,714) Social security expenses (14,139) (11,200) (10,136) Expenses defined contribution plans (936) (926) (388) Other employee expenses (13,900) (9,572) (8,631) Total (104,998) (81,893) (69,869) 2,009 1,862 1,432 2 2 .8 Financial expenses Financial expenses includes the following selected information: For the year ended December 31 in 000€ 2018 2017 2016 Interest expense (1,747) (1,026) (665) Foreign currency losses (2,748) (3,131) (1,453) Other financial expenses (369) (571) (319) Total (4,864) (4,728) (2,437) 2 2 .9 Financial income Fi nancial income includes the following selected information: For the year ended December 31 in 000€ 2018 2017 2016 Foreign currency exchange gains 3,047 2,830 1,853 Amortization discount interest free loans − 6 14 Other finance income 580 374 172 Total 3,627 3,210 2,039 2 2 .10 Income taxes and deferred taxes Current income tax The following table shows the breakdown of the tax expense for 2018 , 2017 and 2016 : As of December 31, in 000€ 2018 2017* 2016 Estimated tax liability for the year (1,216) (1,530) (1,698) Tax adjustments to the previous year − 412 − Deferred income taxes 791 596 (12) Total income taxes for the period (425) (522) (1,710) The current tax expense is equal to the amount of income tax owed to the tax authorities for the year, under the applicable tax laws and rates in effect in the various countries. Deferred tax Deferred tax is presented in the statement of financial position under non-current assets and non-current liabilities, as applicable. The following table shows the breakdown of the deferred tax a ssets, deferred tax liability and the deferred tax expense for 2018 , 2017 and 2016 : Asset/(liability) Income/(expense) in 000€ 2018 2017* 2016 2018 2017* 2016 Tax losses, notional interest deduction and other tax benefits 26 − 109 − − − Amortization development assets and other intangible assets 224 304 227 − − − Depreciation property, plant & equipment 30 − − − − − Other items 35 − − − − − Total deferred tax assets 315 304 336 11 (32) (756) Property, plant & equipment (694) (698) (452) − − − Intangible assets (5,370) (6,656) (873) − − − Investment grants (312) − − − − − Inventory valuation 141 − − − − − Other items 9 (61) − − − − Total deferred tax liabilities (6,226) (7,415) (1,325) 780 628 744 Total deferred tax income (loss) − − − 791 596 (12) The Group has unused tax losses, tax credits and notional interest deduction available in an amount of K€25,285 for 2018 ( 2017 : K€11,948 ; 2016 : K€9,451 ) of which K€15,592 for 2018 ( 2017 : K€4,581 ; 2016 : K€1,570 ) relating to Materialise NV. As at December 31, 2018 no unused notional interest deduction remains ( 2017 : K€315 ; 2016 : K€315 ), the amount remaing from previous periods has expired . With respect to the net operating losses of Materialise NV, no deferred tax assets ha ve been recognized given that in view of the Belgian Patent Income Deduction and Innovation Income Deduction there is an uncertaint y to which extent these tax losses will be used in future years. As from July 1, 2016, the new Innovation Income Deduction replaces the former Patent Income Deduction. Under the grandfathering rule the Patent Income Deduction system can still be applied until June 30, 2021. The Belgian Patent Income Deduction allows companies to deduct 80% of the qualifying gross patent income from the taxable basis. Under the Innovation Income Deduction system, companies can deduct up to 85% of their net innovation income from the taxable b asis. Based on its analysis, in 2018 the Compan y has assessed that no deferred tax asset should be accounted for with respect to its unused tax losses in Belgium. With respect to the net tax losses of the other entities in the Group, deferred taxes have been recognized in 2018 for the amount of K€26 ( 2017 : K€0 ; 2016 : K€109 ). The deferred tax liability of K€6,226 in the year ending December 31, 201 8 mainly relate s to the intangibles that have been recognized as part of the purchase price allocation (ACTech). Relationship between Tax Expense and Accounting Profit For the year ended December 31 in 000€ 2018 2017* 2016 Profit (loss) before taxes 3,452 (1,595) (1,309) Income tax at statutory rate of 29.58% (2017, 2016: 33,99%) (1,021) 542 445 Effect of different local tax rate 166 433 663 Tax adjustments to the previous period 80 412 − Non-deductible expenses (1,141) (818) (453) Capitalized initial public offering transaction costs − − − Research and development tax credits & patent income deduction 337 44 3,664 Notional interest deduction Belgium − − 351 Non recognition of deferred tax asset (546) (1,505) (6,767) Recognition of deferred tax assets on previous years tax losses 653 − − Non-taxable income 606 556 729 Use of previous years tax losses and tax credits for which no − 12 50 Taxes on other basis 280 (117) (342) Other 161 (81) (50) Income tax expense as reported in the consolidated income statement (425) (522) (1,710) |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings per share [abstract] | |
Disclosure of earnings per share [text block] | 2 3 Earnings per share Basic earnings per share amounts are calculated by dividing the net profit (loss) for the year attributable to ordinary equity holders of the parent company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share amounts are calculated by dividing the net profit (loss) attributable to ordinary equity holder of the parent company by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all warrants. The net profit (loss) for the year used for the basic and diluted earnings per share are reconciled as follows: For the year ended December 31 in 000€ 2018 2017* 2016 Net profit attributable to ordinary equity holders of the parent for basic earnings 3,027 (2,117) (3,019) Interest on convertible bonds 50 − − Net profit attributable to ordinary equity holders of the parent adjusted for the effect of dilution 3,077 (2,117) (3,019) The convertible bond and the warrants are dilutive as per December 31, 2018 but are anti-dilutive as per December 31, 2017 and 2016 . We refer to Notes 14 and 15 for information on the number of instruments that could potentially be dilutive but which were not considered in the calculation above. The following reflects the share data used in the basic and diluted earnings per share computations: For the year ended December 31 in 000 2018 2017 2016 Weighted average number of ordinary shares for basic earnings per share 49,806 47,325 47,325 Effect of dilution: Share options 382 − − Convertible loan 421 − − Weighted average number of ordinary shares adjusted for effect of dilution 50,609 47,325 47,325 The earnings per share are as follows: For the year ended December 31 2018 2017* 2016 Earnings per share attributable to the owners of the parent Basic 0.06 (0.04) (0.06) Diluted 0.06 (0.04) (0.06) |
Commitments and contingent liab
Commitments and contingent liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Capital commitments [abstract] | |
Disclosure of commitments [text block] | 24 Commitments and contingent liabilities Operating lease commitments The Group has operating lease commitments mainly related to buildings and cars as follows: As of December 31, in 000€ 2018 2017 2016 Within one year 2,053 1,721 2,012 Between one and three years 2,302 1,504 1,964 Between four and five years 785 406 561 More than five years 302 77 84 Total 5,442 3,708 4,621 The total lease payments recognized in the consolidated income statement are K€2,956 in 2018 ( 2017 : K€2,909 ; 2016 : K€2,451 ). Apart from one operating lease commitment for a 3D printer located in Germany for an amount of K€554 , including the purchase option, and a total rent commitment for our office in Malaysia for an amount of K€1,236 , including the renewal option, the Group has no individually significant lease commitments per end of 2018. Finance lease commitments The Group has finance leases for the building and various other items of plant and equipment. Future minimum lease payments under finance lease with the present value of the net minimum lease payments are as follows: December 31, 2018 December 31, 2017 December 31, 2016 in 000€ Minimum lease payments Present value of payments Minimum lease payments Present value of payments Minimum lease payments Present value of payments Within one year 2,876 2,829 3,179 3,034 2,400 2,287 Between two and three years 3,398 3,236 5,017 4,643 3,640 3,503 Between four and five years 655 604 1,361 1,269 1,206 1,057 More than five years 149 140 285 218 587 548 Total 7,078 6,809 9,842 9,164 7,833 7,395 Less finance charges (269) − (678) − (438) − Present value of minimum lease payments 6,809 6,809 9,164 9,164 7,395 7,395 Mortgages and pledges The Group has several loans secured by a mortgage on the building. The carrying value of related property, plant & equipment (including buildings under construction) is K€30,853 ( 2017 : K€28,526 ; 2016 : K€12,594 ). The total outstanding mortgages and pledges are K€124,428 in 2018 ( 2017 : K€85,186 ; 2016 : K€32,362 ). Included in the above, the Group also has pledges on the business goodwill (“fonds de commerce”) of the Company for a total amount of K€70,300 in 2018 ( 2017 : K€29,000 ; 2016 : K€4,491 ) and pledges on current and other fixed assets for a total amount of K€21,142 ( 2017 : K€9,131 ; 2016 : zero). Other commitments The Group has outstanding non-cancellable contracts with a future commitment of K€6,383 at December 31, 2018 ( 2017 : K€7,638 ; 2016 : K€1,290 ), mainly related to purchase commitment for raw materials. For property, plant & equipment, we have no committed expenditures as per December 31, 2018 ( 2017 : K€672 ; 2016 : K€10,204 ). Contingent liabilities The Group is currently involved in a legal proceeding with Dentsply Implants NV regarding the alleged wrongful termination of a supply agreement between the Company and Dentsply Implants NV entered into in 2010. Th e court of first instance ruled in favor of Dentsply Implants NV, that we have wrongfully terminated the relationship. We have appealed this decision before the court has pronounced itself on the monetary damages. The amount of damages which Dentsply Implants NV is claiming is €2.7 million . While we are confident that the first instance decision will be overruled, we believe that, in the event that the first instance decision would be confirmed, the amount of monetary dama ges that we would be exposed to w ill not have a material impact o n our business, financial conditions or result of operations. We are currently not a party to, and we are not aware of any threat of, any other legal proceedings, which, in the opinion of our management, is likely to have or could reasonably possibly have a material adverse effect on our business, financial condition or results of operations. As a result management concluded that no provision is required. |
Risks
Risks | 12 Months Ended |
Dec. 31, 2018 | |
Risks [abstract] | |
Disclosure of financial risk management [text block] | 2 5 Risks The Group is mainly exposed to liquidity risk, interest rate risk and credit risk . Foreign exchange risk The Group has primarily exposure to the USD, GBP and JPY as foreign currency. During 2018 the impact of changes in foreign currency rates on the cash and term accounts held in USD funded through the initial public offering proceeds was positive for an amount of K€752 . If the USD (rate for 1 EUR) would have appreciated by 10% , the net result would have been K€1,561 higher, excluding the effect of the cash and term accounts held in USD. If the USD (rate for 1 EUR) would have depreciated by 10% , the net result would have been K€1,278 lower, excluding the effect of the cash and term accounts held in USD. To limit the exposure to foreign currency rate fluctuations on GBP and JPY, the Group has entered into currency rate swaps as of 2017. We refer to note 20. Liquidity risk The liquidity risk is that the Group may not have sufficient cash to meet its payment obligations. This risk is countered by day-by-day liquidity management at the corporate level. The Group has historically entered into financing and lease agreements with financial institutions to finance significant projects and certain working capital requirements. At December 31, 2018 t he Group still has undrawn lines of credit totaling K€26,040 , including K€25,000 from the European Investment Bank (EIB) as mentioned in the below paragraph ( 2017 : K€4,473 ; 2016 : K€4,355 ). On September 29, 2017 KBC Bank and Materialise agreed on a credit facility, mainly related to the financing of the ACTech acquisition, in which debt covenants were determined based on the ratio of the Group’s total net financial debt over EBITDA. On December 20, 2017, the European Investment Bank (EIB) and Materialise entered into a finance contract to support Materialise’s ongoing research and development programs for growth from 2017 to 2020. The contract provides a credit of up to €35.0 million drawable in two tranches. The first tranche could not exceed €25.0 million and could be drawn during the first year of the contract. The Group actually has drawn €10.0 million of this first tranche in the course of 2018. The second tranche can be drawn during the second year of the contract, subject to a specified debt ratio being met. The duration of the loan will be between six to eight years starting from the disbursement of the respective tranches, and includes a two-year loan reimbursement grace period. Loans under the contract will be made at a fixed rate, based on the Euribor rate at the time of the borrowing, plus a variable margin. The ma rgin is initially equal to 1.86% and varies in function of certain EBITDA levels and debt ratios. The contract contains customary security, covenants and undertakings. The range of contracted obligations are as follows: in 000€ Less than 1 year 2 to 3 years 4-5 years More than 5 years Total At December 31, 2018 Loan & borrowings 14,491 42,100 33,636 23,870 114,097 Trade payables 18,667 − − − 18,667 Other current liabilities 2,267 − − − 2,267 Total 35,425 42,100 33,636 23,870 135,031 Less than 1 year 2 to 3 years 4-5 years More than 5 years Total At December 31, 2017* Loan & borrowings 14,331 37,933 22,286 32,699 107,249 Trade payables 15,670 − − − 15,670 Other current liabilities 1,390 − − − 1,390 Total 31,391 37,933 22,286 32,699 124,309 Less than 1 year 2 to 3 years 4-5 years More than 5 years Total At December 31, 2016 Loan & borrowings 6,050 10,787 7,471 12,620 36,928 Trade payables 13,400 − − − 13,400 Other current liabilities 634 − − − 634 Total 20,084 10,787 7,471 12,620 50,962 Interest rate risk Although the Group mainly has loans outstanding with a fixed interest rate, some of the loans have been contracted with variable interest rates. The most significant loans with variable interest rates have been secured by means of a variable to fixed interest rate swap. We therefore believe that the Group is not subject to immediate changes in interest rates. With respect to the interest rate swaps, we refer to note 20. Credit risk Credit risk is the risk that third parties may not meet their contractual obligations resulting in a loss for the Group. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, which are mainly deposits with financial institutions. The Group limits this exposure by contracting with credit-worthy business partners or with financial institutions which meet high credit rating requirements. In addition, the portfolio of receivables is monitored on a continuous basis. Trade receivables and contracts in progress Customer credit risk is managed by each business unit subje c t to the Group’s established policy, procedures and control s relating to customer credit risk management. An impairment analysis is performed at each reporting date per company and using a provision matrix per company to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., by legal entity). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written-off if past due for more than one year and are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 11. The Group does not hold collateral as security. The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Set out below is the information about the credit risk exposure on the Group’s trade receivables using a provision matrix: in 000€ Total Non-due Less than 30 days 31-60 days 61-90 days 91-180 days More than 181 days December 31, 2018 36,891 26,208 5,395 1,479 931 1,512 1,366 December 31, 2017 35,582 21,630 6,920 1,765 1,526 1,614 2,127 December 31, 2016 27,479 15,590 6,434 1,885 490 2,008 1,072 Capital management The primary objective of the Group’s shareholders’ capital management strategy is to ensure it maintains healthy capital ratios to support its business and maximize shareholder value. Capital is defined as the Group shareholder’s equity. The Group consistently reviews its capital structure and makes adjustments in light of changing economic conditions. The Group made no changes to its capital management objectives, policies or processes during the years ended December 31, 2018 , 2017 and 2016 . |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related party transactions [abstract] | |
Disclosure of related party [text block] | 2 6 Related party transactions The compensation of key management personnel of the Group is as follows: For the year ended December 31 in 000€ 2018 2017 2016 Short-term employee benefits 2,334 2,190 2,693 Post-employment benefits 80 80 116 Termination benefits − − − Total 2,414 2,270 2,809 Warrants granted − − 199,500 Warrants outstanding 557,935 573,980 790,752 The amounts disclosed in the table are the amounts recognized as an expense during the reporting period related to key management personnel (senior management and executive committee members). In the year ending December 31, 2018 the compensation to key management by means of share based payments amounts to K€312 . The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year: in 000€ Sale of goods to Purchases from Interest expense Receivables Liabilities Non-executive directors of the group 2018 − 123 51 − 1,038 2017 − 96 50 − 965 2016 − 72 50 − 972 Shareholders of the group 2018 − 123 10 − 261 2017 − 172 11 − 371 2016 − 117 16 − 378 Joint ventures 2018 1,156 241 − 1,281 22 2017 714 23 − 804 28 2016 527 − − 601 − Related party – Ailanthus NV Ailanthus NV, shareholder and director of the Group, has provided several loans and financial leases to the Group for the purchase of machinery and a portion of the office and production buildings. We refer to Note 15 for details. The Group rent apartments on a regular basis from Ailanthus NV in order to host our employees from foreign subsidiaries who are visiting our headquarters in Leuven. The total amount paid to Ailanthus NV for rent in 2018 was K€123 ( 2017 : K€172 ; 2016 : K€141 ). Related party – Convertible debt The Group has issued on October 28, 2013 1,000 convertible bonds for a total amount of K€1,000 . The bonds have been fully subscribed by a member of our senior management. We refer to Note 15 for more details. Founder shares At the inception of the Company, the other shareholders granted a total of 300,000 founder shares (“oprichtersaandelen”) to the founder and CEO of the Group, Mr. Wilfried Vancraen, in his capacity as shareholder . In accordance with Belgian Company Law, these founder shares do not represent shareholders’ capital but grant the holder voting and dividend rights. No other terms and conditions were attached to these founder shares and no dividends has been paid by the Group to the shareholders since inception. At the General Meeting of Shareholders held on November 28, 2013, 300,000 founder shares were converted to ordinary A shares. Converting the founder shares into ordin ary A s hares did not confer any substantial advantage to their holder but resulted in a dilution f or the existing shareholders by 0% .These ordinary A shares benefited from all rights attached to the ordinary shares. Joint ventures The rece ivable for the amount of K€1,281 is accounted for under the other non-current assets and trade receivables and relates to the services and goods delivered to the joint venture RSPRINT. In the course of 2018 the Group also purchased a 3D printer from RSPRINT for the amount of K€200 . |
Events subsequent to the statem
Events subsequent to the statement of financial position date | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Disclosure of events after reporting period [text block] | 27 Events subsequent to the statement of financial position date On January 10, 2019, Materialise NV granted a €2.5 million convertible loan to Fluidda NV (“Fluidda”) . This investment is part of a general collaboration, bringing the possibilities of 3D printing to the pulmonology market, combining Fluidda’s Functional Respirat ory Imaging methods with Materi alise’s expertise in medical engineering. Part of the funds will be used to expand the development of Functional Respiratory Imaging methods driven 3D printed devices for personalized monitoring of airflow distribution in lung patients, using advanced machine learning and artificial intelligence. There are no other significant events subsequent to the statement of financial position date that would require adjustments or disclosures to the financial statements. |
Overview of consolidated entiti
Overview of consolidated entities | 12 Months Ended |
Dec. 31, 2018 | |
Overview of consolidated entites [abstract] | |
Disclosure of interests in subsidiaries [text block] | 28 Overview of consolidated entities Name Country of incorporation % equity interest 2018 2017 2016 Materialise NV Belgium 100% 100% 100% Materialise France SAS France 100% 100% 100% Materialise GmbH Germany 100% 100% 100% Materialise Japan K.K. Japan 100% 100% 100% Materialise Czech Republic SRO Czech Republic 100% 100% 100% Materialise USA, LLC United States 99% 99% 99% Materialise UK Limited United Kingdom 100% 100% 100% OBL SAS France 100% 100% 100% Materialise Austria GmbH Austria 100% 100% 100% Materialise Malaysia SDN. Bhd. Malaysia 100% 100% 100% Materialise Ukraine LLC Ukraine 100% 100% 100% RapidFit NV Belgium 83% 83% 83% RapidFit, LLC (liquidated) United States — — 83% Meridian Technique Limited United Kingdom 100% 100% 100% OrthoView, LLC (liquidated) United States — — 100% OrthoView Holdings Limited United Kingdom 100% 100% 100% Meridian (Corporate Trustee) Limited (liquidated) United Kingdom — 100% 100% OrthoView Limited (liquidated) United Kingdom — 100% 100% Materialise SA Poland 100% 100% 100% Materialise Colombia SAS Colombia 100% 100% 100% RSPRINT powered by Materialise NV (joint venture) Belgium 50% 50% 50% Materialise Shanghai Co.Ltd China 100% 100% 100% Materialise Australia PTY Ltd Australia 100% 100% 100% Materialise S.R.L. Italy 100% 100% 100% ACTech GmbH Germany 100% 100% — ACTech Holding GmbH Germany 100% 100% — ACTech, Inc United States 100% 100% — |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of significant accounting policies [abstract] | |
Disclosure of basis of consolidation [text block] | Basis for consolidation The consolidated financial statements comprise the financial statements of the Group and its subsidiaries. Entities are fully consolidated from the date of acquisition, which is the date when the Group obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the entities are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-Group balances, transactions, unrealized gains and losses resulting from intra-Group transactions and dividends are fully eliminated. The Group attributes profit or loss and each component of other comprehensive income to the owners of the parent company and to the non-controlling interest based on present ownership interests, even if the results in the non-controlling interest have a negative balance. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over the subsidiary, it will derecognize the assets (including goodwill) and liabilities of the subsidiary, any non-controlling interest and the other components of equity related to the subsidiary. Any surplus or deficit arising from the loss of control is recognized in profit or loss. If the Group retains an interest in the previous subsidiary, then such interest is measured at fair value at the date the control is lost. The proportion allocated to the parent and non-controlling interests in preparing the consolidated financial statements is determined based solely on present ownership interests. There are no significant changes to the consolidated scope occurred in 2018. |
Description of accounting policy for transactions with non-controlling interests [text block] | Non-controlling interests The Group has the choice, on a transaction by transaction basis, to initially recognize any non-controlling interest in the acquiree which is a present ownership interest and entitles its holders to a proportionate share of the entity’s net assets in the event of liquidation at either acquisition date fair value or, at the present ownership instruments’ proportionate share in the recognized amounts of the acquiree’s identifiable net assets. Other components of non-controlling interest such as outstanding share options are generally measured at fair value. The Group has not elected to take the option to use fair value in acquisitions completed to date and currently does not have non-controlling interest resulting from business combinations. |
Description of accounting policy for foreign currency translation [text block] | Foreign currency translation The Group’s consolidated financial statements are presented in euros, which is also the parent company’s functional currency. For each entity, the Group determines the functional currency, and items included in the financial statements of each entity are measured using the functional currency. Financial statements of foreign subsidiaries Foreign subsidiaries use the local currencies of the country where they operate. The statement of financial position is translated into euro at the closing rate on the reporting date and their income statement is translated at the average exchange rate at each month-end. Differences resulting from the translation of the financial statements of said subsidiaries are recognized in other comprehensive income as “exchange differences on translation of foreign operations”. Foreign currency transactions Transactions denominated in foreign currencies are translated into euro at the exchange rate at the end of the previous month-end. Monetary items in the statement of financial position are translated at the closing rate at each reporting date and the relevant translation adjustments are recognized in financial or operating result depending on its nature. |
Description of accounting policy for business combinations and goodwill [text block] | Business combinations and goodwill Business combinations are accounted for using the acquisition method at the acquisition date, which is the date at which the Group obtains control over the entity. The cost of an acquisition is measured as the amount of the consideration transferred to the seller, measured at the acquisition date fair value, and the amount of any non-controlling interest in the acquiree. The Group measures goodwill initially at cost at the acquisition date, being: the fair value of the consideration transferred to the seller, plus the amount of any non-controlling interest in the acquiree, plus if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree re-measured at the acquisition date, less the fair value of the net identifiable assets acquired and assumed liabilities Goodwill is recognized as an intangible asset with any impairment in carrying value being charged to the consolidated income statement. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the consolidated income statement on acquisition date. Acquisition costs incurred are expensed and included in general and administrative expenses. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration, which is deemed to be an asset or liability, will be recognized either as a profit or loss or as a change to other comprehensive income. If the contingent consideration is classified as equity, it should not be re-measured until it is finally settled within equity. Acquisition of non-controlling interests are accounted for as an equity transaction. |
Description of accounting policy for investments in joint ventures [text block] | Investments in joint ventures The Group carries investment in a joint venture (RS Print NV). The Group’s investments in its joint venture is accounted for using the equity method. Under the equity method, the investment in the joint venture was initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group’s share of net assets of the joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment individually. The income statement reflects the Group’s share of the results of operations of the joint venture. Any change in other comprehensive income of the joint venture is presented as part of the Group’s other comprehensive income. In addition, when there has been a change recognized directly in the equity of the joint venture, the Group recognizes its share of the change in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the Group’s interest in the joint venture (higher of value in use and fair value less costs to sell), and then recognizes the loss as ‘Share of profit or loss of joint ventures’ in the income statement. |
Description of accounting policy for property, plant and equipment [text block] | Property, plant & equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if any. Such cost includes borrowing costs directly attributable to construction projects if the asset necessarily takes a substantial period of time to get ready for its intended use, it is probable that they will result in future economic benefits to the group and the cost can be measured reliably. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in the income statement as incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: Buildings: 20-30 years Furniture, Plant & Equipment : 5-30 years Property leased Assets: 15-30 years or lease term if shorter Leased machines : 5-10 years or lease term if shorter Land is not depreciated. A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that the Group will obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset or the lease term. An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognized. The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate. |
Description of accounting policy for leases [text block] | Leases The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception date, whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset, even if that right is not explicitly specified in an arrangement. Finance leases which transfer to the Group substantially all the risks and benefits incidental to ownership of the leased item, are capitalized at the commencement of the lease at the fair value of the leased item or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognized as financial expenses in the consolidated income statement. Where substantially all of the risks and rewards incidental to ownership are not transferred to the Group (an “operating lease”), the total rentals payable under the lease are charged to the consolidated income statement on a straight-line basis over the lease term. The aggregate benefit of lease incentives is recognized as a reduction of the rental expense over the lease term on a straight-line basis. |
Description of accounting policy for borrowing costs [text block] | Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of a qualified asset that necessarily takes a substantial period of time to prepare for its intended use or sale are capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. |
Description of accounting policy for research and development expense [text block] | Research and development Research and development includes the costs incurred by activities related to the development of software solutions (new products, updates and enhancements), guides and other products. Development activities involve the application of research findings or other knowledge to a plan or a design of new or substantially improved (software) products before the start of the commercial use. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: the technical feasibility of completing the intangible asset so that the asset will be available for use or sale; its intention to complete and its ability to use or sell the asset; how the asset will generate future economic benefits; the availability of resources to complete the asset; and the ability to measure reliably the expenditure during development. The Group has determined that the conditions for recognizing internally generated intangible assets from proprietary software, guide and other product development activities are not met until shortly before the products are available for sale, unless either (i) the Group has strong evidence that the above criteria are met and a detailed business plan is available showing the asset will on a reasonable basis generate future economic benefits or (ii) the development is done based upon specific request of the customer, it is highly likely that the Group will be able to market the product also to other parties than the customer, the development is subject to an agreement and the substance of the agreement is that the customer reimburses the Group for a significant portion , but not all, of the development expenses incurred. As such, development expenditures not satisfying the above criteria and expenditures on the research phase of internal projects are recognized in the consolidated income statement as incurred. Internally generated intangible assets from proprietary software are amortized over their useful l ives, starting from the moment they are ready for use/available for sale . Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit , which is determined on a project-by-project basis . Amortisat ion is recorded in cost of sales. During the period of development, the asset is tested for impairment annually. |
Description of accounting policy for intangible assets other than goodwill [text block] | Intangible assets other than goodwill and capitalized development expenditures Intangible assets comprise acquired technology and customer portfolio, patents and licenses, goodwill and technology and customers acquired in connection with business combinations. Those intangible assets are measured on initial recognition at cost, except for the acquired technology and customers arising from business combinations, which are measured initially at fair value. Following initial recognition, intangible assets other than goodwill are carried at cost less any accumulated amortization and accumulated impairment losses, if any. The useful life of the intangible assets is as follows: Software: 3 years; Patents and licenses: 5 years; Acquired customers: 5-20 years; Technology: 6-10 years; Order Backlog: Period over which orders will be completed. The intangible assets with finite lives are amortized over their useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The amortization expense on intangible assets with finite lives is recognized in the consolidated income statement in the line “ net other operating income ”. |
Description of accounting policy for impairment of non-financial assets [text block] | Impairment of goodwill and other non-financial assets (excluding inventories and deferred tax assets) Impairment tests on goodwill and other intangible assets with indefinite useful economic lives or capitalized development expenses which are not amortized yet, are undertaken annually at the financial year end. Other non-financial assets and goodwill are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest Group of assets to which it belongs for which there are separately identifiable cash flows: its cash generating units (CGUs). Goodwill is allocated on initial recognition to each of the Group’s CGUs that are expected to benefit from the synergies of the combination giving rise to the goodwill. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. For longer periods, a long-term growth rate is calculated and applied to future cash flows projected after the fifth year. Impairment charges are included in profit or loss, except, where applicable, to the extent they reverse gains previously recognized in other comprehensive income. An impairment loss recognized for goodwill is not reversed. Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the cash-generating unit retained. |
Description of accounting policy for inventory and contract in progress [text block] | Inventories and Contracts in progress Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows: Raw materials: purchase cost on a first in, first out basis; and Finished goods and work in progress: cost of direct materials and labor and a proportion of manufacturing overheads based on the normal operating capacity, but excluding borrowing costs . Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. A write-off of inventories is estimated based on an ageing or rotation analysis. Work in progress relates to production of inventory for which a customer has not yet been secured, while contracts in progress are contract assets that relate to production for specific customers in performance of a signed contract. We refer also to the accounting policy on revenue recognition. |
Description of accounting policy for financial assets [text block] | Financial assets Financial assets are classified at initial recognition, and subsequently measured as at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price. For purposes of subsequent measurement, fin ancial assets are classified in four categories: Financial assets at amortise d cost; Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) ; Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) ; and Financial assets at fair value through profit or loss . Financial assets measured at amortized cost This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the following conditions are met: The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows ; and The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding . Financial assets , trade and other receivables, cash and cash equivalents at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) The Group currently does not have financial assets at fair value through OCI with recycling of cumulative gains and losses. Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) The Group has irrevocably elected at initial recognition to classify the minority interest in the non-listed equity investment Essentium Inc, as disclosed in Note 10 and Note 20, as a financial asset designated at fair value through OCI as this measurement is most representative of the business model for this asset. Gain and losses on these financial assets are never recycled to profit and loss. Dividends are recognised as other operational income in the consolidated income statement when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. Financial assets measured at fair value through profit or loss The Group does not currently have financial assets classified as financial assets at fair value through profit or loss except for a call option on non -controlling interests in RapidF it+ as disclosed in Note 13 and the derivatives, which are carried in the statement of financial position at fair value with changes recognized in the income statement in the lines financial income/expense. Derecognition A financial asset is derecognized when: The rights to receive cash flows from the asset have expired, or The Group has transferred its rights to receive cash flows from the assets. Impairment of financial assets Further disclosures relating to impairment of financial assets are also provided in Note 3 Significant accounting judgments, estimates and assumptions. The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. A loss allowance is recognized at each reporting date based on lifetime ECLs. The Group established a provision matrix that is based on its historical loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For all other receivables, ECLs are based on the differ ence between the contractual cas h flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). |
Description of accounting policy for financial liabilities [text block] | Financial liabilities All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, loans and borro wings including bank overdrafts and derivative financial instruments including written put options over non-controlling interests. Financial liabilities at amortized cost The trade and other payables, and loans and borrowings are classified as financial liabilities at amortized cost. Those financial liabilities are measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the income statement when the liabilities are derecognized as well as through the effective interest rate method amortization process. Financial liabilities at fair value through profit and loss The derivative financial instruments are classified as financial liabilities at fair value through profit and loss except for the written put options on non-controlling interests which is disclosed below. Written put options on non-controlling interest The Group recognizes a financial liability for the written put options on non-controlling interest. The written put options have a variable redemption price based on a formula as specified in the contract (see Note 13 ). The financial liability is initially recognized at fair value and the fair value is reclassified from non-controlling interest and, for any amount higher than the non-controlling interest, from consolidated reserves. The fair value is determined as the present value of the redemption amount. Any change in the fair value as a result of a change in the estimated redemption price is recognized directly in consolidated reserves. Any unwinding effect of the present value of the redemption price is recognized directly in profit and loss (financial cost). No share of profit is allocated to the non-controlling interest. Upon exercise of the written put option, the carrying value will be offset with the cash payment received. When the written put option is not exercised, the carrying value of the financial liability is derecognized against non-controlling interest with the difference going to consolidated reserves. Compound financial instruments The Group has issued convertible debt which is accounted for as a compound financial instrument. For those instruments, the Group determines the carrying amount of the liability component by measuring the fair value of a similar liability (including any embedded non-equity derivative features) that does not have an associated equity component. The carrying amount of the equity instrument is then determined by deducting the fair value of the financial liability from the fair value of the compound financial instrument as a whole. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. Offsetting Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. |
Description of accounting policy for issued capital [text block] | Share capital Financial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Group’s ordinary shares are classified as equity instruments. |
Description of accounting policy for provisions [text block] | Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. |
Description of accounting policy for employee benefits [text block] | Pensions benefits The Group has a defined contribution obligation where the Group pays contributions based on salaries to an insurance company, in accordance with the laws and agreements in each country. The Belgian defined contribution pension plans are by law with variable minimum returns based on the Belgian government bonds, with a minimum of 1.75% and a maximum of 3.75% , effective for contributions paid as from 2016. For contribution paid until 2015, the minimum guaranteed return is 3.25% on employer contributions and 3.75% on employee contributions. These plans qualify as defined benefit plans. Contributions are recognized as expenses for the period in which employees perform the corresponding services. Outstanding payments at the end of the period are shown as other current liabilities. Those plans are accounted for as a defined benefit plan however are considered not material. |
Description of accounting policy for share-based payment transactions [text block] | Share based payments Directors and employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). The Group currently has only warrants and share-appreciation rights as share-based payments. Equity-settled transactions Equity-settled share-based payments to employees and others providing similar services are measured, indirectly, at the fair value of the equity instruments granted. The cost of equity-settled transactions is recognized, together with a corresponding increase in other capital reserves in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The income statement expense or credit for a period represents the movement in cumulative expense recognized at the beginning and end of that period and is recognized as employee benefits expense. The Group does currently only have equity-settled share-based payments that have service-based vesting conditions and no instruments with market vesting conditions. No expense is recognized for awards that do not ultimately vest. When the terms of an equity-settled award are modified, the minimum expense recognized is the expense as if the terms had not been modified, if the original terms of the award are met. An additional expense is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee as measured at the date of modification. When an equity-settled award is cancelled, it is treated as if it vested on the date of cancellation, and any expense not yet recognized for the award is recognized immediately. This includes any award where non-vesting conditions within the control of either the entity or the employee are not met. However, if a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described in the previous paragraph. Cash-settled transactions The Group has cash-settled share-based payment transaction for certain employees in certain countries due to legal requirements (in the form of share-appreciation rights). The cost of cash-settled transactions is measured initially at fair value at the grant date. This fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The liability is remeasured to fair value at each reporting date up to, and including the settlement date, with changes in fair value recognized in employee benefits expense. |
Description of accounting policy for recognition of revenue [text block] | Revenue from contracts with customers The Group’s revenue, which is presented net of sales taxes, is primarily generated by the sale of our software and 3D printed products and services. Software revenue is comprised of perpetual and periodic licenses, maintenance revenue and software development service fees. Perpetual license holders may opt to take an annual maintenance contract, which leads to annual fees. Periodic licenses entitle the customer to maintenance, support and product updates without additional charge. Revenue from prototyp es and end products involving 3D printing techno logy is derived from our network o f production centers and may include support and services such as pre-production collaboration p rior to the actual production . The Group sells its products and software through its direct sales force and through authorized distributors. Software license revenue, maintenance and/or software development service fees may be bundled in one arrangement, or may be sold separately. The Group recognizes revenue for goods including software based on the five-step model as a result of the application of IFRS 15 since January 1, 2018. Identify the contract(s) with a customer; Identify the performance obligations in the contract; Determine the transaction price; Allocate the transaction price to the performance obligations in the contract; and Recognize revenue when (or as) the entity satisfies a performance obligation. The impact of the applicat ion of IFRS 15 is discussed in N ote 2 . Basis of preparation. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group is expected to be entitled in exchange from those goods and services. If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Variable consideration is mainly related to quantities sold, volume (step-based) rebates and development time spend. P rototypes and end products involving 3D printing technology The Group recognizes revenue on the sale of goods to the customer or distributor at a point in time when control of the asset is transferred, generally upon shipment or delivery taking into account the shipment terms (usually Ex-works or FOB Time of Shipment Incoterms (International Commercial Terms)). Perpetual licensed software The sale and/or license of software products is deemed to have occurred at a point in time, i.e. when a customer either has taken possession of or has the ability to take immediate possession of the software and the software key. Perpetual software licenses can include one year maintenance and support services as a separate performance obligation. The Company sells these maintenance services also on a stand-alone basis and is therefore capable of determining their stand-alone selling price. On this basis, the amount of the embedded maintenance is separated from the fee for the perpetual license and is recognized ratably over the period to which they relate. Time-based licensed software The time-based license agreements include the use of a software license for a fixed term and maintenance and support services during the same period. The Company does not sell time-based licenses without maintenance and support services and therefore revenues is satisfied over time for the entire arrangements and is recognized ratably over the term. Maintenance and support services Maintenance and support services are satisfied over time and as such, t he Group recognizes this revenue ratably on a straight-line basis over the term that the maintenance service is provided. In general, maintenance services are not automatically renewed. A maintenance and support contract may include a reinstatement for previous years when the customer did not have a maintenance and support contract previously. Revenue from reinstatements are recognized immediately when the maintenance and support services commence. Software development services (SDS) SDS include customized development of software components for customers. Revenue from SDS agreements when distinct from other performance obligations is satisfied over time. Revenue is then recognized either on time and material basis or on the stage of completion of each service contract and when the stage of completion can be measured reliably. The Company determines the percentage-of-completion by comparing labor hours incurred to-date to the estimated total labor hours required to complete the project. The Company considers labor hours to be the most reliable available measure of progress on these projects. Adjustments to the Company’s estimates of the time to completion are made when facts resulting in a change become known. When the estimate indicates that a loss will be incurred, such loss is recognized immediately. Contracts with m ultiple performance obligations The Group has entered into a number contracts with multiple performance obligations , such as when selling perpetual licenses that may include maintenance and support (included in price of perpetual licenses) and time-based licenses (that include embedded m aintenance and support, both of which may be sold with software development services, training, and other product sales). In some cases, the Group delivers software development services bundled with the sale of the software. The Group evaluates whether each performance obligation is distinct from each other, i.e. the customer can benefit from the good or service on its own, or with readily available resources. Certain development services significantly modify and/or enhance the software license and as such are not considered distinct and combined with the software license. In those contracts, whether sold to end-customers or to collaboration partners, the Group uses either price list, historical pricing information or management’s best estimate of selling prices (e.g. also using a cost-plus method) to determine the stand-alone selling price for each distinct performance obligation, including software and software-related serv ic es such as maintenance and support. In general, elements in such arrangements are also sold on a stand-alone basis and stand-alone selling prices are readily available. Revenue is allocated to each di stinct performance obligation ( " PO " ) based o n the relative percentage of the stand-alone selling price for each PO compared to the total of stand-alone selling prices for all PO over the total transaction price and is recognized when the revenue recognition criteria described above are met. Contracts with collaboration partners in the medical segment also include multiple elements such as software, maintenance and support services, training, software development services, 3D printed products and royalties. Revenue from those contracts is determined and recognized consistent with other multiple element arrangements. For certain contracts with collaboration partners, the Company also receives up-front fees, paid by customers for certain exclusivity rights granted only on previously acquired perpetual software licenses, which may be bundled with transfer of title, rights and ownership of certain software products and maintenance and support services. In case the up-front fees do not relate to already delivered good or services, the Group include the up-front fees in the total transaction price which is then allocated to all the distinct performance obligations. Other contracts with collaboration partners include prepaid fees to purchase a maximum number of " Plan Only " cases during a 12-month period. In this case, the prepaid fees are recognized over the period of 12 months based on the expected number of " Plan Only " cases that will be purchased. Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. Contract assets are only contracts in progress that are disclosed with the line inventory and contracts in progress in the statement of financial position. We refer to our accounting policies regarding Inventories and Contracts in Progress Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Gr oup performs under the contract. Contract liabilities are presented as deferred income in the statement of financial position. Contract costs The Group does not have significant costs to obtain contracts and those costs are expensed as incurred. The Group may have costs incurred in fulfilling contracts that are accounted for as intangible assets. When those costs are not in scope of another standards, these costs are accounted for under contracts in progress (see contract assets). For certain contracts, the Group may have significant software development expenses that are not considered a " distinct performance obligation " which are accounted for as an intangible assets. The Group evaluates whether those costs meet the recognition criteria for an intangible assets and when criteria are not met, expenses those costs as incurred. |
Description of accounting policy for government grants [text block] | Government grants Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to development costs or another expense, it is recognized as income over the grant period necessary to match the income on a systematic basis to the costs that it is intended to compensate. When the grant relates to the construction of buildings, it is recognized as income over the depreciation period of the related building. Such grants have been received from the federal and regional governments and from the European Union in the forms of grants linked to certain of its research and development programs, reduced payroll taxes and the financing of the construction of an office building in Leuven (Belgium) and in Freiberg (Germany). Where retention of a government grant related to assets or to income, is dependent on the Company satisfying certain criteria, it is initially recognized as deferred income. When the criteria for retention have been satisfied, the deferred income balance is released to other operating income in the consolidated income statement on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. Any government grants recognized as income do not have any unfulfilled conditions or other contingencies attached to them, as otherwise we would not be recognizing income for such. |
Description of accounting policy for finance income and costs [text block] | Other financial income and expenses Other financial income and expenses include mainly foreign currency gains or losses on financial transactions and bank related expenses. |
Description of accounting policy for income tax [text block] | Taxes Current income tax Income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date. Current income tax relating to items that are recognized directly in equity is recognized in equity and not in the income statement. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. |
Description of accounting policy for taxes other than income tax [text block] | Deferred tax Deferred tax is calculated using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Sales tax Revenue, expenses and assets are recognized net of the amount of VAT, except: Where the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognized as part of the cost of acquisition of the asset or as part of the expense item as applicable; and Receivables and payables that are stated with the amount of sales tax included. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. |
Disclosure of expected impact of initial application of new standards or interpretations [text block] | New and revised standards not yet adopted The standards and interpretations that are issued, but not yet effective, up to the closing date of the Group’s financial statements are disclosed below. Of those standards that are not yet effective, IFRS 16 Leases is expected to have a material impact on the Group’s financial statements in the period of initial application. IFRS 16, Leases The Group is required to adopt IFRS 16 Leases from January 1, 2019. The Group has assessed the estimated impact that initial application of IFRS 16 will have on its consolidated financial statements, as described below. The actual impact s of adopting the standard on January 1, 2019 may change because: T he Group has not finalised the testing and assessment of controls over its new IT systems; and T he new accounting policies are subject to change until the Group presents its first financial statements that include the date of initial application. IFRS 16 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognises a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. There are recognition exemptions for short-term leases and leases of low-value items. Lessor accounting remains similar to the current standard – i.e. lessors continue to classify leases as finance or operating leases. IFRS 16 replaces existing leases guidance, including IAS 17 Leases , IFRIC 4 Determining whether an Arrangement contains a Lease , SIC-15 Operating Leases – Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease . The Group will , where it acts as a lessee, recognise new assets and liabilities for its operating leases of buildings, vehicles and machinery & equipment. The nature of expe nses related to those leases will now change because the Group will recognise a depreciation charge for right-of-use assets and interest expense on lease liabilities. Previously, the Group recognised operating lease expense on a straight-line basis over the term of the lease, and recognised assets and liabilities only to the extent that there was a timing difference between actual lease payments and the expense recognised. No significant impact on income statement is expected for the Group’s finance leases. Based on the information currently available, the Group estimates that it will recognise additional lease liabilities of K€4,998 as at January 1, 2019 and estimated annual depreciation expense of K€2,483 . The Group plans to apply IFRS 16 initially on January 1, 2019, using the modified retrospective approach with the Right-of-Use asset equal to the lease liability . Therefore, there will be no restatement of comparative information. The Group plans to apply the practical expedient to grandfather the definition of a lease on transition. This means that it will apply IFRS 16 to all contracts entered into before January 1, 2019 and identified as leases in accordance with IAS 17 and IFRIC 4. The other standards, interpretations and amendments issued by the IASB and relevant for the Group, but not yet effective are not expected to have a material impact on the Group’s future consolidated financial statements: IFRIC 23 Uncertainty over Tax Treatments ; IFRS 17 Insurance Contracts ; Amendments to IFRS 9: Pr epayment Features with Negative Compensation ; Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture ; Amendments to IAS 28: Long-term Interests in Associates and Joint Ventures ; Amendments to IAS 19: Plan Amendment, Curtailment or Settlement ; Annual Improvements to IFRS Standards 2015–2017 Cycle – various standards (IFRS 3 Business Combinations; IFRS 11 Joint Arrangements; IAS 12 Income Taxes; IAS 23 Borrowing Costs) ; and Amendments to References to Conceptual Framework in IFRS Standards ; |
Disclosure of accounting judgements and estimates [text block] | Significant accounting judgments, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities for future periods. On an ongoing basis, the Group evaluates its estimates, assumptions and judgments, including those related to revenue recognition, development expenses, share-based payment transactions, income taxes, impairment of goodwill, intangible assets and property, plant & equipment and business combinations. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Revenue recognition Our revenue recognition policies require management to make significant estimates. Management analyzes various factors, including a review of specific transactions, historical experience, creditworthiness of customers and current market and economic conditions. Changes in judgments based upon these factors could impact the timing and amount of revenue and cost recognized and thus affects our results of operations and financial condition. T he significant estimates and judgments relate to : The assessment w hether a performance obligation is distinct in a bundled sales transactions ; E stimates of the variable consideration s and the assessment of the revenue constraint limitation; Estimates of the stand-alone selling prices for each distinct performance obligation; and The stage of completion of our customized development of software components for customers when revenue is satisfied over time. The Group is making significant judgments when performing the assessment of whether a performance obligation is distinct from the other performance obligations in a contract, i.e. whether the good or service has a benefit for the customer in its own or together with readily available resource and/or whether the good or service is highly interrelated or a significant input with another good or service delivered, or whether it significantly modifies or customizes another good or service. The relevant judgments include the following: Whether the software license is distinct from the 3D printed guides - in most cases with contracts with collabroration partners in the Materialise Medical segment, the software licenses is combined with the manufacturing of the 3D printed guides as the software license has no benefit for the customer without the manufacturing services. Note that the Group is implementing a new feature " Plan Only " which where the collaboration partners could benefit from the software license in its own. Whether the development services are distinct from other performance obligations - in most cases, those performance obligations are distinct however for one contract with a collaboration partner in the Materialise Medical segment, the software license is combined with the license and the 3D printed guides as one " distinct " performance obligation For the stand-alone selling prices, the Group is using prices from price list or historical prices for similar transactions. However, in certain cases, such information is not immediately available and in such cases, the Group estimates the stand-alone selling price by using a cost-plus or another estimate. In addition, for certain performance obligations such as development services, stand-alone selling prices also require an estimate of the time to complete the development. Certain contracts include estimates of variable considerations within the transaction price and assessing the revenue constraint, such as: Quantities/volume sold for fixed prices in relation to, but not limited to, manufacturing of 3D printed products, software licenses sold, maintenance renewals; Contractual prices may be different based on volume purchased during a certain period; FTE spend for development or other services billed on a time and material basis; and Volume rebates. The method applied to estimate the variable consideration is dependent on the number of possible scenarios and the probability of each scenario. In case there are many possible scenarios with a wide range of probabilities (each less than 50%), the Group will use the expected value method while the most likely method is used when there is a scenario with a higher probability (more than 50%). Variable consideration is not constrained when based on historical experience and/or high reliable business forecast and/or the timeframe of the estimates, the Group determines that there is a high probability that this will not result in a future revenue reversal. W e determine the stage of comple tion for development contracts satisfied over time by comparing labor hours incurred to-date to the estimated total labor hours required to complete the project. We consider labor hours to be the most reliable, available measure of progress on these projects. Adjustments to estimates to complete are made in the periods in which facts resulting in a change become known. When the estimate indicates that a loss will be incurred, such loss is recorded in the period identified. Significant judgments and estimates are involved in determining the percent complete of each contract. Different assumptions could yield materially different results. Development expenses Under IAS 38, internally generated intangible assets from the development phase are recognized if certain conditions are met. These conditions include the technical feasibility, intention to complete, the ability to use or sell the asset under development, and the demonstration of how the asset will generate probable future economic benefits. The cost of a recognized internally generated intangible asset comprises all directly attributable cost necessary to make the asset capable of being used as intended by management. In contrast, all expenditures arising from the research phase are expensed as incurred. Determining whether internally generated intangible assets from development are to be recognized as intangible assets requires significant judgment, particularly in determining whether the activities are considered research activities or development activities, whether the product enhancement is substantial, whether the completion of the asset is technical feasible considering a company-specific approach, the probability of future economic benefits from the sale or use including an assessment whether FDA approval will be obtained. The Group has determined that the conditions for recognizing internally generated intangible assets from proprietary software, guide and other product development activities are not met until shortly before the products are available for sale, unless either (i) the Group has strong evidence that the above criteria are met and a detailed business plan is available showing the asset will on a reasonable basis generate future economic benefits or (ii) the development is done based upon specific request of the customer, the Group has the intention to market the product also to other parties than the customer, the development is subject to an agreement and the substance of the agreement is that the customer reimburses the Group for a significant portion of the development expenses incurred. As such, development expenditures not satisfying the above criteria and expenditures on the research phase of internal projects are recognized in the consolidated income statement as incurred. This assessment is monitored by the Group on a regular basis. We have determined that the criteria for internally generated intangible assets were met for two projects in 2018: (1) the software development of a new planner for hospitals within a certain medical field and (2) the process to obtain FDA and E.U. approval for a 3D printed product within the Materialise Medical segment. For the latter, we determined that there is a low risk that FDA approval will not be obtained although clinical trials have to be started and commercialization is not expected before 2022. This assessment was made by management based on several factors including the developed product itself, the exclusive patent rights obtained on the developed product, the successful application of the product on a number of patients as part of the emergency exception use obtained from the FDA and the continued discussions to speed up the trial duration and commercialization. The product is also expected to receive E.U. approval for commercialization by the end of 2020. The total amount capitalized is K€158 and K€524 as per December 31, 2018 . Share-based payment transactions The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted and measured the cost of cash-settled transactions by reference to the fair value of the equity instrument at the date of reporting. The Group has applied the Black-Scholes valuation model to estimate fair value. Using this model requires management to make assumptions with regards to volatility and expected life of the equity instruments. The assumptions used for estimating fair value for share-based payment transactions are disclosed in Note 14 and are estimated as follows: Volatility is estimated based on the average annualized volatility of the Group; Estimated life of the warrant is estimated to be until the first exercise period which is typically the month after their vesting; Fair value of the shares is determined based on the share price of the Group on Nasdaq at the date of issuance. For the grants prior to the initial public offering , the fair value of the shares was estimated based on a discounted cash flow model with 3-year cash flow projections and a multiple of EBITDA determined based on a number quoted pee rs in the 3D printing industry; and The dividend return is estimated by reference to the historical dividend payment of the Group. Currently, this is estimated to be zero as no dividends have been paid since inception. Income taxes Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. As at December 31, 2018 , the Group had K€25,285 ( 2017 : K€11,948 ; 2016 : K€9,451 ) of tax losses carry forward and other tax credits such as investment tax credits and notional interest deduction, of which K€15,592 related to Materialise NV ( 2017 : K€4,581 ; 2016 : K€1,570 ). These losses relate to the parent and subsidiaries that have a history of losses, in countries where these losses do not expire ( except for the notional interest deduction ( 2018 : K€0 ; 2017 : K€315 ; 2016 : K€315 ) ) and may not be used to offset taxable income elsewhere in the Group. With respect to the unused tax losses of Materialise NV, no deferred tax assets have been recognized in 2018 , 2017 and 2016 , given that in view of the Belgian Patent Income Deduction and Innovation Income Deduction there is an uncertainty to which extent these tax losses will be used in future years. As from July 1, 2016, the new In novation Income Deduction replaces the form er Patent Income Deduction . Under the grandfathering rule the Patent Income Deduction system can still be applied until June 30, 2021. The Belgian Patent Income Deduction allows companies to deduct 80% of the qualifying gross patent income from the taxable basis. Under the Innovation Income Deduction system, companies can deduct up to 85% of their net innovation income from the taxable basis. Based on its analysis in 2018 the Company has assessed that no deferred tax asset should be accounted for with respect to its unused tax losses in Belgium. With respect to the unused tax losses of the other entities, no deferred tax assets have been recognized in 2018 ( 2017 : K€0 ; 2016 : K€109 ). The Group has not recognized deferred tax assets on unused tax losses totalling K€11,906 in 2018 ( 2017 : K€7,904 ; 2016 : K€8,877 ) given that it is not probable that sufficient positive taxable base will be available in the foreseeable future against which these tax losses can be utilized. If the Group was able to recognize all unrecognized deferred tax assets, net profit would have increased by K€3,531 in 2018 during which K€11,906 of tax losses were utilized. Further details on taxes are disclosed in Note 22 .10. Impairment of goodwill, intangible assets and property, plant & equipment The Group has goodwill for a total amount of K€17,491 as at December 31, 2018 ( 2017 : K€17,552 ; 2016 : K€8,860 ) which has been subject to an impairment test. The goodwill is tested for impairment based on a discounted cash flow model with cash flows for the next five years derived from the budget and a residual value considering a perpetual growth rate. The value in use is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes . The key assumptions used to determine the value in use for the different CGUs are disclosed and further explained in Note 5. The Group capitalized development expenses for a total amount of K€682 as at December 31, 2018 which are not in the condition as intended by management and as such not amortized. Those development expenses have been subject to an impairment test based on a discounted cash flow model with cash flows derived from the latest business plan. The value in use is sensitive to the discount rate used for the DCF model as well as the expected commercialization date for the products and the expected future cash inflows after commercialization. We refer to the section on development expenses above for further explanations. When events or changes in circumstances indicate that the carrying amount of the intangible assets and property, plant and equipment may not be recoverable, we estimate the value in use for the individual assets, or when not possible, at the level of CGUs to which the individual assets belong. No impairment charges have been recorded during 2018 ( 2017 : K€0 ; 2016 : K€0 ). Business combinations We determine and allocate the purchase price of an acquired business to the assets acquired and liabilities assumed as of the business combination date. Business combinations are discussed further in Note 4. The purchase price allocation process requires us to use significant estimates and assumptions, including estimated fair value of the acquired intangible assets; estimated fair value of property, plant and equipment ; and estimated fair value of the contingent consideration. The contingent consideration as included in the financial statements is recorded at fair value at the date of acquisition and is reviewed on a regular basis. The fair value of the contingent consideration is based on risk-adjusted future cash flows of different scenarios discounted using appropriate interest rates. The structure of the possible scenarios and the probability assigned to each one of them is reassessed by management at every reporting peri od and requires judgement from m anagement about the outcome and probability of the different scenarios as well as the evolution of the variables . While we are using our best estimates and assumptions as part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the date of acquisition, our estimates and assumptions are inherently uncertain and subject to refinement. Examples of critical estimates in valuing certain of the intangible assets we have acquired or may acquire in the future include but are not limited to: future expected cash flows from customer contracts and relationships, software license sales and maintenance agreements; the fair value of the plant and equipment the fair value of the deferred revenue; and discount rates . Provision for expected credit losses of trade receivables and contract assets The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e., by legal entity). The provision matrix is initially based on the Group’s historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if forecast economic conditions (i.e., gross domestic product) are expected to deteriorate over the next year which can lead to an increased number of defaults, the historical default rates are adjusted. At every reporting date, the historical observed default rates are updated and changes in the forw ard-looking estimates are analyz ed. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group’s historical credit loss experience and forecast of economic conditions may also not be representative of customer’s actual default in the future. The information about the ECLs on the Group’s trade receivables and contract assets is disclosed in Note 25. |
Description of judgements, and changes in judgements, that significantly affect determination of amount and timing of revenue from contracts with customers | Revenue recognition Our revenue recognition policies require management to make significant estimates. Management analyzes various factors, including a review of specific transactions, historical experience, creditworthiness of customers and current market and economic conditions. Changes in judgments based upon these factors could impact the timing and amount of revenue and cost recognized and thus affects our results of operations and financial condition. The significant estimates and judgments relate to: The assessment whether a performance obligation is distinct in a bundled sales transactions; Estimates of the variable considerations and the assessment of the revenue constraint limitation; Estimates of the stand-alone selling prices for each distinct performance obligation; and The stage of completion of our customized development of software components for customers when revenue is satisfied over time. The Group is making significant judgments when performing the assessment of whether a performance obligation is distinct from the other performance obligations in a contract, i.e. whether the good or service has a benefit for the customer in its own or together with readily available resource and/or whether the good or service is highly interrelated or a significant input with another good or service delivered, or whether it significantly modifies or customizes another good or service. The relevant judgments include the following: Whether the software license is distinct from the 3D printed guides - in most cases with contracts with collabroration partners in the Materialise Medical segment, the software licenses is combined with the manufacturing of the 3D printed guides as the software license has no benefit for the customer without the manufacturing services. Note that the Group is implementing a new feature "Plan Only" which where the collaboration partners could benefit from the software license in its own. Whether the development services are distinct from other performance obligations - in most cases, those performance obligations are distinct however for one contract with a collaboration partner in the Materialise Medical segment, the software license is combined with the license and the 3D printed guides as one "distinct" performance obligation For the stand-alone selling prices, the Group is using prices from price list or historical prices for similar transactions. However, in certain cases, such information is not immediately available and in such cases, the Group estimates the stand-alone selling price by using a cost-plus or another estimate. In addition, for certain performance obligations such as development services, stand-alone selling prices also require an estimate of the time to complete the development. Certain contracts include estimates of variable considerations within the transaction price and assessing the revenue constraint, such as: Quantities/volume sold for fixed prices in relation to, but not limited to, manufacturing of 3D printed products, software licenses sold, maintenance renewals; Contractual prices may be different based on volume purchased during a certain period; FTE spend for development or other services billed on a time and material basis; and Volume rebates. The method applied to estimate the variable consideration is dependent on the number of possible scenarios and the probability of each scenario. In case there are many possible scenarios with a wide range of probabilities (each less than 50%), the Group will use the expected value method while the most likely method is used when there is a scenario with a higher probability (more than 50%). Variable consideration is not constraint when based on historical experience and/or high reliable business forecast and/or the timeframe of the estimates, the Group determines that there is a high probability that this will not result in a future revenue reversal. We determine the stage of completion for development contracts satisfied over time by comparing labor hours incurred to-date to the estimated total labor hours required to complete the project. We consider labor hours to be the most reliable, available measure of progress on these projects. Adjustments to estimates to complete are made in the periods in which facts resulting in a change become known. When the estimate indicates that a loss will be incurred, such loss is recorded in the period identified. Significant judgments and estimates are involved in determining the percent complete of each contract. Different assumptions could yield materially different results. |
Description of judgements, and changes in judgements, that significantly impact the recognition of internally generated intangible assets [text block] | Development expenses Under IAS 38, internally generated intangible assets from the development phase are recognized if certain conditions are met. These conditions include the technical feasibility, intention to complete, the ability to use or sell the asset under development, and the demonstration of how the asset will generate probable future economic benefits. The cost of a recognized internally generated intangible asset comprises all directly attributable cost necessary to make the asset capable of being used as intended by management. In contrast, all expenditures arising from the research phase are expensed as incurred. Determining whether internally generated intangible assets from development are to be recognized as intangible assets requires significant judgment, particularly in determining whether the activities are considered research activities or development activities, whether the product enhancement is substantial, whether the completion of the asset is technical feasible considering a company-specific approach, the probability of future economic benefits from the sale or use including an assessment whether FDA approval will be obtained. The Group has determined that the conditions for recognizing internally generated intangible assets from proprietary software, guide and other product development activities are not met until shortly before the products are available for sale, unless either (i) the Group has strong evidence that the above criteria are met and a detailed business plan is available showing the asset will on a reasonable basis generate future economic benefits or (ii) the development is done based upon specific request of the customer, the Group has the intention to market the product also to other parties than the customer, the development is subject to an agreement and the substance of the agreement is that the customer reimburses the Group for a significant portion of the development expenses incurred. As such, development expenditures not satisfying the above criteria and expenditures on the research phase of internal projects are recognized in the consolidated income statement as incurred. This assessment is monitored by the Group on a regular basis. We have determined that the criteria for internally generated intangible assets were met for two projects in 2018: (1) the software development of a new planner for hospitals within a certain medical field and (2) the process to obtain FDA and E.U. approval for a 3D printed product within the Materialise Medical segment. For the latter, we determined that there is a low risk that FDA approval will not be obtained although clinical trials have to be started and commercialization is not expected before 2022. This assessment was made by management based on several factors including the developed product itself, the exclusive patent rights obtained on the developed product, the successful application of the product on a number of patients as part of the emergency exception use obtained from the FDA and the continued discussions to speed up the trial duration and commercialization. The product is also expected to receive E.U. approval for commercialization by the end of 2020. The total amount capitalized is K€158 and K€524 as per December 31, 2018 . |
Description of judgements, and changes in judgements, that significantly impact the determination of the fair values in the accounting for share based payment transactions [text block] | Share-based payment transactions The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted and measured the cost of cash-settled transactions by reference to the fair value of the equity instrument at the date of reporting. The Group has applied the Black-Scholes valuation model to estimate fair value. Using this model requires management to make assumptions with regards to volatility and expected life of the equity instruments. The assumptions used for estimating fair value for share-based payment transactions are disclosed in Note 14 and are estimated as follows: Volatility is estimated based on the average annualized volatility of the Group; Estimated life of the warrant is estimated to be until the first exercise period which is typically the month after their vesting; Fair value of the shares is determined based on the share price of the Group on Nasdaq at the date of issuance. For the grants prior to the initial public offering , the fair value of the shares was estimated based on a discounted cash flow model with 3-year cash flow projections and a multiple of EBITDA determined based on a number quoted pee rs in the 3D printing industry; and The dividend return is estimated by reference to the historical dividend payment of the Group. Currently, this is estimated to be zero as no dividends have been paid since inception. |
Description of judgements, and changes in judgements, that significantly impact the recognition of deferred tax assets [text block] | Income taxes Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. As at December 31, 2018 , the Group had K€25,285 ( 2017 : K€11,948 ; 2016 : K€9,451 ) of tax losses carry forward and other tax credits such as investment tax credits and notional interest deduction, of which K€15,592 related to Materialise NV ( 2017 : K€4,581 ; 2016 : K€1,570 ). These losses relate to the parent and subsidiaries that have a history of losses, in countries where these losses do not expire ( except for the notional interest deduction ( 2018 : K€0 ; 2017 : K€315 ; 2016 : K€315 ) ) and may not be used to offset taxable income elsewhere in the Group. With respect to the unused tax losses of Materialise NV, no deferred tax assets have been recognized in 2018 , 2017 and 2016 , given that in view of the Belgian Patent Income Deduction and Innovation Income Deduction there is an uncertainty to which extent these tax losses will be used in future years. As from July 1, 2016, the new In novation Income Deduction replaces the form er Patent Income Deduction . Under the grandfathering rule the Patent Income Deduction system can still be applied until June 30, 2021. The Belgian Patent Income Deduction allows companies to deduct 80% of the qualifying gross patent income from the taxable basis. Under the Innovation Income Deduction system, companies can deduct up to 85% of their net innovation income from the taxable basis. Based on its analysis in 2018 the Company has assessed that no deferred tax asset should be accounted for with respect to its unused tax losses in Belgium. With respect to the unused tax losses of the other entities, no deferred tax assets have been recognized in 2018 ( 2017 : K€0 ; 2016 : K€109 ). The Group has not recognized deferred tax assets on unused tax losses totalling K€11,906 in 2018 ( 2017 : K€7,904 ; 2016 : K€8,877 ) given that it is not probable that sufficient positive taxable base will be available in the foreseeable future against which these tax losses can be utilized. If the Group was able to recognize all unrecognized deferred tax assets, net profit would have increased by K€3,531 in 2018 during which K€11,906 of tax losses were utilized. Further details on taxes are disclosed in Note 22 .10. |
Description of judgements, and changes in judgements, that significantly impact the impairment of goodwill, intangible assets and property, plant and equipment [text block] | Impairment of goodwill, intangible assets and property, plant & equipment The Group has goodwill for a total amount of K€17,491 as at December 31, 2018 ( 2017 : K€17,552 ; 2016 : K€8,860 ) which has been subject to an impairment test. The goodwill is tested for impairment based on a discounted cash flow model with cash flows for the next five years derived from the budget and a residual value considering a perpetual growth rate. The value in use is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes . The key assumptions used to determine the value in use for the different CGUs are disclosed and further explained in Note 5. The Group capitalized development expenses for a total amount of K€682 as at December 31, 2018 which are not in the condition as intended by management and as such not amortized. Those development expenses have been subject to an impairment test based on a discounted cash flow model with cash flows derived from the latest business plan. The value in use is sensitive to the discount rate used for the DCF model as well as the expected commercialization date for the products and the expected future cash inflows after commercialization. We refer to the section on development expenses above for further explanations. When events or changes in circumstances indicate that the carrying amount of the intangible assets and property, plant and equipment may not be recoverable, we estimate the value in use for the individual assets, or when not possible, at the level of CGUs to which the individual assets belong. No impairment charges have been recorded during 2018 ( 2017 : K€0 ; 2016 : K€0 ). |
Description of judgements, and changes in judgements, that significantly impact the determination of the fair values in the accounting for business combinations [text block] | Business combinations We determine and allocate the purchase price of an acquired business to the assets acquired and liabilities assumed as of the business combination date. Business combinations are discussed further in Note 4. The purchase price allocation process requires us to use significant estimates and assumptions, including estimated fair value of the acquired intangible assets; estimated fair value of property, plant and equipment ; and estimated fair value of the contingent consideration. The contingent consideration as included in the financial statements is recorded at fair value at the date of acquisition and is reviewed on a regular basis. The fair value of the contingent consideration is based on risk-adjusted future cash flows of different scenarios discounted using appropriate interest rates. The structure of the possible scenarios and the probability assigned to each one of them is reassessed by management at every reporting peri od and requires judgement from m anagement about the outcome and probability of the different scenarios as well as the evolution of the variables . While we are using our best estimates and assumptions as part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the date of acquisition, our estimates and assumptions are inherently uncertain and subject to refinement. Examples of critical estimates in valuing certain of the intangible assets we have acquired or may acquire in the future include but are not limited to: future expected cash flows from customer contracts and relationships, software license sales and maintenance agreements; the fair value of the plant and equipment the fair value of the deferred revenue; and discount rates . |
Description of judgements, and changes in judgements, that significantly impact the provision for expected credit losses of trade receivables and contract assets [text block] | Provision for expected credit losses of trade receivables and contract assets The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e., by legal entity). The provision matrix is initially based on the Group’s historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if forecast economic conditions (i.e., gross domestic product) are expected to deteriorate over the next year which can lead to an increased number of defaults, the historical default rates are adjusted. At every reporting date, the historical observed default rates are updated and changes in the forw ard-looking estimates are analyz ed. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group’s historical credit loss experience and forecast of economic conditions may also not be representative of customer’s actual default in the future. The information about the ECLs on the Group’s trade receivables and contract assets is disclosed in Note 25. |
IFRS 15 tables (Tables)
IFRS 15 tables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
IFRS 15 catch-up adjustment [abstract] | |
IFRS 15 catch-up adjustment [text block] | in 000€ January 1, 2018 Software − Medical 1,173 Manufacturing − Total catch-up adjustment 1,173 |
IFRS 15 Balance Sheet Impact (T
IFRS 15 Balance Sheet Impact (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
IFRS 15 balance sheet impact [Abstract] | |
IFRS 15 balance sheet impact [text block] | As of December 31, 2018 Consolidated statement of financial position As reported IFRS 15 Catch-up adjustment IFRS 15 Adjustments after initial adoption Amounts without adoption of IFRS 15 Equity and liabilities Equity Share capital 3,050 − − 3,050 Share premium 136,637 − − 136,637 Consolidated reserves (1,848) 1,173 (410) (1,085) Other comprehensive loss (1,850) − − (1,850) Equity attributable to the owners of the parent 135,989 1,173 (410) 136,752 Total equity 135,989 1,173 (410) 136,752 Non-current liabilities Loans & borrowings 92,440 − − 92,440 Deferred tax liabilities 6,226 − − 6,226 Deferred income (contract liability) 4,587 (763) 410 4,234 Other non-current liabilities 868 − − 868 Total non-current liabilities 104,121 (763) 410 103,768 Current liabilities Loans & borrowings 13,598 − − 13,598 Trade payables 18,667 − − 18,667 Tax payables 2,313 − − 2,313 Deferred income (contract liability) 23,195 (410) − 22,785 Other current liabilities 15,342 − − 15,342 Total current liabilities 73,115 (410) − 72,705 Total equity and liabilities 313,225 − − 313,225 |
IFRS 15 Income Statement Impact
IFRS 15 Income Statement Impact (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
IFRS 15 income statement impact [Abstract] | |
IFRS 15 income statement impact [text block] | For the year ended December, 31 2018 Consolidated income statement As reported Adjustments Amounts without adoption of IFRS 15 Revenue 184,721 (410) 184,311 Cost of sales (82,299) − (82,299) Gross profit 102,422 (410) 102,012 Research and development expenses (22,416) − (22,416) Sales and marketing expenses (46,303) − (46,303) General and administrative expenses (32,310) − (32,310) Net other operating income 3,771 − 3,771 Operating profit 5,164 (410) 4,754 Financial expenses (4,864) − (4,864) Financial income 3,627 − 3,627 Share in loss of joint venture (475) − (475) Profit before taxes 3,452 (410) 3,042 Income taxes (425) − (425) Net profit for the year 3,027 (410) 2,617 Net profit attributable to: − The owners of the parent 3,027 (410) 2,617 Basic earnings per share 0.06 0.05 Diluted earnings per share 0.06 0.05 |
Restatement Actech Balance Shee
Restatement Actech Balance Sheet (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restatement Actech balance sheet [Abstract] | |
Restatement Actech balance sheet [text block] | As of December 31, 2017 Restatement impact on statement of financial position As previously reported IFRS 3 ACTECH As restated Assets Non-current assets Goodwill 18,447 (895) 17,552 Intangible assets 28,646 (46) 28,600 Property, plant & equipment 86,881 184 87,065 Investments in joint ventures 31 − 31 Deferred tax assets 304 − 304 Other non-current assets 3,667 − 3,667 Total non-current assets 137,976 (757) 137,219 Current assets Inventories and contracts in progress 11,594 (567) 11,027 Trade receivables 35,582 − 35,582 Other current assets 9,212 (1,537) 7,675 Cash and cash equivalents 43,175 − 43,175 Total current assets 99,563 (2,104) 97,459 Total assets 237,539 (2,861) 234,678 Equity and liabilities Equity Share capital 2,729 − 2,729 Share premium 79,839 − 79,839 Consolidated reserves (3,250) (461) (3,711) Other comprehensive loss (1,803) − (1,803) Equity attributable to the owners of the parent 77,515 (461) 77,054 Total equity 77,515 (461) 77,054 Non-current liabilities Loans & borrowings 81,788 − 81,788 Deferred tax liabilities 7,006 409 7,415 Deferred income 5,040 (1,272) 3,768 Other non-current liabilities 1,904 − 1,904 Total non-current liabilities 95,738 (863) 94,875 Current liabilities Loans & borrowings 12,769 − 12,769 Trade payables 15,670 − 15,670 Tax payables 3,560 (1,537) 2,023 Deferred income 18,791 − 18,791 Other current liabilities 13,496 − 13,496 Total current liabilities 64,286 (1,537) 62,749 Total equity and liabilities 237,539 (2,861) 234,678 |
Restatement Actech Income State
Restatement Actech Income Statement (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restatement Actech income statement [Abstract] | |
Restatement Actech income statement [text block] | For the year ended December 31, 2017 Restatement impact on income statement As previously reported IFRS 3 ACTECH Reclassification As restated Revenue 142,573 − − 142,573 Cost of sales (62,787) (447) 282 (62,952) Gross profit 79,786 (447) 282 79,621 Research and development expenses (19,959) − − (19,959) Sales and marketing expenses (39,109) − 174 (38,935) General and administrative expenses (25,484) − 608 (24,876) Net other operating income / (expenses) 5,631 (26) (1,064) 4,541 Operating profit (loss) 865 (473) − 392 Financial expenses (4,728) − − (4,728) Financial income 3,210 − − 3,210 Share in loss of joint venture (469) − − (469) Loss before taxes (1,122) (473) − (1,595) Income taxes (534) 12 − (522) Net loss for the year (1,656) (461) − (2,117) Net loss attributable to: The owners of the parent (1,656) (461) − (2,117) Non-controlling interest − − − − |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about business combination [abstract] | |
Acquisition of ACTech [text block] | in 000€ Carrying value at acquisition date Fair value adjust- ments Fair value at acquisi- tion date Assets Technology − 515 515 Customer relations − 17,092 17,092 Other intangible assets 6,330 (5,345) 985 Property, plant & equipment 19,986 243 20,229 Deferred tax assets 503 (415) 88 Other non-current financial assets 56 − 56 Inventory 2,356 433 2,789 Trade receivables 5,176 − 5,176 Cash & cash equivalents 2,244 − 2,244 Other assets 542 − 542 Total Assets 37,193 12,523 49,716 Liabilities Deferred tax liabilities (47) (5,977) (6,024) Deferred income (1,298) 1,298 − Loans & borrowings (11,308) − (11,308) Trade payables (777) − (777) Tax payables (3,664) 1,214 (2,450) Other liabilities (9,062) − (9,062) Total Liabilities (26,156) (3,465) (29,621) Total identified assets and liabilities 11,037 9,058 20,095 Goodwill − − 8,812 Acquisition price − − 28,907 Cash & cash equivalents acquired (2,244) Acquisition price in cash including escrow 29,418 Total cash flow 27,174 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Non-current Assets [Abstract] | |
Disclosure of information for cash-generating units [text block] | As of December 31, in 000€ 2018 2017* 2016 CGU: MAT NV SAM BE 3,241 3,241 3,241 CGU: e-Prototypy 794 818 775 CGU: ACTech 8,812 8,812 − CGU: OrthoView 4,467 4,504 4,667 CGU: MAT NV Manufacturing (Metal) 177 177 177 Total 17,491 17,552 8,860 |
Disclosure of reconciliation of changes in goodwill [text block] | in 000€ Gross Impair- ment Total At January 1, 2016 9,768 (104) 9,664 Currency translation (804) − (804) At December 31, 2016 8,964 (104) 8,860 Additions 8,812 − 8,812 Currency translation (120) − (120) At December 31, 2017 17,656 (104) 17,552 Currency translation (61) − (61) At December 31, 2018 17,595 (104) 17,491 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [abstract] | |
Disclosure of detailed information about intangible assets [text block] | in 000€ Patents and licenses Software Acquired customers, technology and backlogs Developed technology and software under construction Total Acquisition value At January 1, 2016 3,202 1,779 8,525 − 13,506 Additions 606 1,736 − − 2,342 Acquisition of a subsidiary − − − − − Disposals (18) (212) − − (230) Transfer between accounts − 490 − − 490 Currency translation (2) (26) (923) − (951) Other − 2 (6) − (4) At December 31, 2016 3,788 3,769 7,596 − 15,153 Additions 749 3,718 − − 4,467 Acquisition of a subsidiary* 115 242 18,433 − 18,790 Disposals (159) (143) − − (302) Transfer between accounts − (98) − − (98) Currency translation − (5) (183) − (188) Other 4 155 (251) − (92) At December 31, 2017* 4,497 7,638 25,595 − 37,730 Additions 554 807 32 951 2,344 Acquisition of a subsidiary − − − − − Disposals (759) (221) − − (980) Transfer between accounts 2 − − 364 366 Currency translation − − (48) − (48) Other − 17 − − 17 At December 31, 2018 4,294 8,241 25,579 1,315 39,429 in 000€ Patents and licenses Software Acquired customers, technology and backlogs Developed technology and software under construction Total Amortization At January 1, 2016 (1,471) (958) (1,420) − (3,849) Depreciation charge for the year (576) (559) (819) − (1,954) Disposals 3 239 − − 242 Transfer between accounts − − − − − Currency translation 2 26 144 − 172 Other − 1 − − 1 At December 31, 2016 (2,042) (1,251) (2,095) − (5,388) Depreciation charge for the year* (609) (1,634) (1,579) − (3,822) Disposals 2 77 − − 79 Transfer between accounts − 98 − − 98 Currency translation − 4 45 − 49 Other (117) (279) 250 − (146) At December 31, 2017* (2,766) (2,985) (3,379) − (9,130) Depreciation charge for the year (749) (2,310) (2,005) − (5,064) Disposals 854 206 − − 1,060 Transfer between accounts − − − − − Currency translation − 1 22 − 23 Other − 8 − − 8 At December 31, 2018 (2,661) (5,080) (5,362) − (13,103) Net carrying value At December, 31 2018 1,633 3,161 20,217 1,315 26,326 At December, 31 2017* 1,731 4,653 22,216 − 28,600 At December 31, 2016 1,746 2,518 5,501 − 9,765 At January, 1 2016 1,731 821 7,105 − 9,657 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment [text block] | in 000€ Land and buildings Plant and equipment Leased assets Construc- tion in progress Total Acquisition value At January 1, 2017 19,797 40,199 11,241 4,652 75,889 Additions 377 10,560 2,246 17,334 30,517 Acquired from business combinations* 9,362 10,318 136 414 20,230 Disposals (31) (1,046) (39) 218 (898) Transfers 11,527 7,439 (425) (18,914) (373) Currency Translation (185) (118) 5 88 (210) Other (663) (235) 1,139 (38) 203 At December 31, 2017* 40,184 67,117 14,303 3,754 125,358 Additions 3,079 9,476 792 5,210 18,557 Acquired from business combinations − − − − − Disposals (99) (1,882) (17) (387) (2,385) Transfers 2,728 2,953 (732) (5,547) (598) Currency Translation (119) (25) (19) (26) (189) Other 4 (82) − (2) (80) At December 31, 2018 45,777 77,557 14,327 3,002 140,663 Depreciation At January 1, 2017 (5,093) (22,263) (3,470) − (30,826) Depreciation charge for the year * (831) (5,531) (2,327) − (8,689) Disposals 15 842 18 − 875 Transfers 521 (444) 296 − 373 Currency Translation 31 166 (1) − 196 Other 853 64 (1,139) − (222) At December 31, 2017 * (4,504) (27,166) (6,623) − (38,293) Depreciation charge for the year (1,560) (8,010) (2,346) (307) (12,223) Disposals 26 2,102 6 − 2,134 Transfers (18) (253) 514 − 243 Currency Translation (15) (53) 8 − (60) Other − 73 − − 73 At December 31, 2018 (6,071) (33,307) (8,441) (307) (48,126) Net book value At December 31, 2018 39,706 44,250 5,886 2,695 92,537 At December 31, 2017* 35,680 39,951 7,680 3,754 87,065 At January 1, 2017 14,704 17,936 7,771 4,652 45,063 in 000€ Land and buildings Plant and equipment Leased assets Construc- tion in progress Total Acquisition value At January 1, 2016 19,719 33,408 8,933 2,114 64,174 Additions 8 4,916 2,483 7,899 15,306 Acquired from business combinations − − − − − Disposals (2) (2,266) (699) (6) (2,973) Transfers 3 4,180 540 (5,330) (607) Currency Translation 69 − (20) (25) 24 Other − (39) 4 − (35) At December 31, 2016 19,797 40,199 11,241 4,652 75,889 Depreciation At January 1, 2016 (4,369) (18,927) (2,478) − (25,774) Depreciation charge for the year (709) (4,048) (1,663) − (6,420) Disposals 2 541 669 − 1,212 Transfers − 117 − − 117 Currency Translation (17) 6 2 − (9) Other − 48 − − 48 At December 31, 2016 (5,093) (22,263) (3,470) − (30,826) Net book value At December 31, 2016 14,704 17,936 7,771 4,652 45,063 At January 1, 2016 15,350 14,481 6,455 2,114 38,400 |
Investments in joint ventures (
Investments in joint ventures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of joint ventures [abstract] | |
Disclosure of joint ventures table [Text block] | in 000€ 2018 2017** 2016 (Share in the) joint venture’s statement of financial position Current assets 850 1,256 1,643 Non-current assets 114 212 186 Goodwill − − − Current liabilities (756) (692) (1,118) Non-current liabilities (1,096) (788) − Shareholders’ deficit (surplus) 888 12 (711) (Share in the) joint venture income and expenses (loss) Revenue 1,186 817 684 Profit (loss)² (876) (723) (1,208) |
Disclosure of movement carrying value of joint venture [text block] | in 000€ Carrying value as of January 1, 2016 1,018 Share in loss (1,018) Carrying value as of December 31, 2016 − Additional investment 500 Share in loss (469) Carrying value as of December 31, 2017 31 Additional investment − Transfer from receivables 444 Share in loss (475) Carrying value as of December 31, 2018 − |
Inventories and contracts in pr
Inventories and contracts in progress and other assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory and contract in progress [abstract] | |
Disclosure of other non-current assets table [text block] | As of December 31, in 000€ 2018 2017 2016 Tax credits 3,006 2,446 1,766 Guarantees and deposits 405 362 342 Non-current receivable on joint venture 1,096 804 − Non-listed equity investments 2,701 − − Other 29 55 46 Total non-current assets 7,237 3,667 2,154 |
Disclosure of inventories and contracts in progress [text block] | As of December 31, in 000€ 2018 2017* 2016 Raw materials 5,616 4,970 4,297 Work in progress 2,151 3,377 1,538 Finished goods 1,390 1,414 880 Contracts in progress 829 1,266 1,155 Total inventories and contracts in progress 9,986 11,027 7,870 |
Disclosure of other current assets table [text block] | As of December 31, in 000€ 2018 2017* 2016 Deferred charges 2,046 2,021 1,483 Tax credits 185 219 176 Accrued income 958 524 666 Other tax receivables 2,286 2,910 604 Other non-trade receivables 1,461 2,001 1,552 Total current assets 6,936 7,675 4,481 |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other receivables [abstract] | |
Disclosure of trade receivables [text block] | As of December 31, in 000€ 2018 2017 2016 Trade receivables 38,764 36,572 27,990 Amortization receivables (1,873) (990) (511) Total 36,891 35,582 27,479 |
Disclosure of impairment loss (reversal of impairment loss) on trade receivables [text block] | in 000€ At January 1, 2016 (505) Addition (266) Usage 190 Reversal 70 At December 31, 2016 (511) At January 1, 2017 (511) Addition (620) Usage 12 Reversal 129 At December 31, 2017 (990) At January 1, 2018 (990) Addition (1,284) Usage 182 Reversal 219 At December 31, 2018 (1,873) |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash and cash equivalents [abstract] | |
Disclosure of cash and cash equivalents tables [text block] | As of December 31, in 000€ 2018 2017 2016 Cash at bank 105,846 33,611 45,645 Cash equivalents 9,660 9,564 10,267 Total 115,506 43,175 55,912 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Disclosure of classes of share capital [text block] | in 000€, except share data Total number of founder shares Total number of ordinary shares Total share- holders' capital Total share- premium Outstanding at January 1, 2016 − 47,325,438 2,729 78,098 Outstanding on December 31, 2016 − 47,325,438 2,729 79,019 Outstanding at January 1, 2017 − 47,325,438 2,729 79,019 Equity settled share-based payments expense − − − 820 Outstanding on December 1, 2017 − 47,325,438 2,729 79,839 Outstanding at January 1, 2018 − 47,325,438 2,729 79,839 Capital increase in cash - public offering and private placement − 5,403,125 312 59,575 Expenses directly attributable to public offering − − − (4,003) Capital increase via exercise of warrants − 162,198 9 593 Equity settled share-based payments expense − − − 633 Outstanding on December 31, 2018 − 52,890,761 3,050 136,637 |
Disclosure of reserves within equity [text block] | As of December 31, in 000€ 2018 2017* 2016 Legal reserve 279 279 279 (Accumulated deficit) (2,128) (3,990) (1,882) Reserves (1,849) (3,711) (1,603) |
Share based payment plans (Tabl
Share based payment plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Disclosure of terms and conditions of share-based payment plan arrangements of the parent [text block] | 2018 2017 2016 Outstanding at January 1* 1,458,360 1,681,000 1,401,852 Granted 2,000 − 350,000 Forfeited / Cancelled (69,104) (119,784) (70,852) Exercised (73,207) (102,856) − Outstanding at December 31* 1,318,049 1,458,360 1,681,000 Exercisable at December 31 252,793 − − |
Disclosure of terms and conditions of share-based payment plan arrangements of the 2013 warrant plan [text block] | 2018 2017 2016 Outstanding at January 1 320,640 435,096 439,896 Granted − − − Forfeited / Cancelled (1,500) (11,600) (4,800) Exercised (19,100) (102,856) − Outstanding at December 31 300,040 320,640 435,096 Exercisable at December 31 89,892 − − |
Disclosure of terms and conditions of share-based payment plan arrangements of the IPO warrant plan [text block] | 2018 2017 2016 Outstanding at January 1 671,503 727,599 772,859 Granted − − − Forfeited / Cancelled (42,209) (56,096) (45,260) Exercised (40,242) − − Outstanding at December 31 589,052 671,503 727,599 Exercisable at December 31 114,012 − − |
Disclosure of terms and conditions of share-based payment plan arrangements of the 2015 warrant plan [text block] | 2018 2017 2016 Outstanding at January 1 329,000 350,000 − Granted 2,000 − 350,000 Forfeited / Cancelled (5,800) (21,000) − Exercised − − − Outstanding at December 31 325,200 329,000 350,000 Exercisable at December 31 32,700 − − |
Disclosure of inputs into the model of equity settled share-based payment plans [text block] | 2015 (Sept 16) 2015 (Nov) IPO 2014 (Nov) IPO 2014 (June) 2013 (Dec) * 2013 (Oct) * Return dividend 0% 0% 0% 0% 0% 0% Expected volatility 47% 47% 50% 46% 50% 53% Risk-free interest rate 0.24% 1.17% 1.12% 1.70% 2.56% 2.43% Expected life 4.30 5.50 5.50 5.50 5.50 5.50 Exercise price (in €) 6.45 8.81 8.81 8.81 8.54 7.86 Stock price (in €) 6.42 8.08 8.67 8.81 18.09 18.09 Fair value SAR (in €) 2.41 3.30 3.94 3.83 12.23 12.77 |
Disclosure of terms and conditions of share-based payment plan arrangements of the cash-settled plans [text block] | 2,018 2,017 2,016 Outstanding at January 1 137,217 168,305 189,097 Granted − − − Forfeited / Cancelled (19,595) (31,088) (20,792) Exercised (13,865) − − Outstanding at December 31 103,757 137,217 168,305 Exercisable at December 31 16,189 − − |
Disclosure of inputs into the model of cash settled share-based payment plans [text block] | 2018 2017 2016 Return dividend 0% 0% 0% Expected volatility 49% 49% 50% Risk-free interest rate 0.77% 0.73% 0.55% Expected life 1.25 2.25 3.25 Exercise price (in €) 8.81 8.81 8.81 Stock price (in €) 17.49 10.61 7.30 Fair value SAR (in €) 9.09 3.85 2.17 |
Disclosure of terms and conditions of share-based payment plan arrangements of the Rapidfit+ plan [text block] | 2018 2017 2016 Outstanding at January 1 199 199 199 Granted − − − Forfeited / Cancelled − − − Exercised − − − Outstanding at December 31 199 199 199 Exercisable at December 31 − − − |
Disclosure of inputs into the model of the Rapidfit+ plan [text block] | 2014 Return dividend 0% Expected volatility 50% Risk-free interest rate 2.29% Expected life 5.5 Exercise price 553.9 Fair value option 262.7 |
Loans and borrowings (Tables)
Loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt instruments held [abstract] | |
Disclosure of detailed information about borrowings [text block] | As of December 31 in 000€ 2018 2017 2016 K€28,000 acquisition bank loan 24,576 27,513 − K€18,000 secured bank loans 17,739 17,575 6,404 K€10,000 EIB bank loan 10,000 − − K€12,300 bank loans ACTech 12,300 9,247 − K€8,750 other facility loans 4,299 4,982 5,411 Bank investment loans - top 20 outstanding 23,801 21,441 9,467 Bank investment loans - other 3,808 2,289 2,927 Financial lease agreements 6,809 9,164 7,395 Institutional loan 1,492 1,105 936 Convertible bonds 1,000 1,000 1,000 Related party loan 214 241 266 Total loans and borrowings 106,038 94,557 33,806 Current 13,598 12,769 5,539 Non-Current 92,440 81,788 28,267 |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | For the year ended December 31 in 000€ 2018 2017 2016 At January 1, 94,557 33,806 21,089 Proceeds from loans & borrowings 32,554 54,319 14,669 Repayment of loans & borrowings (18,820) (11,904) (2,796) New finance leases 792 2,906 2,483 Repayment of finance leases (3,102) (2,947) (1,898) Loans acquired from business combination − 18,205 − Net foreign exchange movements 57 172 259 At December 31, 106,038 94,557 33,806 |
Other non-current liabilities (
Other non-current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Miscellaneous non-current liabilities [abstract] | |
Disclosure other non-current liabilities [text block] | As of December 31, in 000€ 2018 2017 2016 Written-put option RapidFit+ − 788 735 Contingent consideration − 648 909 Provisions 82 109 69 Other 786 359 160 Total 868 1,904 1,873 |
Deferred income (Tables)
Deferred income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accruals and deferred income [abstract] | |
Disclosure of information about deferred income [text block] | As of December 31 in 000€ 2018 2017* 2016 Deferred maintenance & license 22,606 18,723 16,799 Deferred (project) fees 4,838 3,765 4,134 Deferred government grants 338 71 419 Other − − 58 Total 27,782 22,559 21,410 current 23,195 18,791 17,822 non-current 4,587 3,768 3,588 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Miscellaneous current liabilities [abstract] | |
Disclosure of detailed information of other current liabilities [text block] | As of December 31 in 000€ 2018 2017 2016 Payroll-related liabilities 10,111 9,274 7,873 Non-income tax payables 2,175 2,063 694 Accrued charges 789 769 946 Advances received 713 870 581 Other current liabilities 1,554 520 53 Total 15,342 13,496 10,147 |
Fair value (Tables)
Fair value (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of fair value of financial assets and liabilities [abstract] | |
Disclosure of fair value measurement of assets [text block] | Carrying value Fair value in 000€ 2018 2017* 2016 2018 2017* 2016 Financial assets Debt instruments measured at amortized cost Trade receivables (current) 36,891 35,582 27,479 36,891 35,582 27,479 Other financial assets (non-current) 1,530 1,221 388 1,530 1,221 388 Other current non-trade receivables 1,461 2,001 1,552 1,461 2,001 1,552 Cash & cash equivalents 115,506 43,175 55,912 115,506 43,175 55,912 Total debt instruments 155,388 81,979 85,331 155,388 81,979 85,331 Financial assets at fair value through profit or loss Derivatives 117 218 − 117 218 − Total financial assets measured at fair value 117 218 − 117 218 − Equity instruments designated at fair value through OCI Non-listed equity investments 2,701 − − 2,701 − − Total Equity instruments designated at fair value through OCI 2,701 − − 2,701 − − |
Disclosure of fair value measurement of liabilities [text block] | Carrying value Fair value in 000€ 2018 2017* 2016 2018 2017* 2016 Financial liabilities measured at amortized cost Loans & Borrowings 106,038 94,557 33,806 105,027 95,351 34,619 Trade payables 18,667 15,670 13,400 18,667 15,670 13,400 Other liabilities 778 1,133 647 778 1,133 647 Total financial liabilities measured at amortized cost 125,483 111,360 47,853 124,472 112,154 48,666 Financial liabilities measured at fair value Contingent consideration 450 905 909 450 905 909 Cash settled share based payments 786 351 147 786 351 147 Written put option on NCI 845 788 735 845 788 735 Derivatives 194 8 − 194 8 − Total financial liability measured at fair value 2,275 2,052 1,791 2,275 2,052 1,791 Total non-current 94,521 85,276 31,715 93,289 85,890 32,358 Total current 33,237 28,136 17,929 33,458 28,316 18,099 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of operating segments [abstract] | |
Disclosure segment information [text block] | in 000€ Materialise Software Materialise Medical Materialise Manufacturing Total segments Unallocated Consolidated For the year ended December 31, 2018 Revenues 37,374 52,252 94,956 184,582 139 184,721 Segment EBITDA 11,536 10,252 10,785 32,573 (10,122) 22,451 Segment EBITDA % 30.9% 19.6% 11.4% 17.6% − 12.2% For the year ended December 31, 2017 Revenues 35,770 42,841 63,712 142,323 250 142,573 Segment EBITDA* 13,926 4,400 4,439 22,765 (9,797) 12,968 Segment EBITDA % 38.9% 10.3% 7.0% 16.0% − 9.1% For the year ended December 31, 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% |
Disclosure of segment EBITDA [text block] | For the year ended December 31, in 000€ 2018 2017* 2016 Segment EBITDA 32,573 22,765 14,872 Depreciation, amortization and impairment (17,287) (12,576) (8,374) Corporate research and development (1,913) (2,017) (1,673) Corporate headquarter costs (10,358) (9,690) (8,646) Other operating income (expense) 2,149 1,910 3,928 Operating (loss) profit 5,164 392 107 Financial expenses (4,864) (4,728) (2,437) Financial income 3,627 3,210 2,039 Income taxes (425) (522) (1,710) Share in loss of joint venture (475) (469) (1,018) Net (loss) profit 3,027 (2,117) (3,019) |
Disclosure of geographical areas [text block] | As of December 31, in 000€ 2018 2017* 2016 United States of America (USA) 3,953 3,880 4,697 Americas other than USA 62 29 35 Europe (without Belgium) 82,427 81,988 23,984 Belgium 48,873 46,576 34,074 Asia-Pacific 1,039 744 898 Total 136,354 133,217 63,688 |
Income and expenses (Tables)
Income and expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of income and expenses [abstract] | |
Disclosure of revenue from contracts with customers [text block] | in 000€ Materialise Software Materialise Medical Materialise Manufacturing Total segments Unallocated Geographical markets United States of America (USA) 8,804 23,940 9,439 42,183 34 Americas other than USA 193 1,404 101 1,698 2 Europe (without Belgium) & Africa 17,026 19,073 74,852 110,951 77 Belgium 155 1,824 7,364 9,343 7 Asia Pacific 11,196 6,011 3,200 20,407 19 Total revenue from contracts with customers 37,374 52,252 94,956 184,582 139 Type of goods or service Software revenue (non-medical) 37,374 − − 37,374 − Software revenue (medical) − 17,045 − 17,045 − Medical devices and services − 35,207 − 35,207 − Prototyping − − 27,599 27,599 − End parts production − − 23,919 23,919 − Complex metal parts production (ACTech) − − 43,438 43,438 − Other − − − − 139 Total revenue from contracts with customers 37,374 52,252 94,956 184,582 139 Timing of revenue recognition Goods/Services transferred at a point in time 20,326 39,682 90,614 150,622 139 Goods/Services transferred over time 17,048 12,570 4,342 33,960 − Total revenue from contracts with customers 37,374 52,252 94,956 184,582 139 |
Disclosure of revenue by category [text block] | For the year ended December 31 in 000€ 2018 2017 2016 Software revenue (non-medical) 37,374 35,770 30,122 Software revenue (medical) 17,045 15,619 13,404 Medical devices and services 35,207 27,222 24,506 Prototyping 27,599 28,423 27,568 End parts production 23,919 25,324 18,838 Complex metal parts production (ACTech) 43,438 9,965 − Other 139 250 39 Total 184,721 142,573 114,477 |
Disclosure of contract balances [text block] | As of December 31, in 000€ 2018 2017 Trade receivables, included in 'trade and other receivables' 38,764 36,572 Contract assets / contracts in progress 829 1,266 Contract liabilities / deferred income 27,444 23,661 Total 67,037 61,499 |
Disclosure of Cost of sales [text block] | For the year ended December 31 in 000€ 2018 2017* 2016 Purchase of goods and services (39,114) (34,480) (25,374) Amortization and depreciation (9,910) (7,560) (5,007) Payroll expenses (33,036) (20,806) (16,161) Other expenses (239) (106) (164) Total (82,299) (62,952) (46,706) |
Disclosure of Research and Development Expense [Text block] | For the year ended December 31 in 000€ 2018 2017 2016 Purchase of goods and services (3,590) (3,140) (3,177) Amortization and depreciation (830) (686) (478) Payroll expenses (17,935) (16,054) (13,985) Other (61) (79) (42) Total (22,416) (19,959) (17,682) |
Disclosure of sales and marketing expenses [text block] | For the year ended December 31 in 000€ 2018 2017* 2016 Purchase of goods and services (9,775) (8,035) (7,450) Amortization and depreciation (725) (505) (563) Payroll expenses (35,585) (30,175) (27,828) Other (218) (220) (312) Total (46,303) (38,935) (36,153) |
Disclosure of General and Administrative Expenses [text block] | For the year ended December 31 in 000€ 2018 2017* 2016 Purchase of goods and services (9,892) (7,053) (5,488) Amortization and depreciation (3,828) (2,761) (2,326) Payroll expenses (18,442) (14,858) (11,895) Other (148) (204) (332) Total (32,310) (24,876) (20,041) |
Disclosure of net other operating incomes expenses [text block] | For the year ended December 31 in 000€ 2018 2017* 2016 Government grants 4,658 4,342 4,181 Amortization intangibles purchase price allocation (1,994) (1,064) − Allowance for doubtful debtors (1,065) (454) (77) Capitalized expenses (asset construction) 16 123 12 Net foreign currency exchange gains / (losses) 246 (235) 452 Tax Credits 706 899 741 Fair value adjustment Cenat liability 192 − − Personnel related income 168 − − Other 844 930 903 Total 3,771 4,541 6,212 |
Disclosure of Payroll Expenses [text block] | For the year ended December 31 in 000€ 2018 2017 2016 Short-term employee benefits (76,023) (60,195) (50,714) Social security expenses (14,139) (11,200) (10,136) Expenses defined contribution plans (936) (926) (388) Other employee expenses (13,900) (9,572) (8,631) Total (104,998) (81,893) (69,869) 2,009 1,862 1,432 |
Disclosure of financial expenses [text block] | For the year ended December 31 in 000€ 2018 2017 2016 Interest expense (1,747) (1,026) (665) Foreign currency losses (2,748) (3,131) (1,453) Other financial expenses (369) (571) (319) Total (4,864) (4,728) (2,437) |
Disclosure of financial income [text block] | For the year ended December 31 in 000€ 2018 2017 2016 Foreign currency exchange gains 3,047 2,830 1,853 Amortization discount interest free loans − 6 14 Other finance income 580 374 172 Total 3,627 3,210 2,039 |
Income tax and deferred tax (Ta
Income tax and deferred tax (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income tax and deferred tax [abstract] | |
Disclosure of income tax [text block] | As of December 31, in 000€ 2018 2017* 2016 Estimated tax liability for the year (1,216) (1,530) (1,698) Tax adjustments to the previous year − 412 − Deferred income taxes 791 596 (12) Total income taxes for the period (425) (522) (1,710) |
Disclosure of deferred taxes [text block] | Asset/(liability) Income/(expense) in 000€ 2018 2017* 2016 2018 2017* 2016 Tax losses, notional interest deduction and other tax benefits 26 − 109 − − − Amortization development assets and other intangible assets 224 304 227 − − − Depreciation property, plant & equipment 30 − − − − − Other items 35 − − − − − Total deferred tax assets 315 304 336 11 (32) (756) Property, plant & equipment (694) (698) (452) − − − Intangible assets (5,370) (6,656) (873) − − − Investment grants (312) − − − − − Inventory valuation 141 − − − − − Other items 9 (61) − − − − Total deferred tax liabilities (6,226) (7,415) (1,325) 780 628 744 Total deferred tax income (loss) − − − 791 596 (12) |
Disclosure of relationship between tax expense and accounting profit [text block] | For the year ended December 31 in 000€ 2018 2017* 2016 Profit (loss) before taxes 3,452 (1,595) (1,309) Income tax at statutory rate of 29.58% (2017, 2016: 33,99%) (1,021) 542 445 Effect of different local tax rate 166 433 663 Tax adjustments to the previous period 80 412 − Non-deductible expenses (1,141) (818) (453) Capitalized initial public offering transaction costs − − − Research and development tax credits & patent income deduction 337 44 3,664 Notional interest deduction Belgium − − 351 Non recognition of deferred tax asset (546) (1,505) (6,767) Recognition of deferred tax assets on previous years tax losses 653 − − Non-taxable income 606 556 729 Use of previous years tax losses and tax credits for which no − 12 50 Taxes on other basis 280 (117) (342) Other 161 (81) (50) Income tax expense as reported in the consolidated income statement (425) (522) (1,710) |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings per share [abstract] | |
Net profit (loss) used for the earnings per share calculation [text block] | For the year ended December 31 in 000€ 2018 2017* 2016 Net profit attributable to ordinary equity holders of the parent for basic earnings 3,027 (2,117) (3,019) Interest on convertible bonds 50 − − Net profit attributable to ordinary equity holders of the parent adjusted for the effect of dilution 3,077 (2,117) (3,019) |
Share data used for the earnings per share calculation [text block] | For the year ended December 31 in 000 2018 2017 2016 Weighted average number of ordinary shares for basic earnings per share 49,806 47,325 47,325 Effect of dilution: Share options 382 − − Convertible loan 421 − − Weighted average number of ordinary shares adjusted for effect of dilution 50,609 47,325 47,325 |
Earnings per share [text block] | For the year ended December 31 2018 2017* 2016 Earnings per share attributable to the owners of the parent Basic 0.06 (0.04) (0.06) Diluted 0.06 (0.04) (0.06) |
Commitments and contingent li_2
Commitments and contingent liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Capital commitments [abstract] | |
Disclosure of finance lease and operating lease by lessee [text block] | As of December 31, in 000€ 2018 2017 2016 Within one year 2,053 1,721 2,012 Between one and three years 2,302 1,504 1,964 Between four and five years 785 406 561 More than five years 302 77 84 Total 5,442 3,708 4,621 |
Disclosure of future minimum lease payments [text block] | December 31, 2018 December 31, 2017 December 31, 2016 in 000€ Minimum lease payments Present value of payments Minimum lease payments Present value of payments Minimum lease payments Present value of payments Within one year 2,876 2,829 3,179 3,034 2,400 2,287 Between two and three years 3,398 3,236 5,017 4,643 3,640 3,503 Between four and five years 655 604 1,361 1,269 1,206 1,057 More than five years 149 140 285 218 587 548 Total 7,078 6,809 9,842 9,164 7,833 7,395 Less finance charges (269) − (678) − (438) − Present value of minimum lease payments 6,809 6,809 9,164 9,164 7,395 7,395 |
Risks (Tables)
Risks (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Risks [abstract] | |
Disclosure of liquidity risk [text block] | in 000€ Less than 1 year 2 to 3 years 4-5 years More than 5 years Total At December 31, 2018 Loan & borrowings 14,491 42,100 33,636 23,870 114,097 Trade payables 18,667 − − − 18,667 Other current liabilities 2,267 − − − 2,267 Total 35,425 42,100 33,636 23,870 135,031 Less than 1 year 2 to 3 years 4-5 years More than 5 years Total At December 31, 2017* Loan & borrowings 14,331 37,933 22,286 32,699 107,249 Trade payables 15,670 − − − 15,670 Other current liabilities 1,390 − − − 1,390 Total 31,391 37,933 22,286 32,699 124,309 Less than 1 year 2 to 3 years 4-5 years More than 5 years Total At December 31, 2016 Loan & borrowings 6,050 10,787 7,471 12,620 36,928 Trade payables 13,400 − − − 13,400 Other current liabilities 634 − − − 634 Total 20,084 10,787 7,471 12,620 50,962 |
Disclosure of aging of trade receivables [text block] | in 000€ Total Non-due Less than 30 days 31-60 days 61-90 days 91-180 days More than 181 days December 31, 2018 36,891 26,208 5,395 1,479 931 1,512 1,366 December 31, 2017 35,582 21,630 6,920 1,765 1,526 1,614 2,127 December 31, 2016 27,479 15,590 6,434 1,885 490 2,008 1,072 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related party transactions [abstract] | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [text block] | For the year ended December 31 in 000€ 2018 2017 2016 Short-term employee benefits 2,334 2,190 2,693 Post-employment benefits 80 80 116 Termination benefits − − − Total 2,414 2,270 2,809 Warrants granted − − 199,500 Warrants outstanding 557,935 573,980 790,752 |
Disclosure of transactions between related parties [text block] | in 000€ Sale of goods to Purchases from Interest expense Receivables Liabilities Non-executive directors of the group 2018 − 123 51 − 1,038 2017 − 96 50 − 965 2016 − 72 50 − 972 Shareholders of the group 2018 − 123 10 − 261 2017 − 172 11 − 371 2016 − 117 16 − 378 Joint ventures 2018 1,156 241 − 1,281 22 2017 714 23 − 804 28 2016 527 − − 601 − |
Overview of consolidated enti_2
Overview of consolidated entities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Overview of consolidated entites [abstract] | |
Disclosure of interests in subsidiaries [Text block] | Name Country of incorporation % equity interest 2018 2017 2016 Materialise NV Belgium 100% 100% 100% Materialise France SAS France 100% 100% 100% Materialise GmbH Germany 100% 100% 100% Materialise Japan K.K. Japan 100% 100% 100% Materialise Czech Republic SRO Czech Republic 100% 100% 100% Materialise USA, LLC United States 99% 99% 99% Materialise UK Limited United Kingdom 100% 100% 100% OBL SAS France 100% 100% 100% Materialise Austria GmbH Austria 100% 100% 100% Materialise Malaysia SDN. Bhd. Malaysia 100% 100% 100% Materialise Ukraine LLC Ukraine 100% 100% 100% RapidFit NV Belgium 83% 83% 83% RapidFit, LLC (liquidated) United States — — 83% Meridian Technique Limited United Kingdom 100% 100% 100% OrthoView, LLC (liquidated) United States — — 100% OrthoView Holdings Limited United Kingdom 100% 100% 100% Meridian (Corporate Trustee) Limited (liquidated) United Kingdom — 100% 100% OrthoView Limited (liquidated) United Kingdom — 100% 100% Materialise SA Poland 100% 100% 100% Materialise Colombia SAS Colombia 100% 100% 100% RSPRINT powered by Materialise NV (joint venture) Belgium 50% 50% 50% Materialise Shanghai Co.Ltd China 100% 100% 100% Materialise Australia PTY Ltd Australia 100% 100% 100% Materialise S.R.L. Italy 100% 100% 100% ACTech GmbH Germany 100% 100% — ACTech Holding GmbH Germany 100% 100% — ACTech, Inc United States 100% 100% — |
IFRS 15 tables (Detail)
IFRS 15 tables (Detail) € in Thousands | Dec. 31, 2018EUR (€) |
IFRS 15 catch-up adjustment [abstract] | |
Software | € 0 |
Medical | 1,173 |
Manufacturing | 0 |
Total catch-up adjustment | € 1,173 |
IFRS 15 tables Narrative (Detai
IFRS 15 tables Narrative (Detail) € in Thousands | Dec. 31, 2018EUR (€) |
IFRS 15 catch-up adjustment [abstract] | |
Catch-up Biomet Zimmer and Synthes Implants | € 323 |
Catch-up Synthes Guides | 850 |
Up-front non-refundable fee for exclusivity | € 2,250 |
IFRS 15 Balance Sheet Impact (D
IFRS 15 Balance Sheet Impact (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Consolidated entity [member] | |
Equity [Abstract] | |
Share capital | € 3,050 |
Share premium | 136,637 |
Consolidated reserves | (1,848) |
Other comprehensive income | (1,850) |
Equity attributable to the owners of the parent | 135,989 |
Non-controlling interest | 0 |
Total equity | 135,989 |
Non-current liabilities [Abstract] | |
Loans and borrowings | 92,440 |
Deferred tax liabilities | 6,226 |
Deferred income, non-current liabilities | 4,587 |
Other non-current liabilities | 868 |
Total non-current liabilities | 104,121 |
Current liabilities [Abstract] | |
Current borrowings and current portion of non-current borrowings | 13,598 |
Trade and other current payables to trade suppliers | 18,667 |
Tax payables | 2,313 |
Deferred income classified as current | 23,195 |
Other current liabilities | 15,342 |
Total current liabilities | 73,115 |
Total equity and liabilities | 313,225 |
CatchUpAdjustments [Member] | |
Equity [Abstract] | |
Share capital | 0 |
Share premium | 0 |
Consolidated reserves | 1,173 |
Other comprehensive income | 0 |
Equity attributable to the owners of the parent | 1,173 |
Non-controlling interest | 0 |
Total equity | 1,173 |
Non-current liabilities [Abstract] | |
Loans and borrowings | 0 |
Deferred tax liabilities | 0 |
Deferred income, non-current liabilities | (763) |
Other non-current liabilities | 0 |
Total non-current liabilities | (763) |
Current liabilities [Abstract] | |
Current borrowings and current portion of non-current borrowings | 0 |
Trade and other current payables to trade suppliers | 0 |
Tax payables | 0 |
Deferred income classified as current | (410) |
Other current liabilities | 0 |
Total current liabilities | (410) |
Total equity and liabilities | 0 |
IFRS15 Adjustment After Initial Application [member] | |
Equity [Abstract] | |
Share capital | 0 |
Share premium | 0 |
Consolidated reserves | (410) |
Other comprehensive income | 0 |
Equity attributable to the owners of the parent | (410) |
Non-controlling interest | 0 |
Total equity | (410) |
Non-current liabilities [Abstract] | |
Loans and borrowings | 0 |
Deferred tax liabilities | 0 |
Deferred income, non-current liabilities | 410 |
Other non-current liabilities | 0 |
Total non-current liabilities | 410 |
Current liabilities [Abstract] | |
Current borrowings and current portion of non-current borrowings | 0 |
Trade and other current payables to trade suppliers | 0 |
Tax payables | 0 |
Deferred income classified as current | 0 |
Other current liabilities | 0 |
Total current liabilities | 0 |
Total equity and liabilities | 0 |
Amounts without adoption of IFRS 15 [Member] | |
Equity [Abstract] | |
Share capital | 3,050 |
Share premium | 136,637 |
Consolidated reserves | (1,085) |
Other comprehensive income | (1,850) |
Equity attributable to the owners of the parent | 136,752 |
Non-controlling interest | 0 |
Total equity | 136,752 |
Non-current liabilities [Abstract] | |
Loans and borrowings | 92,440 |
Deferred tax liabilities | 6,226 |
Deferred income, non-current liabilities | 4,234 |
Other non-current liabilities | 868 |
Total non-current liabilities | 103,768 |
Current liabilities [Abstract] | |
Current borrowings and current portion of non-current borrowings | 13,598 |
Trade and other current payables to trade suppliers | 18,667 |
Tax payables | 2,313 |
Deferred income classified as current | 22,785 |
Other current liabilities | 15,342 |
Total current liabilities | 72,705 |
Total equity and liabilities | € 313,225 |
IFRS 15 Income Statement Impa_2
IFRS 15 Income Statement Impact (Detail) € / shares in Units, € in Thousands | 12 Months Ended |
Dec. 31, 2018EUR (€)€ / shares | |
Consolidated entity [member] | |
Consolidated income statements [line item] | |
Revenue | € 184,721 |
Cost of sales | (82,299) |
Gross profit | 102,422 |
Research and development expenses | (22,416) |
Sales and marketing expenses | (46,303) |
General and administrative expenses | (32,310) |
Net other operating income / (expenses) | 3,771 |
Operating (loss) profit | 5,164 |
Financial expenses | (4,864) |
Financial income | 3,627 |
Share in loss of joint venture | (475) |
(Loss) profit before taxes | 3,452 |
Income taxes | (425) |
Net (loss) profit of the year | 3,027 |
Net (loss) profit attributable to: | |
The owners of the parent | € 3,027 |
Basic | € / shares | € 0.06 |
Diluted | € / shares | € 0.06 |
CatchUpAdjustments [Member] | |
Consolidated income statements [line item] | |
Revenue | € (410) |
Cost of sales | 0 |
Gross profit | (410) |
Research and development expenses | 0 |
Sales and marketing expenses | 0 |
General and administrative expenses | 0 |
Net other operating income / (expenses) | 0 |
Operating (loss) profit | (410) |
Financial expenses | 0 |
Financial income | 0 |
Share in loss of joint venture | 0 |
(Loss) profit before taxes | (410) |
Income taxes | 0 |
Net (loss) profit of the year | (410) |
Net (loss) profit attributable to: | |
The owners of the parent | (410) |
Amounts without adoption of IFRS 15 [Member] | |
Consolidated income statements [line item] | |
Revenue | 184,311 |
Cost of sales | (82,299) |
Gross profit | 102,012 |
Research and development expenses | (22,416) |
Sales and marketing expenses | (46,303) |
General and administrative expenses | (32,310) |
Net other operating income / (expenses) | 3,771 |
Operating (loss) profit | 4,754 |
Financial expenses | (4,864) |
Financial income | 3,627 |
Share in loss of joint venture | (475) |
(Loss) profit before taxes | 3,042 |
Income taxes | (425) |
Net (loss) profit of the year | 2,617 |
Net (loss) profit attributable to: | |
The owners of the parent | € 2,617 |
Basic | € / shares | € 0.05 |
Diluted | € / shares | € 0.05 |
Restatement Actech Balance Sh_2
Restatement Actech Balance Sheet (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2017EUR (€) | |
As previously reported [Member] | |
Non-current Assets [Abstract] | |
Goodwill | € 18,447 |
Intangible assets | 28,646 |
Property, plant and equipment | 86,881 |
Investments in joint ventures | 31 |
Deferred tax assets | 304 |
Other non-current assets | 3,667 |
Total non-current assets | 137,976 |
Current assets [Abstract] | |
Inventories and contracts in progress | 11,594 |
Trade receivables | 35,582 |
Held to maturity investments | 0 |
Other current assets | 9,212 |
Cash and cash equivalents | 43,175 |
Total current assets | 99,563 |
Total assets | 237,539 |
Equity [Abstract] | |
Share capital | 2,729 |
Share premium | 79,839 |
Consolidated reserves | (3,250) |
Other comprehensive income | (1,803) |
Equity attributable to the owners of the parent | 77,515 |
Non-controlling interest | 0 |
Total equity | 77,515 |
Non-current liabilities [Abstract] | |
Loans and borrowings | 81,788 |
Deferred tax liabilities | 7,006 |
Deferred income, non-current liabilities | 5,040 |
Other non-current liabilities | 1,904 |
Total non-current liabilities | 95,738 |
Current liabilities [Abstract] | |
Current borrowings and current portion of non-current borrowings | 12,769 |
Trade and other current payables to trade suppliers | 15,670 |
Tax payables | 3,560 |
Deferred income classified as current | 18,791 |
Other current liabilities | 13,496 |
Total current liabilities | 64,286 |
Total equity and liabilities | 237,539 |
IFRS 3 Actech Business Combination [Member] | |
Non-current Assets [Abstract] | |
Goodwill | (895) |
Intangible assets | (46) |
Property, plant and equipment | 184 |
Investments in joint ventures | 0 |
Deferred tax assets | 0 |
Other non-current assets | 0 |
Total non-current assets | (757) |
Current assets [Abstract] | |
Inventories and contracts in progress | (567) |
Trade receivables | 0 |
Held to maturity investments | 0 |
Other current assets | (1,537) |
Cash and cash equivalents | 0 |
Total current assets | (2,104) |
Total assets | (2,861) |
Equity [Abstract] | |
Share capital | 0 |
Share premium | 0 |
Consolidated reserves | (461) |
Other comprehensive income | 0 |
Equity attributable to the owners of the parent | (461) |
Non-controlling interest | 0 |
Total equity | (461) |
Non-current liabilities [Abstract] | |
Loans and borrowings | 0 |
Deferred tax liabilities | 409 |
Deferred income, non-current liabilities | (1,272) |
Other non-current liabilities | 0 |
Total non-current liabilities | (863) |
Current liabilities [Abstract] | |
Current borrowings and current portion of non-current borrowings | 0 |
Trade and other current payables to trade suppliers | 0 |
Tax payables | (1,537) |
Deferred income classified as current | 0 |
Other current liabilities | 0 |
Total current liabilities | (1,537) |
Total equity and liabilities | (2,861) |
As restated [Member] | |
Non-current Assets [Abstract] | |
Goodwill | 17,552 |
Intangible assets | 28,600 |
Property, plant and equipment | 87,065 |
Investments in joint ventures | 31 |
Deferred tax assets | 304 |
Other non-current assets | 3,667 |
Total non-current assets | 137,219 |
Current assets [Abstract] | |
Inventories and contracts in progress | 11,027 |
Trade receivables | 35,582 |
Held to maturity investments | 0 |
Other current assets | 7,675 |
Cash and cash equivalents | 43,175 |
Total current assets | 97,459 |
Total assets | 234,678 |
Equity [Abstract] | |
Share capital | 2,729 |
Share premium | 79,839 |
Consolidated reserves | (3,711) |
Other comprehensive income | (1,803) |
Equity attributable to the owners of the parent | 77,054 |
Non-controlling interest | 0 |
Total equity | 77,054 |
Non-current liabilities [Abstract] | |
Loans and borrowings | 81,788 |
Deferred tax liabilities | 7,415 |
Deferred income, non-current liabilities | 3,768 |
Other non-current liabilities | 1,904 |
Total non-current liabilities | 94,875 |
Current liabilities [Abstract] | |
Current borrowings and current portion of non-current borrowings | 12,769 |
Trade and other current payables to trade suppliers | 15,670 |
Tax payables | 2,023 |
Deferred income classified as current | 18,791 |
Other current liabilities | 13,496 |
Total current liabilities | 62,749 |
Total equity and liabilities | € 234,678 |
Restatement Actech Income Sta_2
Restatement Actech Income Statement (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2017EUR (€) | |
As previously reported [Member] | |
Consolidated income statements [line item] | |
Revenue | € 142,573 |
Cost of sales | (62,787) |
Gross profit | 79,786 |
Research and development expenses | (19,959) |
Sales and marketing expenses | (39,109) |
General and administrative expenses | (25,484) |
Net other operating income / (expenses) | 5,631 |
Operating (loss) profit | 865 |
Financial expenses | (4,728) |
Financial income | 3,210 |
Share in loss of joint venture | (469) |
(Loss) profit before taxes | (1,122) |
Total tax expense (income) | (534) |
Net (loss) profit of the year | (1,656) |
Net (loss) profit attributable to: | |
The owners of the parent | (1,656) |
Profit (loss) attributable to non-controlling interest | 0 |
IFRS 3 Actech Business Combination [Member] | |
Consolidated income statements [line item] | |
Revenue | 0 |
Cost of sales | (447) |
Gross profit | (447) |
Research and development expenses | 0 |
Sales and marketing expenses | 0 |
General and administrative expenses | 0 |
Net other operating income / (expenses) | (26) |
Operating (loss) profit | (473) |
Financial expenses | 0 |
Financial income | 0 |
Share in loss of joint venture | 0 |
(Loss) profit before taxes | (473) |
Total tax expense (income) | 12 |
Net (loss) profit of the year | (461) |
Net (loss) profit attributable to: | |
The owners of the parent | (461) |
Profit (loss) attributable to non-controlling interest | 0 |
Change in accounting policy [member] | |
Consolidated income statements [line item] | |
Revenue | 0 |
Cost of sales | 282 |
Gross profit | 282 |
Research and development expenses | 0 |
Sales and marketing expenses | 174 |
General and administrative expenses | 608 |
Net other operating income / (expenses) | (1,064) |
Operating (loss) profit | 0 |
Financial expenses | 0 |
Financial income | 0 |
Share in loss of joint venture | 0 |
(Loss) profit before taxes | 0 |
Total tax expense (income) | 0 |
Net (loss) profit of the year | 0 |
Net (loss) profit attributable to: | |
The owners of the parent | 0 |
Profit (loss) attributable to non-controlling interest | 0 |
As restated [Member] | |
Consolidated income statements [line item] | |
Revenue | 142,573 |
Cost of sales | (62,952) |
Gross profit | 79,621 |
Research and development expenses | (19,959) |
Sales and marketing expenses | (38,935) |
General and administrative expenses | (24,876) |
Net other operating income / (expenses) | 4,541 |
Operating (loss) profit | 392 |
Financial expenses | (4,728) |
Financial income | 3,210 |
Share in loss of joint venture | (469) |
(Loss) profit before taxes | (1,595) |
Total tax expense (income) | (522) |
Net (loss) profit of the year | (2,117) |
Net (loss) profit attributable to: | |
The owners of the parent | (2,117) |
Profit (loss) attributable to non-controlling interest | € 0 |
Summary of significant accoun_3
Summary of significant accounting policies Narrative (Detail) | Dec. 31, 2018 |
Summary of significant accounting policies [abstract] | |
Minimum guaranteed return | 1.75% |
Maximum guaranteed return | 3.75% |
Minimum guaranteed return employer contributions | 3.25% |
Minimum guaranteed return employee contributions | 3.75% |
New standards not yet adopted I
New standards not yet adopted IFRS 16 Narrative (Detail) € in Thousands | Dec. 31, 2018EUR (€) |
New standards not yet adopted IFRS 16 [Abstract] | |
IFRS 16 additional lease liabilities at date of transition-Total | € 4,998 |
IFRS 16 Depreciation Impact | € 2,483 |
Significant accounting judgemen
Significant accounting judgements, estimates and assumptions Narrative (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Significant accounting judgements, estimates and assumptions | ||||
Capitalized software development new planner | € 158 | € 0 | € 0 | |
Capitalized 3D printed product medical | 524 | 0 | 0 | |
Tax losses carried forward | 25,285 | 11,948 | 9,451 | |
Other tax credits Materialize NV | 15,592 | 4,581 | 1,570 | |
Notional interest deduction | € 0 | € 315 | € 315 | |
Belgian Patent Income Deduction % | 100.00% | 100.00% | 100.00% | |
Innovation Income Deduction | 100.00% | 100.00% | 0.00% | |
Deferred tax assets recognized | € 0 | € 0 | € 109 | |
Unrecognized deferred tax assets | 11,906 | 7,904 | 8,877 | |
Net profit would have increased by | 3,531 | |||
Tax losses utilized | 11,906 | |||
Goodwill | 17,491 | 17,552 | [1] | 8,860 |
Total capitalized development expenses | 682 | |||
Impairment charges on goodwill | € 0 | € 0 | € 0 | |
[1] | * The year 2017 have been restated to reflect the final accounting of the ACTech business combination. See Note 2 for more information. |
Business combinations - ACTech
Business combinations - ACTech (Details) - ACTech € in Thousands | Dec. 31, 2018EUR (€) |
Fair value at acquisition date [member] | |
Assets [Abstract] | |
Technology | € 515 |
Customer relations | 17,092 |
Other intangible assets | 985 |
Property, plant and equipment | 20,229 |
Deferred tax assets | 88 |
Other non-current financial assets | 56 |
Inventory | 2,789 |
Trade receivables | 5,176 |
Cash and cash equivalents | 2,244 |
Other assets | 542 |
Total Assets | 49,716 |
Liabilities [Abstract] | |
Deferred tax liabilities | (6,024) |
Deferred income | 0 |
Loans and borrowings | (11,308) |
Trade payables | (777) |
Tax payables | (2,450) |
Other liabilities | (9,062) |
Total Liabilities | (29,621) |
Total identified assets and liabilities other than goodwill | 20,095 |
Goodwill | 8,812 |
Acquisition price | 28,907 |
Total cash flow | 29,418 |
Carrying value at acquisition date [member] | |
Assets [Abstract] | |
Technology | 0 |
Customer relations | 0 |
Other intangible assets | 6,330 |
Property, plant and equipment | 19,986 |
Deferred tax assets | 503 |
Other non-current financial assets | 56 |
Inventory | 2,356 |
Trade receivables | 5,176 |
Cash and cash equivalents | 2,244 |
Other assets | 542 |
Total Assets | 37,193 |
Liabilities [Abstract] | |
Deferred tax liabilities | (47) |
Deferred income | (1,298) |
Loans and borrowings | (11,308) |
Trade payables | (777) |
Tax payables | (3,664) |
Other liabilities | (9,062) |
Total Liabilities | (26,156) |
Total identified assets and liabilities other than goodwill | 11,037 |
Fair value adjustments [member] | |
Assets [Abstract] | |
Technology | 515 |
Customer relations | 17,092 |
Other intangible assets | (5,345) |
Property, plant and equipment | 243 |
Deferred tax assets | (415) |
Other non-current financial assets | 0 |
Inventory | 433 |
Trade receivables | 0 |
Cash and cash equivalents | 0 |
Other assets | 0 |
Total Assets | 12,523 |
Liabilities [Abstract] | |
Deferred tax liabilities | (5,977) |
Deferred income | 1,298 |
Loans and borrowings | 0 |
Trade payables | 0 |
Tax payables | 1,214 |
Other liabilities | 0 |
Total Liabilities | (3,465) |
Total identified assets and liabilities other than goodwill | € 9,058 |
Business combinations - ACTec_2
Business combinations - ACTech Narrative (Detail) - ACTech - Provisional fair value at acquisition date [member] € in Thousands | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Disclosure of detailed information about business combination [line items] | |
Total purchase consideration in cash net of indemnification assets | € 28,907 |
Difference final and provision fair value assets and liabilities | 2,432 |
Fair value customer relationship | 17,092 |
Fair value patented technology | 515 |
Fair value order backlog | 826 |
Fair value tax contingency | 511 |
Trade receivables recognised as of acquisition date | 5,176 |
Fair value property, plant and equipment | 20,229 |
Fair value adjustment inventory | 433 |
Acquisition price paid in cash including escrow | 29,418 |
Escrow amount | 3,788 |
Indemnification assets | 511 |
Acquisition costs | 609 |
Contribution of revenue | 9,965 |
Contribution to net profit | 275 |
Proforma contribution revenue | 37,096 |
Proforma contribution net profit | € 2,060 |
Business combinations - Cenat N
Business combinations - Cenat Narrative (Detail) - Cenat - Fair value at acquisition date [member] € in Thousands | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Disclosure of detailed information about business combination [line items] | |
Consideration paid in cash | € 1,547 |
Contingent consideration over the coming years | 2,250 |
Fair value of the contingent consideration as of December 31, 2015 | 1,310 |
Contribution to the | |
Payment shareholders 2018 | 263 |
Payment shareholders Jan 21, 2019 | 450 |
Cenat consideration payable | 450 |
Fair value contingent consideration | 905 |
Min contingent consideration over the coming years | € 0 |
Goodwill (Detail)
Goodwill (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [line items] | ||||
CGU: MAT NV SAM BE | € 3,241 | € 3,241 | [1] | € 3,241 |
CGU: e-Prototype | 794 | 818 | [1] | 775 |
CGU: Rapidfit+ (USA) | 8,812 | 8,812 | [1] | 0 |
CGU: OrthoView | 4,467 | 4,504 | [1] | 4,667 |
CGU: MAT NV Manufacturing (Metal) | 177 | 177 | [1] | 177 |
Total Goodwill | € 17,491 | € 17,552 | [2] | € 8,860 |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. | |||
[2] | * The year 2017 have been restated to reflect the final accounting of the ACTech business combination. See Note 2 for more information. |
Goodwill - Movement table (Deta
Goodwill - Movement table (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Carrying amount [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill, beginning balance | € 17,552 | € 8,860 | € 9,664 |
Additional recognition, goodwill | 8,812 | ||
Increase (decrease) through net exchange differences, goodwill | (61) | (120) | (804) |
Goodwill, At, ending balance | 17,491 | 17,552 | 8,860 |
Gross carrying amount [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill, beginning balance | 17,656 | 8,964 | 9,768 |
Additional recognition, goodwill | 8,812 | ||
Increase (decrease) through net exchange differences, goodwill | (61) | (120) | (804) |
Goodwill, At, ending balance | 17,595 | 17,656 | 8,964 |
Accumulated impairment [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill, beginning balance | (104) | (104) | (104) |
Additional recognition, goodwill | 0 | ||
Increase (decrease) through net exchange differences, goodwill | 0 | 0 | 0 |
Goodwill, At, ending balance | (104) | € (104) | € (104) |
Orthoview | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Increase (decrease) through net exchange differences, goodwill | (37) | ||
e-Prototypy | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Increase (decrease) through net exchange differences, goodwill | € (24) |
Goodwill - Movement table Narra
Goodwill - Movement table Narrative (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Carrying amount [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Increase (decrease) through net exchange differences, goodwill | € (61) | € (120) | € (804) |
Orthoview | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Increase (decrease) through net exchange differences, goodwill | (37) | ||
e-Prototypy | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Increase (decrease) through net exchange differences, goodwill | € (24) |
Goodwill - Impairment (Detail)
Goodwill - Impairment (Detail) € in Thousands | Dec. 31, 2018EUR (€) |
MAT NV SAM BE | |
Disclosure of information for cash-generating units [line items] | |
Discount rate | 12.82% |
Perpetual growth rate | 1.71% |
Carrying value | € 36,700 |
e-Prototypy | |
Disclosure of information for cash-generating units [line items] | |
Discount rate | 12.47% |
Perpetual growth rate | 5.00% |
Carrying value | € 3,870 |
Discount rate increase | 1.00% |
Perpetual growth rate decrease | 2.00% |
Orthoview | |
Disclosure of information for cash-generating units [line items] | |
Discount rate | 13.27% |
Perpetual growth rate | 2.00% |
Carrying value | € 9,703 |
Discount rate increase | 1.00% |
Perpetual growth rate decrease | 2.00% |
ACTech | |
Disclosure of information for cash-generating units [line items] | |
Discount rate | 13.95% |
Perpetual growth rate | 1.57% |
Carrying value | € 26,738 |
Discount rate increase | 1.00% |
Intangible assets (Detail)
Intangible assets (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Total | Gross carrying amount [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets at beginning of period | € 37,730 | [1] | € 15,153 | € 13,506 | |
Additions | 2,344 | 4,467 | 2,342 | ||
Acquisition of a subsidiary | 0 | 18,790 | [1] | 0 | |
Disposals | (980) | (302) | (230) | ||
Transfer between accounts | 366 | (98) | 490 | ||
Currency translation | (48) | (188) | (951) | ||
Other | 17 | (92) | (4) | ||
Intangible assets at end of period | 39,429 | 37,730 | [1] | 15,153 | |
Total | Accumulated depreciation and amortisation [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets at beginning of period | (9,130) | [1] | (5,388) | (3,849) | |
Depreciation charge for the year | (5,064) | (3,822) | [1] | (1,954) | |
Disposals | 1,060 | 79 | 242 | ||
Transfer between accounts | 0 | 98 | 0 | ||
Currency translation | 23 | 49 | 172 | ||
Other | 8 | (146) | 1 | ||
Intangible assets at end of period | (13,103) | (9,130) | [1] | (5,388) | |
Total | Carrying amount [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets at beginning of period | 28,600 | [1] | 9,765 | 9,657 | |
Intangible assets at end of period | 26,326 | 28,600 | [1] | 9,765 | |
Patents and licenses | Gross carrying amount [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets at beginning of period | 4,497 | [1] | 3,788 | 3,202 | |
Additions | 554 | 749 | 606 | ||
Acquisition of a subsidiary | 0 | 115 | [1] | 0 | |
Disposals | (759) | (159) | (18) | ||
Transfer between accounts | 2 | 0 | 0 | ||
Currency translation | 0 | 0 | (2) | ||
Other | 0 | 4 | 0 | ||
Intangible assets at end of period | 4,294 | 4,497 | [1] | 3,788 | |
Patents and licenses | Accumulated depreciation and amortisation [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets at beginning of period | (2,766) | [1] | (2,042) | (1,471) | |
Depreciation charge for the year | (749) | (609) | [1] | (576) | |
Disposals | 854 | 2 | 3 | ||
Transfer between accounts | 0 | 0 | 0 | ||
Currency translation | 0 | 0 | 2 | ||
Other | 0 | (117) | 0 | ||
Intangible assets at end of period | (2,661) | (2,766) | [1] | (2,042) | |
Patents and licenses | Carrying amount [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets at beginning of period | 1,731 | [1] | 1,746 | 1,731 | |
Intangible assets at end of period | 1,633 | 1,731 | [1] | 1,746 | |
Software | Gross carrying amount [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets at beginning of period | 7,638 | [1] | 3,769 | 1,779 | |
Additions | 807 | 3,718 | 1,736 | ||
Acquisition of a subsidiary | 0 | 242 | [1] | 0 | |
Disposals | (221) | (143) | (212) | ||
Transfer between accounts | 0 | (98) | 490 | ||
Currency translation | 0 | (5) | (26) | ||
Other | 17 | 155 | 2 | ||
Intangible assets at end of period | 8,241 | 7,638 | [1] | 3,769 | |
Software | Accumulated depreciation and amortisation [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets at beginning of period | (2,985) | [1] | (1,251) | (958) | |
Depreciation charge for the year | (2,310) | (1,634) | [1] | (559) | |
Disposals | 206 | 77 | 239 | ||
Transfer between accounts | 0 | 98 | 0 | ||
Currency translation | 1 | 4 | 26 | ||
Other | 8 | (279) | 1 | ||
Intangible assets at end of period | (5,080) | (2,985) | [1] | (1,251) | |
Software | Carrying amount [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets at beginning of period | 4,653 | [1] | 2,518 | 821 | |
Intangible assets at end of period | 3,161 | 4,653 | [1] | 2,518 | |
Acquired customers and technology | Gross carrying amount [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets at beginning of period | 25,595 | [1] | 7,596 | 8,525 | |
Additions | 32 | 0 | 0 | ||
Acquisition of a subsidiary | 0 | 18,433 | [1] | 0 | |
Disposals | 0 | 0 | 0 | ||
Transfer between accounts | 0 | 0 | 0 | ||
Currency translation | (48) | (183) | (923) | ||
Other | 0 | (251) | (6) | ||
Intangible assets at end of period | 25,579 | 25,595 | [1] | 7,596 | |
Acquired customers and technology | Accumulated depreciation and amortisation [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets at beginning of period | (3,379) | [1] | (2,095) | (1,420) | |
Depreciation charge for the year | (2,005) | (1,579) | [1] | (819) | |
Disposals | 0 | 0 | 0 | ||
Transfer between accounts | 0 | 0 | 0 | ||
Currency translation | 22 | 45 | 144 | ||
Other | 0 | 250 | 0 | ||
Intangible assets at end of period | (5,362) | (3,379) | [1] | (2,095) | |
Acquired customers and technology | Carrying amount [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets at beginning of period | 22,216 | [1] | 5,501 | 7,105 | |
Intangible assets at end of period | 20,217 | 22,216 | [1] | 5,501 | |
Developed technology and software under construction | Gross carrying amount [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets at beginning of period | 0 | [1] | 0 | 0 | |
Additions | 951 | 0 | 0 | ||
Acquisition of a subsidiary | 0 | 0 | [1] | 0 | |
Disposals | 0 | 0 | 0 | ||
Transfer between accounts | 364 | 0 | 0 | ||
Currency translation | 0 | 0 | 0 | ||
Other | 0 | 0 | 0 | ||
Intangible assets at end of period | 1,315 | 0 | [1] | 0 | |
Developed technology and software under construction | Accumulated depreciation and amortisation [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets at beginning of period | 0 | [1] | 0 | 0 | |
Depreciation charge for the year | 0 | 0 | [1] | 0 | |
Disposals | 0 | 0 | 0 | ||
Transfer between accounts | 0 | 0 | 0 | ||
Currency translation | 0 | 0 | 0 | ||
Other | 0 | 0 | 0 | ||
Intangible assets at end of period | 0 | 0 | [1] | 0 | |
Developed technology and software under construction | Carrying amount [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets at beginning of period | 0 | [1] | 0 | 0 | |
Intangible assets at end of period | € 1,315 | € 0 | [1] | € 0 | |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
Remaining amortization period o
Remaining amortization period on intangibles resulting from business combinations (Detail) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) |
e-Prototypy | |||
Remaining amortization method [line items] | |||
Remaining amortization period customer related intangible assets acquisition | 0 | 1 | |
Orthoview | |||
Remaining amortization method [line items] | |||
Remaining amortization period customer related intangible assets acquisition | 5.75 | 7 | |
Remaining amortization period technology related intangible assets acquisition | 2 | ||
ACTech | |||
Remaining amortization method [line items] | |||
Remaining amortization period customer related intangible assets acquisition | 19 | ||
Remaining amortization period technology related intangible assets acquisition | 6 | ||
Cenat | |||
Remaining amortization method [line items] | |||
Remaining amortization period customer related intangible assets acquisition | 6.25 | 7 | |
Remaining amortization period technology related intangible assets acquisition | 6 | ||
General | |||
Remaining amortization method [line items] | |||
Capitalized software development expenditure net of funding | € 86,000 | € 39,000 |
Property, plant and equipment_2
Property, plant and equipment (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Total | Gross carrying amount [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment beginning of period | € 125,358 | [1] | € 75,889 | ||
Additions | 18,557 | 30,517 | € 15,306 | ||
Acquired from business combinations | 0 | 20,230 | [1] | 0 | |
Disposals | (2,385) | (898) | (2,973) | ||
Transfers | (598) | (373) | (607) | ||
Currency Translation | (189) | (210) | 24 | ||
Other | (80) | 203 | (35) | ||
Property, plant and equipment end of period | 140,663 | 125,358 | [1] | 75,889 | |
Total | Accumulated depreciation and amortisation [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment beginning of period | (38,293) | [1] | (30,826) | ||
Depreciation charge for the year | (12,223) | (8,689) | [1] | (6,420) | |
Disposals | 2,134 | 875 | 1,212 | ||
Transfers | 243 | 373 | 117 | ||
Currency Translation | (60) | 196 | (9) | ||
Other | 73 | (222) | 48 | ||
Property, plant and equipment end of period | (48,126) | (38,293) | [1] | (30,826) | |
Total | Carrying amount [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment beginning of period | 87,065 | [1] | 45,063 | 38,400 | |
Property, plant and equipment end of period | 92,537 | 87,065 | [1] | 45,063 | |
Land and buildings | Gross carrying amount [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment beginning of period | 40,184 | [1] | 19,797 | ||
Additions | 3,079 | 377 | 8 | ||
Acquired from business combinations | 0 | 9,362 | [1] | 0 | |
Disposals | (99) | (31) | (2) | ||
Transfers | 2,728 | 11,527 | 3 | ||
Currency Translation | (119) | (185) | 69 | ||
Other | 4 | (663) | 0 | ||
Property, plant and equipment end of period | 45,777 | 40,184 | [1] | 19,797 | |
Land and buildings | Accumulated depreciation and amortisation [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment beginning of period | (4,504) | [1] | (5,093) | ||
Depreciation charge for the year | (1,560) | (831) | [1] | (709) | |
Disposals | 26 | 15 | 2 | ||
Transfers | (18) | 521 | 0 | ||
Currency Translation | (15) | 31 | (17) | ||
Other | 0 | 853 | 0 | ||
Property, plant and equipment end of period | (6,071) | (4,504) | [1] | (5,093) | |
Land and buildings | Carrying amount [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment beginning of period | 35,680 | [1] | 14,704 | 15,350 | |
Property, plant and equipment end of period | 39,706 | 35,680 | [1] | 14,704 | |
Plant and equipment | Gross carrying amount [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment beginning of period | 67,117 | [1] | 40,199 | ||
Additions | 9,476 | 10,560 | 4,916 | ||
Acquired from business combinations | 0 | 10,318 | [1] | 0 | |
Disposals | (1,882) | (1,046) | (2,266) | ||
Transfers | 2,953 | 7,439 | 4,180 | ||
Currency Translation | (25) | (118) | 0 | ||
Other | (82) | (235) | (39) | ||
Property, plant and equipment end of period | 77,557 | 67,117 | [1] | 40,199 | |
Plant and equipment | Accumulated depreciation and amortisation [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment beginning of period | (27,166) | [1] | (22,263) | ||
Depreciation charge for the year | (8,010) | (5,531) | [1] | (4,048) | |
Disposals | 2,102 | 842 | 541 | ||
Transfers | (253) | (444) | 117 | ||
Currency Translation | (53) | 166 | 6 | ||
Other | 73 | 64 | 48 | ||
Property, plant and equipment end of period | (33,307) | (27,166) | [1] | (22,263) | |
Plant and equipment | Carrying amount [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment beginning of period | 39,951 | [1] | 17,936 | 14,481 | |
Property, plant and equipment end of period | 44,250 | 39,951 | [1] | 17,936 | |
Leased assets | Gross carrying amount [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment beginning of period | 14,303 | [1] | 11,241 | ||
Additions | 792 | 2,246 | 2,483 | ||
Acquired from business combinations | 0 | 136 | [1] | 0 | |
Disposals | (17) | (39) | (699) | ||
Transfers | (732) | (425) | 540 | ||
Currency Translation | (19) | 5 | (20) | ||
Other | 0 | 1,139 | 4 | ||
Property, plant and equipment end of period | 14,327 | 14,303 | [1] | 11,241 | |
Leased assets | Accumulated depreciation and amortisation [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment beginning of period | (6,623) | [1] | (3,470) | ||
Depreciation charge for the year | (2,346) | (2,327) | [1] | (1,663) | |
Disposals | 6 | 18 | 669 | ||
Transfers | 514 | 296 | 0 | ||
Currency Translation | 8 | (1) | 2 | ||
Other | 0 | (1,139) | 0 | ||
Property, plant and equipment end of period | (8,441) | (6,623) | [1] | (3,470) | |
Leased assets | Carrying amount [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment beginning of period | 7,680 | [1] | 7,771 | 6,455 | |
Property, plant and equipment end of period | 5,886 | 7,680 | [1] | 7,771 | |
Construction in progress | Gross carrying amount [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment beginning of period | 3,754 | [1] | 4,652 | ||
Additions | 5,210 | 17,334 | 7,899 | ||
Acquired from business combinations | 0 | 414 | [1] | 0 | |
Disposals | (387) | 218 | (6) | ||
Transfers | (5,547) | (18,914) | (5,330) | ||
Currency Translation | (26) | 88 | (25) | ||
Other | (2) | (38) | 0 | ||
Property, plant and equipment end of period | 3,002 | 3,754 | [1] | 4,652 | |
Construction in progress | Accumulated depreciation and amortisation [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment beginning of period | 0 | [1] | 0 | ||
Depreciation charge for the year | (307) | 0 | [1] | 0 | |
Disposals | 0 | 0 | 0 | ||
Transfers | 0 | 0 | 0 | ||
Currency Translation | 0 | 0 | 0 | ||
Other | 0 | 0 | 0 | ||
Property, plant and equipment end of period | (307) | 0 | [1] | 0 | |
Construction in progress | Carrying amount [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment beginning of period | 3,754 | [1] | 4,652 | 2,114 | |
Property, plant and equipment end of period | € 2,695 | € 3,754 | [1] | € 4,652 | |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
Property, Plant and equipment N
Property, Plant and equipment Narrative (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, plant and equipment [member] | |||
Capital expenditures [line items] | |||
new machines and installations acquired and leased | € 10,747 | ||
computer and IT infrastructure | € 890 | ||
Borrowing costs capitalised | 0 | € 87 | 0 |
Increase through leased motor vehicles | 792 | 1,596 | 2,757 |
Net loss on disposal of PPE | (83) | 25 | (149) |
Land and buildings pledges as security | 27,319 | 28,526 | 12,594 |
Other fixed assets pledges - carrying value | 3,533 | 13,340 | 0 |
Land and buildings [member] | |||
Capital expenditures [line items] | |||
new building constructions | 2,491 | ||
Machinery [member] | |||
Capital expenditures [line items] | |||
new machines and installations acquired and leased | 11,947 | 8,254 | |
computer and IT infrastructure | 1,781 | ||
Leased assets [member] | |||
Capital expenditures [line items] | |||
new machines and installations acquired and leased | 1,444 | ||
Finance leases - total, net | 4,608 | 6,613 | 7,771 |
New finance leases | 792 | ||
Total accumulated depreciation finance leases machinery property, plant and equipment | 1,745 | 1,864 | 1,663 |
Construction in progress [member] | |||
Capital expenditures [line items] | |||
new building constructions | € 12,762 | € 6,098 | |
AUC installations | € 937 |
Investment in associates and jo
Investment in associates and joint ventures (Detail) - Entity's total for joint ventures [member] - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | ||
Disclosure of joint ventures [line items] | |||||
Shareholders' Equity | € 888 | € 12 | € (711) | ||
Current assets | 850 | 1,256 | 1,643 | ||
Non-current assets | 114 | 212 | 186 | ||
Goodwill | 0 | 0 | 0 | ||
Current liabilities | (756) | (692) | (1,118) | ||
Non-current liabilities | (1,096) | (788) | 0 | ||
Revenue | 1,186 | 817 | 684 | ||
Net loss for the year | [2] | € (876) | € (723) | € (1,208) | |
[1] | ** restated based on 20F amendment filing June 2018 | ||||
[2] | there are no discontinued operations |
Investment in associates and _2
Investment in associates and joint ventures Nattarive (Detail) - Entity's total for joint ventures [member] - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | |
Disclosure of joint ventures [line items] | ||||
Cash and cash equivalents | € 175 | € 128 | € 86 | |
Depreciation and amortization | € (30) | € (50) | € (34) | |
[1] | ** restated based on 20F amendment filing June 2018 |
Investment in associates and _3
Investment in associates and joint ventures detail movement (Detail) - Detail movement [member] - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Detail movement [line items] | |||
Investments in joint ventures, beginning balance | € 31 | € 0 | € 1,018 |
Additional investment | 0 | 500 | 0 |
Transfer from receivables | 444 | 0 | 0 |
Share in loss of joint venture | (475) | (469) | (1,018) |
Investments in joint ventures, ending balance | € 0 | € 31 | € 0 |
Inventory and Contracts in Pr_2
Inventory and Contracts in Progress (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 |
Inventory and contracts in progress [abstract] | ||||
Raw materials | € 5,616 | € 4,970 | € 4,297 | |
Work in progress | 2,151 | 3,377 | 1,538 | |
Finished goods | 1,390 | 1,414 | 880 | |
Contracts in progress | 829 | 1,266 | 1,155 | |
Total inventories (at cost or net realizable value) | € 9,986 | € 11,027 | € 7,870 | |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
Inventory and Contracts in Pr_3
Inventory and Contracts in Progress Narrative (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Inventory and contracts in progress [abstract] | |||
Total costs incurred contract in progress | € 547 | ||
Total profit recognized contracts in progress | 282 | ||
Total amount inventory written off as an expense | 229 | € 48 | € 98 |
Advances received | € 370 | € 0 | € 0 |
Other non-current assets (Detai
Other non-current assets (Detail) - Other non current assets [member] - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Other non current assets [line items] | |||
Tax credits | € 3,006 | € 2,446 | € 1,766 |
Guarantees and deposits | 405 | 362 | 342 |
Non-current receivable on joint venture | 1,096 | 804 | 0 |
Non-listed equity investments | 2,701 | 0 | 0 |
Other | 29 | 55 | 46 |
Total non-current assets | € 7,237 | € 3,667 | € 2,154 |
Other current assets (Detail)
Other current assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 |
Miscellaneous current assets [abstract] | ||||
Deferred charges | € 2,046 | € 2,021 | € 1,483 | |
Tax credits | 185 | 219 | 176 | |
Accrued income | 958 | 524 | 666 | |
Other non-trade receivables | 1,461 | 2,001 | 1,552 | |
Other tax receivables | 2,286 | 2,910 | 604 | |
Total current assets | € 6,936 | € 7,675 | [2] | € 4,481 |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. | |||
[2] | * The year 2017 have been restated to reflect the final accounting of the ACTech business combination. See Note 2 for more information. |
Other current assets Narrative
Other current assets Narrative (Detail) - Miscellaneous current assets narrative [member] - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Other non current assets [line items] | |||
Receivable related to factoring included trade receivables | € 445 | € 646 | € 541 |
Indemnification assets | € 222 |
Trade receivables (Detail)
Trade receivables (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Trade receivables [line items] | ||||
Trade receivables | € 38,764 | € 36,572 | € 27,990 | |
Amortization receivables | (1,873) | (990) | (511) | |
Total | € 36,891 | € 35,582 | [1] | € 27,479 |
[1] | * The year 2017 have been restated to reflect the final accounting of the ACTech business combination. See Note 2 for more information. |
Movement table bad debt reserve
Movement table bad debt reserve (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Overview of impairment changes to receivables [abstract] | |||
Beginning of period | € (990) | € (511) | € (505) |
Addition | (1,284) | (620) | (266) |
Usage | 182 | 12 | 190 |
Reversal | 219 | 129 | 70 |
End of period | € (1,873) | € (990) | € (511) |
Cash and cash equivalents (Deta
Cash and cash equivalents (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash and cash equivalents [line items] | ||||
Cash at bank | € 105,846 | € 33,611 | € 45,645 | |
Cash equivalents | 9,660 | 9,564 | 10,267 | |
Total | € 115,506 | € 43,175 | [1] | € 55,912 |
[1] | * The year 2017 have been restated to reflect the final accounting of the ACTech business combination. See Note 2 for more information. |
Cash and cash equivalents Narra
Cash and cash equivalents Narrative (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents [abstract] | |||
Current restricted cash and cash equivalents | € 0 | € 209 | € 0 |
Equity (Detail)
Equity (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Total number of ordinary shares | |||
Disclosure of classes of share capital [line items] | |||
Outstanding, shares, beginning of period | 47,325,438 | 47,325,438 | 47,325,438 |
Capital increase in cash number of shares | 5,403,125 | 0 | 0 |
Capital increase via exercise warrants on, number of shares | 162,198 | 0 | 0 |
Outstanding, shares, end of period | 52,890,761 | 47,325,438 | 47,325,438 |
Total shareholders' capital [member] | |||
Disclosure of classes of share capital [line items] | |||
Outstanding, beginning of period | € 2,729 | € 2,729 | € 2,729 |
Capital increase in cash - public offering | 312 | 0 | 0 |
Expenses directly attributable to public offering | 0 | 0 | 0 |
Equity-settled share-based payment expense | 0 | 0 | 0 |
Capital increase via exercise warrants | 9 | 0 | 0 |
Outstanding, end of period | 3,050 | 2,729 | 2,729 |
Total share-premium [member] | |||
Disclosure of classes of share capital [line items] | |||
Outstanding, beginning of period | 79,839 | 79,019 | 78,098 |
Capital increase in cash - public offering | 59,575 | 0 | 0 |
Expenses directly attributable to public offering | (4,003) | 0 | 0 |
Equity-settled share-based payment expense | 633 | 820 | 921 |
Capital increase via exercise warrants | 593 | 0 | 0 |
Outstanding, end of period | € 136,637 | € 79,839 | € 79,019 |
Equity Narrative (Detail)
Equity Narrative (Detail) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Ordinary shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Outstanding Number of Shares | 52,890,761 | 47,325,438 | 47,325,438 | 47,325,438 |
Capital increase in cash number of shares | 5,403,125 | 0 | 0 | |
Total shareholders' capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Capital increase in cash - public offering | € 312 | € 0 | € 0 | |
Equity-settled share-based payment expense | 0 | 0 | 0 | |
Capital increase via exercise warrants | € 9 | € 0 | € 0 | |
Par value per share | € 0.058 | € 0.058 | € 0.058 | |
Expenses directly attributable to public offering | € 0 | € 0 | € 0 | |
Total share-premium [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Capital increase in cash - public offering | 59,575 | 0 | 0 | |
Equity-settled share-based payment expense | 633 | 820 | 921 | |
Capital increase via exercise warrants | 593 | 0 | 0 | |
Expenses directly attributable to public offering | € (4,003) | € 0 | € 0 |
Reserve table (Detail)
Reserve table (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 |
Other reserves [line items] | ||||
Legal reserve | € 279 | € 279 | € 279 | |
Retained earnings | (2,128) | (3,990) | (1,882) | |
Reserves | € (1,849) | € (3,711) | € (1,603) | |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
Reserve table and non-controlli
Reserve table and non-controlling interest narrative (Detail) - Total equity attributable to the owners of the parents [member] - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reserve [line items] | |||
Legal reserves percent increase | 5.00% | 5.00% | 0.00% |
Legal reserve max percent of capital | 10.00% | 10.00% | 0.00% |
Written put option Rapid Fit Plus | € 845 | € 788 | € 735 |
Written put option Rapid Fit Plus undiscounted estimated redemption amount | 875 | 875 | 875 |
Written put option Rapid Fit Plus initial reclassification from non-controlling interest | 264 | ||
Written put option Rapid Fit Plus iniitial reclassification from consolidated reserves | 64 | ||
Written put option Rapid Fit Plus increase/decrease written put option | € 273 | ||
Issued dilution warrants to non-controlling interest | 0 | ||
Issued dilution warrants fair value | € 0 | € 0 | € 0 |
Average price per share, capital increase via exerciese of warrants | € 3.72 | € 0 | |
Average price per share, capital increase in cash - public offering | € 11.08 | € 0 |
Share-based payment plan (Detai
Share-based payment plan (Detail) - EUR (€) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
All plans Materialise [member] | ||||
Disclosure of share-based payment plan [line items] | ||||
Outstanding at beginning of period | [1] | 1,458,360 | 1,681,000 | 1,401,852 |
Granted | 2,000 | 0 | 350,000 | |
Number of share options forfeited in Shared based payment arrangement | (69,104) | (119,784) | (70,852) | |
Exercised | (73,207) | (102,856) | 0 | |
Outstanding at end of period | [1] | 1,318,049 | 1,458,360 | 1,681,000 |
Exercisable at the end of period | 252,793 | 0 | 0 | |
2007-2013 plan [member] | ||||
Disclosure of share-based payment plan [line items] | ||||
Outstanding at beginning of period | 320,640 | 435,096 | 439,896 | |
Granted | 0 | 0 | 0 | |
Number of share options forfeited in Shared based payment arrangement | (1,500) | (11,600) | (4,800) | |
Exercised | (19,100) | (102,856) | 0 | |
Outstanding at end of period | 300,040 | 320,640 | 435,096 | |
Exercisable at the end of period | 89,892 | 0 | 0 | |
IPO plan [member] | ||||
Disclosure of share-based payment plan [line items] | ||||
Outstanding at beginning of period | 671,503 | 727,599 | 772,859 | |
Granted | 0 | 0 | 0 | |
Number of share options forfeited in Shared based payment arrangement | (42,209) | (56,096) | (45,260) | |
Exercised | (40,242) | 0 | 0 | |
Outstanding at end of period | 589,052 | 671,503 | 727,599 | |
Exercisable at the end of period | 114,012 | 0 | 0 | |
IPO plan cash settled [member] | ||||
Disclosure of share-based payment plan [line items] | ||||
Outstanding at beginning of period | 137,217 | 168,305 | 189,097 | |
Granted | 0 | 0 | 0 | |
Number of share options forfeited in Shared based payment arrangement | (19,595) | (31,088) | (20,792) | |
Exercised | (13,865) | 0 | 0 | |
Outstanding at end of period | 103,757 | 137,217 | 168,305 | |
2015 plan [member] | ||||
Disclosure of share-based payment plan [line items] | ||||
Outstanding at beginning of period | 329,000 | 350,000 | 0 | |
Granted | 2,000 | 0 | 350,000 | |
Number of share options forfeited in Shared based payment arrangement | (5,800) | (21,000) | 0 | |
Exercised | 0 | |||
Outstanding at end of period | 325,200 | 329,000 | 350,000 | |
Exercisable at the end of period | 32,700 | 0 | 0 | |
[1] | *The Groups share-based payment plans are all equity-settled except for the IPO warrants that have been granted to certain employees in certain countries due to legal requirements which are cash-settled. The outstanding amount includes number of stock appreciation rights (SARs) issued under cash-settled share-based payment plans. |
Details grants Materialise (Det
Details grants Materialise (Detail) | 12 Months Ended | |
Dec. 31, 2018EUR (€) | ||
Plan 2015 (sept 16) [member] | ||
Disclosure of details grants Materialise [line items] | ||
Return dividend | 0.00% | |
Expected volatility | 47.00% | |
Risk-free interest rate | 0.24% | |
Expected life | 4.3 | |
Exercise price | € 6.45 | |
Stock price | 6.42 | |
Fair value option | € 2.41 | |
IPO 2015 (Nov) [member] | ||
Disclosure of details grants Materialise [line items] | ||
Return dividend | 0.00% | |
Expected volatility | 47.00% | |
Risk-free interest rate | 1.17% | |
Expected life | 5.5 | |
Exercise price | € 8.81 | |
Stock price | 8.08 | |
Fair value option | € 3.3 | |
IPO 2014 (Nov) [member] | ||
Disclosure of details grants Materialise [line items] | ||
Return dividend | 0.00% | |
Expected volatility | 50.00% | |
Risk-free interest rate | 1.12% | |
Expected life | 5.5 | |
Exercise price | € 8.81 | |
Stock price | 8.67 | |
Fair value option | € 3.94 | |
IPO 2014 (June) [member] | ||
Disclosure of details grants Materialise [line items] | ||
Return dividend | 0.00% | |
Expected volatility | 46.00% | |
Risk-free interest rate | 1.70% | |
Expected life | 5.5 | |
Exercise price | € 8.81 | |
Stock price | 8.81 | |
Fair value option | € 3.83 | |
2013 (Dec) [member] | ||
Disclosure of details grants Materialise [line items] | ||
Return dividend | 0.00% | [1] |
Expected volatility | 50.00% | [1] |
Risk-free interest rate | 2.56% | [1] |
Expected life | 5.5 | [1] |
Exercise price | € 8.54 | [1] |
Stock price | 18.09 | [1] |
Fair value option | € 12.23 | [1] |
2013 (Oct) [member] | ||
Disclosure of details grants Materialise [line items] | ||
Return dividend | 0.00% | [1] |
Expected volatility | 53.00% | [1] |
Risk-free interest rate | 2.43% | [1] |
Expected life | 5.5 | [1] |
Exercise price | € 7.86 | [1] |
Stock price | 18.09 | [1] |
Fair value option | € 12.77 | [1] |
2007 [member] | ||
Disclosure of details grants Materialise [line items] | ||
Return dividend | 0.00% | |
Expected volatility | 56.00% | |
Risk-free interest rate | 4.25% | |
Expected life | 5.5 | |
Exercise price | € 3.92 | |
Stock price | 3.92 | |
Fair value option | € 2.15 | |
[1] | (*) Exercise price, stock price and fair value are not adjusted for the 1 to 4 stock-split completed in June 2014. |
Details share-based payment arr
Details share-based payment arrangements Materialise (Details) | 12 Months Ended | |
Dec. 31, 2018EUR (€)shares€ / shares | Dec. 31, 2017shares | |
2007-2013 plan [member] | ||
Disclosure of details share-based payment arrangements Materialise [line items] | ||
Contractual term | € | 10 | |
vesting% first period | 25.00% | |
vesting% second period | 25.00% | |
vesting% third period | 25.00% | |
vesting% fourth period | 25.00% | |
Number of warrants granted 1 | 301,096 | |
Number of warrants granted 2 | 166,800 | |
Exercise price range 1 | € / shares | € 7.86 | |
Exercise price range 2 | € / shares | € 8.54 | |
Maximum number of warrants | 75,010 | |
Number of warrants exercised | 4,775 | 25,714 |
Number of warrants outstanding after stock split | € | € 4 | |
Number of shares issued - exercised warrants | 19,100 | |
IPO plan [member] | ||
Disclosure of details share-based payment arrangements Materialise [line items] | ||
Contractual term | € | 10 | |
vesting% first period | 25.00% | |
vesting% second period | 25.00% | |
vesting% third period | 25.00% | |
vesting% fourth period | 25.00% | |
Number of warrants granted 1 | 979,898 | |
Number of warrants granted 2 | 36,151 | |
Number of warrants granted 3 | 18,180 | |
Exercise price range 1 | € / shares | € 8.81 | |
Number of warrants exercised | 40,242 | |
Number of shares issued - exercised warrants | 40,242 | |
2015 plan [member] | ||
Disclosure of details share-based payment arrangements Materialise [line items] | ||
Contractual term | € | 10 | |
vesting% first period | 10.00% | |
vesting% second period | 20.00% | |
vesting% third period | 30.00% | |
vesting% fourth period | 40.00% | |
Number of warrants granted 1 | 350,000 | |
Number of warrants granted 2 | 2,000 | |
Exercise price range 1 | € / shares | € 6.45 | |
Exercise price range 2 | € / shares | € 10.08 | |
Maximum number of warrants | 1,400,000 |
Details expense and weighted av
Details expense and weighted average (Detail) - Details expense and weighted average [domain member] | 12 Months Ended | ||
Dec. 31, 2018EUR (€)€ / shares | Dec. 31, 2017EUR (€)€ / shares | Dec. 31, 2016EUR (€)€ / shares | |
Details expense and weighted average [line items] | |||
Expense for equity-settled share-based payment Materialise | € 640,000 | € 819,000 | € 921,000 |
Expense for cash-settled shared-based payment Materialise | € 435,000 | € 204,000 | € 46,000 |
Weighted-average remaining estimated life | 6 | 7 | 4 |
Weighted-average fair value of warrants outstanding | € / shares | € 6 | € 6 | € 6 |
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement at end of period | € 8,000 | € 8,000 | € 8,000 |
Cash settled liability share options granted | 786,000 | 351,000 | 147,000 |
Instrinsic-value cash-settled warrants | € 0 | € 0 | € 0 |
Details grants Materialise cash
Details grants Materialise cash settled (Detail) - Materialise cash settled share based payment plan [member] - EUR (€) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of details grants materialise cash settled [line items] | |||
Return dividend | 0.00% | 0.00% | 0.00% |
Expected volatility | 49.00% | 49.00% | 50.00% |
Risk-free interest rate | 0.77% | 0.73% | 0.55% |
Expected life | 1.25 | 2.25 | 3.25 |
Exercise price | € 8.81 | € 8.81 | € 8.81 |
Stock price | 17.49 | 10.61 | 7.3 |
Fair value SAR | € 9.09 | € 3.85 | € 2.17 |
Rapidfit details grants (Detail
Rapidfit details grants (Detail) - Rapidfit+ plan [member] | 12 Months Ended | ||
Dec. 31, 2018EUR (€)shares | Dec. 31, 2017EUR (€)shares | Dec. 31, 2016EUR (€)shares | |
Disclosure of Rapidfit+ details grants [line items] | |||
Outstanding at beginning of period | shares | 199 | 199 | |
Granted | 0 | 0 | 0 |
Forfeited | 0 | 0 | 0 |
Exercised | 0 | 0 | 0 |
Outstanding at end of period | shares | 199 | 199 | 199 |
Exerciseable | 0 | 0 | 0 |
Maximum number of warrants | shares | 300 | 300 | 300 |
Return dividend | 0.00% | ||
Expected volatility | 50.00% | ||
Risk-free interest rate | 2.29% | ||
Expected life | 5.5 | ||
Exercise price | € 553.92 | ||
Fair value option | € 262.7 | ||
Number of warrants granted | shares | 199 | 199 | 199 |
Expense from equity-settled share-based payment transactions in which goods or services received did not qualify for recognition as assets | € 7 | € 10 | € 10 |
Loans and borrowings (Detail)
Loans and borrowings (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Details loans and borrowings [line items] | ||||
K EUR 28,000 acquisition bank loan | € 24,576 | € 27,513 | € 0 | |
K EUR 18,000 secured bank loans | 17,739 | 17,575 | 6,404 | |
K EUR 12,300 bank loans ACTech | 12,300 | 9,247 | 0 | |
K EUR 8,750 other facility loans | 4,299 | 4,982 | 5,411 | |
Bank investment loans - top 20 outstanding | 23,801 | 21,441 | 9,467 | |
Bank investment loans - other | 3,808 | 2,289 | 2,927 | |
Financial lease agreements | 6,809 | 9,164 | 7,395 | |
Institutional loan | 1,492 | 1,105 | 936 | |
Convertible loan | 1,000 | 1,000 | 1,000 | |
K EUR 10,000 EIB bank loan | 10,000 | 0 | 0 | |
Related party loan | 214 | 241 | 266 | |
Total loans and borrowings | 106,038 | 94,557 | 33,806 | |
current | 13,598 | 12,769 | [1] | 5,539 |
non-current | € 92,440 | € 81,788 | [1] | € 28,267 |
[1] | * The year 2017 have been restated to reflect the final accounting of the ACTech business combination. See Note 2 for more information. |
Loans and borrowings Narrative
Loans and borrowings Narrative (Detail) | 12 Months Ended | ||
Dec. 31, 2018EUR (€)shares€ / shares | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | |
Details loans and borrowings Narrative [line items] | |||
Loan Principal K EUR 28,000 | € 28,000,000 | ||
Monthly reimbursable portion | € 18,000,000 | ||
Period for monthly reimbursable portion | 7 | ||
Bullet portion | € 10,000,000 | ||
Interest percentage | 1.10% | ||
K EUR 28,000 acquisition bank loan | € 24,576,000 | € 27,513,000 | € 0 |
Loan principal K EUR 18,000 | 18,000,000 | ||
Belgian facility financing | 12,000,000 | ||
Drawn | 11,739,000 | 11,575,000 | |
Polish facility financing | 6,000,000 | ||
Drawn | € 6,000,000 | ||
Interest percentage | 1.20% | ||
EIB bank loan K EUR 10,000 | € 0 | ||
First tranche | 10,000,000 | ||
Margin intrest percentage | 18.6 | ||
Loan principal K EUR 12,300 | 12,300,000 | ||
Refinanced part March 2018 | € 9,300,000 | ||
Interest percentage | 1.60% | ||
Mortgage | € 4,650,000 | ||
New investment credit June 2018 | € 3,000,000 | ||
Fixed interest rate credit June 2018 | 1.50% | ||
K EUR 12,300 bank loans ACTech | € 12,300,000 | 9,247,000 | 0 |
Loan principal K EUR 8,750 | 8,750,000 | ||
Facility loan 2005 | 2,000,000 | ||
Facility loan 2006 | 300,000 | ||
Facility loan 2012 | 5,000,000 | ||
Czech republic offices loan 2008 | 1,750,000 | ||
Balance of the loans | € 4,299,000 | ||
Repayment schedule | 15 | ||
Interest rate lower range | 4.30% | ||
Interest rate upper range | 5.40% | ||
Bank investment loans - top 20 outstanding | € 23,801,000 | 21,441,000 | 9,467,000 |
Reimbursement period | 7 | ||
Weighted average interest rate | 1.10% | ||
Financial lease agreements | € 6,809,000 | 9,164,000 | 7,395,000 |
Weighted average interest rate | 2.00% | ||
Institutional loan K EUR 2,000 | € 2,000,000 | ||
K EUR 2,000 institutional loan - max credit limit | € 2,000,000 | ||
Reimbursement period | 4 | ||
Interest rate | 0.25% | ||
Amount drawn | € 1,942,000 | ||
Outstanding balance | 1,492,000 | ||
Convertible bond K EUR 1,000 | € 1,000,000 | ||
Convertible number of bonds | shares | 1,000 | ||
Nominal value per bond | € / shares | € 1,000 | ||
Contractual life | 7 | ||
Interest rate | 3.70% | ||
Conversion price | 1.97 | ||
Fair value | € 907,000 | ||
Amount recognized in consolidated reserves | € 93,000 | ||
K EUR 1,000 convertible bond - max number of shares to be issued | shares | 508,904 | ||
Finance lease related party amount outstanding | € 0 | € 0 | € 74,000 |
Interest expense | 0 | 0 | 4 |
Lease term | 15 | ||
Related party loan | € 214,000 | € 241,000 | € 266,000 |
Interest rate | 4.23% | 0.00% | |
Related party loan - interest expense | € 10,000 | € 11,000 | € 12,000 |
Movement table (Detail)
Movement table (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Detail movement table [line items] | |||
Balance at beginning of period | € 94,557 | € 33,806 | € 21,089 |
Proceeds from loans and borrowings | 32,554 | 54,319 | 14,669 |
Repayment of loans and borrowings | (18,820) | (11,904) | (2,796) |
New finance leases | 792 | 2,906 | 2,483 |
Repayment of finance leases | (3,102) | (2,947) | (1,898) |
Loans acquired from business combination | 0 | 18,205 | 0 |
Net foreign exchange movements | 57 | 172 | 259 |
Balance at end of period | € 106,038 | € 94,557 | € 33,806 |
Other non-current liabilities_2
Other non-current liabilities (Detail) - Miscellaneous non-current liabilities [member] - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Miscellaneous non-current liabilities [line items] | |||
Written put option Rapid Fit Plus | € 0 | € 788 | € 735 |
Contingent consideration | 0 | 648 | 909 |
Non-current advances received | 0 | 0 | 0 |
Non-current provisions | 82 | 109 | 69 |
Other miscellaneous non-current liabilities | 786 | 359 | 160 |
Total | € 868 | € 1,904 | € 1,873 |
Other non-current liabilities N
Other non-current liabilities Narrative (Detail) - Miscellaneous non-current liabilities [member] - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Other non-current liabilities [line items] | |||
Contingent Consideration from Business Combinations Classified as Current | € 450 | ||
Cash settled liability share options granted | € 786 | € 351 | € 147 |
Tax Payables Narrative (Detail)
Tax Payables Narrative (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of tax payables [abstract] | ||||
Tax payables | € 2,313 | € 2,023 | [1] | € 926 |
[1] | * The year 2017 have been restated to reflect the final accounting of the ACTech business combination. See Note 2 for more information. |
Other current liabilities (Deta
Other current liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Miscellaneous current liabilities [abstract] | ||||
Payroll-related liabilities | € 10,111 | € 9,274 | € 7,873 | |
Non-income tax payables | 2,175 | 2,063 | 694 | |
Accrued charges | 789 | 769 | 946 | |
Advances received | 713 | 870 | 581 | |
Other current liabilities | 1,554 | 520 | 53 | |
Total | € 15,342 | € 13,496 | [1] | € 10,147 |
[1] | * The year 2017 have been restated to reflect the final accounting of the ACTech business combination. See Note 2 for more information. |
Other current liabilities Narra
Other current liabilities Narrative (Detail) - Other current liabilities narrative [member] - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Other current liabilities narrative [line items] | |||
Contingent Consideration from Business Combinations Classified as Current | € 450 | € 257 | € 0 |
Written put option payable Rapidfit current | € 845 |
Deferred income (Detail)
Deferred income (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accruals and deferred income [abstract] | ||||
Deferred maintenance and license | € 22,606 | € 18,723 | [1] | € 16,799 |
Deferred (project) fees | 4,838 | 3,765 | [1] | 4,134 |
Deferred government grants | 338 | 71 | [1] | 419 |
Other | 0 | 0 | [1] | 58 |
Total | 27,782 | 22,559 | [1] | 21,410 |
of which | ||||
Deferred income classified as current | 23,195 | 18,791 | [2] | 17,822 |
Deferred income, non-current liabilities | € 4,587 | € 3,768 | [2] | € 3,588 |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. | |||
[2] | * The year 2017 have been restated to reflect the final accounting of the ACTech business combination. See Note 2 for more information. |
Fair value of financial assets
Fair value of financial assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
At carrying value [member] | ||||
Debt instruments measured at amortized cost [abstract] | ||||
Trade receivables (current) | € 36,891 | € 35,582 | [1] | € 27,479 |
Other financial assets (non-current) | 1,530 | 1,221 | [1] | 388 |
Other current non-trade receivables | 1,461 | 2,001 | [1] | 1,552 |
Cash and cash equivalents | 115,506 | 43,175 | [1] | 55,912 |
Total debt instruments | 155,388 | 81,979 | [1] | 85,331 |
Financial assets at fair value through profit or loss [abstract] | ||||
Derivates | 117 | 218 | [1] | 0 |
Total financial assets measured at fair value | 117 | 218 | [1] | 0 |
Equity instruments designated at fair value through OCI [abstract] | ||||
Non-listed equity investments | 2,701 | 0 | 0 | |
Total equity instruments designated at fair value through OCI | 2,701 | 0 | 0 | |
At fair value [member] | ||||
Debt instruments measured at amortized cost [abstract] | ||||
Trade receivables (current) | 36,891 | 35,582 | [1] | 27,479 |
Other financial assets (non-current) | 1,530 | 1,221 | [1] | 388 |
Other current non-trade receivables | 1,461 | 2,001 | [1] | 1,552 |
Cash and cash equivalents | 115,506 | 43,175 | [1] | 55,912 |
Total debt instruments | 155,388 | 81,979 | [1] | 85,331 |
Financial assets at fair value through profit or loss [abstract] | ||||
Derivates | 117 | 218 | [1] | 0 |
Total financial assets measured at fair value | 117 | 218 | [1] | 0 |
Equity instruments designated at fair value through OCI [abstract] | ||||
Non-listed equity investments | 2,701 | 0 | 0 | |
Total equity instruments designated at fair value through OCI | € 2,701 | € 0 | € 0 | |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
Fair value of financial liabili
Fair value of financial liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 |
At carrying value [member] | ||||
Financial liabilities measured at amortized cost [abstract] | ||||
Loans and borrowings | € 106,038 | € 94,557 | € 33,806 | |
Trade payables | 18,667 | 15,670 | 13,400 | |
Other financial liabilities | 778 | 1,133 | 647 | |
Total financial liabilities at amortised cost | 125,483 | 111,360 | 47,853 | |
Financial liabilities measured at fair value [abstract] | ||||
Contingent consideration | 450 | 905 | 909 | |
Cash settled share based payments | 786 | 351 | 147 | |
Written put option on NCI | 845 | 788 | 735 | |
Derivates | 194 | 8 | 0 | |
Total financial liability measured at fair value | 2,275 | 2,052 | 1,791 | |
Total non-current | 94,521 | 85,276 | 31,715 | |
Total current | 33,237 | 28,136 | 17,929 | |
At fair value [member] | ||||
Financial liabilities measured at amortized cost [abstract] | ||||
Loans and borrowings | 105,027 | 95,351 | 34,619 | |
Trade payables | 18,667 | 15,670 | 13,400 | |
Other financial liabilities | 778 | 1,133 | 647 | |
Total financial liabilities at amortised cost | 124,472 | 112,154 | 48,666 | |
Financial liabilities measured at fair value [abstract] | ||||
Contingent consideration | 450 | 905 | 909 | |
Cash settled share based payments | 786 | 351 | 147 | |
Written put option on NCI | 845 | 788 | 735 | |
Derivates | 194 | 8 | 0 | |
Total financial liability measured at fair value | 2,275 | 2,052 | 1,791 | |
Total non-current | 93,289 | 85,890 | 32,358 | |
Total current | € 33,458 | € 28,316 | € 18,099 | |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
Fair value Narrative (Detail)
Fair value Narrative (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair value Narrative [line items] | |||
Written put option expense of the period | € 57 | € 53 | € 50 |
Adjustment contingent consideration 2018 | € 192 |
Segment information (Detail)
Segment information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Total segments | |||
Disclosure of operating segments [line items] | |||
Revenue | € 184,582 | € 142,323 | € 114,438 |
Segment EBITDA | € 32,573 | € 22,765 | € 14,872 |
Segment EBITDA % | 17.6469% | 15.9953% | 12.9957% |
Materialise Software | |||
Disclosure of operating segments [line items] | |||
Revenue | € 37,374 | € 35,770 | € 30,122 |
Segment EBITDA | € 11,536 | € 13,926 | € 10,130 |
Segment EBITDA % | 30.8664% | 38.9321% | 33.6299% |
Materialise Medical | |||
Disclosure of operating segments [line items] | |||
Revenue | € 52,252 | € 42,841 | € 37,910 |
Segment EBITDA | € 10,252 | € 4,400 | € 894 |
Segment EBITDA % | 19.6203% | 10.2705% | 2.3582% |
Materialise Manufacturing | |||
Disclosure of operating segments [line items] | |||
Revenue | € 94,956 | € 63,712 | € 46,406 |
Segment EBITDA | € 10,785 | € 4,439 | € 3,848 |
Segment EBITDA % | 11.3579% | 6.9673% | 8.292% |
Adjustments and eliminations | |||
Disclosure of operating segments [line items] | |||
Revenue | € 139 | € 250 | € 39 |
Segment EBITDA | (10,122) | (9,797) | (6,391) |
Consolidated Segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 184,721 | 142,573 | 114,477 |
Segment EBITDA | € 22,451 | € 12,968 | € 8,481 |
Segment EBITDA % | 12.154% | 9.0957% | 7.4085% |
Segment information narrative (
Segment information narrative (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of operating segments narrative [abstract] | |||
Total revenue realized in the country of domicile | € 9,350 | € 8,145 | € 7,534 |
Segment reconciliation (Detail)
Segment reconciliation (Detail) - Consolidated entity [member] - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | |
Disclosure of operating segments [line items] | ||||
Segment EBITDA | € 32,573 | € 22,765 | € 14,872 | |
Depreciation, amortization and impairment | (17,287) | (12,576) | (8,374) | |
Corporate research and development | (1,913) | (2,017) | (1,673) | |
Corporate headquarter costs | (10,358) | (9,690) | (8,646) | |
Other operating income (expense) | 2,149 | 1,910 | 3,928 | |
Operating (loss) profit | 5,164 | 392 | 107 | |
Financial expenses | (4,864) | (4,728) | (2,437) | |
Financial income | 3,627 | 3,210 | 2,039 | |
Income taxes | (425) | (522) | (1,710) | |
Share in loss of joint venture | (475) | (469) | (1,018) | |
Net (loss) profit of the year | € 3,027 | € (2,117) | € (3,019) | |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
Revenue and Non-Current Assets
Revenue and Non-Current Assets by geographical areas (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 |
Country of domicile [member] | ||||
Disclosure of geographical areas [line items] | ||||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | € 48,873 | € 46,576 | € 34,074 | |
United States of America (USA) [member] | ||||
Disclosure of geographical areas [line items] | ||||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 3,953 | 3,880 | 4,697 | |
Americas other than USA [member] | ||||
Disclosure of geographical areas [line items] | ||||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 62 | 29 | 35 | |
Europe (without Belgium) [member] | ||||
Disclosure of geographical areas [line items] | ||||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 82,427 | 81,988 | 23,984 | |
Asia and Pacific [member] | ||||
Disclosure of geographical areas [line items] | ||||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 1,039 | 744 | 898 | |
All countries [member] | ||||
Disclosure of geographical areas [line items] | ||||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | € 136,354 | € 133,217 | € 63,688 | |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
Disaggregated revenue informati
Disaggregated revenue information (Detail) € in Thousands | Dec. 31, 2018EUR (€) |
TotalSegments | |
Disclosure of geographical areas [line items] | |
United States of America (USA) | € 42,183 |
Americas other than USA | 1,698 |
Europe (without Belgium) & Africa | 110,951 |
Belgium | 9,343 |
Asia Pacific | 20,407 |
Type of goods or services | |
Software revenue (non-medical) | 37,374 |
Software revenue (medical) | 17,045 |
Medical devices and services | 35,207 |
Prototyping | 27,599 |
End parts production | 23,919 |
Complex metal parts production (ACTech) | 43,438 |
Other | 0 |
Timing of transfer of goods | |
Goods/Services transferred at point in time | 150,622 |
Goods/Services transferred over time | 33,960 |
Materialise Software | |
Disclosure of geographical areas [line items] | |
United States of America (USA) | 8,804 |
Americas other than USA | 193 |
Europe (without Belgium) & Africa | 17,026 |
Belgium | 155 |
Asia Pacific | 11,196 |
Type of goods or services | |
Software revenue (non-medical) | 37,374 |
Software revenue (medical) | 0 |
Medical devices and services | 0 |
Prototyping | 0 |
End parts production | 0 |
Complex metal parts production (ACTech) | 0 |
Other | 0 |
Timing of transfer of goods | |
Goods/Services transferred at point in time | 20,326 |
Goods/Services transferred over time | 17,048 |
Materialise Medical | |
Disclosure of geographical areas [line items] | |
United States of America (USA) | 23,940 |
Americas other than USA | 1,404 |
Europe (without Belgium) & Africa | 19,073 |
Belgium | 1,824 |
Asia Pacific | 6,011 |
Type of goods or services | |
Software revenue (non-medical) | 0 |
Software revenue (medical) | 17,045 |
Medical devices and services | 35,207 |
Prototyping | 0 |
End parts production | 0 |
Complex metal parts production (ACTech) | 0 |
Other | 0 |
Timing of transfer of goods | |
Goods/Services transferred at point in time | 39,682 |
Goods/Services transferred over time | 12,570 |
Materialise Manufacturing | |
Disclosure of geographical areas [line items] | |
United States of America (USA) | 9,439 |
Americas other than USA | 101 |
Europe (without Belgium) & Africa | 74,852 |
Belgium | 7,364 |
Asia Pacific | 3,200 |
Type of goods or services | |
Software revenue (non-medical) | 0 |
Software revenue (medical) | 0 |
Medical devices and services | 0 |
Prototyping | 27,599 |
End parts production | 23,919 |
Complex metal parts production (ACTech) | 43,438 |
Other | 0 |
Timing of transfer of goods | |
Goods/Services transferred at point in time | 90,614 |
Goods/Services transferred over time | 4,342 |
Unallocated | |
Disclosure of geographical areas [line items] | |
United States of America (USA) | 34 |
Americas other than USA | 2 |
Europe (without Belgium) & Africa | 77 |
Belgium | 7 |
Asia Pacific | 19 |
Type of goods or services | |
Software revenue (non-medical) | 0 |
Software revenue (medical) | 0 |
Medical devices and services | 0 |
Prototyping | 0 |
End parts production | 0 |
Complex metal parts production (ACTech) | 0 |
Other | 139 |
Timing of transfer of goods | |
Goods/Services transferred at point in time | 139 |
Goods/Services transferred over time | 0 |
Consolidated | |
Disclosure of geographical areas [line items] | |
United States of America (USA) | 42,217 |
Americas other than USA | 1,700 |
Europe (without Belgium) & Africa | 111,028 |
Belgium | 9,350 |
Asia Pacific | 20,426 |
Type of goods or services | |
Software revenue (non-medical) | 37,374 |
Software revenue (medical) | 17,045 |
Medical devices and services | 35,207 |
Prototyping | 27,599 |
End parts production | 23,919 |
Complex metal parts production (ACTech) | 43,438 |
Other | 139 |
Timing of transfer of goods | |
Goods/Services transferred at point in time | 150,761 |
Goods/Services transferred over time | € 33,960 |
Revenue per type of good or ser
Revenue per type of good or service (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
All categories [member] | |||
Disclosure of revenue by category [line items] | |||
Revenue | € 184,721 | € 142,573 | € 114,477 |
Software (non-medical) [member] | |||
Disclosure of revenue by category [line items] | |||
Revenue | 37,374 | 35,770 | 30,122 |
Software (medical) [member] | |||
Disclosure of revenue by category [line items] | |||
Revenue | 17,045 | 15,619 | 13,404 |
Medical devices and services [member] | |||
Disclosure of revenue by category [line items] | |||
Revenue | 35,207 | 27,222 | 24,506 |
Prototyping [member] | |||
Disclosure of revenue by category [line items] | |||
Revenue | 27,599 | 28,423 | 27,568 |
End parts production [member] | |||
Disclosure of revenue by category [line items] | |||
Revenue | 23,919 | 25,324 | 18,838 |
Complex metal parts production (ACTech) [member] | |||
Disclosure of revenue by category [line items] | |||
Revenue | 43,438 | 9,965 | 0 |
Other category [member] | |||
Disclosure of revenue by category [line items] | |||
Revenue | € 139 | € 250 | € 39 |
Contract balances (Detail)
Contract balances (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Contract Balances [Line Items] | ||
Trade receivables, included in 'trade and other receivables' | € 38,764 | € 36,572 |
Contract assets / Contracts in progress | 829 | 1,266 |
Contract liabilities / Deferred income | 27,444 | 23,661 |
Total | € 67,037 | € 61,499 |
Contract Balance Narrative (Det
Contract Balance Narrative (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Contract balances narrative | |
Revenue that was included in contract liability at beginning of period | € 19,201 |
Revenue from performance obligations satisfied in previous periods | € (96) |
Cost of sales (Detail)
Cost of sales (Detail) - Total cost of sales [member] - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | |
Cost of sales [line items] | ||||
Purchase of goods and services | € (39,114) | € (34,480) | € (25,374) | |
Depreciation, amortization and impairment | (9,910) | (7,560) | (5,007) | |
Payroll expenses | (33,036) | (20,806) | (16,161) | |
Other | (239) | (106) | (164) | |
Total | € (82,299) | € (62,952) | € (46,706) | |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
Research and development expens
Research and development expenses (Detail) - Research and development expenses [member] - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Research and development expenses [line items] | |||
Purchase of goods and services | € (3,590) | € (3,140) | € (3,177) |
Depreciation, amortization and impairment | (830) | (686) | (478) |
Payroll expenses | (17,935) | (16,054) | (13,985) |
Other | (61) | (79) | (42) |
Total | € (22,416) | € (19,959) | € (17,682) |
Sales and marketing expenses (D
Sales and marketing expenses (Detail) - Sales and marketing expenses [member] - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | |
Sales and marketing expenses [line items] | ||||
Purchase of goods and services | € (9,775) | € (8,035) | € (7,450) | |
Depreciation, amortization and impairment | (725) | (505) | (563) | |
Payroll expenses | (35,585) | (30,175) | (27,828) | |
Other | (218) | (220) | (312) | |
Total | € (46,303) | € (38,935) | € (36,153) | |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
General and administrative expe
General and administrative expenses (Detail) - General and administrative expenses [member] - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | |
General and administrative expenses [line items] | ||||
Purchase of goods and services | € (9,892) | € (7,053) | € (5,488) | |
Depreciation, amortization and impairment | (3,828) | (2,761) | (2,326) | |
Payroll expenses | (18,442) | (14,858) | (11,895) | |
Other | (148) | (204) | (332) | |
Total | € (32,310) | € (24,876) | € (20,041) | |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
Net other operating income (exp
Net other operating income (expense) (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | |
Analysis of income and expense [abstract] | ||||
Government grants | € 4,658 | € 4,342 | € 4,181 | |
Allowance for doubtful debtors | (1,065) | (454) | (77) | |
Amortization intangibles purchase price allocation | (1,994) | (1,064) | 0 | |
Capitalized expenses (asset construction) | 16 | 123 | 12 | |
Net foreign currency exchange gains / (losses) | 246 | (235) | 452 | |
Tax Credits | 706 | 899 | 741 | |
Fair value adjustment Cenat liability | 192 | 0 | 0 | |
Personnel related income | 168 | 0 | 0 | |
Other | 844 | 930 | 903 | |
Total | € 3,771 | € 4,541 | [2] | € 6,212 |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. | |||
[2] | * The year 2017 has been restated to reflect certain reclassification adjustments and the final accounting of the ACTech business combination. See Note 2 for more information |
Payroll expenses (Detail)
Payroll expenses (Detail) - Payroll expenses [domain member] | 12 Months Ended | ||
Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | |
Payroll expenses [line items] | |||
Short-term employee benefits | € 76,023,000 | € 60,195,000 | € 50,714,000 |
Social security expenses | 14,139,000 | 11,200,000 | 10,136,000 |
Expenses defined contribution plans | 936,000 | 926,000 | 388,000 |
Other employee expenses | 13,900,000 | 9,572,000 | 8,631,000 |
Total | € 104,998,000 | € 81,893,000 | € 69,869,000 |
Total registered employees at the end of the period | 2,009 | 1,862 | 1,432 |
Financial expense (Detail)
Financial expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Financial expense [line items] | ||||
Interest expense | € (1,747) | € (1,026) | € (665) | |
Foreign currency losses | (2,748) | (3,131) | (1,453) | |
Other financial expenses | (369) | (571) | (319) | |
Total | € (4,864) | € (4,728) | [1] | € (2,437) |
[1] | * The year 2017 has been restated to reflect certain reclassification adjustments and the final accounting of the ACTech business combination. See Note 2 for more information |
Financial income (Detail)
Financial income (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Financial income [line items] | ||||
Foreign currency exchange gains | € 3,047 | € 2,830 | € 1,853 | |
Amortization discount interest free loans | 0 | 6 | 14 | |
Other finance income | 580 | 374 | 172 | |
Total | € 3,627 | € 3,210 | [1] | € 2,039 |
[1] | * The year 2017 has been restated to reflect certain reclassification adjustments and the final accounting of the ACTech business combination. See Note 2 for more information |
Current income taxes (Detail)
Current income taxes (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Current income taxes [abstract] | ||||
Estimated tax liability for the period | € (1,216) | € (1,530) | [1] | € (1,698) |
Tax adjustments to the previous period | 0 | 412 | [1] | 0 |
Deferred income taxes | 791 | 596 | [1] | (12) |
Total tax income (loss) for the period | € 425 | € 522 | [2] | € 1,710 |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. | |||
[2] | * The year 2017 has been restated to reflect certain reclassification adjustments and the final accounting of the ACTech business combination. See Note 2 for more information |
Current income taxes Narrative
Current income taxes Narrative (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Current income taxes Narrative [line items] | ||||
Unused tax loss carry-forward, tax credits and other (MAT NV) | € 15,592 | € 4,581 | € 1,570 | |
Unused notional interest deduction - expiration date 2018 | 0 | 315 | 315 | |
Tax losses, notional interest deduction and other tax benefits | 25,285 | 11,948 | 9,451 | |
Deferred tax liabilities | € 6,226 | € 7,415 | [1] | € 1,325 |
Innovation Income Deduction | 100.00% | 100.00% | 0.00% | |
Deferred tax assets recognized | € 0 | € 0 | € 109 | |
[1] | * The year 2017 have been restated to reflect the final accounting of the ACTech business combination. See Note 2 for more information. |
Deferred tax (Detail)
Deferred tax (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Assets/(liabilities) [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Tax losses, notional interest deduction and other tax benefits | € 26 | € 0 | [1] | € 109 |
Amortization development assets and other intangible assets | 224 | 304 | [1] | 227 |
Deferred revenue | 30 | 0 | [1] | 0 |
Other non-current assets | 35 | 0 | [1] | 0 |
Total deferred tax assets | 315 | 304 | [1] | 336 |
Property, plant and equipment | (694) | (698) | [1] | (452) |
Intangible assets | (5,370) | (6,656) | [1] | (873) |
Investment grants | 312 | 0 | [1] | 0 |
Inventory valuation | (141) | 0 | [1] | 0 |
Other items | (9) | 61 | [1] | 0 |
Total deferred tax liabilities | (6,226) | (7,415) | [1] | (1,325) |
Total deferred tax income (loss) | 0 | 0 | [1] | 0 |
Income/(expense) [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Tax losses, notional interest deduction and other tax benefits | 0 | 0 | [1] | 0 |
Total deferred tax income (loss) | € 791 | € 596 | € (12) | |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
Relationship tax Expense and ac
Relationship tax Expense and accounting profit (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Relationship tax expense and accounting profit [line items] | ||||
Profit (loss) before tax | € 3,452 | € (1,595) | [1] | € (1,309) |
Income tax at statutory rate of 33,99% | (1,021) | 542 | [1] | 445 |
Effect of different local tax rate | 166 | 433 | [1] | 663 |
Tax adjustments to the previous period | 80 | 412 | [1] | 0 |
Non-deductible expenses | (1,141) | (818) | [1] | (453) |
Capitalized initial public offering transaction costs | 0 | 0 | [1] | 0 |
Research and development tax credits and patent income deduction | 337 | 44 | [1] | 3,664 |
Notional interest deduction Belgium | 0 | 0 | [1] | 351 |
Non recognition of deferred tax asset | (546) | (1,505) | [1] | (6,767) |
Recognition of deferred tax assets on previous years tax losses | 653 | 0 | [1] | 0 |
Tax effect of revenues exempt from taxation | 606 | 556 | [1] | 729 |
Use of previous years tax losses and tax credits for which no deferred tax assets was recognized | 0 | 12 | [1] | 50 |
Taxes on other basis | 280 | (117) | [1] | (342) |
Other | 161 | (81) | [1] | (50) |
Income tax expense as reported in the consolidated income statement | € 425 | € 522 | [2] | € 1,710 |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. | |||
[2] | * The year 2017 has been restated to reflect certain reclassification adjustments and the final accounting of the ACTech business combination. See Note 2 for more information |
Earnings per share attributable
Earnings per share attributable to ordinary owners of the parent (Detail) - € / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | [1],[2] | Dec. 31, 2016 | |
Earnings per share attributable to ordinary owners of the parent [line items] | ||||
Basic | € 0.06 | € (0.04) | € (0.06) | |
Diluted | € 0.06 | € (0.04) | € (0.06) | |
[1] | * The year 2017 has been restated to reflect certain reclassification adjustments and the final accounting of the ACTech business combination. See Note 2 for more information | |||
[2] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
Weighted average number of ordi
Weighted average number of ordinary shares for basic earnings per share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract] | |||
Weighted average number of ordinary shares for basic earnings per share | 49,806 | 47,325 | 47,325 |
Effect of dilution: | |||
Share options | 382 | 0 | 0 |
Convertible loan | 421 | 0 | 0 |
Weighted average number of ordinary shares adjusted for effect of dilution | 50,609 | 47,325 | 47,325 |
Net profit attributable to ordi
Net profit attributable to ordinary equity holders of the parent for basic earnings (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | |
Profit (loss), attributable to ordinary equity holders of parent entity [abstract] | ||||
Net profit attributable to ordinary equity holders of the parent for basic earnings | € 3,027 | € (2,117) | € (3,019) | |
Interest on convertible bonds | 50 | 0 | 0 | |
Net profit attributable to ordinary equity holders of the parent adjusted for the effect of dilution | € 3,077 | € (2,117) | € (3,019) | |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
Operational lease commitments (
Operational lease commitments (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Aggregated time bands [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum lease payments payable under non-cancellable operating lease | € 5,442 | € 3,708 | € 4,621 |
Not later than one year [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum lease payments payable under non-cancellable operating lease | 2,053 | 1,721 | 2,012 |
Between two and three years [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum lease payments payable under non-cancellable operating lease | 2,302 | 1,504 | 1,964 |
Between four and five years [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum lease payments payable under non-cancellable operating lease | 785 | 406 | 561 |
Later than five years [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum lease payments payable under non-cancellable operating lease | € 302 | € 77 | € 84 |
Operational lease commitments N
Operational lease commitments Narrative (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Lease and sublease payments recognised as expense [abstract] | |||
Total lease payments recognized in income statements | € 2,956 | € 2,909 | € 2,451 |
3D printer Germany | 554 | ||
Office Malaysia | € 1,236 |
Capital lease commitments (Deta
Capital lease commitments (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Aggregated time bands [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum finance lease payments payable | € 7,078 | € 9,842 | € 7,833 |
Minimum finance lease payments payable, at present value | 6,809 | 9,164 | 7,395 |
Not later than one year [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum finance lease payments payable | 2,876 | 3,179 | 2,400 |
Minimum finance lease payments payable, at present value | 2,829 | 3,034 | 2,287 |
Between two and three years [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum finance lease payments payable | 3,398 | 5,017 | 3,640 |
Minimum finance lease payments payable, at present value | 3,236 | 4,643 | 3,503 |
Between four and five years [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum finance lease payments payable | 655 | 1,361 | 1,206 |
Minimum finance lease payments payable, at present value | 604 | 1,269 | 1,057 |
Later than five years [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum finance lease payments payable | 149 | 285 | 587 |
Minimum finance lease payments payable, at present value | 140 | 218 | 548 |
Less finance charges [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Future finance charge on finance lease | (269) | (678) | (438) |
Present value of minimum lease payments [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum finance lease payments payable, at present value | € 6,809 | € 9,164 | € 7,395 |
Mortgages and pledges (Detail)
Mortgages and pledges (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Mortages and pledges [abstract] | |||
Carrying value property, plant and equipment related to mortgages and loans | € 30,853 | € 28,526 | € 12,594 |
Total outstanding mortgages and pledges | 124,428 | 85,186 | 32,362 |
Pledges on business goodwill | 70,300 | 29,000 | 4,491 |
Current and other fixed assets pledges as security | € 21,142 | € 9,131 | € 0 |
Other commitments (Detail)
Other commitments (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Other commitments [abstract] | |||
Contractual capital commitments | € 6,383 | € 7,638 | € 1,290 |
Committed expenditures in property, plant and equipment | 0 | 672 | 10,204 |
Estimated financial effect of contingent liabilities | € 2,700 | € 2,700 | € 2,700 |
Foreign Currency Sensitivity (D
Foreign Currency Sensitivity (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Sensitivity analysis [line items] | |
USD impact on cash and term accounts held in USD | € 752 |
Rate for amount in EUR | € 1 |
USD rate increase/decrease by | 0.00% |
Net result would be higher | € 1,561 |
Net result would be lower | € 1,278 |
Liquidity risk (Detail)
Liquidity risk (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 |
Aggregated time bands [member] | ||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||||
Loan and borrowings | € 114,097 | € 107,249 | € 36,928 | |
Trade payables | 18,667 | 15,670 | 13,400 | |
Other current liabilities | 2,267 | 1,390 | 634 | |
Total | 135,031 | 124,309 | 50,962 | |
Not later than one year [member] | ||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||||
Loan and borrowings | 14,491 | 14,331 | 6,050 | |
Trade payables | 18,667 | 15,670 | 13,400 | |
Other current liabilities | 2,267 | 1,390 | 634 | |
Total | 35,425 | 31,391 | 20,084 | |
Later than one year and not later than three years [member] | ||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||||
Loan and borrowings | 42,100 | 37,933 | 10,787 | |
Trade payables | 0 | 0 | 0 | |
Other current liabilities | 0 | 0 | 0 | |
Total | 42,100 | 37,933 | 10,787 | |
Later than three years and not later than five years [member] | ||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||||
Loan and borrowings | 33,636 | 22,286 | 7,471 | |
Trade payables | 0 | 0 | 0 | |
Other current liabilities | 0 | 0 | 0 | |
Total | 33,636 | 22,286 | 7,471 | |
Later than five years [member] | ||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||||
Loan and borrowings | 23,870 | 32,699 | 12,620 | |
Trade payables | 0 | 0 | 0 | |
Other current liabilities | 0 | 0 | 0 | |
Total | € 23,870 | € 32,699 | € 12,620 | |
[1] | A * mark has been added next to the year 2017 in tables in the notes when the year has been impacted by the restatement. |
Liquidity risk Narrative (Detai
Liquidity risk Narrative (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2016 | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Undrawn lines of credit | € 4,473,000 | € 26,040,000 | € 4,355,000 |
EIB Finance contract | 35,000,000 | ||
EIB finance contract max. draw first tranch | 25,000,000 | ||
EIB finance contract draw first tranch | € 10,000,000 | ||
EIB finance duration from | 6 | ||
EIB finance duration to | 8 | ||
EIB finance reimbursement period | 2 | ||
EIB finance interest margin | 0.00% | ||
EIB finance contract credit line Total | € 25,000,000 |
Credit risk (Detail)
Credit risk (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Total [member] | |||
Credit risk [line items] | |||
At end of period | € 36,891 | € 35,582 | € 27,479 |
Non-due [member] | |||
Credit risk [line items] | |||
At end of period | 26,208 | 21,630 | 15,590 |
Up to 30 days [member] | |||
Credit risk [line items] | |||
At end of period | 5,395 | 6,920 | 6,434 |
31-60 days [member] | |||
Credit risk [line items] | |||
At end of period | 1,479 | 1,765 | 1,885 |
61-90 days [member] | |||
Credit risk [line items] | |||
At end of period | 931 | 1,526 | 490 |
91-180 days [member] | |||
Credit risk [line items] | |||
At end of period | 1,512 | 1,614 | 2,008 |
More than 180 days [member] | |||
Credit risk [line items] | |||
At end of period | € 1,366 | € 2,127 | € 1,072 |
Related party transactions (Det
Related party transactions (Detail) | 12 Months Ended | ||
Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | |
Related party transactions [abstract] | |||
Short-term employee benefits | € 2,334,000 | € 2,190,000 | € 2,693,000 |
Post-employment benefits | 80,000 | 80,000 | 116,000 |
Termination benefits | 0 | 0 | 0 |
Total | € 2,414,000 | € 2,270,000 | € 2,809,000 |
Warrants granted | 0 | 0 | 199,500 |
Warrants outstanding | 557,935 | 573,980 | 790,752 |
Related party transactions Narr
Related party transactions Narrative (Detail) | 12 Months Ended | ||
Dec. 31, 2018EUR (€)shares | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | |
Details related party transactions Narrative [line items] | |||
Share based payment expense related to key management | € 312,000 | ||
Convertible number of bonds | shares | 1,000 | ||
Convertible loan carrying amount | € 972,000 | € 958,000 | € 0 |
Number of founder shares | 300,000 | 300,000 | 0 |
Dilution percent found shares | 0.00% | 0.00% | 0.00% |
Transactions (Detail)
Transactions (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Non-executive directors of the group [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sale of goods to | € 0 | € 0 | € 0 |
Purchases from | 123 | 96 | 72 |
Interest expense | 51 | 50 | 50 |
Receivables | 0 | 0 | 0 |
Liabilities | 1,038 | 965 | 972 |
Shareholders of the group [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sale of goods to | 0 | 0 | 0 |
Purchases from | 123 | 172 | 117 |
Interest expense | 10 | 11 | 16 |
Receivables | 0 | 0 | 0 |
Liabilities | 261 | 371 | 378 |
Joint ventures where entity is venturer [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sale of goods to | 1,156 | 714 | 527 |
Purchases from | 241 | 23 | 0 |
Interest expense | 0 | 0 | 0 |
Receivables | 1,281 | 804 | 601 |
Liabilities | € 22 | € 28 | € 0 |
Transactions Narrative (Detail)
Transactions Narrative (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [abstract] | |||
Rent paid to Ailanthus (related party) | € 123 | € 172 | € 141 |
Purchase 3D printer RSPRINT | € 200 |
Events subsequent to the stat_2
Events subsequent to the statement of financial position date (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Disclosure of events subsequent to the statement of financial position date [abstract] | |
Events subsequent to the statement of financial position date | € 2,500 |